Financials

3M Company financials

MMM Industrial Conglomerates

3M Company, founded in 1902, is a diversified technology conglomerate known for its innovative products such as Scotch™ Tape, Post-it® Notes, and 3M™ Littmann stethoscopes. It operates across healthcare, industrial, consumer, and safety markets with significant global revenue streams supported by robust R&D investments. Under CEO Michael Roman’s leadership since 2018, the company holds a strong market position and is actively pursuing digital and sustainable growth initiatives.

Snapshot

3M Company reported $24.95B in revenue in fiscal 2025, up 1.5% year over year, with an operating margin of 18.6%.

Revenue (FY2025): $24.95B
YoY growth: +1.5%
Operating margin: 18.6%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	24,948,000	24,575,000	24,610,000	26,161,000
Cost of Sales	14,991,000	14,447,000	14,983,000	15,853,000
Gross Profit	9,957,000	10,128,000	9,627,000	10,308,000
Selling, General & Administrative Expenses	3,997,000	4,221,000	19,198,000	7,232,000
Research & Development Expenses	1,169,000	1,085,000	1,154,000	1,160,000
Other Operating Expenses	162,000	—	(36,000)	(2,453,000)
Operating Profit	4,629,000	4,822,000	(10,689,000)	4,369,000
Non-Operating Income	(416,000)	(3,000)	(582,000)	(165,000)
Total Non-Operating Income	(416,000)	(3,000)	(582,000)	(165,000)
Income Before Provision for Income Taxes	4,213,000	4,819,000	(11,271,000)	4,204,000
Provision for Income Taxes	1,003,000	804,000	(2,867,000)	188,000
Consolidated Net Income	3,210,000	4,015,000	(8,404,000)	4,016,000
Net Income Attributable to Minority Interests and Other	(40,000)	6,000	(2,000)	3,000
Net Income Attributable to Discontinued Operations	—	164,000	1,407,000	1,764,000
Net Income Attributable to Common Shareholders	3,250,000	4,173,000	(6,995,000)	5,777,000
Basic EPS	6.05	7.58	-12.63	10.21
Diluted EPS	6.00	7.55	-12.63	10.18
Basic Weighted Average Shares Outstanding	537,400	550,800	553,900	566,000
Diluted Weighted Average Shares Outstanding	541,300	552,400	553,900	567,600
Shares Outstanding	530,279	539,470	552,581	549,245

