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AI核心结论
CMI delivered a resilient FY2025 with operating income rising 7.3% to $4.03B despite a 1.3% revenue decline to $33.67B, while operating cash flow surged 143.5% to $3.62B and EPS fell 27.8% due to prior-year one-time items.
营业收入
$33.67B
同比 -1.27%
每股收益（基本）
$20.62
同比 -27.78%
毛利率
25.3%
同比 ++0.55%
营业利润
$4.03B
同比 ++7.33%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Cummins (CMI) FY2025 营收 $33.67B，同比下降 1.3%。 稀释每股收益 $20.50。 毛利率 25.3%。
Revenue dipped 1.3% YoY to $33.67B, yet gross profit grew 0.9% to $8.52B as cost of revenue fell faster (-2.0%) than revenue, pushing gross margin up ~55 bps to 25.3%. Operating margin also expanded ~96 bps to 12.0%, reflecting disciplined cost management.
来源: Source: 10-K Income Statement
Operating cash flow more than doubled, rising 143.5% YoY to $3.62B from $1.49B in the prior year, signaling a significant improvement in working capital management and earnings quality. Free cash flow (operating cash flow minus investing outflows) improved materially as a result.
来源: Source: 10-K Cash Flow Statement
SG&A expenses declined 4.6% to $3.13B and R&D expenses also fell 4.6% to $1.40B, contributing to the operating income increase of 7.3% to $4.03B despite lower top-line revenue.
来源: Source: 10-K Income Statement
Stockholders' equity grew 20.2% YoY to $12.35B, while current liabilities fell 14.5% to $9.61B, improving the current ratio to 1.76x. Total assets rose 7.8% to $33.99B, reflecting a healthier financial position.
来源: Source: 10-K Balance Sheet
Basic EPS fell 27.8% to $20.62 from $28.55, and diluted EPS dropped 27.7% to $20.50 from $28.37. This decline likely reflects a favorable one-time item in the prior year rather than a deterioration in core earnings power, given that operating income actually improved.
来源: Source: 10-K Income Statement
The 27.8% drop in basic EPS to $20.62 despite a 7.3% rise in operating income suggests significant non-operating or one-time items impacted net income. This creates earnings unpredictability and may obscure underlying business performance for investors relying on headline EPS.
来源: Source: 10-K Income Statement
Revenue declined 1.3% YoY to $33.67B, indicating potential demand softness or pricing pressure in CMI's end markets. Sustained revenue headwinds could limit the company's ability to grow absolute profits even with margin improvements.
来源: Source: 10-K Income Statement
CMI's debt-to-equity ratio stands at 1.67x, indicating meaningful financial leverage. While the current ratio of 1.76x suggests adequate short-term liquidity, the overall leverage level could constrain financial flexibility in a downturn or rising interest rate environment.
来源: Source: 10-K Balance Sheet
Dividends paid increased 8.9% to $1.06B even as net income (implied by EPS decline) fell sharply. If net income does not recover, the payout ratio could become stretched, potentially pressuring future dividend growth or sustainability.
来源: Source: 10-K Cash Flow Statement
Financing cash flow swung to -$772M from -$173M in the prior year, a 346% deterioration, reflecting increased debt repayments or share buyback activity. This limits the cash available for strategic investments or acquisitions at a time when revenue is under pressure.
来源: Source: 10-K Cash Flow Statement
FY2025 实际 EPS $4.27，分析师一致预期 $5.16，不及预期 -17.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $33.67B | $34.1B | -1.27% |
营业成本 | $25.15B | $25.66B | -1.98% |
毛利润 | $8.52B | $8.44B | +0.91% |
营业利润 | $4.03B | $3.75B | +7.33% |
每股收益（基本） | $20.62 | $28.55 | -27.78% |
每股收益（稀释） | $20.50 | $28.37 | -27.74% |
研发费用 | $1.4B | $1.46B | -4.58% |
销售及管理费用 | $3.13B | $3.27B | -4.58% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $33.99B | $31.54B | +7.77% |
流动资产 | $16.93B | $14.75B | +14.73% |
总负债 | $20.58B | $20.23B | +1.74% |
流动负债 | $9.61B | $11.23B | -14.46% |
股东权益 | $12.35B | $10.27B | +20.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.62B | $1.49B | +143.51% |
投资活动现金流 | $-1.73B | $-1.78B | +2.86% |
筹资活动现金流 | $-772M | $-173M | -346.24% |
股息支出 | $1.05B | $969M | +8.88% |
折旧及摊销 | $1.1B | $1.06B | +3.76% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 25.3% | 24.7% | +0.55% |
营业利润率 | 12.0% | 11.0% | +0.96% |
流动比率 | $1.761 | — | — |
资产负债率 | $1.667 | — | — |
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CMI's FY2025 results showed resilience despite a 1.3% revenue decline to $33.67B, with operating income rising 7.3% to $4.03B and operating cash flow surging 143.5% to $3.62B. The headline EPS drop of 27.8% to $20.62 was likely driven by a prior-year one-time item rather than core business deterioration, as operating margins actually expanded to 12.0%.
CMI's diluted EPS fell 27.7% to $20.50 from $28.37 in the prior year, even though operating income grew 7.3% to $4.03B. This divergence strongly suggests the prior year included a significant non-operating or one-time gain that inflated FY2024 EPS, making the FY2025 comparison appear worse than underlying business performance.
CMI reported FY2025 revenue of $33.67B, down 1.3% from $34.10B in FY2024, reflecting modest demand softness in its end markets. Despite the revenue decline, the company managed to grow gross profit by 0.9% to $8.52B by reducing costs more aggressively than the revenue drop.
CMI's financial health appears solid: the current ratio stands at 1.76x, stockholders' equity grew 20.2% to $12.35B, and operating cash flow hit $3.62B — more than double the prior year. The main watch item is the debt-to-equity ratio of 1.67x, which indicates meaningful leverage that warrants monitoring.
Yes, CMI paid $1.06B in dividends in FY2025, up 8.9% from $969M in FY2024, demonstrating continued commitment to returning capital to shareholders. However, with EPS declining sharply, investors should monitor whether the payout ratio has become elevated relative to net income.