3M CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data 3M CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30,109	31,657	32,765	32,136	32,184	35,355	26,161	24,610	24,575	24,948
Cost of revenue	15,118	16,055	16,682	17,136	16,605	18,795	15,853	14,983	14,447	14,991
Gross profit	14,991	15,602	16,083	15,000	15,579	16,560	10,308	9,627	10,128	9,957
Research and development	1,248	1,352	1,253	1,253	1,100	1,200	800	700	700
Selling, general and administrative	6,311	6,626	7,602	7,029	6,929	7,197	7,232	19,198	4,221	3,997
Operating income	7,027	7,692	7,207	6,174	7,161	7,369	4,369	-10,689	4,822	4,629
Interest expense	199	322	350	448	529	488	462	942	1,191	946
Interest income	29
Other non-operating income	26	-144	-207	-531	-366	-165	-165	-582	-3	-416
Pre-tax income	7,053	7,548	7,000	5,712	6,795	7,204	4,204	-11,271	4,819	4,213
Income tax	1,995	2,679	1,637	1,114	1,337	1,285	188	-2,867	804	1,003
Income from continuing operations							4,013	-8,402	4,009	3,250
Net income to minority interests	8	11	14	12	4	8	14	16	15	12
Net income	5,050	4,858	5,349	4,517	5,449	5,921	5,777	-6,995	4,173	3,250
EBITDA	8,501	9,236	8,695	7,767	9,072	9,284	6,200	-8,702	6,185	5,937
EPS, basic	8.35	8.13	9.09	7.83	9.43	10.23	10.21	-12.63	7.58	6.05
EPS, diluted	8.16	7.93	8.89	7.72	9.36	10.12	10.18	-12.63	7.55	6.00
Shares, basic (weighted)	605	598	589	577	578	579	566	554	551	537
Shares, diluted (weighted)	619	613	602	585	582	585	568	554	552	541
Dividend per share	4.44	4.70	5.44	5.76	5.88	5.92	5.96	6.00	3.61	2.92

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,398	3,053	2,853		4,634	4,564	3,655	5,933	5,600	5,235
Short-term investments		1,076	380	98	404
Receivables	4,392	4,911	5,020	4,791	4,705	4,660	4,532	3,601	3,194	3,533
Inventory	3,385	4,034	4,366	4,134	4,239	4,985	5,372	3,944	3,698	3,661
Other current assets	450	266	349	891	325	339	456	326	771	2,823
Total current assets	11,726	14,277	13,709	12,971	14,982	15,403	14,688	16,379	15,884	16,387
Property, plant and equipment	8,516	8,866	8,738	9,333	9,421	9,429	9,178	7,690	7,388	7,101
Lease right-of-use assets				858	864	858	829	657	565	516
Goodwill	9,166	10,513	10,051	13,444	13,802	13,486	6,337	6,382	6,281	6,419
Intangible assets	2,320	2,936	2,657	6,379	5,835	5,288	4,699	1,323	1,210	1,103
Long-term investments		27	37	43	30
Other non-current assets	1,178	1,395	1,345	1,674	2,440	2,608	4,271	6,806	9,105	6,723
Total assets	32,906	37,987	36,500	44,659	47,344	47,072	46,455	50,580	39,868	37,733
Accounts payable	1,798	1,945	2,266	2,228	2,561	2,994	3,183	2,776	2,660	2,702
Accrued liabilities	678	870	749	702	747	1,020	692	695	712	718
Deferred revenue	551	513	617	430	498	529	538	23	15
Short-term debt	972	1,853	1,211	2,795	806	1,307	1,938	2,947	1,919	1,670
Total current liabilities	6,219	7,687	7,244	9,222	7,948	9,035	9,523	15,297	11,256	9,595
Long-term debt	10,678	12,096	13,411	17,518	17,989	16,056	14,001	13,088	11,125	10,932
Lease liabilities				607	609	591	580	464	405	363
Other non-current liabilities	1,648	2,962	3,010	3,275	3,462	3,403	5,615	14,021	11,780	10,828
Total liabilities	22,563	26,365	26,652	34,533	34,413	31,955	31,685	45,712	35,974	32,986
Total debt	11,478	13,198	14,156	19,359	18,783	17,347	15,939	14,240	13,044	12,602
Paid-in capital	5,061	5,352	5,643	5,907	6,162	6,429	6,691	6,956	7,229	7,440
Retained earnings	37,907	39,115	40,636	42,135	43,821	45,821	47,950	37,479	36,797	38,258
Treasury stock	-25,434	-25,887	-29,626	-29,849	-29,404	-30,463	-33,255	-32,859	-34,462	-35,936
Other comprehensive income	-7,245	-7,026	-6,866	-8,139	-7,721	-6,750	-6,673	-6,778	-5,731	-5,069
Shareholders' equity	10,298	11,563	9,796	10,063	12,867	15,046	14,722	4,807	3,842	4,702
Minority interests	45	59	52	63	64	71	48	61	52	45
Total equity	10,343	11,622	9,848	10,126	12,931	15,117	14,770	4,868	3,894	4,747
Total liabilities and equity	32,906	37,987	36,500	44,659	47,344	47,072	46,455	50,580	39,868	37,733
Shares outstanding	597	595	577	575	578	572	549	553	539	530

