Cummins Inc. Comprehensive Company Profile History

Cummins Inc. stands as a global leader in the design, manufacture, and distribution of advanced power solutions, delivering innovative technologies that power industries and communities worldwide. Headquartered in Columbus, Indiana, Cummins has built a legacy of excellence over its century-long history, evolving from a diesel engine pioneer to a diversified provider of diesel, alternative fuel, and zero-emission power systems. With a workforce of approximately 70,000 employees and a presence in over 190 countries, the company is committed to sustainability, operational excellence, and community impact through its Destination Zero strategy.

Company Profile

Cummins Inc. is a publicly traded corporation listed on the New York Stock Exchange (NYSE: CMI), recognized for its leadership in power generation, engine manufacturing, and zero-emission technologies. Founded in 1919, the company has grown into a global enterprise with a diversified portfolio that serves industries such as automotive, construction, mining, marine, and energy. Its mission is to power a more sustainable world by delivering innovative solutions that meet the energy needs of today while preparing for a decarbonized future.

The company’s operations are guided by a commitment to environmental stewardship, robust corporate governance, and social responsibility. Cummins’ Destination Zero strategy is a cornerstone of its vision, aiming to achieve carbon neutrality through advancements in diesel efficiency, alternative fuels, and electrified power systems. In 2024, Cummins reported record revenues of $34.1 billion, reflecting its ability to navigate complex market dynamics and capitalize on growing demand for sustainable power solutions.

Cummins’ leadership, led by Chair and CEO Jennifer Rumsey, emphasizes innovation, cost discipline, and strategic investments to maintain a competitive edge. The company’s global workforce is supported by a culture of diversity, equity, and inclusion, with initiatives to empower employees and foster community engagement. Its operational footprint includes manufacturing facilities, research and development centers, and a vast distribution network, ensuring proximity to customers and markets worldwide.

Key highlights of Cummins’ 2024 performance include:

• Revenue Growth: Achieved $34.1 billion in sales, a slight increase from $34.065 billion in 2023, driven by strong demand in power generation and aftermarket services.
• Sustainability Leadership: Advanced the Destination Zero strategy with the launch of fuel-agnostic HELM™ engine platforms and investments in zero-emission technologies through the Accelera segment.
• Strategic Divestiture: Completed the initial public offering and separation of its Filtration business (Atmus Filtration Technologies) in March 2024, generating $1.987 billion in proceeds.
• Global Reach: Maintained a balanced revenue split, with 51% from North America ($17.4 billion) and 49% from international markets ($16.7 billion).

Cummins’ ability to adapt to market shifts, such as the energy transition and increasing demand for data center power, positions it as a resilient and forward-thinking organization. Its focus on operational efficiency, cost management, and technological innovation ensures long-term value creation for stakeholders.

Business Segments

Cummins Inc operates through five primary business segments, each playing a critical role in its diversified revenue stream. These segments—Engine, Power Systems, Components, Distribution, and Accelera—cater to distinct markets while leveraging synergies to deliver comprehensive power solutions. Below is an exhaustive breakdown of each segment, including their operations, market focus, and contributions to Cummins’ 2024 performance.

1. Engine Segment

The Engine segment is the backbone of Cummins’ operations, specializing in the design, manufacture, and marketing of diesel and alternative fuel engines for a wide range of applications. These engines power heavy-duty and medium-duty trucks, buses, and off-highway equipment used in construction, mining, marine, agriculture, and rail industries. In 2024, the segment introduced the Cummins HELM™ engine platforms, a groundbreaking innovation that allows customers to choose between advanced diesel, natural gas, or hydrogen fuels, ensuring flexibility in the energy transition.

