CMI · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
CUMMINS INC · 2026-11-05 · Importance 42 · Surprise 14 · From source text
At September 30, 2026, Cummins reported total debt of $7.519 billion, down from $7.552 billion at December 31, 2025, and debt equal to 34.4% of total capital versus 36.0%. Cash and cash equivalents totaled $3.571 billion, while cash and marketable securities totaled $4.185 billion, including $2.586 billion held internationally. The company had $348 million of commercial paper outstanding and $3.652 billion of available revolving-credit capacity; there were no borrowings under its committed credit facilities. Its revolving facilities comprise $2.0 billion maturing in June 2028 and $2.0 billion maturing in June 2030.
Key facts
- Cummins' committed credit facilities provide access to up to $4.0 billion, and the company intends to maintain facilities at current or higher aggregate amounts by renewing or replacing them at or before expiration. source
- In the first nine months of 2026, Cummins entered into interest-rate swaps converting $550 million of senior notes due in 2054 from a fixed 5.45 percent rate to a floating rate equal to daily SOFR plus a spread. source
- Required annual long-term debt principal payments range from $22 million to $865 million over the next five years, including the remainder of 2026. source
- Total debt was $7,519 million at September 30, 2026, compared with $7,552 million at December 31, 2025. source
- Cummins' $2.0 billion 5-year credit facility matures in June 2030 and its $2.0 billion 3-year facility matures in June 2028. source
- At September 30, 2026, Cummins had $4.2 billion in cash and marketable securities and access to $4.0 billion of credit facilities, net of $348 million of commercial paper outstanding. source
- In the first nine months of 2026, Cummins entered interest rate swaps to convert $550 million of senior notes due in 2054 from a fixed 5.45 percent rate to a floating rate equal to daily SOFR plus a spread. source
- Net accounts and notes receivable were $6,638 million at September 30, 2026, compared with $5,818 million at December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -3.9% | Net cash used in financing activities increased $1,430 million for the nine months ended September 30, 2026, primarily due to $1,778… |
| assets | positive | realized | +2.2% | Net accounts and notes receivable were $6,638 million at September 30, 2026, compared with $5,818 million at December 31, 2025. |
| cash | negative | committed | -1.0% | Required annual long-term debt principal payments range from $22 million to $865 million over the next five years, including the remainder… |
| liability | positive | committed | +1.0% | Required annual long-term debt principal payments range from $22 million to $865 million over the next five years, including the remainder… |
| liability | positive | realized | +0.1% | Total debt was $7,519 million at September 30, 2026, compared with $7,552 million at December 31, 2025. |