Cummins Inc. (CMI)

Name: Cummins Inc. (CMI): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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Cummins Inc. (CMI) reported revenue of $9.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.4% on the same quarter a year earlier. Net income was $932 million, up 4.7% on the year, and diluted earnings per share $6.73. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue$9.5 billionup 9.4%

Net income$932 millionup 4.7%

Diluted EPS$6.73

QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE21.1%

ROCE19.9%

Operating margin11.2%

Net margin7.8%

FCF margin9.7%

Interest cover12.13

Debt to equity0.52

Cash conversion1.71

Share count, 1 year-0.1%

Sales CAGR, 3 years6.2%

Profit CAGR, 3 years9.7%

EPS, TTM$19.55

At the close of 21 September 2026

Price$534.78

Market cap$73.6 billion

Stock P/E27.35

Price to book5.73

EV / EBITDA15.40

Dividend yield1.5%

Market cap / sales2.12

52-week high$727.59

52-week low$407.98

Price, 1 year26.2%

Price CAGR, 3 years32.3%

Price CAGR, 5 years19.3%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the one borrowings figure Cummins Inc. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on CMI

Filings	15 in twelve months: 5 current reports (8-K), about 4 results of operations; 1 shareholder vote
Planned insider sales	20 Form 144 notices in twelve months, $40.8 million; latest 3 September 2026
Options tape	put/call 1.03 by open interest on 23 September 2026; the straddle prices a 6.7% move to 16 October 2026
Holders	8 of the followed funds hold it; largest FMR LLC; 4 Schedule 13D or 13G filings in twelve months
Insider trading	59 sales and 0 purchases on Form 4 in twelve months
Congress	1 House trade disclosed in six months
Short interest	3.2 million shares short, 3.57 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	8,431	8,543	8,403	8,796	8,456	8,447	8,174	8,643	8,317	8,536	8,398	9,457
Cost of revenue	6,360	6,542	6,362	6,603	6,285	6,413	6,019	6,362	6,188	6,585	6,155	6,992
Gross profit	2,071	2,001	2,041	2,193	2,171	2,034	2,155	2,281	2,129	1,951	2,243	2,465
Gross margin	25%	23%	24%	25%	26%	24%	26%	26%	26%	23%	27%	26%
R&D	376	390	369	379	359	356	344	357	345	350	358	385
SG&A	831	876	839	828	807	801	771	779	789	786	845	893
Operating income	950	-1,212	923	1,045	1,050	732	1,134	1,226	852	813	949	1,279
Operating margin	11%	-14%	11%	12%	12%	9%	14%	14%	10%	10%	11%	14%
Interest expense	97.0	92.0	89.0	109	83.0	89.0	77.0	87.0	83.0	82.0	76.0	80.0
Pre-tax income	878	-1,230	2,221	977	1,043	662	1,117	1,225	830	791	934	1,293
Tax rate	21%	n/a	9%	23%	19%	33%	24%	24%	33%	22%	27%	25%
Net income	656	-1,431	1,993	726	809	418	824	890	536	593	654	932
Net margin	8%	-17%	24%	8%	10%	5%	10%	10%	6%	7%	8%	10%
Diluted EPS	$4.59	-$10.04	$14.03	$5.26	$5.86	$3.22	$5.96	$6.43	$3.86	$4.25	$4.71	$6.73
Operating cash flow	1,529	1,459	276	-851	640	1,422	-3.0	785	1,305	1,534	309	1,499
Capital expenditure	280	519	169	240	259	540	162	231	298	544	189	249
Free cash flow	1,249	940	107	-1,091	381	882	-165	554	1,007	990	120	1,250
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	243	225
Dividends paid	238	238	239	230	250	250	251	251	276	277	276	276
Shares outstanding	142m	142m	137m	137m	137m	137m	138m	138m	138m	138m	138m	138m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018	FY2019	FY2020	FY2021 †	FY2022	FY2023	FY2024	FY2025	TTM
Revenue	19,221	19,110	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102	33,670	34,708
Cost of revenue	14,360	14,163	13,057	15,338	18,034	17,591	14,917	18,326	21,355	25,816	25,663	25,154	25,920
Gross profit	4,861	4,947	4,452	5,090	5,737	5,980	4,894	5,695	6,719	8,249	8,439	8,516	8,788
