Cummins (CMI) Q3 2025 10-Q Quarterly Report
Cummins (CMI) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 6, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Cummins Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $8.3B Q3 2025, down 2% YoY from $8.5B; nine months $25.1B down 2% from $25.7B, driven by lower on-highway truck demand
- • Operating margin 12.6% Q3 2025 (1,050/8,317), down from 14.5% YoY (assumed using 1,221/8,456); gross margin 25.6% vs 25.7% YoY Q3
- • Best segment: Power Systems sales up 18% Q3 ($1.99B vs $1.69B) with EBITDA margin 22.9% vs 19.4% YoY; worst: Accelera EBITDA loss $336M vs loss $115M, includes $210M goodwill impairment
- • Operating cash flow $2.1B YTD 2025 vs $65M YTD 2024, aided by $1.9B payments in 2024 for settlement agreements; cash $3.2B, debt to capital 36.8% vs 38.4%
- • Outlook cites continued weakness in North American medium/heavy-duty trucks, strong Power Systems demand, tariff/inflation risks, and regulatory uncertainty impacting Accelera and emissions credits with potential $149M non-cash charge
Risk Factors
- • New risk: Increased uncertainty in US/global tariffs and trade disruptions causing supply chain volatility and potential adverse effects on costs and demand
- • Updated risk: Tariff environment volatility heightened by US and retaliatory tariffs, increasing compliance costs and operational risk
- • Regulatory risk: Risk of fines, penalties, or reputational harm from non-compliance with evolving global trade regulations and tariffs
- • Operational risk: Global supply chain disruption from uncertain trade policies impacting raw material and component availability
- • Market risk: Potential reduced customer demand and strained supplier relationships due to unpredictable trade and tariff conditions
Cummins Q3 2025 Quarterly FinancialsXBRL
Revenue
$8.3B
▼ -1.6% YoY▼ -3.8% QoQ
Net Income
$536M
▼ -33.7% YoY▼ -39.8% QoQ
Gross Margin
25.6%
▼ -8bp YoY▼ -79bp QoQ
Operating Margin
10.2%
▼ -217bp YoY▼ -394bp QoQ
Net Margin
6.4%
▼ -312bp YoY▼ -385bp QoQ
ROE
4.4%
Total Assets
$33.6B
EPS (Diluted)
$3.85
▼ -34.6% YoY▼ -40.0% QoQ
Operating Cash Flow
$1.3B
▲ +103.9% YoY▲ +66.2% QoQ
Source: XBRL data from Cummins Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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