3M (MMM) FY2022 results: revenue $26.2 billion, down 26.0% on the year
3M Co. (MMM) reported revenue of $26.2 billion for fiscal 2022, the year ended 31 December 2022, down 26.0% on the year before. Net income was $5.8 billion, down 2.4%, and diluted earnings per share $10.18. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2023.
Revenue
$26.2 billion
-26.0% on the year
FY2015FY2022
Operating margin
16.7%
20.8% a year earlier
FY2015FY2022
Net income
$5.8 billion
-2.4% on the year
FY2015FY2022
Diluted EPS
$10.18
+0.6% on the year
FY2015FY2022
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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
5,591
7,454
8,113
-25.0%
Capital expenditure
1,749
1,603
1,501
+9.1%
Free cash flow
3,842
5,851
6,612
-34.3%
Free cash flow margin
14.7%
16.5%
20.5%
Cash from investing
-1,046
-1,317
-580
Cash from financing
-5,350
-6,145
-5,300
Depreciation and amortisation
1,831
1,915
1,911
-4.4%
Share-based compensation
263
274
262
-4.0%
Buybacks
1,464
2,199
368
-33.4%
Dividends paid
3,369
3,420
3,388
-1.5%
Dividend per share
$5.96
$5.92
$5.88
+0.7%
Diluted shares, weighted
568m
585m
582m
-3.0%
Shares outstanding at period end
549m
572m
578m
-4.0%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
14,722
15,046
12,867
-2.2%
Non-controlling interest
48.0
71.0
64.0
-32.4%
Debt
15,939
17,347
18,783
-8.1%
Operating lease liabilities
580
591
609
-1.9%
Finance lease liabilities
75.0
93.0
93.0
-19.4%
Other liabilities
15,091
13,924
14,928
+8.4%
Total liabilities and equity
46,455
47,072
47,344
-1.3%
Fixed assets
9,178
9,429
9,421
-2.7%
Goodwill
6,337
13,486
13,802
-53.0%
Intangible assets
4,699
5,288
5,835
-11.1%
Investments
n/a
n/a
434
Securities held for sale or to maturity
261
228
n/a
+14.5%
Cash and equivalents
3,655
4,564
4,634
-19.9%
Receivables
4,532
4,660
4,705
-2.7%
Inventory
5,372
4,985
4,239
+7.8%
Other assets
12,421
4,432
4,274
+180.3%
Total assets
46,455
47,072
47,344
-1.3%
10-K for the year ended 31 December 2022, filed 8 February 2023: the filing.