Name: Cummins Inc. (NYSE:CMI) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Cummins Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Axles and brakes	4,822)	1,879)	—)	—)	—)
Emission solutions	3,425)	3,086)	3,142)	2,352)	2,763)
Atmus	1,345)	1,259)	1,171)	1,005)	1,024)
Engine components	1,119)	946)	1,019)	673)	696)
Automated transmissions	714)	593)	481)	303)	534)
Software and electronics	106)	84)	119)	317)	236)
Components segment	11,531)	7,847)	5,932)	4,650)	5,253)
Heavy-duty truck	3,391)	2,995)	2,511)	1,800)	2,626)
Medium-duty truck and bus	2,622)	2,412)	1,978)	1,629)	2,244)
Light-duty automotive	1,748)	1,704)	1,845)	1,441)	1,656)
On-highway	7,761)	7,111)	6,334)	4,870)	6,526)
Off-highway	1,113)	1,088)	1,255)	1,055)	1,044)
Engine segment	8,874)	8,199)	7,589)	5,925)	7,570)
Parts	4,052)	3,809)	3,136)	2,921)	3,278)
Power generation	2,496)	1,767)	1,754)	1,686)	1,777)
Engines	1,987)	1,770)	1,493)	1,245)	1,511)
Service	1,664)	1,555)	1,359)	1,258)	1,474)
Distribution segment	10,199)	8,901)	7,742)	7,110)	8,040)
Power generation	1,698)	1,658)	1,481)	1,155)	1,414)
Industrial	970)	843)	820)	638)	908)
Generator technologies	457)	450)	349)	262)	348)
Power Systems segment	3,125)	2,951)	2,650)	2,055)	2,670)
Accelera	336)	176)	108)	71)	38)
External sales	34,065)	28,074)	24,021)	19,811)	23,571)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

External sales exhibited a V-shaped recovery pattern between 2019 and 2021, followed by a period of accelerated growth. Total revenue declined from US$ 23,571 million in 2019 to US$ 19,811 million in 2020, before climbing consistently to reach US$ 34,065 million by the end of 2023, representing a total increase of approximately 44% over the five-year period.

Components Segment Performance: This segment demonstrated the most aggressive growth, increasing from US$ 5,253 million in 2019 to US$ 11,531 million in 2023. A primary driver of this expansion was the introduction and rapid scaling of Axles and Brakes, which contributed US$ 1,879 million in 2022 and surged to US$ 4,822 million in 2023. Other steady contributors included Emission Solutions, which grew from US$ 2,763 million to US$ 3,425 million over the period.
Engine Segment Dynamics: The Engine segment showed resilience, recovering from a 2020 low of US$ 5,925 million to reach US$ 8,874 million in 2023. Growth was largely driven by the On-highway category, specifically Heavy-duty trucks, which rose from US$ 2,626 million in 2019 to US$ 3,391 million in 2023. Conversely, Off-highway revenues remained relatively stagnant, fluctuating slightly around the US$ 1.1 billion mark.
Distribution Segment Trends: Revenues in the Distribution segment increased steadily from US$ 8,040 million in 2019 to US$ 10,199 million in 2023. This growth was supported by a consistent rise in Parts revenue, which climbed from US$ 3,278 million to US$ 4,052 million. A notable spike occurred in Power Generation revenues within this segment in 2023, reaching US$ 2,496 million compared to a five-year average of approximately US$ 1,800 million.
Power Systems and Emerging Technologies: The Power Systems segment grew from US$ 2,670 million in 2019 to US$ 3,125 million in 2023. While the overall segment growth was moderate, the Accelera line showed exponential growth, increasing from US$ 38 million in 2019 to US$ 336 million in 2023, indicating a strategic pivot toward new technology solutions.

The analysis indicates a strategic diversification of the revenue base. While traditional engine and distribution sales provide a stable foundation, the significant expansion in the Components segment and the rapid growth of Accelera suggest an intentional shift toward broader product offerings and alternative technology markets.

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