Company ProfilePremiumNov 10, 2026

3M Company

Company Profile Analysis

Ticker: MMM

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3M Company - Manufacturing & Construction showcase

Year Founded & Workforce

1902

60,500 Employees

Industry

Manufacturing & Construction

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3M Company Overview

3M is a US-based diversified industrial technology company that turns a shared base of materials science (adhesives, abrasives, films, nonwovens, ceramics, optics and filtration) into tens of thousands of products for industrial, safety, transportation, electronics and consumer markets. After the April 2024 spin-off of Solventum and the completion of its exit from PFAS manufacturing at the end of 2025, it is a smaller, more focused company with about USD 25 billion of sales, 108 manufacturing sites and roughly 60,500 employees. Under Chairman and CEO William Brown, who joined in May 2024, the investment case has shifted from managing legal liabilities to operational self-help: faster new-product output, better service levels, footprint simplification and portfolio pruning. Adjusted operating margin has risen from 21.4% in FY2024 to 23.4% in FY2025, with a target of about 25% by 2027. Legacy PFAS and Combat Arms payment obligations still absorb a large share of cash flow and remain the main risk.

Company's own description. The FY2025 10-K describes 3M as "a diversified technology company with a global presence" in three businesses: Safety and Industrial, Transportation and Electronics, and Consumer. It says most products draw on expertise in product development, manufacturing and marketing and face competition from other technology-oriented companies. In press releases the company describes itself as applying science to create customer-focused solutions, using diverse technology platforms, a global footprint and operational excellence.

Independent characterisation. 3M is best understood as a materials-science platform company with a very wide catalogue, not as a classic conglomerate of unrelated businesses. A common set of core technologies (the company cites 49 technology platforms, per the 3M India FY2025-26 annual report) is recombined into products across unrelated end-markets. That gives 3M high gross margins and specification-based stickiness with customers, but it also creates complexity: tens of thousands of SKUs, more than a hundred plants, and a history of weak service performance. Current management is trying to keep the technology advantage while removing the complexity cost.

Business model. 3M designs, manufactures and sells physical products. Revenue comes overwhelmingly from product sales. The company does not disclose a product, service, subscription or licensing split, and services and royalties are not material at group level (split not publicly disclosed). There is modest post-separation income from supply and transition-service agreements with Solventum, reported in Corporate and Other (USD 372 million of sales in FY2025).

Revenue model features.

A large share of sales is consumable or repeat-purchase product (abrasives, tapes, respirators, filters, cleaning products, stationery), giving a recurring demand profile without contractual subscriptions.
Many industrial and transportation products are "specified in" to a customer design (for example an automotive platform or an electronic device), which locks in volume for the life of the programme.
Pricing is list-price based with distributor and retailer discounts. Specific pricing is not publicly disclosed.

Value chain position. 3M sits mostly in the middle of the chain as a maker of engineered materials and components (tier-two or tier-three supplier to OEMs), and at the end of the chain as a branded finished-goods supplier in safety and consumer products. It is partly vertically integrated in key inputs such as mineral granules, some resins, films and adhesives.

Distribution. Products are sold directly to users and through e-commerce and traditional wholesalers, retailers, jobbers, distributors and dealers (FY2025 10-K). Industrial sales depend heavily on distributors; consumer sales are concentrated in large retailers and online marketplaces. Management has a commercial-excellence programme aimed at improving channel performance.

Customer types and end-markets.

About 56% of FY2025 revenue came from outside the United States (FY2025 10-K, Item 1A).

Strategy

Stated strategy

Management frames strategy around three priorities repeated in every 2025 and 2026 release: reinvigorating organic growth, improving operational performance, and effective capital deployment. The operating system behind them is branded the "3M eXcellence" model. In the Q1 2026 release the CEO described the agenda as improving execution of fundamentals and transforming the company by simplifying and standardising processes and footprint and reshaping the portfolio.

The FY2025 10-K names market opportunities by segment: personal safety, connected bodyshop, grid modernisation, and robotics and automation (Safety and Industrial); automotive electrification, data-centre solutions, extended reality, semiconductors, graphic and architectural films, and aerospace and defence (Transportation and Electronics); home improvement, home cleaning, stationery, automotive appearance and consumer health care (Consumer).

Medium-term financial framework (Investor Day, February 2025)

Target (2025 to 2027)	Commitment
Organic growth	Above macro; about USD 1 billion of cumulative sales growth above market
Adjusted operating margin	About 25% by 2027
Adjusted EPS	High-single-digit annual growth
Free cash flow conversion	More than 100% cumulatively
Shareholder returns	About USD 10 billion through dividends and buybacks
Investment	About USD 3.5 billion of R&D and about USD 1,000 new products over three years

The January 2026 release confirms that 2027 commitments exist and that management expects to "meet or exceed" them.

Initiatives in the last 24 months

Initiative	Detail	Status and metric	Source
New product acceleration	Rebuild launch cadence after years of decline	About 250 launches expected in 2025; sales from products launched in the last five years up 23% in FY2025; new product vitality index 13%	Q3 and Q4 2025 earnings calls
Commercial excellence	Sales-force effectiveness, pricing discipline, cross-selling, channel optimisation	Cited as a driver of Safety and Industrial growth	FY2025 10-K
Service improvement	On-time in-full delivery	Above 90% at end of 2025, up 300 basis points	Q4 2025 earnings call
Transformation programme	Process and footprint simplification, ERP roll-out	USD 69 million of charges in FY2025; USD 0.15 per share in Q2 2026	Earnings releases
Portfolio review	2% to 3% of revenue assessed for exit or sale, later widened	Fused silica, precision grinding and finishing, and Dyneon exited	Q3 2025 call; 10-Qs
Safety vertical build-out	Madison Fire & Rescue joint venture with Bain Capital	Closed 1 July 2026; 3M owns 50.1% and received about USD 0.7 billion net	Q1 2026 10-Q
PFAS exit	End of PFAS manufacturing; work to remove PFAS from products	Manufacturing exit complete at end of 2025; some third-party PFAS-containing inputs continue	FY2025 10-K
Data-centre platform	Expanded Beam Optical connectors; multi-source agreement for standardisation	Microsoft is first announced hyperscale deployer	July 2026 release
AI in customer service and R&D	Ask 3M assistant on AWS	Launched June 2026	June 2026 release
Capital deployment	USD 7.5 billion buyback authorisation (February 2025); dividend raised from USD 0.73 to USD 0.78 per quarter in February 2026	USD 4.6 billion of authorisation remaining at 31 December 2025	FY2025 10-K
Solventum stake monetisation	Intent to exit within five years of the spin-off	Stake down from 19.9% to about 14.8% by early 2026	Solventum FY2025 10-K

Guidance

Metric	FY2026 initial (20 January 2026)	FY2026 updated (21 July 2026)
Adjusted total sales growth	about 4%	more than 4.5%
Adjusted organic sales growth	about 3%	more than 3.5%
Adjusted operating margin expansion	70 to 80 basis points	70 to 80 basis points
Adjusted EPS	USD 8.50 to 8.70	USD 8.80 to 8.95
Adjusted operating cash flow	USD 5.6 to 5.8 billion	USD 5.8 to 6.0 billion
Adjusted free cash flow conversion	more than 100%	more than 100%
Adjusted tax rate	about 20%	not restated

The July guidance does not include the Madison Fire & Rescue acquisition.

