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Cummins (CMI) stock

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NYSE: CMI NYSE Construction Machinery & Heavy Transportation Equipment Next results ~November 5, 2026

C+ Fundamentals grade

Cummins, founded in 1919 in Columbus, Indiana as one of the earliest diesel engine makers, designs, manufactures and supports engines and related power equipment. Its range spans diesel, natural gas and petrol engines, aftertreatment systems, turbochargers, fuel systems, automated transmissions, axles and brakes, power generation equipment, and battery and electric powertrain technology.

Customers include original equipment manufacturers, distributors, dealers and other firms worldwide, with revenue coming from selling engines, components, generators and parts, plus servicing and aftermarket support. Truck makers such as PACCAR, Traton and Daimler are major buyers of its engines; PACCAR alone made up 13 percent of net sales in 2025, and Cummins has supplied it for 81 years.

The business is organised into five segments: Engine, Components, Distribution, Power Systems and Accelera, the latter focused on electrified power systems. It operates through roughly 640 wholly-owned, joint-venture and independent distribution sites, alongside more than 13,000 certified dealer locations, across around 190 countries and territories, with notable manufacturing joint ventures in China and India.

Based on Cummins's 10-K filed February 10, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$290

Cash-flow model

Base case. Range ~$210–$400 across our lower- and higher-growth cases (-2.3%–7.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 42% below it.

Price used: $500.60, November 2, 2026

Cummins valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Cummins files

Where Cummins stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $34.7bn, up 2.9% on a year earlier, faster than 0.1% a quarter earlier. Free-cash-flow margin rose to 9.7% from 4.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $270 a share, against a share price of $536. At that price, our model says the market is pricing in about 15.3% a year of cash-flow growth for five years, faster than the 7.6% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Cummins's trailing-twelve-month revenue grew 2.9% year on year, with a free-cash-flow margin of 9.7%.

Our discounted-cash-flow model values the business at ~$290 per share in the base case (~$210–$400 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 103.8% while net income fell 7.7%: a 111pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $500.60 is 42% above our value per share of $290.
  • Volatile shares. Over the past year the shares showed annualised volatility of 36% and a beta of 1.7 against the S&P 500.
  • Insiders selling. 12 insiders sold $38M of stock over the past 365 days and none bought (25% under pre-set trading plans).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$6.73 against an average estimate of $7.17: missed by 6.1%
Revenue
$9.46bn, up 9.4% on a year earlier
Share reaction
+0.2% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
full-year revenues growth 10% to 13% (full-year 2026); EBITDA 18% to 18.5% (full-year 2026)
Next report
November 5, 2026; average EPS estimate $8.20

Cummins' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week-4.1%
  • 1 month-5.2%
  • This year-0.9%
  • 1 year+16.0%
  • 5 years+138.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$34.7B
Operating margin
11.2%
Net margin
7.8%
EPS (TTM, diluted)
$19.56

Growth

Revenue growth
+2.9%
Change in growth rate
+2.9 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
$3.4B
FCF margin
9.7%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cummins valuation models and calculator

What the price is pricing in

The share price implies about 13.7% a year of cash-flow growth for five years.That is faster than the 7.6% a year revenue growth Cummins has delivered.

  • Priced in13.7%
  • Last 12 months2.9%
  • 3 years a year2.5%
  • 5 years a year7.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($507.92, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$290
Price used
$507.92close November 3, 2026
Implied change
▼ 42%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Cummins's free cash flow after stock-based pay with after-tax interest added back ($2.3B, FY2026 Q2 TTM), growing 10.9% and 5.2% in the next two years (forecasts, guidance and its record), then back to 2.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$210–~$400 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cummins's free cash flow after stock-based pay ( $2.3B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cummins as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$290 ~$210–$400 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$400 ~$350–$580 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$290 ~$230–$390 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$280 ~$240–$320 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$310 ~$280–$400 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cummins with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $207$294$410$562$761$1018
8.5% $150$213$296$405$547$730
10% $115$164$228$312$420$558

