M Delivers Strong Third-Quarter Results Increases Full-Year Margin and EPS Guidance GAAP sales of $6.5 billion, up 3.5% operating margin 22.2%, up 130 bps EPS of $1.55, down 38%, all YoY Adjusted sales of $6.3 billion wi

3M Delivers Strong Third-Quarter Results Increases Full-Year Margin and EPS Guidance

GAAP sales of $6.5 billion, up 3.5% operating margin 22.2%, up 130 bps EPS of $1.55, down 38%, all YoY

Adjusted sales of $6.3 billion with organic growth of 3.2% YoY

Adjusted operating margin of 24.7%, up 170 bps YoY

Adjusted EPS of $2.19, up 10% YoY

Operating cash flow of $1.8 billion with adjusted free cash flow of $1.3 billion

2025 adjusted EPS guidance increased from $7.75 - $8.00 to $7.95 - $8.05

ST. PAUL, Minn. - October 21, 2025 3M (NYSE MMM) today reported third-quarter 2025 results.

"I am very pleased with our teams' focus on reinvigorating organic top-line growth and improving operational performance resulting in another strong quarter," said William Brown, 3M Chairman and CEO. The 3M excellence model helped accelerate organic sales growth, increase margins, grow EPS double-digits and generate robust free cash flow. This progress gives us the confidence to raise our full-year margin and EPS guidance which positions us well to achieve the strategic and financial commitments we made at our Investor Day earlier this year."

Third-quarter highlights

GAAP EPS of $1.55 and operating margin of 22.2%.

Adjusted EPS of $2.19, up 10% year-on-year.

Adjusted operating income margin of 24.7%, an increase of 170 basis points year-on-year.

Sales of $6.5 billion, up 3.5% year-on-year with organic sales up 2.6% year-on-year.

Adjusted sales of $6.3 billion, up 4.1% year-on-year with adjusted organic sales up 3.2% year-on-year.

3M returned $0.9 billion to shareholders via dividends and share repurchases.

Cash from operations of $1.8 billion.

Adjusted free cash flow of $1.3 billion.

This document includes reference to certain non-GAAP measures. See the "Supplemental Financial Information Non-GAAP Measures" section for applicable information.

Updated full-year guidance

3M updated its full-year 2025 guidance given the company's performance in the first nine months of the year.

Adjusted total sales growth1 of 2.5 percent, reflecting adjusted organic sales growth1 of 2 percent.

Adjusted operating income margin expansion1 of 180 bps to 200 bps.

Adjusted EPS1 in the range of $7.95 to $8.05.

Adjusted operating cash flow1 of $5.2 to $5.4 billion, contributing to 100 percent adjusted free cash flow conversion1.

1As further discussed at 4 within the Supplemental Financial Information Non-GAAP Measures sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.

3M will conduct an investor teleconference at 9 a.m. ET (8 a.m. CT) today. Investors can access this conference via the following

Live webcast at https investors.3M.com

Webcast replay at https investors.3m.com financials quarterly-earnings

Forward-looking statements

This document contains forward-looking statements. You can identify these statements by the use of words such as "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "would," "forecast," "future," "outlook," "guidance" and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation recession military conflicts trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures regulatory requirements, legal actions, or enforcement and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers (2) foreign currency exchange rates and fluctuations in those rates (3) liabilities and the outcome of contingencies related to certain fluorochemicals known as "PFAS," including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio (4) risks related to the class-action settlement ("PWS Settlement") to resolve claims by public water suppliers in the United States regarding PFAS, as well as risks related to other settlements related to PFAS (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K (Reports), as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way (6) competitive conditions and customer preferences (7) the timing and market acceptance of new product and service offerings (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters (9) unanticipated problems or delays when implementing new business systems and solutions, including with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information or operational technology infrastructure (10) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies (11) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans (13) the Company's credit ratings and its cost of capital (14) tax-related external conditions, including changes in tax rates, laws or regulations (15) matters relating to the spin-off of the Company's Health Care business, including the risk that the expected benefits will not be realized the risk that the costs or dis-synergies will exceed the anticipated amounts potential impacts on the Company's relationships with its customers, suppliers, employees, regulators and other counterparties the ability to realize the desired tax treatment risks under the agreements and obligations entered into in connection with the spin-off and (16) matters relating to Combat Arms Earplugs ("CAE") and related products, including those related to, the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company's subsidiary Aearo Technologies and certain of its affiliates ("Aearo Entities") and or the Company ("CAE Settlement"). A further description of these factors is located in the Reports under "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). Changes in such assumptions or factors could produce significantly different results. The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

(Millions, except per-share amounts)

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.

