For the year ending 2025-12-31, CMI had $1,174M increase in cash & cash equivalents over the period. $2,386M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Consolidated net income | 2,957 | 4,068 | 840 | 2,183 |
| Gain related to divestiture of atmus (note 21) | 0 | 1,333 | - | - |
| Depreciation and amortization | 1,105 | 1,065 | 1,024 | 784 |
| Deferred income taxes (note 4) | 86 | -209 | -457 | -274 |
| Equity in income of investees, net of dividends | 55 | -13 | 81 | -64 |
| Pension and opeb expense (note 10) | 79 | 38 | 8 | 24 |
| Pension contributions and opeb payments (note 10) | 55 | 90 | 134 | 85 |
| Russian suspension costs, net of recoveries (note 24) | - | 0 | 0 | 111 |
| Restructuring payments | - | - | - | 0 |
| Loss (gain) on corporate owned life insurance | - | - | - | -102 |
| Foreign currency remeasurement and transaction exposure | - | - | - | 27 |
| Accounts and notes receivable | 612 | -298 | 330 | 697 |
| Inventories | 39 | 402 | 0 | 567 |
| Other current assets | 66 | 305 | 120 | 109 |
| Accounts payable | -148 | -183 | -66 | 538 |
| Accrued expenses | 4 | -1,573 | 2,934 | -170 |
| Changes in other liabilities | - | - | - | 1 |
| Other, net | - | - | -348 | -86 |
| Adjustment to reconcile net income to cash provided by (used in) operating activity, other item | 365 | 100 | - | - |
| Net cash provided by operating activities | 3,621 | 1,487 | 3,966 | 1,962 |
| Capital expenditures | 1,235 | 1,208 | 1,213 | 916 |
| Investments in and net advances (to) from equity investees | 196 | 214 | - | - |
| Acquisition of businesses, net of cash acquired (note 23) | 12 | 58 | 292 | 3,191 |
| Investments in marketable securitiesacquisitions | 1,627 | 1,500 | 1,409 | 1,073 |
| Investments in marketable securitiesliquidations (note 5) | 1,450 | 1,460 | 1,334 | 1,151 |
| Cash associated with atmus divestiture | 0 | 174 | - | - |
| Other, net | 111 | 88 | 63 | 143 |
| Net cash used in investing activities | -1,731 | -1,782 | -1,643 | -4,172 |
| Proceeds from borrowings | 2,335 | 2,720 | 861 | 2,103 |
| Net payments of commercial paper | -906 | -237 | -779 | 2,261 |
| Payments on borrowings and finance lease obligations | 975 | 1,568 | 1,136 | 1,550 |
| Dividend payments on common stock (note 15) | 1,055 | 969 | 921 | 855 |
| Repurchases of common stock (note 15) | - | 0 | 0 | 374 |
| Payments for purchase of redeemable noncontrolling interests | 110 | 50 | 175 | - |
| Other, net | -61 | -69 | -27 | 84 |
| Net cash used in financing activities | -772 | -173 | -2,177 | 1,669 |
| Effect of exchange rate changes on cash and cash equivalents | 56 | -40 | -68 | 50 |
| Net increase (decrease) in cash and cash equivalents | 1,174 | -508 | 78 | -491 |
| Cash and cash equivalents at beginning of period | 1,671 | 2,179 | 2,101 | 2,592 |
| Cash and cash equivalents at end of period | 2,845 | 1,671 | 2,179 | 2,101 |
CUMMINS INC (CMI)
CUMMINS INC (CMI)