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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
cumminslogoa02.jpg
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report:  May 5, 2025

 
  CUMMINS INC.
(Exact name of registrant as specified in its charter)
Indiana 1-4949 35-0257090
(State or other Jurisdiction of
Incorporation)
 (Commission File Number)
 (I.R.S. Employer Identification No.)

500 Jackson Street
P. O. Box 3005
Columbus, Indiana  47202-3005
(Principal Executive Office)  (Zip Code)

Registrant's telephone number, including area code: (812) 377-5000
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Sections 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, $2.50 par value CMI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.
 
On May 5, 2025, Cummins Inc. (“Cummins,” “the Company,” “the registrant,” “we,” “our,” or “us”) issued the attached press release reporting its financial results for the first quarter of 2025, which is furnished herewith as Exhibit 99.

The information furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.


Item 9.01. Financial Statements and Exhibits.
 
(d)Exhibits. - The exhibit below is furnished herewith:

Exhibit Index
Exhibit No. Description
Exhibit 104 Cover Page Interactive Data File (the cover page Interactive Data File is embedded within the Inline XBRL document)


SIGNATURE

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: May 5, 2025

 
CUMMINS INC.
 /s/ LUTHER E. PETERS
Luther E. Peters
Vice President - Controller
(Principal Accounting Officer)



EX-99 2 cmi2025q18-kex99.htm EX-99 Document

EXHIBIT 99

earningsreleasea06.jpg
May 5, 2025

Cummins Reports First Quarter 2025 Results

•First quarter revenues of $8.2 billion; GAAP1 Net Income of $824 million, or 10.1% of sales
•EBITDA in the first quarter was 17.9% of sales; Diluted EPS of $5.96

COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for the first quarter of 2025.

“The company delivered strong financial results in the first quarter of 2025 led by record performance in our Power Systems Segment,” said Jennifer Rumsey, Chair and CEO. “I want to thank our global employees for their commitment to delivering for our customers in an increasingly challenging environment. Due to growing economic uncertainty driven by tariffs we have withdrawn our full year forecast.”

First quarter revenues of $8.2 billion decreased 3% from the same quarter in 2024. Sales in North America decreased 1%, and international revenues decreased 5% due to lower demand in Latin America and Asia Pacific, partially offset by higher sales in China.

Net income attributable to Cummins in the first quarter was $824 million, or $5.96 per diluted share, compared to $2.0 billion, or $14.03 per diluted share, in 2024. The first quarter of 2024 included the gain related to the separation of Atmus, net of transaction costs and other expenses, of $1.3 billion, or $9.08 per diluted share, and restructuring expenses of $29 million, or $0.15 per diluted share.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter were $1.5 billion, or 17.9% of sales, compared to $2.6 billion, or 30.6% of sales, a year ago. EBITDA for the first quarter of 2024 included the gain and costs noted above.

2025 Outlook:

Due to growing economic uncertainty, the company is not providing an outlook for revenue or profitability for the remainder of 2025.

“While the outlook for the remainder of the year remains unclear, we remain confident in our position and that our Destination Zero strategy is the right one,” said Rumsey. “Cummins is in a strong position to navigate through economic uncertainty, and we look forward to reinstating our forecast when conditions allow.”

First Quarter 2025 Highlights:

•Cummins introduced the much-anticipated X10 as part of our Cummins HELM™ platforms. This engine replaces both the L9 and X12 engine platforms to deliver a new level of performance, durability and efficiency for heavy and medium-duty customers. Alongside the X15 and B Series, the X10 provides customers with a power solution to meet their unique operational requirements while maintaining the performance and reliability for which Cummins is known.

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•Cummins also unveiled the new Cummins B7.2 diesel engine that brings the latest technology and advancements to one of our most proven platforms. The new engine will feature a slightly higher displacement and is designed to be a global platform which creates flexibility for different applications and duty cycles. Both the B7.2 and X10 engines will be manufactured at Rocky Mount Engine Plant in North Carolina and will go into production in North America in 2027.

•In February, Cummins announced the acquisition of assets of First Mode, a leader in retrofit hybrid solutions for mining and rail operations. The acquisition included hybrid mining and rail product lines, and the full technology portfolio which includes hydrogen and battery powertrain solutions. This technology represents the first commercially available retrofit hybrid system for mining equipment, significantly reducing total cost of ownership (TCO) while advancing decarbonization in operations.

