M Reports First-Quarter 2026 Results Q1 GAAP sales of $6.0 billion, up 1.3% operating margin of 23.2%, up 230 bps EPS of $1.23, down 40%, all YoY Adjusted sales of $6.0 billion with organic growth of 1.2% YoY Adjusted op

3M Reports First-Quarter 2026 Results

Q1 GAAP sales of $6.0 billion, up 1.3% operating margin of 23.2%, up 230 bps EPS of $1.23, down 40%, all YoY

Adjusted sales of $6.0 billion with organic growth of 1.2% YoY

Adjusted operating margin of 23.8%, up 30 bps YoY

Adjusted EPS of $2.14, up 14% YoY

Q1 operating cash flow of $0.6 billion with adjusted free cash flow of $0.5 billion

Reiterates full-year 2026 guidance

ST. PAUL, Minn. - April 21, 2026 3M (NYSE MMM) today reported first-quarter results.

"We are executing on 3M's value creation framework to build a stronger company," said William Brown, 3M Chairman and CEO. "Our focus remains on improving execution of the fundamentals and transforming the company by simplifying and standardizing our processes and footprint and reshaping the portfolio. Together, these actions will drive structurally higher growth and stronger margin performance, while improving enterprise resilience and predictability."

Brown added, "We had a good start to the year, and despite operating in a volatile environment, we remain confident in achieving our 2026 guidance while staying committed to our long-term strategy - investing in growth, driving operational performance, and returning cash to shareholders."

First-quarter highlights

GAAP EPS of $1.23 and operating margin of 23.2%.

Adjusted EPS of $2.14, up 14% year-on-year.

Adjusted operating income margin of 23.8%, an increase of 30 basis points year-on-year.

Sales of $6.0 billion, up 1.3% year-on-year with organic sales down 1.4% year-on-year.

Adjusted sales of $6.0 billion, up 3.9% year-on-year with adjusted organic sales up 1.2% year-on-year.

3M returned $2.4 billion to shareholders via dividends and share repurchases.

Cash from operations of $0.6 billion.

Adjusted free cash flow of $0.5 billion.

Full-year 2026 guidance

3M reiterated the following full-year 2026 expectations.

Adjusted total sales growth1 of 4 percent, reflecting adjusted organic sales growth1 of 3 percent.

Adjusted operating income margin expansion1 of 70 bps to 80 bps.

Adjusted EPS1 in the range of $8.50 to $8.70.

Adjusted operating cash flow1 of $5.6 to $5.8 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

Certain statements in this document, as well as other filings we make with the United States Securities and Exchange Commission ("SEC") and other written and oral information we release are considered forward-looking statements under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended (the PSLRA ). Forward-looking statements may appear throughout this document and are typically identified by the words aim, anticipate, believe, can, continue, could, estimate, evaluate, expect, forecast, future, goal, guidance, impact, initial, intend, likely, may, outlook, plan, possible, potential, predict, probable, project, seek, should, strategy, target, will, would, and other words that are similar to, or have the opposite meanings, of those words.

All forward-looking statements are intended to enjoy the protection of the PSLRA's safe harbor for forward looking-statements, as well as the protections provided by other securities laws. Forward-looking statements speak only as of the date they are made and the Company assumes no obligation to update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Although the Company believes it has a reasonable basis for the forward-looking statements it makes, those statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Changes in those assumptions, expectations, or other factors could produce materially different results. The most important risks, uncertainties, and other factors that could cause the Company's actual results to differ from the Company's forward-looking statements include (1) worldwide economic, political, regulatory, international trade, geopolitical, tariffs, and retaliatory counter measures, capital markets, and other external conditions, (2) foreign currency exchange rates and fluctuations in those rates, (3) liabilities and contingencies related to 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 exit of PFAS manufacturing and work to discontinue use of PFAS across its product portfolio, (4) risks related to the PWS Settlement to resolve claims by public water suppliers in the United States regarding PFAS, as well as risks related to ongoing PFAS-related settlements and claims, (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, 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 system, or security breaches and other disruptions to the Company's information or operational technology infrastructure, (10) use of artificial intelligence technologies, (11) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies, (12) 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, (13) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans, (14) the Company's credit ratings and its cost of funding, (15) tax-related external conditions, including changes in tax rates, laws, or regulations, (16) matters relating to the Company's Aearo Entities, Combat Arms Earplugs Settlement, and related products, and (17) matters relating to the spin-off of Solventum, the Company's former Health Care business, into an independent public company.

Those risks, uncertainties, and other factors are further described in Part I, Item 1A, Risk Factors of the Company's Form 10-K for the year ended December 31, 2025. For additional information concerning factors that may cause actual results to differ materially from the Company's forward-looking statements, see the Company's reports on Form 10-K, 10-Q, and 8-K filed with the SEC from time to time.

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)

3M Company and Subsidiaries

SALES CHANGE ANALYSIS2

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.

3M Company and Subsidiaries

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

Effective in the first quarter of 2026, the measure of segment operating performance and segment composition used by the 3M's chief operating decision maker (CODM) changed. As a result, 3M's disclosed measure of segment profit and other segment-related amounts were updated to align with these changes. The financial information presented herein reflects the impact of these changes for all periods presented. These include

Reflecting manufactured PFAS products activity and net costs for respirator mask asbestos litigation special items within Corporate Previously, these special items were included in the Transportation and Electronics segment and Safety and Industrial segment, respectively. Elements related to manufactured PFAS products activity are now included in Corporate, with sales and income (loss) reflected as a special item. Net costs related to respirator mask asbestos are now also reflected in Corporate, within the net costs for significant litigation Corporate special item.

3M Company and Subsidiaries

BUSINESS SEGMENTS - (CONTINUED)

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

Corporate operating income (loss) includes

Corporate-level (expense) income 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 2024 spin-off from 3M, as well as certain operations of 3M's former health care business segment that were retained by 3M, and

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

Corporate special items include, for the periods presented

net costs for significant litigation impacting operating income (loss),

manufactured PFAS products activity

(loss) gain on business divestitures,

transformation program restructuring and related charges.

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.

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.

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)

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)

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES - (CONTINUED)

53M defines adjusted net cash provided by (used in) operating activities as net cash provided by operating activities, adjusted for special items. 3M defines adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures) as purchases of property, plant and equipment (PPE) adjusted for the estimated impact of such purchases associated with manufactured PFAS products activity. 3M defines adjusted free cash flow as adjusted net cash provided by (used in) operating activities less adjusted purchases of PPE. Cash payments receipts associated with special items in the determination of adjusted net cash provided by (used in) operating activities are reflected net of applicable tax. The cash tax impact is determined by the amount, timing, and applicable tax rates for the actual cash tax payments, which may differ from the timing of the related pre-tax cash payments or underlying transactions. 3M defines adjusted free cash flow conversion as adjusted free cash flow divided by net income attributable to 3M, adjusted for special items (used for adjusted free cash flow conversion calculation).