Products & Services

3M does not publish pricing by product, and launch years for individual lines are generally not disclosed in filings. "Pricing model" for every line below is transactional product sale through direct and distributor channels unless stated; specific prices are not publicly disclosed.

Safety and Industrial

Division	Product line / brand	Description and capabilities	Target customer	Notes
Abrasives	3M Cubitron abrasives (flagship: Cubitron II and Cubitron 3 families)	Precision-shaped ceramic grain abrasives for grinding, cutting and finishing; faster cut and longer life than conventional grain	Metal fabricators, foundries, aerospace and automotive manufacturers	Named in FY2025 10-K as an example brand
Abrasives	Scotch-Brite industrial abrasives	Nonwoven surface-conditioning discs, belts, wheels and hand pads	Metalworking, MRO	Named in FY2025 10-K
Abrasives	Robotic and automated abrasive systems	Abrasives and application engineering for robotic grinding cells	Automated manufacturers	10-K lists robotics and automation as a market opportunity
Automotive Aftermarket	Collision repair abrasives, body fillers, seam sealers, masking	Complete body-shop process products	Collision repair shops, distributors	Division sales fell in FY2025 on weak claims volumes
Automotive Aftermarket	3M PPS paint preparation system	Disposable liner system for paint mixing and spraying	Body shops	Brand from company catalogue
Automotive Aftermarket	Connected bodyshop tools	Digital inventory and process tools for repair shops	Multi-shop operators	Listed as an opportunity in the 10-K
Electrical Markets	Scotch vinyl electrical tapes (flagship: Scotch Super 33+) and 3M Temflex tapes	Insulating, splicing and colour-coding tapes	Electricians, utilities, OEMs	Named in FY2025 10-K
Electrical Markets	Medium-voltage cable accessories (cold shrink splices and terminations)	Cable jointing and termination for power distribution	Utilities, contractors	Grid modernisation exposure
Electrical Markets	3M Scotchcast resins	Electrical insulating and encapsulating resins	Utilities, OEMs	Named in FY2025 10-K
Electrical Markets	3M Scotchkote coatings	Fusion-bonded epoxy and liquid coatings for corrosion protection	Pipe coaters, infrastructure owners	Named in FY2025 10-K
Electrical Markets	3M Dynatel locators	Cable, pipe and fault locating instruments	Utilities, telecom	Named in FY2025 10-K
Industrial Adhesives and Tapes	3M VHB tape	High-strength acrylic foam bonding tape replacing rivets and welds	Transportation, construction, electronics, appliance OEMs	Named in FY2025 10-K
Industrial Adhesives and Tapes	3M Scotch-Weld structural adhesives	Epoxy, acrylic and urethane structural adhesives	Industrial assembly, aerospace, rail	Brand from company catalogue
Industrial Adhesives and Tapes	Scotch packaging and filament tapes	Box sealing and strapping tapes	Logistics, manufacturing	Named in FY2025 10-K
Industrial Adhesives and Tapes	3M Adhesive Mix Monitor	Tool to verify two-part adhesive mixing	Industrial assembly customers	Publicised September 2026
Industrial Specialties	3M Dual Lock reclosable fasteners	Mushroom-head reclosable fastening	Durable goods OEMs	Named in FY2025 10-K
Industrial Specialties	Tapes and label materials for durable goods; masking and packaging materials; personal hygiene components	Closure tapes, label stock, elastic and fastening components	Hygiene, packaging and durable goods producers	FY2025 10-K
Industrial Specialties	3M Scotchlite reflective materials	Retroreflective fabric and trims for high-visibility garments	Workwear manufacturers	Named in FY2025 10-K
Personal Safety	Disposable and reusable respirators (flagship: N95 8210 and Aura series; 6000 and 7000 series half and full facepieces; Versaflo powered air)	Respiratory protection	Industrial, healthcare, government	Largest division at USD 3.5 billion in FY2025
Personal Safety	3M Peltor protection and communication (flagship: ComTac VI tactical headset)	Hearing protection and communications headsets	Industrial, military, aerospace	ComTac VI used on NASA Artemis II (Q2 2026 release)
Personal Safety	3M DBI-Sala and Protecta fall protection	Harnesses, lanyards, self-retracting lifelines, anchors, confined-space systems	Construction, energy, utilities	Named in FY2025 10-K; from Capital Safety acquisition
Personal Safety	3M Scott self-contained breathing apparatus (Air-Pak)	SCBA, thermal imaging and gas detection for firefighters	Fire services, industrial	Contributed to Madison joint venture on 1 July 2026
Personal Safety	Madison Fire & Rescue brands: Holmatro, Amkus, Task Force Tips, Fire Fighting Systems, Waterax	Hydraulic and battery rescue tools, nozzles, fire suppression systems, mobile pumps	Fire and rescue services	Acquired 1 July 2026 through 50.1%-owned venture
Personal Safety	Eye, head and face protection; welding helmets (Speedglas)	Protective eyewear, hard hats, auto-darkening welding helmets	Industrial	Brands from company catalogue
Roofing Granules	Mineral and colour-coated roofing granules; Scotchgard Protector for shingles	Ceramic-coated granules including algae-resistant and cool-roof types	Asphalt shingle manufacturers	FY2025 10-K

