Company file · CMI
Cummins
China was Cummins' fastest-growing region in FY2025, up 11.9%
Revenue fell 1.3% to $33.7B in FY2025, from $34.1B in FY2024. Net income fell 27.3% to $3.0B. United States was the largest region, at 56% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Cummins (NYSE: CMI) took in $33.7B of revenue (down 1.3% on fiscal 2024); net income was $3.0B (down 27.3%). The most recent quarter, ended Sep 30, 2026, brought revenue of $9.4B, up 13.5% year over year, with net income of $1.2B. United States was the biggest single line by region: 56% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 10, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By region, FY2025
- LineAmountSharevs FY2024
- United States$19.0B56%−2.3%
- Non-US$9.7B29%−2.8%
- China$3.3B10%+11.9%
- India$1.7B5%−3.3%
Source: 10-K FY2025, XBRL breakdown
By region in FY2025: United States (56%), Non-US (29%), China (10%) and India (5%), as shares of total revenue. Total revenue was $33.7B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Cummins 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Operating cash flow rose 143.5% in FY2025 to $3.6B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $9.4B, up 13.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $1.2B, up 109.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- China revenue grew 11.9% in FY2025 to $3.3B. 10-K, FY2025
The bear case
- Revenue fell 1.3% in FY2025 to $33.7B, from $34.1B a year earlier. 10-K, FY2025
- Net income fell 27.3% in FY2025 to $3.0B, from $4.1B. 10-K, FY2025
- Total debt rose 8.0% in FY2025 to $7.2B. 10-K, FY2025
- India revenue fell 3.3% in FY2025 to $1.7B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Cummins is in the construction machinery & heavy transportation equipment industry, part of the industrials sector. The SEC files it under Engines & Turbines.
The full description of Cummins' business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the construction machinery & heavy transportation equipment industry. They are not a summary of Cummins’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Economic cyclesDemand for equipment and services rises and falls with business investment.
- Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
- Trade and tariffsTariffs and trade policy affect costs and sales.
- Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
- Regulation and liabilitySafety, environmental and product-liability rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $34.1B | $34.1B | $33.7B |
| Net income | $840M | $4.1B | $3.0B |
| Operating cash flow | $4.0B | $1.5B | $3.6B |
| Cash & equivalents (year end) | $2.2B | $1.7B | $2.8B |
| Total debt (year end) | $6.4B | $6.7B | $7.2B |
| Diluted shares | 143M | 139M | 139M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper plus long-term debt including the part due within one year, at carrying value, as the company totals it.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Remaining performance obligations (RPO)
- Subsequent events
- Earnings guidance
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 2, 2026 | May 12, 2026 |
| 10-K | Feb 10, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Cummins
How does Cummins make money?
In fiscal 2025, revenue totaled $33.7B. By region in FY2025: United States (56%), Non-US (29%), China (10%) and India (5%), as shares of total revenue. Total revenue was $33.7B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
What was Cummins's revenue in fiscal 2025?
Revenue came to $33.7B in the year ended Dec 31, 2025. Going back two years, it was $34.1B in fiscal 2023 and $34.1B in fiscal 2024, so the latest year was down 1.3%. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
Is Cummins profitable?
Yes, by US accounting rules (GAAP): net income was $3.0B in fiscal 2025, down 27.3% from $4.1B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
What did Cummins report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $9.4B, against $8.3B in the same quarter a year before (up 13.5%), and net income of $1.2B, against $559M (up 109.1%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
How much cash and debt does Cummins have?
On Sep 30, 2026, cash and cash equivalents stood at $3.6B and total debt at $7.1B. Total debt here is commercial paper plus long-term debt including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Nov 5, 2026.
What are the main risks Cummins faces?
Cummins's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 10, 2026. Risks that are common among companies in the construction machinery & heavy transportation equipment industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.
Where do these Cummins numbers come from?
Two filings Cummins made with the SEC: its fiscal 2025 10-K, filed Feb 10, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Cummins
- Millennium Management: 277,042 shares, reported value $197.6M at Jun 30, 2026 (−34.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 149,683 shares, reported value $106.8M at Jun 30, 2026 (−39.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 51,769 shares, reported value $36.9M at Jun 30, 2026 (−81.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 21,316 shares, reported value $15.2M at Jun 30, 2026 (−46.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CMI
- The editor holds no position in Cummins (CMI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CMI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CMI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CumminsCMI | FY2025 | $33.7B | −1.3% | $3.0B |
| CaterpillarCAT | FY2025 | $67.6B | +4.3% | $8.9B |
| PaccarPCAR | FY2025 | $28.4B | −15.5% | $2.4B |
| WabtecWAB | FY2025 | $11.2B | +7.5% | $1.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.