CUMMINS INC

CMI 10-K · Q4 2025
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CMI Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 8,536 8,447 +1.1%
Show Product Lines breakouts
Drivetrain and braking systems [CBU business] 917 1,113 -17.6%
Emission solutions (CBU business) 764 743 +2.8%
Engine (DBU product line) 417 419 -0.5%
Generator technologies (PSBU product lines) 152 124 +22.6%
Heavy-duty truck (EBU market) 623 760 -18.0%
Industrial (PSBU product line) 333 321 +3.7%
Light-duty automotive (EBU market) 440 293 +50.2%
Medium-duty truck and bus (EBU market) 638 764 -16.5%
Off-highway (EBU market) 279 247 +13.0%
On-highway (EBU market) 1,701 1,817 -6.4%
Parts (DBU product line) 1,022 981 +4.2%
Power Generation (PSBU product line) 577 547 +5.5%
Service 449 442 +1.6%
Show Business Segments breakouts
Accelera 131 100 +31.0%
Accelera · External Sales 122 84 +45.2%
Accelera · Intersegment sales 9 16 -43.8%
Components 2,445 2,641 -7.4%
Components · External Sales 2,092 2,247 -6.9%
Components · Intersegment sales 353 394 -10.4%
Distribution 3,285 3,068 +7.1%
Distribution · Africa 73 74 -1.4%
Distribution · Asia Pacific 319 306 +4.2%
Distribution · CN 152 123 +23.6%
Distribution · Europe 321 349 -8.0%
Distribution · External Sales 3,280 3,060 +7.2%
Distribution · IN 107 87 +23.0%
Distribution · Intersegment sales 5 8 -37.5%
Distribution · Latin America 62 72 -13.9%
Distribution · North America 2,246 2,049 +9.6%
Engine 2,600 2,720 -4.4%
Engine · External Sales 1,980 2,064 -4.1%
Engine · Intersegment sales 620 656 -5.5%
Power Systems 1,929 1,743 +10.7%
Power Systems · External Sales 1,062 992 +7.1%
Power Systems · Intersegment sales 867 751 +15.4%
Total Segment 10,390 10,272 +1.1%
Total Segment · External Sales 8,536 8,447 +1.1%
Total Segment · Intersegment sales 1,854 1,825 +1.6%
Show Geography breakouts
CN 849 751 +13.0%
IN 433 494 -12.3%
Non Us 2,558 2,509 +2.0%
US 4,696 4,693 +0.1%
Show — breakouts
Revenue 1,392 1,218 +14.3%
Revenue 96 113 -15.0%
Revenue 315 278 +13.3%
Show Related Party Transactions By Related Party breakouts
Related Party 469 356 +31.7%
Cost of Revenue 6,585 6,413 +2.7%
Gross Profit 1,951 2,034 -4.1%
Selling, General & Administrative 786 801 -1.9%
Research & Development 350 356 -1.7%
Show Business Segments breakouts
Accelera 57 60 -5.0%
Components 58 78 -25.6%
Distribution 11 14 -21.4%
Engine 159 148 +7.4%
Power Systems 65 56 +16.1%
Total Segment 350 356 -1.7%
Income Loss From Equity Method Investments 116 70 +65.7%
Show Product Lines breakouts
Royalty 27 20 +35.0%
Show Business Segments breakouts
Accelera -13 -28 +53.6%
Components 7 13 -46.2%
Distribution 28 17 +64.7%
Engine 67 54 +24.1%
Power Systems 27 14 +92.9%
Total Segment 116 70 +65.7%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
All other distributors 8 7 +14.3%
Beijing Foton Cummins Engine Company 17 13 +30.8%
Chongqing Cummins Engine Company Ltd 21 9 +133.3%
Cummins' Share of Equity Earnings 89 50 +78.0%
Dongfeng Cummins Engine Company Ltd 18 15 +20.0%
Komatsu Cummins Chile Ltda 13 13 0.0%
Manufacturing - All other manufacturers 2 -16 +112.5%
Tata Cummins Ltd 10 9 +11.1%
Other Operating Income Expense Net 118 215 -45.1%
Operating Income 813 732 +11.1%
Interest Expense 82 89 -7.9%
Other Non-Operating Income (Expense) 60 19 +215.8%
Income Loss Including Portion Attributable To Noncontrolling Interest 791 662 +19.5%
Income Tax Expense (Benefit) 171 217 -21.2%
Net Income 620 445 +39.3%
Show Equity Components breakouts
Noncontrolling Interest 27 27 0.0%
Parent 593 418 +41.9%
Retained Earnings 593 418 +41.9%