Transportation and Electronics

Division	Product line / brand	Description and capabilities	Target customer	Notes
Advanced Materials	3M Nextel ceramic fibres and textiles	High-temperature oxide ceramic fibres	Aerospace, industrial furnace makers	Named in FY2025 10-K
Advanced Materials	3M Glass Bubbles	Hollow glass microspheres for lightweighting and insulation	Automotive, construction, energy, cryogenic storage	Brand from company catalogue
Advanced Materials	Advanced ceramics (boron nitride, silicon carbide, armour ceramics)	Technical ceramics from the former Ceradyne	Industrial, defence, electronics	FY2025 10-K lists advanced ceramic solutions
Advanced Materials	Former fluoropolymers, fluorinated fluids and PFAS-based additives (Dyneon, Novec, Fluorinert)	Exited; manufacturing ended at 31 December 2025; Dyneon GmbH divested in Q2 2026	Historical	FY2025 10-K; Q2 2026 10-Q
Automotive and Aerospace	Attachment tapes, structural adhesives, films, sound and thermal management	Bonding, sealing, acoustic and thermal products for vehicles	Automotive OEMs and tier suppliers	FY2025 10-K
Automotive and Aerospace	Thinsulate acoustic insulation	Lightweight acoustic absorbers	Automotive OEMs	Named in FY2025 10-K
Automotive and Aerospace	EV battery materials	Thermal barrier, bonding and dielectric materials for battery packs	EV makers	Automotive electrification listed as an opportunity
Automotive and Aerospace	Aerospace sealants, adhesives, surfacing films and insulation	Airframe and interior materials	Airbus, Boeing supply chain, defence	Long-term A220 insulation agreement with Airbus (June 2026)
Commercial Branding and Transportation	3M Diamond Grade DG3 reflective sheeting	Full-cube prismatic sheeting for traffic signs and vehicle conspicuity	Transport agencies, sign makers	Named in FY2025 10-K
Commercial Branding and Transportation	3M Scotchcal, Controltac and Scotchlite graphic films; vehicle wrap films	Large-format graphic and wrap films	Sign shops, fleet owners, brand owners	Named in FY2025 10-K
Commercial Branding and Transportation	Architectural finishes and window films (3M DI-NOC; sun control and safety films)	Decorative surfacing and glazing films	Building owners, designers	10-K lists graphic and architectural films as an opportunity
Commercial Branding and Transportation	3M Cooling Film	Film that lowers cabin interior temperatures for fleets and rail	Fleet and rail operators	Launched 2 September 2026
Commercial Branding and Transportation	Pavement markings and commercial cleaning and floor products	Road marking tapes; Scotch-Brite professional cleaning	Agencies, facilities managers	Company catalogue
Electronics (Display Materials and Systems)	Optical enhancement films (brightness enhancement, reflective polariser), optically clear adhesives	Light management films for LCD and OLED displays	Panel makers, device OEMs	FY2025 10-K
Electronics (Electronics Materials Solutions)	Electronics bonding, thermal interface and EMI shielding materials	Assembly materials for phones, tablets, wearables	Device OEMs and contract manufacturers	FY2025 10-K
Electronics (Electronics Materials Solutions)	Semiconductor materials (CMP pads and conditioners, wafer support and temporary bonding, chip-packaging materials)	Fab and advanced packaging consumables	Semiconductor manufacturers	FY2025 10-K
Electronics (Electronics Materials Solutions)	Interconnect: twin-axial cable assemblies, connectors, 3M Expanded Beam Optical (EBO) connectors	High-speed copper and dust-tolerant optical interconnect for data centres	Hyperscalers, server and network OEMs	Microsoft announced as first hyperscale deployer of EBO (July 2026)
Electronics	Extended-reality optics	Folded optics and films for AR and VR headsets	Headset OEMs	Listed as an opportunity in the 10-K

Consumer

Division	Product line / brand	Description and capabilities	Target customer	Notes
Home Improvement	Command adhesive hooks and strips (new: Command DÉCOR Collection)	Damage-free hanging	Consumers through mass, home-centre and online retail	DÉCOR metal collection launched 21 September 2026
Home Improvement	Filtrete HVAC air filters and room air purifiers	Electrostatic residential air filtration, including app-connected filters	Homeowners	Named in FY2025 10-K
Home Improvement	ScotchBlue painter's tape; retail abrasives; consumer respirators and safety products	Paint preparation and DIY safety	DIY consumers, contractors	FY2025 10-K
Home and Auto Care	Scotch-Brite sponges, scourers and cleaning tools	Home cleaning	Consumers	Named in FY2025 10-K
Home and Auto Care	Scotchgard protector sprays	Fabric and upholstery protection	Consumers	Named in FY2025 10-K
Home and Auto Care	Meguiar's car care	Washes, waxes, polishes and detailing products	Car enthusiasts, detailers	Named in FY2025 10-K
Packaging and Expression	Post-it notes, flags and easel pads	Repositionable notes	Offices, schools, consumers	Launched nationally in 1980
Packaging and Expression	Scotch tapes (Magic Tape), mailing and shipping products, laminators	Stationery and packaging	Offices, consumers	Named in FY2025 10-K; back-to-school and holiday seasonality
Consumer Safety and Well-Being	Nexcare bandages, tapes and first aid	Consumer wound care	Consumers through pharmacy and mass retail	Named in FY2025 10-K
Consumer Safety and Well-Being	ACE and Futuro braces and supports	Elastic bandages, braces, compression	Consumers	Company catalogue
Consumer Safety and Well-Being	Consumer hearing and eye protection (WorkTunes)	Retail safety products	DIY consumers	Company catalogue

Digital and service offerings

Offering	Description	Launch	Source
Ask 3M	AI assistant built on AWS that gives customers self-service access to technical product expertise, comparisons and application help	June 2026	Q2 2026 earnings release
Application engineering and customer technical centres	Design-in and process support for industrial and electronics customers	Ongoing	FY2025 10-K
Fall-protection and respiratory training and fit-testing services	Safety training and compliance support	Ongoing	Company catalogue

Financial Narrative

Basis reminder. FY2021 to FY2023 are as originally reported and include Health Care. FY2024 and FY2025 are continuing operations (Solventum excluded, apart from net income and cash flow lines, which include discontinued operations in early 2024). Sources: FY2021 to FY2023 10-Ks (from record, not re-extracted in this run); Q4 2025 earnings release and FY2025 10-K for FY2024 and FY2025.

Income statement

EBITDA is derived as operating income plus depreciation and amortisation. FY2024 net income includes USD 164 million from discontinued operations.

Margins and growth

Revenue CAGR: on a continuing-operations basis, FY2023 to FY2025 is about 0.7% per year (derived from 24,610 to 24,948). A five-year CAGR on reported figures (minus 8.3% per year, derived) is not meaningful because it mainly reflects the Health Care spin-off.

Cash flow

Based on USD 2.92 per share and about 537 million average shares, dividends were roughly USD 1.6 billion and repurchases roughly USD 3.2 billion (derived, approximate).

Ratios (analyst-derived from the tables above)

ROIC and interest coverage are not presented. ROE for FY2023 is not meaningful (net loss). Working-capital days for FY2021 to FY2023 use receivables, inventory and payables balances from record.

Commentary

Revenue. The fall from USD 35.4 billion to USD 24.9 billion is almost entirely the removal of Health Care (about USD 8 billion). Underlying continuing-operations sales have been flat for three years: USD 24.6 billion in FY2023, FY2024 and FY2025 within a 1.5% range. The inflection is in the adjusted organic rate, which moved from negative in 2023 to 1.2% in FY2024, 2.1% in FY2025, and 5.4% in Q2 2026 (Q2 2026 release). The manufactured PFAS wind-down cut reported growth by about 1.2 points in FY2025.

Gross margin. Reported gross margin fell to 39.9% in FY2025 from 41.2%. The 10-K attributes the rise in cost of sales to currency, tariffs, the PFAS exit, site remediation charges and stranded costs, partly offset by procurement and logistics savings. The pre-spin gross margins are not comparable because Health Care carried higher gross margins.

Operating income. FY2023 carried the USD 10.3 billion water-supplier and USD 4.2 billion earplug settlement charges. FY2025 GAAP operating income of USD 4.6 billion includes USD 1.06 billion of special items: USD 541 million litigation, USD 292 million PFAS product losses, USD 162 million divestiture loss and USD 69 million transformation cost. On the adjusted basis, operating income rose 12% to USD 5.7 billion and the margin rose 200 basis points.

Below the line. Other expense rose to USD 416 million from USD 3 million because the gain on the retained Solventum stake fell from USD 1.56 billion to USD 402 million, partly offset by the absence of the 2024 USD 0.8 billion pension settlement charge. The GAAP tax rate rose to 23.8% from 16.7%; the adjusted rate was 19.9%.

Balance sheet. Equity collapsed in 2023 with the settlement accruals and has since rebuilt modestly to USD 4.7 billion. Total debt fell from USD 17.4 billion to USD 12.6 billion, helped by the Solventum separation payment in 2024. Goodwill and intangibles dropped to USD 7.5 billion once Health Care left. Other liabilities of USD 12.5 billion and other current liabilities of USD 4.3 billion still contain large settlement obligations.

Cash flow. GAAP operating cash flow of USD 2.3 billion in FY2025 is after about USD 2.8 billion of net litigation payments (USD 3.8 billion in FY2024). Adjusted free cash flow of USD 4.4 billion equals 100% of adjusted net income. Capex has been cut from USD 1.6 to 1.7 billion to USD 0.9 billion, reflecting the smaller company and the end of PFAS-related water treatment investment. The company returned USD 4.8 billion to shareholders in FY2025, more than its GAAP free cash flow, funded in part by sales of marketable securities.

Working capital. Inventory days have fallen from about 102 in FY2022 to about 89 in FY2025, consistent with management's operations programme. The cash conversion cycle has improved by roughly 15 days since FY2022.

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Financial Detail

Segment Overview

Segment	Divisions	What it contains
Safety and Industrial (SIBG)	Abrasives; Automotive Aftermarket; Electrical Markets; Industrial Adhesives and Tapes; Industrial Specialties; Personal Safety; Roofing Granules	Industrial abrasives, collision-repair products, electrical insulation and cable accessories, structural adhesives and tapes, respiratory, hearing, eye and fall protection, mineral granules for shingles
Transportation and Electronics (TEBG)	Advanced Materials; Automotive and Aerospace; Commercial Branding and Transportation; Display Materials and Systems; Electronics Materials Solutions (the last two are reported together as "Electronics" in revenue tables)	Ceramics, vehicle bonding and acoustic products, graphic and reflective films, optical films, electronics assembly, semiconductor and data-centre materials
Consumer (CBG)	Consumer Safety and Well-Being; Home and Auto Care; Home Improvement; Packaging and Expression	Cleaning products, air filters, picture hanging, retail abrasives and paint accessories, stationery, car care, bandages and supports
Corporate and Other	Not a reportable segment	Unallocated corporate costs, Solventum commercial and transition agreements, special items (litigation, divestiture losses, transformation costs)

Revenue by Segment

Metric	FY2023	FY2024	FY2025
Safety and Industrial net sales (USD Mn)	10,956	10,961	11,384
Transportation and Electronics net sales (USD Mn)	8,501	8,380	8,272
Consumer net sales (USD Mn)	5,026	4,931	4,920
Corporate and Other net sales (USD Mn)	127	303	372
Total company net sales (USD Mn)	24,610	24,575	24,948

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Results by Segment

Metric	FY2023	FY2024	FY2025
Safety and Industrial operating income (USD Mn)	2,324	2,491	2,836
Transportation and Electronics operating income (USD Mn)	1,313	1,578	1,436
Consumer operating income (USD Mn)	904	932	996
Total reportable segments operating income (USD Mn)	4,541	5,001	5,268
Corporate and Other operating income (USD Mn)	—	-179	-639
Total company operating income (USD Mn)	-10,689	4,822	4,629

Segment Margins & Growth (%)

Metric	FY2023	FY2024	FY2025
Safety and Industrial operating margin (%)	21.2	22.7	24.9
Transportation and Electronics operating margin (%)	15.4	18.8	17.4
Consumer operating margin (%)	18.0	18.9	20.2
Transportation and Electronics adjusted margin, ex-PFAS (%)	21.0	23.2	22.7
Safety and Industrial adjusted margin (%)	22.0	23.1	25.4

Segment Margins & Growth (%) (FY2024–FY2025)

Metric	FY2024	FY2025
Safety and Industrial total sales growth (%)	0.0	3.9
Safety and Industrial organic growth (%)	0.7	3.2
Transportation and Electronics total sales growth (%)	-1.4	-1.3
Transportation and Electronics organic growth (%)	-1.0	-1.5
Transportation and Electronics adjusted organic growth, ex-PFAS (%)	3.4	2.0
Consumer total sales growth (%)	-1.9	-0.2
Consumer organic growth (%)	-1.2	-0.3

Revenue by Segment (%)

Metric	FY2023	FY2024	FY2025
Safety and Industrial share of sales (%)	44.5	44.6	45.6
Transportation and Electronics share of sales (%)	34.5	34.1	33.2
Consumer share of sales (%)	20.4	20.1	19.7
Corporate and Other share of sales (%)	0.5	1.2	1.5

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Revenue by Segment (FY2024–FY2025)

Metric	FY2024	FY2025
Abrasives (USD Mn)	1,295	1,340
Automotive Aftermarket (USD Mn)	1,235	1,178
Electrical Markets (USD Mn)	1,274	1,394
Industrial Adhesives and Tapes (USD Mn)	2,104	2,266
Industrial Specialties (USD Mn)	1,161	1,172
Personal Safety (USD Mn)	3,371	3,544
Roofing Granules (USD Mn)	521	490
Advanced Materials (USD Mn)	969	858
Automotive and Aerospace (USD Mn)	1,912	1,901
Commercial Branding and Transportation (USD Mn)	2,528	2,602
Electronics (USD Mn)	2,971	2,911
Consumer Safety and Well-Being (USD Mn)	1,080	1,108
Home and Auto Care (USD Mn)	1,191	1,200
Home Improvement (USD Mn)	1,486	1,486
Packaging and Expression (USD Mn)	1,174	1,126

Income Statement and Per-Share Data

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue (USD Mn)	35,355	34,229	32,681	24,575	24,948
Revenue, continuing-operations recast (USD Mn)	—	26,161	24,610	24,575	24,948
Cost of sales (USD Mn)	18,795	19,232	18,477	14,447	14,991
Gross profit (USD Mn)	16,560	14,997	14,204	10,128	9,957
SG&A (USD Mn)	—	—	—	4,221	3,997
R&D (USD Mn)	1,994	1,862	1,842	1,085	1,169
Operating income (USD Mn)	7,369	6,539	-9,128	4,822	4,629
Adjusted operating income (USD Mn)	—	—	—	5,067	5,693
Depreciation and amortisation (USD Mn)	1,915	1,831	1,987	—	—
EBITDA (USD Mn)	9,284	8,370	-7,141	—	—
Pre-tax income (USD Mn)	7,204	6,392	-9,688	4,819	4,213
Net income attributable to 3M (USD Mn)	5,921	5,777	-6,995	4,173	3,250
EPS basic (USD)	10.23	10.21	-12.63	7.58	6.05
EPS diluted (USD)	10.12	10.18	-12.63	7.55	6.00
EPS diluted, continuing operations (USD)	—	—	-15.17	7.26	6.00
Adjusted EPS, continuing operations (USD)	—	—	—	7.30	8.06
Dividends per share (USD)	5.92	5.96	6.00	3.61	2.92

Margin Analysis (%)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Gross margin (%)	46.8	43.8	43.5	41.2	39.9
Operating margin (%)	20.8	19.1	-27.9	19.6	18.6
Adjusted operating margin (%)	—	—	—	21.4	23.4
EBITDA margin (%)	26.3	24.5	-21.9	—	—
Net margin (%)	16.7	16.9	-21.4	17.0	13.0
Reported revenue growth (%)	—	-3.2	-4.5	—	1.5
Organic sales growth, continuing operations (%)	—	—	—	-0.2	0.9
Adjusted organic sales growth, ex-PFAS (%)	—	—	—	1.2	2.1