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$66.49$106.83$141.80$110.52$152.55$199.09$195.74$223.32$227.16$338.29$505.27$500.60
Market value$11.9bn$18.1bn$23.7bn$18.0bn$23.8bn$29.7bn$28.6bn$31.8bn$32.4bn$47.1bn$70.1bn$69.5bn
+ Net debt (− = net cash)−$72m$736m$637m$1.2bn$1.2bn$763m$1.6bn$5.8bn$4.5bn$5.4bn$4.7bn$4.5bn
Enterprise value$11.8bn$18.8bn$24.4bn$19.2bn$25.1bn$30.4bn$30.1bn$37.6bn$36.9bn$52.4bn$74.8bn$74.0bn
Multiples
Price / sales 0.6x1.0x1.2x0.8x1.0x1.5x1.2x1.1x1.0x1.4x2.1x2.0x
Price / earnings 8.5x13.0x23.7x8.4x10.5x16.6x13.4x14.8x44.1x11.9x24.7x25.6x
Price / free cash flow 9.0x12.8x13.4x10.8x9.6x13.5x18.8x30.4x11.8x168.7x29.4x20.6x
EV / EBITDA 4.6x7.8x8.4x5.6x7.4x10.3x8.9x10.1x13.3x10.9x14.6x14.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard Cummins's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.4% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 24.6%, moving by 0.7 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 10.8%; its worst year was 5.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.2% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.4% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $9.9bn and EPS of $8.20 (range $7.82 to $8.62) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $28.45 +39% $37.7bn +12%
Next $34.34 +21% $41.3bn +10%

Next year's EPS estimate has moved +6.4% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Cummins's forecast and 1 cut it.

Consensus EPS forecast Cummins, last 90 days
$28.00 $30.00 $32.00 $34.00 $36.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $28.39 Current fiscal year, 60 days ago: $28.57 Current fiscal year, 30 days ago: $28.60 Current fiscal year, 7 days ago: $28.45 Current fiscal year, Now: $28.45 $28.45 Next fiscal year, 90 days ago: $32.29 Next fiscal year, 60 days ago: $33.73 Next fiscal year, 30 days ago: $33.81 Next fiscal year, 7 days ago: $34.34 Next fiscal year, Now: $34.34 $34.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $28.39$32.29
60 days ago $28.57$33.73
30 days ago $28.60$33.81
7 days ago $28.45$34.34
Now $28.45$34.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $7.17 $6.73 −6.1%
Mar 2026 $5.62 $4.71 −16.2%
Dec 2025 $5.02 $4.27 −14.9%
Sept 2025 $4.77 $3.86 −19.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Full-year revenues full-year 2026 10% growth to 13% growth Raised
    “Full-year revenues are expected to range from up 10% to up 13%, an improvement from prior guidance of up 8% to 11%” source
  • EBITDA full-year 2026 18% to 18.5% Non-GAAP Raised
    “EBITDA is now expected to be in the range of 18.0% to 18.5%, compared to prior guidance of 17.75% to 18.5%” source
  • effective tax rate 2026 about 23%
    “Our effective tax rate for 2026 is expected to approximate 23.0 percent, excluding any discrete items that may arise.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cummins's revenue by +10.9% next year and +5.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.8%, weight 55%) , management guidance (+13.5%, weight 19%) and the company's own record (+2.7%, weight 26%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1568%
Hold732%
Sell00%

Monthly trend

  1. Oct 2026411722
  2. Sep 2026411823
  3. Aug 2026411823
  4. Jul 2026410722

Counts of recommendations published by analysts covering Cummins, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
3.88
at average volume
Short interest, 1 month
+24%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
0.2%
of shares
Employees
67,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +16.0%

$431.37 on October 31, 2025 to $500.60

ThenNowEffect
Revenue (last 12 months) $33.7bn $34.7bn +2.9%
Net margin 8.7% 7.8% −10.3%
P/E multiple 20.3x 25.6x +26.2%
Share count 138m 139m −0.4%

Biggest factor: p/e multiple.

Last 3 years +135.5%

$212.57 on November 3, 2023 to $500.60

ThenNowEffect
Revenue (last 12 months) $32.2bn $34.7bn +7.8%
Net margin 7.9% 7.8% −0.9%
P/E multiple 11.9x 25.6x +115.1%
Share count 142m 139m +2.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CMI−2%+14%+2%+49%+49%−1%
Industry peers (median)+16%−13%+36%+22%+4%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CMI58%50%42%67%83%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CMI−24%−21%−20%−12%−31%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from November 11, 2019 to March 23, 2020. Getting back needed a 79% gain, reached on June 8, 2020, 77 days after the low.

