3M (MMM) Q1 FY2026 earnings: revenue $6.0 billion, up 1.3% on the year

3M Co. (MMM) reported revenue of $6.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 1.3% on the same quarter a year earlier. Net income was $653 million, down 41.5% on the year, and diluted earnings per share $1.23. The figures are the company's own, from the 10-Q it filed with the SEC on 21 April 2026.

Revenue

$6.0 billion

+1.3% on the year · -1.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

23.2%

20.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$653 million

-41.5% on the year · +13.2% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.23

-39.7% on the year · +15.0% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 11 kept.

GAAP sales rose 1.3 percent: GAAP net sales were $6,030 million, up 1.3% from $5,954 million. Organic sales fell 1.4%, and translation added 2.8 points.
Adjusted EPS rose 14 percent: Adjusted EPS was $2.14 against $1.88 a year earlier, an increase of 14%.
Operating margin higher on both bases: GAAP operating margin was 23.2%, up 230 basis points. Adjusted operating margin was 23.8%, up 30 basis points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	6,030	6,133	5,954	-1.7%	+1.3%
Cost of revenue	3,574	4,075	3,478	-12.3%	+2.8%
Gross profit	2,456	2,058	2,476	+19.3%	-0.8%
Gross margin	40.7%	33.6%	41.6%
Selling, general and administrative	744	965	945	-22.9%	-21.3%
Operating income	1,397	796	1,246	+75.5%	+12.1%
Operating margin	23.2%	13.0%	20.9%
Interest expense	214	222	255	-3.6%	-16.1%
Pre-tax income	878	758	1,385	+15.8%	-36.6%
Income tax	221	185	265	+19.5%	-16.6%
Effective tax rate	25.2%	24.4%	19.1%
Net income	653	577	1,116	+13.2%	-41.5%
Net margin	10.8%	9.4%	18.7%
Diluted EPS	$1.23	$1.07	$2.04	+15.0%	-39.7%

$ 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.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	574	1,583	-79.0	-63.7%
Capital expenditure	225	248	236	-9.3%	-4.7%
Free cash flow	349	1,335	-315	-73.9%
Free cash flow margin	5.8%	21.8%	-5.3%
Cash from investing	60.0	-405	1,220		-95.1%
Cash from financing	-2,124	-617	-422
Depreciation and amortisation	326	430	290	-24.2%	+12.4%
Share-based compensation	80.0	43.0	85.0	+86.0%	-5.9%
Buybacks	1,999	552	1,274	+262.1%	+56.9%
Dividends paid	412	387	396	+6.5%	+4.0%
Dividend per share	$0.78	n/a	$0.73		+6.8%
Diluted shares, weighted	533m	539m	548m	-1.2%	-2.7%
Shares outstanding at period end	522m	530m	538m	-1.6%	-3.1%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	3,263	4,702	4,464	-30.6%	-26.9%
Non-controlling interest	48.0	45.0	59.0	+6.7%	-18.6%
Redeemable equity	n/a	0.0	n/a
Debt	12,556	12,602	13,476	-0.4%	-6.8%
Operating lease liabilities	400	363	415	+10.2%	-3.6%
Other liabilities	19,169	20,021	21,537	-4.3%	-11.0%
Total liabilities and equity	35,436	37,733	39,951	-6.1%	-11.3%
Fixed assets	6,960	7,101	7,356	-2.0%	-5.4%
Goodwill	6,384	6,419	6,337	-0.5%	+0.7%
Intangible assets	1,078	1,103	1,185	-2.3%	-9.0%
Securities held for sale or to maturity	431	710	714	-39.3%	-39.6%
Cash and equivalents	3,729	5,235	6,326	-28.8%	-41.1%
Receivables	3,754	3,533	3,501	+6.3%	+7.2%
Inventory	3,690	3,661	3,869	+0.8%	-4.6%
Other assets	9,410	9,971	10,663	-5.6%	-11.8%
Total assets	35,436	37,733	39,951	-6.1%	-11.3%

Questions

What was 3M's revenue in Q1 FY2026?

3M (MMM) reported revenue of $6.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 1.3% on the same quarter a year earlier.

How much did 3M earn in Q1 FY2026?

Net income for Q1 FY2026 was $653 million, down 41.5% on the year, and diluted earnings per share $1.23.

When did 3M report Q1 FY2026 results?

3M filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 21 April 2026.

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-Q for the period ended 31 March 2026, filed 21 April 2026: the filing.