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Cummins (CMI) FY2025 results: revenue $33.7 billion, down 1.3% on the year

Cummins Inc. (CMI) reported revenue of $33.7 billion for fiscal 2025, the year ended 31 December 2025, down 1.3% on the year before. Net income was $2.8 billion, down 28.0%, and diluted earnings per share $20.50. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue
$33.7 billion
-1.3% on the year
FY2018FY2025
Operating margin
12.0%
11.0% a year earlier
FY2018FY2025
Net income
$2.8 billion
-28.0% on the year
FY2018FY2025
Diluted EPS
$20.50
-27.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Power Systems sales up 11%: Power Systems sales were $1.9 billion, up 11%; EBITDA was $418 million, or 21.7% of sales, against $314 million, or 18.0%.
  • Engine unit shipments fell in 2025: Engine unit shipments totaled 554,200 in 2025, against 632,600 in 2024; fourth-quarter units were 131,100, against 141,100 a year earlier.
Read the Q4 FY2025 earnings call summary

From this 10-K

Cummins was founded in 1919 as Cummins Engine Company in Columbus, Indiana, one of the first diesel engine makers, and took its present name in 2001. It sells diesel, electric and hybrid powertrains, integrated power generation systems, components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes, and battery and electric powertrain systems. Customers are original equipment manufacturers, distributors, dealers and others worldwide, served through a network of approximately 640 wholly-owned, joint venture and independent distributor locations and more than 13,000 certified dealer locations across approximately 190 countries and territories. There are five reportable segments, which share technology, customers, strategic partners, brand and the distribution network: Engine, Components, Distribution, Power Systems and Accelera. Products compete mainly on performance, price, total cost of ownership, fuel economy, emissions compliance, speed of delivery, quality and customer support.

Cummins Inc., the 10-K for 2025

Cummins was founded in 1919 as Cummins Engine Company in Columbus, Indiana, one of the first diesel engine makers, and took its present name in 2001. It sells diesel, electric and hybrid powertrains, integrated power generation systems, components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes, and battery and electric powertrain systems. Customers are original equipment manufacturers, distributors, dealers and others worldwide, served through a network of approximately 640 wholly-owned, joint venture and independent distributor locations and more than 13,000 certified dealer locations across approximately 190 countries and territories. There are five reportable segments, which share technology, customers, strategic partners, brand and the distribution network: Engine, Components, Distribution, Power Systems and Accelera. Products compete mainly on performance, price, total cost of ownership, fuel economy, emissions compliance, speed of delivery, quality and customer support.

Engine and Components

The Engine segment, 26% of consolidated net sales in 2025, makes diesel, natural gas and gasoline engines under the Cummins name and customer brands for heavy-duty and medium-duty trucks and buses, light-duty automotive and off-highway markets, with displacement from 2.8 to 15 litres and 48 to 715 horsepower, plus new and remanufactured parts sold through the distribution network. Heavy-duty truck engines range from 310 to 615 horsepower, serving customers primarily in North America, China and Australia. The Components segment, 25% of consolidated net sales in 2025, designs and supplies products that complement Engine and Power Systems, including drivetrain and braking systems covering axles, drivelines, brakes and suspension, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, automated transmissions and electronics, developed against tightening emissions and fuel economy standards.

Distribution and Power Systems

The Distribution segment, 30% of consolidated net sales in 2025 and the largest of the five, is the primary sales, service and support channel; wholly-owned sites cover seven geographic regions, joint ventures serve South America, Southeast Asia, the Middle East and India, and independent distributors serve those and other markets, selling power generation systems, high-horsepower engines and heavy-duty and medium-duty engines. The Power Systems segment, 18% of consolidated net sales, sells standby and prime generators from 2 kilowatts to 3.5 megawatts with controls, paralleling systems and transfer switches for data centre, commercial, industrial, health care, rental fleet and defence use, plus turnkey distributed generation running on diesel, natural gas, battery storage and newer fuels; its industrial line covers high-horsepower engines up to 4,400 horsepower for mining, oil and gas, marine, rail and defence equipment.