Balance Sheet

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Total assets (USD Mn)	47,072	46,455	50,580	39,868	37,733
Cash and equivalents (USD Mn)	4,564	3,655	5,933	5,600	5,235
Marketable securities, current (USD Mn)	—	—	—	2,128	698
Short-term debt (USD Mn)	1,307	1,938	2,947	1,919	1,670
Long-term debt (USD Mn)	16,056	14,001	13,088	11,125	10,932
Total debt (USD Mn)	17,363	15,939	16,035	13,044	12,602
Net debt, debt less cash (USD Mn)	12,799	12,284	10,102	7,444	7,367
Total equity (USD Mn)	15,117	14,770	4,868	3,894	4,747
Goodwill and intangibles (USD Mn)	18,774	17,489	17,153	7,491	7,522
Current assets (USD Mn)	15,403	14,688	16,379	15,884	16,387
Current liabilities (USD Mn)	9,035	9,523	15,297	11,256	9,595
Working capital (USD Mn)	6,368	5,165	1,082	4,628	6,792

Cash Flow and Margin Analysis (%)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow (USD Mn)	7,454	5,591	6,680	1,819	2,306
Capital expenditure (USD Mn)	1,603	1,749	1,615	1,181	910
Free cash flow, OCF less capex (USD Mn)	5,851	3,842	5,065	638	1,396
Adjusted operating cash flow (USD Mn)	—	—	—	5,988	5,264
Adjusted free cash flow (USD Mn)	—	—	—	4,877	4,374
Adjusted free cash flow conversion (%)	—	—	—	111	100
Dividends paid (USD Mn)	3,420	3,369	3,311	1,982	—
Share repurchases (USD Mn)	2,199	1,464	33	1,801	—
Dividends plus repurchases (USD Mn)	5,619	4,833	3,344	3,783	4,813

Returns & Leverage Ratios (%) and Financial Ratios (x)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
ROE, net income over year-end equity (%)	39.2	39.1	—	107.2	68.5
ROA, net income over year-end assets (%)	12.6	12.4	-13.8	10.5	8.6
Current ratio (x)	1.70	1.54	1.07	1.41	1.71
Debt to equity (x)	1.15	1.08	3.29	3.35	2.65
Net debt to EBITDA (x)	1.38	1.47	—	—	—
Asset turnover (x)	0.75	0.74	0.65	0.62	0.66
Days sales outstanding (days)	48.1	48.3	53.1	47.4	51.7
Days inventory outstanding (days)	96.8	102.0	95.3	93.4	89.1
Days payables outstanding (days)	58.1	60.4	64.1	67.2	65.8
Cash conversion cycle (days)	86.8	89.9	84.3	73.6	75.0

Revenue by Region

Metric	FY2023	FY2024	FY2025
Americas net sales (USD Mn)	13,268	13,405	13,579
Asia Pacific net sales (USD Mn)	7,068	6,994	7,095
EMEA net sales (USD Mn)	4,274	4,176	4,274
Worldwide net sales (USD Mn)	24,610	24,575	24,948
United States net sales (USD Mn)	10,607	10,788	10,936
China and Hong Kong net sales (USD Mn)	2,625	2,824	2,951

Revenue by Region (%)

Metric	FY2023	FY2024	FY2025
Americas share (%)	53.9	54.5	54.5
Asia Pacific share (%)	28.7	28.5	28.4
EMEA share (%)	17.4	17.0	17.1
United States share (%)	43.1	43.9	43.8
China and Hong Kong share (%)	10.7	11.5	11.8

Region Margins & Growth (%)

Metric	FY2024	FY2025
Americas total sales growth (%)	1.0	1.3
Americas organic growth (%)	0.1	1.3
Asia Pacific total sales growth (%)	-1.0	1.4
Asia Pacific organic growth (%)	1.2	1.7
EMEA total sales growth (%)	-2.3	2.4
EMEA organic growth (%)	-3.1	-1.7
United States total sales growth (%)	1.7	1.4
China total sales growth (%)	7.6	4.5
China organic growth (%)	8.0	4.3
Other Asia organic growth (%)	—	-0.1
Other Asia adjusted organic growth, ex-PFAS (%)	—	3.1
EMEA adjusted organic growth, ex-PFAS (%)	—	0.7

Capital Markets

Item	Value	Source
Share price	USD 164.15 (30 September 2026); USD 168 to 170 in the prior week	Morningstar; Robinhood; Investing.com
Market capitalisation	about USD 85 to 89 billion	StockAnalysis; Capital.com
1-year price change	about plus 7% to plus 10%	StockTitan (plus 6.8% to 18 September 2026); Investing.com (plus 10.0%)
3-year change in market capitalisation	about plus 54%	FinanceCharts
5-year price change	about plus 9% (to 18 September 2026)	—

Market Valuation

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Year-end market capitalisation (USD Bn)	102.36	66.28	60.38	70.30	85.05

Per-Share Data

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Dividends per share (USD)	5.92	5.96	6.00	3.61	2.92

Valuation Multiples

Multiple	3M	Comment
Trailing GAAP P/E	about 30x	Robinhood snapshot; depressed GAAP earnings
P/E on FY2025 adjusted EPS (USD 8.06)	about 20.4x	Derived at USD 164.15
P/E on FY2026 guidance midpoint (USD 8.875)	about 18.5x	Derived
EV / Sales (FY2025)	about 3.7x	Market value about USD 86 billion plus net debt about USD 7.4 billion at end-2025; excludes settlement liabilities
EV / EBITDA	not computed	—
Price / book	about 29x to 30x	Book value per share USD 5.66 (Investing.com); not meaningful given settlement-depleted equity

Credit Ratings

Agency	Rating	Outlook
Moody's	A3	Stable
S&P Global	BBB+	Stable
Fitch	A-	Stable

Analyst Conclusions

Management guidance (21 July 2026). FY2026 adjusted EPS of USD 8.80 to 8.95 (9% to 11% growth), adjusted organic sales growth above 3.5%, total adjusted sales growth above 4.5%, margin expansion of 70 to 80 basis points and adjusted operating cash flow of USD 5.8 to 6.0 billion. First-half adjusted EPS was USD 4.54, so the midpoint implies about USD 4.34 in the second half, roughly 8% above the second half of 2025 (USD 4.02). Guidance excludes Madison Fire & Rescue.

Consensus expectations. A full current consensus table was not gathered. The pre-raise consensus was USD 8.74; the average price target is about USD 165.

Bull case

Growth has inflected. Adjusted organic growth has stepped up from 1.2% (FY2024) to 2.1% (FY2025) to 5.4% (Q2 2026), with new-product sales up 23%. If this holds, 3M moves from an ex-growth restructuring story to a compounding industrial.
The 25% margin target looks reachable early. Q2 2026 adjusted margin was already 24.9%, and footprint and ERP benefits are still ahead.
Legal cash drag declines over time. Earplug payments end in 2029 and the big liabilities are scheduled and known, so reported free cash flow should converge toward the USD 4 to 5 billion adjusted level, supporting buybacks from a USD 4.6 billion remaining authorisation.

