CUMMINS INC FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $33.7B |
| Gross margin | 25.3% |
| Operating income | $4.0B |
| Net income | — not reported |
| Diluted EPS | $20.50 |
| Cash & equivalents | — not reported |
| Total assets | $34.0B |
| Long-term debt | $6.8B |
Key takeaway
2025 net sales declined 1% to $33.7 billion, with weaker North American heavy- and medium-duty truck demand offsetting strength in power generation, especially data centers and China.
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Beneath the surface
Despite $6.8 billion in long-term debt, Cummins holds $3.6 billion in cash and marketable securities plus $354 million commercial paper offset, leaving a substantial net debt position that isn't obvious from headline debt alone.
🔒 3 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for CMI.
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