• Products:
• HELM™ Platforms: Include the B-Series, X10, and X15 engines, designed for fuel efficiency and low emissions. The X15N natural gas engine, produced at the Jamestown, New York plant, entered full production in 2024, targeting heavy-duty trucking.
• Heavy-Duty Engines: Power trucks and industrial equipment with high torque and durability.
• Medium-Duty Engines: Serve delivery trucks, school buses, and urban transit applications.
• Off-Highway Engines: Support construction, mining, and marine equipment with robust performance.
• Market Focus:
• On-Highway: Supplies engines to major truck manufacturers like PACCAR Inc., which accounted for 16% of Cummins’ 2024 net sales ($5.4 billion).
• Off-Highway: Serves industries requiring high-performance engines for rugged environments.
• Global Reach: Strong presence in North America, with growing demand in India and other international markets.
• 2024 Performance:
• Despite weaker demand in North American heavy-duty truck markets, the segment maintained stable sales through its diversified customer base and the launch of HELM™ platforms.
• The X15N natural gas engine gained traction in sustainable trucking applications, aligning with regulatory trends favoring low-emission fuels.
• Strategic Initiatives:
• Expanded production capacity for natural gas engines to meet rising demand for alternative fuels.
• Invested in research and development to enhance engine efficiency and compliance with stringent emissions standards.

2. Power Systems Segment

The Power Systems segment designs and manufactures power generation systems, components, and services for standby, prime, and continuous power applications. Its products are critical for industries requiring reliable power, such as data centers, healthcare, and manufacturing. In 2024, the segment capitalized on surging demand for data center power, driven by the growth of artificial intelligence and cloud computing.

• Products:
• Centum™ Series Generator Sets: Powered by high-performance engines like the QSK50 and QSK78, these systems deliver up to 3.5 MW of power for critical applications.
• Diesel and Gas Generators: Range from small-scale units for residential use to large-scale systems for industrial facilities.
• Components: Include alternators, control systems, and transfer switches for integrated power solutions.
• Market Focus:
• Data Centers: A key growth area, with demand for high-capacity generators to support AI and cloud infrastructure.
• Industrial and Commercial: Supplies power for factories, hospitals, and office buildings.
• Residential: Provides standby generators for home use under the Onan brand.
• 2024 Performance:
• Achieved significant revenue growth due to strong demand in data centers and other critical applications.
• Expanded manufacturing capacity in the U.S., UK, and India to meet global demand, with a $200 million investment planned for 2025.
• Strategic Initiatives:
• Focused on developing fuel-efficient and low-emission generator sets to align with sustainability goals.
• Strengthened partnerships with data center operators to secure long-term contracts.

3. Components Segment

The Components segment produces critical engine and vehicle components, including turbochargers, aftertreatment systems, and fuel systems. Until March 2024, it also included the Filtration business (Atmus Filtration Technologies), which was divested through an IPO. The remaining components businesses continue to support Cummins’ engine platforms and external customers.

• Products:
• Turbochargers: Enhance engine power and efficiency through advanced air management.
• Aftertreatment Systems: Reduce emissions through catalytic converters and particulate filters.
• Fuel Systems: Optimize fuel delivery for diesel and alternative fuel engines, improving performance and economy.
• Market Focus:
• Internal Supply: Provides components for Cummins’ Engine and Power Systems segments.
• External Customers: Supplies components to other engine and vehicle manufacturers globally.
• Aftermarket: Offers replacement parts and upgrades through the Distribution network.
• 2024 Performance:
• Revenue contribution decreased following the Atmus divestiture, but the segment remained profitable due to strong demand for turbochargers and aftertreatment systems.
• Supported the launch of HELM™ platforms by supplying compatible components.
• Strategic Initiatives:
• Streamlined operations to focus on high-margin components post-divestiture.
• Invested in advanced manufacturing technologies to improve component quality and cost efficiency.

4. Distribution Segment

The Distribution segment manages Cummins’ global network of independent and company-owned distributors, providing aftermarket parts, service, and support. This segment ensures customers have access to genuine Cummins parts and expert maintenance, enhancing equipment reliability and longevity.

