3M (MMM) financials

NYSE · Industrials · Conglomerates · 60,500 employees · CEO William Brown

Price: $174.34 -1.70%
Market cap: $89.9B
Enterprise value: $100B
Last report: Q3 '26 filed 2026-10-20
Next report: 2027-01-19 EPS est. $2.03

Revenue (TTM)$25.2B+1.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)18.7%-1.5 pp vs a year agoOperating income $4.73B

Net income (TTM)$3.54B+4.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.68B+68.6% vs a year agoCapex $952M

Diluted EPS (TTM)$6.71+7.2% vs a year agoSum of the last 4 quarters

Net cash-$9.85B-18.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $89.9B
Revenue: $25.2B
Revenue growth: +2%
Profit margin: 14.0%
P/E: 25.8×
P/S: 3.6×
EV / EBITDA: 16.4×
Free cash flow: $2.68B
Net income: $3.54B
Revenue estimate: $25.5B
Earnings: 2027-01-19
Dividend: $3.07

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-20): revenue in line, EPS beat by 5.0%Revenue $6.6B vs $6.61B expected (-0.1%); EPS $2.50 vs $2.38 (+5.0%).
Revenue growth slowing: 1.0% year on yearQ3 '26 revenue $6.58B, against an average of 2.3% over the four quarters before.
Operating margin 18.7% (TTM), -1.5 pp on a year agoOperating income grew -5.8% while revenue grew 1.7%.
Capex 3.8% of revenue (a year ago 3.8%)$952M invested in the last 4 quarters (-0.1% on a year earlier). Free cash flow $2.68B = 75.7% of net income.
Returned $3.55B to shareholders = 132.5% of free cash flowBuybacks $2.35B (a year earlier $3.4B), dividends $1.2B, stock-based pay $89M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 3.6% in a year523M diluted shares in Q3 '26, 542M a year earlier.
Net debt $9.85BCash + short-term investments $5.15B, debt incl. leases $15B; a year ago net debt $8.35B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$6.58B	$6.52B	+1.0%
Gross margin	42.3%	41.8%	+0.5 pp
Operating income	$1.56B	$1.61B	-3.3%
Operating margin	23.7%	24.7%	-1.1 pp
Net income	$1.37B	$834M	+64.6%
Diluted EPS	$2.63	$1.55	+69.7%
Operating cash flow	$486M	$1.76B	-72.3%
Capex	$256M	$218M	+17.4%
Free cash flow	$230M	$1.54B	-85.0%
R&D	$304M	$297M	+2.4%
Stock-based compensation	$46M	$53M	-13.2%

Reported vs consensus

2026-10-20

	Actual	Consensus	vs consensus
Revenue	$6.6B	$6.61B	-0.1%
EPS (as estimated)	$2.50	$2.38	+5.0%

From the report of 2026-10-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Safety And Industrial Segment	$3.18B	+9.1%	48.3%	$12.1B	–
Transportation And Electronics Segment	$2B	-8.8%	30.4%	$7.87B	–
Consumer Segment	$1.31B	-0.4%	19.9%	$4.9B	–
Segment Reporting, Reconciling Item, Corporate Nonsegment	$96M	-1.0%	1.5%	$406M	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas	$3.79B	+5.7%	57.5%	$13.8B	+11.6%
Asia Pacific	$1.72B	-6.5%	26.0%	$7.13B	+6.0%
E M E A	$1.08B	-1.7%	16.4%	$4.36B	+15.3%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Safety And Industrial Segment	–	–	$960M	+21.2%	–	–	$3.2B
Transportation And Electronics Segment	–	–	$468M	-3.3%	–	–	$1.45B
Consumer Segment	–	–	$300M	+2.7%	–	–	$986M
Material Reconciling Items	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.63B
Capex: -$952M
Buybacks: -$2.35B
Dividends: -$1.2B
Acquisitions: -$1.88B
Net debt issued: $2.51B
Stock-based compensation: $89M
Free cash flow: $2.68B
Returned to shareholders / FCF: 132.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	25.8×	17.0× 4 of 5 years	9.8× – 26.5×
EV / EBITDA	16.4×	11.1× 4 of 5 years	8.0× – 14.8×
EV / Sales	4.0×	2.9×	2.0× – 3.7×
Price / FCF	33.6×	42.4×	10.0× – 111.4×
Price / Book	21.9×	11.4×	3.9× – 18.5×
FCF yield	3.0%	5.2%	0.9% – 10.0%
Return on invested capital	12.7%	11.6%	7.8% – 15.6%
Return on equity	94.0%	22.2%	-145.5% – 108.6%

