3M Company (MMM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.25	$2.4	+6.7%	—	—	—
Q4 26	$1.98	$2.14	+8.1%	—	—	—
Q3 26	$1.8	$1.83	+1.7%	—	—	—
Q2 26	$2.07	$2.19	+5.8%	—	—	—
Q1 26	$2.01	$2.16	+7.5%	—	—	—
Q4 25	$1.77	$1.88	+6.2%	—	—	—
Q3 25	$1.54	$1.68	+9.1%	—	—	—
Q2 25	$1.9	$1.98	+4.2%	—	—	—
Q1 25	$1.68	$1.93	+14.9%	—	—	—
Q4 24	$2.11	$2.39	+13.3%	—	—	—
Q3 24	$2.31	$2.42	+4.8%	—	—	—
Q2 24	$2.35	$2.68	+14.0%	—	—	—
Q1 24	$1.76	$2.17	+23.3%	—	—	—
Q4 23	$1.6	$1.97	+23.1%	—	—	—
Q3 23	$2.37	$2.28	-3.8%	—	—	—
Q2 23	$2.59	$2.69	+3.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.05	—	—	$24.9B	—
FY24	—	$7.58	—	—	$24.6B	—
FY23	—	-$12.6	—	—	$32.7B	—
FY22	—	$10.2	—	—	$34.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$30.1B	$31.7B	$32.8B	$32.1B	$32.2B	$35.4B	$34.2B	$32.7B	$24.6B	$24.9B
YoY change	-0.55%	+5.14%	+3.5%	-1.92%	+0.15%	+9.85%	-3.18%	-4.52%	-24.8%	+1.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	30.1B	31.7B	32.8B	32.1B	32.2B	35.4B	34.2B	32.7B	24.6B	24.9B
Cost of revenue	15.1B	16.1B	16.7B	17.1B	16.6B	18.8B	19.2B	18.5B	14.4B	15B
Gross profit	15B	15.6B	16.1B	15B	15.6B	16.6B	15B	14.2B	10.1B	10B
Gross margin	49.8%	49.3%	49.1%	46.7%	48.4%	46.8%	43.8%	43.5%	41.2%	39.9%
Research & development	1.8B	1.9B	1.8B	1.9B	1.9B	2B	1.9B	1.8B	1.1B	1.2B
Selling, general & administrative	6.3B	6.6B	7.6B	7B	6.9B	7.2B	9B	21.5B	4.2B	4B
Operating expenses	8.1B	8.5B	9.4B	8.9B	8.8B	9.2B	10.9B	23.4B	5.3B	5.2B
Operating income	6.9B	7.1B	6.7B	6.1B	6.8B	7.4B	4.1B	-9.2B	4.8B	4.8B
Operating margin	23%	22.4%	20.3%	18.9%	21%	20.8%	11.9%	-28%	19.6%	19.2%
Non-operating income, net	307M	714M	620M	-49M	523M	297M	2.7B	165M	736M	136M
Pretax income	7.1B	7.5B	7B	5.6B	6.8B	7.2B	6.4B	-9.7B	4.8B	4.2B
Income tax	2B	2.7B	1.6B	1.1B	1.3B	1.3B	612M	-2.7B	804M	1B
Net income	5.1B	4.9B	5.4B	4.5B	5.5B	5.9B	5.8B	-7B	4.2B	3.3B
Net margin	16.8%	15.4%	16.4%	14.1%	16.9%	16.8%	16.9%	-21.4%	17%	13.1%
EBITDA	8.6B	8.8B	8.3B	7.7B	8.8B	9.6B	6.2B	-6.8B	5.8B	6.2B
EPS	8.35	8.13	9.09	7.92	9.32	10.2	10.2	-12.6	7.58	6.05
Diluted EPS	8.16	7.93	8.89	7.81	9.25	10.1	10.2	-12.6	7.55	6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	6.5B	6.1B	6B	6.5B
Cost of revenue	—	—	—	—	—	—	—	—	3.8B	4.1B	3.6B	3.8B
Gross profit	—	—	—	—	—	—	—	—	2.7B	2.1B	2.5B	2.7B
Gross margin	—	—	—	—	—	—	—	—	41.8%	33.6%	40.7%	41.3%
Research & development	—	—	—	—	—	—	—	—	297M	299M	308M	302M
Selling, general & administrative	—	—	—	—	—	—	—	—	820M	965M	744M	1.1B
Operating expenses	—	—	—	—	—	—	—	—	1.1B	1.3B	1.1B	1.4B
Operating income	—	—	—	—	—	—	—	—	1.6B	794M	1.4B	1.3B
Operating margin	—	—	—	—	—	—	—	—	24.7%	12.9%	23.3%	20.3%
Non-operating income, net	—	—	—	—	—	—	—	—	-275M	129M	-361M	-30M
Pretax income	—	—	—	—	—	—	—	—	1.1B	758M	878M	1.1B
Income tax	—	—	—	—	—	—	—	—	308M	185M	221M	183M
Net income	—	—	—	—	—	—	—	—	841M	574M	659M	938M
Net margin	—	—	—	—	—	—	—	—	12.9%	9.36%	10.9%	14.4%
EBITDA	-2.5B	1.9B	1.7B	920M	1.7B	1.5B	1.6B	1.5B	1.9B	1.2B	1.8B	1.7B
EPS	-3.74	1.7	1.67	2.07	2.49	1.34	2.05	1.35	1.56	1.08	1.23	1.79
Diluted EPS	-3.74	1.7	1.67	2.07	2.48	1.33	2.04	1.34	1.55	1.07	1.23	1.78