•Accelera™ by Cummins announced the supply of a 100-megawatt proton exchange membrane (PEM) electrolyzer system for bp’s Lingen green hydrogen project in Germany. The hydrogen-generation system will be the largest electrolyzer system assembled by Accelera to date and will be manufactured in Accelera’s new electrolyzer plant in Spain. Once fully commissioned in 2027, the 100 MW electrolyzer system will produce up to 11,000 tons of green hydrogen per year.


First quarter 2025 detail (all comparisons to same period in 2024):

Engine Segment

•Sales - $2.8 billion, down 5%
•Segment EBITDA - $458 million, or 16.5% of sales, compared to $414 million, or 14.1% of sales
•Revenues decreased 4% in North America and 11% in international markets due to lower on-highway demand in the United States and Latin America.

Components Segment

•Sales - $2.7 billion, down 20%
•Segment EBITDA - $382 million, or 14.3% of sales, compared to $473 million, or 14.2% of sales, which includes $21 million of costs related to the separation of Atmus
•Revenues in North America decreased by 20% and international sales decreased by 20% primarily due to the separation of Atmus and lower on-highway demand in the United States and Europe.

Distribution Segment

•Sales - $2.9 billion, up 15%
•Segment EBITDA - $376 million, or 12.9% of sales, compared to $294 million, or 11.6% of sales
•Revenues in North America increased 22% and international sales decreased by 1% primarily due to increased demand for power generation products in North America.

Power Systems Segment

•Sales - $1.6 billion, up 19%
•Segment EBITDA - $389 million, or 23.6% of sales, compared to $237 million, or 17.1% of sales
•Revenues in North America increased 15% and international sales increased 22% driven primarily by increased power generation demand, particularly for the data center market.





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Accelera Segment

•Sales - $103 million, up 11%
•Segment EBITDA loss - $86 million
•Revenues improved due to increased eMobility demand and electrolyzer installations. The company remains committed to pacing and focusing our zero emissions investments on the most promising paths in order to ensure we are set up for long-term success as part of our Destination Zero strategy. These continued investments contributed to the EBITDA losses.
1 Generally Accepted Accounting Principles
About Cummins Inc.
Cummins Inc., a global power solutions leader, is comprised of five business segments – Engine, Components, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company’s commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 69,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment, and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $3.9 billion on sales of $34.1 billion in 2024. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into the Settlement Agreements, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology (IT) environment and data security; the use of artificial intelligence in our business and in our products and challenges with properly managing its use; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2024 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website.
Presentation of Non-GAAP Financial Information
EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release, except for forward-looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from the non-GAAP outlook measure. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units.
Webcast information
Cummins management will host a teleconference to discuss these results today at 10 a.m. EDT. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at www.cummins.com. Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference.

4


CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited) (a)

Three months ended
  March 31,
In millions, except per share amounts 2025 2024
NET SALES $ 8,174  $ 8,403 
Cost of sales 6,019  6,362 
GROSS MARGIN 2,155  2,041 
OPERATING EXPENSES AND INCOME    
Selling, general and administrative expenses 771  839 
Research, development and engineering expenses 344  369 
Equity, royalty and interest income from investees 131  123 
Other operating expense, net 37  33 
OPERATING INCOME 1,134  923 
Interest expense 77  89 
Other income, net 60  1,387 
INCOME BEFORE INCOME TAXES 1,117  2,221 
Income tax expense 267  193 
CONSOLIDATED NET INCOME 850  2,028 
Less: Net income attributable to noncontrolling interests 26  35 
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 824  $ 1,993 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.  
Basic $ 5.99  $ 14.10 
Diluted $ 5.96  $ 14.03 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING    
Basic 137.6  141.3 
Diluted 138.3  142.1 
(a)  Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.








