Filing Flows › Cummins (CMI) › Q1 2025
Cummins (CMI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
Cummins (CMI) reported revenue of $8.2B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -3% from the quarter before. Operating margin was 13.9%, net earnings $824M (10.1% of revenue).
Cummins, Q1 2025: revenue $8.2B (-3% year over year), operating margin 13.9%, net earnings $824M, operating cash flow −$3.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.2B | -3% | -3% |
| Gross profit | $2.2B | +6% | +6% |
| Operating profit | $1.1B | +55% | +23% |
| Net earnings | $824M | +97% | -59% |
| Operating cash flow | −$3.0M | — | — |
What changed
Revenue was $8.2B in Q1 2025, down 3% year over year and down 3% from the previous quarter. On-highway (EBU market) was the largest line at 22% of revenue. On-highway (EBU market) lost $0.21B year over year (down 10%), 91% of the total change.
Gross margin was 26.4%, up 2.1 points from a year earlier. Operating profit was $1.1B, a 13.9% margin (up 2.9 points year over year). Operating expenses fell 9% while revenue fell 3%. Net earnings were $0.82B, down 59% year over year. The effective tax rate was 23.9%.
Operating cash flow was −$3.0M. Non-cash charges added back $0.27B of depreciation and amortization. Working capital and other items used $1.1B. Capital expenditures of $0.16B exceeded it, leaving free cash flow of −$0.17B.
Questions
What was Cummins' revenue in the first quarter 2025?
Cummins (CMI) reported revenue of $8.2B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -3% from the quarter before.
Was Cummins profitable in the first quarter 2025?
Operating profit was $1.1B (13.9% of revenue) and net earnings $824M.
Source: Cummins 10-Q on SEC EDGAR.