3M (MMM) FY2016 results: revenue $30.1 billion, down 0.5% on the year
3M Co. (MMM) reported revenue of $30.1 billion for fiscal 2016, the year ended 31 December 2016, down 0.5% on the year before. Net income was $5.0 billion, up 4.5%, and diluted earnings per share $8.16. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$30.1 billion
-0.5% on the year
FY2009FY2016
Operating margin
23.3%
23.1% a year earlier
FY2009FY2016
Net income
$5.0 billion
+4.5% on the year
FY2009FY2016
Diluted EPS
$8.16
+7.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
30,109
30,274
31,821
-0.5%
Cost of revenue
15,118
15,351
16,447
-1.5%
Gross profit
14,991
14,923
15,374
+0.5%
Gross margin
49.8%
49.3%
48.3%
Research and development
1,248
1,220
1,193
+2.3%
Selling, general and administrative
6,311
6,233
6,469
+1.3%
Operating income
7,027
6,980
7,135
+0.7%
Operating margin
23.3%
23.1%
22.4%
Interest expense
199
149
n/a
+33.6%
Pre-tax income
7,053
6,823
7,026
+3.4%
Income tax
1,995
1,982
2,028
+0.7%
Effective tax rate
28.3%
29.0%
28.9%
Net income
5,050
4,833
4,956
+4.5%
Net margin
16.8%
16.0%
15.6%
Diluted EPS
$8.16
$7.58
$7.49
+7.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
6,662
6,420
6,626
+3.8%
Capital expenditure
1,420
1,461
1,493
-2.8%
Free cash flow
5,242
4,959
5,133
+5.7%
Free cash flow margin
17.4%
16.4%
16.1%
Cash from investing
-1,403
-2,817
n/a
Cash from financing
-4,626
-3,648
n/a
Depreciation and amortisation
1,474
1,435
1,408
+2.7%
Share-based compensation
298
276
280
+8.0%
Buybacks
3,753
5,238
5,652
-28.4%
Dividends paid
2,678
2,561
2,216
+4.6%
Dividend per share
$4.44
$3.08
$3.59
+44.4%
Diluted shares, weighted
619m
637m
662m
-2.9%
Shares outstanding at period end
597m
609m
635m
-2.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
10,298
11,429
13,109
-9.9%
Non-controlling interest
45.0
39.0
33.0
+15.4%
Debt
11,650
10,797
6,811
+7.9%
Other liabilities
10,913
10,618
11,421
+2.8%
Total liabilities and equity
32,906
32,883
31,374
+0.1%
Fixed assets
8,516
8,515
8,489
+0.0%
Goodwill
9,166
9,249
7,050
-0.9%
Intangible assets
2,320
2,601
1,435
-10.8%
Investments
297
235
1,541
+26.4%
Cash and equivalents
2,398
1,798
1,897
+33.4%
Receivables
4,392
4,154
4,238
+5.7%
Inventory
3,385
3,518
3,706
-3.8%
Other assets
2,432
2,813
3,018
-13.5%
Total assets
32,906
32,883
31,374
+0.1%
10-K for the year ended 31 December 2016, filed 7 February 2019: the filing.