Filing Flows › Cummins (CMI) › Q3 2025
Cummins (CMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Cummins (CMI) reported revenue of $8.3B for the third quarter 2025 (Q3 2025), -2% from a year earlier and -4% from the quarter before. Operating margin was 10.2%, net earnings $536M (6.4% of revenue).
Cummins, Q3 2025: revenue $8.3B (-2% year over year), operating margin 10.2%, net earnings $536M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.3B | -4% | -2% |
| Gross profit | $2.1B | -7% | -2% |
| Operating profit | $852M | -31% | -19% |
| Net earnings | $536M | -40% | -34% |
| Operating cash flow | $1.3B | +66% | +104% |
| Free cash flow | $1.0B | +82% | +164% |
What changed
Revenue was $8.3B in Q3 2025, down 2% year over year and down 4% from the previous quarter. On-highway (EBU market) was the largest line at 20% of revenue. On-highway (EBU market) lost $0.33B year over year (down 17%), 238% of the total change.
Gross margin was 25.6%, down 0.1 points from a year earlier. Operating profit was $0.85B, a 10.2% margin (down 2.2 points year over year). Operating expenses grew 14% against a revenue fall of 2%. Net earnings were $0.54B, down 34% year over year. The effective tax rate was 32.7%.
Operating cash flow was $1.3B (up 104% year over year), 233% of net income including minority interests. Non-cash charges added back $0.28B of depreciation and amortization. Working capital and other items added $0.47B. Capital expenditures of $0.30B left free cash flow of $1.0B.
Questions
What was Cummins' revenue in the third quarter 2025?
Cummins (CMI) reported revenue of $8.3B for the third quarter 2025 (Q3 2025), -2% from a year earlier and -4% from the quarter before.
Was Cummins profitable in the third quarter 2025?
Operating profit was $852M (10.2% of revenue) and net earnings $536M.
Source: Cummins 10-Q on SEC EDGAR.