Price behaviour

52-week range
$422.56 – $724.89
From 52-week high
−30.9%
vs 50-day average
−6.5%
vs 200-day average
−16.6%
Volatility (1 year)
36%
Beta vs S&P 500
1.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.3%
After a week
9 up, 3 down
typical move ±5.7%
After a month
8 up, 4 down
typical move ±9.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +0.2% +1.6% −2.5% −14.8%
May 5, 2026 +9.0% +2.2% +7.3% +3.6%
February 5, 2026 −4.6% +0.6% −2.8% −8.8%
November 6, 2025 +7.8% −1.0% +6.4% +16.1%
August 5, 2025 +5.6% +0.3% +10.4% +11.4%
May 5, 2025 −0.5% −1.4% +10.3% +8.3%
February 4, 2025 +6.2% +1.1% +7.0% −0.5%
November 5, 2024 +9.3% +3.7% +9.0% +16.8%
August 1, 2024 −0.5% −3.3% +1.9% +7.9%
May 2, 2024 −1.1% +2.2% +3.8% −2.5%
February 6, 2024 +2.9% +1.1% +5.6% +11.1%
November 2, 2023 +3.6% +2.8% −1.2% +6.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cummins’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.65× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CMI Cummins Grade C+ $500.56

Own 100 shares, sell the $540 call expiring December 18, 2026 (46 days) for $12.10 a share — $1,210 per contract.

Previous session · Bid $12.10, ask $14.90, quoted Mon 2 Nov, 17:18 New York time with CMI at $500.56. Option prices move with the shares: check the live chain at your broker before trading.

  • If CMI ends below $540: you keep your shares and the $1,210 — 2.4% extra on the position, 19.2% a year at that pace.
  • If it ends above $540: your shares are sold at $540, a total return of 10.3% including the premium — at or above our value of ~$290.
$5.2k $0 −$9.8k Break-even $488.46 Price $500.56 ← Our value ~$290
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,210
Annualised
19.2%
Break-even
$488.46
Max gain
$5,154
Chance of selling
~34%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $460 put and sell the $540 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.30 a share ($130 per contract of 100 shares).
  • Worst case at expiry: -8.4%, if the shares fall below $460 (-8.1% from today).
  • Best case at expiry: +7.6%, if the shares rise above $540 (+7.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $290: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cummins in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cummins
$33B $33.5B $34B $34.5B $35B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $33.3B Revenue (TTM), FY23 Q4: $34.1B Revenue (TTM), FY24 Q1: $34B Revenue (TTM), FY24 Q2: $34.2B Revenue (TTM), FY24 Q3: $34.2B Revenue (TTM), FY24 Q4: $34.1B Revenue (TTM), FY25 Q1: $33.9B Revenue (TTM), FY25 Q2: $33.7B Revenue (TTM), FY25 Q3: $33.6B Revenue (TTM), FY25 Q4: $33.7B Revenue (TTM), FY26 Q1: $33.9B Revenue (TTM), FY26 Q2: $34.7B $34.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $33.3B