• Services:
• Parts Distribution: Supplies OEM parts for engines, generators, and components.
• Service and Maintenance: Offers repair, overhaul, and predictive maintenance services.
• Digital Solutions: Provides remote monitoring and analytics to optimize equipment performance.
• Market Focus:
• Global Customers: Serves end-users in automotive, industrial, and power generation markets.
• Aftermarket Growth: Capitalizes on the installed base of Cummins equipment to drive recurring revenue.
• Emerging Markets: Expands service networks in India, Africa, and Southeast Asia.
• 2024 Performance:
• Delivered strong revenue growth through aftermarket sales, offsetting weaker demand in on-highway markets.
• Enhanced digital capabilities to improve customer experience and operational efficiency.
• Strategic Initiatives:
• Expanded distribution centers in key markets to reduce lead times and improve service.
• Invested in training programs to upskill technicians and meet evolving customer needs.

5. Accelera Segment

The Accelera segment, formerly Cummins Electrified Power, is dedicated to zero-emission technologies, including battery-electric systems, hydrogen fuel cells, and hydrogen production solutions. Positioned as the engine for Cummins’ sustainability efforts, Accelera is a key pillar of the Destination Zero strategy.

• Products:
• Battery-Electric Powertrains: Designed for commercial and industrial applications, including electric trucks and equipment.
• Hydrogen Fuel Cells: Provide zero-emission power for heavy-duty vehicles and stationary applications.
• Battery Cell Production: Through Amplify Cell Technologies, a joint venture with Daimler Trucks, PACCAR, and EVE Energy, produces lithium-ion battery cells.
• Market Focus:
• Commercial Vehicles: Targets electric buses, trucks, and delivery vans in urban environments.
• Industrial Applications: Supplies fuel cells for mining, marine, and rail equipment.
• Energy Storage: Develops battery solutions for grid-scale and renewable energy integration.
• 2024 Performance:
• Recorded emerging revenue as adoption of zero-emission technologies grows, though the segment remains in the investment phase.
• Secured a major partnership to build a 21-gigawatt-hour battery cell factory in Mississippi, set to begin production in 2027.
• Strategic Initiatives:
• Streamlined operations to reduce costs and improve long-term profitability.
• Expanded R&D to accelerate the development of next-generation battery and fuel cell technologies.

Revenue Breakup (2024):

• Total Revenue: $34.1 billion
• North America: 51% ($17.4 billion, 1% increase from 2023)
• International: 49% ($16.7 billion, 1% decrease from 2023)
• Segment Contributions: While exact percentages are not provided, the Engine, Power Systems, and Distribution segments are primary drivers, with Components and Accelera contributing smaller but growing shares.

Company History

Cummins Inc.’s 100+ year history is a testament to its ability to innovate, adapt, and thrive in a rapidly changing world. Founded in 1919 in Columbus, Indiana, by Clessie Cummins and William G. Irwin, the company began as a small operation focused on diesel engine technology. Over the decades, it has grown into a global leader in power solutions, navigating economic challenges, technological shifts, and environmental imperatives. Below is a comprehensive timeline of Cummins’ evolution, highlighting key milestones and strategic developments.

