Cummins Inc.
CMI20 yrs growthIndustrials · Specialty Industrial Machinery · Stock · quarterly payer
Forward Yield
1.70%
Annual Dividend
$8.80
Payout Ratio
41%
5-Yr Growth
7.7%
Ex-Date
Nov 20, 2026
Frequency
Quarterly
Key facts about CMI's dividend
Data as of · Source: SmarterDividends data
- As of Oct 25, 2026, Cummins Inc. (CMI) has a forward dividend yield of 1.70%, based on an annual dividend of $8.80 per share and a share price of $517.40.
- As of Oct 25, 2026, CMI's dividend safety grade from SmarterDividends is A (92 out of 100), which rates the dividend as very safe.
- By SmarterDividends' count, Cummins Inc. (CMI) has raised its dividend for 20 consecutive years as of Oct 25, 2026.
- CMI last cut its regular dividend in 2003.
- CMI's next ex-dividend date is Nov 20, 2026, with payment on Dec 3, 2026. Shares must be owned before that date to receive the dividend.
- As of Oct 25, 2026, CMI pays out 41% of its trailing 12-month earnings as dividends (its payout ratio).
- CMI's dividend has grown at an average rate of 7.7% a year over the past five years.
- As of Oct 25, 2026, CMI's 1.70% yield is 30% below its five-year average yield of 2.44%.
- As of Oct 25, 2026, SmarterDividends' blended fair-value estimate for CMI is $290.82 per share, 44% below the $517.40 share price, so CMI screens as overvalued.
- Cummins Inc. (CMI) pays its dividend quarterly, 4 times a year.
- Cummins Inc. (CMI) has raised its regular dividend 24 times and cut it 1 time across the 168 payments on record since 1973. Its most recent change was a 10.0% increase to $2.20 per share, going ex-dividend on Aug 21, 2026. The last cut went ex-dividend on May 24, 1991.
- Cummins (CMI) has declared its first higher dividend of the year in July in 5 of the last 5 years; its most recent raise, 10.0%, was declared on Jul 12, 2026.
Cite this page
SmarterDividends, "CMI Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 25, 2026, https://smarterdividends.com/stocks/CMI
Summary
As of Oct 25, 2026, Cummins Inc. (CMI) yields 1.70% ($8.80 a year per share), has a dividend safety grade of A (92/100) and has 20 consecutive years of dividend increases on record.
Is CMI a good dividend stock?
YesCummins Inc. (CMI) pays a quarterly dividend yielding 1.70% ($8.80/yr), with 20 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding.
Advantages
- 20 consecutive years of dividend growth
- Comfortable payout ratio (41%)
- Strong 7.7% 5-yr dividend growth
- 147% total price return over 5 years
- Top-tier dividend safety score
Risks
- Cut its dividend in 2003
Key Data
- Dividend Yield
- 1.70%
- Payout Ratio
- 41%
- Annual Dividend
- $8.80
- 5-Yr Avg Growth
- 7.7%
- Ex-Dividend Date
- Nov 20, 2026
- Years of Growth
- 20
- Frequency
- quarterly
- Beta
- 1.24
- Market Cap
- $71.4B
- P/E Ratio
- 26.4
- 5-Yr Total Return
- 147%
- 52-Week Range
- $413.98 – $737.76
- Dividend Safety
- A · 92/100
- Ever Cut?
- Yes (2003)
CMI dividend raises and cuts
Cummins Inc. (CMI) has raised its regular dividend 24 times and cut it 1 time across the 168 payments on record since 1973. Its most recent change was a 10.0% increase to $2.20 per share, going ex-dividend on Aug 21, 2026. The last cut went ex-dividend on May 24, 1991.
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Aug 21, 2026 | Raise | $2.00 → $2.20 | +10.0% |
| Aug 22, 2025 | Raise | $1.82 → $2.00 | +9.9% |
| Aug 23, 2024 | Raise | $1.68 → $1.82 | +8.3% |
| Aug 24, 2023 | Raise | $1.57 → $1.68 | +7.0% |
| Aug 18, 2022 | Raise | $1.45 → $1.57 | +8.3% |
| Aug 19, 2021 | Raise | $1.35 → $1.45 | +7.4% |
| Nov 19, 2020 | Raise | $1.31 → $1.35 | +3.0% |
| Aug 20, 2019 | Raise | $1.14 → $1.31 | +15.0% |
| Aug 21, 2018 | Raise | $1.08 → $1.14 | +5.6% |
| Aug 16, 2017 | Raise | $1.03 → $1.08 | +5.4% |
| Aug 18, 2016 | Raise | $0.975 → $1.03 | +5.1% |
| Aug 19, 2015 | Raise | $0.780 → $0.975 | +25.0% |
Show all 25 changes since 1991
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Aug 20, 2014 | Raise | $0.625 → $0.780 | +24.8% |
| Aug 20, 2013 | Raise | $0.500 → $0.625 | +25.0% |
| Aug 20, 2012 | Raise | $0.400 → $0.500 | +25.0% |
| Aug 18, 2011 | Raise | $0.263 → $0.400 | +52.1% |
| Aug 19, 2010 | Raise | $0.175 → $0.263 | +50.3% |
| Aug 20, 2008 | Raise | $0.125 → $0.175 | +40.0% |
| Aug 15, 2007 | Raise | $0.0900 → $0.125 | +38.9% |
| Aug 16, 2006 | Raise | $0.0750 → $0.0900 | +20.0% |
| Nov 29, 1999 | Raise | $0.0688 → $0.0750 | +9.1% |
| May 29, 1997 | Raise | $0.0625 → $0.0688 | +10.0% |
| Nov 25, 1994 | Raise | $0.0313 → $0.0625 | +100.0% |
| Nov 24, 1993 | Raise | $0.0063 → $0.0313 | +400.0% |
| May 24, 1991 | Cut | $0.0688 → $0.0063 | −90.9% |
Frequently Asked Questions
Is CMI a good dividend stock?
