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Side-by-side financial comparison of Cummins (CMI) and ROYAL BANK OF CANADA (RY). Click either name above to swap in a different company.
ROYAL BANK OF CANADA is the larger business by last-quarter revenue ($13.1B vs $8.5B, roughly 1.5× Cummins). ROYAL BANK OF CANADA runs the higher net margin — 32.2% vs 7.3%, a 24.9% gap on every dollar of revenue.
Cummins Inc. is an American multinational corporation that designs, manufactures, and distributes diesel engines, electric vehicle components, and power generation products. Cummins also services engines and related equipment, including fuel systems, air handling systems controls, filtration, emission control, electrical power generation systems, and engine control units.
The Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 18 million clients and has more than 98,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains its corporate headquarters in Toronto and its head office in Montreal. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.
CMI vs RY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.5B | $13.1B |
| Net Profit | $620.0M | $4.2B |
| Gross Margin | 22.9% | — |
| Operating Margin | 9.5% | — |
| Net Margin | 7.3% | 32.2% |
| Revenue YoY | 1.1% | — |
| Net Profit YoY | 39.3% | — |
| EPS (diluted) | $4.25 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $13.1B | ||
| Q4 25 | $8.5B | — | ||
| Q3 25 | $8.3B | $12.4B | ||
| Q2 25 | $8.6B | $11.4B | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.8B | — |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $620.0M | — | ||
| Q3 25 | $559.0M | $4.0B | ||
| Q2 25 | $928.0M | $3.2B | ||
| Q1 25 | $850.0M | — | ||
| Q4 24 | $445.0M | — | ||
| Q3 24 | $843.0M | — | ||
| Q2 24 | $752.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 22.9% | — | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 26.4% | — | ||
| Q1 25 | 26.4% | — | ||
| Q4 24 | 24.1% | — | ||
| Q3 24 | 25.7% | — | ||
| Q2 24 | 24.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 9.5% | — | ||
| Q3 25 | 10.2% | — | ||
| Q2 25 | 14.2% | — | ||
| Q1 25 | 13.9% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 11.9% | — |
| Q1 26 | — | 32.2% | ||
| Q4 25 | 7.3% | — | ||
| Q3 25 | 6.7% | 31.9% | ||
| Q2 25 | 10.7% | 28.0% | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 10.0% | — | ||
| Q2 24 | 8.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | $4.25 | — | ||
| Q3 25 | $3.86 | — | ||
| Q2 25 | $6.43 | — | ||
| Q1 25 | $5.96 | — | ||
| Q4 24 | $3.22 | — | ||
| Q3 24 | $5.86 | — | ||
| Q2 24 | $5.26 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.4B | $33.7B |
| Total DebtLower is stronger | $6.8B | — |
| Stockholders' EquityBook value | $12.3B | $102.1B |
| Total Assets | $34.0B | $1709.9B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $33.7B | ||
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.2B | $25.5B | ||
| Q2 25 | $3.1B | $35.5B | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.8B | — | ||
| Q3 25 | $6.8B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $4.9B | — | ||
| Q2 24 | $5.4B | — |
| Q1 26 | — | $102.1B | ||
| Q4 25 | $12.3B | — | ||
| Q3 25 | $12.1B | $99.0B | ||
| Q2 25 | $11.8B | $96.7B | ||
| Q1 25 | $10.9B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $10.3B | — | ||
| Q2 24 | $9.6B | — |
| Q1 26 | — | $1709.9B | ||
| Q4 25 | $34.0B | — | ||
| Q3 25 | $33.6B | $1626.4B | ||
| Q2 25 | $34.3B | $1636.8B | ||
| Q1 25 | $32.5B | — | ||
| Q4 24 | $31.5B | — | ||
| Q3 24 | $32.1B | — | ||
| Q2 24 | $31.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.55× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.57× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $27.7B |
| Free Cash FlowOCF − Capex | $990.0M | — |
| FCF MarginFCF / Revenue | 11.6% | — |
| Capex IntensityCapex / Revenue | 6.4% | — |
| Cash ConversionOCF / Net Profit | 2.47× | 6.55× |
| TTM Free Cash FlowTrailing 4 quarters | $2.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $27.7B | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $21.2B | ||
| Q2 25 | $785.0M | $7.2B | ||
| Q1 25 | $-3.0M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $640.0M | — | ||
| Q2 24 | $-851.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $990.0M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $554.0M | — | ||
| Q1 25 | $-165.0M | — | ||
| Q4 24 | $882.0M | — | ||
| Q3 24 | $381.0M | — | ||
| Q2 24 | $-1.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | -2.0% | — | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | -12.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 3.1% | — | ||
| Q2 24 | 2.7% | — |
| Q1 26 | — | 6.55× | ||
| Q4 25 | 2.47× | — | ||
| Q3 25 | 2.33× | 5.36× | ||
| Q2 25 | 0.85× | 2.24× | ||
| Q1 25 | -0.00× | — | ||
| Q4 24 | 3.20× | — | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | -1.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
RY
Segment breakdown not available.
