Cummins (CMI) — capital discipline, read against the 10-Q

Cumminsreason 03 of 4a reason to hold, not a barrierderived 2026-09-08accession 0000026172-26-000029

At June 30, 2026, we had $3.9 billion in cash and marketable securities on hand and access to our $4.0 billion credit facilities (net of $348 million of commercial paper outstanding)

Our debt to capital ratio at June 30, 2026 was 35.6 percent, compared to 36.0 percent at December 31, 2025

We generated $1,808 million in cash from operations for H1 2026 compared to $782 million for the comparable period in 2025

In H1 2026 we repurchased common stock at higher levels than prior year with stock repurchases increasing $468 million versus the comparable period

Our global pension plans were 112 percent funded at December 31, 2025; our U.S. defined benefit plans were 115 percent funded

the finding

Pension trust investment returns shifted from losses to gains, with U.S. trust now showing 4.3% gain.

before · risk factors · 2026-03-31 → 2026-06-30

“the investment loss on our U.S. pension trust was 0.3 percent, while our U.K. pension trusts' loss was 0.5 percent”