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	90.3B	117.6B	93.8B	85.1B	84.4B	86B	56.8B	50.6B	71.1B	86B	87.4B
Enterprise value	99.3B	127.5B	105.2B	103.9B	99.1B	99.5B	69.7B	61.5B	77B	92.7B	95.4B
Shares outstanding	604.7M	597.5M	588.5M	577M	577.6M	579M	566M	553.9M	550.8M	537.4M	537.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.9	24.2	17.5	18.8	15.5	14.5	9.8	—	17	26.4	30.1
P/S	3	3.71	2.86	2.65	2.62	2.43	1.66	1.55	2.89	3.45	3.47
P/B	8.73	10.1	9.52	8.41	6.53	5.69	3.84	10.4	18.3	18.1	29.6
EV/EBITDA	11.5	14.4	12.7	13.4	11.2	10.4	11.2	-9.05	13.3	14.9	14.7
EV/Sales	3.3	4.03	3.21	3.23	3.08	2.82	2.04	1.88	3.13	3.72	3.79
Earnings yield	5.6%	4.14%	5.72%	5.32%	6.46%	6.89%	10.2%	—	5.89%	3.79%	3.32%
FCF yield	5.81%	4.14%	5.19%	6.31%	7.83%	6.8%	6.77%	10%	0.9%	1.62%	7.27%
PEG	—	—	—	—	—	—	—	—	—	—	0.92

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.8%	49.3%	49.1%	46.7%	48.4%	46.8%	43.8%	43.5%	41.2%	39.9%	41.3%
Operating margin	23%	22.4%	20.3%	18.9%	21%	20.8%	11.9%	-28%	19.6%	19.2%	20.4%
Net margin	16.8%	15.4%	16.4%	14.1%	16.9%	16.8%	16.9%	-21.4%	17%	13.1%	11.9%
ROE	48.9%	41.9%	54.5%	44.7%	42.2%	39.2%	39.2%	-143.4%	107.6%	68.7%	81.9%
ROA	15.4%	12.8%	14.7%	10.1%	11.5%	12.6%	12.5%	-13.8%	10.5%	8.64%	8.74%
ROIC	25.6%	21.3%	23.9%	16.8%	19.7%	21.1%	13.3%	-58.2%	40.9%	32%	32.3%
Return on tangible assets	50.9%	43.9%	48.4%	90.3%	67.6%	62.3%	50.5%	-42.9%	16.8%	14.4%	15%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.89	1.86	1.89	1.41	1.89	1.7	1.54	1.07	1.41	1.71	1.24
Quick ratio	1.34	1.33	1.29	0.96	1.35	1.15	0.98	0.76	1.08	1.33	0.91
Debt / equity	1.13	1.21	1.49	2.1	1.53	1.21	1.14	3.46	3.51	2.65	4.38
Debt / assets	0.36	0.37	0.4	0.48	0.42	0.39	0.36	0.33	0.34	0.33	0.36
Net debt / EBITDA	1.05	1.12	1.38	2.43	1.66	1.41	2.08	-1.6	1.02	1.07	1.39
Interest coverage	36.4	24.4	21	13.6	13.8	15.8	14.8	-9.28	5.05	5.45	5.49
Effective tax rate	28.3%	35.5%	23.4%	19.7%	19.7%	17.8%	9.57%	0%	16.7%	23.8%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	49.8	53	55.7	55.7	55.7	61.1	60.5	59	44.6	46.4	47.6
EPS (basic)	8.35	8.13	9.09	7.92	9.32	10.2	10.2	-12.6	7.58	6.05	6.05
EPS (diluted)	8.16	7.93	8.89	7.81	9.25	10.1	10.2	-12.6	7.55	6	5.63
Book value per share	17.1	19.5	16.7	17.5	22.4	26.1	26.1	8.79	7.07	8.83	5.72
FCF per share	8.67	8.15	8.26	9.31	11.4	10.1	6.79	9.14	1.16	2.6	7.63
Cash per share	4.43	6.91	5.49	4.25	8.72	8.23	6.88	10.8	14	11	10.3
Capex per share	2.25	2.22	2.23	2.73	2.38	2.68	2.74	2.7	2.03	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.52%	4.18%	4.01%	4.9%	4.27%	4.39%	4.53%	4.58%	4.56%	—	—
Capex / operating cash flow	21.2%	24%	20.4%	24.7%	17.1%	20.7%	21.2%	22%	106.1%	—	—
Payout ratio	52.9%	57.6%	59.5%	73.2%	62.1%	57.7%	58.2%	-47.4%	47.3%	47.9%	53.6%
Dividend yield	2.97%	2.38%	3.41%	3.9%	4.01%	3.98%	5.94%	6.54%	2.79%	1.82%	1.84%

