Revenue growth has stalled near a flatline at 1.0% in 2026Q3 with operating margin of 23.7% still trailing ITW's 26.3% and Honeywell's 7.8% growth, suggesting the 870 basis point gross margin swing from 33.6% to 42.3% reflects mix and cost dynamics rather than durable pricing power.
3M Company (MMM) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 25.25B | 24.95B | 24.57B | 24.61B | 34.23B | 35.35B | 32.18B | 32.14B | 32.77B | 31.66B | 30.11B | 30.27B | 31.82B | 30.87B | 29.9B | 29.61B | 26.66B | 23.12B | 25.27B | 24.46B | 22.92B | 21.17B | 20.01B | 18.23B | 16.33B | 16.08B | 16.72B | 15.66B | 15.02B | 15.07B | 14.24B |
| Revenue Growth % | 1.7% | 1.52% | -0.14% | -28.1% | -3.18% | 9.85% | 0.15% | -1.92% | 3.5% | 5.14% | -0.55% | -4.86% | 3.08% | 3.23% | 0.99% | 11.06% | 15.31% | -8.49% | 3.3% | 6.71% | 8.3% | 5.78% | 9.76% | 11.63% | 1.57% | -3.86% | 6.8% | 4.25% | -0.33% | 5.86% | 5.77% |
| Cost of Goods Sold | 15.27B | 15.08B | 14.49B | 15.04B | 19.26B | 18.74B | 16.58B | 16.83B | 16.57B | 15.99B | 15.13B | 15.53B | 16.46B | 16.11B | 15.69B | 15.61B | 13.76B | 12.04B | 13.23B | 12.66B | 11.59B | 10.41B | 9.96B | 9.29B | 8.5B | 8.75B | 8.79B | 8.85B | 8.71B | 8.58B | 8.1B |
| COGS % of Revenue | - | 60.45% | 58.98% | 61.1% | 56.28% | 53.01% | 51.52% | 52.37% | 50.59% | 50.53% | 50.26% | 51.3% | 51.74% | 52.19% | 52.47% | 52.73% | 51.61% | 52.05% | 52.38% | 51.77% | 50.54% | 49.17% | 49.76% | 50.93% | 52.02% | 54.41% | 52.54% | 56.53% | 57.95% | 56.93% | 56.89% |
| Gross Profit | 9.98B | 9.87B | 10.08B | 9.57B | 14.97B | 16.61B | 15.6B | 15.31B | 16.19B | 15.66B | 14.98B | 14.74B | 15.36B | 14.76B | 14.21B | 14B | 12.9B | 11.09B | 12.03B | 11.8B | 11.34B | 10.76B | 10.05B | 8.95B | 7.84B | 7.33B | 7.94B | 6.81B | 6.32B | 6.49B | 6.14B |
| Gross Margin % | 39.53% | 39.55% | 41.02% | 38.9% | 43.72% | 46.99% | 48.48% | 47.63% | 49.41% | 49.47% | 49.74% | 48.7% | 48.26% | 47.81% | 47.53% | 47.27% | 48.39% | 47.95% | 47.62% | 48.23% | 49.46% | 50.83% | 50.24% | 49.07% | 47.98% | 45.59% | 47.46% | 43.47% | 42.05% | 43.07% | 43.11% |
| Gross Profit Growth % | - | -2.1% | 5.3% | -36.04% | -9.91% | 6.47% | 1.94% | -5.46% | 3.37% | 4.58% | 1.59% | -4.01% | 4.06% | 3.85% | 1.53% | 8.49% | 16.37% | -7.87% | 2% | 4.07% | 5.37% | 7.02% | 12.36% | 14.18% | 6.9% | -7.65% | 16.6% | 7.77% | -2.68% | 5.75% | 6.92% |
| Operating Expenses | 5.25B | 5.31B | 5.15B | 5.53B | 10.89B | 9.09B | 8.65B | 8.33B | 8.42B | 8.44B | 7.96B | 7.87B | 8.24B | 8.1B | 7.74B | 7.74B | 6.91B | 6.1B | 6.53B | 6.41B | 6.18B | 5.88B | 5.47B | 5.14B | 4.79B | 5.06B | 4.88B | 3.88B | 3.78B | 3.81B | 3.65B |
| OpEx % of Revenue | - | 21.27% | 20.95% | 22.45% | 31.82% | 25.7% | 26.86% | 25.93% | 25.69% | 26.65% | 26.43% | 26% | 25.89% | 26.24% | 25.87% | 26.14% | 25.93% | 26.38% | 25.82% | 26.22% | 26.96% | 27.76% | 27.36% | 28.2% | 29.33% | 31.45% | 29.17% | 24.77% | 25.19% | 25.32% | 25.61% |
| Selling, General & Admin | 3.69B | 3.98B | 4.08B | 4.4B | 9.04B | 7.11B | 6.78B | 6.46B | 6.6B | 6.57B | 6.22B | 6.12B | 6.47B | 6.38B | 6.1B | 6.17B | 5.48B | 4.82B | 5.13B | 5.04B | 4.83B | 4.6B | 4.33B | 4.04B | 3.72B | 4.06B | 3.96B | 3.88B | 3.78B | 3.81B | 3.65B |
| SG&A % of Revenue | - | 15.94% | 16.6% | 17.89% | 26.4% | 20.11% | 21.08% | 20.1% | 20.14% | 20.77% | 20.66% | 20.22% | 20.33% | 20.68% | 20.41% | 20.84% | 20.55% | 20.83% | 20.32% | 20.61% | 21.06% | 21.74% | 21.65% | 22.15% | 22.78% | 25.26% | 23.7% | 24.77% | 25.19% | 25.32% | 25.61% |
| Research & Development | 1.21B | 1.17B | 1.07B | 1.12B | 1.86B | 1.98B | 1.86B | 1.87B | 1.82B | 1.86B | 1.74B | 1.75B | 1.77B | 1.72B | 1.63B | 1.57B | 1.43B | 1.28B | 1.39B | 1.37B | 1.35B | 1.27B | 1.14B | 1.1B | 1.07B | 1.08B | 1.1B | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.69% | 4.35% | 4.56% | 5.42% | 5.59% | 5.79% | 5.83% | 5.54% | 5.88% | 5.76% | 5.78% | 5.56% | 5.56% | 5.46% | 5.3% | 5.38% | 5.56% | 5.5% | 5.61% | 5.9% | 6.02% | 5.71% | 6.04% | 6.55% | 6.74% | 6.58% | - | - | - | - |
| Other Operating Expenses | 2M | 161M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.73B | 4.56B | 4.93B | 4.05B | 4.07B | 7.53B | 6.96B | 6.97B | 7.77B | 7.23B | 7.02B | 6.87B | 7.12B | 6.66B | 6.48B | 6.26B | 5.99B | 4.99B | 5.51B | 5.38B | 5.16B | 4.88B | 4.58B | 3.71B | 3.05B | 2.27B | 3.06B | 2.96B | 2.04B | 2.67B | 2.49B |
| Operating Margin % | 18.75% | 18.29% | 20.07% | 16.44% | 11.9% | 21.29% | 21.62% | 21.7% | 23.73% | 22.83% | 23.31% | 22.7% | 22.38% | 21.57% | 21.66% | 21.13% | 22.46% | 21.56% | 21.8% | 22.01% | 22.5% | 23.07% | 22.88% | 20.37% | 18.65% | 14.14% | 18.29% | 18.88% | 13.57% | 17.75% | 17.5% |
| Operating Income Growth % | - | -7.46% | 21.84% | -0.64% | -45.88% | 8.18% | -0.24% | -10.29% | 7.58% | 2.95% | 2.15% | -3.5% | 6.91% | 2.84% | 3.48% | 4.49% | 20.12% | -9.49% | 2.3% | 4.42% | 5.59% | 6.68% | 23.3% | 21.9% | 34.01% | -25.67% | 3.45% | 44.97% | -23.78% | 7.39% | 12.16% |
| EBITDA | 6.16B | 5.87B | 6.16B | 5.48B | 5.9B | 9.44B | 8.87B | 8.57B | 9.26B | 8.77B | 8.49B | 8.31B | 8.53B | 8.03B | 7.76B | 7.49B | 7.11B | 6.14B | 6.66B | 6.46B | 6.24B | 5.87B | 5.58B | 4.68B | 4B | 3.36B | 4.08B | 3.86B | 2.9B | 3.54B | 3.37B |
| EBITDA Margin % | 24.4% | 23.53% | 25.05% | 22.27% | 17.25% | 26.7% | 27.55% | 26.66% | 28.27% | 27.7% | 28.21% | 27.44% | 26.8% | 26.01% | 25.96% | 25.31% | 26.66% | 26.57% | 26.36% | 26.4% | 27.2% | 27.73% | 27.87% | 25.65% | 24.49% | 20.91% | 24.41% | 24.62% | 19.34% | 23.52% | 23.7% |
| EBITDA Growth % | -1.04% | -4.61% | 12.32% | -7.18% | -37.46% | 6.46% | 3.51% | -7.5% | 5.61% | 3.26% | 2.25% | -2.6% | 6.19% | 3.44% | 3.6% | 5.42% | 15.73% | -7.79% | 3.17% | 3.54% | 6.24% | 5.25% | 19.24% | 16.93% | 18.98% | -17.66% | 5.89% | 32.74% | -18.05% | 5.07% | 9.55% |
| D&A (Non-Cash Add-back) | 1.43B | 1.31B | 1.22B | 1.43B | 1.83B | 1.92B | 1.91B | 1.59B | 1.49B | 1.54B | 1.47B | 1.44B | 1.41B | 1.37B | 1.29B | 1.24B | 1.12B | 1.16B | 1.15B | 1.07B | 1.08B | 986M | 999M | 964M | 954M | 1.09B | 1.02B | 900M | 866M | 870M | 883M |
| EBIT | 4.69B | 4.97B | 6B | -10.34B | 6.89B | 7.66B | 7.35B | 6.14B | 7.24B | 7.63B | 7.26B | 7.05B | 7.13B | 6.56B | 6.57B | 6.18B | 5.97B | 4.79B | 5.32B | 6.33B | 5.75B | 4.91B | 4.62B | 3.74B | 3.08B | 2.31B | 3.06B | 3B | 2.49B | 2.67B | 2.49B |
| Net Interest Income | -330M | -545M | -730M | -682M | -431M | -431M | -524M | -351M | -170M | -34M | -178M | -203M | -68M | 41M | -182M | -115M | -177M | -120M | -110M | -78M | -71M | -26M | -23M | -56M | -41M | -87M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 106M | 175M | 452M | 250M | 67M | 26M | 29M | 80M | 70M | 50M | 29M | 26M | 33M | 41M | 39M | 39M | 38M | 37M | 105M | 132M | 51M | 56M | 46M | 28M | 39M | 37M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 436M | 720M | 1.18B | 932M | 498M | 457M | 553M | 431M | 240M | 84M | 207M | 229M | 101M | 0 | 221M | 154M | 215M | 157M | 215M | 210M | 122M | 82M | 69M | 84M | 80M | 124M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -307M | -350M | -103M | -15.3B | 2.33B | -312M | -167M | -1.26B | -774M | 322M | 34M | -48M | -94M | -98M | -125M | -227M | -234M | -354M | -401M | 730M | 468M | -56M | -23M | -56M | -41M | -87M | -84M | -76M | -87M | 765M | -89M |
| Pretax Income | 4.43B | 4.21B | 4.83B | -11.25B | 6.4B | 7.21B | 6.79B | 5.71B | 7B | 7.55B | 7.05B | 6.82B | 7.03B | 6.56B | 6.35B | 6.03B | 5.75B | 4.63B | 5.11B | 6.12B | 5.63B | 4.83B | 4.55B | 3.66B | 3B | 2.19B | 2.97B | 2.88B | 1.95B | 3.44B | 2.4B |
| Pretax Margin % | 17.53% | 16.89% | 19.65% | -45.73% | 18.71% | 20.4% | 21.1% | 17.77% | 21.36% | 23.84% | 23.42% | 22.54% | 22.08% | 21.26% | 21.24% | 20.37% | 21.58% | 20.03% | 20.21% | 25% | 24.54% | 22.81% | 22.76% | 20.06% | 18.4% | 13.6% | 17.78% | 18.39% | 13% | 22.83% | 16.87% |
| Income Tax | 850M | 1B | 804M | -2.87B | 612M | 1.28B | 1.34B | 1.13B | 1.64B | 2.68B | 2B | 1.98B | 2.03B | 1.84B | 1.84B | 1.67B | 1.59B | 1.39B | 1.59B | 1.96B | 1.72B | 1.63B | 1.5B | 1.2B | 966M | 702M | 1.02B | 1.03B | 685M | 1.24B | 886M |
| Effective Tax Rate % | 19.2% | 23.81% | 16.65% | 25.48% | 9.56% | 17.81% | 19.69% | 19.78% | 23.39% | 35.49% | 28.29% | 29.05% | 28.86% | 28.06% | 28.97% | 27.76% | 27.66% | 29.97% | 31.09% | 32.12% | 30.63% | 33.7% | 33% | 32.87% | 32.15% | 32.11% | 34.47% | 35.83% | 35.09% | 36.08% | 36.89% |
| Net Income | 3.54B | 3.25B | 4.17B | -7B | 5.78B | 5.92B | 5.45B | 4.57B | 5.35B | 4.86B | 5.05B | 4.83B | 4.96B | 4.66B | 4.44B | 4.28B | 4.08B | 3.19B | 3.46B | 4.1B | 3.85B | 3.15B | 2.99B | 2.4B | 1.97B | 1.43B | 1.78B | 1.76B | 1.18B | 2.12B | 1.53B |
| Net Margin % | 14.01% | 13.03% | 16.98% | -28.42% | 16.88% | 16.75% | 16.93% | 14.22% | 16.33% | 15.35% | 16.77% | 15.96% | 15.57% | 15.09% | 14.86% | 14.46% | 15.32% | 13.81% | 13.69% | 16.74% | 16.8% | 14.86% | 14.94% | 13.18% | 12.09% | 8.89% | 10.66% | 11.26% | 7.82% | 14.07% | 10.72% |
| Net Income Growth % | 3.97% | -22.12% | 159.66% | -221.08% | -2.43% | 8.66% | 19.23% | -14.56% | 10.11% | -3.8% | 4.49% | -2.48% | 6.37% | 4.84% | 3.76% | 4.85% | 27.94% | -7.72% | -15.53% | 6.36% | 22.41% | 5.22% | 24.43% | 21.73% | 38.04% | -19.75% | 1.08% | 50.04% | -44.6% | 38.99% | 56.35% |
| Net Income (Continuing) | 3.58B | 3.21B | 4.02B | -8.39B | 5.79B | 5.93B | 5.45B | 4.58B | 5.36B | 4.87B | 5.06B | 4.84B | 5B | 4.72B | 4.51B | 4.36B | 4.16B | 3.24B | 3.52B | 4.15B | 3.9B | 3.2B | 3.05B | 2.46B | 2.04B | 1.48B | 1.86B | 1.76B | 1.21B | 2.12B | 1.52B |
| Discontinued Operations | 0 | 0 | 164M | 1.41B | 1.76B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.01B | 45M | 52M | 61M | 48M | 71M | 64M | 63M | 52M | 59M | 45M | 39M | 33M | 446M | 465M | 442M | 354M | 538M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 527M | 346M | 371M | 390M | 361M | 373M |
| EPS (Diluted) | 6.77 | 6.00 | 7.55 | -12.63 | 10.18 | 10.12 | 9.36 | 7.81 | 8.89 | 7.93 | 8.16 | 7.58 | 7.49 | 6.72 | 6.32 | 5.96 | 5.63 | 4.52 | 4.89 | 5.60 | 5.06 | 4.12 | 3.75 | 3.02 | 2.50 | 1.79 | 2.23 | 2.17 | 1.44 | 2.53 | 1.79 |
| EPS Growth % | 7.19% | -20.53% | 159.78% | -224.07% | 0.59% | 8.12% | 19.85% | -12.15% | 12.11% | -2.82% | 7.65% | 1.2% | 11.46% | 6.33% | 6.04% | 5.86% | 24.56% | -7.57% | -12.68% | 10.67% | 22.82% | 9.87% | 24.17% | 20.8% | 39.66% | -19.73% | 2.77% | 50.69% | -43.08% | 41.34% | 55.65% |
| EPS (Basic) | - | 6.04 | 7.58 | -12.63 | 10.21 | 10.23 | 9.43 | 7.92 | 9.09 | 8.13 | 8.35 | 7.73 | 7.63 | 6.83 | 6.40 | 6.05 | 5.72 | 4.56 | 4.95 | 5.70 | 5.15 | 4.18 | 3.83 | 3.07 | 2.53 | 1.81 | 2.25 | 2.19 | 1.46 | 2.57 | 1.82 |
| Diluted Shares Outstanding | 522.6M | 539M | 552.4M | 553.9M | 567.6M | 585.3M | 582.2M | 585.1M | 602M | 612.7M | 618.7M | 637.2M | 662M | 693.6M | 703.3M | 719M | 725.5M | 706.7M | 707.2M | 732M | 761M | 776.9M | 796.5M | 795.3M | 791M | 799.9M | 799.8M | 813M | 816M | 838.34M | 852.46M |
| Basic Shares Outstanding | 518.8M | 534.3M | 550.8M | 553.9M | 566M | 579M | 577.6M | 577M | 588.5M | 597.5M | 604.7M | 625.6M | 649.2M | 681.9M | 693.9M | 708.5M | 713.7M | 700.5M | 699.2M | 718.3M | 747.5M | 764.9M | 780.5M | 782.8M | 780M | 788.6M | 791.4M | 805.02M | 806.6M | 825.4M | 836.4M |
| Dividend Payout Ratio | - | 36.15% | 47.5% | - | 58.32% | 57.76% | 62.18% | 72.56% | 59.69% | 57.7% | 53.03% | 52.99% | 44.71% | 37.13% | 36.79% | 36.31% | 36.72% | 44.82% | 40.4% | 33.69% | 35.73% | 40.88% | 37.63% | 43.03% | 49.04% | 66.29% | 51.52% | 51.11% | 75.49% | 41.3% | 52.62% |
Quick answers to the most common questions about buying MMM stock.
For fiscal year 2025, 3M Company (MMM) reported total revenue of $24.95B. This represents a 75.2% increase compared to $14.24B in 1996.
3M Company (MMM) is profitable, generating $3.25B in net income for the fiscal year ending 2025 with a net profit margin of 13.0%.
3M Company (MMM) reported an operating income of $4.56B, resulting in an operating profit margin of 18.3%. This margin reflects the operational efficiency of the business before interest and taxes.
3M Company (MMM) generated $9.87B in gross profit for the year, representing a gross profit margin of 39.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
PFAS settlement cash drain
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Near Flatline
3M's top line has hovered between $6.0B and $6.6B for ten quarters, with year-over-year growth of 1.0% in 2026Q3 marking a modest improvement over the -1.0% contraction recorded in 2025Q1, based on the reported quarterly income statements.
Growth has oscillated in a narrow -1.0% to 3.5% band with no discernible acceleration, implying the portfolio's short-cycle consumable exposure is tracking a flat industrial production backdrop rather than gaining share or pricing momentum. The sequential rise from $6.0B in 2026Q1 to $6.6B in 2026Q3 is partly seasonal, so durability of the trend should be tested against 2027 comparable quarters before extrapolating. Investors should note that low-single-digit growth materially constrains organic deleveraging given the elevated debt-to-equity ratio of 2.73 referenced in recent context flags.
Gross Margin Swings Mask Core Economics
3M's gross margin rebounded to 42.3% in 2026Q3 from 33.6% in 2025Q4, a swing of roughly 870 basis points that materially exceeded the 1.0% revenue change, suggesting cost or mix dynamics rather than pricing power drove the recovery, according to the reported income statements.
The 2025Q4 compression coincided with COGS climbing to $4.1B on only $6.1B of revenue, which appears inconsistent with a demand-driven margin story and instead hints at inventory, remediation, or settlement-related charges booked through cost of sales; this interpretation warrants confirmation in subsequent filings. The restored 40%-plus gross margin places 3M between Honeywell at 36.9% and Illinois Tool Works at 44.1%, so its materials-science differentiation supports above-median but not best-in-class pricing realization. Because the margin has proven capable of moving more than 800 basis points in a single quarter, trailing twelve-month gross margin may be a poor basis for underwriting normalized profitability.
2025Q4 Cost Spike Stands Apart
The 2025Q4 quarter stands out as the clearest operational break, with COGS spiking to $4.1B against $6.1B of revenue and compressing operating income to $794M, the lowest of the ten periods reviewed, as shown in 3M's quarterly income statement data.
Operating margin fell to 12.9% and net margin to 9.4% that quarter while revenue growth remained positive at 2.0%, indicating the damage was entirely cost-side rather than demand-side, which typically points to a discrete charge rather than structural erosion. The swift normalization to a 40.7% gross margin and $1.4B operating income in 2026Q1 suggests the episode was non-recurring, though whether portions recur as ongoing legal or environmental expense remains an open analytical question. Had that cost level persisted, the implied full-year operating income shortfall versus the 2026 run-rate would have been roughly $3B, underscoring how concentrated the earnings risk is in a single cost line.
EPS Volatility Undermines Trend Read
Reported EPS swung from $1.07 in 2025Q4 to $2.63 in 2026Q3, a 146% increase on only 1.0% revenue growth, while stock-based compensation recorded at -$80M in 2026Q2 signals material non-cash adjustments, per 3M's disclosed quarterly figures.
Net margin ranging from 9.4% to 21.8% across ten quarters against a nearly flat top line implies that below-the-line items—tax, non-operating, and special charges—rather than operating performance are driving reported earnings, reducing the usefulness of headline EPS as a proxy for underlying economics. The negative SBC figure in 2026Q2 is anomalous and may reflect a reversal or classification change, which introduces noise into per-share comparability and should be reconciled before treating any single quarter's 69.7% EPS growth as run-rate momentum. With quarterly EPS growth readings spanning -39.7% to +166.3%, valuation on a trailing reported multiple may be flattered or penalized depending entirely on which quarter anchors the calculation.
Margins Lags Peers, Growth Trails Sector
3M's 42.3% gross margin and 23.7% operating margin in 2026Q3 remain below ITW's 44.1% and 26.3% peer benchmarks while 1.0% revenue growth trails Honeywell's 7.8%, suggesting the quality-of-earnings premium investors may expect is not yet supported, based on peer comparison data.
A short-seller would likely frame the narrative as a conglomerate recovering to merely median margins while carrying a 2.73 debt-to-equity load and multi-decade PFAS and settlement outflows, arguing that the 2026 margin recovery reflects cost normalization rather than durable competitive gains. The counterpoint is that R&D held steady near $300M per quarter (roughly 4.5% of sales) through the downturn, preserving the new-product pipeline that historically underpins the 30% vitality index, so the earnings base may be sturdier than the stock's multiple implies. Investors should monitor whether operating margin can sustainably hold above 22% for two consecutive fiscal years; failure to do so would suggest the 2026 improvement was cyclical rather than structural.