• 1919: Founding and Early Years:
• Cummins was established by Clessie Cummins, a mechanic and inventor passionate about diesel engines, and William G. Irwin, a banker who provided financial backing. The company’s first product was a 6-horsepower diesel engine for agricultural use, leveraging Rudolf Diesel’s technology to offer superior efficiency and durability.
• Initial operations were modest, with a focus on local markets in Indiana. Clessie’s hands-on approach to engineering laid the groundwork for Cummins’ reputation for quality.
• 1920s: Building a Foundation:
• The company expanded its product line to include engines for automotive and industrial applications. Early challenges included limited market acceptance of diesel engines, which were less common than gasoline engines.
• Cummins invested in research to improve engine reliability, setting the stage for future growth. By the end of the decade, it had secured contracts with small truck manufacturers.
• 1930s: Surviving the Great Depression:
• Despite economic hardship, Cummins persevered by focusing on niche markets, such as delivery trucks and construction equipment. The introduction of the Model H engine in 1933 marked a breakthrough, offering high power output for heavy-duty applications.
• Clessie Cummins demonstrated the potential of diesel engines by setting land speed records, boosting the company’s visibility and credibility.
• 1940s: Wartime Contributions and Global Expansion:
• World War II was a pivotal period, with Cummins supplying diesel engines for military vehicles, ships, and generators. The company’s reliability in wartime applications earned it a strong reputation.
• Post-war, Cummins expanded into international markets, establishing manufacturing in the UK and licensing agreements in Europe and Asia. The NH engine series, introduced in the late 1940s, became a cornerstone for heavy-duty trucks.
• 1950s: Diversification and Innovation:
• Cummins diversified its portfolio to include power generation systems, laying the foundation for the Power Systems segment. The company also introduced turbocharging technology, enhancing engine performance.
• Manufacturing facilities expanded in the U.S., with new plants to meet growing demand for truck and industrial engines. The 1950s marked a period of rapid growth and market penetration.
• 1960s: Global Footprint and Technological Advancements:
• The company established a stronger presence in India, Brazil, and Australia, building plants to serve local markets. Joint ventures in India, such as with Kirloskar, strengthened Cummins’ position in Asia.
• Innovations like electronic fuel injection and advanced cooling systems improved engine efficiency, positioning Cummins as a leader in diesel technology.
• 1970s: Navigating Oil Crises and Emissions Regulations:
• The oil crises of the 1970s increased demand for fuel-efficient diesel engines, benefiting Cummins’ truck and industrial markets. The company introduced the K Series engines, known for their durability and versatility.
• Early emissions regulations prompted Cummins to invest in cleaner technologies, such as improved combustion and exhaust systems, setting the stage for future environmental leadership.
• 1980s: Market Leadership and Component Expansion:
• Cummins solidified its position as a leading supplier to the North American heavy-duty truck market, partnering with manufacturers like PACCAR and Navistar. The L10 engine, introduced in 1982, became a bestseller.
• The company expanded its Components business, acquiring fuel system and turbocharger manufacturers to integrate vertically and enhance its engine offerings.
• 1990s: Embracing Sustainability and Global Growth:
• Cummins focused on reducing emissions through advanced aftertreatment systems and cleaner fuels. The ISX engine series, launched in 1998, incorporated electronic controls for optimal performance.
• The company deepened its presence in China, forming joint ventures to produce engines locally. Investments in India and Latin America supported growth in emerging markets.
• 2000s: Diversification and Environmental Commitment:
• Cummins expanded its power generation business, capitalizing on demand for standby and reliable backup power. The Onan brand grew in residential and RV markets.
• The company launched initiatives to reduce greenhouse gas emissions, including hybrid powertrains and alternative fuel engines. The Components segment grew to include filtration and exhaust systems.
• 2010s: Zero-Emission Technologies and Digital Transformation:
• Cummins introduced its Electrified Power business (later Accelera) in 2017, focusing on battery-electric and fuel cell technologies. Early products included electric powertrains for urban buses.
• Digital solutions, such as remote monitoring and predictive maintenance, enhanced customer support. The company invested heavily in R&D to stay ahead of technological trends.
• 2020s: Destination Zero and Strategic Transformation:
• In 2021, Cummins launched the Destination Zero strategy, aiming for carbon neutrality by 2050. The strategy emphasizes fuel-agnostic engines, electrified power, and hydrogen solutions.
• In 2024, the company introduced the HELM™ platforms, offering diesel, natural gas, and hydrogen options. The divestiture of Atmus Filtration Technologies streamlined operations.
• Partnerships like Amplify Cell Technologies and investments in hydrogen production positioned Cummins as a leader in the energy transition.

Cummins’ history reflects a relentless pursuit of innovation, resilience in the face of challenges, and a commitment to sustainability, making it a trusted name in power solutions.

