Short answer
Cummins (CMI) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $33.7B (−1.3% year over year) and net income of $2.8B.
- Top risk flagged: Cybersecurity regulatory risk from compliance with NIST Cybersecurity Framework as part of enterprise risk management program
FY2025 key financial metrics · XBRL
- Revenue
- $33.7B
- −1.3% YoY
- Net income
- $2.8B
- −28.0% YoY
- Operating margin
- 12.0%
- +1.0 pp YoY
- Gross margin
- 25.3%
- +0.5 pp YoY
- EPS (diluted)
- $20.50
- −27.7% YoY
- ROE
- 23.0%
- −15.4 pp YoY
- Operating cash flow
- $3.6B
- +143.5% YoY
Source: XBRL data from the Cummins (CMI) FY2025 10-K on SEC EDGAR. USD.
Cummins FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global power leader providing diesel, electric, hybrid powertrains, power generation, components and zero emissions tech across five segments
- New divestiture: Completed tax-free split-off of 80.5% ownership of Atmus in March 2024, reducing shares by 5.6 million and gaining $1.3B
- Strategic shift: Accelera segment impairment of electrolyzer goodwill and exit from new hydrogen electrolyzer commercial activities due to market deterioration
- Quantitative metric: Distribution segment sales rose to 30% of consolidated net sales in 2025 from 25% in 2023; Power Systems sales increased to 18% in 2025
- Noteworthy fact: $1.9 billion paid in Q2 2024 to settle US regulatory civil claims related to emissions certification primarily for pick-up truck engines
Management Discussion & Analysis
- Revenue $33.67B, down 1% YoY ($432M decrease) driven by lower Engine (-7%) and Components (-13%) sales, partially offset by Power Systems (+16%) and Distribution (+9%)
- Operating margin 11.9% (Operating income $4.03B on $33.67B sales) vs 11.0% (2024), gross margin 25.3% vs 24.7%, SG&A 9.3% vs 9.6%, R&D 4.1% vs 4.3%
- Best performing segment: Power Systems sales up 16% to $7.46B with EBITDA up 44% to $1.69B; Worst performing segment: Components sales down 13% to $10.15B with EBITDA down 12% to $1.40B
- Cash from operations $3.6B up $2.1B YoY; dividend increased 10% to $2.00/share; repaid $500M debt; issued $2.0B senior notes; $3.6B cash and marketable securities on hand
- 2026 risks: ongoing tariff uncertainties, Accelera segment market deterioration with $458M charges in 2025; management continuing mitigation efforts on tariffs and strategic realignment of Accelera investments
Risk Factors
- Cybersecurity regulatory risk from compliance with NIST Cybersecurity Framework as part of enterprise risk management program
- Geopolitical supply chain threat via third-party vendors assessed for cybersecurity risks in vendor data sharing
- Operational vulnerability in product cybersecurity managed by Principal Engineer with 40+ years embedded systems experience
- Competitive market risk from failure to adapt cybersecurity measures to evolving industry threats and standards
- Financial risk mitigated partially by cyber insurance to cover material cybersecurity incident impacts
Generated from the filing text; verify against the original. How to read a 10-K
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