2021 SUSTAINABILITY PROGRESS REPORT | Cummins Inc. 74 ROBUST RECOVERY FOLLOWS PANDEMIC’S CHALLENGES A strong economic recovery combined with high demand for company products resulted in record full-year revenues for Cummins in 2021. Cummins’ revenues were $24 billion in 2021, 21% higher than 2020. Company sales in North America increased 17% and international revenues increased 27%. Sales increased in all major regions compared to 2020, which was severely impacted by the height of the COVID-19 pandemic. EBITDA for the year was $3.5 billion (14.7% of sales) compared to $3.1 billion (15.7% of sales) in 2020. Net income attributable to Cummins for the full year was $2.1 billion ($14.61 per diluted share), compared to net income of $1.8 billion ($12.01 per diluted share) in 2020. The tax rate for 2021 was 21.3%. In announcing the results in February, Cummins Chairman and CEO Tom Linebarger said supply chain constraints contributed to lower than expected margins, but he was optimistic those constraints would lessen over time. He was also optimistic about the future and Cummins’ efforts to lead on climate action. “The transition to low-carbon power across industries will be a significant driver in the fight against climate change and will require a broad mix of innovative technologies to achieve these goals,” Linebarger said. “This decarbonization effort represents a significant growth opportunity for Cummins as many of our OEM partners and end customers look to achieve their climate goals, while still having power solutions that fulfill their needs. Cummins’ key capabilities uniquely position us to lead in the transition to zero emissions.” FINANCIAL // Cummins Chairman and CEO Tom Linebarger meets with the media in Spain in May 2021 after announcing the company would build one of the world’s largest electrolyzer manufacturing plants in that country.