Business Description
Cummins Inc. is a global innovator in power solutions, responsible for the design, manufacturing, distribution, and maintenance of a broad array of diesel and natural gas engines, alongside cutting-edge electric and hybrid powertrains, and associated components. Its operations are strategically divided into five segments: Engine, Distribution, Components, Power Systems, and New Power. The company's extensive engine portfolio, available under the Cummins brand and others, powers a vast range of heavy and medium-duty applications, including commercial trucks, buses, recreational vehicles, light-duty automobiles, construction and mining equipment, marine vessels, railway systems, oil and gas operations, defense, and agriculture. Complementing these engines, Cummins provides both new and remanufactured parts and comprehensive servicing. Beyond its core engine offerings, Cummins delivers sophisticated power generation systems, high-horsepower engines, and specialized application engineering. It also offers custom-designed assemblies, retail and wholesale aftermarket components, and expert repair services conducted both in-shop and on-site. The company's technological scope extends to emission control solutions, turbochargers, a variety of filtration systems (for air, fuel, lubricants, and hydraulics), coolants, fuel additives, and advanced electronic control modules, sensors, and supporting software. Fuel systems, both new and reconditioned, are also a key part of their product line, as are automated transmissions. For electrical power generation, Cummins provides standby and primary power generators, complete with controls, paralleling systems, and transfer switches, featuring products like Stamford and AVK A/C alternators. Embracing future energy demands, the company is a frontrunner in electrified power systems, encompassing battery technologies, fuel cells, and hydrogen production. This includes a robust offering of filtration, aftertreatment, control, air handling systems, automated transmissions, electric power generation, and battery solutions. Cummins distributes its diverse product range to original equipment manufacturers, an extensive network of distributors and dealers, and various other clientele worldwide. Founded in 1919 as the Cummins Engine Company, the enterprise adopted its current name, Cummins Inc., in 2001 and maintains its headquarters in Columbus, Indiana.
Business History
Price Overview
Last updated: Jun 27, 2026 9:02am (just now)Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 20.62
Total Equity: $12.35B
Shares: 138,700,000
Total Debt: $7.55B
Cash: $2.85B
EBITDA: $5.40B
Total Debt: $7.55B
Cash: $2.85B
Revenue: $33.67B
Revenue: $33.67B
Revenue: $33.67B
Total Equity: $12.35B
Tax Rate: 25.4%
Equity: $12.35B
Total Debt: $7.55B
Cash: $2.85B
Current Liabilities: $9.61B
Long-Term Debt: $6.79B
Total Debt: $7.55B
Total Equity: $12.35B
Shares: 138,700,000
Shares: 138,700,000
CapEx: -$1.24B
Shares: 138,700,000
Stock Price: $685.87
Net Income: $2.84B
Industry Benchmarks
Deep Analysis
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Income Statement (Annual)
Last updated: Jun 23, 2026 3:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Cost of Revenue | $18.3B | $21.4B | $25.8B | $25.7B | $25.2B |
| Gross Profit | $5.7B | $6.7B | $8.2B | $8.4B | $8.5B |
| Operating Expenses | $3.0B | $3.8B | $6.5B | $4.7B | $4.7B |
| Operating Income | $2.7B | $2.9B | $1.8B | $3.8B | $3.9B |
