Cummins Inc. is a global power leader that designs, manufactures, distributes, and services diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components. The company's core business model revolves around selling these products to original equipment manufacturers (OEMs), distributors, dealers, and other customers worldwide. Cummins operates through a service network of approximately 450 wholly-owned, joint venture, and independent distributor locations and more than 19,000 certified dealer locations in approximately 190 countries and territories. The company competes on the basis of performance, price, total cost of ownership, fuel economy, emissions compliance, speed of delivery, quality, and customer support. Key markets include North America, Europe, China, India, and Latin America.

• Employees: 75,500 (as of December 31, 2023)
• Geographic Footprint: Approximately 190 countries and territories
• Headquarters: Columbus, Indiana
• Founded: 1919
• Number of locations/facilities: Approximately 450 wholly-owned, joint venture and independent distributor locations and more than 19,000 certified dealer locations
• Revenue: $34.1 billion (FY2023)
• Key Subsidiaries/Brands: Atmus Filtration Technologies Inc., Eaton Cummins Automated Transmission Technologies, Cummins India Ltd., Fleetguard, Stamford and AVK

• CEO: Jennifer Rumsey
• CFO: Mark A. Smith
• Chief Administrative Officer: Sharon R. Barner
• Chief Human Resources Officer: Marvin Boakye
• President-Power Systems: Jenny M. Bush
• President-Accelera and Components: Amy R. Davis
• President-Distribution Business: Bonnie Fetch
• Chief Legal Officer and Corporate Secretary: Nicole Y. Lamb-Hale
• President-Engine Business: Brett Merritt
• President-Operations: Srikanth Padmanabhan
• Senior Vice President: Livingston L. Satterthwaite
• Vice President-China ABO: Nathan R. Stoner
• Vice President-Corporate Strategy: Jeffrey T. Wiltrout
• Vice President-Chief Technical Officer: Jonathan Wood

Key leaders have extensive experience in their respective fields, with Jennifer Rumsey serving as CEO since 2023 and Mark A. Smith as CFO since 2019.

• Annual Revenue: $34.1 billion (FY2023)
• Net Income: $735 million (FY2023)
• Total Assets: $32.0 billion (as of December 31, 2023)
• Employees: 75,500 (as of December 31, 2023)
• Key Financial Highlights: Worldwide revenues improved 21 percent in 2023 compared to 2022, due to increased axles and brakes sales in the Components segment of $2.9 billion from the Meritor acquisition on August 3, 2022, and higher demand in all operating segments and most geographic regions, partially offset by the decrease in Russian sales due to the indefinite suspension of our Russian operations in March 2022. Net sales in the U.S. and Canada improved by 22 percent primarily due to incremental sales of axles and brakes.

Cummins offers a wide range of products and services across several categories:

• Engines: Diesel and natural gas-powered engines for heavy-duty truck, medium-duty truck and bus, light-duty automotive and off-highway markets.
• Components: Axles, drivelines, brakes, suspension systems, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, filtration products, automated transmissions and electronics.
• Power Systems: Standby and prime power generators, controls, paralleling systems, and transfer switches.
• Accelera: Hydrogen production technologies, electrified power systems, battery, fuel cell and electric powertrain technologies.

Cummins operates through five complementary operating segments:

• Components: Supplies products that complement the Engine and Power Systems segments, including axles, drivelines, brakes and suspension systems, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, filtration products, automated transmissions and electronics.
• Engine: Manufactures and markets a broad range of diesel and natural gas-powered engines.
• Distribution: Serves customers and certified dealers through a worldwide network of wholly-owned, joint venture and independent distribution locations.
• Power Systems: Offers standby and prime power generators, as well as controls, paralleling systems and transfer switches.
• Accelera: Designs, manufactures, sells and supports hydrogen production technologies as well as electrified power systems.

Segment sales and EBITDA as a percentage of consolidated results were as follows: Components (32% and 36%), Engine (28% and 32%), Distribution (25% and 24%), Power Systems (14% and 16%), Accelera (1% and -%).

Cummins' strategic priorities include investing in future critical technologies and products, meeting future emission standards, improving fuel economy performance, and developing hydrogen engine solutions, battery electric, fuel cell electric and hydrogen production technologies. The company aims to improve revenue growth, gross margins and earnings by exploring strategic acquisitions and divestitures. Key strategic initiatives include the development of new products and improvement of current technologies, focusing on product improvements, product extensions, innovations and cost reductions for customers. They are also committed to making people's lives better by powering a more prosperous world, which includes strong communities, robust business and environmental sustainability.

Cummins operates in highly competitive markets, facing competition from other manufacturers and distributors of diesel engines, natural gas engines, and related products. Competitors vary by segment and geography, including Robert Bosch GmbH, Donaldson Company, Inc., Caterpillar, Inc., MTU (Rolls Royce Power Systems Group) and Kohler/SDMO (Kohler Group). The company also faces competition from emerging fuel cell and battery companies, powertrain component manufacturers, and vertically integrated OEMs. The company is also impacted by trends such as increasing adoption of electrified powertrains, stringent emission standards, and evolving environmental and climate change regulations.

• Government Regulation: Extensive statutory and regulatory requirements, including emissions and noise standards, can significantly increase costs and impact operations. The company is also subject to regulatory scrutiny and unpredictable enforcement of emission standards.
• Business Conditions/Disruptions: Failure to successfully integrate the acquisition of Meritor and/or failure to fully realize all of the anticipated benefits, raw material, transportation and labor price fluctuations and supply shortages, and the actions of, and income from, joint ventures and other investees that we do not directly control.
• Products and Technology: Product recalls, variability in material and commodity costs, the development of new technologies that reduce demand for current products and services, and lower than expected acceptance of new or existing products or services.
• General: Uncertainties and risks related to timing and potential value of the planned separation of Atmus, climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change, and increasing interest rates.