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Cummins cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $3.5B over twelve months

Operating cash flow$1.4B
Capital spending−$303M
Free cash flow+$1.1B
Cash / net income1.2×
Cash conversion cycle89 days

Analysis

In Q3 2026, Cummins generated $1.4B of operating cash flow and spent $303M on capital projects, leaving free cash flow of $1.1B. That is $95.0M more than in Q3 2025 ($1.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.7B; the largest uses were capital spending ($1.3B), dividends ($1.1B), other financing ($976M); the cash balance rose by $1.0B.

Operating cash flow was $1.4B against net income of $1.2B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: inventory −$418M, accrued liabilities +$317M, depreciation & amortization +$288M.

Its cash conversion cycle was 89 days (receivables 64 + inventory 89 − payables 64).

Free cash flow

Cummins: free cash flow by quarterCummins: free cash flow by quarter$882MQ4 2024−$165MQ1 2025$554MQ2 2025$1.0BQ3 2025$990MQ4 2025$120MQ1 2026$1.2BQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Cummins: operating cash flow against capital spendingCummins: operating cash flow against capital spendingOperating cash flowCapital spending$1.4B$540MQ4 2024−$3.0M$162MQ1 2025$785M$231MQ2 2025$1.3B$298MQ3 2025$1.5B$544MQ4 2025$309M$189MQ1 2026$1.5B$249MQ2 2026$1.4B$303MQ3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $303M.

Capital allocation, year by year

Cummins: where the cash came from (up) and went (down), by fiscal yearCummins: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.3BFY2021: Net borrowing −$28.0MFY2021: Shares issued $56.0MFY2021: Capital spending −$734MFY2021: Buybacks −$1.4BFY2021: Dividends −$809M$2.3BFY2021FY2022: Operating cash flow $2.0BFY2022: Net borrowing $2.8BFY2022: Shares issued $80.0MFY2022: Capital spending −$916MFY2022: Acquisitions −$3.2BFY2022: Buybacks −$374MFY2022: Dividends −$855M$4.8BFY2022FY2023: Operating cash flow $4.0BFY2023: Net borrowing −$1.1BFY2023: Shares issued $48.0MFY2023: Capital spending −$1.2BFY2023: Acquisitions −$292MFY2023: Dividends −$921M$4.0BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $892MFY2024: Shares issued $133MFY2024: Capital spending −$1.2BFY2024: Acquisitions −$58.0MFY2024: Dividends −$969M$2.5BFY2024FY2025: Operating cash flow $3.6BFY2025: Net borrowing $426MFY2025: Shares issued $69.0MFY2025: Capital spending −$1.2BFY2025: Acquisitions −$12.0MFY2025: Dividends −$1.1B$4.1BFY2025
Over these 5 years operating cash flow totalled $13.3B; the largest uses were capital spending ($5.3B) and dividends ($4.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.2B
Debt$7.1B
Net debt$3.0B
Due within a year$94.0M

Cummins funds itself: free cash flow was $3.5B over the last twelve months, and $4.2B of cash and investments stands against $7.1B of debt ($94.0M due within a year, 44.5× covered by cash).

Cummins: debt maturities by year (FY2025)Cummins: debt maturities by year (FY2025)$94.0MYear 1$130MYear 2$608MYear 3$539MYear 4$863MYear 5
Principal due in each year as disclosed in the annual report, against $4.2B of cash and investments now.

Where the cash came from and went

Cummins: sources (+) and uses (−) of cash, Q3 2026Cummins: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.4BCash drawn (+) / kept (−)−$392MBuybacks−$359MCapital spending−$303MDividends−$302MOther investing$69.0MOther financing−$69.0MNet borrowing (+) / repaid (−)−$62.0MExchange rates$13.0M
Cummins: sources (+) and uses (−) of cash, TTM to Q3 2026Cummins: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.7BCapital spending−$1.3BDividends−$1.1BCash drawn (+) / kept (−)−$1.0BOther financing−$976MOther investing−$263MPartners−$55.0MNet borrowing (+) / repaid (−)−$40.0MExchange rates$8.0M

From profit to cash

Cummins: net income to operating cash flow, Q3 2026Cummins: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$288MDeferred taxes$33.0MImpairments$240MInventory−$418MPayables$227MAccrued liabilities$317MPrepaid and other assets−$116MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202664896489
Q2 202663815985
Q1 202666876093
Q4 202562845393
Q3 202564935998
Q2 202561896189
Q1 202560896287
Q4 202458855984

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$303M—−$359M−$302M−$62.0M−$392M$1.1B
Q2 2026$1.5B−$249M—−$225M−$276M−$34.0M−$565M$1.2B
Q1 2026$309M−$189M—−$243M−$276M$101M$231M$120M
Q4 2025$1.5B−$544M——−$277M−$45.0M−$279M$990M
Q3 2025$1.3B−$298M——−$276M−$531M−$247M$1.0B
Q2 2025$785M−$231M——−$251M$641M−$787M$554M
Q1 2025−$3.0M−$162M−$12.0M—−$251M$389M$139M−$165M
Q4 2024$1.4B−$540M——−$250M−$462M$62.0M$882M

Cummins: income statement and cash flow

Cummins, Q3 2026: revenue $9.4B (+14% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

Cummins: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.