Products and Services

Cummins offers a comprehensive portfolio of products and services, addressing the needs of diverse industries with a focus on reliability, efficiency, and sustainability. Its offerings span diesel and alternative fuel engines, power generation systems, components, electrified power solutions, and aftermarket services. Below is an exhaustive list with detailed descriptions:

1. Diesel and Alternative Fuel Engines

• HELM™ Engine Platforms:
• B-Series: Compact engines for medium-duty trucks, buses, and industrial equipment. Supports diesel, natural gas, and hydrogen, offering flexibility for urban and rural applications.
• X10: Mid-range engines for heavy-duty trucks and off-highway equipment, balancing power and efficiency.
• X15 and X15N: High-performance engines for long-haul trucking and industrial use. The X15N natural gas engine, produced in Jamestown, New York, is designed for low-emission heavy-duty applications.
• Other Engines:
• L9 and ISX12: Serve medium- and heavy-duty trucks, buses, and vocational equipment with advanced fuel efficiency.
• QSK Series: High-horsepower engines for mining, marine, and rail applications, known for durability in harsh environments.
• Applications:
• Automotive: Powers trucks, buses, and delivery vans for on-highway use.
• Industrial: Supports construction, agriculture, and mining equipment.
• Marine: Provides propulsion and auxiliary power for commercial and recreational boats.

2. Power Generation Systems

• Centum™ Series Generator Sets:
• Powered by QSK50 and QSK78 engines, delivering up to 3.5 MW for critical applications like data centers, hospitals, and manufacturing plants.
• Features include high efficiency, low emissions, and advanced control systems for seamless power delivery.
• Diesel and Gas Generators:
• Range from 5 kW residential units to 3,500 kW industrial systems.
• Available in standby, prime, and continuous configurations to meet diverse power needs.
• Onan Generators:
• Compact units for RV, marine, and home standby applications, offering quiet operation and reliability.
• Components:
• Alternators: Convert mechanical energy to electrical power with high efficiency.
• Control Systems: Ensure seamless integration with grid and backup systems.
• Transfer Switches: Enable automatic switching between power sources.

3. Components

• Turbochargers:
• Holset Turbochargers: Enhance engine power by forcing air into combustion chambers, improving fuel efficiency and reducing emissions.
• Applications: Used in Cummins engines and supplied to external manufacturers.
• Aftertreatment Systems:
• Include selective catalytic reduction (SCR) systems and diesel particulate filters (DPF) to meet stringent emissions regulations.
• Applications: Integrated into Cummins engines and aftermarket upgrades for older equipment.
• Fuel Systems:
• Optimize fuel delivery with high-pressure injection systems for diesel and natural gas engines.
• Applications: Improve engine performance and fuel economy across automotive and industrial markets.

4. Electrified Power Solutions (Accelera)

• Battery-Electric Powertrains:
• Designed for electric buses, trucks, and delivery vans, offering zero-emission and low-emission mobility solutions.
• Features include modular battery packs and integrated power electronics for optimal range and performance.
• Hydrogen Fuel Cells:
• Provide zero-emission power for heavy-duty vehicles, mining equipment, and stationary generators.
• Scalable designs support applications from small-scale to large-scale power needs.
• Battery Cell Production:
• Through Amplify Cell Technologies, produces lithium-ion battery cells for commercial and industrial applications.
• The Mississippi factory, set to start production in 2027, will have a 21-gigawatt-hour capacity.

5. Aftermarket Services

• Parts Distribution:
• Supplies genuine Cummins parts for engines, generators, and components, ensuring compatibility and performance.
• Available through a global network of distributors and online platforms.
• Service and Maintenance:
• Offers routine maintenance, emergency repairs, and engine overhauls by certified technicians.
• Predictive maintenance programs use data analytics to prevent downtime.
• Digital Solutions:
• Remote monitoring tools track equipment health and performance in real-time.
• Telematics systems provide insights for fleet management and fuel efficiency.

Brands

Cummins Inc operates under several key brands, each representing distinct product lines or business units. These brands enhance Cummins’ market positioning and customer recognition across diverse industries. Below is a comprehensive list with detailed descriptions:

1. Cummins:

• The primary brand for engines, power generation systems, and components, known for reliability for durability, performance, and global reach.
• Represents the company’s legacy in diesel engines and its expansion into alternative fuels.

1. Accelera™ by Cummins:

• The brand for zero-emission technologies, including battery electric battery-electric and hydrogen fuel cell systems.
• Symbolizes Cummins’ commitment to sustainability and leadership in the energy transition.

