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Company file · MMM

3M

3M's sales were steady in 2025, while net income fell

Net sales rose 1.5% to $24.9B. Net income fell 22.1% to $3.2B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 3, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026) · Data pulled Oct 25, 2026

Key facts

3M (NYSE: MMM) reported net sales of $24.9B for fiscal 2025, the year ended Dec 31, 2025, up 1.5% from fiscal 2024. Net income to 3M was $3.2B, down 22.1%. In its latest 10-Q, for the quarter ended Sep 30, 2026, net sales were $6.6B, up 1.0% from the same quarter a year earlier, and net income was $1.4B. The largest piece by segment was Safety and Industrial, at 46% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Feb 3, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026).

Net sales$24.9BFY2025 · +1.5% vs FY2024
Net income to 3M$3.2BFY2025 · −22.1% vs FY2024
Operating cash flow$2.3BFY2025 · +26.8% vs FY2024
Cash & equivalents$4.8Bat Sep 30, 2026 · −7.6% vs FY2025 end
Total debt$15.0Bat Sep 30, 2026 · +19.0% vs FY2025 end
Diluted shares541MFY2025 avg · −2.0% vs FY2024
Net sales and net income to 3M, three fiscal yearsBy fiscal year, $bn
Net salesNet income to 3M
Net sales and net income to 3M by fiscal yearNet sales FY2023: $24.6B24.6Net income to 3M FY2023: −$7.0B-7.0FY2023Net sales FY2024: $24.6B24.6Net income to 3M FY2024: $4.2B4.2FY2024Net sales FY2025: $24.9B24.9Net income to 3M FY2025: $3.2B3.2FY2025

Source: 10-K FY2025, filed Feb 3, 2026

Quarterly net sales: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net sales, fiscal 2026 vs 2025FY2025 Q1: $6.0B6.0FY2026 Q1: $6.0B6.0Q1FY2025 Q2: $6.3B6.3FY2026 Q2: $6.5B6.5Q2FY2025 Q3: $6.5B6.5FY2026 Q3: $6.6B6.6Q3

Source: 10-Q filed Apr 21, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 20, 2026

How it makes money

FY2025 total by categorySafety and Industrial: $11.4B (46%)Transportation and Electronics: $8.3B (34%)Consumer: $4.9B (20%)$24.6BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Safety and Industrial$11.4B46%+3.9%
  • Transportation and Electronics$8.3B34%−1.3%
  • Consumer$4.9B20%−0.2%

Source: 10-K FY2025, XBRL breakdown

Safety and Industrial was 46% of 2025 segment sales, Transportation and Electronics 34% and Consumer 20%. Operating cash flow was $2.3B.

By segment: three-year mixShare of the total each fiscal year
Safety and IndustrialTransportation and ElectronicsConsumer

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Net sales
$6.6B Q3 2026
$6.5B Q3 2025
1.0% increase
Net income
$1.4B Q3 2026
$834M Q3 2025
64.6% increase

Source: 3M 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026

By segment

Safety and Industrial
$3.2B Q3 2026
$2.9B Q3 2025
9.1% increase
Transportation and Electronics
$2.0B Q3 2026
$2.0B Q3 2025
0.4% increase
Consumer
$1.3B Q3 2026
$1.3B Q3 2025
0.4% decrease

Source: 3M 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026

  • Cash & equivalents $4.8B at Sep 30, 2026, vs $5.2B at FY2025 end.
  • Total debt $15.0B at Sep 30, 2026, vs $12.6B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $2.0B vs $723M a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 22.1% in 2025 to $3.2B. 10-K, FY2025
  • Transportation and Electronics sales fell 1.3% in 2025. 10-K, FY2025
  • 2023 included a net loss of $7.0B, mostly from settlements over earplugs and PFAS chemicals, as the 10-K explains. 10-K, FY2025
  • The 10-K lists PFAS and other litigation, environmental rules, economic cycles, international operations and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

3M is an industrial company that makes abrasives, adhesives, safety equipment, electronics materials and consumer brands such as Post-it and Scotch. It spun off its health care business as Solventum in 2024.

Safety and Industrial makes abrasives, adhesives, respirators and other protective gear, and electrical products. Transportation and Electronics makes materials for cars, aircraft, displays and electronics. Consumer sells home, office and cleaning products.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in 3M's latest 10-K. Read the original for the full list.

  1. LitigationIt faces lawsuits and settlement payments over PFAS chemicals and other products.
  2. EnvironmentRules on PFAS and its exit from making them bring costs.
  3. EconomyIndustrial and electronics demand falls in downturns.
  4. InternationalMost sales are outside the US, bringing currency and trade risks.
  5. Supply chainRaw-material costs and shortages affect margins.
  6. CybersecurityAttacks could disrupt operations.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net sales$24.6B$24.6B$24.9B
Net income to 3M−$7.0B$4.2B$3.2B
Operating cash flow$6.7B$1.8B$2.3B
Cash & equivalents (year end)$5.9B$5.6B$5.2B
Total debt (year end)$16.0B$13.0B$12.6B
Diluted shares554M552M541M
  • Net sales: Sales of industrial abrasives and adhesives, safety products, electronics materials, automotive films and consumer brands such as Post-it and Scotch.
  • Net income to 3M: Net income attributable to 3M, including discontinued operations.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in recent filings.
  • Total debt: Short-term borrowings and current maturities plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of the three segments' sales, which don't add up exactly to reported net sales.
  • Net income includes discontinued operations, mainly the health care business before the Solventum spin-off.

Recent filings

FormFiledPeriod
10-QOct 20, 2026Sep 30, 2026
10-QJul 21, 2026Jun 30, 2026
10-QApr 21, 2026Mar 31, 2026
DEF 14AMar 25, 2026May 12, 2026
10-KFeb 3, 2026Dec 31, 2025

Latest filings

  1. Oct 206:35 AM ET

    8-K

    3M files an 8-K on quarterly results

    3M filed a Form 8-K on Oct 20, 2026 at 6:35 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 194:55 PM ET

    8-K

    3M files an 8-K on investor materials (Reg FD)

    3M filed a Form 8-K on Oct 19, 2026 at 4:55 PM ET under Item 7.01 (Regulation FD Disclosure).

  3. Oct 94:10 PM ET

    Form 4

    3M Chief Legal Off & Secret Kevin H. Rhodes reports exercising or converting 176 shares

    The filing reports 176 shares in an exercise or conversion of a derivative security (code M) and 176 shares withheld to pay the exercise price or tax (code F).

  4. Oct 94:08 PM ET

    Form 4

    3M EVP Chief Tech Officer Tushar A. Kshirsagar reports exercising or converting 53 shares

    The filing reports 53 shares in an exercise or conversion of a derivative security (code M) and 53 shares withheld to pay the exercise price or tax (code F).

  5. Oct 94:06 PM ET

    Form 4

    3M Group President Christian T. Goralski, Jr. reports exercising or converting 1,724 shares

    The filing reports 1,724 shares in an exercise or conversion of a derivative security (code M); and 1,724 shares withheld to pay the exercise price or tax (code F).

All 3M filings notes →

Common questions about 3M

How does 3M make money?

3M's net sales were $24.9B in fiscal 2025. Safety and Industrial was 46% of 2025 segment sales, Transportation and Electronics 34% and Consumer 20%. Operating cash flow was $2.3B. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

What was 3M's revenue in fiscal 2025?

$24.9B of net sales for the fiscal year ended Dec 31, 2025, up 1.5% from $24.6B in fiscal 2024. Fiscal 2023 was $24.6B. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

Is 3M profitable?

3M reported net income to 3M of $3.2B for fiscal 2025, down 22.1% from $4.2B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $1.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

What did 3M report in its latest quarterly filing?

Net sales were $6.6B in the quarter ended Sep 30, 2026, up 1.0% from $6.5B a year earlier. Net income was $1.4B, up 64.6% from $834M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026.

How much cash and debt does 3M have?

3M had $4.8B in cash and cash equivalents and $15.0B of total debt on Sep 30, 2026. Total debt here is short-term borrowings and current maturities plus long-term debt, at carrying value. Source: 10-Q filed Oct 20, 2026.

What are the main risks 3M lists?

3M's 10-K for fiscal 2025, filed Feb 3, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Litigation; environment; economy; international; supply chain; cybersecurity. The first: It faces lawsuits and settlement payments over PFAS chemicals and other products. Source: 10-K, Item 1A Risk Factors.

Where do these 3M numbers come from?

From 3M's own SEC filings: the 10-K for fiscal 2025 (filed Feb 3, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MMM
The editor holds no position in 3M (MMM). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell MMM from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MMM, and it doesn't consider your situation.

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3MMMMFY2025$24.9B+1.5%$3.2B
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Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.