Industrials · NYSE: MMM
3M: how the business works
3M makes tapes, adhesives, abrasives, safety equipment, electronics materials and household brands such as Post-it and Scotch, with net sales of $24.9 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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3M Company · St. Paul, Minnesota · Founded 1902
Updated for Q3 FY2026 · checked
- Net sales, FY2025
- $24.9B
- Net income, FY2025
- $3.25B
- Revenue from outside the US, 2025
- About 56%
- Employees, Dec 31, 2025
- About 60,500
- Business began
- 1902
The short version
3M in 5 points
1 · What it sells
3M sells tapes, adhesives, abrasives, safety equipment, electronics materials and household products under brands such as Post-it and Scotch, with net sales of $24,948 million in FY2025.
2 · Who pays it
In FY2025, customers in the Americas paid 54.4% of 3M's net sales, Asia Pacific 28.4% and Europe, the Middle East and Africa 17.1%, and 3M discloses no split by customer.
3 · What it keeps from $100
Of every $100 that came in during FY2025, 3M kept $12.68 as net income, which includes a $402 million gain on its Solventum stake and $1,061 million of net litigation costs before tax, while operating income was $18.06 per $100.
4 · Where the operating profit comes from
Safety and Industrial earned $2,836 million of FY2025 segment operating income, Transportation and Electronics $1,436 million and Consumer $996 million, while Corporate and Other took off $639 million.
5 · The one thing to watch
On Nov 3, 2026, 3M entered a settlement intended to resolve most alleged PFAS-related personal injury claims in the federal firefighting-foam (AFFF) cases, with $7.35 billion of nominal payments through 2034, subject to participation thresholds, and a pre-tax charge of about $5.8 billion in Q4 FY2026, against nine-month FY2026 operating cash flow of $2,046 million.
Sources: From 3M's FY2025 10-K, the Q3 FY2026 10-Q and the 8-K filed Nov 4, 2026 · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of 3M's money go?
3M · FY2025
Receipt for every $100
| Cost of sales | $58.5 |
|---|---|
| Selling, general and administrative | $15.6 |
| Research and development | $4.6 |
| Interest and pension costs | $4.1 |
| Loss on selling businesses and minority owners' share | $0.7 |
| Income tax | $3.9 |
| Kept as net income | $12.7 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $25,634 million × 100 (net sales $24,948 million + Solventum stake gain $402 million + interest income $232 million + affiliates' profit $52 million). Operating income was $4,629 million, or $18.06 of each $100. Net income includes the $402 million Solventum gain and $1,061 million of net litigation costs, both before tax. Interest of $946 million includes interest on settlement obligations; interest on debt was $448 million.
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02The business in one line
What does 3M do?
Businesses and shoppers pay 3M, directly or through distributors and retailers, for tapes, abrasives, safety equipment, electronics materials and household products; most of the money goes on making them, and $12.68 of every $100 that came in during FY2025 was left as net income.
- Customers in the Americas paid 54.4% of FY2025 net sales. 3M names no customer and gives no split by type of buyer.
- Safety and Industrial earned 53.8% of FY2025 segment operating income, Transportation and Electronics 27.3% and Consumer 18.9% (Cityfort calculation from FY2025 10-K).
03Who pays it
Who pays 3M?
Americas
54%
of revenue
54.4% of FY2025 net sales, or $13,579 million, by customer location. Sales in the United States alone were $10,936 million.
Asia Pacific
28%
of revenue
28.4% of FY2025 net sales, or $7,095 million. China and Hong Kong were $2,951 million.
Europe, Middle East and Africa
17%
of revenue
17.1% of FY2025 net sales, or $4,274 million.
- Americas54%
- Asia Pacific28%
- Europe, Middle East and Africa17%
How spread out the customers are
These shares are by region because 3M gives no revenue split by customer or type of buyer. Its FY2025 10-K says it sells directly to users and through e-commerce, wholesalers, retailers, jobbers, distributors and dealers, and it names no customer. Customer concentration is not disclosed. Shares are a Cityfort calculation from FY2025 10-K.
04Why it makes money
Why does 3M make money?
3M keeps about $40 of every $100 of sales after making its products; selling, research and legal costs take most of the rest.
Gross profit per $100 of net sales was $39.4 in FY2022 and $39.9 in FY2025. Settlement charges of $10.3 billion and $4.2 billion turned FY2023 operating income into a $10,689 million loss. Settlement payments also cut operating cash flow to $1,819 million in FY2024 and $2,306 million in FY2025.
Gross profit per $100 of net sales
$39.4$39.9
FY2022 to FY2025
- Research builds shared technologies
- Factories make tapes, abrasives, films and safety gear
- Distributors, retailers and direct sales reach buyers
- About $40 of each $100 of sales is left after production
- Selling, research and legal costs come out
- Cash pays dividends, buybacks and settlements
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up 3M?
