Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.5B | $20.4B | $23.8B | $23.6B | $19.8B | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Revenue growth | — | 16.7% | 16.4% | -0.8% | -16.0% | 21.3% | 16.9% | 21.3% | 0.1% | -1.3% |
| Gross profit | $4.46B | $5.10B | $5.74B | $5.98B | $4.89B | $5.70B | $6.72B | $8.25B | $8.44B | $8.52B |
| Gross margin | 25.5% | 25.0% | 24.1% | 25.4% | 24.7% | 23.7% | 23.9% | 24.2% | 24.7% | 25.3% |
| Operating income | $1.88B | $2.33B | $2.79B | $2.70B | $2.27B | $2.71B | $2.93B | $1.76B | $3.75B | $4.03B |
| Operating margin | 10.7% | 11.4% | 11.7% | 11.5% | 11.5% | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% |
| Net income | $1.46B | $994M | $2.19B | $2.27B | $1.81B | $2.16B | $2.18B | $840M | $4.07B | $2.96B |
| Net margin | 8.3% | 4.9% | 9.2% | 9.6% | 9.1% | 9.0% | 7.8% | 2.5% | 11.9% | 8.8% |
| EPS (diluted) | $8.23 | $5.97 | $13.15 | $14.48 | $12.01 | $14.61 | $15.12 | $5.15 | $28.37 | $20.50 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.94B | $2.28B | $2.38B | $3.18B | $2.72B | $2.26B | $1.96B | $3.97B | $1.49B | $3.62B |
| Capital expenditures | $531M | $506M | $709M | $700M | $528M | $734M | $916M | $1.21B | $1.21B | $1.24B |
| Free cash flow | $1.41B | $1.77B | $1.67B | $2.48B | $2.19B | $1.52B | $1.05B | $2.75B | $279M | $2.39B |
| Share buybacks | $778M | $451M | $1.14B | $1.27B | $641M | $1.40B | $374M | $0.00 | $0.00 | — |
| Dividends paid | $676M | $701M | $718M | $761M | $782M | $809M | $855M | $921M | $969M | $1.05B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.12B | $1.37B | $1.30B | $1.13B | $3.40B | $2.59B | $2.10B | $2.18B | $1.67B | $2.85B |
| Total assets | $15.0B | $18.1B | $19.1B | $19.7B | $22.6B | $23.7B | $30.3B | $32.0B | $31.5B | $34.0B |
| Total liabilities | $7.84B | $9.91B | $10.8B | $11.3B | $13.6B | $14.3B | $20.1B | $22.1B | $20.2B | $20.6B |
| Shareholders' equity | $6.88B | $7.26B | $7.35B | $7.51B | $8.06B | $8.15B | $8.97B | $8.85B | $10.3B | $12.3B |
| Retained earnings | $11.0B | $11.5B | $12.9B | $14.4B | $15.4B | $16.7B | $18.0B | $17.9B | $20.8B | $22.6B |
| Shares (wtd avg diluted) | 169M | 167M | 163M | 156M | 149M | 146M | 142M | 143M | 139M | 139M |
Every figure is extracted from CUMMINS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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