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CMICummins Inc.
$678.24$93.7B
Overview & Verdict
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CMI logoCummins Inc.(CMI)Earnings, Financials & Key Ratios

CMI•NYSE
$678.24
33.1× P/E·Price updated Jul 6, 2026
SectorIndustrialsIndustryIndustrial MachinerySub-IndustryEngines and power generation equipment
AboutCummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines. It also provides power generation systems, high-horsepower engines, heavy and medium duty engines, application engineering services, custom-designed assemblies, retail and wholesale aftermarket parts, and in-shop and field-based repair services. In addition, the company offers emission solutions; turbochargers; air and fuel filters, fuel water separators, lube and hydraulic filters, coolants, fuel additives, and other filtration systems; and electronic control modules, sensors, and supporting software, as well as new, replacement, and remanufactured fuel systems. Further, it provides automated transmissions; standby and prime power generators, controls, paralleling systems, and transfer switches, as well as A/C generator/alternator products under the Stamford and AVK brands; and electrified power systems with components and subsystems, including battery, fuel cell, and hydrogen production technologies. Additionally, it offers filtration, aftertreatment, controls systems, air handling systems, automated transmissions, electric power generation systems, and batteries. The company sells its products to original equipment manufacturers, distributors, dealers, and other customers. The company was formerly known as Cummins Engine Company and changed its name to Cummins Inc. in 2001. Cummins Inc. was founded in 1919 and is headquartered in Columbus, Indiana.Show more
  • Revenue$33.67B-1.3%
  • EBITDA$4.97B+3.2%
  • Net Income$2.84B-28.0%
  • EPS (Diluted)20.50-27.7%
  • Gross Margin25.29%+2.2%
  • EBITDA Margin14.76%+4.5%
  • Operating Margin11.48%+4.4%
  • Net Margin8.44%-27.0%
  • ROE23.01%-38.2%

CMI Price & Volume

Cummins Inc. (CMI) stock price & volume — 10-year historical chart

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Cyclical Revenue Stagnation Masks Underlying Margin Resilience

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Cyclical North American Demand

Key Thesis Takeaways

  • Cummins faces a period of cyclical stagnation with revenue growth fluctuating between -2.7% and 2.7% over the last five quarters, necessitating a focus on operational efficiency.
  • While the company maintains a robust balance sheet with equity growing to $12.4 billion by 2026Q1, investors should monitor the persistent investment drag from the New Power segment and the volatility in earnings quality.
  • Long-term value creation remains contingent on the firm's ability to scale zero-emission technologies while managing the capital intensity that reached 6.4% of revenue in 2025Q4.

Verdict Logic

while the firm maintains a healthy balance sheet with $2.6 billion in cash as of 2026Q1, the high P/E of 33.46 and inconsistent free cash flow margins suggest limited near-term upside.

CMI Growth Metrics

Cummins Inc. (CMI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.83%
5 Years11.19%
3 Years6.25%
TTM0.06%

Profit CAGR

10 Years7.35%
5 Years9.71%
3 Years9.74%
TTM-3.74%

EPS CAGR

10 Years10.09%
5 Years11.29%
3 Years10.68%
TTM-4.23%

Return on Capital

10 Years17.4%
5 Years15.71%
3 Years15.2%
Last Year17.3%

CMI Recent Earnings

Cummins Inc. (CMI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$6.15+9.2%
$5.63
Rev
$8.4B+0.4%
$8.4B
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$5.81+13.9%
$5.10
Rev
$8.5B+5.3%
$8.1B
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$5.59+15.7%
$4.83
Rev
$8.3B+4.1%
$8.0B
Q3 2025
Aug 5, 2025
Metric
Actual
Est
EPS
$6.43+22.9%
$5.23
Rev
$8.6B+2.5%
$8.4B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$6.15vs $5.63+9.2%
$8.4Bvs $8.4B+0.4%
Q1 2026Feb 5, 2026
$5.81vs $5.10+13.9%
$8.5Bvs $8.1B+5.3%
Q4 2025Nov 6, 2025
$5.59vs $4.83+15.7%
$8.3Bvs $8.0B+4.1%
Q3 2025Aug 5, 2025
$6.43vs $5.23+22.9%
$8.6Bvs $8.4B+2.5%
Based on last 12 quarters of dataView full earnings history →

