Cummins Inc. (CMI) Income Statement
CMI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCMI revenue and net income
Where CMI's revenue goes
2025Each bar shows an amount and its share of revenue. CMI kept 8.4% of revenue as net income.
CMI profit margins
CMI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.3% | +6.2% | +11.2% | +5.8% |
| Gross profit | +0.9% | +8.2% | +11.7% | +5.6% |
| Operating income | +7.3% | +11.2% | +12.1% | +6.9% |
| Net income | −28.0% | +9.7% | +9.7% | +7.3% |
| EPS (diluted) | +6.3% | +9.6% | +13.0% | +11.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CMI quarterly EPS vs estimates
Cummins beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $8.38).
CMI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.67B | $34.10B | $34.06B | $28.07B | $24.02B | $19.81B | $23.57B | $23.77B | $20.43B | $17.51B |
| Cost of revenue | $25.15B | $25.66B | $25.82B | $21.36B | $18.33B | $14.92B | $17.59B | $18.03B | $15.33B | $13.05B |
| Gross profit | $8.52B | $8.44B | $8.25B | $6.72B | $5.70B | $4.89B | $5.98B | $5.74B | $5.10B | $4.46B |
| Research & development | $1.40B | $1.46B | $1.50B | $1.28B | $1.09B | $906.0M | $1.00B | $902.0M | $752.0M | $636.0M |
| Sales, general & admin | $3.12B | $3.27B | $3.20B | $2.69B | $2.37B | $2.12B | $2.45B | $2.44B | $2.39B | $2.05B |
| Total operating expenses | $4.49B | $4.69B | $4.83B | $3.79B | $2.99B | $2.62B | $3.28B | $2.95B | $2.77B | $2.58B |
| Operating income | $4.03B | $3.75B | $1.76B | $2.93B | $2.71B | $2.27B | $2.70B | $2.79B | $2.33B | $1.88B |
| Interest income | $329.0M | $186.0M | $87.0M | $199.0M | $111.0M | $74.0M | $46.0M | $35.0M | $18.0M | $23.0M |
| Interest expense | $329.0M | $370.0M | $375.0M | $199.0M | $111.0M | $100.0M | $109.0M | $114.0M | $81.0M | $69.0M |
| Income before taxes | $3.96B | $4.90B | $1.63B | $2.82B | $2.75B | $2.34B | $2.83B | $2.75B | $2.37B | $1.93B |
| Income taxes | $1.01B | $835.0M | $786.0M | $636.0M | $587.0M | $527.0M | $566.0M | $566.0M | $1.37B | $474.0M |
| Net income | $2.84B | $3.95B | $735.0M | $2.15B | $2.13B | $1.79B | $2.26B | $2.14B | $999.0M | $1.39B |
| EBITDA | $5.40B | $6.34B | $1.76B | $3.80B | $3.52B | $3.11B | $3.62B | $3.48B | $3.03B | $2.53B |
| EPS (diluted) | $22.06 | $20.76 | $19.71 | $16.76 | $14.59 | $11.99 | $14.91 | $13.28 | $5.94 | $8.24 |
| Gross margin | 25.3% | 24.7% | 24.2% | 23.9% | 23.7% | 24.7% | 25.4% | 24.1% | 25.0% | 25.5% |
| Operating margin | 12.0% | 11.0% | 5.2% | 10.4% | 11.3% | 11.5% | 11.5% | 11.7% | 11.4% | 10.7% |
| Net margin | 8.4% | 11.6% | 2.2% | 7.7% | 8.9% | 9.0% | 9.6% | 9.0% | 4.9% | 8.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.46B | $8.40B | $8.54B | $8.32B | $8.64B | $8.17B | $8.45B | $8.46B | $8.80B | $8.40B | $8.54B | $8.43B |
| Cost of revenue | $6.99B | $6.16B | $6.58B | $6.19B | $6.36B | $6.02B | $6.41B | $6.29B | $6.60B | $6.36B | $6.54B | $6.36B |
| Gross profit | $2.46B | $2.24B | $1.95B | $2.13B | $2.28B | $2.15B | $2.03B | $2.17B | $2.19B | $2.04B | $2.00B | $2.07B |
| Research & development | $385.0M | $358.0M | $350.0M | $345.0M | $357.0M | $344.0M | $356.0M | $359.0M | $379.0M | $369.0M | $390.0M | $376.0M |
| Sales, general & admin | $893.0M | $845.0M | $786.0M | $754.0M | $779.0M | $754.0M | $801.0M | $835.0M | $830.0M | $809.0M | $751.0M | $831.0M |
