NYSE: CMI
Cummins
Industrials · Engines & Turbines
52-week range
$426.79$737.76
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$98.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $23.0B |
| FY2017, ended Dec 31, 2017 | $29.3B |
| FY2018, ended Dec 31, 2018 | $21.0B |
| FY2019, ended Dec 31, 2019 | $26.9B |
| FY2020, ended Dec 31, 2020 | $33.5B |
| FY2021, ended Dec 31, 2021 | $31.1B |
| FY2022, ended Dec 31, 2022 | $34.3B |
| FY2023, ended Dec 31, 2023 | $34.0B |
| FY2024, ended Dec 31, 2024 | $47.9B |
| FY2025, ended Dec 31, 2025 | $70.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $98.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$34.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $17.5B |
| FY2017, ended Dec 31, 2017 | $20.4B |
| FY2018, ended Dec 31, 2018 | $23.8B |
| FY2019, ended Dec 31, 2019 | $23.6B |
| FY2020, ended Dec 31, 2020 | $19.8B |
| FY2021, ended Dec 31, 2021 | $24.0B |
| FY2022, ended Dec 31, 2022 | $28.1B |
| FY2023, ended Dec 31, 2023 | $34.1B |
| FY2024, ended Dec 31, 2024 | $34.1B |
| FY2025, ended Dec 31, 2025 | $33.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $34.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.39B | $1.41B |
| FY2017, ended Dec 31, 2017 | $999M | $1.77B |
| FY2018, ended Dec 31, 2018 | $2.14B | $1.67B |
| FY2019, ended Dec 31, 2019 | $2.26B | $2.48B |
| FY2020, ended Dec 31, 2020 | $1.79B | $2.19B |
| FY2021, ended Dec 31, 2021 | $2.13B | $1.52B |
| FY2022, ended Dec 31, 2022 | $2.15B | $1.05B |
| FY2023, ended Dec 31, 2023 | $735M | $2.75B |
| FY2024, ended Dec 31, 2024 | $3.95B | $279M |
| FY2025, ended Dec 31, 2025 | $2.84B | $2.39B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.71B | $3.37B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.18B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.12B |
| FY2017, ended Dec 31, 2017 | $1.37B |
| FY2018, ended Dec 31, 2018 | $1.30B |
| FY2019, ended Dec 31, 2019 | $1.13B |
| FY2020, ended Dec 31, 2020 | $3.40B |
| FY2021, ended Dec 31, 2021 | $2.59B |
| FY2022, ended Dec 31, 2022 | $2.02B |
| FY2023, ended Dec 31, 2023 | $2.18B |
| FY2024, ended Dec 31, 2024 | $1.67B |
| FY2025, ended Dec 31, 2025 | $2.85B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.18B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$7.24B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.81B |
| FY2017, ended Dec 31, 2017 | $1.95B |
| FY2018, ended Dec 31, 2018 | $2.42B |
| FY2019, ended Dec 31, 2019 | $2.27B |
| FY2020, ended Dec 31, 2020 | $4.00B |
| FY2021, ended Dec 31, 2021 | $3.95B |
| FY2022, ended Dec 31, 2022 | $7.64B |
| FY2023, ended Dec 31, 2023 | $6.42B |
| FY2024, ended Dec 31, 2024 | $6.70B |
| FY2025, ended Dec 31, 2025 | $7.24B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $7.24B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 18.1% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.138M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 168M |
| FY2017, ended Dec 31, 2017 | 166M |
| FY2018, ended Dec 31, 2018 | 157M |
| FY2019, ended Dec 31, 2019 | 150M |
| FY2020, ended Dec 31, 2020 | 148M |
| FY2021, ended Dec 31, 2021 | 142M |
| FY2022, ended Dec 31, 2022 | 141M |
| FY2023, ended Dec 31, 2023 | 142M |
| FY2024, ended Dec 31, 2024 | 137M |
| FY2025, ended Dec 31, 2025 | 138M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 138M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: —
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $778M | $32.0M | — |
| FY2017, ended Dec 31, 2017 | $451M | $41.0M | — |
| FY2018, ended Dec 31, 2018 | $1.14B | $53.0M | $13.0M |
| FY2019, ended Dec 31, 2019 | $1.27B | $49.0M | $76.0M |
| FY2020, ended Dec 31, 2020 | $641M | $31.0M | $88.0M |
| FY2021, ended Dec 31, 2021 | $1.40B | $37.0M | $56.0M |
| FY2022, ended Dec 31, 2022 | $374M | $33.0M | — |
| FY2023, ended Dec 31, 2023 | $0 | $79.0M | — |
| FY2024, ended Dec 31, 2024 | $0 | $100M | — |
| FY2025, ended Dec 31, 2025 | — | $93.0M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | — | — |
Revenue (TTM)
$34.7B
+2.9% YoY
Net income (TTM)
$2.71B
−7.7% YoY
Cash
$3.18B
+37.1% YoY
Total debt
$7.24B
−6.9% YoY
Valuation
At current price- Market Cap
- $68.8B
- P/E
- 25.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.0×
- Price / Book
- 5.4×
- EV / EBITDA
- 14.5×
Growth
Trailing 12 months- Revenue (TTM)
- $34.7B
- Revenue Growth YoY
- 2.9%
- Revenue CAGR 3Y
- 6.2%
- Revenue CAGR 5Y
- 11.2%
- EPS Growth YoY
- −8.3%
- Net Income Growth YoY
- −7.7%
Profitability
Trailing 12 months- Gross Margin
- 25.3%
- Operating Margin
- 11.2%
- Net Margin
- 7.8%
- FCF Margin
- 9.7%
- Return on Equity
- 22.0%
Earnings
Trailing 12 months- Net Income
- $2.71B
- EPS (diluted)
- $19.56
- EBITDA
- $5.01B
- Operating Income
- $3.89B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $3.18B
- Total Debt
- $7.24B
- Net Debt
- $4.06B
- Total Assets
- $35.6B
- Total Liabilities
- $21.7B
- Shareholders' Equity
- $12.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.65B
- Capital Expenditure
- $1.28B
- Free Cash Flow
- $3.37B
Dividends and risk
Last 12 months- Dividend Yield
- 1.6%
- Dividend / Share
- $8.20
- Beta (5Y)
- 1.24
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $34.7B.