Yes. Cummins Inc. (CMI) pays a quarterly dividend yielding 1.70% ($8.80/yr), with 20 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding.
Is CMI undervalued?
Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, CMI's fair value is about $290.82 versus a $517.40 share price — so it looks overvalued (-44% vs. fair value).
Is CMI's dividend safe?
CMI has a dividend-safety grade of A (92/100), based on its payout coverage, free-cash-flow, 20-year growth streak, a dividend cut in 2003, debt and yield-versus-history.
What is CMI's fair value?
Our blended fair-value estimate for CMI is about $290.82 per share, about 44% below the current $517.40 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.
Is CMI a buy, hold, or sell?
We don't issue formal ratings, but on the data CMI screens as "yes" and overvalued. Cummins Inc. (CMI) pays a quarterly dividend yielding 1.70% ($8.80/yr), with 20 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding. This is research for your own analysis, not investment advice.
Will CMI cut its dividend?
CMI earns a dividend-safety grade of A (92/100), and has cut its dividend before (last in 2003). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.
Does CMI pay a dividend?
Yes. Cummins Inc. pays a quarterly dividend of about $8.80 per share annually, a forward yield of roughly 1.70%.
What is CMI's dividend yield?
As of Oct 25, 2026, CMI's forward dividend yield is 1.70%, based on a $8.80 annual dividend and a $517.40 share price.
What is CMI's dividend per share?
As of Oct 25, 2026, CMI pays $8.80 per share per year, distributed on a quarterly basis.
What is CMI's dividend payout ratio?
As of Oct 25, 2026, CMI's payout ratio is 41% of trailing 12-month earnings — a comfortable level that leaves room to keep raising the dividend.
How many years has CMI grown its dividend?
As of Oct 25, 2026, CMI has increased its dividend for 20 consecutive years.
When is the next CMI ex-dividend date?
As of Oct 25, 2026, the next ex-dividend date on record for CMI is Nov 20, 2026.
CMI Price — Last 12 Months
Daily close
Price Return
1 Year
+4%
3 Years
+131%
5 Years
+147%
52-Week Range
$413.98 – $737.76
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is CMI worth?
Overvaluedmedium confidenceOur blended fair-value estimate for Cummins Inc. is $290.82 per share, versus a market price of $517.40. That implies 44% of downside.
Fair Value
$290.82
Current Price
$517.40
Downside
-44%
Margin of Safety
-78%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 24.8% annual free-cash-flow growth. We model 12.0% — so the price already assumes faster growth than we think is likely.
Assumptions: 10.5% discount rate (CAPM), 12.0% growth for five years fading to 2.5% over the next five, $19.57 EPS, $8.80 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
CMI Dividend Safety Score
Very Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
Full CMI dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Aug 21, 2026 | Sep 3, 2026 | $2.2000 | regular |
| May 22, 2026 | Jun 4, 2026 | $2.0000 | regular |
| Feb 20, 2026 | Mar 5, 2026 | $2.0000 | regular |
| Nov 21, 2025 | Dec 4, 2025 | $2.0000 | regular |
| Aug 22, 2025 | Sep 4, 2025 | $2.0000 | regular |
| May 23, 2025 | Jun 5, 2025 | $1.8200 | regular |
| Feb 21, 2025 | Mar 6, 2025 | $1.8200 | regular |
| Nov 22, 2024 | Dec 5, 2024 | $1.8200 | regular |
| Aug 23, 2024 | Sep 5, 2024 | $1.8200 | regular |
| May 23, 2024 | Jun 6, 2024 | $1.6800 | regular |
| Feb 22, 2024 | Mar 7, 2024 | $1.6800 | regular |
| Nov 22, 2023 | Dec 7, 2023 | $1.6800 | regular |
| Aug 24, 2023 | Sep 7, 2023 | $1.6800 | regular |
| May 18, 2023 | Jun 1, 2023 | $1.5700 | regular |
Income Calculator
At $8.80 / yr per share
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