Cummins (CMI) FY2023 results: revenue $34.1 billion, up 21.3% on the year
Cummins Inc. (CMI) reported revenue of $34.1 billion for fiscal 2023, the year ended 31 December 2023, up 21.3% on the year before. Net income was $735 million, down 65.8%, and diluted earnings per share $5.15. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.
Revenue
$34.1 billion
+21.3% on the year
FY2016FY2023
Operating margin
5.2%
10.4% a year earlier
FY2016FY2023
Net income
$735 million
-65.8% on the year
FY2016FY2023
Diluted EPS
$5.15
-65.9% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,966
1,962
2,256
+102.1%
Capital expenditure
1,213
916
734
+32.4%
Free cash flow
2,753
1,046
1,522
+163.2%
Free cash flow margin
8.1%
3.7%
6.3%
Cash from investing
-1,643
-4,172
-873
Cash from financing
-2,177
1,669
-2,227
Depreciation and amortisation
1,024
784
662
+30.6%
Share-based compensation
79.0
33.0
37.0
+139.4%
Buybacks
0.0
374
1,402
Dividends paid
921
855
809
+7.7%
Dividend per share
$6.50
$6.04
$5.60
+7.6%
Diluted shares, weighted
143m
142m
146m
+0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
8,850
8,975
8,146
-1.4%
Non-controlling interest
1,054
992
889
+6.2%
Redeemable equity
0.0
258
366
Debt
6,696
7,855
4,159
-14.8%
Operating lease liabilities
374
368
326
+1.6%
Other liabilities
15,031
11,851
9,824
+26.8%
Total liabilities and equity
32,005
30,299
23,710
+5.6%
Fixed assets
6,249
5,521
4,422
+13.2%
Goodwill
2,499
2,343
1,287
+6.7%
Intangible assets
2,519
2,687
900
-6.3%
Investments
562
472
595
+19.1%
Cash and equivalents
2,179
2,101
2,592
+3.7%
Inventory
5,677
5,603
4,355
+1.3%
Other assets
12,320
11,572
9,559
+6.5%
Total assets
32,005
30,299
23,710
+5.6%
10-K for the year ended 31 December 2023, filed 12 February 2024: the filing.