# EDGAR Filing Document

**Accession Number:** 0000026172
**File Stem:** 0000026172-25-000029
**Filing Date:** 2025-8
**Character Count:** 77042
**Document Hash:** 84b9da4c1aba99d4b6f767004fe31c9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000026172-25-000029.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000026172-25-000029

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CUMMINS INC
- **CENTRAL INDEX KEY:** 0000026172
- **STANDARD INDUSTRIAL CLASSIFICATION:** ENGINES & TURBINES [3510]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 350257090
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04949
- **FILM NUMBER:** 251182834

**BUSINESS ADDRESS:**
- **STREET 1:** 500 JACKSON ST
- **STREET 2:** BOX 3005 MAIL CODE 93050
- **CITY:** COLUMBUS
- **STATE:** IN
- **ZIP:** 47202-3005
- **BUSINESS PHONE:** 8123773842

**MAIL ADDRESS:**
- **STREET 1:** BOX 3005 MAIL CODE 93050
- **STREET 2:** 500
- **CITY:** COLUMBUS
- **STATE:** IN
- **ZIP:** 47202-3005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUMMINS ENGINE CO INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? cmi-20250805

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

![cumminslogoa02.jpg](cmi-20250805_g1.jpg)

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report:** August 5, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**CUMMINS INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Indiana** | **1-4949** | **35-0257090** |
| (State or other Jurisdiction of<br>Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**500 Jackson Street**

**P. O. Box 3005** 

**Columbus, Indiana 47202-3005** 

(Principal Executive Office) (Zip Code)

Registrant's telephone number, including area code: (**812) 377-5000** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Sections 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common stock, $2.50 par value | CMI | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 5, 2025, Cummins Inc. ("Cummins," "the Company," "the registrant," "we," "our," or "us") issued the attached press release reporting its financial results for the second quarter of 2025, which is furnished herewith as Exhibit 99.

The information furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits. - The exhibit below is furnished herewith:

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[Exhibit 99](cmi2025q28-kex99.htm)</u> | <u>[Press Release dated August 5, 2025](cmi2025q28-kex99.htm)</u> |
| Exhibit 104 | Cover Page Interactive Data File (the cover page Interactive Data File is embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 5, 2025

---

| |
|:---|
| CUMMINS INC. |
| **/s/ LUTHER E. PETERS** |
| Luther E. Peters<br>*Vice President - Controller*<br>*(Principal Accounting Officer)* |

---

## Ex-99

**EXHIBIT 99**

![earningsreleasea06.jpg](earningsreleasea06.jpg)

August 5, 2025

**Cummins Reports Second Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Second quarter revenues of $8.6 billion; GAAP**<sup>1</sup> **Net Income of $890 million, or 10.3% of sales**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EBITDA in the second quarter was 18.4% of sales; Diluted EPS of $6.43**

COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2025.

"We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments," said Jennifer Rumsey, Chair and CEO. "Our employees' resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipment supported by clear secular drivers, and our more economically sensitive markets, such as truck, where end-user confidence has declined. This contrast will become even more pronounced in the second half of the year as North America truck build rates decline sharply, starting in the third quarter. Aftermarket demand for parts and service remains stable."

Second quarter revenues of $8.6 billion decreased 2% from the same quarter in 2024. Sales in North America declined 6%, and international revenues increased 5% due to higher demand in Europe and China.

Net income attributable to Cummins in the second quarter was $890 million, or $6.43 per diluted share, compared to $726 million, or $5.26 per diluted share, in 2024.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter were $1.6 billion, or 18.4% of sales, compared to $1.3 billion, or 15.3% of sales, a year ago.

**2025 Outlook:** 

Due to continued economic uncertainty, the company will not be reinstating a full-year outlook for revenue or profitability at this time.

"Our diversified portfolio, disciplined cost management and strong execution have enabled us to navigate recent industry challenges," said Rumsey. "However, persistent economic and regulatory uncertainty continues to impact a number of our key markets and cloud our near-term outlook for both business and market performance. We remain focused on delivering for our customers and look forward to providing additional clarity as this uncertainty subsides."