Safety and Industrial
46%Safety equipment, industrial tapes and adhesives, abrasives, electrical products and roofing granules. Operating income per $100 of sales was $24.9 in FY2025 (Cityfort calculation from FY2025 10-K). From Q3 FY2026 it also holds Fire Safety and Rescue.
Revenue $11.4B · Operating profit $2.8B
Transportation and Electronics
33%Materials for electronics, vehicles, aircraft, graphics and road signs. Operating income per $100 of sales was $17.4 in FY2025. Manufactured PFAS products left this segment for Corporate in 2026.
Revenue $8.3B · Operating profit $1.4B
Consumer
20%Household, office, car care and first-aid products sold mainly through retailers. Operating income per $100 of sales was $20.2 in FY2025.
Revenue $4.9B · Operating profit $996M
Corporate and Other
2%Not a segment: items 3M keeps outside the three segments. Its FY2025 operating loss of $639 million includes $483 million of net litigation costs. In FY2023 it carried $14,785 million of net litigation costs.
Revenue $372M · Operating profit −$639M
How the mix changed
- Safety and Industrial
- Transportation and Electronics
- Consumer
- Corporate and Other
Revenue by segment, FY2022 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has 3M done?
Revenue
$24.9BFY2025
Net sales from continuing operations went from $26.2 billion in FY2022 to $24.9 billion in FY2025; FY2021's $35.4 billion is the whole company, including the health care business spun off as Solventum in 2024.
US$
See the numbers
Net profit
$3.3BFY2025
Net income from continuing operations was $3,250 million in FY2025, down from $4,009 million in FY2024; FY2023 shows an $8,402 million loss after settlement charges of $10.3 billion and $4.2 billion.
US$
See the numbers
Profit kept per $100 of revenue
$13.0FY2025
Net income per $100 of net sales was $13.0 in FY2025 and $16.3 in FY2024; FY2022's $15.3 includes a $2,724 million gain on the Food Safety split-off.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$1.4BFY2025
Operating cash flow fell from $6,680 million in FY2023 to $1,819 million in FY2024 and $2,306 million in FY2025 as 3M made settlement payments; cash flow figures include Solventum until Apr 1, 2024.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income line is continuing operations. The total includes $164 million from Solventum before its Apr 1, 2024 spin-off.
Download 3M's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (14)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 2024 earnings release (8-K Exhibit 99.1)
- Q4 and full-year 2024 earnings release (8-K Exhibit 99.1)
- Q1 2025 earnings release (8-K Exhibit 99.1)
- Q2 2025 earnings release (8-K Exhibit 99.1)
- Q3 2025 earnings release (8-K Exhibit 99.1)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1)
- Q1 2026 earnings release (8-K Exhibit 99.1)
- Q2 2026 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
07Who runs it
Who runs 3M, and did they deliver?
William M. Brown
Chairman and Chief Executive Officer · since 2024
CEO since May 2024 and Chairman since 2025; previously Chairman and CEO of L3Harris Technologies. His 2025 total pay was $21,005,009, and the proxy's CEO pay ratio was 316 to 1.
Anurag Maheshwari
Chief Financial Officer · since 2024
Previously CFO of Otis Worldwide.
Neil G. Mitchill, Jr.
Director · since 2026
Elected to the board effective Feb 6, 2026; CFO of RTX.
Jennifer W. Rumsey
Director · since 2026
Elected to the board on Jun 5, 2026; Chair and CEO of Cummins.
What they said, and what happened
3 too early to tell
Said on Jan 20, 2026
3M said in its Jan 20, 2026 earnings release that it expected 2026 adjusted EPS of $8.50 to $8.70.
Too early to tellWhat happened
The year is not over. 3M kept the range in April, raised it to $8.80 to $8.95 in July and to $9.10 to $9.15 in October, on a new basis that leaves out amortization and includes Madison. The guidance came before the Nov 3, 2026 settlement.
Said on Feb 3, 2026
3M's FY2025 10-K says the Combat Arms Earplugs settlement of August 2023 provides for payments of up to $6.0 billion from 2023 to 2029.
Too early to tellWhat happened
Accrued liabilities for the settlement fell from $2.4 billion on Dec 31, 2025 to $1.1 billion on Sep 30, 2026. Participation was above 99%.
Said on Feb 3, 2026
3M's FY2025 10-K says the public water supplier PFAS settlement provides for $10.5 billion to $12.5 billion of nominal payments from 2023 to 2036.
Too early to tellWhat happened
3M says it had paid $8.2 billion in aggregate under this and the earplug settlement through Dec 31, 2025.