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,058	4,869	5,363	4,529	5,453	5,929	5,791	-6,979	4,188	3,262
Depreciation and amortization	1,474	1,544	1,488	1,593	1,911	1,915	1,831	1,987	1,363	1,308
Stock-based compensation	298	324	302	278	262	274	263	274	289	225
Deferred income tax	7	107	-57	-273	-165	-166	-663	-3,855	321	418
Change in receivables	-313	-245	-305	345	165	-122	-105	-170	114	-211
Change in inventory	57	-387	-509	370	-91	-903	-629	567	41	139
Change in payables	148	24	408	-117	252	518	111	138	46	21
Cash from operations	6,662	6,240	6,439	7,070	8,113	7,454	5,591	6,680	1,819	2,306
Capital expenditures	-1,420	-1,373	-1,577	-1,699	-1,501	-1,603	-1,749	-1,615	-1,181	-910
Acquisitions	-16	-2,023	13	-4,984	-25	0	0
Purchases of investments	-1,410	-2,152	-1,828	-1,635	-1,579	-2,202	-1,250	-1,466	-4,153	-1,305
Sales and maturities of investments	1,247	1,354	2,497	1,443	1,811	2,406	1,261	1,660	2,074	3,468
Cash from investing	-1,403	-3,086	222	-6,444	-580	-1,317	-1,046	-1,207	-3,206	1,350
Share buybacks	-3,753	-2,068	-4,870	-1,407	-368	-2,199	-1,464	-33	-1,801	-3,251
Dividends paid	-2,678	-2,803	-3,193	-3,316	-3,388	-3,420	-3,369	-3,311	-1,982	-1,562
Cash from financing	-4,626	-2,655	-6,701	-1,124	-5,300	-6,145	-5,350	-3,147	1,098	-4,016
Exchange rate effect	-33	156	-160	-2	48
Net change in cash	600	655	-200	-500	2,281	-70	-909	2,278	-333	-365
Free cash flow	5,242	4,867	4,862	5,371	6,612	5,851	3,842	5,065	638	1,396
Interest paid	194	199	314	370	524	472	440	520	505	467
Income taxes paid	1,888	1,604	1,560	1,198	1,351	1,695	1,320	1,384	852	800

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $169.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.4%	Gross profit / revenue.
Operating margin	18.4%	Operating income / revenue.
EBITDA margin	23.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.5%	Pre-tax income / revenue.
Net margin	11.9%	Net income / revenue.
FCF margin	15.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.5%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	101.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	32.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-8.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-4.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-8.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-22.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-20.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-16.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-25.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-22.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	118.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-28.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-26.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-19.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-21.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-13.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-31.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-18.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.26x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.2%	Total debt / total assets.
Liabilities / assets	91.4%	Total liabilities / total assets.
Net debt	$7.95B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.31x	Operating income / interest expense.
Working capital	$2.73B	Current assets - current liabilities.
Goodwill and intangibles / assets	21.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.48B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	3.66x	Revenue / average property, plant and equipment.
Inventory turnover	4.05x	Cost of revenue / average inventory.
Days inventory	90 days	365 x average inventory / cost of revenue.
Receivables turnover	6.41x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	73 days	Days inventory + days sales outstanding - days payables.
FCF conversion	133.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$48.20	Revenue / diluted weighted shares.
FCF per share	$7.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.38	Cash from operations / diluted weighted shares.
Book value per share	$5.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.68	Tangible book value / shares outstanding.
Cash per share	$5.73	(Cash + short-term investments) / shares outstanding.
Payout ratio	53.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	39.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	100.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$87.44B	Share price x shares outstanding.
Enterprise value	$95.39B	Market cap + total debt - cash - short-term investments.
P/E	29.2x	Market cap / net income. Only when net income is positive.
P/S	3.47x	Market cap / revenue.
P/B	29.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.8x	Market cap / cash from operations, when positive.
EV/Sales	3.79x	Enterprise value / revenue.
EV/EBIT	20.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.6%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.

What was 3M CO's revenue in fiscal 2025?

3M CO reported revenue of $24.95B for fiscal 2025, 1.5% higher than the year before.

Was 3M CO profitable in fiscal 2025?

Yes. Net income was $3.25B, a net margin of 13%.

How much free cash flow did 3M CO generate in fiscal 2025?

Cash from operations of $2.31B minus capital expenditures of $910.0M left free cash flow of $1.40B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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