CMI financial statements

The full income statement, balance sheet, and cash-flow statement for Cummins Inc. (CMI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 137.0M2024-09 137.2M2024-12 137.5M2025-03 137.8M2025-06 137.8M2025-09 138.0M2025-12 138.2M2026-03 138.0M2026-06 137.7M+0.5% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	33.7B YoY-1.3%	34.1B YoY+0.1%	34.1B YoY+21.3%	28.1B YoY+16.9%	24.0B YoY+21.3%
	8.52B YoY+0.9%	8.44B YoY+2.3%	8.25B YoY+22.8%	6.72B YoY+18.0%	5.70B YoY+16.4%
Cost of revenue	25.2B YoY-2.0%	25.7B YoY-0.6%	25.8B YoY+20.9%	21.4B YoY+16.5%	18.3B YoY+22.9%
Research & development	1.40B YoY-4.6%	1.46B YoY-2.5%	1.50B YoY+17.4%	1.28B YoY+17.2%	1.09B YoY+20.3%
Selling, general & administrative	3.13B YoY-4.6%	3.27B YoY-1.7%	3.33B YoY+24.0%	2.69B YoY+13.2%	2.37B YoY+11.7%
Restructuring	—	—	—	—	-1.00M YoY+99.1%
Amortization of intangibles	323M YoY-0.3%	324M YoY+0.0%	324M YoY+45.3%	223M YoY+54.9%	144M YoY-12.7%
Operating income	4.03B YoY+7.3%	3.75B YoY+112.9%	1.76B YoY-39.9%	2.93B YoY+8.2%	2.71B YoY+19.3%
Interest expense	329M YoY-11.1%	370M YoY-1.3%	375M YoY+88.4%	199M YoY+79.3%	111M YoY+11.0%
Other non-operating income	267M YoY-82.5%	1.52B YoY+534.6%	240M YoY+169.7%	89.0M YoY-42.9%	156M YoY-7.7%
Equity-method income	469M YoY+18.7%	395M YoY-18.2%	483M YoY+38.4%	349M YoY-31.0%	506M YoY+11.9%
Gain (loss) on equity securities	14.0M YoY+600.0%	2.00M YoY-66.7%	6.00M YoY+400.0%	-2.00M YoY-116.7%	12.0M YoY+20.0%
Pre-tax income	3.96B YoY-19.2%	4.90B YoY+201.5%	1.63B YoY-42.3%	2.82B YoY+2.5%	2.75B YoY+17.7%
Income tax	1.01B YoY+20.5%	835M YoY+6.2%	786M YoY+23.6%	636M YoY+8.3%	587M YoY+11.4%
	2.84B YoY-30.1%	4.07B YoY+384.3%	840M YoY-61.5%	2.18B YoY+0.9%	2.16B YoY+19.5%
Net income to non-controlling interest	114M YoY-6.6%	122M YoY+16.2%	105M YoY+228.1%	32.0M YoY-3.0%	33.0M YoY+50.0%
Net income to common	2.84B YoY-28.0%	3.95B YoY+436.9%	735M YoY-65.8%	2.15B YoY+0.9%	2.13B YoY+19.1%
	$20.50 YoY-27.7%	$28.37 YoY+450.9%	$5.15 YoY-65.9%	$15.12 YoY+3.5%	$14.61 YoY+21.6%
EPS (basic)	$20.62 YoY-27.8%	$28.55 YoY+450.1%	$5.19 YoY-65.9%	$15.20 YoY+3.1%	$14.74 YoY+22.1%
	138M YoY-0.2%	138M YoY-2.5%	142M YoY+0.1%	142M YoY-2.1%	145M YoY-2.4%
	139M YoY-0.3%	139M YoY-2.5%	143M YoY+0.3%	142M YoY-2.5%	146M YoY-2.1%
Dividends per share	$7.64 YoY+9.1%	$7.00 YoY+7.7%	$6.50 YoY+7.6%	$6.04 YoY+7.9%	$5.60 YoY+6.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	16.9B YoY+14.7%	14.8B YoY-2.9%	15.2B YoY+5.2%	14.5B YoY+17.4%	12.3B YoY+3.5%
Cash & equivalents	2.85B YoY+70.3%	1.67B YoY-23.3%	2.18B YoY+7.9%	2.02B YoY-22.1%	2.59B YoY-23.8%
Short-term investments	764M YoY+28.8%	593M YoY+5.5%	562M YoY+19.1%	472M YoY-20.7%	595M YoY+29.1%
Cash & short-term investments	3.61B YoY+59.4%	2.26B YoY-17.4%	2.74B YoY+6.5%	2.57B YoY-19.3%	3.19B YoY-17.5%
Inventory	5.82B YoY+1.4%	5.74B YoY+1.1%	5.68B YoY+1.3%	5.60B YoY+28.7%	4.36B YoY+27.2%
Prepaid expenses	1.68B YoY+7.1%	1.56B YoY+30.7%	1.20B YoY+11.6%	1.07B YoY+38.1%	777M YoY-1.6%
	34.0B YoY+7.8%	31.5B YoY-1.5%	32.0B YoY+5.6%	30.3B YoY+27.8%	23.7B YoY+4.8%
Property, plant & equipment	6.96B YoY+9.5%	6.36B YoY+1.7%	6.25B YoY+13.2%	5.52B YoY+24.9%	4.42B YoY+3.9%
Operating lease right-of-use	537M YoY+0.9%	532M YoY+6.2%	501M YoY+1.8%	492M YoY+10.8%	444M YoY+1.4%
Goodwill	2.22B YoY-6.2%	2.37B YoY-5.2%	2.50B YoY+6.7%	2.34B YoY+82.1%	1.29B YoY-0.5%
Intangible assets	2.17B YoY-7.8%	2.35B YoY-6.7%	2.52B YoY-6.3%	2.69B YoY+198.6%	900M YoY-6.5%
Other non-current assets	2.55B YoY-3.1%	2.63B YoY+3.5%	2.54B YoY+18.8%	2.14B YoY+21.2%	1.77B YoY+1.9%
	9.61B YoY-14.5%	11.2B YoY-12.9%	12.9B YoY+13.0%	11.4B YoY+61.2%	7.08B YoY+11.8%
Accounts payable	3.80B YoY-3.8%	3.95B YoY-7.3%	4.26B YoY+0.2%	4.25B YoY+40.7%	3.02B YoY+7.1%
Accrued liabilities	1.93B YoY+1.5%	1.90B YoY-49.4%	3.75B YoY+156.2%	1.47B YoY+23.1%	1.19B YoY+7.0%
Deferred revenue	1.61B YoY+19.2%	1.35B YoY+10.4%	1.22B YoY+21.5%	1.00B YoY+17.4%	855M YoY+23.7%
Short-term & current debt	94.0M YoY-85.8%	660M YoY+459.3%	118M YoY-79.4%	573M YoY+871.2%	59.0M YoY-4.8%
Current lease liability	138M YoY+6.2%	130M YoY-5.8%	138M YoY+4.5%	132M YoY+3.1%	128M YoY+0.0%
	20.6B YoY+1.7%	20.2B YoY-8.5%	22.1B YoY+10.1%	20.1B YoY+40.3%	14.3B YoY+4.9%
Long-term debt	6.79B YoY+42.0%	4.78B YoY-0.4%	4.80B YoY+6.8%	4.50B YoY+25.7%	3.58B YoY-0.9%
Deferred revenue (non-current)	1.05B YoY-1.0%	1.06B YoY+10.2%	966M YoY+14.5%	844M YoY-0.7%	850M YoY+1.2%
Non-current lease liability	424M YoY+3.7%	409M YoY+9.4%	374M YoY+1.6%	368M YoY+12.9%	326M YoY+0.3%
Operating lease liability (total)	562M YoY+4.3%	539M YoY+5.3%	512M YoY+2.4%	500M YoY+10.1%	454M YoY+0.2%
Finance lease liability (total)	136M YoY+8.8%	125M YoY+12.6%	111M YoY-1.8%	113M YoY+27.0%	89.0M YoY-2.2%
Other non-current liabilities	3.13B YoY-0.7%	3.15B YoY-8.2%	3.43B YoY+3.6%	3.31B YoY+18.4%	2.80B YoY+80.6%
	12.3B YoY+20.2%	10.3B YoY+16.1%	8.85B YoY-1.4%	8.97B YoY+10.2%	8.15B YoY+1.0%
Retained earnings	22.6B YoY+8.6%	20.8B YoY+16.7%	17.9B YoY-1.0%	18.0B YoY+7.7%	16.7B YoY+8.6%
Treasury stock	10.7B YoY-0.8%	10.7B YoY+14.8%	9.36B YoY-0.6%	9.41B YoY+3.2%	9.12B YoY+17.3%
Accumulated other comprehensive income	-2.28B YoY+6.8%	-2.44B YoY-10.8%	-2.21B YoY-16.7%	-1.89B YoY-20.3%	-1.57B YoY+20.7%
Non-controlling interest	1.06B YoY+2.1%	1.04B YoY-1.6%	1.05B YoY+6.3%	992M YoY+11.6%	889M YoY-4.1%
Total equity incl. non-controlling	13.4B YoY+18.6%	11.3B YoY+14.2%	9.90B YoY-0.6%	9.97B YoY+10.3%	9.04B YoY+3.8%
Total liabilities & equity	34.0B YoY+7.8%	31.5B YoY-1.5%	32.0B YoY+5.6%	30.3B YoY+27.8%	23.7B YoY+4.8%
	223M YoY+0.0%	223M YoY+0.0%	223M YoY+0.0%	223M YoY+0.0%	223M YoY+0.0%
	138M YoY+0.5%	137M YoY-3.1%	142M YoY+0.3%	141M YoY-0.7%	142M YoY-3.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.62B YoY+143.5%	1.49B YoY-62.5%	3.97B YoY+102.1%	1.96B YoY-13.0%	2.26B YoY-17.1%
