3M (MMM) Q4 FY2025 earnings: revenue $6.1 billion, up 2.0% on the year

3M Co. (MMM) reported revenue of $6.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.0% on the same quarter a year earlier. Net income was $577 million, down 20.7% on the year, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.

Revenue

$6.1 billion

+2.0% on the year · -5.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.0%

18.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$577 million

-20.7% on the year · -30.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.07

-19.5% on the year · -31.0% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 11 new.

Fourth-quarter GAAP sales rose 2.1%: GAAP sales were $6.1 billion, up 2.1%, with organic sales up 0.6% and translation adding 1.6 points. GAAP operating margin was 13.0%, down 510 basis points.
Adjusted operating margin expanded 140 basis points: Fourth-quarter adjusted operating income margin was 21.1%, up 140 basis points. Full-year adjusted operating margin was 23.4%, up 200 basis points.
Transportation and Electronics sales declined: Transportation and Electronics sales fell 1.7% in the fourth quarter, with organic sales down 2.5%. Excluding manufactured PFAS products, adjusted segment sales rose 3.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,133	6,517	6,010	-5.9%	+2.0%
Cost of revenue	4,075	3,792	3,744	+7.5%	+8.8%
Gross profit	2,058	2,725	2,266	-24.5%	-9.2%
Gross margin	33.6%	41.8%	37.7%
Selling, general and administrative	965	820	899	+17.7%	+7.3%
Operating income	796	1,447	1,085	-45.0%	-26.6%
Operating margin	13.0%	22.2%	18.1%
Interest expense	222	232	252	-4.3%	-11.9%
Pre-tax income	758	1,147	759	-33.9%	-0.1%
Income tax	185	308	33.0	-39.9%	+460.6%
Effective tax rate	24.4%	26.9%	4.3%
Net income	577	834	728	-30.8%	-20.7%
Net margin	9.4%	12.8%	12.1%
Diluted EPS	$1.07	$1.55	$1.33	-31.0%	-19.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,583	1,756	1,818	-9.9%	-12.9%
Capital expenditure	248	218	291	+13.8%	-14.8%
Free cash flow	1,335	1,538	1,527	-13.2%	-12.6%
Free cash flow margin	21.8%	23.6%	25.4%
Cash from investing	-405	465	-1,146
Cash from financing	-617	-1,208	-1,080
Depreciation and amortisation	430	298	322	+44.3%	+33.5%
Share-based compensation	43.0	53.0	47.0	-18.9%	-8.5%
Buybacks	552	472	705	+16.9%	-21.7%
Dividends paid	387	389	378	-0.5%	+2.4%
Dividend per share	n/a	$0.73	$0.70
Diluted shares, weighted	539m	538m	n/a	+0.2%
Shares outstanding at period end	530m	531m	539m	-0.2%	-1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	4,702	4,628	3,842	+1.6%	+22.4%
Non-controlling interest	45.0	47.0	52.0	-4.3%	-13.5%
Redeemable equity	0.0	n/a	n/a
Debt	12,602	12,603	13,044	-0.0%	-3.4%
Operating lease liabilities	363	379	405	-4.2%	-10.4%
Finance lease liabilities	n/a	n/a	47.0
Other liabilities	20,021	19,954	22,478	+0.3%	-10.9%
Total liabilities and equity	37,733	37,611	39,868	+0.3%	-5.4%
Fixed assets	7,101	7,247	7,388	-2.0%	-3.9%
Goodwill	6,419	6,416	6,281	+0.0%	+2.2%
Intangible assets	1,103	1,127	1,210	-2.1%	-8.8%
Securities held for sale or to maturity	710	533	2,144	+33.2%	-66.9%
Cash and equivalents	5,235	4,671	5,600	+12.1%	-6.5%
Receivables	3,533	3,777	3,194	-6.5%	+10.6%
Inventory	3,661	3,893	3,698	-6.0%	-1.0%
Other assets	9,971	9,947	10,353	+0.2%	-3.7%
Total assets	37,733	37,611	39,868	+0.3%	-5.4%

Questions

What was 3M's revenue in Q4 FY2025?

