Cummins (CMI) Operating Margin (2009 - 2026)
Cummins (CMI) reported Operating Margin of 11.3% for Q1 2026, down 257.0% on a YoY basis from 7.2% in Q1 2025, and up 18.65% quarter-over-quarter from 9.52% in Q4 2025.
Cummins (CMI) Operating Margin (2009 - 2026) Analysis & Trends
Cummins has reported Operating Margin for 18 years, with the latest figure at 11.3% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin fell 257.0% year-over-year to 11.3%; the trailing twelve-month figure through Mar 2026 stood at 11.33% (down 36.0% YoY), and the FY2025 full-year result was 11.95%, up 96.0% from the prior year.
- Operating Margin for Q1 2026 stood at 11.3%, up from 9.52% in the prior quarter.
- The five-year high for Operating Margin was 14.18% in Q2 2025, with the low at 14.19% in Q4 2023.
- Historically, Operating Margin has averaged 9.75% across 5 years, with a median of 11.27% in 2023.
- Annual changes were most pronounced in 2023 — Operating Margin tumbled 2451 bps — and 2024, when it surged 2285 bps.
- Cummins' Operating Margin stood at 10.32% in 2022, then slumped by 237 bps to 14.19% in 2023, then surged by 161 bps to 8.67% in 2024, then increased by 10 bps to 9.52% in 2025, then advanced by 19 bps to 11.3% in 2026.
- The last three Operating Margin figures came in at 11.3% (Q1 2026), 9.52% (Q4 2025), and 10.24% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 251.14 Bn | 242.11 Bn | 1.78 Bn | 1.92% |
| 2 | Eaton | 153.70 Bn | 153.00 Bn | 2.65 Bn | 15.73% |
| 3 | Parker-Hannifin | 111.44 Bn | 110.97 Bn | 2.02 Bn | 20.65% |
| 4 | Cummins | 90.06 Bn | 87.33 Bn | 2.24 Bn | 11.30% |
| 5 | Emerson Electric | 77.51 Bn | 75.74 Bn | 2.42 Bn | 24.24% |
| 6 | Illinois Tool Works | 72.86 Bn | 72.03 Bn | 1.76 Bn | 25.40% |
| 7 | Ametek | 51.86 Bn | 51.38 Bn | 717.56 Mn | 26.70% |
| 8 | Rockwell Automation | 50.08 Bn | 49.71 Bn | 1.13 Bn | 20.86% |
| 9 | Dover | 28.99 Bn | 27.35 Bn | 798.14 Mn | 14.90% |
| 10 | Ingersoll Rand | 28.28 Bn | 27.07 Bn | 792.40 Mn | 15.68% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 11.30% |
| Dec 31, 2025 | 9.52% |
| Sep 30, 2025 | 10.24% |
| Jun 30, 2025 | 14.18% |
| Mar 31, 2025 | 13.87% |
| Dec 31, 2024 | 8.67% |
| Sep 30, 2024 | 12.42% |
| Jun 30, 2024 | 11.88% |
| Mar 31, 2024 | 10.98% |
| Dec 31, 2023 | -14.19% |
| Sep 30, 2023 | 11.27% |
| Jun 30, 2023 | 11.54% |
| Mar 31, 2023 | 12.14% |
| Dec 31, 2022 | 10.32% |
| Sep 30, 2022 | 8.54% |
| Jun 30, 2022 | 13.62% |
| Mar 31, 2022 | 9.46% |
| Dec 31, 2021 | 8.46% |
| Oct 3, 2021 | 11.16% |
| Jul 4, 2021 | 12.03% |