Depreciation & amortization	1.10B YoY+3.8%	1.06B YoY+4.0%	1.02B YoY+30.6%	784M YoY+18.4%	662M YoY-1.6%
Intangible amortization	323M YoY-0.3%	324M YoY+0.0%	324M YoY+45.3%	223M YoY+54.9%	144M YoY-12.7%
Share-based compensation	—	—	—	—	37.0M YoY+19.4%
Deferred income taxes	86.0M YoY+141.1%	-209M YoY+54.3%	-457M YoY-66.8%	-274M YoY-4014.3%	7.00M YoY+0.0%
Change in inventory	39.0M YoY-90.3%	402M	0.00 YoY-100.0%	567M YoY-40.0%	945M YoY+2154.3%
Change in payables	-148M YoY+19.1%	-183M YoY-177.3%	-66.0M YoY-112.3%	538M YoY+147.9%	217M YoY-24.7%
Other operating activities	365M YoY+265.0%	100M YoY-71.3%	348M YoY+117.5%	160M	—
	-1.73B YoY+2.9%	-1.78B YoY-8.5%	-1.64B YoY+60.6%	-4.17B YoY-377.9%	-873M YoY-21.4%
Capital expenditure	1.24B YoY+2.2%	1.21B YoY-0.4%	1.21B YoY+32.4%	916M YoY+24.8%	734M YoY+39.0%
Free cash flow	2.39B YoY+755.2%	279M YoY-89.9%	2.75B YoY+163.2%	1.05B YoY-31.3%	1.52B YoY-30.6%
Acquisitions	12.0M YoY-79.3%	58.0M YoY-80.1%	292M YoY-90.8%	3.19B	0.00
Other investing activities	111M YoY+26.1%	88.0M YoY+14.3%	77.0M YoY-13.5%	89.0M YoY+1383.3%	6.00M YoY-91.0%
	-772M YoY-346.2%	-173M YoY+92.1%	-2.18B YoY-230.4%	1.67B YoY+174.9%	-2.23B YoY-895.4%
Long-term debt issued	2.33B YoY-14.2%	2.72B YoY+215.9%	861M YoY-59.1%	2.10B YoY+2562.0%	79.0M YoY-96.1%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00 YoY-100.0%	56.0M YoY-36.4%
Common stock repurchased	0.00	0.00	0.00 YoY-100.0%	374M YoY-73.3%	1.40B YoY+118.7%
Dividends paid	1.05B YoY+8.9%	969M YoY+5.2%	921M YoY+7.7%	855M YoY+5.7%	809M YoY+3.5%
Other financing activities	-61.0M YoY+11.6%	-69.0M YoY-155.6%	-27.0M YoY-132.1%	84.0M YoY+800.0%	-12.0M YoY-112.1%
FX effect on cash	56.0M YoY+240.0%	-40.0M YoY+41.2%	-68.0M YoY-236.0%	50.0M YoY+42.9%	35.0M YoY+418.2%
Net change in cash	1.17B YoY+331.1%	-508M YoY-751.3%	78.0M YoY+115.9%	-491M YoY+39.3%	-809M YoY-135.6%
Interest paid	308M YoY-7.8%	334M YoY-10.7%	374M YoY+103.3%	184M YoY+65.8%	111M YoY+26.1%
Income taxes paid	1.07B YoY-8.6%	1.18B YoY-0.5%	1.18B YoY+30.8%	903M YoY+73.3%	521M YoY+20.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	70.5B YoY+47.2%	47.9B YoY+41.1%	34.0B YoY-0.6%	34.2B YoY+10.0%	31.1B YoY-7.3%
P/E	24.8× YoY+110.6%	11.8× YoY-0.2%	11.8× YoY-33.0%	17.6× YoY+22.7%	14.4× YoY-22.5%
P/S	2.1× YoY+49.0%	1.4× YoY+37.8%	1.0× YoY-21.9%	1.3× YoY+1.0%	1.3× YoY-23.6%
P/B	5.7× YoY+22.4%	4.7× YoY+46.5%	3.2× YoY-21.9%	4.1× YoY+6.9%	3.8× YoY-8.3%
P/FCF	29.6× YoY-82.8%	171.8× YoY+996.2%	15.7× YoY-51.8%	32.5× YoY+59.1%	20.4× YoY+33.6%
	4.0% YoY-52.5%	8.5% YoY+0.2%	8.5% YoY+49.3%	5.7% YoY-18.5%	7.0% YoY+29.0%
	3.4% YoY+481.1%	0.58% YoY-90.9%	6.4% YoY+107.3%	3.1% YoY-37.2%	4.9% YoY-25.1%
	1.5% YoY-25.5%	2.0% YoY-26.0%	2.7% YoY+8.8%	2.5% YoY-2.9%	2.6% YoY+10.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CMI's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CMI filings on SEC EDGAR → Not investment advice.