MMM
Updated: 23/09/2026, 03:38:34
3M Company operates as a global technology conglomerate with diverse interests. Its extensive operations are strategically divided into four primary business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial division supplies a broad array of products, including specialized abrasives and finishing tools for metalworking, automotive body repair kits, fastening systems for personal hygiene items, various masking and packaging materials, electrical components for construction, maintenance, and power distribution, strong structural adhesives and tapes, comprehensive personal protective equipment for respiratory, auditory, visual, and fall protection, and mineral granules for roofing shingles. Within the Transportation and Electronics sector, offerings encompass advanced ceramic solutions, specialized attachment tapes and films, sophisticated sound and temperature management systems for vehicles, high-quality large-format graphic films for advertising and fleet branding, optical films, electronic assembly solutions, robust packaging and interconnection technologies, and reflective materials crucial for highway and vehicle safety. The Health Care segment provides essential solutions such as food safety indicators, software for medical procedure coding and reimbursement, a wide range of products for skin and wound care, infection prevention, dental and orthodontic supplies, and advanced filtration and purification systems. Finally, the Consumer unit delivers an assortment of household and personal products, including bandages, braces, support devices, and personal respirators; various home cleaning supplies; retail-grade abrasives, paint accessories, DIY car care products, picture hanging solutions, and consumer-focused air quality improvements; along with a selection of stationery items. The company distributes its extensive product portfolio through both online platforms and a comprehensive traditional network, leveraging wholesalers, retailers, jobbers, distributors, and authorized dealers. This enterprise was founded in 1902 and maintains its corporate headquarters in St. Paul, Minnesota.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$24.9B
FY 2025 · Reported
Net income
$3.3B
FY 2025 · Reported
Gross margin
39.9%
FY 2025 · Calculated
Free cash flow
$1.4B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$3.3B
FY 2025 · Reported
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
3M is a diversified technology company with a global presence in Safety and Industrial; Transportation and Electronics; and Consumer
“3M is a diversified technology company with a global presence in the following businesses: Safety and Industrial; Transportation and Electronics; and Consumer.”
3M company overview
Diversified global manufacturer with three segments: Safety and Industrial, Transportation and Electronics, Consumer
“3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products and services.”
Reportable segments
Three reportable segments: Safety and Industrial, Transportation and Electronics, Consumer
“The reportable segments are Safety and Industrial, Transportation and Electronics, and Consumer.”
Operating business segments
Three segments: Safety and Industrial; Transportation and Electronics; Consumer
“3M manages its continuing operations in three operating business segments: Safety and Industrial; Transportation and Electronics; and Consumer.”
2024 geographic sales comparison
2024: Americas $13,405M (54.5%), Asia Pacific $6,994M (28.5%), EMEA $4,176M (17.0%), worldwide $24,575M; worldwide organic change -0.2%
“Net sales (millions)$13,405 $6,994 $4,176 $24,575”
Distribution channels
Products sold directly to users and via e-commerce and traditional wholesalers, retailers, jobbers, distributors, and dealers globally
“3M products are sold through numerous distribution channels, including directly to users and through a wide range of e-commerce and traditional wholesalers, retailers, jobbers, distributors, and dealers”
Net sales by geographic area (2025/2024/2023, $M)
Americas $13,579M; Asia Pacific $7,095M; EMEA $4,274M in 2025
“Americas$13,579 $13,405 $13,268 Asia Pacific7,095 6,994 7,068”
2025 net sales by geography
2025: Americas $13,579M (54.5%), Asia Pacific $7,095M (28.4%), EMEA $4,274M (17.1%), worldwide $24,948M
“Americas Asia Pacific EMEA Worldwide Net sales (millions)$13,579 $7,095 $4,274 $24,948”
Net sales by particular country (2025/2024/2023, $M)
United States $10,936M; China/Hong Kong $2,951M in 2025
“United States $10,936 $10,788 $10,607 China/Hong Kong 2,951 2,824 2,625”
Net sales by division (2025/2024/2023, $M)
2025 total company net sales $24,948M; Safety and Industrial $11,384M; Transportation and Electronics $8,272M; Consumer $4,920M; Corporate and Other $372M
“Total Company $24,948$24,575$24,610”
International revenue share
~56% of 2025 revenues from outside the United States
“During 2025, the Company derived approximately 56 percent of its revenues from outside the United States.”
Workforce at December 31, 2025
Approximately 60,500 FTEs; ~22,500 in the US and 38,000 internationally
“On December 31, 2025, the Company employed approximately 60,500 people (full-time equivalents), with approximately 22,500 employed in the United States and 38,000 employed internationally.”
