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Cummins CMI Power Systems — Research and Development Expense

Other segment segments

Engine
$164M+5.8%
Components
$81M+8.0%
Accelera
$32M-25.6%
Distribution
$15M+7.1%

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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 power systems — research and development expense?
Cummins (CMI) reported power systems — research and development expense of $66M in Q1 2026.
How has Cummins's power systems — research and development expense changed year-over-year?
Cummins's power systems — research and development expense increased by 15.8% year-over-year, from $57M to $66M.
What is the long-term trend for Cummins's power systems — research and development expense?
Over 4 years (2021 to 2025), Cummins's power systems — research and development expense has grown at a 2.0% compound annual growth rate (CAGR), from $234M to $253M.
What does power systems — research and development expense mean?
Captures the investment made by the Power Systems segment into the design, development, and improvement of engines, power generation products, and related technologies. This spending is critical for maintaining competitive advantage, meeting emission standards, and driving future product innovation. High levels of investment reflect a commitment to long-term growth and technological leadership.