3M Company

3M calls itself a diversified technology company. It traces its operations to 1902, was incorporated in Delaware in 1929 and was once named Minnesota Mining & Manufacturing. It makes adhesives, tapes, abrasives, films, coatings and safety equipment, and sells them to factories, builders, utilities, carmakers, electronics makers and households. Revenue for fiscal 2025, which ended December 31, 2025, was $24.9 billion.

Safety and Industrial, the largest segment at 45.6% of revenue, sells industrial abrasives, structural adhesives and tapes such as 3M VHB Tape, electrical products for power distribution, autobody repair supplies, roofing granules, and respirators and fall protection. Transportation and Electronics (33.2%) supplies display films, semiconductor and chip-packaging materials, data center products, reflective highway signage and materials for vehicles and aircraft. Consumer (19.7%) includes Post-it notes, Scotch tape, Command hooks, Filtrete air filters, Scotch-Brite sponges and Nexcare bandages, and has some seasonal swings around back-to-school and the holidays.

3M sells directly to users and through e-commerce sites, wholesalers, retailers, distributors and dealers. About 56% of 2025 revenue came from outside the United States. By region, the Americas supplied 54.4%, Asia Pacific 28.4%, and Europe, the Middle East and Africa 17.1%. The company had about 60,500 employees at the end of 2025. Its former health care business is now a separate public company, Solventum.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.58B, up 1% from a year earlier, and net income was $1.37B (+64.6%).
• For fiscal 2025, revenue was $24.95B (+1.5% year over year; -1.6% a year from FY2022 to FY2025) with a 13% net margin.

• Over FY2021–FY2025: $8.75B in buybacks and $13.64B in dividends.
• Regular dividends per share grew -13.1% a year over 5 years (FY2020–FY2025).
• Dividends took 48.1% of earnings and 111.9% of free cash flow in the latest fiscal year.
• Shares outstanding changed -9.5% from Jan 31, 2022 to Sep 30, 2026.

Rank among 1514 US companies

Market value at each year end

3M’s market value went from $107.40B at the end of 2016 to $92.16B on Nov 2, 2026, down 14%; since the end of 2025 it is up 8%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($4.3M).

Large shareholders (13G filings)

ETFs with the most weight in MMM

1. Liabilities tied to PFAS chemicals. Governments are increasingly regulating PFAS, durable chemicals that do not easily break down, including some 3M made before the end of 2025. 3M warns these liabilities could materially hurt its results.
2. Aearo units and the CAE Settlement. 3M lists specific risks tied to its Aearo Entities and a legal settlement it calls the CAE Settlement. Large settlements can tie up cash that might otherwise fund dividends, buybacks or growth.
3. Fallout from the Solventum separation. 3M separated its former health care business into Solventum, an independent public company. The 10-K warns that risks tied to that separation could still affect 3M's business and results.
4. Tariffs, trade tensions and a strong dollar. About 56% of 2025 revenue came from outside the US. Tariffs, US-China tensions and limits on rare earth minerals could raise costs and cut demand, and a stronger dollar shrinks overseas sales.
5. Growth depends on new products. Revenue grew 1.5% in fiscal 2025 but shrank about 1.6% a year from fiscal 2022. Growth plans depend on 3M renewing its product pipeline and customers accepting new launches against strong competitors.
6. Debt, credit ratings and pension plans. As of September 30, 2026, debt was about $15.0 billion against $4.8 billion of cash and investments. A credit-rating cut or higher rates could raise borrowing costs, and weak markets could strain pension plans.

• Oct 20, 2026 Quarterly results released
• Oct 19, 2026 Investor presentation or announcement
• Sep 10, 2026 Other company announcement
• Aug 19, 2026 Major agreement signed; Major agreement ended; New debt or financial obligation
• Jul 21, 2026 Quarterly results released
• Jun 8, 2026 Executive or board change
• May 13, 2026 Shareholder vote results
• May 6, 2026 Major agreement signed; New debt or financial obligation
• Apr 21, 2026 Quarterly results released
• Feb 5, 2026 Executive or board change

3M still pays a dividend, but it has no active streak of increases. Dividends per share edged up from $5.88 in fiscal 2020 to $6.00 in 2023, then fell to $3.61 in 2024 and $2.92 in 2025, a drop of about 13% a year since 2020. In fiscal 2025 the dividend took 48% of earnings but 112% of free cash flow (cash left after capital spending). Buybacks of $3.25 billion that year also exceeded free cash flow of $1.4 billion; the share count fell about 9.5% between January 2022 and September 2026. The dividend yield was 1.78% as of October 28, 2026. In downturns, the shares fell about 55% in the 2008 financial crisis, 26% in the 2020 COVID crash and 39% in the 2022 bear market, needing about 19, 2 and 23 months from the low to regain their peak. Single stocks carry more risk than diversified funds, which spread money across many companies.