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	5,235,000	5,600,000	5,735,000	3,655,000
Short-Term Investments	698,000	2,128,000	50,000	238,000
Total Cash and Cash Equivalents	5,933,000	7,728,000	5,785,000	3,893,000
Accounts Receivable	3,533,000	3,194,000	3,601,000	4,532,000
Total Trade Receivables	3,533,000	3,194,000	3,601,000	4,532,000
Inventories	3,661,000	3,698,000	3,944,000	5,372,000
Other Current Assets	3,260,000	1,264,000	3,049,000	891,000
Total Current Assets	16,387,000	15,884,000	16,379,000	14,688,000
Net Property, Plant & Equipment	7,101,000	7,388,000	8,347,000	10,007,000
Net Intangible Assets	1,103,000	1,210,000	1,323,000	4,699,000
Goodwill	6,419,000	6,281,000	6,382,000	12,790,000
Other Long-Term Assets	6,723,000	9,105,000	18,149,000	4,271,000
Total Assets	37,733,000	39,868,000	50,580,000	46,455,000
Accounts Payable	2,702,000	2,660,000	2,776,000	3,183,000
Accrued Expenses	718,000	712,000	999,000	951,000
Short-Term Debt	1,670,000	1,919,000	2,947,000	1,938,000
Current Portion of Leases	—	—	192,000	261,000
Other Current Liabilities	4,505,000	5,965,000	8,383,000	3,190,000
Total Current Liabilities	9,595,000	11,256,000	15,297,000	9,523,000
Long-Term Debt	10,932,000	11,125,000	13,088,000	14,001,000
Leases	—	—	464,000	580,000
Other Long-Term Liabilities	12,459,000	13,593,000	16,863,000	7,581,000
Total Long-Term Liabilities	23,391,000	24,718,000	30,415,000	22,162,000
Total Liabilities	32,986,000	35,974,000	45,712,000	31,685,000
Common Stock	9,000	9,000	9,000	9,000
Treasury Stock	(35,936,000)	(34,462,000)	(32,859,000)	(33,255,000)
Additional Paid-in Capital	7,440,000	7,229,000	6,956,000	6,691,000
Accumulated Other Comprehensive Income	(5,069,000)	(5,731,000)	(6,778,000)	(6,673,000)
Retained Earnings	38,258,000	36,797,000	37,479,000	47,950,000
Total Common Shareholders' Equity	4,702,000	3,842,000	4,807,000	14,722,000
Minority Interests and Other	45,000	52,000	61,000	48,000
Total Shareholders' Equity	4,747,000	3,894,000	4,868,000	14,770,000
Total Liabilities and Shareholders' Equity	37,733,000	39,868,000	50,580,000	46,455,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	3,262,000	4,188,000	(6,979,000)	5,791,000
Depreciation & Amortization	1,308,000	1,363,000	1,987,000	1,831,000
Share-Based Compensation Expense	225,000	289,000	274,000	263,000
Other Adjustments	707,000	1,203,000	(3,898,000)	(2,478,000)
Changes in Trade Receivables	(211,000)	114,000	(170,000)	(105,000)
Changes in Inventories	139,000	41,000	567,000	(629,000)
Changes in Accounts Payable	21,000	46,000	138,000	111,000
Changes in Income Taxes Payable	—	—	—	(47,000)
Changes in Other Operating Activities	(3,145,000)	(5,424,000)	14,761,000	854,000
Cash from Operating Activities	2,306,000	1,819,000	6,680,000	5,591,000
Capital Expenditure	(910,000)	(1,181,000)	(1,615,000)	(1,749,000)
Proceeds from Sale of Property, Plant & Equipment	95,000	61,000	119,000	200,000
Purchases of Investments	(1,305,000)	(4,153,000)	(1,466,000)	(1,250,000)
Proceeds from Sale of Investments	3,468,000	2,074,000	1,660,000	1,261,000
Proceeds from Business Divestments	—	5,000	60,000	13,000
Other Investing Activities	(3,000)	(7,000)	35,000	479,000
Cash from Investing Activities	1,350,000	(3,206,000)	(1,207,000)	(1,046,000)
Issuance of Short-Term Debt	—	(205,000)	205,000	340,000
Net Issuance / (Repayments) of Short-Term Debt	—	(205,000)	205,000	340,000
Issuance of Long-Term Debt	1,099,000	8,367,000	2,835,000	1,000
Repayments of Long-Term Debt	(1,815,000)	(2,656,000)	(3,086,000)	(1,179,000)
Net Issuance / (Repayments) of Long-Term Debt	(716,000)	5,711,000	(251,000)	(1,178,000)
Issuance of Common Shares	1,562,000	92,000	264,000	381,000
Repurchases of Common Shares	(3,251,000)	(1,801,000)	(33,000)	(1,464,000)
Net Issuance / (Repurchases) of Common Shares	(1,689,000)	(1,709,000)	231,000	(1,083,000)
Common Share Dividends Paid	(1,562,000)	(1,982,000)	(3,311,000)	(3,369,000)
Other Financing Activities	(49,000)	(922,000)	184,000	280,000
Cash from Financing Activities	(4,016,000)	1,098,000	(3,147,000)	(5,350,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	41,000	(44,000)	(48,000)	(104,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(365,000)	(333,000)	2,278,000	(909,000)

Key metrics

$84.90B

Market Cap

26.68x

P/E

3.40x

P/S

15.43x

EV/EBITDA

74.3%

Return on Equity

11.7%

Return on Invested Capital

1.71x

Current Ratio

1.8%

Dividend Yield

5.6%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$6.03B	+1.3%	23.2%	$1.40B
Q4 2025	$6.13B	+2.0%	13.0%	$796M
Q3 2025	$6.52B	+3.5%	22.2%	$1.45B
Q2 2025	$6.34B	+1.4%	18.0%	$1.14B
Q1 2025	$5.95B	—	20.9%	$1.25B
Q4 2024	$6.01B	—	18.1%	$1.08B
Q3 2024	$6.29B	—	20.9%	$1.32B
Q2 2024	$6.25B	—	20.3%	$1.27B

Margins

39.9%

Gross margin

18.6%

Operating margin

12.9%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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