5


CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (a)
In millions, except par value March 31,
2025
December 31,
2024
ASSETS    
Current assets    
Cash and cash equivalents $ 1,532  $ 1,671 
Marketable securities 626  593 
Total cash, cash equivalents and marketable securities 2,158  2,264 
Accounts and notes receivable, net 5,680  5,181 
Inventories 6,123  5,742 
Prepaid expenses and other current assets 1,579  1,565 
Total current assets 15,540  14,752 
Long-term assets    
Property, plant and equipment, net 6,407  6,356 
Investments and advances related to equity method investees 1,990  1,889 
Goodwill 2,397  2,370 
Other intangible assets, net 2,401  2,351 
Pension assets 1,150  1,189 
Other assets 2,646  2,633 
Total assets $ 32,531  $ 31,540 
LIABILITIES    
Current liabilities    
Accounts payable (principally trade) $ 4,311  $ 3,951 
Loans payable 291  356 
Commercial paper 1,740  1,259 
Current maturities of long-term debt 661  660 
Accrued compensation, benefits and retirement costs 523  1,084 
Current portion of accrued product warranty 685  679 
Current portion of deferred revenue 1,506  1,347 
Other accrued expenses 1,858  1,898 
Total current liabilities 11,575  11,234 
Long-term liabilities    
Long-term debt 4,796  4,784 
Deferred revenue 1,053  1,065 
Other liabilities 3,136  3,149 
Total liabilities $ 20,560  $ 20,232 
EQUITY
Cummins Inc. shareholders’ equity    
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued $ 2,600  $ 2,636 
Retained earnings 21,401  20,828 
Treasury stock, at cost, 84.8 and 85.1 shares
(10,711) (10,748)
Accumulated other comprehensive loss (2,366) (2,445)
Total Cummins Inc. shareholders’ equity 10,924  10,271 
Noncontrolling interests 1,047  1,037 
Total equity $ 11,971  $ 11,308 
Total liabilities and equity $ 32,531  $ 31,540 
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.


6

CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (a)
  Three months ended
March 31,
In millions 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income $ 850  $ 2,028 
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities  
Gain related to divestiture of Atmus —  (1,333)
Depreciation and amortization 269  265 
Deferred income taxes (25) (38)
Equity in income of investees, net of dividends (70) (78)
Pension and OPEB expense 19 
Pension contributions and OPEB payments (13) (48)
Changes in current assets and liabilities, net of acquisitions and divestiture
Accounts and notes receivable (457) (11)
Inventories (331) (354)
Other current assets (36) (175)
Accounts payable 330  327 
Accrued expenses (487) (393)
Other, net (52) 77 
Net cash (used in) provided by operating activities (3) 276 
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (162) (169)
Investments in and net advances to equity investees (60) (3)
Acquisition of businesses, net of cash acquired (12) (59)
Investments in marketable securities—acquisitions (457) (379)
Investments in marketable securities—liquidations 432  431 
Cash associated with Atmus divestiture —  (174)
Other, net 13  (53)
Net cash used in investing activities (246) (406)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 52  2,398 
Net borrowings (payments) of commercial paper 481  (887)
Payments on borrowings and finance lease obligations (144) (748)
Dividend payments on common stock (251) (239)
Other, net (46) (25)
Net cash provided by financing activities 92  499 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 18  (7)
Net (decrease) increase in cash and cash equivalents (139) 362 
Cash and cash equivalents at beginning of year 1,671  2,179 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,532  $ 2,541 
(a)  Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.
7

CUMMINS INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
In millions Engine Components Distribution Power Systems Accelera Total Segments
Intersegment Eliminations (1)
Total
Three months ended March 31, 2025
External sales $ 2,040 $ 2,270 $ 2,902 $ 872 $ 90  $ 8,174 $ —  $ 8,174
Intersegment sales 731 400 5 777 13  1,926 (1,926)
Total sales 2,771 2,670 2,907 1,649 103  10,100 (1,926) 8,174
Research, development and engineering expenses 155 75 14 57 43  344 —  344
Equity, royalty and interest income (loss) from investees 73 7 28 29 (6) 131 —  131
Interest income 10 7 5 4 —  26 —  26
EBITDA (2)
458 382 376 389 (86) 1,519 (59) 1,460
Depreciation and amortization (3)
67 122 32 33 12  266 —  266
EBITDA as a percentage of total sales 16.5% 14.3% 12.9  % 23.6  % NM 15.0  % 17.9  %
Three months ended March 31, 2024
External sales $ 2,240 $ 2,842 $ 2,529 $ 708 $ 84  $ 8,403 $ —  $ 8,403
Intersegment sales 688 490 6 681 1,874 (1,874)
Total sales 2,928 3,332 2,535 1,389 93  10,277 (1,874) 8,403
Research, development and engineering expenses 154 84 14 60 55  367 369
Equity, royalty and interest income (loss) from investees 57 26 24 19 (3) 123 —  123
Interest income 7 8 11 3 —  29 —  29
EBITDA (2)
414 473
(4)
294 237 (101) 1,317 1,255  2,572
Depreciation and amortization (3)
58 125 31 34 14  262 —  262
EBITDA as a percentage of total sales 14.1  % 14.2  % 11.6  % 17.1  % NM 12.8  % 30.6  %
(1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended March 31, 2025. The three months ended March 31, 2024, included a $1.3 billion gain related to the divestiture of Atmus and $14 million of costs associated with the divestiture of Atmus.
(2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors.
(3) Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as interest expense. The amortization of debt discount and deferred costs was $3 million and $3 million for the three months ended March 31, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses.
(4) Included $21 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2024.
8


