What is the primary revenue source for Cummins (CMI)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CMI's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Cummins's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Cummins Makes Money: CMI Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Watch

Revenue grew while operating profit fell, so growth did not translate into better earnings.

Operating margin declined by 1.56 percentage points year over year.

Revenue: USD 17.86B
Largest revenue segment share (DBU - Power Generation): 14.83%
Cost of revenue: USD 13.15B
Selling, general and administrative: USD 1.74B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet sales (notes 1 and 2) · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales · CostOfRevenue
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (DBU - Power Generation)DBU - Power Generation · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 7.01B
Inventory: USD 6.40B
Cash and cash equivalents: USD 3.18B
Total liabilities: USD 21.72B
Shareholder equity: USD 13.91B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories (note 7) · InventoryNet
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 114% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.59B
Operating cash flow: USD 1.81B
Cash conversion: 114.00%
Free cash flow: USD 1.37B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeProfitLoss - NetIncomeLossAttributableToNoncontrollingInterest
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 552.00M
Share repurchases: USD 468.00M
Net shareholder return: USD 1.02B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?