Sources (9)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A), annual meeting May 12, 2026
- 8-K, Item 5.02: Neil G. Mitchill, Jr. elected director (Feb 3, 2026)
- 8-K, Item 5.02: Jennifer W. Rumsey elected director (Jun 5, 2026)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1)
- Q1 2026 earnings release (8-K Exhibit 99.1)
- Q2 2026 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
08What could go wrong
What could go wrong for 3M?
- Legal
Firefighting-foam and other PFAS claims
On Nov 3, 2026, 3M entered a settlement intended to resolve most alleged PFAS-related personal injury claims in the federal firefighting-foam (AFFF) court cases, with $7.35 billion of nominal payments from 2026 to 2034, subject to participation thresholds; 3M does not admit any liability or wrongdoing. About 15,250 such cases were pending on Oct 1, 2026. 3M also carried $7.5 billion of PFAS environmental liabilities on Sep 30, 2026.
Watch The pre-tax charge of about $5.8 billion 3M says it will record in Q4 FY2026, and whether participation thresholds are met.
- Cash and liquidity
Settlement payments use cash
Operating cash flow was $1,819 million in FY2024 and $2,306 million in FY2025, after after-tax litigation payments of $3,831 million and $2,817 million. In Q3 FY2026, $894 million of after-tax litigation and PFAS-exit payments left operating cash flow at $486 million.
Watch Operating cash flow each quarter against 3M's adjusted figure, in the earnings releases.
- Debt
Higher debt and ratings
Total debt rose from $12,602 million on Dec 31, 2025 to $14,997 million on Sep 30, 2026, against total 3M shareholders' equity of $4,127 million. 3M's 10-K lists its credit ratings and interest rates among its risk factors, and its credit agreement's pricing is tied to its ratings.
Watch Any rating agency action after the Nov 3, 2026 settlement, and debt in the Q4 FY2026 filing.
- Demand
Trade, tariffs and sales abroad
About 56% of 3M's 2025 revenue came from outside the US, including $2,951 million from China and Hong Kong. Its 10-K names tariffs, trade tensions between the US and China and slower growth in key markets as risks.
Watch Asia Pacific sales and any tariff costs 3M reports.
- Other
Net income moves with the Solventum stake
Changes in the value of 3M's Solventum stake run through net income: gains of $1,564 million in FY2024 and $402 million in FY2025. The stake was worth $2,254 million on Sep 30, 2026.
Watch The Solventum line in each quarter's bridge from GAAP to adjusted EPS.
- Legal
Respirator mask and asbestos claims
3M had accrued $439 million for respirator mask and asbestos claims, plus $56 million at its Aearo subsidiary, on Sep 30, 2026. These moved to Corporate in 2026.
Watch Changes in these accruals in each 10-Q.
- Competition
Competition and changing customer preferences
3M's 10-K says demand depends on competitors' new products, its own pricing, customers' inventory levels and preferences, including for products without PFAS made by others.
Watch Organic sales growth: 0.2% on a GAAP basis in Q3 FY2026.
Sources (6)
- 8-K, Items 1.01 and 8.01: AFFF MDL personal injury settlement (Nov 3, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- 8-K, Items 1.01, 1.02 and 2.03: $4.25 billion revolving credit agreement (Aug 17, 2026)
09Both sides
What do supporters and critics point to?
What supporters point to
- Q3 FY2026 net income was $1,373 million, up from $834 million a year earlier, on net sales of $6,584 million, up 1.0%.
- GAAP operating margin was 23.7% in Q3 FY2026, up from 22.2% a year earlier.
- Nine-month FY2026 operating cash flow was $2,046 million, up $1.3 billion, which 3M attributes mainly to lower net payments for PFAS environmental liabilities and the earplug settlement.
- 3M says it has paid dividends every year since 1916, and raised the quarterly dividend to $0.78 in Q1 2026.
- Safety and Industrial operating income was $960 million in Q3 FY2026, up from $792 million on the same basis.
What critics point to
- The Nov 3, 2026 firefighting-foam settlement adds $7.35 billion of nominal payments through 2034, on top of $7.5 billion of PFAS environmental liabilities on Sep 30, 2026.
- Operating cash flow was $1,819 million in FY2024 and $2,306 million in FY2025, below net income of $4,009 million and $3,250 million, because of settlement payments.
- Net sales from continuing operations fell from $26,161 million in FY2022 to $24,948 million in FY2025, and GAAP organic growth was 0.2% in Q3 FY2026.
- Total debt rose to $14,997 million on Sep 30, 2026 from $12,602 million at the end of 2025, against $4,127 million of shareholders' equity.
- Net income includes swings in the Solventum stake's value: a $1,564 million gain in FY2024 and $402 million in FY2025.
10What to watch next
What should you watch next at 3M?
Next event
Q4 FY2026 results
Date not announced yet.
The firefighting-foam settlement
3M says it will record a pre-tax charge of about $5.8 billion in Q4 FY2026, the present value of $7.35 billion of nominal payments from 2026 to 2034; the actual amount depends on participation thresholds.
Settlement payments against cash flow
Q3 FY2026 operating cash flow was $486 million, after $894 million of after-tax litigation and PFAS-exit payments; nine-month operating cash flow was $2,046 million.
Credit ratings
3M stated Moody's A3, S&P BBB+ and Fitch A-, all Stable, on Oct 20, 2026, before the settlement. Total debt was $14,997 million on Sep 30, 2026.
Electronics and the Amazon deal
Electronics sales were $616 million in Q3 FY2026, down from $668 million. The Amazon warrant is tied to $6 billion of cumulative sales over seven years.
11Key facts
Key facts about 3M
- What does 3M do?
- 3M makes industrial tapes and adhesives, abrasives, respiratory, hearing and fall protection, electronics and vehicle materials, and household products sold under brands such as Post-it, Scotch, Command and Filtrete. 3M had FY2025 net sales of $24,948 million and about 60,500 employees at the end of 2025.
- How does 3M make money, and what is its business model?
- 3M's business model is making products from shared technologies and selling them directly and through distributors, retailers and e-commerce. In FY2025, 3M kept $39.9 of every $100 of net sales after the cost of making its products, and its operating income was $4,629 million on net sales of $24,948 million.
- Is 3M profitable?
- 3M's FY2025 net income from continuing operations was $3,250 million, down from $4,009 million in FY2024. 3M's Q3 FY2026 net income was $1,373 million, up from $834 million in Q3 FY2025, on net sales of $6,584 million.
- What is 3M's revenue by segment?
- 3M's FY2025 net sales were $11,384 million from Safety and Industrial, $8,272 million from Transportation and Electronics and $4,920 million from Consumer, with $372 million in Corporate and Other, for a total of $24,948 million. 3M changed its segment basis in 2026, so 2026 quarters are not directly comparable.
- Who are 3M's customers?
- 3M sells directly to users and through e-commerce, wholesalers, retailers, distributors and dealers, and names no single customer. In FY2025, the Americas were 54.4% of 3M's net sales, Asia Pacific 28.4% and Europe, the Middle East and Africa 17.1%; the United States alone was $10,936 million.
- Who owns 3M?
- 3M's largest reported holders are JPMorgan Chase with 8.5% (Sep 30, 2026), Vanguard Capital Management with 7.56% (Mar 31, 2026) and BlackRock with 6.6% (Mar 31, 2026). 3M's directors and executive officers as a group held 599,925 shares on Feb 27, 2026, less than 1%. 3M has one class of common stock.
- What is 3M's Safety and Industrial business?
- 3M's Safety and Industrial segment sells respiratory, hearing, eye and fall protection, industrial adhesives and tapes, abrasives, electrical products and roofing granules. In FY2025 it had net sales of $11,384 million and operating income of $2,836 million; Personal Safety was its largest division at $3,544 million.
- What is 3M's Transportation and Electronics business?
- 3M's Transportation and Electronics segment sells materials for electronics and chip making, films and bonding products for vehicles and aircraft, graphic films, reflective road signs and products for data centers. In FY2025 it had net sales of $8,272 million and operating income of $1,436 million; Electronics was its largest revenue line at $2,911 million.
- What is 3M's Consumer business?
- 3M's Consumer segment sells cleaning products, air filters, picture-hanging accessories, stationery and office products, car appearance products and bandages, under brands such as Post-it, Scotch, Command and Filtrete. In FY2025 it had net sales of $4,920 million and operating income of $996 million.
- What happened to 3M's health care business?
- 3M spun off its health care business as Solventum on Apr 1, 2024, distributing 80.1% of the shares to 3M shareholders. 3M kept a stake, valued at $2,254 million on Sep 30, 2026, and 3M's reported figures from FY2022 on show only continuing operations.
Sources (8)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Q3 2025 earnings release (8-K Exhibit 99.1)
- Schedule 13G/A by JPMorgan Chase & Co., event date Sep 30, 2026
- Schedule 13G by Vanguard Capital Management, event date Mar 31, 2026
- Schedule 13G/A by BlackRock, Inc., event date Mar 31, 2026
- 2026 proxy statement (DEF 14A), annual meeting May 12, 2026
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Operating margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does 3M sell?
Safety equipment
Respiratory, hearing, eye and fall protection, sold by the Personal Safety division ($3,544 million of FY2025 sales, 3M's largest division). Brands include Peltor and DBI-Sala.
