3M (MMM) FY2021 results: revenue $35.4 billion, up 9.9% on the year
3M Co. (MMM) reported revenue of $35.4 billion for fiscal 2021, the year ended 31 December 2021, up 9.9% on the year before. Net income was $5.9 billion, up 8.7%, and diluted earnings per share $10.12. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2022.
Revenue
$35.4 billion
+9.9% on the year
FY2014FY2021
Operating margin
20.8%
22.3% a year earlier
FY2014FY2021
Net income
$5.9 billion
+8.7% on the year
FY2014FY2021
Diluted EPS
$10.12
+8.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
7,454
8,113
7,070
-8.1%
Capital expenditure
1,603
1,501
1,699
+6.8%
Free cash flow
5,851
6,612
5,371
-11.5%
Free cash flow margin
16.5%
20.5%
16.7%
Cash from investing
-1,317
-580
-6,444
Cash from financing
-6,145
-5,300
-1,124
Depreciation and amortisation
1,915
1,911
1,593
+0.2%
Share-based compensation
274
262
278
+4.6%
Buybacks
2,199
368
1,407
+497.6%
Dividends paid
3,420
3,388
3,316
+0.9%
Dividend per share
$5.92
$5.88
$5.76
+0.7%
Diluted shares, weighted
585m
582m
585m
+0.5%
Shares outstanding at period end
572m
578m
575m
-1.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
15,046
12,867
10,063
+16.9%
Non-controlling interest
71.0
64.0
63.0
+10.9%
Debt
17,347
18,783
20,313
-7.6%
Operating lease liabilities
591
609
607
-3.0%
Finance lease liabilities
93.0
93.0
111
0.0%
Other liabilities
13,924
14,928
13,502
-6.7%
Total liabilities and equity
47,072
47,344
44,659
-0.6%
Fixed assets
9,429
9,421
9,333
+0.1%
Goodwill
13,486
13,802
13,444
-2.3%
Intangible assets
5,288
5,835
6,379
-9.4%
Investments
n/a
434
141
Securities held for sale or to maturity
228
n/a
n/a
Cash and equivalents
4,564
4,634
2,353
-1.5%
Receivables
4,660
4,705
4,791
-1.0%
Inventory
4,985
4,239
4,134
+17.6%
Other assets
4,432
4,274
4,084
+3.7%
Total assets
47,072
47,344
44,659
-0.6%
10-K for the year ended 31 December 2021, filed 9 February 2022: the filing.