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 Oct 23, 2026, 11:09 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$24.9B	$3.3B	39.9%	18.6%	69.1%	8.6%	$1.4B	$12.6B	$5.2B
2024	$24.6B	$4.2B	41.2%	19.6%	108.6%	10.5%	$638M	$13.0B	$5.6B
2023	$24.6B	-$7.0B	39.1%	-43.4%	-145.5%	-13.8%	$5.1B	$14.2B	$5.9B
2022	$26.2B	$5.8B	39.4%	16.7%	39.2%	12.4%	$3.8B	$15.9B	$3.7B
2021	$35.4B	$5.9B	46.8%	20.8%	39.4%	12.6%	$5.9B	$17.3B	$4.6B
2020	$32.2B	$5.4B	48.4%	22.3%	42.3%	11.5%	$6.6B	$18.8B	$4.6B
2019	$32.1B	$4.5B	46.7%	19.2%	44.9%	10.1%	$5.4B	$19.4B	—
2018	$32.8B	$5.3B	49.1%	22.0%	54.6%	14.7%	$4.9B	$14.2B	$2.9B
2017	$31.7B	$4.9B	49.3%	24.3%	42.0%	12.8%	$4.9B	$13.2B	$3.1B
2016	$30.1B	$5.0B	49.8%	23.3%	49.0%	15.3%	$5.2B	$11.5B	$2.4B
2015	—	$4.8B	—	—	42.3%	14.7%	$5.0B	$9.9B	$1.8B
2014	—	$5.0B	—	—	37.8%	15.8%	—	$6.8B	$1.9B
2013	—	$4.7B	—	—	26.6%	14.0%	—	$5.9B	—
2012	—	$4.4B	—	—	25.3%	13.1%	—	$5.9B	—
2011	—	$4.3B	—	—	27.8%	13.5%	—	$5.0B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Sep '26	$6.6B	$1.4B	42.3%	23.7%	33.3%	3.5%	$230M	$15.0B	$4.8B
Jun '26	$6.5B	$933M	41.3%	15.1%	31.6%	2.7%	$763M	$10.9B	$3.0B
Mar '26	$6.0B	$653M	40.7%	23.2%	20.0%	1.8%	$349M	$10.9B	$3.7B
Dec '25	$6.1B	$577M	33.6%	13.0%	12.3%	1.5%	$1.3B	$12.6B	$5.2B
Sep '25	$6.5B	$834M	41.8%	22.2%	18.0%	2.2%	$1.5B	$12.6B	$4.7B
Jun '25	$6.3B	$723M	42.5%	18.0%	16.9%	1.9%	-$1.2B	$13.1B	$3.7B
Mar '25	$6.0B	$1.1B	41.6%	20.9%	25.0%	2.8%	-$315M	$13.5B	$6.3B
Dec '24	$6.0B	$728M	37.7%	18.1%	18.9%	1.8%	$1.5B	$13.0B	$5.6B
Sep '24	$6.3B	$1.4B	42.1%	20.9%	29.6%	3.4%	-$2.0B	$13.2B	$6.0B
Jun '24	$6.3B	$1.1B	42.9%	20.3%	29.2%	2.6%	$752M	$13.1B	$10.1B
Mar '24	$6.0B	$928M	42.1%	19.1%	19.1%	1.7%	$392M	$13.1B	$10.9B
Dec '23	$6.0B	$945M	36.8%	15.0%	19.7%	1.9%	$1.6B	$14.2B	$5.9B
Sep '23	$6.3B	-$2.1B	40.7%	-49.4%	-44.4%	-4.2%	$1.5B	$14.1B	$5.1B
Jun '23	$6.3B	-$6.8B	40.7%	-148.9%	-87.7%	-14.0%	$1.1B	$14.2B	$4.3B
Mar '23	—	$976M	—	—	6.4%	2.1%	$800M	$14.8B	$3.8B
Dec '22	—	$541M	—	—	3.7%	1.2%	$1.4B	$15.9B	$3.7B
Sep '22	—	$3.9B	—	—	27.4%	8.4%	$1.1B	$15.7B	$3.4B
Jun '22	—	$78M	—	—	0.6%	0.2%	$743M	$15.9B	$2.7B
Mar '22	—	$1.3B	—	—	8.7%	2.8%	$587M	$16.7B	$3.2B
Dec '21	—	$1.3B	—	—	8.9%	2.8%	$1.4B	$17.3B	$4.6B

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 9.4× (Mar '23) to 28.4× (Nov '26).
The price-to-sales ratio has risen from 2.1× (Mar '23) to 3.7× (Nov '26).
The dividend yield has fallen from 6.2% (Mar '23) to 1.7% (Nov '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?

3M's P/E (TTM) is 26.07 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the MMM stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 28.4× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.