康明斯 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the Fiscal Year Ended December 31, 2025Commission File Number1-4949CUMMINS INC. (IRS Employer Identification No.) 500 Jackson StreetBox3005Columbus, Indiana 47202-3005(Address of principal executive offices) Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject to such filingrequirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act: Large accelerated filerAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting stock held by non-affiliates was approximately $45.1 billion at June 30, 2025. This value includes all shares ofthe registrant's common stock, except for treasury shares. As of January31, 2026, there were 138,165,463shares outstanding of $2.50 par value common stock. Documents Incorporated by Reference Portions of the registrant's definitive Proxy Statement for its 2026 annual meeting of shareholders, which will be filed with the Securities and ExchangeCommission on Schedule14A within 120days after the end of 2025, will be incorporated by reference in PartIII of this Form10-K to the extent indicatedtherein upon such filing. CUMMINSINC. AND SUBSIDIARIESTABLE OF CONTENTS PARTITEMCautionary Statements Regarding Forward-Looking InformationI1BusinessOverviewReportable SegmentsEngine SegmentComponents SegmentDistribution SegmentPower Systems SegmentAccelera SegmentJoint Ventures, Alliances and Non-Wholly-Owned SubsidiariesSupplyPatents and TrademarksSeasonalityLargest CustomersBacklogResearch, Development and EngineeringEnvironmental SustainabilityEnvironmental ComplianceHuman Capital ResourcesAvailable InformationInformation About Our Executive Officers1ARisk Factors1BUnresolved Staff Comments1CCybersecurity2Properties3Legal Proceedings4Mine Safety DisclosuresII5Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities6[Reserved]7Management's Discussion and Analysis of Financial Condition and Results of Operations7AQuantitative and Qualitative Disclosures About Market Risk8Financial Statements and Supplementary DataIndex to Financial Statements9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure9AControls and Procedures9BOther Information9CDisclosure Regarding Foreign Jurisdictions that Prevent InspectionsIII10Directors, Executive Officers and Corporate Governance11Executive Compensation12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters13Certain Relationships and Related Transactions and Director Independence14Principal Accounting Fees and ServicesIV15Exhibits and Financial Statement Schedules16Form 10-K SummarySignatures CumminsInc. and its consolidat