Yield

1.84%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.78

ex-dividend Aug 24, 2026

Payout ratio

54%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 24, 2026	$0.78
May 22, 2026	$0.78
Feb 13, 2026	$0.78

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$6.5B	$6.1B	$6B	$6.5B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.7B	4.1B	3.2B	2.5B	5B	4.8B	3.9B	6B	7.7B	5.9B
Receivables	4.4B	4.9B	5B	4.8B	4.7B	4.7B	4.5B	4.8B	3.2B	3.5B
Inventory	3.4B	4B	4.4B	4.1B	4.2B	5B	5.4B	4.8B	3.7B	3.7B
Total current assets	11.7B	14.3B	13.7B	13B	15B	15.4B	14.7B	16.4B	15.9B	16.4B
Property, plant & equipment	1.3B	1.2B	1.3B	2.3B	2.3B	2.2B	2.4B	2B	521M	-628M
Goodwill & intangibles	23B	26.9B	25.4B	39.6B	39.3B	37.5B	35B	34.3B	15B	15B
Total assets	32.9B	38B	36.5B	44.7B	47.3B	47.1B	46.5B	50.6B	39.9B	37.7B
Accounts payable	1.8B	1.9B	2.3B	2.2B	2.6B	3B	3.2B	3.2B	2.7B	2.7B
Short-term debt	972M	1.9B	1.2B	3B	1.1B	1.6B	2.2B	3.2B	2.1B	1.7B
Total current liabilities	6.2B	7.7B	7.2B	9.2B	7.9B	9B	9.5B	15.3B	11.3B	9.6B
Long-term debt	10.7B	12.2B	13.5B	18.2B	18.7B	16.7B	14.7B	13.7B	11.6B	10.9B
Total liabilities	22.6B	26.4B	26.7B	34.5B	34.4B	32B	31.7B	45.7B	36B	33B
Shareholders' equity	10.3B	11.6B	9.8B	10.1B	12.9B	15.1B	14.8B	4.9B	3.9B	4.7B
Total debt	11.7B	14B	14.7B	21.3B	19.8B	18.3B	16.9B	16.9B	13.7B	12.6B
Net debt	9.3B	11B	11.8B	18.9B	15.1B	13.7B	13.2B	10.9B	8.1B	7.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.2B	6B	11B	10.3B	7.3B	7.7B	7B	4.2B	5.2B	5.9B	4.1B	3.3B
Receivables	4.9B	4.8B	4.8B	3.6B	3.5B	3.2B	3.5B	3.8B	3.8B	3.5B	3.8B	3.9B
Inventory	5.1B	4.8B	4.9B	4.1B	4B	3.7B	3.9B	4.1B	3.9B	3.7B	3.7B	3.8B
Total current assets	16.2B	16.4B	21.6B	19.5B	16.3B	15.9B	15.7B	13.4B	16.1B	16.4B	14.4B	14.1B
Property, plant & equipment	9.8B	2B	9.8B	8.1B	8.1B	521M	7.9B	8B	7.8B	-628M	7B	6.9B
Goodwill & intangibles	34.1B	34.3B	33.8B	15.2B	15.3B	15B	15B	15.2B	15.1B	15B	14.9B	14.9B
Total assets	49.6B	50.6B	55.2B	43.4B	40.9B	39.9B	40B	38B	37.6B	37.7B	35.4B	34.9B
Accounts payable	3.1B	3.2B	3.4B	2.8B	2.7B	2.7B	2.8B	2.8B	2.7B	2.7B	2.8B	3.1B
Short-term debt	3.4B	3.2B	1B	1.5B	2B	2.1B	1.3B	849M	923M	1.7B	1.6B	1.6B
Total current liabilities	15.5B	15.3B	13.2B	14.3B	11.4B	11.3B	9.5B	7.8B	8.7B	9.6B	9B	11.4B
Long-term debt	13.4B	13.7B	21.1B	12.2B	11.8B	11.6B	12.7B	12.9B	12.2B	10.9B	10.9B	10.9B
Total liabilities	44.9B	45.7B	50.3B	39.4B	36.2B	36B	35.4B	33.6B	32.9B	33B	32.1B	31.9B