CUMMINS INC. AND SUBSIDIARIES
SELECT FOOTNOTE DATA
(Unaudited)


EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting periods was as follows:
Three months ended
  March 31,
In millions 2025 2024
Manufacturing entities
Chongqing Cummins Engine Company, Ltd. $ 23  $ 15 
Dongfeng Cummins Engine Company, Ltd. 20  22 
Beijing Foton Cummins Engine Co., Ltd. 15  13 
Tata Cummins, Ltd. 10 

All other manufacturers 23 
Distribution entities
Komatsu Cummins Chile, Ltda. 14  13 
All other distributors
Cummins share of net income 97  100 
Royalty and interest income 34  23 
Equity, royalty and interest income from investees $ 131  $ 123 
INCOME TAXES
Our effective tax rate for 2025, excluding discrete items, is expected to approximate 24.5 percent.
Our effective tax rates for the three months ended March 31, 2025 and 2024, were 23.9 percent and 8.7 percent, respectively.
The three months ended March 31, 2025, contained net favorable discrete tax items of $7 million, or $0.05 per diluted share, primarily due to $8 million of favorable share-based compensation tax benefits, partially offset by $1 million of other unfavorable tax items.
The three months ended March 31, 2024, contained favorable discrete tax items primarily due to the $1.3 billion non-taxable gain on the Atmus split-off. Other discrete tax items were $21 million favorable primarily due to adjustments related to audit settlements.
9


CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)

Reconciliation of Non GAAP measures - Earnings before interest, income taxes, depreciation and amortization and noncontrolling interests (EBITDA)
We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. We believe EBITDA excluding special items is a useful measure of our operating performance without regard to the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions. This statement excludes forward looking measures of EBITDA where a reconciliation to the corresponding accounting principles generally accepted in the United States (GAAP) measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non-GAAP outlook measure.
EBITDA is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data; however, the amounts included in the EBITDA calculation are derived from amounts included in the Condensed Consolidated Statements of Net Income. Below is a reconciliation of net income attributable to Cummins Inc. to EBITDA for each of the applicable periods:
Three months ended
  March 31,
In millions 2025 2024
Net income attributable to Cummins Inc. $ 824  $ 1,993 
Net income attributable to Cummins Inc., as a percentage of net sales 10.1  % 23.7  %
Add:
Net income attributable to noncontrolling interests 26  35 
Consolidated net income 850  2,028 
Add:
Interest expense 77  89 
Income tax expense 267  193 
Depreciation and amortization 266  262 
EBITDA $ 1,460  $ 2,572 
EBITDA, as a percentage of net sales 17.9  % 30.6  %
Less:
Gain related to the divestiture of Atmus —  1,333 
Add:
Atmus divestiture costs —  35 
Restructuring actions —  29 
EBITDA, excluding the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions $ 1,460  $ 1,303 
EBITDA, excluding the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions, as a percentage of net sales 17.9  % 15.5  %
10


