10-Q · July 21, 2026
3M delivered Q2 sales of $6.500 billion, up 2.4% year over year, with adjusted organic sales growth of 5.4%; GAAP diluted EPS rose 33% to $1.78 and adjusted EPS rose 11% to $2.40. Growth in Safety and Industrial and…
Earnings analysis · 10-Q
MMM earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
3M delivered a strong Q3, with revenue of $6.584 billion and adjusted EPS of $2.63, ahead of the $2.39 consensus estimate. EPS improved versus both Q2 2026 and Q3 2025, while adjusted free cash flow reached $1.197…
Read full summary
3M delivered a strong Q3, with revenue of $6.584 billion and adjusted EPS of $2.63, ahead of the $2.39 consensus estimate. EPS improved versus both Q2 2026 and Q3 2025, while adjusted free cash flow reached $1.197 billion. Management raised full-year adjusted EPS guidance to $9.10-$9.15 and expects approximately $4.8 billion of adjusted free cash flow, supporting a bullish assessment despite continuing legal, market, and liquidity considerations.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.63
What stood out
-
Revenue increased sequentially and year over year
Q3 revenue was $6.584 billion, up from $6.500 billion in Q2 2026 and $6.520 billion in Q3 2025, increases of approximately 1.3% sequentially and 1.0% year over year.
-
Adjusted EPS materially exceeded estimates
Adjusted EPS was $2.63 versus the $2.39 consensus estimate, a $0.24 beat. EPS increased from $1.78 in Q2 2026 and $1.55 in Q3 2025.
-
Cash generation remained strong
Adjusted free cash flow was $1.197 billion, compared with $763 million in Q2 2026 and $1.540 billion in Q3 2025.
-
Full-year EPS outlook was raised
Full-year 2026 adjusted EPS guidance was raised to $9.10-$9.15. The outlook also calls for adjusted total sales growth above 4.5% and adjusted organic sales growth above 3.5%.
-
Management expects substantial annual cash flow
Management expects approximately $5.9 billion of adjusted operating cash flow and approximately $4.8 billion of adjusted free cash flow for full-year 2026.
-
New acquisition is currently small
The Madison Fire and Rescue acquisition represented approximately 1% of consolidated total assets as of September 30, 2026, and approximately 1% of consolidated net sales for Q3 2026.
What to watch
-
No new risk-factor detail provided
The filing states there were no material changes to the risk factors in the 2025 Form 10-K. Accordingly, the 10-Q does not provide an updated quantitative view of PFAS, litigation, or other legacy exposures.
-
Share repurchases use available liquidity
3M repurchased 1,275,284 shares during Q3 2026 at an average price of $180.34, leaving $1.536 billion available under the repurchase authorization; buybacks compete with other liquidity uses.
-
Acquisition integration and controls risk
Management plans to exclude Madison from its year-end internal-control assessment under SEC acquisition guidance. Madison represented approximately 1% of total assets and approximately 1% of Q3 consolidated net sales.
-
Macro and market-risk exposure
The company identifies foreign exchange, interest-rate, and commodity-price exposure as market risks, although it states there were no material changes through September 30, 2026.
Management's outlook
Management raised full-year 2026 adjusted EPS guidance to $9.10-$9.15. It also expects adjusted total sales growth above 4.5%, adjusted organic sales growth above 3.5%, adjusted operating cash flow of approximately $5.9 billion, and adjusted free cash flow of approximately $4.8 billion.
Earlier filings 2
10-Q · April 21, 2026
3M reported modest revenue growth to $6,030 million (+$76M, +1.3% YoY) and stronger operating income of $1,397 million (+$151M, +12.1% YoY) driven by improved operating margins. However, net income and EPS declined…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.