3M Company and Subsidiaries

2Total sales change is calculated based on reported sales results. The components of sales change include organic local-currency sales, acquisitions, divestitures, and translation. Organic local-currency sales include both organic volume impacts (which excludes acquisition and divestiture impacts) and selling price changes. Acquisition and divestiture impacts are measured separately for the first 12 months post-transaction and, beginning April 2024, include the impact of commercial agreements associated with the separation of Solventum.

3M Company and Subsidiaries

3M discloses business segment operating income as its measure of segment profit, reconciled to both total 3M operating income and income before taxes. Business segment operating income excludes certain expenses and income that are not allocated to business segments (as described below in "Corporate and Other").

3M Company and Subsidiaries

BUSINESS SEGMENTS - (CONTINUED)

Outside of 3M's reportable operating segments, 3M has Corporate and Other which is not a reportable business segment as it does not meet the segment reporting criteria. Because Corporate and Other includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.

Corporate and Other operating income (loss) includes

Corporate special items include, for the periods presented

net costs for significant litigation impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters,

loss on business divestitures,

divestiture costs (related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture) that were not eligible to be part of discontinued operations, and

transformation program restructuring and related charges.

Other corporate (expense) income-net includes

certain enterprise and governance activities resulting in unallocated corporate costs and other activity or costs that 3M may choose not to allocate directly to its business segments,

commercial activity with Solventum following its April 1, 2024 Separation and certain operations of the former Health Care business segment retained by 3M,

transition arrangement agreements (e.g., fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Solventum Separation,

operations of businesses of the former Health Care segment divested prior to the Separation and therefore not reflected as discontinued operations within 3M's financial statements, along with limited-duration supply agreements with previous divestitures, and

costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations.

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

In addition to reporting financial results in accordance with U.S. GAAP, 3M also provides certain non-GAAP measures. These measures are not in accordance with, nor are they a substitute for GAAP measures, and may not be comparable to similarly titled measures used by other companies.

Certain measures adjust for the impacts of special items. Special items for the periods presented include the items described in the section entitled "Description of special items". Because 3M provides certain information with respect to business segments, it is noteworthy that special items impacting operating income (loss) are reflected in Corporate and Other, except as described with respect to net costs for significant litigation and manufactured PFAS products items in the "Description of special items" section. The reconciliations below, therefore, also include impacted segments as applicable.

This document contains measures for which 3M provides the reported GAAP measure and a non-GAAP measure adjusted for special items. The document also contains additional measures which are not defined under U.S. GAAP. These measures and reasons 3M believes they are useful to investors (and, as applicable, used by 3M) include

The following provides additional information and applicable GAAP amounts reconciled to non-GAAP measures.

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES - (CONTINUED)

Certain amounts adjusted for special items (non-GAAP measures)

3These items represent amounts adjusted for special items. See lead-in to non-GAAP measures discussion.

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

43M provides these forward-looking non-GAAP measures, but cannot, without unreasonable effort, forecast certain items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as net costs for significant litigation projected divestiture gains (losses) divestiture costs divestiture-related restructuring changes in value of Solventum ownership transformation costs and net sales and estimates of income and associated activity of exited manufactured PFAS products all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of 3M's control. 3M believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, 3M believes that the probable significance of such information is low. Additionally, for similar reasons, 3M does not include the impact of potentially-divested or acquired businesses on expected operations in forecasted guidance it provides until close of a transaction. Information with respect to special items for certain historical periods is included in the section entitled "Description of special items".

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

Adjusted net cash provided by (used in) operating activities adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures) adjusted free cash flow and adjusted free cash flow conversion (non-GAAP measures)