3M (MMM) financial statements
3M reported revenue of $24.9B in fiscal 2025, down 2.1% a year over 9 years.
Net income was $3.2B and the operating margin 18.6%, against 23.3% in 2016.
Free cash flow was $1.4B, and the company returned $1.6B in dividends and $3.3B in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from 3M's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.1B | $31.7B | $32.8B | $32.1B | $32.2B | $35.4B | $26.2B | $24.6B | $24.6B | $24.9B |
| Cost of revenue | $15.1B | $16.1B | $16.7B | $17.1B | $16.6B | $18.8B | $15.9B | $15.0B | $14.4B | $15.0B |
| Gross profit | $15.0B | $15.6B | $16.1B | $15.0B | $15.6B | $16.6B | $10.3B | $9.6B | $10.1B | $10.0B |
| Research and development | $1.2B | $1.4B | $1.3B | $1.3B | $1.1B | $1.2B | $800M | $700M | $700M | — |
| Selling, general and admin | $6.3B | $6.6B | $7.6B | $7.0B | $6.9B | $7.2B | $7.2B | $19.2B | $4.2B | $4.0B |
| Operating income | $7.0B | $7.7B | $7.2B | $6.2B | $7.2B | $7.4B | $4.4B | -$10.7B | $4.8B | $4.6B |
| Interest expense | $199M | $322M | $350M | $448M | $529M | $488M | $462M | $942M | $1.2B | $946M |
| Pre-tax income | $7.1B | $7.5B | $7.0B | $5.7B | $6.8B | $7.2B | $4.2B | -$11.3B | $4.8B | $4.2B |
| Income tax | $2.0B | $2.7B | $1.6B | $1.1B | $1.3B | $1.3B | $188M | -$2.9B | $804M | $1.0B |
| Net income | $5.0B | $4.9B | $5.3B | $4.5B | $5.4B | $5.9B | $5.8B | -$7.0B | $4.2B | $3.2B |
| EPS (diluted) | $8.16 | $7.93 | $8.89 | $7.72 | $9.36 | $10.12 | $10.18 | -$12.63 | $7.55 | $6.00 |
| Diluted shares | 619M | 613M | 602M | 585M | 582M | 585M | 568M | 554M | 552M | 541M |
| Gross margin | 49.8% | 49.3% | 49.1% | 46.7% | 48.4% | 46.8% | 39.4% | 39.1% | 41.2% | 39.9% |
| Operating margin | 23.3% | 24.3% | 22.0% | 19.2% | 22.3% | 20.8% | 16.7% | -43.4% | 19.6% | 18.6% |
| Net margin | 16.8% | 15.3% | 16.3% | 14.1% | 16.9% | 16.7% | 22.1% | -28.4% | 17.0% | 13.0% |
Balance sheet
Fiscal years, from 3M's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.7B | $4.1B | $3.2B | — | $5.0B | $4.6B | $3.7B | $5.9B | $5.6B | $5.2B |
| Receivables | $4.4B | $4.9B | $5.0B | $4.8B | $4.7B | $4.7B | $4.5B | $3.6B | $3.2B | $3.5B |
| Inventory | $3.4B | $4.0B | $4.4B | $4.1B | $4.2B | $5.0B | $5.4B | $3.9B | $3.7B | $3.7B |
| Total current assets | $11.7B | $14.3B | $13.7B | $13.0B | $15.0B | $15.4B | $14.7B | $16.4B | $15.9B | $16.4B |
| Property, plant and equipment | $8.5B | $8.9B | $8.7B | $9.3B | $9.4B | $9.4B | $9.2B | $7.7B | $7.4B | $7.1B |
| Goodwill | $9.2B | $10.5B | $10.1B | $13.4B | $13.8B | $13.5B | $6.3B | $6.4B | $6.3B | $6.4B |
| Total assets | $32.9B | $38.0B | $36.5B | $44.7B | $47.3B | $47.1B | $46.5B | $50.6B | $39.9B | $37.7B |
| Total current liabilities | $6.2B | $7.7B | $7.2B | $9.2B | $7.9B | $9.0B | $9.5B | $15.3B | $11.3B | $9.6B |
| Long-term debt | $10.7B | $12.1B | $13.4B | $17.5B | $18.0B | $16.1B | $14.0B | $13.1B | $11.1B | $10.9B |
| Total liabilities | $22.6B | $26.4B | $26.7B | $34.5B | $34.4B | $32.0B | $31.7B | $45.7B | $36.0B | $33.0B |
| Shareholders' equity | $10.3B | $11.6B | $9.8B | $10.1B | $12.9B | $15.0B | $14.7B | $4.8B | $3.8B | $4.7B |
| Net debt | $9.3B | $10.9B | $11.8B | — | $14.2B | $12.8B | $12.3B | $10.1B | $7.4B | $7.4B |
Cash flow
Fiscal years, from 3M's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.7B | $6.2B | $6.4B | $7.1B | $8.1B | $7.5B | $5.6B | $6.7B | $1.8B | $2.3B |
| Capital spending | $1.4B | $1.4B | $1.6B | $1.7B | $1.5B | $1.6B | $1.7B | $1.6B | $1.2B | $910M |
| Free cash flow | $5.2B | $4.9B | $4.9B | $5.4B | $6.6B | $5.9B | $3.8B | $5.1B | $638M | $1.4B |
| Stock-based compensation | $298M | $324M | $302M | $278M | $262M | $274M | $263M | $274M | $289M | $225M |
| Dividends paid | $2.7B | $2.8B | $3.2B | $3.3B | $3.4B | $3.4B | $3.4B | $3.3B | $2.0B | $1.6B |
| Share buybacks (net) | -$3.8B | -$2.1B | -$4.9B | -$1.4B | -$368M | -$2.2B | -$1.5B | -$33M | -$1.8B | -$3.3B |
| Free cash flow margin | 17.4% | 15.4% | 14.8% | 16.7% | 20.5% | 16.5% | 14.7% | 20.6% | 2.6% | 5.6% |
| Dividends per share | $4.33 | $4.57 | $5.30 | $5.67 | $5.82 | $5.84 | $5.94 | $5.98 | $3.59 | $2.89 |
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What was 3M's revenue in 2025?
$24.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does 3M generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From 3M's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.