Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Cummins Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 31, 2019	Sep 29, 2019	Jun 30, 2019	Mar 31, 2019
Net sales	8,543)	8,431)	8,638)	8,453)	7,770)	7,333)	6,586)	6,385)	5,850)	5,968)	6,111)	6,092)	5,830)	5,118)	3,852)	5,011)	5,578)	5,768)	6,221)	6,004)
Cost of sales	(6,542)	(6,360)	(6,490)	(6,424)	(5,951)	(5,691)	(4,860)	(4,853)	(4,533)	(4,554)	(4,633)	(4,606)	(4,469)	(3,769)	(2,962)	(3,717)	(4,265)	(4,274)	(4,580)	(4,472)
Gross margin	2,001)	2,071)	2,148)	2,029)	1,819)	1,642)	1,726)	1,532)	1,317)	1,414)	1,478)	1,486)	1,361)	1,349)	890)	1,294)	1,313)	1,494)	1,641)	1,532)
Selling, general and administrative expenses	(876)	(831)	(873)	(753)	(742)	(708)	(622)	(615)	(629)	(571)	(600)	(574)	(576)	(533)	(470)	(546)	(632)	(600)	(629)	(593)
Research, development and engineering expenses	(390)	(376)	(384)	(350)	(333)	(348)	(299)	(298)	(288)	(266)	(276)	(260)	(255)	(224)	(189)	(238)	(271)	(242)	(251)	(237)
Equity, royalty and interest income from investees	113)	118)	133)	119)	88)	70)	95)	96)	109)	94)	137)	166)	110)	98)	115)	129)	74)	68)	96)	92)
Restructuring actions	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(119)	—)	—)	—)
Other operating income (expense), net	(2,060)	(32)	(27)	(19)	(30)	(30)	(3)	(111)	(14)	(5)	(4)	(8)	(11)	(20)	(10)	(5)	(11)	(21)	(9)	5)
Operating income and expenses	(3,213)	(1,121)	(1,151)	(1,003)	(1,017)	(1,016)	(829)	(928)	(822)	(748)	(743)	(676)	(732)	(679)	(554)	(660)	(959)	(795)	(793)	(733)
Operating income	(1,212)	950)	997)	1,026)	802)	626)	897)	604)	495)	666)	735)	810)	629)	670)	336)	634)	354)	699)	848)	799)
Interest expense	(92)	(97)	(99)	(87)	(87)	(61)	(34)	(17)	(26)	(28)	(29)	(28)	(29)	(25)	(23)	(23)	(22)	(26)	(29)	(32)
Other income, net	74)	25)	51)	90)	63)	43)	(8)	(9)	45)	37)	73)	1)	35)	41)	49)	44)	31)	82)	52)	78)
Income before income taxes	(1,230)	878)	949)	1,029)	778)	608)	855)	578)	514)	675)	779)	783)	635)	686)	362)	655)	363)	755)	871)	845)
Income tax expense	(163)	(188)	(212)	(223)	(134)	(199)	(148)	(155)	(114)	(134)	(167)	(172)	(125)	(182)	(93)	(127)	(65)	(139)	(186)	(176)
Consolidated net income	(1,393)	690)	737)	806)	644)	409)	707)	423)	400)	541)	612)	611)	510)	504)	269)	528)	298)	616)	685)	669)
Net (income) loss attributable to noncontrolling interests	(38)	(34)	(17)	(16)	(13)	(9)	(5)	(5)	(6)	(7)	(12)	(8)	(9)	(3)	7)	(17)	2)	6)	(10)	(6)
Net income attributable to Cummins Inc.	(1,431)	656)	720)	790)	631)	400)	702)	418)	394)	534)	600)	603)	501)	501)	276)	511)	300)	622)	675)	663)

Download chart

Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Cummins Inc. net sales decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Cummins Inc. operating income decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Cummins Inc. income before income taxes decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Net income attributable to Cummins Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Cummins Inc. net income attributable to Cummins Inc. decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Cummins Inc. (NYSE:CMI)

Income StatementQuarterly Data

Income Statement
Quarterly Data