Intellectual property position
Trademarks, patents and trade secrets are an important competitive advantage; no single patent is essential to the company as a whole
“The Company believes that its trademarks, patents, and trade secrets provide an important competitive advantage in many of its businesses... no single patent or group of related patents is in itself essential to the Company as a whole”
2025 sales drivers
Growth led by safety and general industrial; offset by softness in auto aftermarket, roofing granules, commercial vehicles, and consumer
“Net sales change was driven by strength in safety and general industrial and supported by commercial excellence and new product introductions.”
Solventum (Health Care) separation
On April 1, 2024, 3M completed the separation of its Health Care business via distribution of 80.1% of Solventum Corporation shares
“on April 1, 2024, 3M completed the separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation”
Solventum spin-off completed
Solventum health care spin-off completed April 1, 2024; retained stake to be divested within five years
“On April 1, 2024, the Company completed the planned spin-off of its health care business, which is known as Solventum Corporation, as an independent company.”
Solventum retained stake
3M owns ~15% of Solventum (fair value $2.0B); sold $0.6B in Aug 2025; expects to exit within five years of 2024 spin-off, subject to regulatory and other restrictions
“3M owned approximately 15% of Solventum's common stock, with a fair value of $2.0 billion”
Solventum (Health Care) spin-off
Completed spin-off of Health Care business (Solventum) April 1, 2024, distributing 80.1% of shares; 2025 transition agreement income ~$150M
“On April 1, 2024, 3M completed the separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders.”
2025 divestitures
Sold fused silica business June 2025; agreed to sell precision grinding and finishing business (~$130M annual sales) with $159M pre-tax charge, closing expected H1 2026
“In June 2025, 3M completed the sale of its fused silica business... In September 2025, 3M agreed to sell its precision grinding and finishing business, within the Safety and Industrial business. The transaction is expected to close in the first half of 2026”
Representative market trends and opportunities
Disclosed growth opportunities include personal safety, grid modernization, robotics/automation, automotive electrification, data center solutions, semiconductors, aerospace/defense, and consumer home improvement
“•Personal safety •Connected bodyshop •Grid modernization •Robotics and automation •Automotive electrification •Data center solutions”
Cost of sales increases in 2025
2025 cost of sales rose (60.1% of sales vs 58.8%) on FX, tariffs, PFAS exit, and remediation costs, partly offset by procurement/logistics savings
“Increases in 2025 were primarily due to foreign currency impacts; tariffs; the exit of manufactured PFAS products; and net costs for significant litigation”
Raw materials market conditions 2025
2025 pricing pressure, tariffs and geopolitical uncertainty caused supply constraints and inflation, offset via negotiated supply contracts and scale
“In 2025, persistent pricing pressure, tariffs and geopolitical uncertainty prompted producers to adjust capacity and restructure operations. Overall, these market conditions caused supply constraints and inflation, but were offset via negotiated supply contracts and leveraging scale across the supply base.”
Credit ratings
Credit ratings: Moody's A3 (Stable), S&P BBB+ (Stable), Fitch A- (Stable)
“Moody's Investors ServiceA3Stable”
Commercial paper program
Commercial paper program permits max $5 billion outstanding, max maturity 397 days; no commercial paper outstanding at Dec 31, 2025 and 2024
“3M’s commercial paper program permits the Company to have a maximum of $5 billion outstanding with a maximum maturity of 397 days”
2025 debt activity
Total debt decreased in 2025 due to $1.8 billion of debt maturities, partially offset by $1.1 billion issuance and $0.2 billion FX remeasurement
“debt maturities with an aggregate principal amount of $1.8 billion, partially offset by the issuance of $1.1 billion in aggregate principal amount of debt”
Letters of credit and guarantees
$0.6 billion in stand-alone letters of credit, bank guarantees and similar instruments outstanding at Dec 31, 2025
“The Company also had $0.6 billion in stand-alone letters of credit, bank guarantees, and other similar instruments issued and outstanding at December 31, 2025”
Cash position and 2025 cash uses
Cash, equivalents and marketable securities $5.9B (foreign $3.5B, US $2.4B) vs $7.7B in 2024; decrease driven by $3.4B PFAS/CAE legal payments, $3.3B buybacks, $1.8B debt maturities, $1.6B dividends
“impacted by $3.4 billion in payments associated with PFAS-related environmental liabilities and the CAE legal settlement”
PFAS manufacturing exit completed
Exited PFAS manufacturing end of 2025; $0.8B pre-tax Q4 2022 impairment charge with additional exit expenses expected
“The Company recognized a $0.8 billion pre-tax charge in the fourth quarter of 2022 associated with the 2022 PFAS Announcement related to asset impairments, and will incur additional expenses in connection with the 2022 PFAS Announcement.”