CUMMINS INC. AND SUBSIDIARIES
SEGMENT SALES DATA
(Unaudited)
Engine Segment Sales by Market and Unit Shipments by Engine Classification
Sales for our Engine segment by market were as follows:
2025          
In millions Q1 Q2 Q3 Q4 YTD
Heavy-duty truck $ 921  $ —  $ —  $ —  $ 921 
Medium-duty truck and bus 986  —  —  —  986 
Light-duty automotive 421  —  —  —  421 
Off-highway 443  —  —  —  443 
Total sales $ 2,771  $ —  $ —  $ —  $ 2,771 
2024          
In millions Q1 Q2 Q3 Q4 YTD
Heavy-duty truck $ 1,059  $ 1,184  $ 1,021  $ 980  $ 4,244 
Medium-duty truck and bus 995  1,074  1,073  1,024  4,166 
Light-duty automotive 438  461  395  301  1,595 
Off-highway 436  432  424  415  1,707 
Total sales $ 2,928  $ 3,151  $ 2,913  $ 2,720  $ 11,712 
Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows:
2025 Units Q1 Q2 Q3 Q4 YTD Heavy-duty 26,700 — — — 26,700 Medium-duty 75,200 — — — 75,200 Light-duty 39,100 — — — 39,100 Total units 141,000 — — — 141,000 2024 Units Q1 Q2 Q3 Q4 YTD Heavy-duty 33,600 37,500 32,400 29,400 132,900 Medium-duty 75,800 79,600 79,200 75,700 310,300 Light-duty 54,800 57,200 41,400 36,000 189,400 Total units 164,200 174,300 153,000 141,100 632,600 Sales for our Components segment by business were as follows:











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Components Segment Sales by Business
2025          
In millions Q1 Q2 Q3 Q4 YTD
Drivetrain and braking systems $ 1,056  $ —  $ —  $ —  $ 1,056 
Emission solutions 902  —  —  —  902 
Components and software 595  —  —  —  595 
Automated transmissions 117  —  —  —  117 
Total sales $ 2,670  $ —  $ —  $ —  $ 2,670 
2024          
In millions Q1 Q2 Q3 Q4 YTD
Drivetrain and braking systems $ 1,232  $ 1,256  $ 1,131  $ 1,114  $ 4,733 
Emission solutions 971  941  864  825  3,601 
Components and software 611  623  581  589  2,404 
Automated transmissions 165  162  148  113  588 
Atmus (1)
353  —  —  —  353 
Total sales $ 3,332  $ 2,982  $ 2,724  $ 2,641  $ 11,679 
 (1) Included sales through the March 18, 2024, divestiture.
Distribution Segment Sales by Product Line
Sales for our Distribution segment by product line were as follows:
2025 In millions Q1 Q2 Q3 Q4 YTD Power generation $ 1,090 $ — $ — $ — $ 1,090 Parts 1,031 — — — 1,031 Service 416 — — — 416 Engines 370 — — — 370 Total sales $ 2,907 $ — $ — $ — $ 2,907 2024 In millions Q1 Q2 Q3 Q4 YTD Power generation $ 707 $ 954 $ 1,091 $ 1,220 $ 3,972 Parts 1,001 990 1,004 985 3,980 Service 406 448 455 444 1,753 Engines 421 437 402 419 1,679 Total sales $ 2,535 $ 2,829 $ 2,952 $ 3,068 $ 11,384 Sales for our Power Systems segment by product line were as follows:
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Power Systems Segment Sales by Product Line and Unit Shipments by Engine Classification
2025          
In millions Q1 Q2 Q3 Q4 YTD
Power generation $ 1,001  $ —  $ —  $ —  $ 1,001 
Industrial 498  —  —  —  498 
Generator technologies 150  —  —  —  150 
Total sales $ 1,649  $ —  $ —  $ —  $ 1,649 
2024          
In millions Q1 Q2 Q3 Q4 YTD
Power generation $ 853  $ 987  $ 1,055  $ 1,090  $ 3,985 
Industrial 420  478  508  526  1,932 
Generator technologies 116  124  124  127  491 
Total sales $ 1,389  $ 1,589  $ 1,687  $ 1,743  $ 6,408 
High-horsepower unit shipments by engine classification were as follows:
2025          
Units Q1 Q2 Q3 Q4 YTD
Power generation 2,600  —  —  —  2,600 
Industrial 1,300  —  —  —  1,300 
Total units 3,900  —  —  —  3,900 
2024          
Units Q1 Q2 Q3 Q4 YTD
Power generation 3,000  3,700  2,900  3,200  12,800 
Industrial 1,300  1,500  1,700  1,700  6,200 
Total units 4,300  5,200  4,600  4,900  19,000 

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