Cummins (CMI) Q4 FY2025 earnings: revenue $8.5 billion, up 1.1% on the year

Cummins Inc. (CMI) reported revenue of $8.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 1.1% on the same quarter a year earlier. Net income was $593 million, up 41.9% on the year, and diluted earnings per share $4.27. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue

$8.5 billion

+1.1% on the year · +2.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

9.5%

8.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$593 million

+41.9% on the year · +10.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.27

+41.4% on the year · +10.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new.

Fourth-quarter revenue rose 1%: Fourth-quarter revenues were $8.5 billion, up 1%; net income attributable to Cummins was $593 million, or $4.27 per diluted share.
Accelera charges in fourth quarter: Electrolyzer-related charges within Accelera were $218 million, or $1.54 per diluted share, of which $175 million were non-cash.
Full-year EBITDA margin 16.0%: Full-year EBITDA was $5.4 billion, or 16.0% of sales, against $6.3 billion, or 18.6%; 2024 figures included the Atmus gain and Accelera charges.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	8,536	8,317	8,447	+2.6%	+1.1%
Cost of revenue	6,585	6,188	6,413	+6.4%	+2.7%
Gross profit	1,951	2,129	2,034	-8.4%	-4.1%
Gross margin	22.9%	25.6%	24.1%
Research and development	350	345	356	+1.4%	-1.7%
Selling, general and administrative	786	789	801	-0.4%	-1.9%
Operating income	813	852	732	-4.6%	+11.1%
Operating margin	9.5%	10.2%	8.7%
Interest expense	82.0	83.0	89.0	-1.2%	-7.9%
Pre-tax income	791	830	662	-4.7%	+19.5%
Income tax	171	271	217	-36.9%	-21.2%
Effective tax rate	21.6%	32.7%	32.8%
Net income	593	536	418	+10.6%	+41.9%
Net margin	6.9%	6.4%	4.9%
Diluted EPS	$4.27	$3.86	$3.02	+10.6%	+41.4%

$ million except per share.

Fourth quarters are the year less the first three 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.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,534	1,305	1,422	+17.5%	+7.9%
Capital expenditure	544	298	540	+82.6%	+0.7%
Free cash flow	990	1,007	882	-1.7%	+12.2%
Free cash flow margin	11.6%	12.1%	10.4%
Cash from investing	-885	-231	-713
Cash from financing	-369	-827	-737
Depreciation and amortisation	280	277	271	+1.1%	+3.3%
Buybacks	n/a	0.0	n/a
Dividends paid	277	276	250	+0.4%	+10.8%
Dividend per share	$2.00	$2.00	$1.82	0.0%	+9.9%
Diluted shares, weighted	139m	139m	138m	+0.1%	+0.4%
Shares outstanding at period end	138m	138m	137m	+0.1%	+0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	12,349	12,064	10,271	+2.4%	+20.2%
Non-controlling interest	1,059	1,034	1,037	+2.4%	+2.1%
Debt	7,552	7,614	7,059	-0.8%	+7.0%
Operating lease liabilities	424	428	409	-0.9%	+3.7%
Other liabilities	12,608	12,498	12,764	+0.9%	-1.2%
Total liabilities and equity	33,992	33,638	31,540	+1.1%	+7.8%
Fixed assets	6,958	6,658	6,356	+4.5%	+9.5%
Goodwill	2,224	2,222	2,370	+0.1%	-6.2%
Intangible assets	2,167	2,345	2,351	-7.6%	-7.8%
Investments	764	593	593	+28.8%	+28.8%
Cash and equivalents	2,845	2,566	1,671	+10.9%	+70.3%
Inventory	5,822	6,256	5,742	-6.9%	+1.4%
Other assets	13,212	12,998	12,457	+1.6%	+6.1%
Total assets	33,992	33,638	31,540	+1.1%	+7.8%

Questions

What was Cummins' revenue in Q4 FY2025?

Cummins (CMI) reported revenue of $8.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 1.1% on the same quarter a year earlier.

How much did Cummins earn in Q4 FY2025?

Net income for Q4 FY2025 was $593 million, up 41.9% on the year, and diluted earnings per share $4.27.

When did Cummins report Q4 FY2025 results?

Cummins filed its 10-K for the year that ended with the quarter on 10 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,850	6,385	6,586	7,333	7,770	8,453	8,638	8,431	8,543	8,403	8,796	8,456	8,447	8,174	8,643	8,317	8,536	8,398	9,457	9,438
Cost of revenue	4,533	4,853	4,860	5,691	5,951	6,424	6,490	6,360	6,542	6,362	6,603	6,285	6,413	6,019	6,362	6,188	6,585	6,155	6,992	6,823
Gross profit	1,317	1,532	1,726	1,642	1,819	2,029	2,148	2,071	2,001	2,041	2,193	2,171	2,034	2,155	2,281	2,129	1,951	2,243	2,465	2,615
Gross margin	23%	24%	26%	22%	23%	24%	25%	25%	23%	24%	25%	26%	24%	26%	26%	26%	23%	27%	26%	28%
R&D	288	298	299	348	333	350	384	376	390	369	379	359	356	344	357	345	350	358	385	400
SG&A	629	615	622	708	742	753	873	831	876	839	828	807	801	771	779	789	786	845	893	868
Operating income	495	604	897	626	802	1,026	997	950	-1,212	923	1,045	1,050	732	1,134	1,226	852	813	949	1,279	1,444
Operating margin	8%	9%	14%	9%	10%	12%	12%	11%	-14%	11%	12%	12%	9%	14%	14%	10%	10%	11%	14%	15%
Interest expense	26.0	17.0	34.0	61.0	87.0	87.0	99.0	97.0	92.0	89.0	109	83.0	89.0	77.0	87.0	83.0	82.0	76.0	80.0	81.0
Pre-tax income	514	578	855	608	778	1,029	949	878	-1,230	2,221	977	1,043	662	1,117	1,225	830	791	934	1,293	1,420
Tax rate	22%	27%	17%	33%	17%	22%	22%	21%	n/a	9%	23%	19%	33%	24%	24%	33%	22%	27%	25%	18%
Net income	394	418	702	400	631	790	720	656	-1,431	1,993	726	809	418	824	890	536	593	654	932	1,140
Net margin	7%	7%	11%	5%	8%	9%	8%	8%	-17%	24%	8%	10%	5%	10%	10%	6%	7%	8%	10%	12%
Diluted EPS	$2.75	$2.92	$4.94	$2.82	$4.43	$5.55	$5.05	$4.59	-$10.01	$14.03	$5.26	$5.86	$3.02	$5.96	$6.43	$3.86	$4.27	$4.71	$6.73	$8.25
Operating cash flow	732	164	599	382	817	495	483	1,529	1,459	276	-851	640	1,422	-3.0	785	1,305	1,534	309	1,499	1,405
Capital expenditure	372	104	147	202	463	193	221	280	519	169	240	259	540	162	231	298	544	189	249	303
Free cash flow	360	60.0	452	180	354	302	262	1,249	940	107	-1,091	381	882	-165	554	1,007	990	120	1,250	1,102
Buybacks	174	311	36.0	23.0	4.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	243	225	359
Dividends paid	208	207	204	222	222	222	223	238	238	239	230	250	250	251	251	276	277	276	276	302
Shares outstanding	142m	141m	141m	141m	141m	142m	142m	142m	142m	137m	137m	137m	137m	138m	138m	138m	138m	138m	138m	137m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 10 February 2026: the filing.