Cummins (CMI) FY2020 results: revenue $19.8 billion, down 16.0% on the year
Cummins Inc. (CMI) reported revenue of $19.8 billion for fiscal 2020, the year ended 31 December 2020, down 16.0% on the year before. Net income was $1.8 billion, down 20.8%, and diluted earnings per share $12.01. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2021.
Revenue
$19.8 billion
-16.0% on the year
FY2013FY2020
Operating margin
11.5%
11.5% a year earlier
FY2013FY2020
Net income
$1.8 billion
-20.8% on the year
FY2013FY2020
Diluted EPS
$12.01
-17.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
19,811
23,571
23,771
-16.0%
Cost of revenue
14,917
17,591
18,034
-15.2%
Gross profit
4,894
5,980
5,737
-18.2%
Gross margin
24.7%
25.4%
24.1%
Research and development
906
1,001
902
-9.5%
Selling, general and administrative
2,125
2,454
2,437
-13.4%
Operating income
2,269
2,700
2,786
-16.0%
Operating margin
11.5%
11.5%
11.7%
Interest expense
100
109
114
-8.3%
Pre-tax income
2,338
2,834
2,753
-17.5%
Income tax
527
566
566
-6.9%
Effective tax rate
22.5%
20.0%
20.6%
Net income
1,789
2,260
2,141
-20.8%
Net margin
9.0%
9.6%
9.0%
Diluted EPS
$12.01
$14.48
$13.15
-17.1%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,722
3,181
2,378
-14.4%
Capital expenditure
528
700
709
-24.6%
Free cash flow
2,194
2,481
1,669
-11.6%
Free cash flow margin
11.1%
10.5%
7.0%
Cash from investing
-719
-1,150
-974
Cash from financing
280
-2,095
-1,400
Depreciation and amortisation
673
672
611
+0.1%
Share-based compensation
31.0
49.0
53.0
-36.7%
Buybacks
641
1,271
1,140
-49.6%
Dividends paid
782
761
718
+2.8%
Dividend per share
$5.28
$4.90
$4.44
+7.8%
Diluted shares, weighted
149m
156m
163m
-4.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,062
7,507
7,348
+7.4%
Non-controlling interest
927
958
911
-3.2%
Debt
4,164
2,367
2,476
+75.9%
Operating lease liabilities
325
370
0.0
-12.2%
Other liabilities
9,146
8,535
8,327
+7.2%
Total liabilities and equity
22,624
19,737
19,062
+14.6%
Fixed assets
4,255
4,245
4,096
+0.2%
Goodwill
1,293
1,286
1,126
+0.5%
Intangible assets
963
1,003
909
-4.0%
Investments
461
341
222
+35.2%
Cash and equivalents
3,401
1,129
1,303
+201.2%
Inventory
3,425
3,486
3,759
-1.7%
Other assets
8,826
8,247
7,647
+7.0%
Total assets
22,624
19,737
19,062
+14.6%
10-K for the year ended 31 December 2020, filed 10 February 2021: the filing.