Retained Solventum ownership value changes
Solventum retained ownership value fell ~$1.2B in 2025 (rose ~$1.6B in 2024); $47M pre-tax gain on sale of an unconsolidated investment in 2025
“Solventum ownership - change in value: decreased by approximately $1.2 billion in 2025 and increased by approximately $1.6 billion in 2024.”
Government regulation scope
Subject to broad US and international regulations including FCPA, trade sanctions, False Claims Act, anti-kickback, and environmental laws
“including the U.S. Foreign Corrupt Practices Act (FCPA) and other anti-bribery and anti-corruption laws; international import and export requirements and trade sanctions compliance; laws and regulations that apply to industries served by the Company, including the False Claims Act, anti-kickback laws, and the Sunshine Act”
PFAS liabilities
PFAS-related regulatory, remediation, and litigation liabilities could be material
“The Company faces liabilities related to certain fluorochemicals, which could have a material adverse effect on our results.”
US-China trade tension exposure
US-China trade tensions could materially adversely affect business
“Further escalation of specific trade tensions, including those between the U.S. and China, or more broadly in global trade conflict, could have a material adverse effect on the Company's business and operations around the world.”
Credit rating and interest rate funding risk
Credit ratings A3/BBB+/A- (all stable); downgrades or rate rises raise funding costs
“3M has a credit rating of A3, stable outlook from Moody's Investors Service, a credit rating of BBB+, stable outlook from S&P Global Ratings, and a credit rating of A-, stable outlook from Fitch Ratings.”
Global economic and geopolitical risk
Global economic, trade, and geopolitical risks affect operations and strategy execution
“The Company’s results are impacted by the effects of, and changes in, worldwide economic, political, regulatory, international trade, geopolitical, tariffs and retaliatory counter measures, and other external conditions.”
Foreign currency exposure
USD strengthening vs foreign currencies could hurt sales and earnings growth
“could be materially adversely impacted if the U.S. dollar strengthens significantly against foreign currencies”
Rare earth and raw material supply risk
Potential limits on access to rare earth minerals and other raw materials from geopolitical tensions
“supply chain disruptions (including limitations on access to rare earth minerals and other raw materials)”
Demand sensitivity to China and Europe growth
Lower growth in China/Europe impacts product demand and profitability
“such as lower economic growth rates in China, Europe, or other key markets, impact the demand or profitability of the Company's products.”
PFAS manufacturing exit completed end of 2025
PFAS manufacturing exit completed at end of 2025 with potential additional expenses and cost dis-synergies
“3M completed its exit of PFAS manufacturing at the end of 2025 as discussed in Part I, Item 1A, “Risk Factors” of this document.”
Climate change and severe weather risk
Climate change and severe weather may affect resources, energy, demand, and compliance costs
“Climate change and severe weather events, including related environmental and social regulations, as well as natural disasters, may negatively impact the Company or its customers and suppliers”
Pension funding risk
Defined benefit plan funding obligations could increase from asset losses or regulatory change
“investment losses on plan assets, and legislative or regulatory changes relating to defined benefit plan funding may increase the Company's funding obligations and could have a material adverse effect on its results of operations and cash flows.”
Increasing global PFAS regulation (CERCLA designation of PFOA/PFOS, decreasing emission standards, broadening scope) may require investigation, remediation, compliance actions and create additional litigation costs.
“Developments in these and other global regulatory trends may require additional actions by 3M, including investigation, remediation and compliance actions, and may result in additional litigation and enforcement action-related costs.”
$6.0 billion settlement contributions between 2023 and 2029 create multi-year cash outflow; residual risks include non-participating claimants and appeals.
“Pursuant to the CAE Settlement, 3M will contribute a total amount of $6.0 billion between 2023 and 2029.”
3M made $3.4 billion of payments in 2025 for PFAS-related environmental liabilities and the CAE legal settlement, materially reducing cash and reflecting substantial ongoing legal exposure.
“impacted by $3.4 billion in payments associated with PFAS-related environmental liabilities and the CAE legal settlement”
3M's three reportable segments (Safety and Industrial, Transportation and Electronics, Consumer) are diversified industrial technology businesses, consistent with its Industrials/Conglomerates classification.
“3M manages its continuing operations in three business segments.”
PFAS-related New Jersey Settlement, site remediation obligations, and imputed interest on litigation obligations materially depressed 2025 GAAP margins, EPS, and interest expense.
“net costs for significant litigation impacting operating income from the 2025 PFAS-related New Jersey Settlement and updates to site remediation obligations”
Tariffs and trade restrictions may result in increased production costs and product pricing, further supply chain disruptions, limited access to end markets, and lower profitability.
“tariffs and trade restrictions may result in increased production costs and product pricing, further supply chain disruptions, limited access to end markets, lower profitability”
United States generated $10,936M of 2025 net sales (~43.8% of total), the largest single-country exposure.
