Cummins
29 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
PACCAR Inc.
earns from · 13 percent of our consolidated net sales in 2025named as a riskPACCAR is our largest customer, accounting for 13 percent of our consolidated net sales in 2025, 16 percent in 2024 and 16 percent in 2023.Business (Item 1)
Also named by ALSN
PACCAR, Traton, Daimler and Stellantis (combined)
concentrated in · 31 percent of our consolidated net sales in 2025named as a riskCollectively, our net sales to these four customers, including PACCAR, were 31 percent of our consolidated net sales in 2025, 36 percent in 2024 and 37 percent in 2023.Business (Item 1)
Data centers
earns fromWe also have strong demand for our data center products extending out six to eight quarters.Business (Item 1)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CNP, CTOS and 26 more
Stellantis N.V.
earns fromWe also have an agreement with Stellantis to supply engines and aftertreatment products for its pick-up truck applications.Business (Item 1)
Traton Group
earns fromIn addition to our agreement with PACCAR, we have heavy-duty and medium-duty engine and aftertreatment system supply agreements with Traton and Daimler.Business (Item 1)
Daimler Trucks AG
earns fromIn addition to our agreement with PACCAR, we have heavy-duty and medium-duty engine and aftertreatment system supply agreements with Traton and Daimler.Business (Item 1)
Partners and platforms
Chongqing Cummins Engine Company, Ltd.
earns from · $ 89 24%named as a riskIn 2025, nearly fifty percent of our equity, royalty and interest income from investees was from three of our 50 percent-owned joint ventures in China - Chongqing Cummins Engine Company, Ltd., Dongfeng Cummins Engine Company, Ltd. and Beijing Foton Cummins Engine Co., Ltd.Risk factors (Item 1A)
Dongfeng Cummins Engine Company, Ltd.
earns from · 70 19%named as a riskDongfeng Cummins Engine Company, Ltd. (DCEC) is a joint venture in China with Dongfeng Automotive Co. Ltd., a subsidiary of Dongfeng Motor Corporation and one of the largest medium-duty and heavy-duty truck manufacturers in China.Business (Item 1)
Beijing Foton Cummins Engine Co., Ltd.
earns from · 64 18%named as a riskBeijing Foton Cummins Engine Co., Ltd. is a joint venture in China with Beiqi Foton Motor Co., Ltd., a commercial vehicle manufacturer, which has two distinct lines of business - a light-duty business and a heavy-duty business.Business (Item 1)
Tata Cummins, Ltd.
earns from · 33 9%Tata Cummins, Ltd. is a joint venture in India with Tata Motors Ltd., the largest automotive company in India and a member of the Tata group of companies.Business (Item 1)
Komatsu Cummins Chile, Ltda.
earns from · 54 15%The joint venture is a distributor that offers the full range of our products and services to customers and end-users in Chile and Peru.Business (Item 1)
Amplify Cell Technologies LLC
maximum remaining required contribution to the joint venture was $418 millionAs of December 31, 2025, we contributed $412 million and our maximum remaining required contribution to the joint venture was $418 million, which could be reduced by future government incentives received by the joint venture.Business (Item 1)
Other companies
Electrolyzer/hydrogen markets
named as a riskDuring 2025, due to the continued rapid deterioration in our electrolyzer markets and overall hydrogen markets, along with significant uncertainty in the alternative power markets resulting from reductions in government incentives, we fully impaired all of the goodwill for our electrolyzer business and wrote off certain inventory in the third quarter of 2025.Business (Item 1)
Cummins India Ltd.
operates inWe have a controlling interest in Cummins India Ltd. (CIL), which is a publicly listed company on various stock exchanges in India.Business (Item 1)
Competitors
Caterpillar, Inc.
competes withOur primary competitors are Caterpillar, Inc., MTU (Rolls Royce Power Systems Group) and Kohler/SDMO (Kohler Group), but we also compete with INNIO, Generac, Mitsubishi Heavy Industries and numerous regional generator set assemblers.Business (Item 1)
Robert Bosch GmbH
competes withOur primary competitors in these markets include Robert Bosch GmbH, Garrett Motion, Inc., Borg-Warner Inc., Tenneco Inc., Eberspacher Holding GmbH & Co. KG, Allison Transmission, Knorr-Bremse AG and ZF Friedrichshafen AG.Business (Item 1)
Weichai Power Co., Ltd.
competes withOther independent engine manufacturers include Weichai Power Co., Ltd., Yuchai and Deutz AG.Business (Item 1)
Places
China
concentrated in · more than 50 percent of these earningsnamed as a riskWe derive significant earnings from investees that we do not directly control, with more than 50 percent of these earnings from our China-based investees.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Commodities and inputs
Regulators
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskOur engines are subject to extensive and evolving statutory and regulatory requirements governing emissions and noise, including standards imposed by the EPA, the EU, state regulatory agencies (such as the CARB) and other regulatory agencies around the world.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
California Air Resources Board (CARB)
subject tonamed as a riskOur engines are subject to extensive and evolving statutory and regulatory requirements governing emissions and noise, including standards imposed by the EPA, the EU, state regulatory agencies (such as the CARB) and other regulatory agencies around the world.Risk factors (Item 1A)
Also named by CRC, CVLG, F, FND, GM, GNRC, HTLD, KMI and 11 more
Laws and programs
EPA/CARB Settlement Agreements
subject to · $1.9 billion of paymentsnamed as a riskIn the second quarter of 2024, we made $1.9 billion of payments required by the Settlement Agreements.Business (Item 1)
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)
subject to · fewer than 20 manufacturing and waste disposal sitesIn the U.S., pursuant to notices received from federal and state agencies and/or defendant parties in site environmental contribution actions, we were identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended or similar state laws, at fewer than 20 manufacturing and waste disposal sites.Business (Item 1)
Also named by ALSN, AME, BRK/B, BWA, CLH, DD, GIS, GVA and 10 more
U.S. tariffs
subject tonamed as a riskThe uncertain tariff environment, marked by the U.S. imposition of tariffs on certain countries, followed by the imposition of retaliatory tariffs on U.S. goods and services by certain countries has introduced significant market volatility and raised concerns about potential economic impacts.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
United States-Mexico-Canada Agreement (USMCA)
subject tonamed as a riskOur business benefits from international trade agreements, such as the United States-Mexico-Canada Agreement and the U.S. trade relationships including those with China, Brazil, E.U. and the U.K.Risk factors (Item 1A)
Also named by AYI, BMI, BWA, CLF, CP, CW, DCH, DE and 29 more
U.S. export controls and sanctions on China
subject tonamed as a riskIn particular, changing U.S. export controls and sanctions on China, as well as other restrictions affecting transactions involving China and Chinese parties, could affect our ability to collect receivables, access cash generated in China, provide aftermarket and warranty support for our products, sell products and otherwise impact our reputation and business, any of which could have a material adverse effect on our results of operations, financial condition and cash flows.Risk factors (Item 1A)
Diesel vehicle bans (China, India, Germany, California)
subject tonamed as a riskIn addition, California government officials have called for the state to phase out sales of certain diesel-powered vehicles by 2035.Risk factors (Item 1A)
EPA PFAS reporting rule
subject tonamed as a riskFor example, in October 2023, the EPA published a final rule imposing reporting and recordkeeping requirements on manufacturers and importers of per- and polyfluoroalkyl substances (PFAS).Risk factors (Item 1A)