Company / R&D Expense
Cummins R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$1.4B
FY2025
5-year range
$1.1B / $1.5B
FY2021-FY2025
Trend
-4.6%
vs FY2024
Sector context
#10 of 167
Industrials
What the data says
Among 167 Industrials companies, Cummins is in the top 6% for r&d expense. R&D Expense has fluctuated over the past 10 years, ranging from $637M in FY2016 to $1.5B in FY2023.
Based on SEC 10-K filings.
$1.4B in FY2025 with a 5-year CAGR of +9.0%. Top quartile in the Industrials sector.
Declined from $1.5B to $1.4B over the past 2 years.
Industrials sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +3.0%
- 5-Year CAGR
- +9.0%
- 10-Year CAGR
- -
Sector benchmark
Top 6% in IndustrialsTop 6% of 167This company $1.4B Sector average $283.8M
▼
+391.9% above sector average
Key checks
Key Insights
- 5-year CAGR of +9.0%, indicating consistent growth.
- In FY2025, r&d expense decreased 4.6% year-over-year.
- Ranks #10 out of 167 companies in the Industrials sector.
- Peak r&d expense was recorded in FY2023.
Company context
Key Data Points
- Strong return on equity: 23.1%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $1.4B | -4.6% |
| FY2024 | $1.5B | -2.5% |
| FY2023 | $1.5B | +17.4% |
| FY2022 | $1.3B | +17.2% |
| FY2021 | $1.1B | +20.3% |
| FY2020 | $906.0M | -9.5% |
| FY2019 | $1.0B | +11.0% |
| FY2018 | $902.0M | +19.6% |
| FY2017 | $754.0M | +18.4% |
| FY2016 | $637.0M | -13.3% |
As of FY2025 · SEC 10-K Annual Filings · Updated Mar 8, 2026