“United States $10,936 $10,788 $10,607”
With ~56% of revenues from outside the US, a significant USD strengthening would materially adversely impact sales and earnings growth.
“could be materially adversely impacted if the U.S. dollar strengthens significantly against foreign currencies”
Lower economic growth in China impacts demand/profitability of 3M products; US-China trade tensions could have a material adverse effect on business.
“Further escalation of specific trade tensions, including those between the U.S. and China, or more broadly in global trade conflict, could have a material adverse effect on the Company's business and operations around the world.”
China/Hong Kong generated $2,951M of 2025 net sales (~11.8% of total), a materially distinct country exposure.
“China/Hong Kong 2,951 2,824 2,625”
Following the spin-off, 3M depends on Solventum for temporarily provided goods and services under transition, supply, and contract manufacturing agreements; alternatives may be unavailable or more expensive.
“the Company may be unable to find suitable alternatives for goods and services that Solventum temporarily provides to the Company pursuant to the agreements noted above, or such alternative goods and services may be more expensive than provided by Solventum to the Company.”
3M retains a Solventum ownership stake whose value change drove EPS swings; TSA reimbursements and spin-related cost dis-synergies affect margins and tax rate.
“the tax impact of 3M's retained ownership interest in Solventum and net costs of significant litigation”
3M retains ~15% of Solventum ($2.0B fair value) and expects to sell within five years of the 2024 spin-off; sales are subject to regulatory and other restrictions.
“3M expects to sell its ownership in Solventum within five years of its 2024 spin-off. Sales of 3M's retained stake are subject to regulatory and other restrictions.”
Broad multi-channel go-to-market including direct users, e-commerce, wholesalers, retailers, jobbers, distributors and dealers; 3M is focused on optimizing this channel for growth.
“the Company is focused on further strengthening and optimizing this go‑to‑market channel, enhancing partner engagement, and improving overall channel performance to support continued growth.”
3M's multijurisdictional operations create tax uncertainties where final taxes paid may differ materially from recorded reserves under ASC 740.
“negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state, and international tax audits”
Geopolitical tensions could cause supply chain disruptions including limitations on access to rare earth minerals and other raw materials.
“supply chain disruptions (including limitations on access to rare earth minerals and other raw materials)”
Tariffs contributed to supply constraints and inflation in raw materials in 2025, mitigated by negotiated supply contracts and supply base scale.
“In 2025, persistent pricing pressure, tariffs and geopolitical uncertainty prompted producers to adjust capacity and restructure operations.”
Tariffs were cited as a driver of 2025 cost of sales increases and a partial offset to adjusted operating margins.
“partially offset by growth investments and tariff impacts”
Strength in safety and general industrial was the primary driver of 2025 net sales growth.
“Net sales change was driven by strength in safety and general industrial”
Pension and postretirement obligations are measured using discount rates from high-quality fixed-income yields; changes in market yields create uncertainty in obligations and costs.
“using the yields of a portfolio of high quality, fixed-income debt instruments that would produce cash flows sufficient in timing and amount to settle projected future benefits”
Data center solutions are disclosed as a representative market trend/opportunity for the Transportation and Electronics segment, including chip packaging, semiconductor production materials and data center solutions.
“•Chip packaging and interconnection solutions •Semiconductor production materials •Solutions for data centers”
Credit rating downgrades or rising benchmark interest rates would increase 3M's cost of funding and could materially affect liquidity and capital markets access.
“Failure to maintain strong investment grade ratings and further downgrades by the ratings agencies, would adversely affect the Company’s cost of funding and could have a material adverse effect on the Company's liquidity and access to capital markets.”
Known softness in auto aftermarket, roofing granules, commercial vehicles, and consumer partially offset 2025 sales growth.
“partially offset by known softness in auto aftermarket, roofing granules, commercial vehicles, and consumer”
Cash is split between foreign subsidiaries ($3.5B) and the US ($2.4B), and debt was affected by a $0.2 billion foreign currency remeasurement, evidencing multinational currency exposure.
“a $0.2 billion impact from foreign currency remeasurement”
Exit of PFAS manufacturing (and Solventum spin) created cost dis-synergies impacting both cost of sales and SG&A in 2025.
“margins YoY were impacted by cost dis-synergies (from the exit of PFAS manufacturing and 2024 spin of Solventum)”
Grid modernization and automotive electrification are disclosed growth opportunities in Safety and Industrial, including electrical products for power distribution.
“•Grid modernization •Robotics and automation •Automotive electrification”
Manufacturing operations are affected by national, state and local environmental laws globally, requiring ongoing compliance expenditures including capital expenditures.
“3M’s manufacturing operations are affected by national, state and local environmental laws and regulations around the world.”
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