| Net Income | $2.1B | $2.2B | $735.0M | $3.9B | $2.8B |
| EBITDA | $3.5B | $3.8B | $3.0B | $6.3B | $5.4B |
| EPS | $14.74 | $15.20 | $5.19 | $28.55 | $20.62 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 3:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.6B | $2.1B | $2.2B | $1.7B | $2.8B |
| Total Current Assets | $12.3B | $14.5B | $15.2B | $14.8B | $16.9B |
| Total Assets | $23.7B | $30.3B | $32.0B | $31.5B | $34.0B |
| Current Liabilities | $7.1B | $11.4B | $12.9B | $11.2B | $9.6B |
| Long-Term Debt | $3.6B | $4.5B | $4.8B | $4.8B | $6.8B |
| Total Liabilities | $14.3B | $20.1B | $22.1B | $20.2B | $20.6B |
| Total Equity | $8.5B | $9.0B | $8.9B | $10.3B | $12.3B |
| Retained Earnings | $16.7B | $18.0B | $17.9B | $20.8B | $22.6B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 3:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $2.3B | $2.0B | $4.0B | $1.5B | $3.6B |
| Capital Expenditure | -$786.0M | -$916.0M | -$1.2B | -$1.2B | -$1.2B |
| Free Cash Flow | $1.5B | $1.0B | $2.8B | $279.0M | $2.4B |
| Acquisitions (net) | -$48.0M | -$3.2B | -$292.0M | -$446.0M | -$122.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.4B | -$374.0M | $0 | $0 | $0 |
| Net Change in Cash | -$809.0M | -$491.0M | $78.0M | -$508.0M | $1.2B |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 9:02am (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$33.3B $33.1B – $33.5B
|
$37.1B $36.8B – $37.6B
|
$40.1B $39.0B – $41.8B
|
$43.8B $43.7B – $43.9B
|
| EBITDA |
$6.6B $6.6B – $6.6B
|
$7.3B $7.3B – $7.4B
|
$7.9B $7.7B – $8.3B
|
$8.7B $8.7B – $8.7B
|
| Net Income |
$3.2B $3.1B – $3.2B
|
$4.0B $3.9B – $4.1B
|
$4.8B $4.5B – $5.2B
|
$5.1B $4.2B – $6.2B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 3:02am (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +16.9% | +21.3% | +0.1% | -1.3% |
| Gross Profit Growth | +18.0% | +22.8% | +2.3% | +0.9% |
| Operating Income Growth | +8.2% | -39.9% | +112.9% | +3.1% |
| Net Income Growth | +0.9% | -65.8% | +436.9% | -28.0% |
| EBITDA Growth | +7.9% | -20.4% | +109.5% | -14.8% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:42pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-22 | $2.00 | 2026-05-12 | 2026-05-22 | 2026-06-04 |
| 2026-02-20 | $2.00 | 2026-02-10 | 2026-02-20 | 2026-03-05 |
| 2025-11-21 | $2.00 | 2025-10-14 | 2025-11-21 | 2025-12-04 |
| 2025-08-22 | $2.00 | 2025-07-15 | 2025-08-22 | 2025-09-04 |
| 2025-05-23 | $1.82 | 2025-05-13 | 2025-05-23 | 2025-06-05 |
| 2025-02-21 | $1.82 | 2025-02-11 | 2025-02-21 | 2025-03-06 |
| 2024-11-22 | $1.82 | 2024-10-15 | 2024-11-22 | 2024-12-05 |
| 2024-08-23 | $1.82 | 2024-07-09 | 2024-08-23 | 2024-09-05 |
| 2024-05-23 | $1.68 | 2024-05-14 | 2024-05-24 | 2024-06-06 |
| 2024-02-22 | $1.68 | 2024-02-13 | 2024-02-23 | 2024-03-07 |
| 2023-11-22 | $1.68 | 2023-10-10 | 2023-11-24 | 2023-12-07 |
| 2023-08-24 | $1.68 | 2023-07-11 | 2023-08-25 | 2023-09-07 |
| 2023-05-18 | $1.57 | 2023-05-09 | 2023-05-19 | 2023-06-01 |
| 2023-02-23 | $1.57 | 2023-02-14 | 2023-02-24 | 2023-03-09 |
| 2022-11-17 | $1.57 | 2022-10-11 | 2022-11-18 | 2022-12-01 |
| 2022-08-18 | $1.57 | 2022-07-12 | 2022-08-19 | 2022-09-01 |
| 2022-05-19 | $1.45 | 2022-05-10 | 2022-05-20 | 2022-06-02 |
| 2022-02-17 | $1.45 | 2022-02-08 | 2022-02-18 | 2022-03-03 |
| 2021-11-18 | $1.45 | 2021-10-12 | 2021-11-19 | 2021-12-02 |
| 2021-08-19 | $1.45 | 2021-07-13 | 2021-08-20 | 2021-09-02 |
Narrative Economics
market-narrative step).