What is Cummins's R&D?

Cummins (CMI) reported R&D of $358M in Q1 2026.

How has Cummins's R&D changed year-over-year?

Cummins's R&D increased by 4.1% year-over-year, from $344M to $358M.

What is the long-term trend for Cummins's R&D?

Over 4 years (2021 to 2025), Cummins's R&D has grown at a 6.4% compound annual growth rate (CAGR), from $1.09B to $1.4B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Cummins CMI R&D

R&D at other companies

BeldenBDC

$30.09M+5.9%

Cabot CorporationCBT

$14M-6.7%

Envista Holdings CorporationNVST

$30M+18.6%

VontierVNT

$41.4M+3.0%

Archer AviationACHR

$171.7M+65.6%

Kiniksa Pharmaceuticals International, plcKNSA

$27.48M+42.2%

Segments

By segment

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Engine$164M+5.8%

Components$81M+8.0%

Power Systems$66M+15.8%

Accelera$32M-25.6%

Distribution$15M+7.1%

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

See full

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

See full

Market cap$100.4B+132%

Enterprise value$105.81B+120%

P/E36×+21.0×

P/S3×+1.7×

Profitability

See full

Gross margin25.4%+0.1pp

Operating margin11.3%-0.4pp

Net margin8.2%-0.3pp

FCF margin7.9%+7.9pp

Returns & leverage

See full

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 R&D?: Cummins (CMI) reported R&D of $358M in Q1 2026.
How has Cummins's R&D changed year-over-year?: Cummins's R&D increased by 4.1% year-over-year, from $344M to $358M.
What is the long-term trend for Cummins's R&D?: Over 4 years (2021 to 2025), Cummins's R&D has grown at a 6.4% compound annual growth rate (CAGR), from $1.09B to $1.4B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.