1. HELM™:

• A brand for fuel-agnostic engine platforms, offering diesel, natural gas, and hydrogen options.
• Targets customers seeking flexible power solutions for heavy-duty and industrial applications.

1. Centum™:

• A brand for high-performance generator sets, designed for critical applications like data centers and healthcare.
• Emphasizes reliability, efficiency, and advanced emissions control.

1. Onan:

• A legacy brand for residential and commercial generator sets, widely used in RV, marine, and home standby markets.
• Known for compact design and quiet operation.

1. Amplify Cell Technologies:

• A joint venture brand with Daimler Trucks, PACCAR, and EVE Energy, focused on battery cell production.
• Represents Cummins’ investment in localized electrification solutions.

Geographical Presence

Cummins has a robust global presence, with operations in over 190 countries, supported by manufacturing facilities, sales offices, and distribution centers. Its geographic footprint ensures proximity to customers and the ability to serve diverse localized markets effectively. Below is a detailed breakdown of Cummins’ geographical presence and revenue distribution in 2024:

• United States:
• Revenue: $17.4 billion (51% of total revenue, 1% increase from 2023)
• Operations:
  • Columbus, IN: Corporate headquarters and a major manufacturing hub for engines and components.
  • Jamestown, NY: Produces the X15N natural gas engine and other heavy-duty engines.
  • Mississippi: Site of the Amplify Cell Technologies battery cell factory, under construction.
  • Other Locations: Facilities in North Carolina, South Carolina, and Wisconsin for manufacturing and distribution.
• Market Focus: The U.S. is the largest market for Cummins’ engines, power systems, and aftermarket services, driven by demand in trucking, data centers, and construction.
• China:
• Revenue: Part of the 49% international revenue ($16.7 billion, 1% decrease from 2023).
• Operations:
  • Multiple joint ventures for engine and component production, including partnerships with local manufacturers.
  • Manufacturing facilities in Beijing, Shanghai, and Wuhan.
• Market Challenges: Sales weakened in 2024 due to economic slowdown and competition, but China remains a key market for long-term growth.
• India:
• Revenue Contribution (Revenue): Part of international revenue, with strong growth potential in power generation.
• Operations:
  • Pune, Maharashtra: Major manufacturing facility for engines, generators, and components.
  • Other Locations: Facilities in Tamil Nadu and Gujarat for localized production.
  • Joint ventures with Indian companies like Kirloskar for engine and generator production.
• Market Focus: Growing demand for power generation and industrial engines, supported by infrastructure development.
• Other Countries:
• Revenue Contribution (Revenue): Part of international revenue.
• Operations:
  • United Kingdom: Manufacturing plants in Darlington and Daventry for engines and generators.
  • Brazil: Facilities in São Paulo for South American markets.
  • Australia: Distribution and service centers in Perth and Sydney.
  • Other Regions: Operations in Mexico, South Africa, Singapore, and Russia for localized support.
• Market Focus: Diverse applications, including mining, marine, and power generation, tailored to regional needs.

Long-Term Assets by Region (2024):

• United States: $5,751 million
• China: $968 million
• India: $566 million
• Other countries: $2,426 million
• Total: $9,711 million

Financial Performance

Cummins’ financial performance in 2024 underscores its resilience and strategic focus, with record revenues and strong cash flow generation despite market challenges. Below are the consolidated financial statements for 2022–2024, presented in detailed tables for clarity.

Consolidated Statement of Net Income

In millions, USD except per share	2024	2023	2022
Net Sales	34,102	34,065	28,074
Cost of Sales	25,663	25,816	21,356
Gross Margin	8,439	8,249	6,718
Operating Expenses:
Selling, General & Administrative	3,320	3,177	2,708
Research, Development & Engineering	1,494	1,468	1,279
Equity, Royalty & Interest Income	395	483	349
Other Operating Expenses	1,085	2,099	181
Operating Income	3,935	1,988	2,899
Interest Expense	370	375	199
Other Income, Net	1,338	13	119
Income Before Income Taxes	4,903	1,626	2,819
Income Tax Expense	943	840	637
Consolidated Net Income	3,960	786	2,182
Less: Noncontrolling Interests	14	51	31
Net Income Attributable to Cummins	3,946	735	2,151
Earnings Per Share (Diluted)	28.37	5.15	15.12