3M (MMM) reported revenue of $6.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.0% on the same quarter a year earlier.

How much did 3M earn in Q4 FY2025?

Net income for Q4 FY2025 was $577 million, down 20.7% on the year, and diluted earnings per share $1.07.

When did 3M report Q4 FY2025 results?

3M filed its 10-K for the year that ended with the quarter on 3 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,612	8,829	8,702	8,619	8,079	6,055	6,283	6,270	6,002	6,016	6,255	6,294	6,010	5,954	6,344	6,517	6,133	6,030	6,500	6,584
Cost of revenue	4,698	4,826	5,093	4,728	4,585	3,744	3,728	3,716	3,795	3,485	3,571	3,647	3,744	3,478	3,646	3,792	4,075	3,574	3,817	3,801
Gross profit	3,914	4,003	3,609	3,891	3,494	2,311	2,555	2,554	2,207	2,531	2,684	2,647	2,266	2,476	2,698	2,725	2,058	2,456	2,683	2,783
Gross margin	45%	45%	41%	45%	43%	38%	41%	41%	37%	42%	43%	42%	38%	42%	43%	42%	34%	41%	41%	42%
SG&A	1,824	1,882	3,023	1,998	2,146	1,705	11,615	5,419	1,625	1,128	1,132	1,062	899	945	1,267	820	965	744	1,061	921
Operating income	1,616	1,641	110	4,156	632	1,241	-9,358	-3,096	1,243	1,149	1,272	1,316	1,085	1,246	1,140	1,447	796	1,397	984	1,558
Operating margin	19%	19%	1%	48%	8%	20%	-149%	-49%	21%	19%	20%	21%	18%	21%	18%	22%	13%	23%	15%	24%
Interest expense	118	113	128	106	115	123	144	304	371	385	322	276	252	255	237	232	222	214	202	217
Pre-tax income	1,564	1,603	60.0	4,132	597	1,189	-9,430	-3,302	1,000	929	1,410	1,721	759	1,385	923	1,147	758	878	1,120	1,670
Tax rate	15%	19%	-38%	7%	10%	18%	n/a	n/a	6%	24%	14%	20%	4%	19%	27%	27%	24%	25%	16%	16%
Net income	1,339	1,299	78.0	3,859	541	976	-6,841	-2,075	945	928	1,145	1,372	728	1,116	723	834	577	653	933	1,373
Net margin	16%	15%	1%	45%	7%	16%	-109%	-33%	16%	15%	18%	22%	12%	19%	11%	13%	9%	11%	14%	21%
Diluted EPS	$2.31	$2.26	$0.14	$6.77	$0.98	$1.76	-$12.35	-$3.74	$1.70	$1.67	$2.07	$2.48	$1.33	$2.04	$1.34	$1.55	$1.07	$1.23	$1.78	$2.63
Operating cash flow	2,005	1,011	1,127	1,531	1,922	1,275	1,509	1,910	1,986	767	1,021	-1,787	1,818	-79.0	-954	1,756	1,583	574	986	486
Capital expenditure	556	424	384	435	506	475	377	405	358	375	269	246	291	236	208	218	248	225	223	256
Free cash flow	1,449	587	743	1,096	1,416	800	1,132	1,505	1,628	392	752	-2,033	1,527	-315	-1,162	1,538	1,335	349	763	230
Buybacks	938	773	0.0	155	536	29.0	0.0	2.0	2.0	21.0	400	675	705	1,274	953	472	552	1,999	994	232
Dividends paid	848	852	848	850	819	827	828	828	828	835	386	383	378	396	390	389	387	412	401	403
Shares outstanding	572m	569m	570m	553m	549m	552m	552m	552m	553m	553m	549m	545m	539m	538m	533m	531m	530m	522m	516m	517m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-Q	10-Q	10-K	10-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 3 February 2026: the filing.