Cummins

Liquidity and leverage are solid. At Q3 2025 Cummins held 2.566 billion cash and 593 million marketable securities against 7.614 billion total debt, plus undrawn revolvers, supporting ample flexibility. Credit ratings stand at A (S&P) and A2 (Moody’s) with stable outlooks.

Pension plans were overfunded at year-end 2024. Despite the 2024 settlement cash payments, cash generation recovered: nine-month 2025 CFO was 2.087 billion with only 691 million capex, and Q4 2024 FCF was roughly 0.88 billion, placing TTM FCF near 2.28 billion.

The clean-up of regulatory liabilities and investment-grade access position Cummins to weather downturns and fund reinvestment.