Latest CMI News

Recent stock market news and headlines for Cummins Inc. (CMI)

Seeking Alpha·10h ago
Cummins: The Downcycle Is Ending, And The Upside Is Building

Cummins (CMI) is well-positioned for Q2 upside as North America on-highway markets exit their cyclical downturn, supporting a continued Buy rating. Q2 earnings are set up for a material beat, with modeled EPS of $8.28 versus Street at $7.24, driven by accelerating Engine and Components growth. CMI's 2030 roadmap targets $45–$50B revenue and 20% EBITDA margin, implying 8% annual top-line growth and 50bps yearly margin expansion.

Zacks Investment Research·13h ago
4 Auto Stocks Wall Street Analysts Recommend Buying Now

Cummins, General Motors, Garrett and Dorman stand out as Wall Street-backed auto picks amid resilient demand and modest industry cooling.

Business Wire·14h ago
Cummins Supports Customers with Updated DEF Inducement Calibrations

COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. has begun updating certain engine calibrations to give operators more time to complete needed repairs and help minimize unnecessary downtime related to diesel exhaust fluid (DEF) inducements. The updates continue to support emissions compliance and the performance of selective catalytic reduction technology, with a focus on the people and businesses that depend on this equipment to do their jobs every day.Following updated guidance from the U.S. Envi.

Zacks Investment Research·4 days ago
Is Cummins (CMI) Outperforming Other Auto-Tires-Trucks Stocks This Year?

Here is how Cummins (CMI) and Commercial Vehicle Group (CVGI) have performed compared to their sector so far this year.

Zacks Investment Research·4 days ago
New Strong Buy Stocks for July 2nd

CMI, ADI, WYY, BBCP and YOU have been added to the Zacks Rank #1 (Strong Buy) List on July 2, 2026.

Peers Comparison

Key metrics vs top competitors for Cummins Inc. (CMI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CMI logoCMICummins Inc.Current
$678.24$93.71B33.08-1.27%8.44%23.01%1.12%
PCAR logoPCARPACCAR Inc
$125.91$66.26B27.92-15.5%9.09%17.2%—
CAT logoCATCaterpillar Inc.
$969.92$451.29B51.514.29%13.31%47.51%—
DE logoDEDeere & Company
$635.24$171.48B34.34-11.59%10.21%18.21%—
AGCO logoAGCOAGCO Corporation
$118.32$8.57B12.14-13.55%7.43%16.73%—
CNH logoCNHCNH Industrial N.V.
$10.87$13.49B26.51-8.76%2.13%4.92%—

Compare CMI vs Peers

Cummins Inc. (CMI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PCAR

Most directly comparable listed peer for CMI.

Scale Benchmark

vs CAT

Larger-name benchmark to compare CMI against a more recognizable public peer.

Peer Set

Compare Top 5

vs PCAR, CAT, DE, AGCO

CMI SEC Filings & Documents

Cummins Inc. (CMI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 5, 2025·SEC

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CMI Frequently Asked Questions

Cummins Inc. (CMI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Cummins Inc.'s revenue?

Cummins Inc. (CMI) reported $33.89B in revenue for fiscal year 2025. This represents a 545% increase from $5.26B in 1996.

How fast is Cummins Inc. growing?

Cummins Inc. (CMI) saw revenue decline by 1.3% over the past year.

Is CMI profitable?

Yes, Cummins Inc. (CMI) is profitable, generating $2.67B in net income for fiscal year 2025 (8.4% net margin).

Dividend & Returns
Does CMI pay dividends?

Yes, Cummins Inc. (CMI) pays a dividend with a yield of 1.12%. This makes it attractive for income-focused investors.

What is CMI's return on equity?

Cummins Inc. (CMI) has a return on equity (ROE) of 23.0%. This is excellent, indicating efficient use of shareholder capital.

What is Cummins Inc.'s free cash flow?

Cummins Inc. (CMI) generated $2.67B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in CMI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →