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3M Income Statement

Revenue, expenses, and profitability over time

3M generated $25.0B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $2.8B with a 11.14% net margin. Gross margin stands at 39.71% and operating margin at 19.1%. Diluted EPS is $5.19, which declined 0.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$25.0BGross Profit (TTM)$9.9BOperating Income (TTM)$4.8BNet Income (TTM)$2.8BEps Diluted (TTM)$5.19
Latest FilingQ1 2026
Report Date2026-04-21
Market Cap$82.4B
P/E Ratio29.55
ROE72.14%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$322M$290M$290M$298M$430M$326M
Research, development and related expenses$282M$285M$288M$297M$299M$308M
Selling, general and administrative$899M$945M$1.3B$820M$965M$744M
Total operating expenses$4.9B$4.7B$5.2B$5.1B$5.3B$4.6B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.34$2.05$1.35$1.56$1.08$1.23
Diluted earnings per share$1.33$2.04$1.34$1.55$1.07$1.23
Weighted-average shares, basic550.8M543.8M537.4M534.1M537.4M529.1M
Weighted-average shares, diluted552.4M547.7M540.6M538.1M541.3M532.8M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$2.3B$2.5B$2.7B$2.7B$2.1B$2.5B
Operating income$1.1B$1.2B$1.1B$1.4B$796M$1.4B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$759M$1.4B$923M$1.1B$758M$878M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$33M$265M$245M$308M$185M$221M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$252M$255M$237M$232M$222M$214M
CCXI Gain$0$343M-$7M-$94M$160M-$356M
Other income (expense), net-$326M$139M-$217M-$300M-$38M-$519M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests$0$6M$2M$7M—$6M
Net income$728M$1.1B$723M$834M$577M$653M
Income from continuing operations$726M$1.1B$678M$839M$573M$657M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options$47M$72M$44M$52M$43M$60M
Advertising costs$54M$58.3M$58.3M$58.3M$58.3M—
Amortization of capitalized software and acquired intangible assets$28M$26M$26M$26M$26M$25M
Stock options excluded as their inclusion would be anti-dilutive (in shares)30.8M14.6M17.9M11.5M12.7M7.1M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation-$450M$726M-$2.6B——-$1.5B
Dividends declared (in dollars per share)$0.7$0.7$0.7$0.7$0.7$0.8
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$221M$1.3B$1B$927M$630M$623M
Less: comprehensive income attributable to noncontrolling interest$0$6M$2M$3M—$3M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$221M$1.3B$1B$930M$628M$626M
Federal-$18.8M-$2.8M-$2.8M-$2.8M-$2.8M—
Foreign$145.8M$149.3M$149.3M$149.3M$149.3M—
Current State And Local Tax Expense Benefit-$1.5M-$250K-$250K-$250K-$250K—
Federal$82M$76.8M$76.8M$76.8M$76.8M—
Deferred taxes$28M$150M$67M$81M$120M$75M
State$250K$5.3M$5.3M$5.3M$5.3M—
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)$36M$28M$23M$20M$33M-$2M
Depreciation and amortization$322M$290M$290M$298M$430M$326M
Dividends, Common Stock, Cash$378M$396M$390M$389M$387M$412M
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash-$42M$7M$39M—$5M-$13M
Effective tax rates—$0.2$0.3$0.3$0$0.3
Income taxes at U.S. statutory rate of 21%$0.1$0.1$0.1$0.1$0.1—
Change in valuation allowance on Solventum ownership-7.7%—————
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent————-2.1%—
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount—-$17.8M-$17.8M-$17.8M-$17.8M—
Other————-1.7%—
Employee share-based payments0.4%—————
Effective Income Tax Rate Reconciliation, FDII, Percent0.3%—————
Foreign operations2.1%———5.0%—
Global Intangible Low-taxed Income, net of credits—$25M$25M$25M$25M—
Global Intangible Low-taxed Income, net of credits0.6%———2.4%—
Nontaxable or nondeductible items————0.8%—
State income taxes – net of federal income tax benefit$0$0$0$0$0—
Changes in unrecognized tax benefits————-1.2%—
Gain (Loss), Foreign Currency Transaction, before Tax—$5M-$30M-$30M-$4M-$26M
Gain on sale of business and assets$0$0-$3M-$161M$0-$7M
Foreign Currency Translation and Other Adjustments-$114M$56M$96M—$3M-$35M
Tax holiday income tax benefits$21.8M$14.5M$14.5M$14.5M$14.5M—
Income Tax Holiday Income Tax Benefits Per Share$0.04$0.03$0.03$0.03$0.03—
Federal taxes—$52.8M$52.8M$52.8M$52.8M—
Foreign—$140.3M$140.3M$140.3M$140.3M—
State taxes—$7M$7M$7M$7M—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount—-$21.8M-$21.8M-$21.8M-$21.8M—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount—$221.3M$221.3M$221.3M$221.3M—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount—$6.5M$6.5M$6.5M$6.5M—
Changes in unrecognized tax benefits—-$12.5M-$12.5M-$12.5M-$12.5M—
Income Taxes Paid, Net$213M$200M$200M$200M$200M—
Accounts payable$38M$134M$48M——$120M
Increase (Decrease) in Accounts Receivable-$201M$259M$160M$32M—$248M