Bear case

Personal-injury PFAS exposure is unpriced. More than 15,000 pending cases have no settlement and no trial precedent; an adverse bellwether could reset expectations, as the water-supplier deal did in 2023.
Quality of growth is unproven. Q1 2026 adjusted organic growth was only 1.2% and Q4 2025 was 2.2%; one strong quarter may reflect timing, pricing for tariffs or easy comparisons. Consumer and Europe remain weak.
Adjusted earnings exclude recurring real costs. Special items exceeded USD 1 billion in operating income in FY2025, and divestitures lost more than USD 500 million across 2025 and the first half of 2026. On GAAP earnings the shares trade at about 30 times.

Catalysts and monitorables for the next 12 months

Analyst verdict. 3M in October 2026 is a different company from the one that entered 2023 with open-ended liabilities and falling sales. The two largest legal exposures have been converted into fixed payment schedules, Health Care has been separated, PFAS manufacturing has stopped, and a new management team drawn largely from outside has produced six consecutive quarters of adjusted margin expansion and a clear acceleration in new-product output. The second quarter of 2026, with 5.4% adjusted organic growth and a 24.9% margin, is the strongest evidence yet that the operational plan is working, and guidance has been raised accordingly.

The evidence also shows what has not changed. Reported revenue is where it was three years ago. GAAP earnings remain well below adjusted earnings because litigation, exit and divestiture costs keep arriving, and those costs are real cash or real book-value losses. Equity is under USD 5 billion. Most importantly, AFFF personal-injury claims are unresolved and unquantified, and further state and European claims are likely.

On balance the operating trajectory justifies a more constructive view than a year ago. At about 18.5 times guided 2026 adjusted earnings, the shares already credit the margin plan but not sustained mid-single-digit growth. The stock therefore looks fairly valued on what has been proven, with upside if growth near the second-quarter rate persists and personal-injury litigation resolves at a manageable cost, and downside if growth fades toward 2% or a bellwether verdict reopens the liability debate. The decisive variables over the next twelve months are organic growth in the next three quarters, the scale of remaining portfolio exits, and the first concrete signals on personal-injury PFAS claims. Sell-side positioning, largely neutral ratings with a consensus target near the current price, is consistent with this reading.

APPENDIX — SOURCE LIST AND VERIFICATION STATUS

3M Form 10-K for FY2025 (filed 3 February 2026) — Business description, segments, employees, properties, risk factors, geographic sales, ratings, buybacks, pensions — Reviewed in this run (Items 1 to 7 in part)
3M Form 8-K, 20 January 2026 (Q4 and FY2025 release) — FY2024 and FY2025 income statement, balance sheet, cash flow, segment and division data, non-GAAP reconciliations, FY2026 guidance — Reviewed in full
3M Q1 2026 release and Form 10-Q — Q1 2026 results, Madison terms, grinding business sale — Reviewed in part
3M Q2 2026 release and Form 10-Q — Q2 2026 results, raised guidance, Dyneon divestiture, partnerships — Reviewed in part
3M press releases (board appointments, dividends) — Governance and dividend facts — Reviewed
3M Form 8-K, 10 September 2026 — Euro notes offering — Reviewed in part
Solventum Form 10-K for FY2025 — 3M's retained stake of about 14.8% — Reviewed in part
3M India Limited annual report FY2025-26 — Patent count, labs, technology platforms — Reviewed in part
New Jersey DEP notice; Philadelphia Inquirer; lawsuit trackers — New Jersey settlement terms and approval; AFFF case counts — Reviewed
Market data sites (Morningstar, StockAnalysis, Robinhood, Investing.com, StockTitan, Capital.com, Nemo) — Share price, market value, multiples, analyst actions — Reviewed; figures vary by date and provider

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Executive Leadership

Executive Leadership Team

Name	Title	In role since	Age	Prior roles
William M. Brown	Chairman and Chief Executive Officer	CEO May 2024; Chairman 2025	63	Chairman and CEO, then Executive Chairman, L3Harris Technologies (2019 to 2022); CEO of Harris Corporation; 14 years at United Technologies
Anurag Maheshwari	Executive Vice President, Chief Financial Officer	September 2024	52	CFO, Otis Worldwide (2022 to 2024); finance and transformation lead, Otis Asia Pacific
John P. Banovetz	Executive Vice President, Chief Technology Officer and Environmental Responsibility	2021	58	Senior Vice President, CTO; long-tenured 3M R&D leader
Wendy Bauer	Group President, Transportation and Electronics	2024	50	Vice President, Automotive and Manufacturing, Amazon Web Services
Karina Chavez	Group President, Consumer	2023	52	Chief Strategy Officer; Senior Vice President, Customer Operations
Chris Goralski	Group President, Safety and Industrial	2023	54	President, Industrial Adhesives and Tapes Division
Paul Gallagher	Group President, Enterprise Supply Chain	2026	58	Chief Supply Chain Officer, General Mills (2021 to 2026)
Kevin H. Rhodes	Executive Vice President, Chief Legal Affairs Officer and Secretary	2022 (Secretary 2025)	63	Deputy General Counsel
Jon Van Wyck	Executive Vice President, Chief Strategy Officer	2025	43	Managing Director and Senior Partner, Boston Consulting Group
Jennifer Cunningham	Executive Vice President, Chief Human Resources Officer	2026	—	—
Bobby K. George	Executive Vice President, Chief Information and Digital Officer	September 2026	—	Senior Vice President and Chief Digital Officer, Carrier (from 2018); earlier GE, Abbott / St. Jude Medical; succeeded Mark Murphy

“—” = not publicly disclosed.

Directors' Remuneration

Executive	Salary (USD)	Stock awards (USD)	Option awards (USD)	Non-equity incentive (USD)	Other (USD)	Total (USD)
William M. Brown	1,800,000	7,753,852	7,001,242	3,745,322	704,593	21,005,009
Anurag Maheshwari	1,071,263	3,456,678	1,075,188	1,529,419	349,752	7,482,301
Wendy A. Bauer	828,778	2,524,306	785,163	911,655	112,875	5,162,777
Christian T. Goralski	—	—	—	—	—	about 5.39 million
Kevin H. Rhodes	—	—	—	—	—	about 6.74 million

Board of Directors

Director	Role	Background	Joined	Committees
William M. Brown	Chairman and CEO (not independent)	See above	2024	—
James R. Fitterling	Lead Independent Director	Chair and CEO, Dow Inc.	2021	Compensation and Talent
David P. Bozeman	Independent	President and CEO, C.H. Robinson Worldwide	2025	Compensation and Talent; Science, Technology and Sustainability
Thomas "Tony" K. Brown	Independent	Former Group Vice President, Global Purchasing, Ford	2013	Audit; Nominating and Governance
Audrey Choi	Independent	Former Chief Sustainability Officer, Morgan Stanley	2023	—
Anne H. Chow	Independent	Former CEO, AT&T Business	2023	Compensation and Talent; Science, Technology and Sustainability
Suzan Kereere	Independent	President, Global Markets, PayPal	2021	—
Neil G. Mitchill, Jr.	Independent	Executive Vice President and CFO, RTX	February 2026	Audit; Nominating and Governance
Pedro J. Pizarro	Independent	President and CEO, Edison International	2023	Nominating and Governance; Science, Technology and Sustainability
Thomas W. Sweet	Independent	Former CFO, Dell Technologies	2023	—
Jennifer W. Rumsey	Independent	Chair and CEO, Cummins	June 2026	Science, Technology and Sustainability

