Cummins (CMI) FY2022 results: revenue $28.1 billion, up 16.9% on the year
Cummins Inc. (CMI) reported revenue of $28.1 billion for fiscal 2022, the year ended 31 December 2022, up 16.9% on the year before. Net income was $2.2 billion, up 0.9%, and diluted earnings per share $15.12. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2023.
Revenue
$28.1 billion
+16.9% on the year
FY2015FY2022
Operating margin
10.4%
11.3% a year earlier
FY2015FY2022
Net income
$2.2 billion
+0.9% on the year
FY2015FY2022
Diluted EPS
$15.12
+3.5% on the year
FY2015FY2022
this yearthe year beforeHover a bar for its figure.
$ 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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
1,962
2,256
2,722
-13.0%
Capital expenditure
916
734
528
+24.8%
Free cash flow
1,046
1,522
2,194
-31.3%
Free cash flow margin
3.7%
6.3%
11.1%
Cash from investing
-4,172
-873
-719
Cash from financing
1,669
-2,227
280
Depreciation and amortisation
784
662
673
+18.4%
Share-based compensation
33.0
37.0
31.0
-10.8%
Buybacks
374
1,402
641
-73.3%
Dividends paid
855
809
782
+5.7%
Dividend per share
$6.04
$5.60
$5.28
+7.9%
Diluted shares, weighted
142m
146m
149m
-2.5%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
8,975
8,146
8,062
+10.2%
Non-controlling interest
992
889
927
+11.6%
Redeemable equity
258
366
n/a
-29.5%
Debt
7,855
4,159
4,164
+88.9%
Operating lease liabilities
368
326
325
+12.9%
Other liabilities
11,851
9,824
9,146
+20.6%
Total liabilities and equity
30,299
23,710
22,624
+27.8%
Fixed assets
5,521
4,422
4,255
+24.9%
Goodwill
2,343
1,287
1,293
+82.1%
Intangible assets
2,687
900
963
+198.6%
Investments
472
595
461
-20.7%
Cash and equivalents
2,101
2,592
3,401
-18.9%
Inventory
5,603
4,355
3,425
+28.7%
Other assets
11,572
9,559
8,826
+21.1%
Total assets
30,299
23,710
22,624
+27.8%
10-K for the year ended 31 December 2022, filed 14 February 2023: the filing.