Analysts

Consensus target $186.63 (+7.0%)
range $135.00 – $218.00 · rating Buy

Strong buy0

Buy16

Hold16

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$25.5B	+2.0%	$9.10	+51.7%	19.2×	10
FY2027	$26.6B	+4.5%	$9.92	+9.0%	17.6×	10
FY2028	$27.7B	+4.1%	$10.79	+8.8%	16.2×	6
FY2029	$29.1B	+5.2%	$11.78	+9.2%	14.8×	3
FY2030	$29.9B	+2.8%	$12.51	+6.2%	13.9×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 285 figures 3M Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$3.04B	$2.74B	+11.2%	$2.7B	$2.66B	+1.6%
Accounts Receivable, after Allowance for Credit Loss, Current	$4.12B	$3.78B	+9.0%	$3.53B	$3.19B	+10.6%
Accounts Receivable, Allowance for Credit Loss, Current	$52M	$54M	-3.7%	$61M	$60M	+1.7%
Accrued Income Taxes, Current	$324M2025-09-30	$473M	-31.5%	$331M2024-12-31	$304M	+8.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$17.2B	$16.7B	+3.1%	$16.8B	$16B	+5.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$4.98B	-$5.12B	+2.7%	-$5.07B	-$5.73B	+11.6%
Additional Paid in Capital, Common Stock	$7.57B	$7.4B	+2.3%	$7.44B	$7.23B	+2.9%
Advertising Expense	–	–	–	$233M	$216M	+7.9%
Amortization of Intangible Assets	$41M	$26M	+57.7%	$104M	$108M	-3.7%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6.9M	11.5M	-40.0%	12.7M	30.8M	-58.8%
APIC, Share-based Payment Arrangement, Recognition and Exercise	$44M	$52M	-15.4%	$211M	$273M	-22.7%
Asset Impairment Charges	$12M2025-09-30	–	–	$51M	–	–
Asset Retirement Obligation	$202M2025-12-31	$195M	+3.6%	$202M	$195M	+3.6%
Assets	$39.5B	$37.6B	+5.1%	$37.7B	$39.9B	-5.4%
Assets, Current	$16.7B	$16.1B	+3.9%	$16.4B	$15.9B	+3.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$4.84B	$4.67B	+3.5%	$5.24B	$5.6B	-6.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$4.84B	$4.67B	+3.5%	$5.24B	$5.6B	-6.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.88B	$959M	+96.0%	-$365M	-$333M	-9.6%
Common Stock, Dividends, Per Share, Declared	$0.78	$0.73	+6.8%	$2.92	$3.61	-19.1%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	3B	–	–	3B	3B	0.0%
Common Stock, Shares, Issued	944M	944M	0.0%	944M	944M	0.0%
Common Stock, Shares, Outstanding	517M	531M	-2.7%	530M	539M	-1.7%
Common Stock, Value, Issued	$9M	$9M	0.0%	$9M	$9M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$10M	$3M	-433.3%	$9M	$14M	-35.7%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.48B	$927M	+60.1%	$3.9B	$4.64B	-15.9%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.47B	$930M	+58.5%	$3.91B	$4.65B	-15.9%
Cost of Revenue	$3.8B	$3.79B	+0.2%	$15B	$14.4B	+3.8%
Costs and Expenses	$5.03B	$5.07B	-0.9%	$20.3B	$19.8B	+2.9%
Current Federal Tax Expense (Benefit)	–	–	–	-$11M	-$75M	+85.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$597M	$583M	+2.4%
Current State and Local Tax Expense (Benefit)	–	–	–	-$1M	-$6M	+83.3%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$29M	$131M	-77.9%	$111M	$74M	+50.0%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$293M	$402M	-27.1%	$599M	$2.07B	-71.1%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$322M	$533M	-39.6%	$710M	$2.14B	-66.9%
Debt, Current	$2.44B	$749M	+225.6%	$1.67B	$1.92B	-13.0%
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$431M2026-03-31	$714M	-39.6%	$710M	$2.14B	-66.9%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$310M	$517M	-40.0%	$698M	$2.13B	-67.2%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent	$12M2025-12-31	$16M	-25.0%	$12M	$16M	-25.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$307M	$328M	-6.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$90M	-$27M	+433.3%
Deferred Income Tax Expense (Benefit)	$91M	$81M	+12.3%	$418M	$321M	+30.2%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$21M	$1M	+2,000.0%
Deferred Tax Assets, Gross	$5.26B2025-12-31	$5.46B	-3.7%	$5.26B	$5.46B	-3.7%
Deferred Tax Assets, Investments	$175M2025-12-31	$333M	-47.4%	$175M	$333M	-47.4%
Deferred Tax Assets, Net	$2.79B	$3.6B	-22.5%	$3.41B	$3.79B	-10.1%
Deferred Tax Assets, Net of Valuation Allowance	$3.53B	–	–	$4.2B	$4.39B	-4.3%
Deferred Tax Assets, Other	$229M2025-12-31	$70M	+227.1%	$229M	$70M	+227.1%
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	$210M2025-12-31	$143M	+46.9%	$210M	$143M	+46.9%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$250M2025-12-31	$241M	+3.7%	$250M	$241M	+3.7%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$222M2025-12-31	$267M	-16.9%	$222M	$267M	-16.9%
Deferred Tax Assets, Valuation Allowance	$1.05B2025-12-31	$1.06B	-0.8%	$1.05B	$1.06B	-0.8%
Deferred Tax Liabilities, Gross	$743M	–	–	$795M	$602M	+32.1%
Deferred Tax Liabilities, Other	$256M2025-12-31	$188M	+36.2%	$256M	$188M	+36.2%
Deferred Tax Liabilities, Property, Plant and Equipment	$403M2025-12-31	$263M	+53.2%	$403M	$263M	+53.2%
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment	–	–	–	$808M2024-12-31	–	–
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	-$2M	$20M	-110.0%	$104M	$828M	-87.4%
Depreciation, Depletion and Amortization	$336M	$298M	+12.8%	$1.31B	$1.36B	-4.0%
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$26M	$6M	+333.3%	$17M	$78M	-78.2%
Derivative Asset, Fair Value, Gross Asset	$183M	$145M	+26.2%	$192M	$142M	+35.2%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01