Cover and table of contents

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Cover and table of contents

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

cumminslogoa02.jpg

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

Commission File Number 1-4949

CUMMINS INC.

(Exact name of registrant as specified in its charter)

Indiana35-0257090
(State of Incorporation)(IRS Employer Identification No.)

500 Jackson Street

Box 3005

Columbus, Indiana 47202-3005

(Address of principal executive offices)

Telephone (812) 377-5000

(Registrant’s telephone number, including area code)

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

Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $2.50 par valueCMINew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated FilerxAccelerated filer☐Non-accelerated filer☐
Smaller reporting company☐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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of March 31, 2025, there were 137,754,897 shares of common stock outstanding with a par value of $2.50 per share.

Table of Contents

CUMMINS INC. AND SUBSIDIARIES

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

Page
PART I. FINANCIAL INFORMATION
ITEM 1.Condensed Consolidated Financial Statements (Unaudited)3
Condensed Consolidated Statements of Net Income for the three months ended March 31, 2025 and 20243
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 20244
Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 20245
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 20246
Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2025 and 20247
Notes to Condensed Consolidated Financial Statements8
ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28
ITEM 3.Quantitative and Qualitative Disclosures About Market Risk46
ITEM 4.Controls and Procedures46
PART II. OTHER INFORMATION
ITEM 1.Legal Proceedings46
ITEM 1A.Risk Factors46
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds47
ITEM 3.Defaults Upon Senior Securities47
ITEM 4.Mine Safety Disclosures47
ITEM 5.Other Information47
ITEM 6.Exhibits48
Signatures49

Table of Contents

PART I. FINANCIAL INFORMATION

Next: Item 1. Condensed Consolidated Financial Statements