CMI Financials Cummins

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 41 d ago Overview →

Growth & profitability

Revenue has grown 11.2% per year over the past 5 years.
Net income has grown slower than revenue (10.3% vs 11.2% per year).
Operating margin has been roughly flat, at 12.0% in the latest year.
Free cash flow has grown 1.7% per year over the past 5 years.

Financial health

Total debt has grown faster than revenue (59.8% vs 11.2% per year).
Operating income covered interest expense 12× in the latest year, down from 23× 5 years ago.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 35.7% of earnings and 44.2% of free cash flow.
The dividend has grown 6.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$33.7B	$3.0B	25.3%	12.0%	23.9%	8.7%	$2.4B	—	$2.8B
2024	$34.1B	$4.1B	24.7%	11.0%	39.6%	12.9%	$279M	—	$1.7B
2023	$34.1B	$840M	24.2%	5.2%	9.5%	2.6%	$2.8B	—	$2.2B
2022	$28.1B	$2.2B	23.9%	10.4%	24.3%	7.2%	$1.0B	—	$2.0B
2021	$24.0B	$2.2B	23.7%	11.3%	26.6%	9.1%	$1.5B	—	$2.6B
2020	$19.8B	$1.8B	24.7%	11.5%	22.5%	8.0%	$2.2B	—	$3.4B
2019	$23.6B	$2.3B	25.4%	11.5%	30.2%	11.5%	$2.5B	—	$1.1B
2018	$23.8B	$2.2B	24.1%	11.7%	29.8%	11.5%	$1.7B	—	$1.3B
2017	$20.4B	$994M	25.0%	11.4%	13.7%	5.5%	$1.8B	—	$1.4B
2016	$17.5B	$1.5B	25.5%	10.7%	21.2%	9.7%	$1.4B	—	$1.1B
2015	—	$1.5B	—	—	19.8%	9.7%	$1.3B	—	$1.7B
2014	—	$1.7B	—	—	22.4%	11.0%	$1.5B	—	$2.3B
2013	—	$1.6B	—	—	21.1%	10.8%	—	$1.6B	$2.7B
2012	—	$1.7B	—	—	26.3%	13.9%	—	$653M	$1.4B
2011	—	$1.9B	—	—	35.4%	16.7%	—	$638M	$1.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$9.5B	$968M	26.1%	13.5%	7.5%	2.7%	$1.3B	—	$3.2B
Mar '26	$8.4B	$680M	26.7%	11.3%	5.5%	2.0%	$120M	—	$2.6B
Dec '25	—	$620M	—	—	5.0%	1.8%	$990M	—	$2.8B
Sep '25	—	$559M	—	—	4.6%	1.7%	$1.0B	—	$2.6B
Jun '25	$8.6B	$928M	26.4%	14.2%	7.9%	2.7%	$554M	—	$2.3B
Mar '25	$8.2B	$850M	26.4%	13.9%	7.8%	2.6%	-$165M	—	$1.5B
Dec '24	—	$445M	—	—	4.3%	1.4%	$882M	—	$1.7B
Sep '24	—	$843M	—	—	8.2%	2.6%	$381M	—	$1.7B
Jun '24	—	$752M	—	—	7.9%	2.4%	-$1.1B	—	$1.6B
Mar '24	—	$2.0B	—	—	22.4%	6.4%	$107M	—	$2.5B
Dec '23	—	-$1.4B	—	—	-15.7%	-4.4%	$940M	—	$2.2B
Sep '23	—	$690M	—	—	6.5%	2.1%	$1.2B	—	$2.4B
Jun '23	—	$737M	—	—	7.1%	2.3%	$262M	—	—
Mar '23	—	$806M	—	—	8.4%	2.6%	$302M	—	—
Dec '22	—	$644M	—	—	7.2%	2.1%	$354M	—	$2.0B
Sep '22	—	$409M	—	—	4.9%	1.4%	$180M	—	—
Jun '22	—	$707M	—	—	8.1%	2.9%	$452M	—	—
Mar '22	—	$423M	—	—	5.0%	1.8%	$60M	—	—
Dec '21	—	$400M	—	—	4.9%	1.7%	$360M	—	$2.6B
Oct '21	—	$541M	—	—	6.7%	2.3%	$419M	—	$2.6B

Valuation over time

How the market has priced CMI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 15.1× (Mar '23) to 25.4× (Sep '26).
The price-to-sales ratio has risen from 1.2× (Mar '23) to 2.2× (Sep '26).
The dividend yield has fallen from 2.6% (Mar '23) to 1.4% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is CMI growing its revenue and profit?

Over the past 5 years, Cummins's revenue has grown 11.2% per year, and net income grown 10.3% per year. These are computed facts, not advice.

How much debt does CMI have?

As of FY2025, Cummins reported — of total debt against $2.8B of cash; operating income covered interest expense 12×.

What is CMI's profit margin?

In FY2025, gross margin was 25.3%, operating margin 12.0%, and net margin 8.8%.

What is CMI's P/E ratio?

As of Sep '26, Cummins traded at a price-to-earnings ratio of about 25.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.