Shareholders' equity	4.7B	4.9B	4.9B	4B	4.7B	3.9B	4.5B	4.4B	4.7B	4.7B	3.3B	3B
Total debt	16.8B	16.9B	22.2B	13.7B	13.8B	13.7B	14.1B	13.7B	13.2B	12.6B	12.6B	12.6B
Net debt	11.7B	10.9B	11.2B	3.6B	7.8B	8.1B	7.7B	10B	8.5B	7.4B	8.8B	9.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5.1B	4.9B	5.4B	4.5B	5.5B	5.9B	5.8B	-7B	4.2B	3.3B
Depreciation & amortization	1.5B	1.5B	1.5B	1.6B	1.9B	1.9B	1.8B	2B	1.4B	1.3B
Stock-based compensation	298M	324M	302M	278M	262M	274M	263M	274M	289M	225M
Change in working capital	-108M	-608M	-406M	598M	326M	-507M	-623M	535M	201M	-3.2B
Operating cash flow	6.4B	5.5B	6.4B	6.4B	8B	7.5B	7.3B	6.8B	1.1B	2.3B
Capital expenditure	-1.4B	-1.3B	-1.3B	-1.6B	-1.4B	-1.6B	-1.5B	-1.5B	-1.1B	—
Investing cash flow	-1.4B	-3.1B	222M	-6.4B	-580M	-1.3B	-1B	-1.2B	-3.2B	2.2B
Dividends paid	-2.7B	-2.8B	-3.2B	-3.3B	-3.4B	-3.4B	-3.4B	-3.3B	-2B	-1.6B
Share repurchases	-3.8B	-2.1B	-4.9B	-1.4B	-368M	-2.2B	-1.5B	-33M	-1.8B	-3.3B
Financing cash flow	-4.6B	-2.7B	-6.7B	-1.1B	-5.7B	-6.8B	-5.7B	-3.4B	1B	-5.6B
Net change in cash	393M	-216M	-39M	-1.2B	1.7B	-609M	518M	2.2B	-1.1B	-1.1B
Free cash flow	5.2B	4.9B	4.9B	5.4B	6.6B	5.9B	3.8B	5.1B	638M	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-2.1B	947M	933M	1.2B	1.4B	728M	1.1B	725M	841M	574M	659M	938M
Depreciation & amortization	535M	537M	430M	301M	310M	322M	290M	290M	298M	430M	326M	335M
Stock-based compensation	46M	52M	29M	171M	42M	47M	85M	44M	53M	43M	80M	41M
Change in working capital	140M	552M	3M	-326M	72M	452M	-1.8B	-1.9B	422M	265M	-572M	-710M
Operating cash flow	1.9B	1.8B	734M	328M	-1.9B	1.9B	-145M	-822M	1.8B	1.6B	574M	986M
Capital expenditure	-314M	-353M	-354M	-237M	-244M	-285M	-218M	-205M	—	—	—	—
Investing cash flow	-290M	-301M	-393M	-463M	-1.2B	-1.1B	1.2B	65M	635M	-183M	283M	54M
Dividends paid	-828M	-828M	-835M	-386M	-383M	-378M	-396M	-390M	-389M	-387M	-412M	-401M
Share repurchases	-2M	-2M	-21M	-400M	-675M	-705M	-1.3B	-953M	-472M	-552M	-2B	-994M
Financing cash flow	-731M	-943M	4.6B	-1.4B	-1.1B	-1.1B	-1.3B	-1.9B	-1.4B	-960M	-2.4B	-1.4B
Net change in cash	847M	559M	4.9B	-1.5B	-4.2B	-394M	-252M	-2.6B	952M	440M	-1.6B	-356M
Free cash flow	1.5B	1.6B	392M	752M	-2B	1.5B	-315M	-1.2B	1.5B	1.3B	349M	763M

Date	Ratio
Apr 1, 2024	1196:1000
Sep 30, 2003	2:1
Apr 11, 1994	2:1
Jun 16, 1987	2:1
Jun 16, 1972	2:1

3M Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history