Cummins Inc. Revenue in 2024

Cummins Inc. reported $34.4B in revenue for fiscal year 2024. This represents a growth of 3.6% compared to the 2023 figure of $33.2B.

Cummins's revenue grew from $29.1 billion in 2022 to $33.2 billion in 2023 to $34.4 billion in 2024, a trajectory that reflects both market share stability in diesel and early-stage revenue from alternative powertrain products. Net income of $3.0 billion on $34.4 billion in revenue — an 8.7% net margin — is consistent with the capital-intensive, high-volume manufacturing profile of a company that produces precision mechanical components at global scale. The 25.2% gross margin holds up across engine generations and reflects the pricing power of a 40% market share position. The 18% return on invested capital across a business with $34 billion in revenue and $42 billion in market capitalization is exceptional for heavy equipment manufacturing. Most capital-intensive industrial manufacturers struggle to earn their cost of capital. Cummins earns substantially above it, which is why the Fleetguard aftermarket model deserves credit — recurring consumables revenue on an installed base of millions of engines generates returns that new engine sales alone cannot match. The $1 billion alternative powertrain investment program will compress near-term returns as the company builds capabilities in hydrogen, battery electric, and natural gas systems. The investment logic is that regulations will tighten, diesel will face restrictions in some markets, and the company that can offer the full powertrain spectrum to fleet operators will retain the distribution relationships that took a century to build. The risk is that the alternative powertrain market develops slower than projected and the investment dilutes returns without producing proportional revenue.