Cummins CMI

Engines & generators. Cummins Inc., listed on NYSE.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

Cummins' market cap is
about $61.49 billion.

#184 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $33.67B.

Share price (close): $448.58; Close on Nov 5, 2026 · per share
P/E ratio: 21.9x; Closing price ÷ latest annual EPS
Market cap: $61.49B; #184 of 289
Revenue: $33.67B; #101 of 299 · −1.3% YoY
Operating income: $4.025B; #107 of 231 · +7.3% YoY
Net income: $2.957B; #142 of 298 · −27.3% YoY
Free cash flow: $2.386B; #154 of 261 · +755.2% YoY
Total assets: $33.992B; #192 of 299 · +7.8% YoY
Dividends paid: $1.055B; #131 of 214 · +8.9% YoY
Dividend per share: $7.64; #14 of 205 · +9.1% YoY
Dividend yield: 1.7%; #103 of 203
Shares outstanding: 138,700,000 shares; As of Dec 31, 2025

Size, put in perspective

Revenue every second$1,070$92.2M a day

Net income every second$94$8.1M a day

Buying PACCAR with a year's profit5.4% of itBased on PACCAR's market cap of about $55.14 billion

Market cap vs PACCAR1.1×Cummins ÷ PACCAR

Calculated from the FY2025 annual report, spread evenly over 365 days.

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue74.7%
R&D4.1%
SG&A and other9.2%
Taxes, interest & other3.2%
Net income8.8%

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: −1.3%; #265 of 299; Revenue fell from a year earlier. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: 11.9%; #159 of 231; 11.9% of revenue was kept as operating profit, which is on the low side. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: 8.8%; #217 of 298; After taxes, 8.8% of revenue was left as net income. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: 7.1%; #200 of 261; Cash is left over after capital spending. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: 26.1%; #93 of 276; Earns a lot relative to its equity. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 166.7%; #128 of 244; Liabilities exceed equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$3.621B
Capital spending−$1.235B
Free cash flow (FCF)$2.386B
Dividends paid−$1.055B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 61%Equity 36%

Total assets$33.992B
Total liabilities$20.584B
Total equity$12.349B
Cash and equivalents$2.845B

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
CumminsCMI	$33.67B	$2.957B	−1.3%	11.9%	8.8%
PACCARPCAR	$28.4448B	$2.3758B	−15.5%	—	8.3%
WabtecWAB	$11.167B	$1.17B	+7.5%	16.1%	10.5%
Illinois Tool WorksITW	$16.044B	$3.066B	+0.9%	26.3%	19.1%
Parker HannifinPH	$21.499B	$3.649B	+8.3%	23.6%	17.0%

What the company does

Cummins makes diesel and natural gas engines for trucks and construction equipment, generators, and backup power for data centers.

The fiscal year ends around December each year.

Related companies: PACCAR, Wabtec, Illinois Tool Works, Parker Hannifin

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	24.021B	28.074B	34.065B	34.102B	33.67B
Cost of revenue	18.326B	21.355B	25.816B	25.663B	25.154B
Gross profit	5.695B	6.719B	8.249B	8.439B	8.516B
R&D expense	1.09B	1.278B	1.5B	1.463B	1.396B
Operating income	2.706B	2.929B	1.761B	3.75B	4.025B
Pretax income	2.751B	2.819B	1.626B	4.903B	3.963B
Net income	2.164B	2.183B	840M	4.068B	2.957B
EPS (diluted)	$14.61	$15.12	$5.15	$28.37	$20.50
Operating cash flow	2.256B	1.962B	3.966B	1.487B	3.621B
Capital expenditures	734M	916M	1.213B	1.208B	1.235B
Free cash flow (FCF)	1.522B	1.046B	2.753B	279M	2.386B
Dividends paid	809M	855M	921M	969M	1.055B
Total assets	23.71B	30.299B	32.005B	31.54B	33.992B
Total liabilities	14.309B	20.074B	22.101B	20.232B	20.584B
Total equity	9.035B	9.967B	9.904B	10.271B	12.349B
Cash and equivalents	2.592B	2.101B	2.179B	1.671B	2.845B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Cummins Inc. · CIK 0000026172 · US-GAAP