MMM Financials 3M

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has declined 5.0% per year over the past 5 years.
Net income has grown slower than revenue (-9.8% vs -5.0% per year).
Operating margin has contracted, at 18.6% in the latest year.
Free cash flow has declined 26.7% per year over the past 5 years.

Financial health

Total debt ($12.6B) exceeds cash ($5.2B); net debt is $7.4B.
Total debt has grown in line with revenue (-7.7% vs -5.0% per year).
Operating income covered interest expense 4.9× in the latest year.
Total debt is 2.1× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 48.1% of earnings and 111.9% of free cash flow.
The dividend has declined 14.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$24.9B	$3.3B	39.9%	18.6%	$1.4B	$12.6B	$5.2B
2024	$24.6B	$4.2B	41.2%	19.6%	$638M	$13.0B	$5.6B
2023	$24.6B	-$7.0B	39.1%	-43.4%	$5.1B	$14.2B	$5.9B
2022	$26.2B	$5.8B	39.4%	16.7%	$3.8B	$15.9B	$3.7B
2021	$35.4B	$5.9B	46.8%	20.8%	$5.9B	$17.3B	$4.6B
2020	$32.2B	$5.4B	48.4%	22.3%	$6.6B	$18.8B	$4.6B
2019	$32.1B	$4.5B	46.7%	19.2%	$5.4B	$19.4B	—
2018	$32.8B	$5.3B	49.1%	22.0%	$4.9B	$14.2B	$2.9B
2017	$31.7B	$4.9B	49.3%	24.3%	$4.9B	$13.2B	$3.1B
2016	$30.1B	$5.0B	49.8%	23.3%	$5.2B	$11.5B	$2.4B
2015	—	$4.8B	—	—	$5.0B	$9.9B	$1.8B
2014	—	$5.0B	—	—	—	$6.8B	$1.9B
2013	—	$4.7B	—	—	—	$5.9B	—
2012	—	$4.4B	—	—	—	$5.9B	—
2011	—	$4.3B	—	—	—	$5.0B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$6.0B	$653M	40.7%	23.2%	$349M	$10.9B	$3.7B
Dec '25	$6.1B	$577M	33.6%	13.0%	$1.3B	$12.6B	$5.2B
Sep '25	$6.5B	$834M	41.8%	22.2%	$1.5B	$12.6B	$4.7B
Jun '25	$6.3B	$723M	42.5%	18.0%	-$1.2B	$13.1B	$3.7B
Mar '25	$6.0B	$1.1B	41.6%	20.9%	-$315M	$13.5B	$6.3B
Dec '24	$6.0B	$728M	37.7%	18.1%	$1.5B	$13.0B	$5.6B
Sep '24	$6.3B	$1.4B	42.1%	20.9%	-$2.0B	$13.2B	$6.0B
Jun '24	$6.3B	$1.1B	42.9%	20.3%	$752M	$13.1B	$10.1B
Mar '24	$6.0B	$928M	42.1%	19.1%	$392M	$13.1B	$10.9B
Dec '23	$6.0B	$945M	36.8%	15.0%	$1.6B	$14.2B	$5.9B
Sep '23	$6.3B	-$2.1B	40.7%	-49.4%	$1.5B	$14.1B	$5.1B
Jun '23	$6.3B	-$6.8B	40.7%	-148.9%	$1.1B	$14.2B	$4.3B
Mar '23	—	$976M	—	—	$800M	$14.8B	$3.8B
Dec '22	—	$541M	—	—	$1.4B	$15.9B	$3.7B
Sep '22	—	$3.9B	—	—	$1.1B	$15.7B	$3.4B
Jun '22	—	$78M	—	—	$743M	$15.9B	$2.7B
Mar '22	—	$1.3B	—	—	$587M	$16.7B	$3.2B
Dec '21	—	$1.3B	—	—	$1.4B	$17.3B	$4.6B
Sep '21	—	$1.4B	—	—	$1.5B	$18.1B	—
Jun '21	$8.9B	$1.5B	47.3%	22.0%	$1.5B	$18.2B	—

Valuation over time

How the market has priced MMM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 9.5× (Mar '23) to 27.0× (Jun '26).
The price-to-sales ratio has risen from 2.1× (Mar '23) to 3.5× (Jun '26).
The dividend yield has fallen from 6.1% (Mar '23) to 1.8% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MMM growing its revenue and profit?

Over the past 5 years, 3M's revenue has declined 5.0% per year, and net income declined 9.8% per year. These are computed facts, not advice.

How much debt does MMM have?

As of FY2025, 3M reported $12.6B of total debt against $5.2B of cash; operating income covered interest expense 4.9×.

What is MMM's profit margin?

In FY2025, gross margin was 39.9%, operating margin 18.6%, and net margin 13.0%.

What is MMM's P/E ratio?

As of Jun '26, 3M traded at a price-to-earnings ratio of about 27.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.