Revenue growth remains stagnant with top-line figures fluctuating between $6.0 billion and $6.5 billion, while gross margins have faced notable pressure, contracting to 33.6% in 2025Q4 from a 42.5% peak in 2024Q2.
| 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 | 25.02B | 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 % | 2.08% | 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 | 15.14B | 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 | 9.89B | 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 % | 39.51% | 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 | 4.99B | 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 | 3.79B | 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 | 1.19B | 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 | 1000K | 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 | 4.91B | 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 % | 19.6% | 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 | 5.2B | 5.44B | 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 % | 20.78% | 21.81% | 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 % | -15.35% | -11.6% | 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) | 588M | 878M | 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 | 4.44B | 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 | -536M | -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 | 145M | 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 | 681M | 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 | -1.15B | -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 | 3.75B | 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 % | 15.01% | 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 | 959M | 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 % | 25.54% | 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 | 2.79B | 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 % | 11.14% | 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 % | -36.09% | -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) | 2.8B | 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 | 48M | 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) | 5.23 | 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 % | -34.39% | -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 | 532.8M | 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 | 529.1M | 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% |
Legal and environmental liabilities
According to the provided quarterly income statements, 3M's top-line growth remains largely range-bound, with revenue fluctuating between $6.0 billion and $6.5 billion over the last ten quarters, suggesting that the company is struggling to achieve meaningful organic expansion in the current industrial production environment.
The lack of consistent revenue momentum appears to reflect the company's high sensitivity to global industrial production cycles. Investors should monitor whether the recent portfolio restructuring can catalyze growth or if the core business remains tethered to low-growth, mature industrial markets.
As reported in financial statements, 3M's gross margin experienced a notable contraction to 33.6% in 2025Q4 from a peak of 42.5% in 2024Q2, indicating that the firm's pricing power may be increasingly challenged by rising input costs or shifts in product mix.
This margin compression suggests that the company's ability to pass through inflationary costs to customers is not as robust as historical performance might imply. The volatility in these figures warrants further investigation into whether this represents a structural shift in the cost base or temporary operational inefficiencies.
Based on the income statement data, operating margins have swung significantly from 12.9% to 24.7% over the past year, demonstrating that 3M has yet to achieve the consistent operating leverage required to scale profitability effectively in the face of fluctuating SG&A expenses.
The erratic nature of operating income suggests that management is still grappling with the integration of cost-saving initiatives and the ongoing impact of legal-related overhead. This inconsistency may indicate that the company's fixed-cost structure is not yet optimized for the current, post-spin-off revenue profile.
Analysis of the reported figures reveals that net income is frequently impacted by significant non-operating volatility, as evidenced by the sharp EPS decline of 39.7% in 2026Q1, which complicates the assessment of the company's true underlying earnings power for institutional investors.
The frequent appearance of large, non-recurring items suggests that headline EPS may not be a reliable proxy for operational health. Investors should be cautious, as these distortions may mask the true cash-generating capacity of the core industrial segments.
While management emphasizes operational improvements, the persistent volatility in quarterly margins, as shown in the provided data, suggests that the company may face long-term margin compression risks that are not yet fully reflected in the current valuation multiples of the industrial peer group.
Short-term improvements in operating income may be offset by the long-tail costs associated with environmental remediation and legal settlements. The market may be underestimating the potential for these liabilities to act as a permanent drag on future capital allocation and R&D investment.
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.