Industrial tapes, adhesives and abrasives
Structural adhesives and tapes such as 3M VHB, industrial abrasives for metalworking, and autobody repair products. Industrial Adhesives and Tapes sold $2,266 million in FY2025, Abrasives $1,340 million and Automotive Aftermarket $1,178 million.
Electrical products and roofing granules
Products for building and maintaining power networks ($1,394 million in FY2025) and colored mineral granules for roof shingles ($490 million).
Electronics, vehicle and sign materials
Films and materials for screens and chip making, bonding and sound products for cars and aircraft, advertising and fleet graphic films, and reflective highway signs. Electronics sold $2,911 million in FY2025 and Commercial Branding and Transportation $2,602 million.
Household and office products
Cleaning products, air filters, picture-hanging hooks, stationery, car care and bandages. Home Improvement sold $1,486 million in FY2025, Home and Auto Care $1,200 million, Packaging and Expression $1,126 million and Consumer Safety and Well-Being $1,108 million.
Firefighter equipment
Scott SCBA breathing equipment and Madison Fire & Rescue, bought in 2026, form the Fire Safety and Rescue division, which sold $206 million in Q3 FY2026.
What it does
- Does: Sells directly to users and through e-commerce, wholesalers, retailers, distributors and dealers.
- Does: Holds a stake in Solventum, its former health care business, valued at $2,254 million on Sep 30, 2026.
- Does: Earns about 56% of its revenue outside the United States.
What it does not do
- Does not: Make health care products any more: that business was spun off as Solventum on Apr 1, 2024.
- Does not: Make PFAS chemicals any more: 3M says it exited PFAS manufacturing by the end of 2025.
- Does not: Own its Food Safety business: it was split off in FY2022, for a $2,724 million gain.
13How the money flows
13How the money flows · FY2025
How does money flow through 3M?
Money in
- Net sales$24.9B
- Gain on the Solventum stake ($402M), interest income ($232M) and affiliates' profit ($52M)$686M
The company
3M
$25.6B came in
Money out
- Cost of sales$15.0B
- Selling, general and administrative$4.0B
- Research and development$1.2B
- Interest ($946M) and pension costs ($104M)$1.1B
- Income tax$1.0B
- Loss on selling businesses ($162M) and minority owners' share ($12M)$174M
- Net income to 3M$3.3B
- Customers paid 3M $24.9 billion of net sales in FY2025.
- Making the products cost $15.0 billion. Selling and administration took $4.0 billion and research $1.2 billion.
- A $162 million loss on selling businesses left operating income of $4,629 million.
- A $402 million gain on the Solventum stake, $232 million of interest income and $52 million of affiliates' profit came in. Interest of $946 million, pension costs of $104 million and tax of $1,003 million went out.
- After $12 million for minority owners, $3,250 million was left as net income to 3M.
14What it needs to run
14What it needs to run
What does 3M need to run?
People
About 60,500 full-time-equivalent employees at the end of 2025: 22,500 in the US and 38,000 abroad.
Research and patents
Research and development cost $1,169 million in FY2025. 3M's 10-K says its trademarks, patents and trade secrets give it an important competitive advantage, but that no single patent is essential to the company.
Factories
Property, plant and equipment, after depreciation, was $7,101 million on Dec 31, 2025. Capital spending was $910 million in FY2025.
Raw materials and energy
3M's 10-K lists the cost and supply of raw materials, components and energy, and tariffs on imports, among its risk factors.
15Where it sells
15Where it sells · FY2025
Where does 3M sell?
- Outside the US56%
- Inside the US44%
16Where growth could come from
16Where growth could come from
Where could 3M's growth come from?
3M said in its Oct 20, 2026 earnings release that it expects 2026 adjusted EPS of $9.10 to $9.15, adjusted total sales growth of 4.5%, adjusted organic sales growth of 3.5%, adjusted operating cash flow of $5.9 billion and adjusted free cash flowCash from operations minus spending on buildings and equipment. Learn more of $4.8 billion. These are company measures; 3M says it cannot forecast the GAAP figures without unreasonable effort. The guidance came before the Nov 3, 2026 firefighting-foam settlement, for which 3M says it will record a pre-tax charge of about $5.8 billion in Q4 FY2026.
Fire Safety and Rescue
New$206M sales, Q3 FY2026
Up from $108 million a year earlier, after 3M bought Madison Fire & Rescue for $1,910 million net of cash in 2026. 3M holds 50.1% of the votes in the venture that owns it, with Bain as its partner.
Status: New, recently announced.
Data center products with Amazon
EarlyWarrant for up to 3.2M shares
3M said on Oct 19, 2026 that it entered into an expanded commercial relationship with Amazon for optical connectivity and data center products. Amazon received a warrant for up to 3.2 million 3M shares, tied to $6 billion of cumulative sales over seven years and other milestones.