Board & Management Changes

Date	Change	Context
1 May 2024	William Brown appointed CEO	First external CEO since 2001 to 2005; Michael Roman became executive chairman
1 September 2024	Anurag Maheshwari appointed CFO	Replaced Monish Patolawala
2024	Wendy Bauer appointed Group President, Transportation and Electronics	Joined from Amazon Web Services
2025	Brown becomes Chairman; Roman retires from the board	FY2025 10-K
2025	Jon Van Wyck appointed Chief Strategy Officer	Joined from Boston Consulting Group as portfolio review intensified
2025	David Bozeman joins the board	2026 proxy
Early 2026	Paul Gallagher appointed Group President, Enterprise Supply Chain	Joined from General Mills
6 February 2026	Neil Mitchill joins the board	RTX CFO; worked at United Technologies during Brown's era there
2026	Jennifer Cunningham appointed Chief Human Resources Officer	Succeeded Zoe Dickson
5 June 2026	Jennifer Rumsey joins the board	Cummins Chair and CEO
September 2026	Bobby George appointed Chief Information and Digital Officer	Succeeded Mark Murphy; received 15,860 restricted stock units on 1 September 2026 (Form 4)

Major Shareholders

Rank	Holder	Indicative stake
1	The Vanguard Group	about 9%
2	BlackRock	about 7% to 8%
3	State Street Global Advisors	about 5% to 6%
4	Charles Schwab Investment Management	about 2% to 3%
5	Geode Capital Management	about 2%
6 to 10	Other index and active managers	—

Competitive Landscape

Competitors by Segment

Segment / division	Competitor	Approximate revenue	Positioning versus 3M
Personal Safety	Honeywell (industrial PPE business sold in 2025)	Group about USD 38 billion	Historic rival in respiratory and general PPE; exit changes the field
Personal Safety	MSA Safety	about USD 1.8 billion	Leader in SCBA and gas detection; direct rival to Scott and now the Madison venture
Personal Safety	Drägerwerk	about EUR 3.4 billion	Strong in European respiratory and fire service equipment
Personal Safety	Ansell; Moldex; Uvex	Ansell about USD 1.6 billion	Hand, body, hearing and eye protection specialists
Abrasives	Saint-Gobain (Norton)	Group about EUR 47 billion	Largest global abrasives rival
Abrasives	Tyrolit; Mirka; sia Abrasives (Bosch)	Private or not separately disclosed	Strong in bonded and coated abrasives and automotive refinish
Industrial Adhesives and Tapes	Henkel	about EUR 21.6 billion	Global number one in adhesives; broader in liquid adhesives
Industrial Adhesives and Tapes	tesa (Beiersdorf)	about EUR 1.7 billion	Closest tape rival in industrial and electronics
Industrial Adhesives and Tapes	Nitto Denko	about JPY 1 trillion	Tapes and optical films, strong in Asia
Industrial Adhesives and Tapes	Avery Dennison	about USD 8.8 billion	Pressure-sensitive materials, labels, graphics, reflective
Industrial Adhesives and Tapes	H.B. Fuller; Sika; Arkema (Bostik)	Fuller about USD 3.6 billion	Formulated adhesives and sealants
Electrical Markets	TE Connectivity (Raychem); nVent; Hubbell	Not directly comparable	Cable accessories and electrical products
Automotive and Aerospace	PPG; Henkel; DuPont; Sika	Not directly comparable	Sealants, adhesives and thermal materials
Electronics	LG Chem; SKC; Dexerials; Nitto; Corning; Entegris; Amphenol	Not directly comparable	Optical films, bonding materials, CMP consumables, interconnect
Commercial Branding and Transportation	Avery Dennison; Orafol; Nippon Carbide	Not directly comparable	Graphic and reflective films
Roofing Granules	Specialty Granules (Standard Industries)	Private	Main US granule rival
Consumer	Newell Brands; Clorox; Procter & Gamble; Spectrum Brands; private label	Newell about USD 7.6 billion	Stationery, cleaning tools, home storage; private label is the main price threat
Consumer (air filters)	Honeywell-branded and private-label filters	—	Price competition in retail filtration

“—” = not publicly disclosed.

Peer Comparison FY2025

Company	Revenue	Organic growth	Operating margin	R&D intensity
3M (FY2025)	USD 24.9 billion	2.1% adjusted	18.6% GAAP; 23.4% adjusted	4.7%
Honeywell (FY2024)	about USD 38.5 billion	about 3% to 4%	about 22% to 23% segment margin	about 4%
Illinois Tool Works (FY2024)	about USD 15.9 billion	about minus 1%	about 26% to 27%	about 2%
DuPont (FY2024)	about USD 12.4 billion	about 1%	mid-teens GAAP; mid-20s operating EBITDA margin	about 4%

Company Snapshot

$24,948M

Revenue

60,500

Employees

$50,101.33M

Market Cap

1902

Founded

Minnesota, US

Headquarters

SWOT Analysis

Strengths

Margin expansion is being delivered. Adjusted operating margin rose from 21.4% (FY2024) to 23.4% (FY2025) and reached 24.9% in Q2 2026.
Largest segment is accelerating. Safety and Industrial grew 3.2% organically in FY2025 with a 24.9% margin, up 220 basis points.
Cash generation before legal payments is strong. Adjusted free cash flow was USD 4.4 billion in FY2025, 100% conversion.
Innovation output has turned. Five-year new-product sales rose 23% in FY2025 and R&D spend rose 7.7% to USD 1.17 billion.
Geographic balance. 56% of revenue is outside the United States, with China still growing 4.5%.
Investment-grade ratings held through the settlements. A3 (Moody's), BBB+ (S&P), A- (Fitch), all stable (FY2025 10-K).
Dividend continuity. More than 100 years of uninterrupted dividends; payout raised 7% in February 2026.

Weaknesses

No reported growth for three years. Continuing-operations sales were USD 24.6 billion in FY2023 and USD 24.9 billion in FY2025.
Gross margin erosion. Reported gross margin fell from 41.2% to 39.9% in FY2025.
Thin equity. Shareholders' equity is USD 4.7 billion against USD 33.0 billion of liabilities.
GAAP earnings are noisy. USD 2.06 per share of special items separated GAAP EPS (USD 6.00) from adjusted EPS (USD 8.06) in FY2025.
Consumer is not growing. Organic sales fell 0.3% in FY2025 after falling 1.2% in FY2024; Q4 2025 was down 2.2%.
Footprint complexity. 108 manufacturing sites; the divested grinding business alone ran seven under-used plants.
Divestitures are destroying book value. USD 162 million loss in FY2025 and USD 343 million in the first half of 2026.