Increase (Decrease) in Inventories-$213M$125M$115M-$148M-$231M$51M
Increase (Decrease) in Other Operating Assets and Liabilities, Net$0$1.5B$1.7B$0$160M$393M
Add - Incremental shares under stock-based compensation plans (in shares)1.6M3.9M3.2M4M3.9M3.7M
Interest income and other, net$92M$79M$50M$46M$57M$49M
Debt$101M$110M$116M$114M$108M$106M
Interest Paid, Excluding Capitalized Interest, Operating Activity$126.3M$116.8M$116.8M$116.8M$116.8M—
Lease Cost$81M$77M$77M$77M$77M—
Miles from the plant—$5————
Marketable security, gain (loss)—$0$0$0$0$0
Marketable Securities Unrealized Gain Loss—$0$0$0$0$0
Maximum amount of certain nonqualified unfunded pension and postretirement benefit plans obligations not included in benefit obligation reconciliation$7.5M$7.5M$7.5M$7.5M$7.5M—
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—-$422M-$1.8B-$1.2B-$617M-$2.1B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$1.1B$1.2B$70M$465M—$60M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$1.8B-$79M-$954M$1.8B$1.6B$574M
Net Income Loss Attributable To Noncontrolling Interest$0$6M$2M$7M—$6M
Net Income (Loss) From Continuing Operations, Including Portion Attributable To Noncontrolling Interest$728M$1.1B$725M$841M$574M$659M
Purchase of non-controlling interest—$1M————
Number of locations, samples collected—80.00————
Number of reportable segments—3.00———3.00
Operating Lease Payments$53M$50M$50M$50M$50M—
Unrealized gains (losses) on hedge instruments$94M-$29M-$83M$21M$0$15M
Foreign currency translation gains (losses)-$527M$171M$339M-$71M$0-$95M
Other comprehensive income (loss)—$200M$305M$89M$54M-$33M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax$0-$58M-$49M-$139M-$55M-$47M
Payment Of Pension And Other Postretirement Benefit Contributions$38M$23M$38M$38M$46M$38M
Payment for (Proceeds from) Other Investing Activity—$3M———-$2M
Payments for Repurchase of Common Stock$705M$1.3B$953M$472M$552M$2B
Payments of Ordinary Dividends, Common Stock$378M$396M$390M$389M$387M$412M
Payments to Acquire Investments$1.9B$156M$263M$420M$466M$155M
Payments to Acquire Property, Plant, and Equipment$291M$236M$208M$218M$248M$225M
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash$82M$69M$66M$63M$74M$37M
Proceeds from debt with original maturities of more than three months—$1.1B———$0
Financing — other-$13M-$6M-$9M-$24M-$10M-$15M
Proceeds from disposition of marketable securities and other investments$1.1B$1.6B$533M$1.1B$283M$436M
Proceeds from disposition of property, plant and equipment/other$6M$18M$3M$48M$26M$2M
Proceeds from re-issuance of treasury stock$24M$905M$83M$231M$343M$302M
Repayments of Debt, Maturing in More than Three Months$3M$750M$500M$554M$11M$0
Revenue From Contract With Customer Excluding Assessed Tax$6B$6B$6.3B$6.5B$6.1B$6B
Right Of Use Asset Obtained In Exchange For Operating Lease Liability$49M$36M$36M$36M$36M—
Property, plant, and equipment additions$291M$236M$208M$218M$248M$225M
Stock-based compensation$47M$85M$44M$53M$43M$80M
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period165K———41K—
Options granted (in shares)528K———723K—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period3.7M———91K—
Options canceled (in dollars per share)$123.91———$143.52—
Granted (in shares)$97.15———$148.87—
Options forfeited/expired (in dollars per share)$130.83———$167.20—
Exercised (in shares)$120.80———$139.29—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period218K———10.9M—
Stock Issued During Period Shares Treasury Stock Reissued1.8M———12.7M—
Issuances pursuant to stock option and benefit plans$24M$905M$93M$221M$343M$302M
Supply chain finance program, payments$375M$375M$375M$375M$375M—
Invoices confirmed during the period$375M$375M$375M$375M$375M—
Number of shares purchased (in shares)15M———21.9M—
Treasury stock, value, acquired$712M$1.3B$946M$473M$555M$2B
Unrealized Gain Loss On Investments—$1.9B——$200M$1.1B
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions$4M$21.8M$21.8M$21.8M$21.8M—
Unrecognized tax benefits, settlements$4.3M$11.3M$11.3M$11.3M$11.3M—
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation$4.3M—————
Interest expense and penalties, net (benefit)/charge recognized$6.3M$1.5M$1.5M$1.5M$1.5M—
Foreign currency effect—$3.3M$3.3M$3.3M$3.3M—
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions$3.3M$11.5M$11.5M$11.5M$11.5M—
Additions for tax positions of prior years$14.3M$16M$16M$16M$16M—
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations$9M$12.3M$12.3M$12.3M$12.3M—
Variable Lease Cost$28.5M$26.3M$26.3M$26.3M$26.3M—

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$3.7B$3.5B$3.6B$3.8B$4.1B$3.6B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$6B$6B$6.3B$6.5B$6.1B$6B