3M (MMM) FY2023 results: revenue $24.6 billion, down 5.9% on the year
3M Co. (MMM) reported revenue of $24.6 billion for fiscal 2023, the year ended 31 December 2023, down 5.9% on the year before. Net income was -$7.0 billion, and diluted earnings per share $-12.63. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2024.
Revenue
$24.6 billion
-5.9% on the year
FY2016FY2023
Operating margin
-43.4%
16.7% a year earlier
FY2016FY2023
Net income
-$7.0 billion
FY2016FY2023
Diluted EPS
-$12.63
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
6,680
5,591
7,454
+19.5%
Capital expenditure
1,615
1,749
1,603
-7.7%
Free cash flow
5,065
3,842
5,851
+31.8%
Free cash flow margin
20.6%
14.7%
16.5%
Cash from investing
-1,207
-1,046
-1,317
Cash from financing
-3,147
-5,350
-6,145
Depreciation and amortisation
1,987
1,831
1,915
+8.5%
Share-based compensation
274
263
274
+4.2%
Buybacks
33.0
1,464
2,199
-97.7%
Dividends paid
3,311
3,369
3,420
-1.7%
Dividend per share
$6.00
$5.96
$5.92
+0.7%
Diluted shares, weighted
554m
568m
585m
-2.4%
Shares outstanding at period end
553m
549m
572m
+0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,807
14,722
15,046
-67.3%
Non-controlling interest
61.0
48.0
71.0
+27.1%
Debt
16,035
15,939
17,347
+0.6%
Operating lease liabilities
464
580
591
-20.0%
Finance lease liabilities
60.0
75.0
93.0
-20.0%
Other liabilities
29,153
15,091
13,924
+93.2%
Total liabilities and equity
50,580
46,455
47,072
+8.9%
Fixed assets
7,690
9,178
9,429
-16.2%
Goodwill
6,382
6,337
13,486
+0.7%
Intangible assets
1,323
4,699
5,288
-71.8%
Securities held for sale or to maturity
70.0
261
228
-73.2%
Cash and equivalents
5,933
3,655
4,564
+62.3%
Receivables
3,601
4,532
4,660
-20.5%
Inventory
3,944
5,372
4,985
-26.6%
Other assets
21,637
12,421
4,432
+74.2%
Total assets
50,580
46,455
47,072
+8.9%
10-K for the year ended 31 December 2023, filed 7 February 2024: the filing.