Key Insights:

• Revenue: Stable at $34.1 billion, driven by strong power generation and aftermarket sales.
• Gross Margin: Improved to 24.7% of sales in 2024, reflecting cost efficiencies.
• Net Income: Significant increase due to a $1.337 billion gain from the Atmus divestiture and operational improvements.
• EPS: Rose sharply to $28.37, reflecting higher profitability and share repurchasing.

Consolidated Balance Sheet

In millions, USD	Dec 31, 2024	Dec 31, 2023
Assets
Cash and Cash Equivalents	1,671	2,179
Marketable Securities	593	562
Accounts Receivable, Net	5,653	5,623
Inventories	5,647	5,677
Property, Plant & Equipment, Net	6,356	6,249
Investments in Equity Investees	2,139	2,132
Goodwill	2,424	2,424
Other Intangible Assets, Net	913	977
Other Assets	7,144	7,182
Total Assets	31,540	32,005
Liabilities
Accounts Payable	4,335	4,260
Accrued Expenses	5,297	5,404
Current Portion of Long-Term Debt	1,234	1,870
Long-Term Debt	4,784	4,802
Other Liabilities	4,582	5,765
Total Liabilities	20,232	22,101
Equity
Common Stock	556	556
Additional Paid-In Capital	2,195	2,054
Retained Earnings	21,805	18,828
Treasury Stock, at Cost	-8,976	-8,969
Accumulated Other Comprehensive Loss	-4,234	-3,464
Total Cummins Inc. Equity	11,308	9,904
Noncontrolling Interests	–	–
Total Equity	11,308	9,904
Total Liabilities and Equity	31,540	32,005

Key Insights:

• Assets: Declined slightly due to reduced cash and liabilities from the Atmus divestiture.
• Debt: Decreased to $6.06 billion (including current portion), reflecting disciplined debt management.
• Equity: Increased due to higher retained earnings and lower comprehensive losses.

Consolidated Statement of Cash Flows

In millions, USD	2024	2023	2022
Operating Activities
Consolidated Net Income	3,960	786	2,182
Adjustments:
Depreciation and Amortization	1,053	1,016	781
Deferred Income Taxes	48	-192	66
Equity Income, Net of Dividends	-83	-147	-67
Gain on Sale of Atmus	-1,337	–	–
Other Adjustments	308	2,082	260
Changes in Working Capital	-1,312	421	-1,260
Net Cash from Operating Activities	1,487	3,966	1,962
Investing Activities
Capital Expenditures	-1,208	-1,213	-916
Investments in Marketable Securities	-263	-364	-367
Proceeds from Sale of Atmus	1,987	–	–
Other Investing Activities	-125	-193	-2,345
Net Cash from Investing Activities	391	-1,770	-3,626
Financing Activities
Proceeds from Borrowings	370	3,133	3,258
Repayments of Borrowings	-3,209	-2,827	-3,075
Dividends Paid	-969	-914	-858
Other Financing	-208	-141	-135
Net Cash from Financing Activities	-1,852	-749	-810
Net Change in Cash	-508	1,447	-585
Cash at Beginning of Year	2,179	732	1,317
Cash at End of Year	1,671	2,179	732

Key Insights:

• Operating Cash Flow: Decreased due to working capital changes and one-time adjustments.
• Investing Cash Flow: Positive due to Atmus proceeds, offsetting capital expenditures.
• Financing Cash Flow: Negative due to debt repayments and dividends, reflecting shareholder focus.

Subsidiaries and Associates

Cummins operates a network of subsidiaries and joint ventures to support its global operations. Below is a detailed list of key entities, including wholly-owned subsidiaries and associates:

1. Cummins Engine Company, Inc. (Wholly-Owned):

• Details: Core subsidiary for engine manufacturing in the U.S. and globally, producing diesel and natural gas engines for various applications.