| Total operating expenses | $1.19B | $1.29B | $1.31B | $1.13B | $1.05B | $1.02B | $1.30B | $1.12B | $1.15B | $1.12B | $3.21B | $1.12B |
| Operating income | $1.28B | $949.0M | $640.0M | $995.0M | $1.23B | $1.13B | $732.0M | $1.05B | $1.04B | $923.0M | −$1.21B | $950.0M |
| Interest income | $25.0M | $57.0M | $82.0M | $51.0M | $52.0M | $60.0M | $34.0M | $47.0M | $53.0M | $52.0M | $56.0M | $78.0M |
| Interest expense | $80.0M | $76.0M | $82.0M | $83.0M | $87.0M | $77.0M | $89.0M | $83.0M | $109.0M | $89.0M | $92.0M | $97.0M |
| Income before taxes | $1.29B | $934.0M | $791.0M | $830.0M | $1.23B | $1.12B | $662.0M | $1.04B | $977.0M | $2.22B | −$1.23B | $878.0M |
| Income taxes | $325.0M | $254.0M | $171.0M | $271.0M | $297.0M | $267.0M | $217.0M | $200.0M | $225.0M | $193.0M | $163.0M | $188.0M |
| Net income | $932.0M | $654.0M | $593.0M | $536.0M | $890.0M | $824.0M | $418.0M | $809.0M | $726.0M | $1.99B | −$1.43B | $656.0M |
| EBITDA | $1.47B | $1.17B | $1.15B | $1.19B | $1.59B | $1.46B | $1.02B | $1.39B | $1.35B | $2.58B | −$874.0M | $1.23B |
| EPS (diluted) | $6.94 | $6.15 | $5.81 | $3.86 | $6.43 | $5.96 | $4.54 | $5.86 | $5.26 | $5.10 | $4.14 | $4.74 |
| Gross margin | 26.1% | 26.7% | 22.9% | 25.6% | 26.4% | 26.4% | 24.1% | 25.7% | 24.9% | 24.3% | 23.4% | 24.6% |
| Operating margin | 13.5% | 11.3% | 7.5% | 12.0% | 14.2% | 13.9% | 8.7% | 12.4% | 11.9% | 11.0% | −14.2% | 11.3% |
| Net margin | 9.9% | 7.8% | 6.9% | 6.4% | 10.3% | 10.1% | 4.9% | 9.6% | 8.3% | 23.7% | −16.8% | 7.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CMI's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CMI financial results
In fiscal year 2025 (ended December 31, 2025), Cummins reported revenue of $33.7 billion, down 1.3% from the year before. It had net income of $2.8 billion (down 28.0%), a net profit margin of 8.4%. Diluted earnings per share came to $22.06. Over five years revenue grew at an average rate of 11.2% a year.
See the CMI stock overview for the latest quote and news, or the CMI chart for price history and technical indicators.
CMI income statement FAQ
What is Cummins's annual revenue?
Cummins reported total revenue of $33.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.3% from $34.1 billion the previous year.
Is Cummins profitable?
Yes. Cummins reported net income of $2.8 billion in fiscal 2025, a net profit margin of 8.4%; its operating margin was 12.0%.
What is Cummins's gross margin?
Cummins's gross margin was 25.3% in fiscal 2025: for every $100 of revenue, Cummins kept $25 after the direct cost of its products and services.
How much does Cummins spend on research and development?
Cummins spent $1.4 billion on research and development in fiscal 2025, 4.1% of revenue.
How fast is Cummins growing?
Revenue grew 11.2% a year on average over the last five fiscal years, from $19.8 billion to $33.7 billion.
What are Cummins's earnings per share?
Cummins earned $22.06 per diluted share in fiscal 2025, compared with $20.76 a year earlier.
When will Cummins report its next earnings?
Cummins is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Cummins's fiscal year end?
Cummins's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.