3M (MMM) FY2020 results: revenue $32.2 billion, up 0.1% on the year
3M Co. (MMM) reported revenue of $32.2 billion for fiscal 2020, the year ended 31 December 2020, up 0.1% on the year before. Net income was $5.4 billion, up 20.6%, and diluted earnings per share $9.36. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2021.
Revenue
$32.2 billion
+0.1% on the year
FY2013FY2020
Operating margin
22.3%
19.2% a year earlier
FY2013FY2020
Net income
$5.4 billion
+20.6% on the year
FY2013FY2020
Diluted EPS
$9.36
+21.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
32,184
32,136
32,765
+0.1%
Cost of revenue
16,605
17,136
16,682
-3.1%
Gross profit
15,579
15,000
16,083
+3.9%
Gross margin
48.4%
46.7%
49.1%
Research and development
1,100
1,253
1,253
-12.2%
Selling, general and administrative
6,929
7,029
7,602
-1.4%
Operating income
7,161
6,174
7,207
+16.0%
Operating margin
22.3%
19.2%
22.0%
Interest expense
529
448
350
+18.1%
Pre-tax income
6,795
5,712
7,000
+19.0%
Income tax
1,337
1,114
1,637
+20.0%
Effective tax rate
19.7%
19.5%
23.4%
Net income
5,449
4,517
5,349
+20.6%
Net margin
16.9%
14.1%
16.3%
Diluted EPS
$9.36
$7.72
$8.89
+21.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,113
7,070
6,439
+14.8%
Capital expenditure
1,501
1,699
1,577
-11.7%
Free cash flow
6,612
5,371
4,862
+23.1%
Free cash flow margin
20.5%
16.7%
14.8%
Cash from investing
-580
-6,444
222
Cash from financing
-5,300
-1,124
-6,701
Depreciation and amortisation
1,911
1,593
1,488
+20.0%
Share-based compensation
262
278
302
-5.8%
Buybacks
368
1,407
4,870
-73.8%
Dividends paid
3,388
3,316
3,193
+2.2%
Dividend per share
$5.88
$5.76
$5.44
+2.1%
Diluted shares, weighted
582m
585m
602m
-0.5%
Shares outstanding at period end
578m
575m
577m
+0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
12,867
10,063
9,796
+27.9%
Non-controlling interest
64.0
63.0
52.0
+1.6%
Debt
18,783
20,313
14,622
-7.5%
Operating lease liabilities
609
607
n/a
+0.3%
Finance lease liabilities
93.0
111
75.0
-16.2%
Other liabilities
14,928
13,502
11,955
+10.6%
Total liabilities and equity
47,344
44,659
36,500
+6.0%
Fixed assets
9,421
9,333
8,738
+0.9%
Goodwill
13,802
13,444
10,051
+2.7%
Intangible assets
5,835
6,379
2,657
-8.5%
Investments
434
141
417
+207.8%
Cash and equivalents
4,634
2,353
2,853
+96.9%
Receivables
4,705
4,791
5,020
-1.8%
Inventory
4,239
4,134
4,366
+2.5%
Other assets
4,274
4,084
2,398
+4.7%
Total assets
47,344
44,659
36,500
+6.0%
10-K for the year ended 31 December 2020, filed 4 February 2021: the filing.