Cummins Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

A summary of marketable securities, all of which are classified as current, was as follows:


	December 31,
	2025						2024
In millions	Cost		Gross unrealized gains/(losses) (1)		Estimated fair value		Cost		Gross unrealized gains/(losses) (1)		Estimated fair value
Equity securities





Level 1
Publicly-traded shares	$	7	$	(7)	$	—	$	7	$	(6)	$	1
Level 2
Debt mutual funds	416		10		426		262		1		263
Certificates of deposit	280		—		280		262		—		262
Equity mutual funds	13		11		24		19		7		26


Debt securities	34		—		34		41		—		41


Marketable securities	$	750	$	14	$	764	$	591	$	2	$	593

(1) Unrealized gains and losses for debt securities are recorded in other comprehensive income while unrealized gains and losses for equity securities are recorded in our Consolidated Statements of Net Income.

The proceeds from sales and maturities of marketable securities were as follows:


	Years ended December 31,
In millions	2025		2024		2023
Proceeds from sales of marketable securities	$	1,163	$	1,227	$	1,075
Proceeds from maturities of marketable securities	287		233		259
Investments in marketable securities - liquidations	$	1,450	$	1,460	$	1,334