Status: Early, too early to judge.
Safety and Industrial
Working$960M operating income, Q3 FY2026
Up from $792 million a year earlier on the same basis, on sales of $3,182 million, up from $2,917 million. Part of the rise comes from Fire Safety and Rescue.
Status: Working, on track against what the company said.
Electronics
Mixed$616M sales, Q3 FY2026
Down from $668 million a year earlier. Transportation and Electronics operating income was $468 million, down from $484 million on the same basis.
Status: Mixed, partly on track.
Operating margin
Working23.7% GAAP, Q3 FY2026
Up from 22.2% in Q3 FY2025. 3M's own adjusted operating margin was 26.2% on its new basis.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2025 and Q3 FY2026, unless the row says otherwise
What do 3M's own measures show?
Official (GAAP): Net sales, FY2025
$24.9B
Company's own measure: Adjusted sales, FY2025
$24.3B
Leaves out sales of manufactured PFAS products, which 3M stopped making by the end of 2025.
Official (GAAP): Operating margin, FY2025
18.6%
Company's own measure: Adjusted operating margin, FY2025
23.4%
Leaves out litigation costs, manufactured PFAS products, the loss on selling businesses and transformation costs.
Official (GAAP): Diluted EPS from continuing operations, FY2025
$6.00
Company's own measure: Adjusted EPS, FY2025
$8.06
Adds back litigation costs ($1.95 a share), manufactured PFAS products ($0.47), the divestiture loss ($0.29) and transformation costs ($0.13), and removes the Solventum stake gain ($0.78).
Official (GAAP): Operating cash flow, FY2025
$2.3B
Company's own measure: Adjusted free cash flow, FY2025
$4.4B
3M's measure adds back $2,817 million of after-tax litigation payments and other special items, then subtracts capital spending other than for PFAS products. Free cash flow as this page calculates it was $1,396 million.
Official (GAAP): Diluted EPS, Q3 FY2026
$2.63
Company's own measure: Adjusted EPS, Q3 FY2026
$2.50
From Q3 FY2026 3M's "new basis" also leaves out amortization of acquired intangibles. The adjusted figure is lower here because it removes the $0.60 a share Solventum stake gain.
Official (GAAP): Operating margin, Q3 FY2026
23.7%
Company's own measure: Adjusted operating margin, Q3 FY2026
26.2%
New basis, leaving out amortization, litigation and PFAS-exit costs and transformation costs. 3M says the change adds about 0.4 points.
Official (GAAP): Net sales growth, Q3 FY2026
1.0%
Company's own measure: Adjusted organic sales growth, Q3 FY2026
3.3%
Leaves out manufactured PFAS products, acquisitions, divestitures and currency effects. 3M's GAAP organic growth was 0.2%.
Official (GAAP): Operating cash flow, Q3 FY2026
$486M
Company's own measure: Adjusted free cash flow, Q3 FY2026
$1.2B
Adds back special items, mainly $894 million of after-tax litigation and PFAS-exit payments, then subtracts adjusted capital spending.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
18Financial strength and debt
18Financial strength · Sep 30, 2026
How much debt does 3M have?
- Total debt$15.0B
- Cash and investments$5.1B
- Net debt (debt minus cash)$9.9B
- Net worth (shareholders' money)$4.1B
- Debt to equity
- 3.6×
- $ of debt for every $1 of shareholders' money
- Net debt of $9,852 million is total debt minus cash ($4,835 million) and current marketable securities ($310 million) (Cityfort calculation from the Q3 FY2026 10-Q). Total debt was $12,602 million on Dec 31, 2025.
- Debt rose in 2026 after 3M issued €1.5 billion of notes in September and its venture subsidiary drew a $1.43 billion 364-day term loan in July to buy Madison Fire & Rescue, with 3M as guarantor; $650 million of notes were repaid in September.
- Litigation liabilities are shown apart from debt: $7.5 billion for PFAS environmental matters ($2.8 billion due within a year) and $1.1 billion for the Combat Arms Earplugs settlement on Sep 30, 2026. The Nov 3, 2026 firefighting-foam settlement adds $7.35 billion in nominal payments from 2026 to 2034.
- Debt to equity of 3.6 uses total 3M shareholders' equity of $4,127 million, which is low after the FY2023 settlement charges. Bain's interest in the Madison venture, $971 million, sits outside equity as a redeemable noncontrolling interest.
- 3M's remaining Solventum stake was valued at $2,254 million on Sep 30, 2026 and is not counted as cash here.
- Interest cover is left blank: FY2025 interest expense of $946 million includes imputed interest on settlement obligations, and interest on debt was $448 million.
