Cummins Inc. (CMI) financials
NYSE · Industrials · Industrial - Machinery · 67,400 employees · CEO Jennifer W. Rumsey
- Price
- $500.09 -3.46%
- Market cap
- $68.8B
- Enterprise value
- $74B
- Last report
- Q2 '26 filed 2026-08-04
- Next report
- 2026-11-05 EPS est. $8.21
Revenue (TTM)$34.7B+2.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)11.1%-1.2 pp vs a year agoOperating income $3.86B
Net income (TTM)$2.72B-7.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.37B+103.8% vs a year agoCapex $1.28B
Diluted EPS (TTM)$19.56-8.0% vs a year agoSum of the last 4 quarters
Net cash-$4.36B+22.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $68.8B EV $74B
- Revenue
- $34.7B Trailing 12 months
- Revenue growth
- +12% FY2026 consensus
- Profit margin
- 7.8% Net income / revenue, TTM
- P/E
- 25.4× Forward 17.0× (FY2026)
- P/S
- 2.0× Price / sales, TTM
- EV / EBITDA
- 14.9× TTM
- Free cash flow
- $3.37B Trailing 12 months
- Net income
- $2.72B Trailing 12 months
- Revenue estimate
- $37.7B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $9.87B
- Dividend
- $8.20 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 1.4%, EPS missed by 6.7%Revenue $9.46B vs $9.33B expected (+1.4%); EPS $6.73 vs $7.21 (-6.7%).
- Revenue growth accelerating: 9.4% year on yearQ2 '26 revenue $9.46B, against an average of 0.1% over the four quarters before.
- Operating margin 11.1% (TTM), -1.2 pp on a year agoOperating income grew -6.7% while revenue grew 2.9%.
- Capex 3.7% of revenue (a year ago 3.5%)$1.28B invested in the last 4 quarters (+7.4% on a year earlier). Free cash flow $3.37B = 124.0% of net income.
- Returned $1.57B to shareholders = 46.7% of free cash flowBuybacks $468M (a year earlier $0), dividends $1.11B, stock-based pay $0 (TTM).
- Diluted share count up 0.1% in a year139M diluted shares in Q2 '26, 138M a year earlier.
- Net debt $4.36BCash + short-term investments $3.92B, debt incl. leases $8.29B; a year ago net debt $5.61B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.46B | $8.64B | +9.4% |
| Gross margin | 26.1% | 26.4% | -0.3 pp |
| Operating income | $1.28B | $1.23B | +4.3% |
| Operating margin | 13.5% | 14.2% | -0.7 pp |
| Net income | $932M | $890M | +4.7% |
| Diluted EPS | $6.73 | $6.42 | +4.8% |
| Operating cash flow | $1.5B | $785M | +91.0% |
| Capex | $249M | $231M | +7.8% |
| Free cash flow | $1.25B | $554M | +125.6% |
| R&D | $385M | $357M | +7.8% |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.46B | $9.33B | +1.4% |
| EPS (as estimated) | $6.73 | $7.21 | -6.7% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Components | $2.89B | +6.9% | 30.6% | $10.2B | -5.1% | |
| Distribution | $3.33B | +9.4% | 35.2% | $12.9B | +7.8% | |
| Engine | $3.08B | +6.4% | 32.6% | $11B | -3.0% | |
| Power Systems | $2.26B | +19.4% | 23.8% | $8.14B | +16.8% | |
| Intersegment Eliminations | -$2.24B | – | -23.7% | – | – | |
| Total Segment | – | – | – | – | – | |
| Accelera | $145M | +38.1% | 1.5% | $498M | +19.1% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $5.31B | +9.0% | 66.8% | $19.2B | +0.1% | |
| Non-US | $2.63B | +3.7% | 33.2% | $9.98B | +2.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.65B
- Capex
- -$1.28B
- Buybacks
- -$468M
- Dividends
- -$1.11B
- Acquisitions
- -$116M
- Net debt issued
- -$505M
- Stock-based compensation
- $0
- Free cash flow
- $3.37B
- Returned to shareholders / FCF
