---
title: "Cummins: Business Model & Revenue Engine"
description: "Cummins revenue by region from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/cummins/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Cummins: Business Model & Revenue Engine

## Direct Answer

Cummins reports revenue across 4 geographic regions in its fiscal 2025 Form 10-K. United States is the largest, with $19.0 billion of revenue (56% of the total), followed by Outside the United States at $9.7 billion (29%). 56% of revenue came from the United States.

## How Does Cummins Make Money?

No single region supplies a majority of revenue: the largest, United States, is 56%, which spreads Cummins's exposure across several demand drivers. Between fiscal 2024 and 2025, China grew fastest (+11.9%) and India slowest (-3.3%), so the revenue mix tilts toward China while that gap lasts.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $19.0 billion | $19.4 billion | 56.4% | -2.3% |
| Outside the United States | $9.7 billion | $10.0 billion | 28.7% | -2.8% |
| China | $3.3 billion | $2.9 billion | 9.8% | 11.9% |
| India | $1.7 billion | $1.8 billion | 5.1% | -3.3% |

![Bar chart of Cummins revenue by region for fiscal 2025: United States 56.4%, Outside the United States 28.7%, China 9.8%, India 5.1%.](https://www.getswoopr.com/images/charts/cummins-business-model-segment-mix.webp)
*Cummins revenue by region as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 100% of Cummins's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Cummins reported in the segment note and revenue disclosures of its Form 10-K filed February 10, 2026 (accession 0000026172-26-000009), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Cummins's main regions?

In its fiscal 2025 Form 10-K, Cummins reports revenue for United States, Outside the United States, China and India.

### Which part of Cummins brings in the most revenue?

United States, with $19.0 billion of revenue in fiscal 2025, or 56% of the total.

### How much of Cummins's revenue comes from outside the United States?

44% in fiscal 2025, by the geographic breakdown Cummins reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: CUMMINS INC Form 10-K filed February 10, 2026](https://www.sec.gov/Archives/edgar/data/26172/000002617226000009/cmi-20251231.htm)
- [SEC EDGAR: CUMMINS INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=26172&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Cummins company dossier](https://www.getswoopr.com/stocks/companies/cummins/)
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- [Cummins peer comparison](https://www.getswoopr.com/stocks/companies/cummins/competitors/)
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- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).