FY23 Q4 $34.1B
FY24 Q1 $34B
FY24 Q2 $34.2B
FY24 Q3 $34.2B
FY24 Q4 $34.1B
FY25 Q1 $33.9B
FY25 Q2 $33.7B
FY25 Q3 $33.6B
FY25 Q4 $33.7B
FY26 Q1 $33.9B
FY26 Q2 $34.7B
Revenue growth, TTM YoY Cummins
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 27.3% Revenue growth, TTM YoY, FY23 Q4: 21.3% Revenue growth, TTM YoY, FY24 Q1: 12.8% Revenue growth, TTM YoY, FY24 Q2: 6.1% Revenue growth, TTM YoY, FY24 Q3: 2.7% Revenue growth, TTM YoY, FY24 Q4: 0.1% Revenue growth, TTM YoY, FY25 Q1: -0.4% Revenue growth, TTM YoY, FY25 Q2: -1.3% Revenue growth, TTM YoY, FY25 Q3: -1.8% Revenue growth, TTM YoY, FY25 Q4: -1.3% Revenue growth, TTM YoY, FY26 Q1: 0.1% Revenue growth, TTM YoY, FY26 Q2: 2.9% 2.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 27.3%
FY23 Q4 21.3%
FY24 Q1 12.8%
FY24 Q2 6.1%
FY24 Q3 2.7%
FY24 Q4 0.1%
FY25 Q1 -0.4%
FY25 Q2 -1.3%
FY25 Q3 -1.8%
FY25 Q4 -1.3%
FY26 Q1 0.1%
FY26 Q2 2.9%
Operating margin (TTM) Cummins
4% 6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.3% Operating margin (TTM), FY23 Q4: 5.2% Operating margin (TTM), FY24 Q1: 4.9% Operating margin (TTM), FY24 Q2: 5.0% Operating margin (TTM), FY24 Q3: 5.3% Operating margin (TTM), FY24 Q4: 11.0% Operating margin (TTM), FY25 Q1: 11.7% Operating margin (TTM), FY25 Q2: 12.3% Operating margin (TTM), FY25 Q3: 11.7% Operating margin (TTM), FY25 Q4: 12.0% Operating margin (TTM), FY26 Q1: 11.3% Operating margin (TTM), FY26 Q2: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.3%
FY23 Q4 5.2%
FY24 Q1 4.9%
FY24 Q2 5.0%
FY24 Q3 5.3%
FY24 Q4 11.0%
FY25 Q1 11.7%
FY25 Q2 12.3%
FY25 Q3 11.7%
FY25 Q4 12.0%
FY26 Q1 11.3%
FY26 Q2 11.2%
FCF margin (TTM) Cummins
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 6.5% FCF margin (TTM), FY23 Q4: 8.1% FCF margin (TTM), FY24 Q1: 7.5% FCF margin (TTM), FY24 Q2: 3.5% FCF margin (TTM), FY24 Q3: 1.0% FCF margin (TTM), FY24 Q4: 0.8% FCF margin (TTM), FY25 Q1: 0.0% FCF margin (TTM), FY25 Q2: 4.9% FCF margin (TTM), FY25 Q3: 6.8% FCF margin (TTM), FY25 Q4: 7.1% FCF margin (TTM), FY26 Q1: 7.9% FCF margin (TTM), FY26 Q2: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 6.5%
FY23 Q4 8.1%
FY24 Q1 7.5%
FY24 Q2 3.5%
FY24 Q3 1.0%
FY24 Q4 0.8%
FY25 Q1 0.0%
FY25 Q2 4.9%
FY25 Q3 6.8%
FY25 Q4 7.1%
FY26 Q1 7.9%
FY26 Q2 9.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cummins took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $33.7B
  2. Cost of revenue $25.2B · 74.7%
  3. Gross profit $8.5B · 25.3%
  4. Research and development $1.4B · 4.1%
  5. Selling, general and admin $3.1B · 9.3%
  6. Operating income $4B · 12.0%
  7. Income tax $1B · 3.0%
  8. Interest and other $176M · 0.5%
  9. Net income $2.8B · 8.4%