Opportunities

Data-centre optics. Microsoft became the first hyperscale adopter of 3M's expanded-beam connectors in July 2026.
Fire and rescue platform. The Madison venture adds five brands to Scott Safety and brought in about USD 0.7 billion of cash.
Aerospace. Sales have doubled in four years by management's account; the Airbus A220 agreement extends that.
Grid modernisation. Electrical Markets grew 9.4% in FY2025 (USD 1,394 million against USD 1,274 million).
Further portfolio pruning. Management has identified at least 2% to 3% of revenue for exit, which should lift mix.
Solventum stake. The remaining holding of about 14.8% is a source of non-operating cash.
Path to the 25% margin target. Guidance implies a further 70 to 80 basis points in 2026.

Threats

Unresolved PFAS personal-injury claims. 15,244 cases were pending in the AFFF multidistrict litigation in July 2026 and no bellwether trial has yet run.
Scheduled legal cash outflows. USD 10.5 to 12.5 billion to water suppliers through 2036 and USD 6.0 billion for earplugs through 2029.
Further state and international PFAS actions. The 10-K notes increasing suits by states, municipalities and foreign claimants; New Jersey sets a price reference.
Tariffs and trade conflict. About USD 0.20 per share gross headwind in 2026, with China 12% of sales.
European industrial weakness. EMEA organic sales fell in both FY2024 and FY2025.
Customer requalification risk after the PFAS exit, including continued reliance on third-party PFAS-containing inputs such as batteries and circuit boards.
Execution risk on ERP and transformation. The 10-K flags the phased ERP roll-out as a specific risk.

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Key Developments

Date	Event	Significance
22 April 2025	Q1 2025 results: adjusted EPS USD 1.88, adjusted margin 23.5%	Early evidence of margin delivery; tariff exposure flagged
13 May 2025	Settlement with New Jersey for up to USD 450 million over 25 years	First large state attorney-general PFAS resolution after the water-supplier deal
June 2025	Fused silica business sold	Start of portfolio pruning
18 July 2025	Q2 2025 results: adjusted EPS USD 2.16, adjusted margin 24.5%; guidance raised	First of two 2025 guidance increases
September 2025	Agreement to sell precision grinding and finishing	USD 161 million charge in Q3 2025
October 2025	Media reports that 3M is weighing sale of larger industrial assets	Unconfirmed; signals wider portfolio review
October 2025	First AFFF personal-injury bellwether trial date vacated	Timing of personal-injury exposure pushed out
21 October 2025	Q3 2025 results; full-year profit outlook raised again; 70 products launched in the quarter	Growth and margin momentum confirmed
2025	Jon Van Wyck joins as Chief Strategy Officer	Strategy and portfolio capability added
31 December 2025	PFAS manufacturing exit completed	Three-year commitment delivered on schedule
20 January 2026	Q4 and FY2025 results: adjusted EPS USD 8.06 (plus 10%), adjusted margin 23.4%; FY2026 guidance USD 8.50 to 8.70	Q4 GAAP margin hit by USD 185 million litigation and USD 235 million PFAS product losses; consumer and roofing weak
January 2026	Management quantifies tariff headwind (about USD 0.20 per share gross from 2025 carried into 2026)	Cost pressure mostly in first half of 2026
Early 2026	Paul Gallagher appointed Group President, Enterprise Supply Chain	External hire to lead operations
3 February 2026	FY2025 10-K filed; quarterly dividend raised 7% to USD 0.78	First increase since the post-spin reset
5 February 2026	Neil Mitchill (RTX CFO) elected to the board	Financial expertise added
19 March 2026	Madison Fire & Rescue deal with Bain Capital announced (USD 1.95 billion)	First sizeable acquisition under Brown; 3M nets cash
24 March 2026	2026 proxy filed; ten nominees	Board shrinks and refreshes
April 2026	Precision grinding and finishing sale completed	Removes seven plants
21 April 2026	Q1 2026 results: sales USD 6.0 billion, adjusted EPS USD 2.14 (plus 14%), adjusted margin 23.8%; guidance reiterated	GAAP EPS USD 1.23, down 40% on Solventum mark-to-market loss
12 May 2026	Annual meeting; Q2 dividend of USD 0.78 declared	Routine
Q2 2026	Dyneon GmbH divested; USD 324 million pre-tax loss	Closes out European fluoropolymer operations
5 to 8 June 2026	Jennifer Rumsey (Cummins CEO) elected to the board	Industrial operating expertise added
22 June 2026	Ask 3M AI assistant launched	Digital selling tool
23 June 2026	Long-term Airbus A220 insulation agreement	Aerospace content win
30 June 2026	Cadillac Formula 1 partnership	Brand and technology showcase
1 July 2026	Madison Fire & Rescue acquisition closes	Ahead of the "second half" timetable
15 July 2026	Microsoft strategic partnership	Validation of data-centre optics
21 July 2026	Q2 2026 results: adjusted organic growth 5.4%, adjusted margin 24.9%, adjusted EPS USD 2.40 (plus 11%); guidance raised to USD 8.80 to 8.95	Strongest organic quarter in years; shares rose about 6% pre-market (Quartz)
7 August 2026	Federal court approves the New Jersey settlement	Payments of USD 400 to 450 million over 25 years confirmed
14 August 2026	Q3 dividend of USD 0.78 declared	Routine
1 September 2026	Bobby George joins as Chief Information and Digital Officer; investor event announced	Leadership renewal continues
2 September 2026	3M Cooling Film launched for fleet and rail	New product in Commercial Branding and Transportation
10 September 2026	EUR 1.5 billion notes issued (3.500% due 2028, 3.900% due 2031, 4.100% due 2034)	Refinancing ahead of 2026 maturities
15 September 2026	Presentation at Morgan Stanley Laguna Conference	Investor communication
21 September 2026	Command DÉCOR Collection launched	Consumer innovation
24 to 25 September 2026	Wells Fargo initiates at Equal-Weight; Bernstein upgrades to Market Perform from Underperform	Sell-side sentiment improving but still neutral
20 October 2026 (expected)	Q3 2026 results	Next catalyst; date per third-party calendars

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

Revenue

8 charts

Income Statement: Revenue & Gross Profit: Revenue fell from USD 35,355 Mn in FY2021 to USD 24,948 Mn in FY2025.

3M Company — Income Statement: Revenue & Gross Profit
Series (USD Mn)	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	35,355	34,229	32,681	24,575	24,948
Revenue, continuing-operations recast	—	26,161	24,610	24,575	24,948
Cost of sales	18,795	19,232	18,477	14,447	14,991
Gross profit	16,560	14,997	14,204	10,128	9,957

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Reports featuring 3M Company

13 market reports profile this company.

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Global CMP Pads MarketSilicon, Wafer, Fabrication and Packaging · SEMI Global Adhesive Mats and Rollers MarketSilicon, Wafer, Fabrication and Packaging · SEMI Global Self-Healing Polymer MarketPolymers & Plastics · CNM Global Polysulfide Resin MarketPolymers & Plastics · CNM Global Fluoropolymer Additives MarketPolymers & Plastics · CNM Global Ethylene Tetrafluoroethylene (ETFE) MarketPolymers & Plastics · CNM

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About the Author

Wantstats Research Team

Wantstats' research desk profiles 3M Company as part of our ongoing coverage of the Manufacturing & Construction sector, drawing on public company data, filings, and market intelligence.

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We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

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Akif Moroglu

Strategy & Business Development Director, Dogan Holding

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