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3M CO 8-K Report, Financial Results (Jul 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 21, 2026
Period End
July 21, 2026
Security
MMM
In the record · 2016–202610-K1110-Q338-K187

MMM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 187 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’16Mar ’16
  2. Deal closed8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed July 21, 2026. Cited figures are marked; the original filing is the authoritative source.

3M reported second-quarter 2026 results on July 21, 2026, with GAAP sales of $6.5 billiona (up 2.4% YoY), GAAP EPS of $1.78 (up 33% YoY, though flattered by a $0.60 non-cash gain on its Solventum stake), and adjusted EPS of $2.40 (up 11%).

Adjusted organic sales growth was a healthy 5.4%, and adjusted operating margin expanded 40 bps to 24.9%. GAAP operating margin fell 290 bps to 15.1%, driven largely by a $336 millionb loss on business divestitures (the Dyneon GmbH subsidiary), litigation and PFAS exit costs, and transformation costs. Cash generation improved, with Q2 operating cash flow of $1.0 billion and adjusted free cash flow of $1.3 billion, and the company returned $1.4 billion to shareholders.

Management raised full-year 2026 adjusted EPS guidance to $8.80c-$8.95 from $8.50-$8.70, and now expects adjusted organic sales growth above 3.5%, adjusted operating margin expansion of 70-80 bps, and adjusted operating cash flow of $5.8-$6.0 billion. The guidance excludes the Madison Fire & Rescue acquisition, which closed July 1, 2026. Investors should note that GAAP results remain heavily affected by special items, including PFAS and litigation costs, which continue to be a material overhang.

Balance sheet data also show cash falling to $2.96 billiond from $5.24 billion at year-end 2025, and total equity dropping to $3.0 billion from $4.7 billion, partly reflecting share repurchases and dividends of $3.8 billion in the first half. Overall, the quarter shows solid underlying operating performance and an upgraded outlook, while the gap between GAAP and adjusted results, along with ongoing PFAS-related liabilities, remains the key item for investors to monitor.

02—Key points

Key Highlights

  1. Adjusted EPS of $2.40 rose 11% YoY, and FY2026 adjusted EPS guidance was raised to $8.80-$8.95 from $8.50-$8.70.
  2. GAAP EPS of $1.78 rose 33% YoY, but was boosted by a $0.60 non-cash gain from the change in value of the Solventum ownership stake, while special items netted to $0.62 per share.
  3. Adjusted organic sales grew 5.4% YoY in Q2, with Safety and Industrial organic growth of 8.2% and China up 16.4% on an adjusted basis.
  4. GAAP operating margin fell 290 bps to 15.1% due to a $336 million loss on business divestitures, litigation and PFAS exit costs, and $100 million in transformation costs; adjusted operating margin rose 40 bps to 24.9%.
  5. Q2 operating cash flow was $1.0 billion and adjusted free cash flow was $1.3 billion; 3M returned $1.4 billion to shareholders via dividends and buybacks.
  6. Cash and equivalents fell to $2.96 billion from $5.24 billion at year-end 2025, and total equity declined to $3.0 billion from $4.7 billion.
  7. Strategic announcements included a partnership with Microsoft to deploy Expanded Beam Optics for AI data centers, a long-term Airbus A220 insulation agreement, and the launch of Ask 3M, an AWS-powered AI assistant.

03—Questions

Frequently Asked Questions

  1. Why did GAAP EPS rise 33% while GAAP operating margin fell 290 bps?

    The EPS increase was driven mainly by a $0.60 per share non-cash gain from the increased value of 3M's retained Solventum shares, which is recorded in other income rather than operating income. Operating income was pressured by a $336 million divestiture loss tied to Dyneon GmbH, litigation and PFAS exit costs, and transformation costs.

  2. What drove the raised full-year 2026 guidance?

    Management cited strong first-half performance and continued momentum. Adjusted EPS guidance rose to $8.80-$8.95 from $8.50-$8.70, with adjusted organic sales growth above 3.5% and adjusted operating margin expansion of 70-80 bps. The guidance does not yet include the Madison Fire & Rescue acquisition, which closed July 1, 2026.

  3. How strong is 3M's cash generation relative to its shareholder returns?

    Adjusted free cash flow for the first half was $1.9 billion, with 79% conversion to adjusted net income, but Q2 adjusted free cash flow conversion was 107%. Cash returned to shareholders through dividends and buybacks was $3.8 billion in the first half, exceeding free cash flow and reducing cash on hand. Full-year guidance calls for adjusted free cash flow of $4.7-$4.9 billion with conversion above 100%.

  4. What are the main risks investors should monitor?

    PFAS-related liabilities and significant litigation remain the largest concerns, with Q2 net costs of $183 million in operating income and $858 million in pre-tax cash payments in the quarter. Other risks include tariffs and trade conditions, foreign currency fluctuations, the phased rollout of a new global ERP system, and the timing of divestitures and acquisitions.

04—Continue

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