Cover and table of contents

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Cover and 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 June 30, 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 June 30, 2025, there were 137,786,038 shares of common stock outstanding with a par value of $2.50 per share.

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 and six months ended June 30, 2025 and 20243
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 20244
Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 20245
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 20246
Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 20247
Notes to Condensed Consolidated Financial Statements9
ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations32
ITEM 3.Quantitative and Qualitative Disclosures About Market Risk53
ITEM 4.Controls and Procedures53
PART II. OTHER INFORMATION
ITEM 1.Legal Proceedings53
ITEM 1A.Risk Factors54
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds54
ITEM 3.Defaults Upon Senior Securities54
ITEM 4.Mine Safety Disclosures54
ITEM 5.Other Information55
ITEM 6.Exhibits56
Signatures57

PART I. FINANCIAL INFORMATION

Next: Item 1. Condensed Consolidated Financial Statements