3M (MMM) FY2025 results: revenue $24.9 billion, up 1.5% on the year
3M Co. (MMM) reported revenue of $24.9 billion for fiscal 2025, the year ended 31 December 2025, up 1.5% on the year before. Net income was $3.2 billion, down 22.1%, and diluted earnings per share $6.00. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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%.
- Operating margin fell on litigation costs: Fourth-quarter GAAP operating income was $796 million, against $1,085 million a year earlier. Corporate special items included $160 million of net costs for significant litigation.
- Margin expansion of 70 to 80 basis points: The company guided adjusted operating income margin expansion of 70 to 80 basis points for 2026.
From this 10-K
3M is a diversified technology company. It was incorporated in Delaware in 1929 to continue operations begun in 1902, and trades under the ticker MMM. Most of what it sells involves expertise in product development, manufacturing and marketing, and competes with products made by other technologically oriented companies. At the end of 2025 it employed approximately 60,500 people on a full-time equivalent basis, approximately 22,500 in the United States and 38,000 internationally. Continuing operations run in three reportable segments: Safety and Industrial, Transportation and Electronics, and Consumer. The filing states that the segments exist to bring together common or related 3M technologies, which helps develop products and lets business resources be shared efficiently.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 24,948 | 24,575 | 24,610 | +1.5% | |
| Cost of revenue | 14,991 | 14,447 | 14,983 | +3.8% | |
| Gross profit | 9,957 | 10,128 | 9,627 | -1.7% | |
| Gross margin | 39.9% | 41.2% | 39.1% | ||
| Research and development | n/a | 700 | 700 | ||
| Selling, general and administrative | 3,997 | 4,221 | 19,198 | -5.3% | |
| Operating income | 4,629 | 4,822 | -10,689 | -4.0% | |
| Operating margin | 18.6% | 19.6% | -43.4% | ||
| Interest expense | 946 | 1,191 | 942 | -20.6% | |
| Pre-tax income | 4,213 | 4,819 | -11,271 | -12.6% | |
| Income tax | 1,003 | 804 | -2,867 | +24.8% | |
| Effective tax rate | 23.8% | 16.7% | n/a | ||
| Net income | 3,250 | 4,173 | -6,995 | -22.1% | |
| Net margin | 13.0% | 17.0% | -28.4% | ||
| Diluted EPS | $6.00 | $7.55 | -$12.63 | -20.5% |
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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.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 2,306 | 1,819 | 6,680 | +26.8% | |
| Capital expenditure | 910 | 1,181 | 1,615 | -22.9% | |
| Free cash flow | 1,396 | 638 | 5,065 | +118.8% | |
| Free cash flow margin | 5.6% | 2.6% | 20.6% | ||
| Cash from investing | 1,350 | -3,206 | -1,207 | ||
| Cash from financing | -4,016 | 1,098 | -3,147 | ||
| Depreciation and amortisation | 1,308 | 1,363 | 1,987 | -4.0% | |
| Share-based compensation | 225 | 289 | 274 | -22.1% | |
| Buybacks | 3,251 | 1,801 | 33.0 | +80.5% | |
| Dividends paid | 1,562 | 1,982 | 3,311 | -21.2% | |
| Dividend per share | $2.92 | $3.61 | $6.00 | -19.1% | |
| Diluted shares, weighted | 541m | 552m | 554m | -2.0% | |
| Shares outstanding at period end | 530m | 539m | 553m | -1.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 4,702 | 3,842 | 4,807 | +22.4% | |
| Non-controlling interest | 45.0 | 52.0 | 61.0 | -13.5% | |
| Redeemable equity | 0.0 | n/a | n/a | ||
| Debt | 12,602 | 13,044 | 16,035 | -3.4% | |
| Operating lease liabilities | 363 | 405 | 464 | -10.4% | |
| Finance lease liabilities | n/a | 47.0 | 60.0 | ||
| Other liabilities | 20,021 | 22,478 | 29,153 | -10.9% | |
| Total liabilities and equity | 37,733 | 39,868 | 50,580 | -5.4% | |
| Fixed assets | 7,101 | 7,388 | 7,690 | -3.9% | |
| Goodwill | 6,419 | 6,281 | 6,382 | +2.2% | |
| Intangible assets | 1,103 | 1,210 | 1,323 | -8.8% | |
| Securities held for sale or to maturity | 710 | 2,144 | 70.0 | -66.9% | |
| Cash and equivalents | 5,235 | 5,600 | 5,933 | -6.5% | |
| Receivables | 3,533 | 3,194 | 3,601 | +10.6% | |
| Inventory | 3,661 | 3,698 | 3,944 | -1.0% | |
| Other assets | 9,971 | 10,353 | 21,637 | -3.7% | |
| Total assets | 37,733 | 39,868 | 50,580 | -5.4% |
10-K for the year ended 31 December 2025, filed 3 February 2026: the filing.