CMI Cummins margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 67

Gross margin

25.9%

Operating margin

11.6%

EBITDA margin

16.1%

Net margin

9.3%

The Cummins reports a gross margin of 25.9%, an operating margin of 11.6%, an EBITDA margin of 16.1%, and a net margin of 9.3%. Net margin led the improvement across the available margins, expanding by 1.4 percentage points.

CMI margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Cummins's margins averaged 25.04% gross, 8.42% operating, 14.3% EBITDA, and 7.46% net. All four current margins are above their three-year averages.

CMI margin expansion

Year-over-year margin changes in percentage points

Gross margin expanded by 0.3 percentage points, operating margin by 0.5 percentage points, EBITDA margin by 0.8 percentage points, and net margin by 1.4 percentage points, led by net margin with an increase of 1.4 percentage points.

Gross margin expansion

0.3pp

Operating margin expansion

0.5pp

EBITDA margin expansion

0.8pp

Net margin expansion

1.4pp

CMI Gross margin

Cummins recorded an average gross margin of 25.04% across the last 3 years. The current gross margin of 25.9% is 0.9 percentage points above its three-year average. During this period, gross margin reached a high of 25.9% in Sep 2026 and a low of 24.2% in Dec 2023.

CMI Operating margin

Across the last 3 years, Cummins recorded an average operating margin of 8.42%. Cummins's current operating margin is 11.6% and is 3.2 percentage points above its three-year average. The highest operating margin for Cummins was 11.6% in Sep 2026, while the lowest was 3.4% in Mar 2024.

CMI EBITDA margin

Reviewing the last 3 years, Cummins recorded an average EBITDA margin of 14.3%. Cummins's current EBITDA margin is 16.1% and is 1.8 percentage points above its three-year average. The highest EBITDA margin for Cummins was 18.2% in Dec 2024, while the lowest was 8.6% in Dec 2023.

CMI Net margin

In the last 3 years, Cummins had an average net margin of 7.46%. The current net margin stands at 9.3%, 1.8 percentage points above its three-year average. Looking back over the last 3 years, Cummins's net margin reached 11.6% at its highest point in Dec 2024 and 2.2% at its lowest in Dec 2023.

CMI margin group comparison

Margins compared with peer-group, industry and sector averages

Cummins's gross margin of 25.9% is lower than the Industrials sector, the industry and its peers average. Looking at the Industrials sector average of 32.5%, Cummins's gross margin is 20% lower.

CMI margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Cummins's gross margin?

For the period ending Sep 30, 2026, CMI recorded a gross margin of 25.9%.

What is Cummins's operating margin?

For the period ending Sep 30, 2026, CMI recorded an operating margin of 11.6%.

What is Cummins's EBITDA margin?

For the period ending Sep 30, 2026, CMI recorded an EBITDA margin of 16.1%.

What is Cummins's net margin?

The current net margin for CMI is 9.3% as of Sep 30, 2026.

What are the average margins of CMI?

Looking back over 3 years, CMI recorded average margins of 25.0% gross, 8.4% operating, 14.3% EBITDA, and 7.5% net.

What are the highest historical margins of CMI?

Across the 5-year period, CMI posted its highest margins at 25.9% gross in Sep 2026, 11.6% operating in Sep 2026, 18.2% EBITDA in Dec 2024, and 11.6% net in Dec 2024.

What are the lowest historical margins of CMI?

Over this 5-year history, Cummins's margins fell as low as 23.6% gross in Mar 2022, 3.4% operating in Mar 2024, 8.6% EBITDA in Dec 2023, and 2.2% net in Dec 2023.