Cummins 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.

Cummins Inc.

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Impairment of Light-Duty Diesel Assets

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Net Income Attributable to Cummins Inc.

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	33,581	34,102	34,065	28,074	24,021	19,811	23,571	23,771	20,428	17,509	19,110
Total Revenues %Chg	-1.8%	0.1%	21.3%	16.9%	21.3%	-16%	-0.8%	16.4%	16.7%	-8.4%	-0.6%
NET SALES
Cost of Sales	24,982	25,663	25,816	21,355	18,326	14,917	17,591	18,034	15,328	13,051	14,163
Cost of Sales
Gross Profit	8,599	8,439	8,249	6,719	5,695	4,894	5,980	5,737	5,100	4,458	4,947
Gross Margin
Gross Profit Margin	25.6%	24.7%	24.2%	23.9%	23.7%	24.7%	25.4%	24.1%	25%	25.5%	25.9%
Selling, General & Administrative Expenses	3,140	3,275	3,333	2,687	2,374	2,125	2,454	2,437	2,429	2,099	2,092
Selling, General and Administrative Expenses
Research & Development Expenses	1,402	1,463	1,500	1,278	1,090	906	1,001	902	754	637	735
Research, Development and Engineering Expenses
Other Operating Expenses	536	346	2,138	174	31	46	83	-6	60	133	344
Loss Contingency
Impairment of Light-Duty Diesel Assets
Restructuring Actions
Other Operating Expense, Net
Operating Profit	3,944	3,750	1,761	2,929	2,706	2,269	2,700	2,786	2,334	1,880	2,057
Operating Income
Operating Margin	11.7%	11%	5.2%	10.4%	11.3%	11.5%	11.5%	11.7%	11.4%	10.7%	10.8%
Interest and Investment Income	423	395	483	349	506	452	330	394	375	324	339
Equity, Royalty and Interest Income from Investees
Interest Income
Interest Expense	-336	-370	-375	-199	-111	-100	-109	-114	-81	-69	-65
Interest Expense
Non-Operating Income	226	1,523	240	89	156	169	243	81	94	96	9
Gain on Sale of Businesses
Other Income, Net
Total Non-Operating Income	313	1,548	348	239	551	521	464	361	388	351	283
Income Before Provision for Income Taxes	3,834	4,903	1,626	2,819	2,751	2,338	2,834	2,753	2,365	1,930	2,025
Income Before Income Taxes
Provision for Income Taxes	1,052	835	786	636	587	527	566	566	1,371	474	555
Income Tax Expense
Consolidated Net Income	2,782	4,068	840	2,183	2,164	1,811	2,268	2,187	994	1,456	1,470
Consolidated Net Income
Net Income Attributable to Minority Interests and Other	114	122	105	32	33	22	8	46	-5	62	71
Less: Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Common Shareholders	2,668	3,946	735	2,151	2,131	1,789	2,260	2,141	999	1,394	1,399
Net Income Attributable to Cummins Inc.
Basic EPS	19.4	28.6	5.2	15.2	14.7	12.1	14.5	13.2	6	8.3	7.9
Diluted EPS	19.3	28.4	5.2	15.1	14.6	12	14.5	13.2	6	8.2	7.8
Basic Weighted Average Shares Outstanding	137.7	138.2	141.7	141.5	144.6	148.2	155.4	162.2	166.7	169	178
Total Shares Outstanding	138	137.4	141.8	141.3	142.5	147.7	150.7	157.6	165.2	167.5	174.3
Diluted Weighted Average Shares Outstanding	138.5	139.1	142.7	142.3	145.9	149	156.1	162.8	167.3	169.3	178.4
EBITDA	5,040	4,815	2,785	3,713	3,368	2,942	3,372	3,397	2,917	2,410	2,571
Effective Tax Rate	27.4%	17%	48.3%	22.6%	21.3%	22.5%	20%	20.6%	58%	24.6%	27.4%