- 3M signed a $4.25 billion revolving credit agreement on Aug 17, 2026.
19Who owns it
19Who owns it · ownership as of Feb 27, 2026
Who owns 3M?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did 3M's insiders report trading?
3M's insiders made 61 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 4 purchases (17 shares) and 58 sales (104,374 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 64 other share transactions (M: 28, F: 23, A: 13).
They also report 54 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 126 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of 3M's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (8)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Schedule 13G/A by JPMorgan Chase & Co., event date Sep 30, 2026
- 2026 proxy statement (DEF 14A), annual meeting May 12, 2026
- Schedule 13G by Vanguard Capital Management, event date Mar 31, 2026
- Schedule 13G/A by The Vanguard Group reporting 0 shares after its Jan 12, 2026 internal realignment, event date Mar 13, 2026
- Schedule 13G/A by BlackRock, Inc., event date Mar 31, 2026
- EDGAR filing list for 3M Co (CIK 0000066740)
20What it does with profit
20What it does with profit
What does 3M do with its profit?
Dividend per share
$2.92FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2023
Treasury stock purchased in FY2023.
$33M
Buyback · Dec 31, 2024
Treasury stock purchased in FY2024.
$1.8B
Buyback · Dec 31, 2025
Treasury stock purchased in FY2025.
$3.3B
Buyback · Sep 30, 2026
Buybacks in the first nine months of FY2026, as 3M states them (about $3.2 billion).
$3.2B
21Governance signals
21Governance signals
What do 3M's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1998
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says no related person transactions were referred to the board's Nominating and Governance Committee in 2025.
- Credit rating
- Moody's, S&P Global Ratings and Fitch, as stated in 3M's Q3 FY2026 10-Q A3 (Moody's) / BBB+ (S&P) / A- (Fitch) (Stable (all three, as of Oct 20, 2026)), Oct 20, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · Oct 20, 2026
Ratings as stated before the settlement
3M stated these ratings in its Oct 20, 2026 10-Q, before the Nov 3, 2026 firefighting-foam settlement. Pricing on 3M's $4.25 billion credit agreement is tied to its ratings.
other · Nov 3, 2026
PFAS and earplug settlements
3M has settled with public water suppliers over PFAS ($10.5 billion to $12.5 billion through 2036), over Combat Arms Earplugs (up to $6.0 billion through 2029) and with New Jersey (up to $450 million). On Nov 3, 2026 it entered a settlement intended to resolve most alleged PFAS-related personal injury claims in the federal firefighting-foam (AFFF) court cases, with $7.35 billion of nominal payments from 2026 to 2034, subject to participation thresholds; the settlement says 3M does not admit any liability or wrongdoing.
other
CEO is also Chairman
William M. Brown has been Chairman as well as CEO since 2025.
disclosure · Oct 20, 2026
Segment basis changed twice in 2026
From Q1 2026, manufactured PFAS products and respirator mask and asbestos litigation moved to Corporate. From Q3 2026, amortization moved to Corporate and a Fire Safety and Rescue division joined Safety and Industrial. Only same-basis figures are compared on this page.
disclosure
What the filings do not break out
The filings used here give no revenue by customer or type of buyer, no customer concentration and no market shares.
Sources (6)
- 2026 proxy statement (DEF 14A), annual meeting May 12, 2026
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- 8-K, Items 1.01 and 8.01: AFFF MDL personal injury settlement (Nov 3, 2026)
- 8-K, Items 1.01, 1.02 and 2.03: $4.25 billion revolving credit agreement (Aug 17, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (8-K Exhibit 99.1)
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for 3M on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: a $187.77 close, from Nasdaq's historical price table for MMM; 3M's shares are listed on the NYSE. Other closes were $177.05 on Nov 3, 2026, the date of the firefighting-foam settlement, and $193.95 on Nov 4. Market value = $187.77 × 516,729,574 shares (10-Q cover, Sep 30, 2026) = $97,026 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 28.0 on the last four quarters' diluted EPS of $6.71 (Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases), or 31.3 on FY2025 diluted EPS of $6.00.
