Cummins Inc. (CMI) Cash Flow Statement
Where CMI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.62B +143.5% vs 2024
- Capital expenditures
- $1.24B 3.7% of revenue
- Free cash flow
- $2.39B 7.1% margin
- Returned to shareholders
- $1.05B 44% of free cash flow
- Change in cash
- $1.17B cash at year-end $2.85B
Cash from operations
$3.62B
Capital expenditures
−$1.24B
Investments (net)
−$177.0M
Acquisitions & other
−$429.0M
Dividends
−$1.05B
Net borrowing (repayment)
+$454.0M
Other financing
−$61.0M
Currency & other
+$56.0M
Change in cash
$1.17B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CMI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CMI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.94B2016 | $3.62B2025 | +7.2%/yr | |
| Capital expenditures | $594.0M2016 | $1.24B2025 | +8.5%/yr | |
| Free cash flow | $1.34B2016 | $2.39B2025 | +6.6%/yr | |
| Free cash flow margin | 7.7%2016 | 7.1%2025 | −0.6 pts | |
| Operating cash flow / net income | 1.332016 | 1.272025 | −0.06 | |
| Stock-based compensation | $32.0M2016 | $79.0M2023 | +13.8%/yr | |
| Dividends paid | $676.0M2016 | $1.05B2025 | +5.1%/yr | |
| Share buybacks (net) | $778.0M2016 | $02024 | −100.0% | |
| Capex / revenue | 3.4%2016 | 3.7%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CMI cash flow by activity
OperatingInvestingFinancingChange in cash
CMI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CMI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.84B | $4.07B | $735.0M | $2.18B | $2.16B | $1.81B | $2.27B | $2.19B | $994.0M | $1.46B |
| Depreciation & amortization | $1.10B | $1.06B | $1.02B | $784.0M | $662.0M | $673.0M | $672.0M | $611.0M | $583.0M | $530.0M |
| Stock-based compensation | — | — | $79.0M | $36.0M | $37.0M | $31.0M | $49.0M | $53.0M | $41.0M | $32.0M |
| Change in working capital | −$496.0M | −$2.17B | $2.77B | −$1.01B | −$365.0M | $554.0M | $209.0M | −$410.0M | $331.0M | −$66.0M |
| Other non-cash items | $169.0M | −$1.48B | −$638.0M | −$35.0M | −$242.0M | −$347.0M | −$17.0M | −$63.0M | $328.0M | −$17.0M |
| Cash from operating activities | $3.62B | $1.49B | $3.97B | $1.96B | $2.26B | $2.72B | $3.18B | $2.38B | $2.28B | $1.94B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.24B | −$1.21B | −$1.21B | −$916.0M | −$786.0M | −$575.0M | −$775.0M | −$784.0M | −$587.0M | −$594.0M |
| Investments (net) | −$177.0M | −$1.78B | −$1.54B | −$4.17B | −$181.0M | −$171.0M | −$170.0M | −$176.0M | $82.0M | −$255.0M |
| Acquisitions & other investing | −$429.0M | $1.21B | $1.11B | $916.0M | $94.0M | $27.0M | −$205.0M | −$14.0M | −$547.0M | −$68.0M |
| Cash from investing activities | −$1.84B | −$1.78B | −$1.64B | −$4.17B | −$873.0M | −$719.0M | −$1.15B | −$974.0M | −$1.05B | −$917.0M |
| Financing activities | ||||||||||
| Dividends paid | −$1.05B | −$969.0M | −$921.0M | −$855.0M | −$809.0M | −$782.0M | −$761.0M | −$718.0M | −$701.0M | −$676.0M |
| Share repurchases & issuance (net) | — | $0 | −$4.0M | −$374.0M | −$1.40B | −$641.0M | −$1.27B | −$1.14B | −$451.0M | −$778.0M |
| Net borrowing (repayment) | $454.0M | $915.0M | −$1.05B | $2.81B | −$32.0M | $1.61B | −$163.0M | $457.0M | $44.0M | $179.0M |
| Shares issued | $0 | $0 | $0 | $65.0M | $56.0M | $88.0M | $76.0M | $0 | $0 | $0 |
| Other financing | −$61.0M | −$119.0M | −$198.0M | $19.0M | −$40.0M | $1.0M | $24.0M | $1.0M | $34.0M | −$138.0M |
| Cash from financing activities | −$662.0M | −$173.0M | −$2.18B | $1.67B | −$2.23B | $280.0M | −$2.10B | −$1.40B | −$1.07B | −$1.41B |
| Summary | ||||||||||
| Net change in cash | $1.17B | −$508.0M | $78.0M | −$491.0M | −$809.0M | $2.27B | −$174.0M | −$66.0M | $249.0M | −$591.0M |
| Cash at end of period | $2.85B | $1.67B | $2.18B | $2.10B | $2.59B | $3.40B | $1.13B | $1.30B | $1.37B | $1.12B |
| Free cash flow | $2.39B | $279.0M | $2.75B | $1.05B | $1.47B | $2.15B | $2.41B | $1.59B | $1.69B | $1.34B |
| Free cash flow margin | 7.1% | 0.8% | 8.1% | 3.7% | 6.1% | 10.8% | 10.2% | 6.7% | 8.3% | 7.7% |
| Capex / revenue | 3.7% | 3.5% | 3.6% | 3.3% | 3.3% | 2.9% | 3.3% | 3.3% | 2.9% | 3.4% |
| Operating cash flow / net income | 1.27 | 0.37 | 5.40 | 0.90 | 1.04 | 1.50 | 1.40 | 1.09 | 2.29 | 1.33 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $968.0M | $680.0M | $593.0M | $536.0M | $928.0M | $850.0M | $418.0M | $809.0M | $752.0M | $2.03B | −$1.39B | $690.0M |