Shares of revenue. Source: Cummins's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 10.8 13.2 18.0 17.3 17.3 19.2 19.1 17.5 20.4 23.8 23.6 19.8 24.0 28.1 34.1 34.1 33.7 34.7
Gross profit 2.2 3.2 4.6 4.4 4.3 4.9 4.9 4.5 5.1 5.7 6.0 4.9 5.7 6.7 8.2 8.4 8.5 8.8
EBITDA 1.0 1.9 3.0 2.6 2.5 2.8 2.6 2.4 2.9 3.4 3.4 2.9 3.4 3.7 2.8 4.8 5.1 5.0
Operating income 0.7 1.6 2.7 2.3 2.1 2.4 2.1 1.9 2.3 2.8 2.7 2.3 2.7 2.9 1.8 3.8 4.0 3.9
Net income 0.4 1.0 1.8 1.6 1.5 1.7 1.4 1.4 1.0 2.1 2.3 1.8 2.1 2.2 0.7 3.9 2.8 2.7
Diluted EPS $2.16 $5.28 $9.55 $8.67 $7.91 $9.02 $7.84 $8.23 $5.97 $13.15 $14.48 $12.01 $14.61 $15.12 $5.15 $28.37 $20.50 $19.56
Growth (year on year)
Revenue −24.7% +22.5% +36.5% −4.0% −0.2% +11.1% −0.6% −8.4% +16.7% +16.4% −0.8% −16.0% +21.3% +16.9% +21.3% +0.1% −1.3% +2.9%
EBITDA −36.4% +90.7% +56.4% −13.0% −4.1% +12.4% −8.8% −6.3% +21.0% +16.5% −0.7% −12.8% +14.5% +10.2% −25.0% +72.9% +6.5% −4.1%
Operating income −46.4% +134.9% +67.4% −15.9% −6.8% +12.6% −13.0% −8.6% +24.1% +19.4% −3.1% −16.0% +19.3% +8.2% −39.9% +112.9% +7.3% −6.0%
Net income −43.3% +143.0% +77.7% −11.0% −9.8% +11.3% −15.3% −0.4% −28.3% +114.3% +5.6% −20.8% +19.1% +0.9% −65.8% +436.9% −28.0% −7.7%
Diluted EPS −43.8% +144.4% +80.9% −9.2% −8.8% +14.0% −13.1% +5.0% −27.5% +120.3% +10.1% −17.1% +21.6% +3.5% −65.9% +450.9% −27.7% −8.0%
Margins
Gross margin 20.1% 24.0% 25.4% 25.5% 24.7% 25.3% 25.9% 25.5% 25.0% 24.1% 25.4% 24.7% 23.7% 23.9% 24.2% 24.7% 25.3% 25.3%
EBITDA margin 9.3% 14.5% 16.7% 15.1% 14.5% 14.7% 13.5% 13.8% 14.3% 14.3% 14.3% 14.9% 14.0% 13.2% 8.2% 14.1% 15.2% 14.4%
Operating margin 6.3% 12.1% 14.9% 13.0% 12.1% 12.3% 10.8% 10.7% 11.4% 11.7% 11.5% 11.5% 11.3% 10.4% 5.2% 11.0% 12.0% 11.2%
Net margin 4.0% 7.9% 10.2% 9.5% 8.6% 8.6% 7.3% 8.0% 4.9% 9.0% 9.6% 9.0% 8.9% 7.7% 2.2% 11.6% 8.4% 7.8%
Free-cash-flow margin 7.7% 4.9% 8.0% 4.9% 8.2% 7.9% 6.9% 8.0% 8.7% 7.0% 10.5% 11.1% 6.3% 3.7% 8.1% 0.8% 7.1% 9.7%
Cash flow
Cash from operations 1.1 1.0 2.1 1.5 2.1 2.3 2.1 1.9 2.3 2.4 3.2 2.7 2.3 2.0 4.0 1.5 3.6 4.6
Capital spending 0.3 0.4 0.6 0.7 0.7 0.7 0.7 0.5 0.5 0.7 0.7 0.5 0.7 0.9 1.2 1.2 1.2 1.3
Free cash flow 0.8 0.6 1.5 0.8 1.4 1.5 1.3 1.4 1.8 1.7 2.5 2.2 1.5 1.0 2.8 0.3 2.4 3.4
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 —
Free cash flow after stock pay 0.8 0.6 1.4 0.8 1.4 1.5 1.3 1.4 1.7 1.6 2.4 2.2 1.5 1.0 2.7 0.2 2.3 —
Balance sheet
Cash 0.9 1.0 1.5 1.4 2.7 2.3 1.7 1.1 1.4 1.3 1.1 3.4 2.6 2.0 2.2 1.7 2.8 3.2
Total debt 0.7 0.8 0.8 0.8 1.7 1.7 1.6 1.9 2.0 2.5 2.4 4.2 4.2 7.9 6.7 7.1 7.6 7.7
Net debt (negative = net cash) −0.2 −0.2 −0.7 −0.6 −1.0 −0.6 −0.1 0.7 0.6 1.2 1.2 0.8 1.6 5.8 4.5 5.4 4.7 4.5
Diluted shares 198m 197m 194m 190m 187m 183m 178m 169m 167m 163m 156m 149m 146m 142m 143m 139m 139m 139m
Returned to shareholders
Dividends 0.1 0.2 0.3 0.3 0.4 0.5 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.1 1.1
Buybacks 0.0 0.2 0.6 0.3 0.4 0.7 0.9 0.8 0.5 1.1 1.3 0.6 1.4 0.4 0.0 0.0 — —
Total returned 0.2 0.4 0.9 0.6 0.8 1.2 1.5 1.5 1.2 1.9 2.0 1.4 2.2 1.2 0.9 1.0 1.1 1.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $35.6bn
Short-term assets $18.4bnLonger-term assets $17.2bn
What it owes, and who funded it · $34.6bn
Short-term liabilities $10.7bnLonger-term liabilities $11.1bnShareholders' equity $12.8bn
  • Short-term assets cover short-term liabilities $18.4bn of assets due within a year against $10.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $18.4bn short-term assets against $11.1bn of longer-dated liabilities.
  • More cash than debt $3.2bn of cash against $6.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 54% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 44% to 54% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.6bn of operating cash flow against $6.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.9bn against $321m of interest.