Gross margin	25.3%	25.9%	25.4%	24.9%	24.1%	25.4%	24.7%	23.7%	23.9%	24.2%	24.7%	25.3%	25.3%
Research and development	754	735	636	754	902	1,001	906	1,090	1,278	1,500	1,463	1,396	1,438
Selling, general and administrative	2,095	2,092	2,099	2,429	2,437	2,454	2,125	2,374	2,687	3,333	3,275	3,125	3,313
Operating income	2,365	2,057	1,880	2,334	2,786	2,700	2,269	2,706	2,929	1,761	3,750	4,025	3,893
Operating margin	12.3%	10.8%	10.7%	11.4%	11.7%	11.5%	11.5%	11.3%	10.4%	5.2%	11.0%	12.0%	11.2%
Interest expense	64.0	65.0	69.0	81.0	114	109	100	111	199	375	370	329	321
Pre-tax income	2,434	2,025	1,930	2,365	2,753	2,834	2,338	2,751	2,819	1,626	4,903	3,963	3,848
Income tax	698	555	474	1,371	566	566	527	587	636	786	835	1,006	1,021
Effective tax rate	28.7%	27.4%	24.6%	58.0%	20.6%	20.0%	22.5%	21.3%	22.6%	48.3%	17.0%	25.4%	26.5%
Net income	1,651	1,399	1,394	999	2,141	2,260	1,789	2,131	2,151	735	3,946	2,843	2,715
Net margin	8.6%	7.3%	8.0%	4.9%	9.0%	9.6%	9.0%	8.9%	7.7%	2.2%	11.6%	8.4%	7.8%
Diluted EPS	$9.02	$7.84	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37	$20.50	$19.55
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018	FY2019	FY2020	FY2021 †	FY2022	FY2023	FY2024	FY2025	TTM
Operating cash flow	2,266	2,065	1,939	2,277	2,378	3,181	2,722	2,256	1,962	3,966	1,487	3,621	4,647
Capital expenditure	743	744	531	506	709	700	528	734	916	1,213	1,208	1,235	1,280
Free cash flow	1,523	1,321	1,408	1,771	1,669	2,481	2,194	1,522	1,046	2,753	279	2,386	3,367
Free cash flow margin	7.9%	6.9%	8.0%	8.7%	7.0%	10.5%	11.1%	6.3%	3.7%	8.1%	0.8%	7.1%	9.7%
Depreciation and amortisation	455	514	530	583	611	672	673	662	784	1,024	1,065	1,105	1,120
Share-based compensation	36.0	24.0	32.0	41.0	53.0	49.0	31.0	37.0	33.0	79.0	100	93.0	n/a
Buybacks	670	900	778	451	1,140	1,271	641	1,402	374	0.0	0.0	n/a	n/a
Dividends paid	512	622	676	701	718	761	782	809	855	921	969	1,055	1,105
Dividend per share	n/a	n/a	n/a	$4.21	$4.44	$4.90	$5.28	$5.60	$6.04	$6.50	$7.00	$7.64	$8.00
Diluted shares, weighted	183m	178m	169m	167m	163m	156m	149m	146m	142m	143m	139m	139m	138m
Shares outstanding at period end	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	138m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018	FY2019	FY2020	FY2021 †	FY2022	FY2023	FY2024	FY2025	TTM
Total assets	15,776	15,134	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540	33,992	35,630
Cash and equivalents	2,301	1,711	1,120	1,369	1,303	1,129	3,401	2,592	2,101	2,179	1,671	2,845	3,179
Inventory	2,866	2,707	2,675	3,166	3,759	3,486	3,425	4,355	5,603	5,677	5,742	5,822	6,397
Goodwill	479	482	480	1,082	1,126	1,286	1,293	1,287	2,343	2,499	2,370	2,224	2,222
Long-term debt including finance leases	1,577	1,576	1,568	1,588	1,597	1,576	3,610	3,579	4,498	4,802	4,784	6,792	6,737
Borrowings, as the company tags them	1,686	1,639	1,856	2,006	2,476	2,367	4,164	4,159	7,855	6,696	7,059	7,552	7,695
Operating lease liabilities	n/a	n/a	n/a	n/a	0.0	370	325	326	368	374	409	424	450
Shareholders' equity	7,749	7,406	6,875	7,259	7,348	7,507	8,062	8,146	8,975	8,850	10,271	12,349	12,847
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	5.8%	11.2%	6.2%	2.9%
Profit growth, compounded	7.3%	9.7%	9.7%	-7.7%
Return on equity, average	23.5%	24.0%	23.2%	23.0%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	4 August 2026	EDGAR
10-Q	31 March 2026	5 May 2026	EDGAR
10-K	31 December 2025	10 February 2026	EDGAR
10-Q	30 September 2025	6 November 2025	EDGAR
10-Q	30 June 2025	5 August 2025	EDGAR
10-Q	31 March 2025	5 May 2025	EDGAR
10-K	31 December 2024	11 February 2025	EDGAR
10-Q	30 September 2024	5 November 2024	EDGAR
10-Q	30 June 2024	1 August 2024	EDGAR
10-Q	31 March 2024	2 May 2024	EDGAR

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