- 46.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 25.4× | 22.8× | 12.2× – 46.2× |
| EV / EBITDA | 14.9× | 11.1× | 8.5× – 14.0× |
| EV / Sales | 2.1× | 1.6× | 1.1× – 2.2× |
| Price / FCF | 20.4× | 53.7× | 12.3× – 172.7× |
| Price / Book | 5.4× | 4.4× | 3.7× – 5.7× |
| FCF yield | 4.9% | 4.0% | 0.6% – 8.1% |
| Return on invested capital | 10.9% | 10.5% | 4.3% – 13.7% |
| Return on equity | 21.9% | 23.8% | 8.3% – 38.4% |
Analysts
Consensus target $740.00 (+48.0%)
range $608.00 – $845.00 · rating Buy
Strong buy0
Buy27
Hold23
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $37.7B | +11.8% | $29.43 | +43.6% | 17.0× | 10 |
| FY2027 | $41.3B | +9.7% | $34.58 | +17.5% | 14.5× | 11 |
| FY2028 | $44.9B | +8.7% | $40.29 | +16.5% | 12.4× | 10 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 360 figures Cummins Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $4.65B | $4.15B | +12.1% | $3.8B2025-12-31 | $3.95B | -3.8% |
| Accounts Receivable, after Allowance for Credit Loss | $6.59B | $5.87B | +12.1% | $5.82B2025-12-31 | $5.18B | +12.3% |
| Accounts Receivable, Allowance for Credit Loss | $61M2025-12-31 | $66M | -7.6% | $61M2025-12-31 | $66M | -7.6% |
| Accrual for Taxes Other than Income Taxes | $281M | $262M | +7.3% | $318M2025-12-31 | $249M | +27.7% |
| Accrued Income Taxes | $177M | $261M | -32.2% | $156M2025-12-31 | $244M | -36.1% |
| Accrued Liabilities, Current | $2B | $1.93B | +3.8% | $1.93B2025-12-31 | $1.9B | +1.5% |
| Accrued Marketing Costs, Current | $370M | $364M | +1.6% | $346M2025-12-31 | $335M | +3.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $6.22B | $5.8B | +7.3% | $5.96B2025-12-31 | $5.44B | +9.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.34B | -$2.17B | -8.0% | -$2.28B2025-12-31 | -$2.45B | +6.8% |
| Amortization of Debt Discount (Premium) | $2M2026-03-31 | $3M | -33.3% | $12M2025-12-31 | $12M | 0.0% |
| Amortization of Intangible Assets | – | – | – | $323M2025-12-31 | $324M | -0.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 342 | 11.3K | -97.0% | 3,8252025-12-31 | 1,467 | +160.7% |
| APIC, Share-based Payment Arrangement, Recognition and Exercise | $4M | $2M | +100.0% | $69M2025-12-31 | $133M | -48.1% |
| Asset Impairment Charges | $240M2025-09-30 | – | – | – | – | – |
| Assets | $35.6B | $34.3B | +4.0% | $34B2025-12-31 | $31.5B | +7.8% |
| Assets for Plan Benefits, Defined Benefit Plan | $1.01B | $1.16B | -13.0% | $1.03B2025-12-31 | $1.19B | -13.1% |
| Assets, Current | $18.4B | $16.9B | +8.9% | $16.9B2025-12-31 | $14.8B | +14.7% |
| Cash and Cash Equivalents, at Carrying Value | $3.18B | $2.32B | +37.1% | $2.1B2022-12-31 | $2.59B | -18.9% |
| Cash Divested from Deconsolidation | $02025-12-31 | $0 | – | $02025-12-31 | $174M | -100.0% |
| Cash Surrender Value of Life Insurance | $446M | $438M | +1.8% | $454M2025-12-31 | $423M | +7.3% |
| Cash, Cash Equivalents, and Short-term Investments | $3.92B | $3.07B | +27.7% | $3.61B2025-12-31 | $2.26B | +59.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.18B | $2.32B | +37.1% | $2.85B2025-12-31 | $1.67B | +70.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $565M | $787M | -28.2% | $1.17B2025-12-31 | -$508M | +331.1% |
| Commercial Paper | $348M | $353M | -1.4% | $353M2025-12-31 | $1.26B | -72.0% |
| Common Stock, Dividends, Per Share, Cash Paid | $2.002025-12-31 | $1.82 | +9.9% | $7.642025-12-31 | $7.00 | +9.1% |
