CMIMEDIUM SIGNALOPERATIONAL10-K

Cummins underwent significant business restructuring with the divestiture of its Atmus filtration business while strengthening its balance sheet position.

The removal of detailed product portfolio descriptions and Atmus IPO references indicates completion of a major business simplification strategy. The company has repositioned itself with a more focused operational structure, moving away from its previous five-segment model to concentrate on core power solutions capabilities.

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FINANCIAL ANALYSIS

Cummins demonstrated strong balance sheet improvement with stockholders' equity growing to $12.3B from $10.3B, while current assets expanded to $16.9B and current liabilities decreased to $9.6B, significantly strengthening the company's liquidity position. Cash declined modestly to $2.1B from $2.6B, likely reflecting the completion of the Atmus divestiture and associated restructuring activities. The overall financial picture signals successful execution of portfolio optimization with improved capital efficiency and stronger working capital management.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+20.2%
$10.3B→$12.3B

Equity base grew 20.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
-18.9%
$2.6B→$2.1B

Cash decreased 18.9% — monitor burn rate and upcoming capital needs.

Current Assets
Balance Sheet
+14.7%
$14.8B→$16.9B

Current assets grew 14.7% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
-14.5%
$11.2B→$9.6B

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-11
ADDED
As of January 31, 2026, there were 138,165,463 shares outstanding of $ 2.50 par value common stock.
and its consolidated subsidiaries are hereinafter sometimes referred to as Cummins, we, our, or us.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION Certain parts of this annual report contain forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally accompanied by words such as anticipates, expects, forecasts, intends, plans, believes, seeks, estimates, could, should, may or words of similar meaning.
Future factors that could affect the outcome of forward-looking statements include the following: GOVERNMENT REGULATION any adverse consequences resulting from entering into agreements with the U.S.
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REMOVED
As of January 31, 2025, there were 137,481,164 shares outstanding of $ 2.50 par value common stock.
and its consolidated subsidiaries are hereinafter sometimes referred to as "Cummins," "we," "our," or "us." CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION Certain parts of this annual report contain forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally accompanied by words such as "anticipates," "expects," "forecasts," "intends," "plans," "believes," "seeks," "estimates," "could," "should," "may" or words of similar meaning.
We are a global power solutions leader comprised of five business segments - Engine, Components, Distribution, Power Systems and Accelera - supported by our global manufacturing and extensive service and support network, skilled workforce and vast technical expertise.
Our products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies.
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