Cummins (CMI) 10-K Summary — Year Ended Dec 31, 2023
Cummins Inc. is a global power leader that designs, manufactures, and services diesel, natural gas, electric, and hybrid powertrains and related components. The filing reports annual revenue, operating income, net income, and operating cash flow for the period ended December 31, 2023.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Cummins Inc. is a global power leader that designs, manufactures, and services diesel, natural gas, electric, and hybrid powertrains and related components. The filing reports annual revenue, operating income, net income, and operating cash flow for the period ended December 31, 2023.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$34.1B
Revenue reported for the fiscal year.
Operating income
$1.8B
Income from operations reported for the year.
Net income
$840M
Net income reported for the year.
Operating cash flow
$4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $24B | n/a |
| Dec 31, 2022 | $28.1B | +16.9% |
| Dec 31, 2023 | $34.1B | +21.3% |
Business overview
Cummins designs, manufactures, distributes, and services diesel, natural gas, electric, and hybrid powertrains along with components such as filtration, aftertreatment, turbochargers, fuel systems, and brakes. It sells to OEMs, distributors, and dealers worldwide through a network of about 450 wholly-owned, joint venture, and independent distributor locations and over 19,000 certified dealer locations in approximately 190 countries. The company completed the acquisition of Meritor in August 2022, integrating its axles and brakes business into the Components segment and its electric powertrain into the Accelera segment.
Financial performance
Revenue increased from the prior year, and operating income and net income were reported for the period. Operating cash flow was also disclosed. The trend shows revenue growth over the last two years.
Material risks
The company faces risks from extensive statutory and regulatory requirements worldwide that impose standards on emissions and noise. Compliance with these evolving standards is essential to maintaining its leadership position in regulated markets. Forward-looking statements in the filing are based on current expectations and assumptions about the industries in which Cummins operates.
Liquidity and capital
The filing references a liquidity and capital resources section within Management's Discussion and Analysis for additional information, but no specific capital allocation themes are detailed in the supplied context.
What to watch
Monitor the company's ability to comply with evolving global emissions and noise regulations, as this is essential to maintaining its leadership in regulated markets.