- Share price
- $187.77
- Market value (market cap)
- $97.0B
- P/E
- 28×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
3.8×
$97.0B market value ÷ $25.2B revenue (four quarters to Sep 30, 2026) = 3.8×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: MMM historical daily prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; MMM is listed on the NYSE; close of Nov 5, 2026: $187.77); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) and 4 more
How price ratios workDividend yield
1.56%
$2.92 dividends per share (FY2025) ÷ $187.77 share price = 1.56%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: MMM historical daily prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; MMM is listed on the NYSE; close of Nov 5, 2026: $187.77); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) and 4 more
What dividend yield meansFree cash flow yield
1.4%
$1.4B free cash flow (FY2025) ÷ $97.0B market value = 1.4%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: MMM historical daily prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; MMM is listed on the NYSE; close of Nov 5, 2026: $187.77); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) and 4 more
What free cash flow means
Shares used for the market value: 516.73 million ($187.77 × 516.73 million shares ≈ $97.0B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Source: MMM historical daily prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; MMM is listed on the NYSE; close of Nov 5, 2026: $187.77); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) and 4 more
Sources (7)
- MMM historical daily prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; MMM is listed on the NYSE; close of Nov 5, 2026: $187.77)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1)
- Q1 2026 earnings release (8-K Exhibit 99.1)
- Q2 2026 earnings release (8-K Exhibit 99.1)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
23How it got here
23How it got here
How did 3M get here?
1902
Milestone
Business begins
3M's operations began in 1902; the company was incorporated in Delaware in 1929 to continue them.
1916
Milestone
Dividends start
3M says it has paid dividends every year since 1916.
2002
Milestone
Renamed 3M Company
The company's name changed from Minnesota Mining & Manufacturing Co to 3M Company.
2022
Business-model change
Food Safety split off
3M split off its Food Safety business, booking a $2,724 million gain in FY2022.
2023
Crisis
Water and earplug settlements
Charges of $10.3 billion for the public water supplier PFAS settlement and $4.2 billion for the Combat Arms Earplugs settlement left an FY2023 operating loss of $10,689 million.
2024
Business-model change
Solventum spin-off and a new CEO
3M spun off its health care business as Solventum on Apr 1, 2024, and cut its quarterly dividend from $1.51 to $0.70. William M. Brown became CEO in May 2024.
2025
Business-model change
Exit from PFAS manufacturing
3M says it exited PFAS manufacturing by the end of 2025. It also settled with New Jersey for up to $450 million, with a $281 million charge.
2026
Milestone
Madison and Amazon
3M bought Madison Fire & Rescue for $1,910 million net of cash through a venture with Bain, and on Oct 19, 2026 announced a data center products relationship with Amazon.
2026
Crisis
Firefighting-foam settlement
On Nov 3, 2026, 3M entered a settlement intended to resolve most alleged PFAS-related personal injury claims in the federal firefighting-foam court cases, with $7.35 billion of nominal payments through 2034 and a pre-tax charge of about $5.8 billion in Q4 FY2026.
Sources (8)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- EDGAR filing list for 3M Co (CIK 0000066740)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- 2026 proxy statement (DEF 14A), annual meeting May 12, 2026
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (8-K Exhibit 99.1)
- 8-K, Item 7.01: Amazon commercial relationship and warrant (Oct 19, 2026)
- 8-K, Items 1.01 and 8.01: AFFF MDL personal injury settlement (Nov 3, 2026)
24Sources and changes
Where every number on this page comes from
Sources (26 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 7, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 8, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
- S9Q3 2026 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
- S10Q2 2026 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 21, 2026
- S11Q1 2026 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
- S12Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
- S13Q3 2025 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2025
- S14Q2 2025 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 18, 2025
- S15Q1 2025 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2025
- S16Q4 and full-year 2024 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2025
- S17Q3 2024 earnings release (8-K Exhibit 99.1) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2024
- S182026 proxy statement (DEF 14A), annual meeting May 12, 2026 · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S198-K, Items 1.01 and 8.01: AFFF MDL personal injury settlement (Nov 3, 2026) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
- S208-K, Item 7.01: Amazon commercial relationship and warrant (Oct 19, 2026) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 19, 2026
- S218-K, Items 1.01, 1.02 and 2.03: $4.25 billion revolving credit agreement (Aug 17, 2026) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2026
- S228-K, Item 5.02: Jennifer W. Rumsey elected director (Jun 5, 2026) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Jun 8, 2026
- S238-K, Item 5.02: Neil G. Mitchill, Jr. elected director (Feb 3, 2026) · 3M Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S24Schedule 13G/A by JPMorgan Chase & Co., event date Sep 30, 2026 · JPMorgan Chase & Co. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 16, 2026
- S25Schedule 13G/A by BlackRock, Inc., event date Mar 31, 2026 · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 27, 2026
- S26Schedule 13G by Vanguard Capital Management, event date Mar 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 27, 2026
- S27Schedule 13G/A by The Vanguard Group reporting 0 shares after its Jan 12, 2026 internal realignment, event date Mar 13, 2026 · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S28MMM historical daily prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; MMM is listed on the NYSE; close of Nov 5, 2026: $187.77) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S29EDGAR filing list for 3M Co (CIK 0000066740) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026), including the Nov 3, 2026 firefighting-foam settlement. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.