| Common Stock, Dividends, Per Share, Declared | $2.00 | $1.82 | +9.9% | – | – | – |
| Common Stock, Par or Stated Value Per Share | $2.50 | $2.50 | 0.0% | $2.50 | $2.50 | 0.0% |
| Common Stock, Shares Authorized | 500M | 500M | 0.0% | 500M2025-12-31 | 500M | 0.0% |
| Common Stock, Shares, Issued | 223M | 223M | 0.0% | 223M2025-12-31 | 223M | 0.0% |
| Common Stock, Value, Outstanding | $2.63B | $2.62B | +0.1% | $2.67B2025-12-31 | $2.64B | +1.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $38M | $40M | -5.0% | $101M2025-12-31 | $106M | -4.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $969M | $1.09B | -11.0% | $3.01B2025-12-31 | $3.71B | -18.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.01B | $1.13B | -10.8% | $3.11B2025-12-31 | $3.81B | -18.4% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $439M2025-12-31 | $403M | +8.9% | $439M2025-12-31 | $403M | +8.9% |
| Contract with Customer, Liability | $2.66B | $2.68B | -0.8% | $2.66B2025-12-31 | $2.41B | +10.3% |
| Contract with Customer, Liability, Current | $1.59B | $1.62B | -1.7% | $1.61B2025-12-31 | $1.35B | +19.2% |
| Contract with Customer, Liability, Noncurrent | $1.07B | $1.06B | +0.7% | $1.05B2025-12-31 | $1.07B | -1.0% |
| Contract with Customer, Liability, Revenue Recognized | $305M | $242M | +26.0% | $1.1B2025-12-31 | $850M | +29.4% |
| Contract with Customer, Receivable, before Allowance for Credit Loss | $328M | $409M | -19.8% | – | – | – |
| Cost of Revenue | $6.99B | $6.36B | +9.9% | $25.2B2025-12-31 | $25.7B | -2.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $130M2025-12-31 | – | – |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $433M2024-12-31 | $611M | -29.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $772M2025-12-31 | $611M | +26.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $920M2025-12-31 | $1.04B | -11.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $18M2025-12-31 | – | – |
| Debt and Lease Obligation | $6.89B | $7.42B | -7.2% | $6.89B2025-12-31 | $5.44B | +26.5% |
| Debt Instrument, Unamortized Discount | $87M | $95M | -8.4% | $91M2025-12-31 | $89M | +2.2% |
| Debt Securities, Available-for-sale | $26M | $41M | -36.6% | $34M2025-12-31 | $41M | -17.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $02025-12-31 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $26M | $41M | -36.6% | $34M2025-12-31 | $41M | -17.1% |
| Debt Securities, Trading, and Equity Securities, FV-NI, Cost | $718M | $747M | -3.9% | $750M2025-12-31 | $591M | +26.9% |
| Deferred Compensation Liability, Classified, Noncurrent | $211M | $182M | +15.9% | $210M2025-12-31 | $193M | +8.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $86M2025-12-31 | – | – |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$241M2024-12-31 | -$468M | +48.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$8M2025-12-31 | $32M | -125.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $86M2025-12-31 | -$209M | +141.1% |
| Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $381M | $405M | -5.9% | $388M2025-12-31 | $389M | -0.3% |
| Deferred Income Taxes and Tax Credits | $27M | -$113M | +123.9% | $86M2025-12-31 | -$209M | +141.1% |
| Deferred Revenue | $1.2B2025-12-31 | $1.1B | +8.8% | $1.2B2025-12-31 | $1.1B | +8.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $8M2025-12-31 | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01