Accelera

The Accelera segment designs, makes, sells and supports electrified power systems including battery and electric powertrain technologies, and is in the early stages of commercialising them. During 2025, with electrolyzer and hydrogen markets deteriorating rapidly and government incentives being reduced, the company fully impaired the goodwill of its electrolyzer business and wrote off certain inventory in the third quarter, then reviewed the business again in the fourth quarter and decided to stop new commercial activity in electrolyzers, subject to local consultation requirements, while continuing to fulfil existing customer commitments.

Atmus and the emissions settlement

On 18 March 2024 the company completed the divestiture of its remaining 80.5% holding in Atmus Filtration Technologies through a tax-free split-off, which reduced its shares outstanding by 5.6 million. In December 2023 it announced an agreement in principle with the Environmental Protection Agency, the California Air Resources Board, the Department of Justice and the California Attorney General's Office to resolve civil claims over emissions certification and compliance for certain engines used mainly in pick-up trucks; that became final in April 2024 and the required payments were made in the second quarter of 2024.

Customers and people

The company has thousands of customers worldwide. PACCAR is the largest, at 13% of consolidated net sales in 2025 against 16% in each of 2024 and 2023, supplied under long-term agreements that specify engine requirements for particular vehicle models rather than volumes; Cummins has supplied PACCAR for 81 years and no other customer was above 10% in 2025. There are also engine and aftertreatment supply agreements with Traton, Daimler and Stellantis. Individual product lines see modest seasonal variation but there is no material quarterly effect on demand overall. At 31 December 2025 the company employed approximately 67,400 people worldwide, approximately 20,000 of them represented by unions under agreements expiring between 2026 and 2030.

From Cummins' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 10 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue33,67034,10234,065-1.3%
Cost of revenue25,15425,66325,816-2.0%
Gross profit8,5168,4398,249+0.9%
Gross margin25.3%24.7%24.2%
Research and development1,3961,4631,500-4.6%
Selling, general and administrative3,1253,2753,333-4.6%
Operating income4,0253,7501,761+7.3%
Operating margin12.0%11.0%5.2%
Interest expense329370375-11.1%
Pre-tax income3,9634,9031,626-19.2%
Income tax1,006835786+20.5%
Effective tax rate25.4%17.0%48.3%
Net income2,8433,946735-28.0%
Net margin8.4%11.6%2.2%
Diluted EPS$20.50$28.37$5.15-27.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,6211,4873,966+143.5%
Capital expenditure1,2351,2081,213+2.2%
Free cash flow2,3862792,753+755.2%
Free cash flow margin7.1%0.8%8.1%
Cash from investing-1,731-1,782-1,643
Cash from financing-772-173-2,177
Depreciation and amortisation1,1051,0651,024+3.8%
Share-based compensation93.010079.0-7.0%
Buybacksn/a0.00.0
Dividends paid1,055969921+8.9%
Dividend per share$7.64$7.00$6.50+9.1%
Diluted shares, weighted139m139m143m-0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,34910,2718,850+20.2%
Non-controlling interest1,0591,0371,054+2.1%
Redeemable equityn/an/a0.0
Debt7,5527,0596,696+7.0%
Operating lease liabilities424409374+3.7%
Other liabilities12,60812,76415,031-1.2%
Total liabilities and equity33,99231,54032,005+7.8%
Fixed assets6,9586,3566,249+9.5%
Goodwill2,2242,3702,499-6.2%
Intangible assets2,1672,3512,519-7.8%
Investments764593562+28.8%
Cash and equivalents2,8451,6712,179+70.3%
Inventory5,8225,7425,677+1.4%
Other assets13,21212,45712,320+6.1%
Total assets33,99231,54032,005+7.8%

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