**Second Quarter 2025 Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cummins announced an increase in the quarterly common stock cash dividend from $1.82 to $2.00 per share. The company has increased the quarterly dividend to shareholders for 16 consecutive years.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cummins launched the new 17-liter engine platform generator, expanding on the success of the acclaimed Centum™ Series generator sets. Producing up to 1 megawatt of power, the S17 Centum genset was developed to produce a large power output within a compact footprint to meet the growing demands of power in urban environments. The new genset is designed to support a wide range of critical market segments such as commercial properties, healthcare facilities and water treatment plants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jennifer Rumsey was named one of Barron's Top CEOs of 2025. Jennifer was recognized for her visionary leadership and commitment to innovation and sustainability. The annual list features 26 leaders whose deft guidance has put their companies in a stronger competitive position.

**Second quarter 2025 detail (all comparisons to same period in 2024):** 

**<u>Engine Segment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales - $2.9 billion, down 8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segment EBITDA - $400 million, or 13.8% of sales, compared to $445 million, or 14.1% of sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues decreased 8% in North America and 7% in international markets due to lower on-highway demand in the United States and Mexico.

**<u>Components Segment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales - $2.7 billion, down 9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segment EBITDA - $397 million, or 14.7% of sales, compared to $406 million, or 13.6% of sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues in North America decreased by 15% and international sales were flat primarily due to lower on-highway demand in the United States.

**<u>Distribution Segment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales - $3.0 billion, up 7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segment EBITDA - $445 million, or 14.6% of sales, compared to $314 million, or 11.1% of sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues in North America increased 9% and international sales increased by 4% primarily due to increased demand for power generation products in the United States.

**<u>Power Systems Segment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales - $1.9 billion, up 19%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segment EBITDA - $430 million, or 22.8% of sales, compared to $301 million, or 18.9% of sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues in North America increased 23% and international sales increased 16% driven primarily by increased power generation demand, particularly for the data center and mission critical markets.

**<u>Accelera Segment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales - $105 million, down 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segment EBITDA loss - $100 million, compared to $117 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues decreased due to lower electrolyzer installations. The company remains committed to pacing and focusing our zero emissions investments on the most promising paths in order to ensure we are set up for long-term success as part of our Destination Zero strategy. These continued investments contributed to the EBITDA losses.

<sup>1</sup> Generally Accepted Accounting Principles

------

**About Cummins Inc.**

Cummins Inc., a global power solutions leader, is comprised of five business segments – Engine, Components, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company's commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 69,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment, and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $3.9 billion on sales of $34.1 billion in 2024. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com.

**Forward-looking disclosure statement** 

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences from changes in tariffs and other trade disruptions; any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology (IT) environment and data security; the use of artificial intelligence in our business and in our products and challenges with properly managing its use; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2024 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The

------

forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website.

***Presentation of Non-GAAP Financial Information***

*EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release, except for forward-looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from the non-GAAP outlook measure. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units.*

***Webcast information***

*Cummins management will host a teleconference to discuss these results today at 10 a.m. EDT. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at www.cummins.com. Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference.*

------

**CUMMINS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME**

**(Unaudited) (a)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **June 30,** | **June 30,** |
|<br>**In millions, except per share amounts** | **2025** | **2024** |
| **NET SALES** | $**8643** | $8796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | **6362** | 6603 |
| **GROSS MARGIN** | **2281** | 2193 |
| **OPERATING EXPENSES AND INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **779** | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research, development and engineering expenses | **357** | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity, royalty and interest income from investees | **118** | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense, net | **37** | 44 |
| **OPERATING INCOME** | **1226** | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **87** | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | **86** | 41 |
| **INCOME BEFORE INCOME TAXES** | **1225** | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **297** | 225 |
| **CONSOLIDATED NET INCOME** | **928** | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interests | **38** | 26 |
| **NET INCOME ATTRIBUTABLE TO CUMMINS INC.** | $**890** | $726 |
| **EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**6.46** | $5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**6.43** | $5.26 |
| **WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **137.8** | 137.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **138.5** | 137.9 |
| <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |

---

------

**CUMMINS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME**

**(Unaudited) (a)**

---

| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| | **June 30,** | **June 30,** |
|<br>**In millions, except per share amounts** | **2025** | **2024** |
| **NET SALES** | $**16817** | $17199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | **12381** | 12965 |
| **GROSS MARGIN** | **4436** | 4234 |
| **OPERATING EXPENSES AND INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **1550** | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research, development and engineering expenses | **701** | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity, royalty and interest income from investees | **249** | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense, net | **74** | 77 |
| **OPERATING INCOME** | **2360** | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **164** | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | **146** | 1428 |
| **INCOME BEFORE INCOME TAXES** | **2342** | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **564** | 418 |
| **CONSOLIDATED NET INCOME** | **1778** | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interests | **64** | 61 |
| **NET INCOME ATTRIBUTABLE TO CUMMINS INC.** | $**1714** | $2719 |
| **EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**12.45** | $19.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**12.38** | $19.42 |
| **WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **137.7** | 139.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **138.4** | 140.0 |
| <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |

---

------

**CUMMINS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited) (a)**

---

| | | |
|:---|:---|:---|
| **In millions, except par value** | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**2319** | $1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | **755** | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and marketable securities | **3074** | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | **5874** | 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **6287** | 5742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **1698** | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **16933** | 14752 |
| Long-term assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | **6540** | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments and advances related to equity method investees | **2018** | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **2433** | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | **2395** | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension assets | **1158** | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **2782** | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**34259** | $31540 |
| **LIABILITIES** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable (principally trade) | $**4151** | $3951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable | **336** | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | **353** | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | **615** | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation, benefits and retirement costs | **657** | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of accrued product warranty | **657** | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | **1620** | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | **1926** | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **10315** | 11234 |
| Long-term liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **6807** | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | **1059** | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **3205** | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $**21386** | $20232 |
| **EQUITY** |  |  |
| Cummins Inc. shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued | $**2624** | $2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **22040** | 20828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 84.7 and 85.1 shares  | **(10708)** | (10748) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(2167)** | (2445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cummins Inc. shareholders' equity | **11789** | 10271 |
| Noncontrolling interests | **1084** | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | $**12873** | $11308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $**34259** | $31540 |
| <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |

---

------

**CUMMINS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited) (a)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **June 30,** | **June 30,** |
|<br>**In millions** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income | $**928** | $752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities | &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **279** | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(113)** | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in income of investees, net of dividends | **(18)** | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and OPEB expense | **20** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension contributions and OPEB payments | **(13)** | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in current assets and liabilities, net of acquisitions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | **(186)** | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(105)** | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **(136)** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(182)** | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | **243** | (1540) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **68** | 49 |
| Net cash provided by (used in) operating activities | **785** | (851) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | **(231)** | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in and net advances to equity investees | **6** | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in marketable securities—acquisitions | **(326)** | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in marketable securities—liquidations | **204** | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(22)** | (28) |
| Net cash used in investing activities | **(369)** | (400) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | **2094** | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (payments) borrowings of commercial paper | **(1387)** | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on borrowings and finance lease obligations | **(66)** | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payments on common stock | **(251)** | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for purchase of redeemable noncontrolling interests | **(55)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(3)** | (43) |
| Net cash provided by financing activities | **332** | 308 |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS** | **39** | (8) |
| Net increase (decrease) in cash and cash equivalents | **787** | (951) |
| Cash and cash equivalents at beginning of period | **1532** | 2541 |
| **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | $**2319** | $1590 |
| <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |  |

