v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 34,102 $ 34,065 $ 28,074
Cost of sales 25,663 25,816 21,355
Gross Margin 8,439 8,249 6,719
OPERATING EXPENSES AND INCOME      
Selling, general and administrative expenses 3,275 3,333 2,687
Research, development and engineering expenses 1,463 1,500 1,278
Equity, royalty and interest income from investees 395 483 349
Other operating expense, net 346 2,138 174
OPERATING INCOME 3,750 1,761 2,929
Interest expense 370 375 199
Other income, net (Note 21) 1,523 240 89
INCOME BEFORE INCOME TAXES 4,903 1,626 2,819
Income tax expense (Note 4) 835 786 636
CONSOLIDATED NET INCOME 4,068 840 2,183
Less: Net income attributable to noncontrolling interests 122 105 32
Cummins share of net income $ 3,946 $ 735 $ 2,151
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. (Note 19)      
Basic (in dollars per share) $ 28.55 $ 5.19 $ 15.20
Diluted (in dollars per share) $ 28.37 $ 5.15 $ 15.12

Source