Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Cummins Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	34,065)	28,074)	24,021)	19,811)	23,571)
Cost of sales	(25,816)	(21,355)	(18,326)	(14,917)	(17,591)
Gross margin	8,249)	6,719)	5,695)	4,894)	5,980)
Selling, general and administrative expenses	(3,333)	(2,687)	(2,374)	(2,125)	(2,454)
Research, development and engineering expenses	(1,500)	(1,278)	(1,090)	(906)	(1,001)
Equity, royalty and interest income from investees	483)	349)	506)	452)	330)
Restructuring actions	—)	—)	—)	—)	(119)
Other operating expense, net	(2,138)	(174)	(31)	(46)	(36)
Operating income and expenses	(6,488)	(3,790)	(2,989)	(2,625)	(3,280)
Operating income	1,761)	2,929)	2,706)	2,269)	2,700)
Interest expense	(375)	(199)	(111)	(100)	(109)
Other income, net	240)	89)	156)	169)	243)
Income before income taxes	1,626)	2,819)	2,751)	2,338)	2,834)
Income tax expense	(786)	(636)	(587)	(527)	(566)
Consolidated net income	840)	2,183)	2,164)	1,811)	2,268)
Net income attributable to noncontrolling interests	(105)	(32)	(33)	(22)	(8)
Net income attributable to Cummins Inc.	735)	2,151)	2,131)	1,789)	2,260)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Cummins Inc. net sales increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Cummins Inc. operating income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Cummins Inc. income before income taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net income attributable to Cummins Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Cummins Inc. net income attributable to Cummins Inc. increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Cummins Inc. (NYSE:CMI)

Income Statement