Cummins Inc.
Financial Performance
Cummins Revenue & Financials
Revenue
$33.7B (FY2025)
Market Cap
$72.6B
Net Income
$2.8B
Employees
67,400
What is Cummins's revenue?
Cummins had $33.7B in revenue for fiscal year 2025, down 1.3% from 2024. Net income was $2.8B.
- Latest revenue
- $33.7B (FY2025)
- Year-over-year
- -1.3%
- Growth rate (CAGR)
- 7.5% over 9 years
- Peak revenue
- $34.1B (FY2024)
- Years of data
- 10
- Employees
- 67,400
Financial Analysis
Cummins' earnings follow the truck cycle, but the mix has shifted. In FY2025, Engine segment sales fell 7% to $10.9B and Components fell 10% to $10.1B as North American truck demand weakened, while Power Systems rose 16% to a record $7.5B with a 22.7% EBITDA margin and Distribution rose 9% to $12.4B. Underlying EBITDA was a record $5.8B (17.4% of sales) before $458M of electrolyzer charges. Accelera remains loss-making, with a $438M FY2025 operating loss on $460M of sales. Cummins aims to return at least 50% of operating cash flow to shareholders and raised its quarterly dividend to $2.20 in 2026, its 17th consecutive annual increase. Cummins Inc. is a major American multinational manufacturing corporation, commanding a market valuation frequently exceeding $40 billion.
Revenue Trend Analysis
YoY Change
-1.3%
9-Year CAGR
+7.5%
Peak Year
2024
Trend
Mostly Growing
Cummins Inc. has 10 full fiscal year figures on this page, compounding at +7.5% annually over 9 years. The most recent year saw a 1.3% decline versus the prior year. Annual revenue peaked in fiscal year 2024 at $34.1B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $33.7B | $4Bfiling | $2.8B | -1.3% | sec.gov FY2025 net sales were $33.670B, down 1% from 2024; net income attributable to Cummins Inc. was $2.843B. |
| FY2024 | $34.1B | $3.8Bfiling | — | +0.1% | sec.gov FY2024 net sales were $34.102B, slightly above 2023 and before the 2025 truck-market softness. |
| FY2023 | $34.1B | $1.8Bfiling | — | +21.3% | sec.gov FY2023 net sales reached $34.065B as demand and pricing lifted the business. |
| FY2022 | $28.1B | $2.9Bfiling | — | +16.9% | data.sec.gov FY2022 net sales were $28.074B, the base before the post-pandemic demand and pricing surge. |
| FY2021 | $24B | $2.7B | — | +21.3% | Cummins Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-12) Fiscal year ended 2021-12-31. |
| FY2020 | $19.8B | $2.3B | — | -16.0% | Cummins Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-02-14) Fiscal year ended 2020-12-31. |
| FY2019 | $23.6B | $2.7B | — | -0.8% | Cummins Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-02-08) Fiscal year ended 2019-12-31. |
| FY2018 | $23.8B | $2.8B | — | +16.4% | Cummins Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-10) Fiscal year ended 2018-12-31. |
| FY2017 | $20.4B | $2.3B | — | +16.7% | Cummins Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-02-11) Fiscal year ended 2017-12-31. |
| FY2016 | $17.5B | $1.9B | — | — | Cummins Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-02-11) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Cummins Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $3.6B | $1.2B | $34B | $20.6B | $12.3B | $2.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.5B | $1.2B | $31.5B | $20.2B | $10.3B | $279M | Form 10-K |
| FY2023ended Dec 31, 2023 | $4B | $1.2B | $32B | $22.1B | $8.8B | $2.8B | Form 10-K |
| FY2022ended Dec 31, 2022 | $2B | $916M | $30.3B | $20.1B | $9B | $1B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.3B | $734M | $23.7B | $14.3B | $8.1B | $1.5B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2.7B | $528M | $22.6B | $13.6B | $8.1B | $2.2B | Form 10-K |
| FY2019ended Dec 31, 2019 | $3.2B | $700M | $19.7B | $11.3B | $7.5B | $2.5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $2.4B | $709M | $19.1B | $10.8B | $7.3B | $1.7B | Form 10-K |
| FY2017ended Dec 31, 2017 | $2.3B | $506M | $18.1B | $9.9B | $7.3B | $1.8B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.9B | $531M | $15B | $7.8B | $6.9B | $1.4B | Form 10-K |
Keep researching Cummins
Cummins Revenue and Financial FAQ
What are Cummins Inc.'s annual net sales and operating earnings figures?
Cummins reported FY2025 sales of $33.67B, down 1% from $34.10B in FY2024. Net income attributable to Cummins was $2.84B ($20.50 per diluted share) after $458M of electrolyzer charges; underlying EBITDA was a record $5.8B, or 17.4% of sales.
How are Cummins' sales divided across its five business segments?
FY2025 segment sales were Distribution $12.4B, Engine $10.9B, Components $10.1B, Power Systems $7.5B, and Accelera $460M. Segment totals include intersegment sales, so they add up to more than consolidated revenue.
How much cash does Cummins return to shareholders?
Cummins returned $1.1B in dividends in 2025, returned $519M in Q1 2026 and $501M in Q2 2026 through dividends and buybacks, and targets returning at least 50% of operating cash flow over time.
What was the financial impact of the 2023 US emissions regulatory settlement?
In December 2023, Cummins agreed to pay $1.675 billion to the US Department of Justice and California Air Resources Board (CARB) to resolve civil claims regarding defeat devices on certain Ram pickup emissions software, taking a one-time non-cash charge in Q4 2023 while preserving strong ongoing liquidity.
What was the financial separation and spin-off of Atmus Filtration Technologies (Fleetguard)?
Cummins separated its filtration business, Atmus Filtration Technologies (maker of Fleetguard products), through a 2023 IPO and a March 2024 exchange offer in which Cummins shareholders could swap Cummins shares for Atmus shares, completing the split-off.
How much does Cummins invest annually in Research, Development, and Engineering (RD&E)?
Cummins spends more than $1B a year on research, development, and engineering, focused on HELM engine platforms for 2027 emissions rules, power generation, and electrified components. Capital expenditures were $1.2B in 2025.
What is Cummins' dividend payout track record and capital return policy?
Cummins targets returning 50% of operating cash flow to shareholders through dividends and buybacks. It raised the quarterly dividend to $2.20 per share in 2026, its 17th consecutive annual increase.
What is Cummins Inc.'s market capitalization on the New York Stock Exchange?
Cummins (NYSE: CMI) had a market capitalization of roughly $71B-$77B in September 2026, up sharply from a year earlier on data center power demand.
Did Cummins get fined for emissions?
Yes, in 2023, Cummins agreed to pay a massive $1.67 billion penalty—the largest civil penalty in the history of the Clean Air Act—to settle claims that they installed "defeat devices" to bypass emissions sensors on hundreds of thousands of Ram truck engines.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Cummins Revenue & Financials." CorpDigest, https://corpdigest.com/company/cummins/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Cummins reported $33.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/cummins/financials" target="_blank" rel="noopener">CorpDigest — Cummins financials</a></div>Related Financial Audits
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