A multi-cartridge cutting tool includes a body with a plurality of cartridge-receiving pockets, and a plurality of insert-receiving cartridges mounted to a respective pocket. A round cutting insert is mounted to each cartridge. The pockets are formed at predetermined distances from a central, longitudinal axis of the body to form a first group and a second group of cutting inserts such that the cutting edges of the first group of cutting inserts and the cutting edges of the second group of cutting inserts are located at different axial and radial distances from the central, longitudinal axis of the body to perform different machining operations. The cutting tool may be used as part of a railway wheel boring assembly.