Net Income Loss Attributable To Noncontrolling Interest 27 27 0.0%
Net Income Loss Available To Common Stockholders Basic 593 418 +41.9%
EPS (Basic) 4.29 3.08 +39.3%
EPS (Diluted) 4.27 3.06 +39.5%
Cost of Revenue (Q) — — —
Show Business Segments breakouts
Accelera 276 242 +14.0%
Components 1,970 2,143 -8.1%
Distribution 2,602 2,460 +5.8%
Engine 2,026 2,039 -0.6%
Power Systems 1,344 1,229 +9.4%
Total Segment 8,218 8,113 +1.3%
General & Administrative (Q) — — —
Show Business Segments breakouts
Accelera 24 24 0.0%
Components 133 130 +2.3%
Distribution 92 90 +2.2%
Engine 145 147 -1.4%
Power Systems 99 106 -6.6%
Total Segment 493 497 -0.8%
Income Before Taxes 791 662 +19.5%
Comprehensive Income 526 147 +257.8%
Wtd Avg Shares (Basic) 0.1 -0.3 +133.3%
Wtd Avg Shares (Diluted) 0.1 -0.3 +133.3%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,845 1,671 +70.3%
Marketable Securities (Current) 764 593 +28.8%
Cash Cash Equivalents And Short Term Investments 3,609 2,264 +59.4%
Accounts Receivable Net 5,818 5,181 +12.3%
Show Related Party Transactions By Related Party breakouts
Related Party 523 432 +21.1%
Inventory 5,822 5,742 +1.4%
Prepaid Expenses & Other Current Assets 1,676 1,565 +7.1%
Total Current Assets 16,925 14,752 +14.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 7,794 6,626 +17.6%
Non-Current Assets
Property, Plant & Equipment 6,958 6,356 +9.5%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 2,133 1,889 +12.9%
Show Business Segments breakouts
Accelera 359 187 +92.0%
Components 494 504 -2.0%
Distribution 409 394 +3.8%
Engine 697 653 +6.7%
Power Systems 168 145 +15.9%
Total Segment 2,127 1,883 +13.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Amplify Cell Technologies, LLC 359 187 +92.0%
Automated Axles Limited 120 123 -2.4%
Beijing Foton Cummins Engine Company 220 185 +18.9%
Chongqing Cummins Engine Company Ltd 140 120 +16.7%
Cummins Scania X P I Manufacturing LLC 91 88 +3.4%
Dongfeng Cummins Engine Company Ltd 148 128 +15.6%
Freios Master 79 78 +1.3%
Komatsu Manufacturing Alliances 321 322 -0.3%
Other Distributors and Manufacturers 406 412 -1.5%
Sistemas Automotrices de Mexico S.A. de C.V. 134 150 -10.7%
Tata Cummins Ltd 115 96 +19.8%
Goodwill 2,224 2,370 -6.2%
Show Business Segments breakouts
Accelera 288 494 -41.7%
Components 1,774 1,724 +2.9%
Distribution 83 83 0.0%
Engine 34 25 +36.0%
Power Systems 45 44 +2.3%
Intangible Assets Net Excluding Goodwill 2,167 2,351 -7.8%
Defined Benefit Plan Assets For Plan Benefits Noncurrent 1,033 1,189 -13.1%
Show Retirement Plan Type breakouts
GB 70 118 -40.7%
US 963 1,071 -10.1%
Other Non-Current Assets 2,552 2,633 -3.1%
Total Assets 33,992 31,540 +7.8%
Operating Lease Right-of-Use Assets 537 532 +0.9%
Show Balance Sheet Location breakouts
Other Assets 537 532 +0.9%
Intangible Assets (Q) — — —
Show Finite Lived Intangible Assets By Major Class breakouts
Computer Software Intangible Asset 455 421 +8.1%
Other Intangible Assets 1,690 1,866 -9.4%
Current Liabilities
Accounts Payable 3,800 3,951 -3.8%
Show Related Party Transactions By Related Party breakouts
Related Party 263 281 -6.4%
Short Term Bank Loans And Notes Payable 313 356 -12.1%
Commercial Paper 353 1,259 -72.0%
Current Portion of Long-Term Debt 94 660 -85.8%
Employee Related Liabilities Current 825 1,084 -23.9%
Product Warranty Accrual Classified Current 693 679 +2.1%
Show Balance Sheet Location breakouts
Current portion of accrued product warranty 693 679 +2.1%
Deferred Revenue (Current) 1,606 1,347 +19.2%
Show Balance Sheet Location breakouts