1. Cummins Power Generation Inc. (Wholly-Owned):

• Details: Manufactures power generation systems, including Centum™ and Onan generators, for industrial and residential use.

1. Cummins Turbo Technologies (Wholly-Owned):

• Details: Produces Holset turbochargers, enhancing engine performance for internal and external customers.

1. Cummins Emission Solutions (Wholly-Owned):

• Details: Develops aftertreatment systems to reduce emissions, supporting compliance with global regulations.

1. Amplify Cell Technologies (Joint Venture):

• Ownership: Partnership with Daimler Trucks, PACCAR, and EVE Energy (exact percentages not specified).
• Details: Focuses on battery cell production, with a 21-gigawatt-hour factory in Mississippi.

1. Other Joint Ventures:

• Details: Numerous ventures in China (e.g., Beijing Foton Cummins), India (e.g., Cummins India), and other regions for localized engine and component production. These contributed $395 million in equity income in 2024.

Physical Properties

Cummins owns and operates a wide range of facilities worldwide. Below is a detailed list of key properties:

1. Columbus, IN:

• Details: Corporate headquarters and primary manufacturing facility for engines, components, and R&D centers.

1. Jamestown, NY:

• Details: Produces X15N natural gas engine and other heavy-duty engines.

1. Mississippi:

• Details: Site of the Amplify Cell Technologies battery cell factory, set to begin production in 2027.

1. Pune, India:

• Details: Major manufacturing plant for engines, generators, and components.

1. United Kingdom:

• Details: Facilities in Darlington and Daventry for European engine and generator production.

1. Other Global Facilities:

• Details: Operations in Brazil, Australia, China, and Mexico for localized production and distribution.

Long-Lived Assets (2024):

• United States: $5,751 million
• China: $968 million,
• India: $566 million,
• Other countries: $2,426 million,
• Total: $9,711 million

Founders Founders

Cummins was founded by:

1. Clessie Cummins:

• Details: Inventor and mechanic who pioneered diesel engine technology, focusing on efficiency and performance.

1. William G. Irwin:

• Details: Financial backer who provided initial capital, enabling Cummins to scale its operations.

Board of Directors

The Cummins Board includes 11 directors:

1. Jennifer Rumsey:

• Details: Chair and CEO, leading strategic initiatives.

1. Gary L. Belske:

• Details: Governance expert, supporting board oversight.

1. Robert J. Bernhard:

• Details: Engineering leader, advising on product development.

1. Bruno V. Di Leo Allen:

• Details: Global markets expert, enhancing international strategy.

1. Daniel W. Fisher:

• Details: Operations expert, focusing on efficiency.

1. Carla A. Harris:

• Details: Finance expert, guiding financial strategy.

1. Thomas J. Leo:

• Details: Technology leader, supporting innovation.

1. William I. Miller:

• Details: Long-term director with deep company knowledge.

1. Kimberly A. Nelson:

• Details: Sustainability expert, advancing ESG goals.

1. Karen H. Quintos:
   • Details: Customer experience leader, enhancing market engagement.
2. John H. Stone:
   • Details: Industry expert, supporting global operations.

Shareholding Details

• Shares Outstanding: 137,742,580 as of March 14, 2025.
• Major Customer: PACCAR Inc. (16% of 2024 sales, $5.46 billion).
• Stock Plan: Key Employee Securities with Stock Investment Plan, with 1,691,930 securities outstanding.

Parent Company

Cummins Inc. is a standalone public company with no parent company.

Investment Details

• Equity Investees: Contributed $395 million in income, primarily from China and India joint ventures.
• Marketable Securities: $593 million in short-term investments.
• Amplify Cell Technologies: Joint venture for battery cell production.

Future Investment Plans

• Power Generation: $200 million to expand capacity in the U.S., UK, and India.
• Amplify Cell Technologies: Continued investment in the Mississippi factory.
• Accelera: Cost optimization and R&D for zero-emission technologies.
• R&D: Sustained investment (~$1.5 billion annually) for HELM™ and sustainability.