Jun 2026 (Q2 FY26) — Jul 21, 2026
3M Company Q2 FY26 — Strong Organic Growth and Raised Full-Year Guidance
Read the full call3M Company (MMM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
3M Company earnings: last reported Tue, 21 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,500 | +2.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.1 | −2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 933 | +29.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 15 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cross-sell pipeline value and bookings vs. Investor Day goal (through 2027) | $100 million pipeline value and 50 product pairs by 2027 | Mar 2025 | Cross-selling continues to outperform expectations with $110 million of opportunities booked and another $120 million in the pipeline, up over 40% quarter-over-quarter, and putting us ahead of the goal we set at our Investor Day. | Achieved |
| Full-year adjusted EPS (FY26) | $8.50 to $8.70 | Dec 2025 | EPS guidance is increasing from a range of $8.50 to $8.70 to a range of $8.80 to $8.95 or a growth of 9% to 11% year-over-year. | Revised Up |
| Full-year adjusted operating margin expansion (FY26) | 70 to 80 basis points | Dec 2025 | resulting in operating margin expansion in line with our prior expectations | On Track |
19 of 3M CO's 34 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Achieved 5.4% organic growth in Q2 FY26, driven by commercial excellence and new product launches, exceeding expectations.
- Delivered Q2 FY26 operating margin of 24.9%, up 40 basis points year-over-year, and adjusted EPS of $2.40, up 11%.
- Generated robust free cash flow of $1.3 billion with 107% conversion in Q2 FY26, improving inventory by 7 days YoY.
- Returned $1.4 billion to shareholders in Q2 FY26, including $1 billion in share repurchases, tracking ahead of capital return commitments.
- Raised full-year FY26 guidance for organic growth to >3.5%, adjusted EPS to $8.80-$8.95, and free cash flow to $4.7B-$4.9B.
Qualified
- Consumer electronics market is expected to deteriorate in H2 FY26, with production volumes potentially down high teens.
- Auto build rates are expected to be down year-over-year in H2 FY26, and the auto aftermarket business remains soft.
- U.S. consumer spending remains cautious and value-focused, impacting the consumer business, which was down 2.1% organically in Q2 FY26.
- Anticipated oil price cost impact for FY26 increased to $150M-$175M, up from $125M previously, though expected to be dollar neutral after price actions.
Price
$162.01 −1.66% · −$2.74
Performance +6.1% 1Y
1Y: $152.64 on 17 Oct 2025 → $162.01. High $183.78 (12 Aug 2026), low $141.2 (20 Mar 2026).
- Previous close
- $164.75
- 52-week range
- $141.2 – $183.78
- One year
- +4.67%
Overview
- Symbol
- MMM
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 15 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cross-sell pipeline value and bookings vs. Investor Day goal (through 2027) | $100 million pipeline value and 50 product pairs by 2027 | Mar 2025 | Cross-selling continues to outperform expectations with $110 million of opportunities booked and another $120 million in the pipeline, up over 40% quarter-over-quarter, and putting us ahead of the goal we set at our Investor Day. | Achieved |
| Full-year adjusted EPS (FY26) | $8.50 to $8.70 | Dec 2025 | EPS guidance is increasing from a range of $8.50 to $8.70 to a range of $8.80 to $8.95 or a growth of 9% to 11% year-over-year. | Revised Up |
| Full-year adjusted operating margin expansion (FY26) | 70 to 80 basis points | Dec 2025 | resulting in operating margin expansion in line with our prior expectations | On Track |
Claimed
- Achieved 5.4% organic growth in Q2 FY26, driven by commercial excellence and new product launches, exceeding expectations.
- Delivered Q2 FY26 operating margin of 24.9%, up 40 basis points year-over-year, and adjusted EPS of $2.40, up 11%.
- Generated robust free cash flow of $1.3 billion with 107% conversion in Q2 FY26, improving inventory by 7 days YoY.
- Returned $1.4 billion to shareholders in Q2 FY26, including $1 billion in share repurchases, tracking ahead of capital return commitments.
- Raised full-year FY26 guidance for organic growth to >3.5%, adjusted EPS to $8.80-$8.95, and free cash flow to $4.7B-$4.9B.
Qualified
- Consumer electronics market is expected to deteriorate in H2 FY26, with production volumes potentially down high teens.
- Auto build rates are expected to be down year-over-year in H2 FY26, and the auto aftermarket business remains soft.
- U.S. consumer spending remains cautious and value-focused, impacting the consumer business, which was down 2.1% organically in Q2 FY26.
- Anticipated oil price cost impact for FY26 increased to $150M-$175M, up from $125M previously, though expected to be dollar neutral after price actions.
The full ledger
Open 3M CO’s full ledger
A free account opens 5 company ledgers a month. All 34 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
3M Company Q1 FY26 – Strong Orders and Productivity Drive Mid-Teens EPS Growth
Read the full callDec 2025 (Q4 FY25) — Jan 20, 2026
3M Q4 FY25 — Strong Execution Drives Outperformance and Margin Expansion
Read the full callEvery analysed call
3M Company earnings calls (MMM)
Financials
What the filings say
Net profit, year on year: +29% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,294 | 6,010 | 5,954 | 6,344 | 6,517 | 6,133 | 6,030 | 6,500 |
| Expenses | 4,978 | 4,925 | 4,708 | 5,204 | 5,070 | 5,337 | 4,633 | 5,516 |
| Operating profit | 1,316 | 1,085 | 1,246 | 1,140 | 1,447 | 796 | 1,397 | 984 |
| Operating margin | 20.9% | 18.1% | 20.9% | 18.0% | 22.2% | 13.0% | 23.2% | 15.1% |
| Other income | 405 | -326 | 139 | -217 | -300 | -38 | -519 | 136 |
| Interest | 276 | 252 | 255 | 237 | 232 | 222 | 214 | 202 |
| Profit before tax | 1,721 | 759 | 1,385 | 923 | 1,147 | 758 | 878 | 1,120 |
| Tax rate | 20.2% | 4.3% | 19.1% | 26.5% | 26.9% | 24.4% | 25.2% | 16.3% |
| Net profit | 1,372 | 728 | 1,116 | 723 | 834 | 577 | 653 | 933 |
| EPS ($ per share) | 2.49 | 1.34 | 2.05 | 1.35 | 1.56 | — | 1.23 | 1.79 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 40,636 | 42,135 | 43,821 | 45,821 | 47,950 | 37,479 | 36,797 | 38,258 |
| Total liabilities | 26,652 | 34,533 | 34,413 | 31,955 | 31,685 | 45,712 | 35,974 | 32,986 |
| Fixed assets | 8,738 | 9,333 | 9,421 | 9,429 | 9,178 | 7,690 | 7,388 | 7,101 |
| Investments | 380 | 98 | 404 | — | — | — | — | — |
| Total assets | 36,500 | 44,659 | 47,344 | 47,072 | 46,455 | 50,580 | 39,868 | 37,733 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,439 | 7,070 | 8,113 | 7,454 | 5,591 | 6,680 | 1,819 | 2,306 |
| Cash from investing | 222 | -6,444 | -580 | -1,317 | -1,046 | -1,207 | -3,206 | 1,350 |
| Cash from financing | -6,701 | -1,124 | -5,300 | -6,145 | -5,350 | -3,147 | 1,098 | -4,016 |
| Net cash flow | -200 | -500 | 2,281 | -70 | -909 | 2,278 | -333 | -365 |
| Capital expenditure | -1,577 | -1,699 | -1,501 | -1,603 | -1,749 | -1,615 | -1,181 | -910 |
| Free cash flow | 4,862 | 5,371 | 6,612 | 5,851 | 3,842 | 5,065 | 638 | 1,396 |
MMM revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Safety and Industrial | 44% | 67% | 46% | 45% | 45% | 47% | 49% | 48% | +8.2% |
| Transportation and Electronics | 34% | 50% | 33% | 34% | 34% | 32% | 31% | 32% | -3.0% |
| Consumer | 21% | 31% | 19% | 20% | 20% | 20% | 19% | 19% | -1.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MMM operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| New products launched | — | 64In Q2, we launched 64 new products, up about 70% versus last year, which puts us at 126 launches for the first half and on track to exceed our target of 215 for the year.Source: earnings call transcript | — | 92In the quarter, we launched 92 new products, up 44% versus last year, bringing our first half total to 176 launches and putting us on track to deliver more than 350 new products this year.Source: earnings call transcript | — |
| On-time in-full (OTIF) | 89%On-time in-full, or OTIF, increased 3.5 percentage points versus last year and about 1 point sequentially to 89%, the best quarter we've had in the past 5 years.Source: earnings call transcript | 89.6%On service, our on-time in full metric reached 89.6%, the highest quarterly performance we've achieved in nearly 6 years, and we exited June at just over 90%.Source: earnings call transcript | — | — | +0.6 pt |
| On-time in-full (OTIF) Safety and Industrial | ~82%Consumer and Transportation Electronics performed again above 90%, and Safety and Industrial was up 2 points to about 82%, is on a steep climb to achieve 90% by year-end.Source: earnings call transcript | 83%Consumer and TEBG remained consistently above 90% and SIBG was 83% for the quarter, improving more than 300 basis points year-on-year.Source: earnings call transcript | — | — | — |
| Overall equipment effectiveness (OEE) | 58%Our metric for equipment utilization, or OEE, was up 4 percentage points sequentially to 58% and is now deployed on 191 key assets across our 38 largest factories, a 10x increase over this time last year and covering about 50% of production volume.Source: earnings call transcript | ~59%Our overall equipment effectiveness, metric was approximately 59%, showing continued improvement both year-on-year and sequentially with a lot of runway ahead of us.Source: earnings call transcript | — | — | — |
| Employees China | — | 5,000It's a big part of the company, 7 factories, 5,000 people there.Source: earnings call transcript | 5,000We've got 6 factories there, 5,000 people.Source: earnings call transcript | 5,000+We have more than 5,000 people there, 6 factories.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Americas 54%
- US 43% ↓ 1 pt
- Asia Pacific 29%
- EMEA 17% ↑ 1 pt
- China and Hong Kong 13%
As MMM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
140 filings between Oct 24, 2025 and Oct 7, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$16.73M
77 sales by 7 insiders
Compensation
not trading decisions- 14
- Award — granted as compensation
- 27
- Option exercise — converted options into shares
- 22
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Dickson Zoe L | — | $8.15M | Feb 9, 2026 |
| Murphy Mark W. | — | $3.17M | Oct 29, 2025 |
| Banovetz John Patrick | — | $1.34M | Jul 23, 2026 |
| Rhodes Kevin H | — | $1.31M | Jul 22, 2026 |
| Reinseth Theresa E | — | $1.05M | Jul 23, 2026 |
| Chavez Rodriguez Beatriz Karina | — | $867.1K | Aug 5, 2026 |
| Goralski Christian T JR | — | $835.6K | Jul 22, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 7, 2026 | Rhodes Kevin H EVP, Chief Legal Off & Secret | Option exercise | 176 | $28.5K |
| Oct 7, 2026 | Kshirsagar Tushar A. EVP Chief Tech Officer | Option exercise | 53 | $8.6K |
| Oct 7, 2026 | Goralski Christian T JR Group President | Option exercise | 217 | $35.2K |
| Oct 7, 2026 | Goralski Christian T JR Group President | Option exercise | 1,288 | $208.8K |
| Oct 7, 2026 | Goralski Christian T JR Group President | Tax withheld | 1,724 | $279.5K |
| Oct 7, 2026 | Rhodes Kevin H EVP, Chief Legal Off & Secret | Tax withheld | 176 | $28.5K |
| Oct 7, 2026 | Kshirsagar Tushar A. EVP Chief Tech Officer | Tax withheld | 53 | $8.6K |
| Oct 7, 2026 | Goralski Christian T JR Group President | Option exercise | 219 | $35.5K |
| Oct 1, 2026 | Maheshwari Anurag EVP & Chief Financial Officer | Option exercise | 10,944 | $1.78M |
| Oct 1, 2026 | Maheshwari Anurag EVP & Chief Financial Officer | Tax withheld | 4,991 | $813.6K |