Other Current Liabilities 303 286 +5.9%
Accrued Liabilities 1,926 1,898 +1.5%
Total Current Liabilities 9,610 11,234 -14.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 4,977 4,203 +18.4%
Non-Current Liabilities
Long Term Debt And Capital Lease Obligations 6,792 4,784 +42.0%
Contract With Customer Liability Noncurrent 1,054 1,065 -1.0%
Show Balance Sheet Location breakouts
Other Noncurrent Liabilities 895 815 +9.8%
Other Non-Current Liabilities 3,128 3,149 -0.7%
Total Liabilities 20,584 20,232 +1.7%
Operating Lease Liabilities 424 409 +3.7%
Show Balance Sheet Location breakouts
Other Noncurrent Liabilities 424 409 +3.7%
Stockholders' Equity
Common Stock Par Or Stated Value Per Share 2.5 — —
Common Stock Shares Authorized 500 — —
Common Stock Shares Issued 222.5 222.5 0.0%
Treasury Stock Common Shares 84.4 85.1 -0.8%
Common Stock Value Outstanding 2,673 2,636 +1.4%
Retained Earnings 22,616 20,828 +8.6%
Treasury Stock Value -10,662 -10,748 +0.8%
Accumulated Other Comprehensive Income -2,278 -2,445 +6.8%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -912 -843 -8.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent 94 115 -18.3%
Accumulated Translation Adjustment -1,460 -1,717 +15.0%
Parent -2,278 -2,445 +6.8%
Total Stockholders' Equity 12,349 10,271 +20.2%
Minority Interest 1,059 1,037 +2.1%
Show Legal Entity breakouts
Automated Transmission [CBU business] 479 490 -2.2%
Cummins India Ltd. 455 431 +5.6%
Other 125 116 +7.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 13,408 11,308 +18.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -2,278 -2,445 +6.8%
Additional Paid In Capital 2,117 2,080 +1.8%
Common Stock 556 556 0.0%
Noncontrolling Interest 1,059 1,037 +2.1%
Parent 12,349 10,271 +20.2%
Retained Earnings 22,616 20,828 +8.6%
Treasury Stock Common -10,662 -10,748 +0.8%
Total Liabilities & Equity 33,992 31,540 +7.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 280 271 +3.3%
Deferred Income Taxes And Tax Credits 18 -103 +117.5%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions -17 87 -119.5%
Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash 19 10 +90.0%
Pension And Other Postretirement Benefit Contributions -17 -18 +5.6%
Increase Decrease In Accounts And Notes Receivable -146 189 -177.2%
Change in Inventory 407 324 +25.6%
Increase Decrease In Other Operating Assets 80 65 +23.1%
Change in Accounts Payable -1 -210 +99.5%
Increase Decrease In Accrued Liabilities 205 427 -52.0%
Other Operating Activities Cash Flow Statement 86 -65 +232.3%
Net Cash from Operations 1,534 1,422 +7.9%
Investing Activities
Capital Expenditures -544 -540 -0.7%
Payments To Acquire And Return Of Investment For Equity Method Investments -133 -81 -64.2%
Payments To Acquire Businesses Net Of Cash Acquired 0 0 —
Payments To Acquire Marketable Securities -494 -438 -12.8%
Proceeds From Sale And Maturity Of Marketable Securities 319 347 -8.1%
Other Investing Activities -33 -1 -3200.0%
Net Cash from Investing -885 -713 -24.1%
Financing Activities
Proceeds From Issuance Of Long Term Debt 103 97 +6.2%
Proceeds From Repayments Of Commercial Paper 0 -377 +100.0%
Repayments Of Long Term Debt And Capital Securities -148 -182 +18.7%
Payments Of Dividends -277 -250 -10.8%
Proceeds From Payments For Other Financing Activities 8 25 -68.0%
Net Cash from Financing -369 -737 +49.9%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -1 -34 +97.1%
Other Cash Flow
Net Change in Cash 279 -62 +550.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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