3M
MMM · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
3M reported revenue of $24.9B in the fiscal year ended Dec 2025, up 1.5% from the year before. Operating income was $4.6B, an operating margin of 18.6%, and net income was $3.3B. Operating cash flow of $2.3B less capital expenditure of $910M left free cash flow of $1.4B. Net debt was $7.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $35.4B | $26.2B | $24.6B | $24.6B | $24.9B |
| Cost of revenue | $18.8B | $15.9B | $15B | $14.4B | $15B |
| Gross profit | $16.6B | $10.3B | $9.6B | $10.1B | $10B |
| Research & development | $1.2B | $800M | $700M | $700M | – |
| Selling, general & admin | $7.2B | $7.2B | $19.2B | $4.2B | $4B |
| Operating income | $7.4B | $4.4B | −$10.7B | $4.8B | $4.6B |
| Interest expense | $488M | $462M | $942M | $1.2B | $946M |
| Pre-tax income | $7.2B | $4.2B | −$11.3B | $4.8B | $4.2B |
| Income tax | $1.3B | $188M | −$2.9B | $804M | $1B |
| Net income | $5.9B | $5.8B | −$7B | $4.2B | $3.3B |
| Diluted EPS | 10.12 | 10.18 | −12.63 | 7.55 | 6.00 |
| Diluted shares | 585M | 568M | 554M | 552M | 541M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.6B | $3.7B | $5.9B | $5.6B | $5.2B |
| Receivables | $4.7B | $4.5B | $3.6B | $3.2B | $3.5B |
| Inventory | $5B | $5.4B | $3.9B | $3.7B | $3.7B |
| Current assets | $15.4B | $14.7B | $16.4B | $15.9B | $16.4B |
| Net PP&E | $9.4B | $9.2B | $7.7B | $7.4B | $7.1B |
| Goodwill | $13.5B | $6.3B | $6.4B | $6.3B | $6.4B |
| Total assets | $47.1B | $46.5B | $50.6B | $39.9B | $37.7B |
| Payables | $3B | $3.2B | $2.8B | $2.7B | $2.7B |
| Deferred revenue | $529M | $538M | $23M | $15M | – |
| Current liabilities | $9B | $9.5B | $15.3B | $11.3B | $9.6B |
| Short-term debt | $1.3B | $1.9B | $1.2B | $1.9B | $1.7B |
| Long-term debt | $16.1B | $14B | $13.1B | $11.1B | $10.9B |
| Total liabilities | $32B | $31.7B | $45.7B | $36B | $33B |
| Shareholders' equity | $15B | $14.7B | $4.8B | $3.8B | $4.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.5B | $5.6B | $6.7B | $1.8B | $2.3B |
| Capital expenditure | $1.6B | $1.7B | $1.6B | $1.2B | $910M |
| Free cash flow | $5.9B | $3.8B | $5.1B | $638M | $1.4B |
| Depreciation & amortisation | $1.9B | $1.8B | $2B | $1.4B | $1.3B |
| Stock-based compensation | $274M | $263M | $274M | $289M | $225M |
| Acquisitions | $0 | $0 | – | – | – |
| Share buybacks | $2.2B | $1.5B | $33M | $1.8B | $3.3B |
| Dividends paid | $3.4B | $3.4B | $3.3B | $2B | $1.6B |
| Dividend per share | 5.92 | 5.96 | 6.00 | 3.61 | 2.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −26.0% | −5.9% | −0.1% | 1.5% |
| Operating income growth (YoY) | – | −40.7% | −344.7% | – | −4.0% |
| EPS growth (YoY) | – | 0.6% | −224.1% | – | −20.5% |
| Gross margin | 46.8% | 39.4% | 39.1% | 41.2% | 39.9% |
| Operating margin | 20.8% | 16.7% | −43.4% | 19.6% | 18.6% |
| Net margin | 16.7% | 22.1% | −28.4% | 17.0% | 13.0% |
| Return on equityBlank when equity is negative | 39.4% | 39.2% | −145.5% | 108.6% | 69.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.4% | 11.8% | −30.3% | 16.9% | 16.5% |
| Free cash flow margin | 16.5% | 14.7% | 20.6% | 2.6% | 5.6% |
| Cash conversion (CFO ÷ net income) | 1.26x | 0.97x | −0.95x | 0.44x | 0.71x |
| Receivable days | 48 | 63 | 53 | 47 | 52 |
| Inventory days | 97 | 124 | 96 | 93 | 89 |
| Payable days | 58 | 73 | 68 | 67 | 66 |
| Interest cover | 15.1x | 9.46x | −11.3x | 4.05x | 4.89x |
| Debt ÷ equity | 1.15x | 1.08x | 2.96x | 3.40x | 2.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $12.8B | $12.3B | $8.3B | $7.4B | $7.4B |
| Current ratio | 1.70x | 1.54x | 1.07x | 1.41x | 1.71x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.