Short answer
Cummins (CMI) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $8.3B (down 1.6% year over year) with net income of $536M.
Q3 2025 key financials · XBRL
- Revenue
- $8.3B
- −1.6% YoY · −3.8% QoQ
- Net income
- $536M
- −33.7% YoY · −39.8% QoQ
- Operating margin
- 10.2%
- Gross margin
- 25.6%
- EPS (diluted)
- $3.85
- −34.6% YoY · −40.0% QoQ
Source: XBRL data from the Cummins (CMI) Q3 2025 10-Q on SEC EDGAR. USD.
Cummins Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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