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------

**CUMMINS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(Unaudited) (a)**

---

| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| | **June 30,** | **June 30,** |
|<br>**In millions** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income | $**1778** | $2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain related to divestiture of Atmus | **—** | (1333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **548** | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(138)** | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in income of investees, net of dividends | **(88)** | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and OPEB expense | **39** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension contributions and OPEB payments | **(26)** | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in current assets and liabilities, net of acquisitions and divestiture |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | **(643)** | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(436)** | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **(172)** | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **148** | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | **(244)** | (1933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **16** | 126 |
| Net cash provided by (used in) operating activities | **782** | (575) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | **(393)** | (409) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in and net advances to equity investees | **(54)** | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of businesses, net of cash acquired | **(12)** | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in marketable securities—acquisitions | **(783)** | (713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in marketable securities—liquidations | **636** | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash associated with Atmus divestiture | **—** | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(9)** | (82) |
| Net cash used in investing activities | **(615)** | (806) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | **2146** | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (payments) borrowings of commercial paper | **(906)** | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on borrowings and finance lease obligations | **(210)** | (1223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payments on common stock | **(502)** | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for purchase of redeemable noncontrolling interests | **(55)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(49)** | (68) |
| Net cash provided by financing activities | **424** | 807 |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS** | **57** | (15) |
| Net increase (decrease) in cash and cash equivalents | **648** | (589) |
| Cash and cash equivalents at beginning of year | **1671** | 2179 |
| **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | $**2319** | $1590 |
| <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. | <sup>(a)</sup> Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |

---

------

**CUMMINS INC. AND SUBSIDIARIES**

**SEGMENT INFORMATION**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In millions** | **Engine** | **Components** | **Distribution** | **Power Systems** | **Accelera** | **Total Segments** | **Intersegment Eliminations** <sup>(1)</sup> | **Total** |
| **Three months ended June 30, 2025** | | | | | | | | |
| External sales | $**2162** | $**2295** | $**3034** | $**1054** | $**98** | $**8643** | $**—** | $**8643** |
| Intersegment sales | **737** | **410** | **7** | **835** | **7** | **1996** | **(1996)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | **2899** | **2705** | **3041** | **1889** | **105** | **10639** | **(1996)** | **8643** |
| Research, development and engineering expenses | **151** | **77** | **14** | **69** | **46** | **357** | **—** | **357** |
| Equity, royalty and interest income (loss) from investees | **60** | **10** | **26** | **27** | **(5)** | **118** | **—** | **118** |
| Interest income | **8** | **10** | **7** | **4** | **1** | **30** | **—** | **30** |
| EBITDA <sup>(2)</sup> | **400** | **397** | **445** | **430** | **(100)** | **1572** | **15** | **1587** |
| Depreciation and amortization <sup>(3)</sup> | **68** | **127** | **32** | **35** | **13** | **275** | **—** | **275** |
| EBITDA as a percentage of segment sales | **13.8%** | **14.7%** | **14.6%** | **22.8%** | **NM** | **14.8%** |  | **18.4%** |
| **Three months ended June 30, 2024** |  |  |  |  |  |  |  |  |
| External sales | $2468 | $2518 | $2821 | $888 | $101 | $8796 | $— | $8796 |
| Intersegment sales | 683 | 464 | 8 | 701 | 10 | 1866 | (1866) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | 3151 | 2982 | 2829 | 1589 | 111 | 10662 | (1866) | 8796 |
| Research, development and engineering expenses | 167 | 81 | 14 | 63 | 54 | 379 |  | 379 |
| Equity, royalty and interest income (loss) from investees | 48 | 13 | 24 | 26 | (8) | 103 |  | 103 |
| Interest income | 7 | 9 | 11 | 3 |  | 30 |  | 30 |
| EBITDA <sup>(2)</sup> | 445 | 406 | 314 | 301 | (117) | 1349 | (4) | 1345 |
| Depreciation and amortization <sup>(3)</sup> | 61 | 121 | 30 | 32 | 15 | 259 |  | 259 |
| EBITDA as a percentage of segment sales | 14.1% | 13.6% | 11.1% | 18.9% | NM | 12.7% |  | 15.3% |
| "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information | "NM" - not meaningful information |
| <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2025 and 2024. |
| <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. |
| <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in our *Condensed Consolidated Statements of Net Income* as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. |