From Cummins's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.1B
Diluted share count
+0.4%
year over year
Total shareholder yield
1.6%
dividends 1.6% + buybacks 0.0% of market value
Dividend payout ratio
41%
of net income paid out
R&D spending
4.1%
of revenue
Sales & admin spending
9.5%
of revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated CMI PCAR CAT WAB OSK TEX Median
Revenue, last 12 months $34.7bn $29.1bn $74.7bn $12.2bn $10.8bn $7.5bn $2.1bn
Revenue growth, last 12 months 2.9% −1.5% 18.4% 13.2% 4.2% 40.1% 10.1%
Revenue growth, 3-year average 2.5% −5.2% 4.9% 8.9% 4.6% 13.3% 4.3%
Revenue growth, latest quarter 9.4% 19.0% 24.0% 8.1% 5.7% 58.4% 17.8%
Gross margin 25.3% 20.1% 34.3% 35.6% 15.4% 17.1% 21.4%
Operating margin 11.2% — 17.5% 17.2% 6.8% 5.7% 5.9%
Operating margin, 3-year average 9.5% — 18.7% 16.3% 8.5% 8.2% 8.6%
Net margin 7.8% 9.5% 14.5% 11.2% 4.6% 2.6% 3.2%
Cash from operations / revenue 13.4% 12.6% 18.2% 17.1% 10.5% 7.3% 8.9%
Free-cash-flow margin 9.7% 10.5% 14.3% 14.6% 9.0% 3.3% 7.0%
Free-cash-flow margin, 3-year average 6.0% 11.4% 15.2% 13.9% 5.3% 3.4% 5.9%
Stock pay / revenue 0.1% 0.1% 0.3% 0.9% 0.4% 0.9% 0.6%
Change in share count 0.4% 0.1% −2.7% −0.8% −3.1% 46.6% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth 2.9% 10.1% 15 of 23
Change in growth rate Growth +2.9pp +4.6pp 15 of 23
Gross margin Profitability 25.3% 21.4% 10 of 23
Operating margin Profitability 11.2% 5.8% 9 of 21
Net margin Profitability 7.8% 3.2% 9 of 23
Free-cash-flow margin Cash generation 9.7% 7.0% 8 of 23
Long-term debt as % of assets Balance sheet 18.9% 24.0% 7 of 18
Change in share count Balance sheet 0.4% -0.1% 15 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Total $41.4B ▼ 0.6%
Distribution $12.4B ▲ 9.0%
Engine $10.9B ▼ 7.1%
Components $10.1B ▼ 13.1%
Power Systems $7.5B ▲ 16.5%
Accelera $460M ▲ 11.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Onhighway $7B ▼ 12.3%
DBU Power Generation Domain $4.9B ▲ 24.4%
Parts $4.1B ▲ 2.7%
Drivetrain and Braking Systems $4B ▼ 15.8%
Emissionsolutions $3B ▼ 4.6%
Mediumdutytruckandbus $2.5B ▼ 17.8%
Heavydutytruck $2.5B ▼ 23.4%
PSBU Power Generation $2.2B ▲ 17.6%
Lightdutyautomotive $1.9B ▲ 21.8%
Services $1.8B ▲ 2.9%
Engine Product Line $1.6B ▼ 5.4%
Industrial $1.2B ▲ 9.6%
Engine Components and Software $1.2B ▲ 8.8%
Offhighway $1.1B ▲ 10.3%
Generatortechnologies $647M ▲ 36.5%
Eaton Automated Transmission Technologies $423M ▼ 28.1%
Atmus Filtration $0 ▼ 100.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $19B 56.4% ▼ 2.3%
Outside the US $9.7B 28.7% ▼ 2.8%
China $3.3B 9.8% ▲ 11.9%
India $1.7B 5.1% ▼ 3.3%