Note
Net margin of 7.8% over the last 12 months.
Note
Net debt of $4.06B is 0.8× EBITDA, a manageable load.
Note
Free cash flow of $3.37B, 9.7% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 10, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K69Mildly positive
69Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 11, 2025 · Read the filing on EDGAR
- Sales were flat at $34.1 billion. Net income jumped to $3.9 billion, helped by a $1.3 billion gain from the Atmus split-off and the absence of 2023's $2.0 billion emissions charge.
- Data center power generation demand lifted Power Systems sales 13% and its EBITDA 41%. Distribution sales rose 11%.
- Cummins took $312 million of charges to restructure Accelera, its zero-emissions business, because customers are adopting some of these technologies more slowly than expected.
- Cummins paid $1.9 billion under the emissions settlements, which cut operating cash flow to $1.5 billion from $4.0 billion.
Business momentum
Strong improvement
“Net income attributable to Cummins Inc. for 2024 was $3.9 billion, or $28.37 per diluted share, on sales of $34.1 billion, compared to 2023 net income attributable to Cummins Inc. of $0.7 billion”
Outlook
Neutral
“We expect demand for medium-duty and heavy-duty trucks in North America to remain relatively weak in the first half of 2025.”
Financial stress
Low
“At December 31, 2024, we had $2.3 billion in cash and marketable securities on hand and access to our $4.0 billion credit facilities (net of $1.3 billion commercial paper outstanding)”
Tone against the previous report
More positive
Red flags
- Medium
Large write-down
“Total charges for these strategic reorganization actions were $312 million.”
Positives
Strong demand for power generation from data centers
“Power Systems segment sales increased $735 million, primarily due to improved global power generation sales of $645 million, especially in data center markets.”
Higher gross margin from better pricing
“Gross margin increased $190 million and increased 0.5 points as a percentage of sales.”
Dividend raised about 8%
“In July 2024, the Board authorized an increase to our quarterly dividend of approximately 8 percent from $1.68 per share to $1.82 per share.”
Concerns
Operating cash flow fell sharply after settlement payments
“We generated $1.5 billion of operating cash flows in 2024, compared to $4.0 billion in 2023.”
Accelera losses widened
“Accelera 414 1 % (764)”
Weaker heavy-duty and pick-up truck demand in North America
“Heavy-duty truck sales decreased $155 million principally due to weaker demand in North America with shipments down 8 percent.”
New risks since the previous report
Slower uptake of zero-emission technology hurts Accelera
“pace and re-focus investments on the most promising paths as the adoption of certain zero emission solutions slows”
Tariffs and trade disruption may squeeze earnings
“Increases in costs, tariffs, as well as other inflationary pressures, could negatively impact earnings.”
Rollback of environmental rules could slow its new technologies
“potential changes to, uncertainty around or repeal of certain environmental laws and regulations, potentially slowing adoption of technologies we are investing in and developing”
Penalties for breaking settlement terms
“Any further non-compliance with the Settlement Agreements will likely subject us to further stipulated penalties and other adverse consequences.”
Risks from managing artificial intelligence
“challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.”
Biggest risks named
- Emissions settlement penalties and related lawsuits
- Weak North American truck demand
- Tariffs, trade restrictions and US-China tensions
- Slower uptake of electric and hydrogen products, and diesel bans
- Reliance on China joint ventures for earnings
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 10, 2026 | Pro | |||
| 10-K | Feb 11, 2025 | 69 | Strong improvement | 1 medium | |
| 10-K | Feb 12, 2024 | 35 | Sharp deterioration | 1 medium2 minor | |
| 10-K | Feb 14, 2023 | 65 | Improving | 2 minor | |
| 10-K | Feb 8, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 10, 2021 | 55 | Weakening | None | |
| 10-K | Feb 11, 2020 | 56 | Improving | 1 medium1 minor | |
| 10-K | Feb 11, 2019 | 71 | Strong improvement | 1 medium | |
| 10-K | Feb 14, 2018 | 57 | Mixed | 1 medium | |
| 10-K | Feb 13, 2017 | 49 | Weakening | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR