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3M (MMM) investor relations material
3M Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Jan, 2026
Executive summary
Achieved strong Q4 and full-year 2025 results, with Q4 organic sales growth of 2.2%, operating margin of 21.1%, and adjusted EPS of $1.83, capping a year of over 2% organic growth and significant margin expansion.
Full-year adjusted operating margin reached 23.4%, up 200 basis points year-over-year, with adjusted EPS up 10% to $8.06 and free cash flow conversion above 100%.
Launched 284 new products in 2025, driving a 23% increase in five-year new product sales and a new product vitality index of 13%.
Operational excellence improved key metrics: OTIF above 90%, OEE at 63%, and cost of poor quality down to 6% of COGS.
Returned $4.8 billion to shareholders via dividends and buybacks, progressing toward a $10 billion multi-year capital return goal.
Financial highlights
Q4 adjusted operating margin was 21.1%, up 140 basis points, with operating profit up $125 million year-over-year.
Adjusted EPS for Q4 was $1.83, up 9% and above guidance; full-year adjusted EPS was $8.06, up 10%.
Adjusted free cash flow in Q4 was $1.3 billion, with a 130% conversion rate; full-year adjusted free cash flow was $4.4 billion, conversion above 100%.
Full-year organic sales growth was 2.1%, with margin expansion of 200 basis points.
Operating profit grew by $650 million at constant currency, driven by $200 million from volume and $550 million from productivity.
Outlook and guidance
2026 guidance: organic sales growth of ~3%, adjusted operating margin expansion of 70–80 basis points, EPS of $8.50–$8.70, and free cash flow conversion above 100%.
Margin expansion expected to deliver $400 million in total company income growth at the midpoint.
Capital deployment includes ~$2.5 billion in share repurchases for 2026.
Sales growth and margin expansion expected to be evenly distributed across 2026 quarters.
Tax rate expected at ~20%.
What is the expected impact of PFAS exit on 2026?
What drives T&E adjusted sales growth in 2026?
How will 2026 litigation payments be managed?
Update on commodity business divestiture plans
Drivers of 3M's macro outperformance in 2026
NPI pricing strategy and margin impact
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Next 3M earnings date
Q1 202621 Apr, 2026
Next 3M earnings date
Q1 202621 Apr, 2026
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Frequently asked questions
The Company Behind Post-It Notes
3M, initially known as Minnesota Mining and Manufacturing Company, is a multinational conglomerate founded in 1902 and headquartered in St Paul, Minnesota. With operations in various industries, the company has a diverse range of products in its portfolio, from adhesive tapes to medical equipment and from automotive components to electronic materials. Throughout its history, 3M has developed and commercialized a multitude of products that have become iconic over time.
A Start in Mining
Founded in 1902 as Minnesota Mining and Manufacturing Company, 3M began its journey in with an aim to mine corundum, a mineral ideal for making sandpaper and grinding wheels. However, the venture soon discovered that the mineral they were mining was of low quality, leading to the company pivoting its focus.
3M's true breakthrough came when they started developing sandpaper products, and their commitment to research and development began to yield significant dividends. One of their most iconic innovations, the Scotch tape, was introduced in the 1930s. This adhesive tape set the foundation for 3M's reputation as a leading innovator in various fields. Over the decades, 3M's continuous dedication to innovation saw the creation of numerous other notable products, such as the Post-it Note in the late 1970s.
The Company Today
3M is a diversified conglomerate that produces a vast array of products beyond the well-known Scotch tape and Post-it Notes. Their portfolio of products spans sectors like healthcare, where they manufacture items such as dental restorative materials and stethoscopes. In safety & industrial, they offer personal protective equipment like respirators and earplugs. Their electronics & energy segment produces mes products like touch screens and insulation for power cables. In transportation & electronics, they produce items for automotive and aerospace applications, including paint protection films and reflective sheeting for road signs. One can also find 3M products in everyday items like air filters, water purification systems, and even bandages.
Due to this diversified area of operations, the companies that 3M competes with are equally varied. Some publicly traded companies competing with 3M across different industries include names like DuPont, Honeywell, and Avery Dennison to name a few.
Presence All Over the World
Today, 3M is a truly global company with offices in around 70 countries and sales in over 200. Their expansive distribution network and regional research facilities enable them to understand and adapt to local needs while maintaining a consistent global brand, which means that Post-It notes bought in Europe are going to be more or less identical to Post-It’s bought in North America.
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