CUMMINS INCCMI
CUMMINS INC Financial Overview 2021–2025
Updated Jul 10, 2026In FY2025, Cummins generated $3.6 billion in operating cash flow—a $2.1 billion jump—even as total sales contracted by 1%. This cash-generating resilience forms the core investment thesis for the manufacturer: Cummins can successfully fund its transition to zero-emission powertrains and absorb restructuring costs without sacrificing shareholder returns or balance sheet health.
The company's top-line trajectory illustrates a structural expansion, as revenue grew from $24.02 billion in FY2021 to $33.7 billion in FY2025. Much of this growth stems from the $2.9 billion acquisition of Meritor, though organic demand shifted toward alternative segments. In FY2025, the Power Systems division posted a 16% sales increase driven by data center power needs, cushioning the blow from weaker on-highway truck markets. While the early-stage Accelera segment dragged on profitability with a $458 million charge, reducing overall net income by 28% to $2.8 billion, management continued to deleverage. The debt-to-capital ratio improved to 36.0%, and the company authorized a 10% dividend hike to $2.00 per share.
At the close of FY2025, the market priced the stock at $510.45, assigning Cummins a 24.9x P/E ratio against its $20.50 EPS. This valuation reflects investor confidence in a business capable of sustaining liquidity and dividend growth while navigating heavy end-market cyclicality.
Recent Developments (Q4 2025 and Q1 2026)
In Q1 2026, Cummins resumed top-line growth with a 3% net sales increase to $8.4 billion, driven by persistent power generation demand. Profitability contracted, as operating income fell 16% to $949 million and net income dropped 21% to $654 million, or $4.71 per share. This earnings drag stemmed from a $199 million charge for a business sale and customer settlements, alongside a $277 million EBITDA loss in the Accelera segment. Management countered these headwinds by generating $309 million in operating cash flow and executing $243 million in stock repurchases. Shareholders recently backed leadership continuity, rejecting a proposal to separate the Chair and CEO roles while approving the 2026 Omnibus Incentive Plan.
Bulls favor the company's strong cash flow generation and aggressive share buybacks buffering the core legacy operations. Bears warn that Accelera’s ongoing losses and cyclical North American truck weakness make the stock appear richly valued at 32.9x earnings as of May 5, 2026.
What to watch: Accelera segment commercialization progress; North American truck market demand trends
Rev
$33.67B
FY2025
NI
$2.84B
FY2025
EPS
$20.62
FY2025
OCF
$3.62B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
CUMMINS INC 8-K Report, Shareholder Vote Results (May 14, 2026)
Cummins Inc. (CMI) has filed its 8-K report detailing the outcomes of its 2026 Annual Meeting of Shareholders held on May 12, 2026. The report indicates that all director nominees were elected for a one-year term, with strong support across the board. Shareholders also provided an advisory vote on executive compensation, with the majority voting in favor. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026 was overwhelmingly ratified, a positive sign for financial transparency and audit reliability. Of particular note, the Company's 2026 Omnibus Incentive Plan was approved by shareholders. However, two shareholder proposals, one requesting the separation of Chairperson and CEO roles and another requesting a report on charitable support, did not receive majority support, with a significant number of votes cast against them. This suggests that while the board's composition and the company's incentive structures are broadly accepted, there are differing views among shareholders regarding corporate governance structure and the disclosure of charitable activities.
CUMMINS INC 8-K Report, Financial Results (May 5, 2026)
Cummins Inc. (CMI) has filed its 8-K report for May 5, 2026, primarily to furnish its press release detailing the company's financial results for the first quarter of 2026. While the filing does not contain extensive new operational details beyond the press release, it signifies the formal release of Q1 2026 financial performance data to the public. Investors should refer to the furnished press release (Exhibit 99) for specific financial metrics, such as revenue, earnings per share, and segment performance, as well as management's commentary on the quarter's results and outlook.
CUMMINS INC 8-K Report, Financial Results (Feb 5, 2026)
Cummins Inc. (CMI) has filed its 8-K report for the period ending February 4, 2026, detailing its fourth-quarter 2025 financial results. Investors should note that this filing primarily furnishes a press release containing these results, rather than providing new detailed financial statements within the 8-K itself. The information presented, while important for understanding the company's recent performance, is designated as "furnished" and not "filed," meaning it is not subject to the full liabilities of Section 18 of the Exchange Act. The key takeaway for investors will be the content of the press release (Exhibit 99), which will outline CMI's revenue, profitability, and any significant operational updates for the fourth quarter of 2025. While the 8-K doesn't contain the specifics, it signals that these results have been officially communicated and are available for review through the attached exhibit. Investors are encouraged to consult Exhibit 99 directly for the quantitative and qualitative details of the company's performance.
CUMMINS INC 8-K Report, Financial Results (Nov 6, 2025)
Cummins Inc. (CMI) has filed an 8-K report on November 6, 2025, to announce its financial results for the third quarter of 2025. While the full financial details are provided in the attached press release (Exhibit 99), this filing serves as the official notification of these results to the market. Investors should refer to the press release for specific performance metrics, including revenue, profitability, and any forward-looking guidance that may have been issued. The company is furnishing this information as required by SEC regulations, but it's important to note that the content is not considered "filed" for purposes of Section 18 of the Exchange Act. This means it won't automatically be incorporated into future SEC filings unless specifically referenced. Investors should treat this information as a primary source for the company's latest quarterly performance update.
CUMMINS INC 8-K Report, Financial Results (Aug 5, 2025)
Cummins Inc. (CMI) has filed an 8-K report on August 5, 2025, to announce its financial results for the second quarter of 2025. The report primarily consists of a press release detailing these results, which is furnished as an exhibit. Investors should note that while this filing provides critical performance information, it is furnished under Item 2.02 and is not considered "filed" for purposes of Section 18 of the Exchange Act, nor is it incorporated by reference into other SEC filings unless explicitly stated. The full details of the Q2 2025 financial performance are available in the attached press release (Exhibit 99) which covers revenue, profitability, and other key financial metrics. Investors are encouraged to review this press release for a comprehensive understanding of the company's operational and financial standing.
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