Cummins (CMI) FY2024 results: revenue $34.1 billion, up 0.1% on the year
Cummins Inc. (CMI) reported revenue of $34.1 billion for fiscal 2024, the year ended 31 December 2024, up 0.1% on the year before. Net income was $3.9 billion, up 436.9%, and diluted earnings per share $28.37. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2025.
Revenue
$34.1 billion
+0.1% on the year
FY2017FY2024
Operating margin
11.0%
5.2% a year earlier
FY2017FY2024
Net income
$3.9 billion
+436.9% on the year
FY2017FY2024
Diluted EPS
$28.37
+450.9% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
1,487
3,966
1,962
-62.5%
Capital expenditure
1,208
1,213
916
-0.4%
Free cash flow
279
2,753
1,046
-89.9%
Free cash flow margin
0.8%
8.1%
3.7%
Cash from investing
-1,782
-1,643
-4,172
Cash from financing
-173
-2,177
1,669
Depreciation and amortisation
1,065
1,024
784
+4.0%
Share-based compensation
100
79.0
33.0
+26.6%
Buybacks
0.0
0.0
374
Dividends paid
969
921
855
+5.2%
Dividend per share
$7.00
$6.50
$6.04
+7.7%
Diluted shares, weighted
139m
143m
142m
-2.5%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
10,271
8,850
8,975
+16.1%
Non-controlling interest
1,037
1,054
992
-1.6%
Redeemable equity
n/a
0.0
258
Debt
7,059
6,696
7,855
+5.4%
Operating lease liabilities
409
374
368
+9.4%
Other liabilities
12,764
15,031
11,851
-15.1%
Total liabilities and equity
31,540
32,005
30,299
-1.5%
Fixed assets
6,356
6,249
5,521
+1.7%
Goodwill
2,370
2,499
2,343
-5.2%
Intangible assets
2,351
2,519
2,687
-6.7%
Investments
593
562
472
+5.5%
Cash and equivalents
1,671
2,179
2,101
-23.3%
Inventory
5,742
5,677
5,603
+1.1%
Other assets
12,457
12,320
11,572
+1.1%
Total assets
31,540
32,005
30,299
-1.5%
10-K for the year ended 31 December 2024, filed 11 February 2025: the filing.