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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
3M (MMM) investor relations material
3M Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary20 Oct, 2026
Executive summary
Q3 adjusted sales were $6.584B, up 3.3% organically; adjusted operating margin rose 110 bps to 26.2% and adjusted EPS increased 12% to $2.50.
GAAP sales rose 1.0% to $6.584B, with reported organic sales growth of 0.2%; GAAP EPS was $2.63, up 70%.
Safety & Industrial led growth; strength in industrial, safety, semiconductors and data centers partly offset weaker consumer electronics and auto demand.
FY 2026 adjusted EPS guidance increased to $9.10–$9.15; organic sales growth is expected above 3.5%.
Financial highlights
Q3 adjusted sales were $6.584B, up 4.2% on a total sales-change basis and 3.3% organically; adjusted operating income rose 8.8% to $1.726B.
Q3 GAAP operating income was $1.558B versus $1.447B a year earlier; GAAP operating margin was 23.7%, up 1.5 points.
Q3 adjusted free cash flow was $1.197B; YTD adjusted free cash flow was $3.086B, with working-capital and sales-linearity effects weighing on quarterly cash flow.
YTD adjusted sales were $19.087B, up 3.3% organically; adjusted EPS was $7.11 and adjusted operating income was $4.816B, up 7.0%.
9M operating cash flow was $2.0B, up $1.3B YoY, primarily reflecting lower net PFAS environmental and CAE settlement payments after insurance recoveries.
Outlook and guidance
FY 2026 adjusted organic sales growth is expected above 3.5%; adjusted total sales growth guidance is above 4.5%.
Adjusted EPS guidance rose to $9.10–$9.15; adjusted operating cash flow is expected at ~$5.9B and adjusted free cash flow at ~$4.8B.
Guidance incorporates ~$185M of oil inflation, expected to be fully offset by pricing; volume, productivity, lower share count and interest expense also support the outlook.
FY 2026 capital spending is expected at ~$1.0B, focused on growth, productivity and sustainability investments.
The 2027 adjusted operating margin commitment is ~25.4% on the updated basis, including a 40-bps benefit from the amortization reporting change.
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Latest events from 3M
- Transformation in execution, innovation, and portfolio is fueling growth and margin expansion.MMM
Morgan Stanley's 14th Annual Laguna Conference - Q2 2026 saw strong growth, margin expansion, and raised guidance, but PFAS risks persist.MMMQ2 2026
- Commercial excellence and innovation are fueling above-macro growth and margin expansion.MMM16th Annual Wells Fargo Industrials & Materials Conference
- All proposals passed, with growth, innovation, and risk management highlighted.MMMAGM 2026
- Adjusted EPS up 14%, $2.4B returned to shareholders, and guidance reaffirmed.MMMQ1 2026
- Q3 2025 saw strong growth, margin expansion, higher guidance, and ongoing PFAS litigation impacts.MMMQ3 2025
- Q2 2025 saw 12% adjusted EPS growth, margin gains, and raised guidance amid major legal costs.MMMQ2 2025
- Q2 delivered strong adjusted EPS growth, robust cash flow, and raised full-year EPS guidance.MMMQ2 2024
- Q1 2025 saw 10% EPS growth, margin gains, and strong shareholder returns amid ongoing risks.MMMQ1 2025
Next 3M earnings date
Q4 20268 Jan, 2027
Next 3M earnings date
Q4 20268 Jan, 2027
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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.