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Cummins CMI Operating margin

Operating margin at other companies

Caterpillar logo
CaterpillarCAT
16.5%-2.7pp
Wabtec logo
WabtecWAB
16%0.0pp
TransDigm Group logo
TransDigm GroupTDG
46.5%+0.7pp
Howmet Aerospace logo
Howmet AerospaceHWM
26.7%+3.4pp
ITT logo
ITTITT
15.9%-2.8pp
Quanta Services logo
Quanta ServicesPWR
5.7%-0.1pp

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$99.05B+72.5%
Enterprise value$104.46B+66.2%
P/E35.5×+15.7×
P/S2.9×+1.2×

Profitability

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Gross margin25.4%+0.1pp
Net margin8.2%-0.3pp

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

Calculated from Cummins’s reported figures.

Based on trailing twelve months.

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 operating margin?
Cummins (CMI) reported operating margin of 11.3% in Q1 2026.
How has Cummins's operating margin changed year-over-year?
Cummins's operating margin decreased by 3.1% year-over-year, from 11.7% to 11.3%.
What is the long-term trend for Cummins's operating margin?
Over 2 years (2021 to 2025), Cummins's operating margin has grown at a 0.6% compound annual growth rate (CAGR), from 47.1% to 47.7%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.