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Cummins Inc.

CMI Industrials Specialty Industrial Machinery

Cummins Inc.’s revenue for fiscal 2025 (year ended December 2025) was $33.7 billion, down 1.27% from fiscal 2024.

Revenue: +13.5%
EPS: +113.7%
Free cash flow: +9.43%
Total debt: −2.27%

Quarter to September 2026, against a year earlier

447.01 24.83 −5.26%

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Market cap: $61.8B
P/E: 18.6×
Fwd P/E: 17.8×
Dividend yield: 1.83%
F-score: 6/9
Altman Z: 4.62
Beneish M: −2.48
Dividend safety: 82/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Cummins Inc. (CMI) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by regions, and margins
United States	18,974	56.35%
Other international	9,677	28.74%
China	3,298	9.80%
India	1,721	5.11%
Gross margin		25.29%
Operating margin		11.95%
Pre-tax margin		11.77%

Revenue by segment $m

Line	FY2019	FY2018	FY2017	FY2016	FY2015	FY2013	FY2012	FY2010	FY2009	FY2008
Engine	10,056 42.66%	10,566 44.45%	8,953 43.83%	7,804 44.57%	8,670 45.37%	10,013 57.88%	10,733 61.92%	7,888 59.64%	6,405 59.31%	8,810 61.43%
Distribution	8,071 34.24%	7,828 32.93%	7,058 34.55%	6,181 35.30%	6,229 32.60%	3,749 21.67%	3,277 18.91%	2,324 17.57%	1,784 16.52%	2,164 15.09%
Components	6,914 29.33%	7,166 30.15%	5,889 28.83%	4,836 27.62%	5,172 27.06%	4,342 25.10%	4,012 23.15%	3,046 23.03%	2,355 21.81%	3,152 21.98%
Power Systems	4,460 18.92%	4,626 19.46%	4,058 19.86%	3,517 20.09%	4,067 21.28%	—	—	—	—	—
Accelera	38 0.16%	7 0.03%	0 0.00%	0 0.00%	—	—	—	—	—	—
Corporate and Other	(5,968) (25.32%)	(6,422) (27.02%)	(5,530) (27.07%)	(4,829) (27.58%)	(5,028) (26.31%)	(3,834) (22.16%)	(3,956) (22.82%)	(2,951) (22.31%)	(2,161) (20.01%)	(3,284) (22.90%)
Power Generation	—	—	—	—	—	3,031 17.52%	3,268 18.85%	2,919 22.07%	2,417 22.38%	3,500 24.40%
Total Segment	29,539	30,193	25,958	22,338	24,138	—	—	—	—	—
Revenue	23,571	23,771	20,428	17,509	19,110	17,301	17,334	13,226	10,800	14,342

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
United States	18,974 56.35%	19,422 56.95%	19,302 56.66%	15,833 56.40%	12,489 51.99%	10,605 53.53%	13,519 57.35%	13,218 55.61%	11,010 53.90%	9,476 54.12%	10,757 56.29%	10,058 52.33%	8,382 48.45%	8,107 46.77%	7,354 40.75%	4,817 36.42%	5,141 47.60%	5,817 40.56%
Other international	9,677 28.74%	9,953 29.19%	9,970 29.27%	8,459 30.13%	7,230 30.10%	5,694 28.74%	6,873 29.16%	7,264 30.56%	6,476 31.70%	5,868 33.51%	6,902 36.12%	—	—	—	—	—	—	—
China	3,298 9.80%	2,948 8.64%	3,115 9.14%	2,390 8.51%	3,169 13.19%	2,832 14.30%	2,331 9.89%	2,324 9.78%	2,137 10.46%	1,544 8.82%	1,451 7.59%	—	—	1,056 6.09%	1,452 8.05%	1,206 9.12%	630 5.83%	783 5.46%
India	1,721 5.11%	1,779 5.22%	1,678 4.93%	1,392 4.96%	1,133 4.72%	680 3.43%	848 3.60%	965 4.06%	805 3.94%	621 3.55%	—	—	—	757 4.37%	859 4.76%	808 6.11%	592 5.48%	702 4.89%
Other Foreign Countries	—	—	—	—	—	—	—	—	—	—	—	9,163 47.67%	8,919 51.55%	4,622 26.66%	5,086 28.18%	3,898 29.47%	2,868 26.56%	4,486 31.28%
Brazil	—	—	—	—	—	—	—	—	—	—	—	—	—	798 4.60%	1,286 7.13%	1,014 7.67%	596 5.52%	866 6.04%
Mexico	—	—	—	—	—	—	—	—	—	—	—	—	—	692 3.99%	631 3.50%	415 3.14%	240 2.22%	377 2.63%
United Kingdom	—	—	—	—	—	—	—	—	—	—	—	—	—	660 3.81%	727 4.03%	562 4.25%	406 3.76%	692 4.82%
California	—	—	—	—	—	—	—	—	—	—	—	—	—	642 3.70%	653 3.62%	506 3.83%	327 3.03%	619 4.32%
Revenue	33,670	34,102	34,065	28,074	24,021	19,811	23,571	23,771	20,428	17,509	19,110	19,221	17,301	17,334	18,048	13,226	10,800	14,342

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Heavy-duty unit shipments	Q3 FY2026	33.2K	22.4K	+48.21%
Light-duty unit shipments	Q3 FY2026	44.8K	49.6K	−9.68%
Medium-duty unit shipments	Q3 FY2026	85.7K	63.1K	+35.82%
Remaining performance obligations	Q4 FY2025	$6.3B	$5.4B	+16.67%
Total units	Q3 FY2026	163.7K	135.1K	+21.17%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.