| Aug 5, 2026 | Chavez Rodriguez Beatriz Karina Group President | Sale | 3,635 | $663.4K |
| Jul 23, 2026 | Banovetz John Patrick Executive Vice President | Option exercise | 7,880 | $1.22M |
| Jul 23, 2026 | Banovetz John Patrick Executive Vice President | Sale | 7,880 | $1.34M |
| Jul 23, 2026 | Reinseth Theresa E Sr Vice President & CAO | Sale | 924 | $156.5K |
| Jul 22, 2026 | Goralski Christian T JR Group President | Sale | 4,902 | $835.6K |
| Jul 22, 2026 | Goralski Christian T JR Group President | Option exercise | 4,902 | $758.3K |
| Jul 22, 2026 | Rhodes Kevin H EVP, Chief Legal Off & Secret | Option exercise | 7,669 | $1.19M |
| Jul 22, 2026 | Rhodes Kevin H EVP, Chief Legal Off & Secret | Sale | 7,669 | $1.31M |
| Jul 1, 2026 | Bauer Wendy A Group President | Tax withheld | 3,558 | $569.1K |
| Jul 1, 2026 | Bauer Wendy A Group President | Option exercise | 7,952 | $1.27M |
| Jun 5, 2026 | RUMSEY JENNIFER Director | Award | 1,196 | $182.7K |
| May 12, 2026 | Bozeman David P Director | Award | 1,360 | $195.0K |
| May 12, 2026 | Choi Audrey Director | Award | 1,360 | $195.0K |
| May 12, 2026 | Mitchill Neil G. JR Director | Award | 1,360 | $195.0K |
| May 12, 2026 | Fitterling James R Director | Award | 1,360 | $195.0K |
| May 12, 2026 | PIZARRO PEDRO Director | Award | 1,360 | $195.0K |
| May 12, 2026 | Sweet Thomas W Director | Award | 1,360 | $195.0K |
| May 12, 2026 | Kereere Suzan Director | Award | 1,360 | $195.0K |
| May 12, 2026 | Chow Anne H Director | Award | 1,360 | $195.0K |
| May 12, 2026 | BROWN THOMAS K Director | Award | 1,360 | $195.0K |
| May 1, 2026 | Banovetz John Patrick Executive Vice President | Option exercise | 13,420 | $1.91M |
| May 1, 2026 | Reinseth Theresa E Sr Vice President & CAO | Tax withheld | 517 | $73.7K |
| May 1, 2026 | Reinseth Theresa E Sr Vice President & CAO | Option exercise | 1,441 | $205.3K |
| May 1, 2026 | Brown William M Chairman & CEO | Tax withheld | 3,912 | $557.5K |
| May 1, 2026 | Brown William M Chairman & CEO | Option exercise | 8,578 | $1.22M |
| May 1, 2026 | Banovetz John Patrick Executive Vice President | Tax withheld | 6,120 | $872.1K |
| Apr 1, 2026 | Dickson Zoe L EVP & Chief HR Officer | Option exercise | 984 | $142.9K |
| Apr 1, 2026 | Dickson Zoe L EVP & Chief HR Officer | Tax withheld | 449 | $65.2K |
| Feb 11, 2026 | Reinseth Theresa E Sr Vice President & CAO | Sale | 40 | $6.9K |
| Feb 11, 2026 | Reinseth Theresa E Sr Vice President & CAO | Sale | 240 | $41.5K |
| Feb 11, 2026 | Reinseth Theresa E Sr Vice President & CAO | Sale | 1,946 | $336.1K |
| Feb 11, 2026 | Reinseth Theresa E Sr Vice President & CAO | Sale | 1,123 | $194.0K |
| Feb 11, 2026 | Reinseth Theresa E Sr Vice President & CAO | Option exercise | 3,349 | $518.1K |
| Feb 11, 2026 | Reinseth Theresa E Sr Vice President & CAO | Sale | 1,796 | $310.3K |
| Feb 9, 2026 | Chavez Rodriguez Beatriz Karina Group President | Sale | 1,190 | $203.6K |
| Feb 9, 2026 | Dickson Zoe L EVP & Chief HR Officer | Option exercise | 20,519 | $2.93M |
| Feb 9, 2026 | Dickson Zoe L EVP & Chief HR Officer | Sale | 20,519 | $3.49M |
| Feb 6, 2026 | Chavez Rodriguez Beatriz Karina Group President | Tax withheld | 2,306 | $398.1K |
| Feb 6, 2026 | Banovetz John Patrick Executive Vice President | Option exercise | 4,818 | $831.8K |
| Feb 6, 2026 | Banovetz John Patrick Executive Vice President | Tax withheld | 1,362 | $235.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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