Caterpillar vs Cummins
Caterpillar reported revenue of $67.6 billion in fiscal 2025, 2.0 times Cummins' $33.7 billion in fiscal 2025. Caterpillar's revenue grew 4.3% in its latest year, and Cummins' fell 1.3%. Caterpillar had an operating margin of 16.5%, against 11.9% at Cummins. Free cash flow was $8.9 billion at Caterpillar and $2.4 billion at Cummins.
Side by side
| Caterpillar | Cummins | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $67.6B | $33.7B |
| Revenue growth | 4.3% | −1.3% |
| Revenue growth a year, last 5 years | 10.1% | 11.2% |
| Gross margin | 33.8% | 25.3% |
| Operating margin | 16.5% | 11.9% |
| Net margin | 13.1% | 8.8% |
| Free cash flow | $8.9B | $2.4B |
| Free cash flow margin | 13.2% | 7.1% |
| Return on capital | 18.4% | 18.3% |
| Net debt to EBITDA | 2.0x | 0.7x |
| Dividends and buybacks | $7.9B | $1.1B |
| Change in diluted share count | −3.5% | −0.3% |
| Last close | $692.13 | $522.13 |
| P/E at the last close | 29.8× | 26.7× |
| Insider trades, last 12 months | bought $389,868, sold $244.4 million | sold $37.8 million |
| Piotroski F-score | 6 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CaterpillarCummins
Operating margin
Percent of revenue
CaterpillarCummins
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
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Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Caterpillar and Cummins pages.