---

------

**CUMMINS INC. AND SUBSIDIARIES**

**SEGMENT INFORMATION**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In millions** | **Engine** | **Components** | | **Distribution** | **Power Systems** | **Accelera** | **Total Segments** | **Intersegment Eliminations** <sup>(1)</sup> | **Total** |
| **Six months ended June 30, 2025** | | | | | | | | | |
| External sales | $**4202** | $**4565** |  | $**5936** | $**1926** | $**188** | $**16817** | $**—** | $**16817** |
| Intersegment sales | **1468** | **810** |  | **12** | **1612** | **20** | **3922** | **(3922)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | **5670** | **5375** |  | **5948** | **3538** | **208** | **20739** | **(3922)** | **16817** |
| Research, development and engineering expenses | **306** | **152** |  | **28** | **126** | **89** | **701** | **—** | **701** |
| Equity, royalty and interest income (loss) from investees | **133** | **17** |  | **54** | **56** | **(11)** | **249** | **—** | **249** |
| Interest income | **18** | **17** |  | **12** | **8** | **1** | **56** | **—** | **56** |
| EBITDA <sup>(2)</sup> | **858** | **779** |  | **821** | **819** | **(186)** | **3091** | **(44)** | **3047** |
| Depreciation and amortization <sup>(3)</sup> | **135** | **249** |  | **64** | **68** | **25** | **541** | **—** | **541** |
| EBITDA as a percentage of total sales | **15.1%** | **14.5%** |  | **13.8%** | **23.1%** | **NM** | **14.9%** |  | **18.1%** |
| **Six months ended June 30, 2024** |  |  |  |  |  |  |  |  |  |
| External sales | $4708 | $5360 |  | $5350 | $1596 | $185 | $17199 | $— | $17199 |
| Intersegment sales | 1371 | 954 |  | 14 | 1382 | 19 | 3740 | (3740) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | 6079 | 6314 |  | 5364 | 2978 | 204 | 20939 | (3740) | 17199 |
| Research, development and engineering expenses | 321 | 165 |  | 28 | 123 | 109 | 746 | 2 | 748 |
| Equity, royalty and interest income (loss) from investees | 105 | 39 |  | 48 | 45 | (11) | 226 |  | 226 |
| Interest income | 14 | 17 |  | 22 | 6 |  | 59 |  | 59 |
| EBITDA <sup>(2)</sup> | 859 | 879 | <sup>(4)</sup> | 608 | 538 | (218) | 2666 | 1251 | 3917 |
| Depreciation and amortization <sup>(3)</sup> | 119 | 246 |  | 61 | 66 | 29 | 521 |  | 521 |
| EBITDA as a percentage of total sales | 14.1% | 13.9% |  | 11.3% | 18.1% | NM | 12.7% |  | 22.8% |
| <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. | <sup>(1)</sup> Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 30, 2025. The six months ended June 30, 2024, included a $1.3 billion gain related to the divestiture of Atmus Filtration Technologies Inc. (Atmus) and $14 million of costs associated with the divestiture of Atmus. |
| <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. | <sup>(2)</sup> EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. |
| <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. | <sup>(3)</sup> Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the *Condensed Consolidated Statements of Net Income* as interest expense. The amortization of debt discount and deferred costs was $7 million and $7 million for the six months ended June 30, 2025 and 2024, respectively. A portion of depreciation expense is included in research, development and engineering expenses. |
| <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. | <sup>(4)</sup> Included $21 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024. |

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**CUMMINS INC. AND SUBSIDIARIES**

**SELECT FOOTNOTE DATA**

**(Unaudited)**

**EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES**

Equity, royalty and interest income from investees included in our *Condensed Consolidated Statements of Net Income* for the reporting periods was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|<br>**In millions** | **2025** | **2024** | **2025** | **2024** |
| **Manufacturing entities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chongqing Cummins Engine Company, Ltd. | $**22** | $21 | $**45** | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongfeng Cummins Engine Company, Ltd. | **19** | 15 | **39** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Foton Cummins Engine Co., Ltd. | **15** | 10 | **30** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Cummins, Ltd. | **7** | 7 | **17** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other manufacturers | **14** | 11 | **21** | 34 |
| **Distribution entities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Cummins Chile, Ltda. | **15** | 14 | **29** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other distributors | **4** | 2 | **12** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins share of net income | **96** | 80 | **193** | 180 |
| **Royalty and interest income** | **22** | 23 | **56** | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity, royalty and interest income from investees | $**118** | $103 | $**249** | $226 |

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**INCOME TAXES**

Our effective tax rate for 2025 is expected to approximate 24.5 percent, excluding any discrete items that may arise and potential adjustments for the "One Big Beautiful Bill Act" signed into law on July 4, 2025.