From Cummins's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$84.1B
Institutions reporting
2,096
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
249 / 110

Top buyers and sellers, Q2 2026: 1,021 institutions bought and 835 sold ; the biggest buyer was FMR LLC (+658K shares) and the biggest seller Geode Capital Management, LLC (−517K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.2B 11.5M 9.8% ▼ 2.8%
Vanguard Capital Management LLC $6.4B 9.0M 7.6% ▲ 0.4%
Vanguard Portfolio Management LLC $5.4B 7.5M 6.4% ▲ 0.5%
State Street Corp $4.9B 6.9M 5.9% ▲ 1.5%
FMR LLC $4.3B 6.1M 5.2% ▲ 12.1%
Fisher Asset Management, LLC $2.6B 3.6M 3.0% ▲ 2.8%
Geode Capital Management, LLC $2.3B 3.2M 2.7% ▼ 13.8%
Morgan Stanley $2.2B 3.1M 2.6% ▲ 1.4%
Bank Of America Corp $1.4B 2.0M 1.7% ▲ 12.4%
Norges Bank $1.3B 1.8M 1.5% —
Northern Trust Corp $1.3B 1.8M 1.5% ▲ 2.9%
Raymond James Financial Inc $1.1B 1.5M 1.3% ▲ 0.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cummins's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $37.7M 56 trades by 12 insiders · 25% under pre-set plans
Net ▼ $37.7M net selling
Insider Date Trade Shares Price Value
Newsome Earl VP - Chief Information Officer August 24, 2026 Sell 698 $572.22 $399,410
Jackson Donald G VP - Treasury & Tax May 14, 2026 Sell 480 $710.36 $340,974
Jackson Donald G VP - Treasury & Tax May 14, 2026 Sell 160 $711.61 $113,858
Jackson Donald G VP - Treasury & Tax May 14, 2026 Sell 90 $712.70 $64,143
Bush Jennifer Mary VP & Pres. - Power Systems May 12, 2026 Sell 1,799 $697.29 $1.3M
Bush Jennifer Mary VP & Pres. - Power Systems May 12, 2026 Sell 1,158 $695.21 $805,053
Bush Jennifer Mary VP & Pres. - Power Systems May 12, 2026 Sell 940 $694.13 $652,482
Bush Jennifer Mary VP & Pres. - Power Systems May 12, 2026 Sell 583 $696.26 $405,920
Bush Jennifer Mary VP & Pres. - Power Systems May 12, 2026 Sell 480 $698.38 $335,222
Bush Jennifer Mary VP & Pres. - Power Systems May 12, 2026 Sell 40 $699.10 $27,964
Stoner Nathan R VP - China ABO May 11, 2026 Sell 607 $694.06 $421,294
Fetch Bonnie J EVP & President - Operations May 11, 2026 Sell 652 $700.19 $456,524

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 36 trades and filings

In the last 12 months, 3 members of Congress disclosed 2 purchases and 1 sale of Cummins shares.

  • Jared Moskowitz(D-FL 23):Sale (partial), $1,001 - $15,000, traded March 31, 2026, filed April 30, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded February 5, 2026, filed March 16, 2026
  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded February 4, 2026, filed March 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 5, 2026
  • November 6, 2025
  • August 5, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Cummins was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cummins in brief

What does Cummins do?
Cummins is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Cummins's stock ticker?
Cummins trades under the ticker CMI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cummins's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cummins reported revenue of $34.7B, 2.9% higher than a year earlier, according to its SEC filings.
What is Cummins's free cash flow?
Cummins's free-cash-flow margin is 9.7% of revenue over the trailing twelve months, ranking 8 of the 23 construction machinery & heavy transportation equipment companies we cover.
What is Cummins's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cummins's free cash flow after stock-based pay gives ~$290 per share in the base case, and ~$210–$400 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cummins's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Cummins's market cap?
On November 2, 2026, Cummins's market capitalisation was about $69.5B, with a price-to-earnings ratio of 25.6 and net debt of $4.5B. Market figures come from third-party market data and may be delayed.
Does Cummins pay a dividend?
Yes: Cummins paid $1.1B in dividends over the trailing twelve months, a dividend yield of 1.59% and a payout ratio of 40.7%.
How much debt does Cummins have?
Cummins's debt-to-equity ratio is 53.6%, from its latest balance sheet (43.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cummins's competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Cummins are Paccar, Caterpillar Inc., Wabtec, Oshkosh Corp and Terex Corp. The side-by-side comparison below sets their revenue, margins and growth against Cummins's.
Are insiders buying or selling Cummins stock?
Over the last 12 months, Cummins's directors and officers reported 0 open-market purchases and 56 sales on Form 4. The insider trading page charts every trade.
When is Cummins's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cummins announces its own schedule.