CMI Cummins margins

Relative Growth: Rel. Growth: 64

Relative Strength: Rel. Strength: 44

Relative Valuation: Rel. Valuation: 48

Relative Profitability: Rel. Profitability: 57

Gross margin

25.3%

Operating margin

10.2%

EBITDA margin

14.9%

Net margin

7.8%

The Cummins reports a gross margin of 25.3%, an operating margin of 10.2%, an EBITDA margin of 14.9%, and a net margin of 7.8%. Operating margin led the decline across the available margins, contracting by 1.3 percentage points.

CMI margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Cummins's margins averaged 24.96% gross, 8.08% operating, 14.14% EBITDA, and 7.29% net. All four current margins are above their three-year averages.

CMI margin expansion

Year-over-year margin changes in percentage points

The strongest decline was in operating margin, which fell by 1.3 percentage points. The other available margins also declined.

Gross margin expansion

-0.3pp

Operating margin expansion

-1.3pp

EBITDA margin expansion

-0.9pp

Net margin expansion

-0.9pp

CMI Gross margin

Cummins recorded an average gross margin of 24.96% across the last 3 years. The current gross margin of 25.3% is 0.3 percentage points above its three-year average. During this period, gross margin reached a high of 25.6% in Sep 2025 and a low of 24.2% in Dec 2023.

CMI Operating margin

Across the last 3 years, Cummins recorded an average operating margin of 8.08%. Cummins's current operating margin is 10.2% and is 2.1 percentage points above its three-year average. The highest operating margin for Cummins was 11.5% in Jun 2025, while the lowest was 3.4% in Mar 2024.

CMI EBITDA margin

Reviewing the last 3 years, Cummins recorded an average EBITDA margin of 14.14%. Cummins's current EBITDA margin is 14.9% and is 0.8 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 7.29%. The current net margin stands at 7.8%, 0.5 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 25.3% is lower than the Industrials sector, the industry and its peers average. Looking at the Industrials sector average of 32.7%, Cummins's gross margin is 23% lower.

CMI margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Cummins's gross margin?

For the period ending Jun 30, 2026, CMI recorded a gross margin of 25.3%.

What is Cummins's operating margin?

For the period ending Jun 30, 2026, CMI recorded an operating margin of 10.2%.

What is Cummins's EBITDA margin?

For the period ending Jun 30, 2026, CMI recorded an EBITDA margin of 14.9%.

What is Cummins's net margin?

The current net margin for CMI is 7.8% as of Jun 30, 2026.

What are the average margins of CMI?

Looking back over 3 years, CMI recorded average margins of 25.0% gross, 8.1% operating, 14.1% EBITDA, and 7.3% net.

What are the highest historical margins of CMI?

Across the 5-year period, CMI posted its highest margins at 25.6% gross in Sep 2025, 11.5% operating in Jun 2025, 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.