| Depreciation & amortization | $281.0M | $282.0M | $280.0M | $277.0M | $279.0M | $269.0M | $271.0M | $266.0M | $263.0M | $265.0M | $264.0M | $257.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $79.0M | $14.0M |
| Change in working capital | $641.0M | −$561.0M | $631.0M | $204.0M | −$366.0M | −$981.0M | $730.0M | −$470.0M | −$1.84B | −$606.0M | $2.79B | $479.0M |
| Other non-cash items | −$391.0M | −$92.0M | $30.0M | $288.0M | −$56.0M | −$141.0M | $3.0M | $35.0M | −$21.0M | −$1.41B | −$279.0M | $89.0M |
| Cash from operating activities | $1.50B | $309.0M | $1.53B | $1.30B | $785.0M | −$3.0M | $1.42B | $640.0M | −$851.0M | $276.0M | $1.46B | $1.53B |
| Investing activities | ||||||||||||
| Capital expenditures | −$249.0M | −$189.0M | −$544.0M | −$298.0M | −$231.0M | −$162.0M | −$540.0M | −$259.0M | −$240.0M | −$169.0M | −$519.0M | −$280.0M |
| Investments (net) | −$167.0M | $175.0M | −$175.0M | −$231.0M | −$369.0M | −$246.0M | −$713.0M | −$263.0M | −$400.0M | −$406.0M | −$783.0M | −$254.0M |
| Acquisitions & other investing | −$3.0M | $4.0M | −$276.0M | $298.0M | $231.0M | $162.0M | $540.0M | $259.0M | $240.0M | $169.0M | $519.0M | −$326.0M |
| Cash from investing activities | −$419.0M | −$10.0M | −$995.0M | −$231.0M | −$369.0M | −$246.0M | −$713.0M | −$263.0M | −$400.0M | −$406.0M | −$783.0M | −$860.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$276.0M | −$276.0M | −$277.0M | −$276.0M | −$251.0M | −$251.0M | −$250.0M | −$250.0M | −$230.0M | −$239.0M | −$238.0M | −$238.0M |
| Share repurchases & issuance (net) | −$225.0M | −$243.0M | — | — | $0 | $0 | $0 | — | — | — | $0 | $0 |
| Net borrowing (repayment) | −$34.0M | $101.0M | −$45.0M | −$531.0M | $641.0M | $389.0M | −$462.0M | $33.0M | — | — | — | −$29.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $11.0M | −$99.0M | $63.0M | −$20.0M | −$58.0M | −$46.0M | −$25.0M | −$26.0M | $538.0M | $738.0M | −$870.0M | −$199.0M |
| Cash from financing activities | −$524.0M | −$517.0M | −$259.0M | −$827.0M | $332.0M | $92.0M | −$737.0M | −$243.0M | $308.0M | $499.0M | −$1.11B | −$466.0M |
| Summary | ||||||||||||
| Net change in cash | $565.0M | −$231.0M | $279.0M | $247.0M | $787.0M | −$139.0M | −$62.0M | $143.0M | −$951.0M | $362.0M | −$433.0M | $810.0M |
| Cash at end of period | $3.18B | $2.61B | $2.85B | $2.57B | $2.32B | $1.53B | $1.67B | $1.73B | $1.59B | $2.54B | $2.18B | $2.61B |
| Free cash flow | $1.25B | $120.0M | $990.0M | $1.01B | $554.0M | −$165.0M | $882.0M | $381.0M | −$1.09B | $107.0M | $940.0M | $1.25B |
| Free cash flow margin | 13.2% | 1.4% | 11.6% | 12.1% | 6.4% | −2.0% | 10.4% | 4.5% | −12.4% | 1.3% | 11.0% | 14.8% |
| Capex / revenue | 2.6% | 2.3% | 6.4% | 3.6% | 2.7% | 2.0% | 6.4% | 3.1% | 2.7% | 2.0% | 6.1% | 3.3% |
| Operating cash flow / net income | 1.55 | 0.45 | 2.59 | 2.43 | 0.85 | −0.00 | 3.40 | 0.79 | −1.13 | 0.14 | — | 2.22 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CMI cash generation
In fiscal 2025 (ended December 31, 2025), Cummins generated $3.6 billion of cash from operations (up 143.5%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $2.4 billion, 7.1% of revenue. It returned $1.1 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($0). Cash and equivalents rose by $1.2 billion over the year.
Related: CMI income statement, CMI balance sheet, CMI dividend history. See the CMI stock overview for the latest quote and news.
CMI cash flow FAQ
What is Cummins's free cash flow?
Cummins's free cash flow was $2.4 billion in fiscal 2025: $3.6 billion of operating cash flow minus $1.2 billion of capital expenditures It was $279.0 million a year earlier..
How much cash does Cummins generate from operations?
Cummins generated $3.6 billion of cash from operating activities in fiscal 2025, 1.27 times its net income of $2.8 billion.
How much does Cummins spend on capital expenditures?
Cummins spent $1.2 billion on capital expenditures in fiscal 2025, 3.7% of revenue, compared with $1.2 billion the year before.
How much does Cummins pay in dividends?
Cummins paid $1.1 billion in dividends in fiscal 2025, 44.2% of free cash flow.