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Cummins CMI Distribution — Research and Development Expense

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Other financials

Income statement

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Revenue$8.4B+2.7%
Gross profit$2.2B+4.1%
Operating income$949.0M-16.3%
Net income$680.0M-20.0%
EPS (diluted)$4.71-21.0%

Balance sheet

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Cash & equivalents$2.6B+70.6%
Total debt$8.0B+25.0%
Total equity$12.4B+13.1%
Total assets$34.4B+5.9%

Cash flow

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Operating cash flow$309.0M+10,400%
CapEx$189.0M+16.7%
Free cash flow$120.0M+173%

Valuation

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Market cap$91.71B+79.6%
Enterprise value$97.13B+69.8%
P/E32.9×+16.3×
P/S2.7×+1.2×

Profitability

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Gross margin25.4%+0.1pp
Operating margin11.3%-0.4pp
Net margin8.2%-0.3pp
FCF margin7.9%+7.9pp

Returns & leverage

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Return on equity23.9%-5.0pp
Debt / equity0.6×+0.1×
Current ratio1.7×+0.4×

Where this comes from

Reported directly by Cummins in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Cummins’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cummins's distribution — research and development expense?
Cummins (CMI) reported distribution — research and development expense of $15M in Q1 2026.
How has Cummins's distribution — research and development expense changed year-over-year?
Cummins's distribution — research and development expense increased by 7.1% year-over-year, from $14M to $15M.
What is the long-term trend for Cummins's distribution — research and development expense?
Over 4 years (2021 to 2025), Cummins's distribution — research and development expense has grown at a 2.5% compound annual growth rate (CAGR), from $48M to $53M.
What does distribution — research and development expense mean?
Includes expenditures dedicated to the innovation, design, and improvement of distribution processes, service technologies, or localized product adaptations. This reflects the segment's commitment to maintaining a competitive edge through technical advancement.