Our effective tax rates for the three and six months ended June 30, 2025, were 24.2 percent and 24.1 percent, respectively. Our effective tax rates for the three and six months ended June 30, 2024, were 23.0 percent and 13.1 percent, respectively.

The three months ended June 30, 2025, contained net favorable discrete tax items of $3 million, or $0.02 per diluted share, primarily due to $4 million of favorable adjustments for uncertain tax positions, partially offset by $1 million of other unfavorable tax items.

The six months ended June 30, 2025, contained net favorable discrete tax items of $10 million, or $0.07 per diluted share, primarily due to $8 million of favorable adjustments for share-based compensation tax benefits and $5 million of favorable adjustments for uncertain tax positions, partially offset by $3 million of other unfavorable tax items.

The three months ended June 30, 2024, contained favorable discrete tax items of $9 million, or $0.07 per share, primarily due to share-based compensation tax benefits.

The six months ended June 30, 2024, contained favorable discrete tax items primarily due to the $1.3 billion non-taxable gain on the Atmus split-off. Other discrete tax items were $30 million, or $0.21 per share, primarily due to adjustments related to audit settlements and share-based compensation tax benefits.

On July 4, 2025, the "One Big Beautiful Bill Act" was signed into law, enacting significant changes to U.S. federal income tax rules affecting corporations, such as the ability to immediately deduct domestic research and development costs, restoration of elective 100 percent bonus depreciation for qualified property and changes related to the international tax provisions. We are currently assessing the impact to our consolidated financial statements.

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**CUMMINS INC. AND SUBSIDIARIES**

**FINANCIAL MEASURES THAT SUPPLEMENT GAAP**

**(Unaudited)**

**Reconciliation of Non GAAP measures - Earnings before interest, income taxes, depreciation and amortization and noncontrolling interests (EBITDA)**

We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. We believe EBITDA excluding special items is a useful measure of our operating performance without regard to the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions. This statement excludes forward looking measures of EBITDA where a reconciliation to the corresponding accounting principles generally accepted in the United States (GAAP) measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non-GAAP outlook measure.

EBITDA is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data; however, the amounts included in the EBITDA calculation are derived from amounts included in the *Condensed Consolidated Statements of Net Income.* Below is a reconciliation of net income attributable to Cummins Inc. to EBITDA for each of the applicable periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|<br>**In millions** | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to Cummins Inc. | $**890** | $726 | $**1714** | $2719 |
| *Net income attributable to Cummins Inc., as a percentage of net sales* | ***10.3*** *%*** | *8.3 %* | ***10.2*** *%*** | *15.8 %* |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **38** | 26 | **64** | 61 |
| Consolidated net income | **928** | 752 | **1778** | 2780 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **87** | 109 | **164** | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **297** | 225 | **564** | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **275** | 259 | **541** | 521 |
| EBITDA | $**1587** | $1345 | $**3047** | $3917 |
| *EBITDA, as a percentage of net sales* | ***18.4*** *%*** | *15.3 %* | ***18.1*** *%*** | *22.8 %* |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain related to the divestiture of Atmus | **—** |  | **—** | 1333 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmus divestiture costs | **—** |  | **—** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring actions | **—** |  | **—** | 29 |
| EBITDA, excluding the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions | $**1587** | $1345 | $**3047** | $2648 |
| *EBITDA, excluding the impact of the gain recognized and the related costs for the divestiture of Atmus and restructuring actions, as a percentage of net sales* | ***18.4*** *%*** | *15.3 %* | ***18.1*** *%*** | *15.4 %* |

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**CUMMINS INC. AND SUBSIDIARIES**

**SEGMENT SALES DATA** 

**(Unaudited)**

**Engine Segment Sales by Market and Unit Shipments by Engine Classification**

Sales for our Engine segment by market were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Heavy-duty truck | $921 | $**976** | $— | $— | $1897 |
| Medium-duty truck and bus | 986 | **950** |  |  | 1936 |
| Light-duty automotive | 421 | **486** |  |  | 907 |
| Off-highway | 443 | **487** |  |  | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $2771 | $**2899** | $— | $— | $5670 |
| **2024** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Heavy-duty truck | $1059 | $1184 | $1021 | $980 | $4244 |
| Medium-duty truck and bus | 995 | 1074 | 1073 | 1024 | 4166 |
| Light-duty automotive | 438 | 461 | 395 | 301 | 1595 |
| Off-highway | 436 | 432 | 424 | 415 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $2928 | $3151 | $2913 | $2720 | $11712 |

