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Cummins CMI Engine — Research and Development Expense

Other segment segments

Components
$81M+8.0%
Power Systems
$66M+15.8%
Accelera
$32M-25.6%
Distribution
$15M+7.1%

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THRMAutomotive Segments — 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 engine — research and development expense?
Cummins (CMI) reported engine — research and development expense of $164M in Q1 2026.
How has Cummins's engine — research and development expense changed year-over-year?
Cummins's engine — research and development expense increased by 5.8% year-over-year, from $155M to $164M.
What is the long-term trend for Cummins's engine — research and development expense?
Over 4 years (2021 to 2025), Cummins's engine — research and development expense has grown at a 11.8% compound annual growth rate (CAGR), from $399M to $624M.
What does engine — research and development expense mean?
This captures the investment made by the Engine segment into the design, testing, and improvement of engine technologies and powertrain components. It reflects the company's commitment to innovation, regulatory compliance, and maintaining a competitive edge in engine performance and emissions standards.