---

Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **Units** <sup>(1)</sup> | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Heavy-duty | 26700 | **29600** |  |  | 56300 |
| Medium-duty | 75200 | **73400** |  |  | 148600 |
| Light-duty | 39100 | **44000** |  |  | 83100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total units | 141000 | **147000** |  |  | 288000 |
| **2024** |  |  |  |  |  |
| **Units** <sup>(1)</sup> | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Heavy-duty | 33600 | 37500 | 32400 | 29400 | 132900 |
| Medium-duty | 75800 | 79600 | 79200 | 75700 | 310300 |
| Light-duty | 54800 | 57200 | 41400 | 36000 | 189400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total units | 164200 | 174300 | 153000 | 141100 | 632600 |
| <sup>(1)</sup> Unit shipments exclude aftermarket parts.  | <sup>(1)</sup> Unit shipments exclude aftermarket parts.  | <sup>(1)</sup> Unit shipments exclude aftermarket parts.  | <sup>(1)</sup> Unit shipments exclude aftermarket parts.  | <sup>(1)</sup> Unit shipments exclude aftermarket parts.  | <sup>(1)</sup> Unit shipments exclude aftermarket parts.  |

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**Components Segment Sales by Business**

Sales for our Components segment by business were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Drivetrain and braking systems | $1056 | $**1095** | $— | $— | $2151 |
| Emission solutions | 902 | **900** |  |  | 1802 |
| Components and software | 595 | **587** |  |  | 1182 |
| Automated transmissions | 117 | **123** |  |  | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $2670 | $**2705** | $— | $— | $5375 |
| **2024** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Drivetrain and braking systems | $1232 | $1256 | $1131 | $1114 | $4733 |
| Emission solutions | 971 | 941 | 864 | 825 | 3601 |
| Components and software | 611 | 623 | 581 | 589 | 2404 |
| Automated transmissions | 165 | 162 | 148 | 113 | 588 |
| Atmus <sup>(1)</sup> | 353 |  |  |  | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $3332 | $2982 | $2724 | $2641 | $11679 |
| <sup>(1)</sup> Included sales through the March 18, 2024, divestiture.  | <sup>(1)</sup> Included sales through the March 18, 2024, divestiture.  | <sup>(1)</sup> Included sales through the March 18, 2024, divestiture.  | <sup>(1)</sup> Included sales through the March 18, 2024, divestiture.  | <sup>(1)</sup> Included sales through the March 18, 2024, divestiture.  | <sup>(1)</sup> Included sales through the March 18, 2024, divestiture.  |

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**Distribution Segment Sales by Product Line**

Sales for our Distribution segment by product line were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Power generation | $1090 | $**1200** | $— | $— | $2290 |
| Parts | 1031 | **1015** |  |  | 2046 |
| Service | 416 | **439** |  |  | 855 |
| Engines | 370 | **387** |  |  | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $2907 | $**3041** | $— | $— | $5948 |
| **2024** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Power generation | $707 | $954 | $1091 | $1220 | $3972 |
| Parts | 1001 | 990 | 1004 | 985 | 3980 |
| Service | 406 | 448 | 455 | 444 | 1753 |
| Engines | 421 | 437 | 402 | 419 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $2535 | $2829 | $2952 | $3068 | $11384 |

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**Power Systems Segment Sales by Product Line**

Sales for our Power Systems segment by product line were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Power generation | $1001 | $**1205** | $— | $— | $2206 |
| Industrial | 498 | **506** |  |  | 1004 |
| Generator technologies | 150 | **178** |  |  | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $1649 | $**1889** | $— | $— | $3538 |
| **2024** |  |  |  |  |  |
| **In millions** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| Power generation | $853 | $987 | $1055 | $1090 | $3985 |
| Industrial | 420 | 478 | 508 | 526 | 1932 |
| Generator technologies | 116 | 124 | 124 | 127 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | $1389 | $1589 | $1687 | $1743 | $6408 |

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