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3M — Presentation (2026 Q3)
3M (MMM) · 14 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MMM deck slides
Slide 1 — 2026 Third
2026 Third Quarter Earnings Bill Brown Chairman and CEO Anurag Maheshwari Chief Financial Officer Chinmay Trivedi Senior Vice President, Investor Relations and Financial Planning & Analysis
Slide 2 — Forward-looking statements
2 2026 Q3 Earnings | October 20, 2026. All rights reserved. Certain statements in this document, as well as other filings we make with the United States Securities and Exchange Commission (“SEC”) and other written and oral information we release are considered "forward-looking statements" under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended ("PSLRA"). Forward-looking statements may appear throughout this document and are typically identified by the words "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "evaluate," "expect," "forecast," "future," "goal," "guidance," "impact," "initial," "intend," "likely," "may," "outlook," "plan," "possible," "potential," "predict," "probable," "project," "seek," "should," "strategy," "target," "will," "would," and other words that are similar to, or have the opposite meanings of, those words. All forward-looking statements are intended to enjoy the protection of the PSLRA’s safe harbor for forward-looking statements, as well as the protections provided by other securities laws. Forward- looking statements speak only as of the date they are made and the Company assumes no obligation to update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Although the Company believes it has a reasonable basis for the forward-looking statements it makes, those statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Changes in those assumptions, expectations, or other factors could produce materially different results. The most important risks, uncertainties, and other factors that could cause the Company's actual results to differ from the Company's forward-looking statements include: (1) worldwide economic, political, regulatory, international trade, geopolitical, tariffs, and retaliatory countermeasures, capital markets, and other external conditions, (2) foreign currency exchange rates and fluctuations in those rates, (3) liabilities and contingencies related to PFAS, including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's exit of PFAS manufacturing and work to discontinue use of PFAS across its product portfolio, (4) risks related to the PWS Settlement to resolve claims by public water suppliers in the United States regarding PFAS, as well as risks related to ongoing PFAS-related settlements and claims, (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K, as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way, (6) competitive conditions and customer preferences, (7) the timing and market acceptance of new product and service offerings, (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters, (9) unanticipated problems or delays when implementing new business systems and solutions, including with the phased implementation of a global enterprise resource planning system, or security breaches and other disruptions to the Company's information or operational technology infrastructure, (10) use of artificial intelligence technologies, (11) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies, (12) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities, (13) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans, (14) the Company’s credit ratings and its cost of funding, (15) tax-related external conditions, including changes in tax rates, laws, or regulations, (16) matters relating to the Company's Aearo Entities, Combat Arms Earplugs Settlement, and related products, and (17) matters relating to the spin-off of Solventum, the Company's former Health Care business, into an independent public company. Those risks, uncertainties, and other factors are further described in Part I, Item 1A, "Risk Factors" of the Company's Form 10-K for the year ended December 31, 2025. For additional information concerning factors that may cause actual results to differ materially from the Company's forward-looking statements, see the Company's reports on Form 10-K, 10-Q, and 8-K filed with the SEC from time to time. Forward-looking statements Note on overall non-GAAP financial measures This presentation refers to certain non-GAAP financial measures. Refer to 3M’s October 20, 2026, press release for descriptions of non-GAAP financial measures such as adjusted net sales (and adjusted sales change); adjusted net cash provided by (used in) operating activities; adjusted free cash flow; and various measures that adjust for the impacts of special items. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in that press release.
Slide 3 — Continuing to execute our strategy
3 2026 Q3 Earnings | October 20, 2026. All rights reserved. Value creation framework: Continuing to execute our strategy Foundation Q3 results: • Sales $6.6B, organic growth up 3.3% • Operating margin 26.2%*, up 110 bps • EPS $2.50*, up 12% • Free cash flow $1.2B • $0.6B returned to shareholders Updated guidance: • Organic Growth >3.5% • EPS $9.10 to $9.15* • FCF ~$4.8B Transformation / Acceleration Note – 3M’s results and guidance presented on an adjusted basis; refer to October 20, 2026, press release for further details. Foundation-building efforts translating into measurable results • Growth: – Launched 87 new products in Q3, up 24%; FY tracking to >350 – 5-year new product sales ~$3B YTD, up 34% … NPVI mid-teens – Strong price realization offsetting inflationary pressures • Operational eXcellence: – Drove cost of poor quality down 40 bps; improved OEE 20 bps – Broad-based supply chain productivity … GM% +230 bps YoY Actively working to simplify and standardize, reshape portfolio, reduce risk, improve enterprise resilience and predictability • Closed / exited 16 sites YTD … actioning 10 more over the next 12 months • Madison acquisition executing to plan • Driving a stronger pipeline of differentiated technologies (space materials, optical connectors, others) *New basis reflecting a change in amortization reporting
Slide 4 — Strong execution driving growth acceleration
4 2026 Q3 Earnings | October 20, 2026. All rights reserved. End markets Safety General industrial Auto / Aftermarket Organic growth H1 → H2 Prior → current view • Strong momentum in general industrial and safety driving growth above prior guidance • Increasing strength in semiconductors and data centers helping to partially offset a weaker consumer electronics market • Better aftermarket execution / softer Auto OE • Consumer improves sequentially H2 Current view Consumer H1 + PMI expansion + Industrial adhesives, electrical markets, abrasives, aerospace + Semiconductors, data centers – Consumer electronics weak, industry-wide memory shortages + Class 8 recovering – Soft light vehicle market – Collision repair claims + Respiratory protection, eye / fall protection, fire safety + Improving POS trends through Q3 – Lower channel inventory Electronics Modest improvement Similar → Better Softening → Worsening Similar → Better ~Flat +HSD +HSD Modest improvement ~Flat -LSD +MSD +MSD -LSD -LSD +Strong DD -Mid- teens +Stronger DD Strong execution driving growth acceleration
Slide 5 — Accelerating differentiated innovation
5 2026 Q3 Earnings | October 20, 2026. All rights reserved. +4 other hyperscalers testing May ’26 July ‘26 Current EBO MSA Members 17 44 63 1 3 4 2 Technology Ecosystem Commercial • Patented, contactless, dust resistant optical connectors • Launched 12 and 16 fiber ferrules; expanding pipeline • Deploying with Microsoft & AWS • Proof-of-concept work with four additional hyperscalers • Investing in GSEO to support scale- up and supply resilience • Doubling internal capacity • Supporting industry standardization through EBO MSA Endorsed by … “It’s All About Speed: The Rise of EBO Ferrules” Manufacturing & scale-up Full array of products for space Accelerating differentiated innovation Addressing commercial & gov applications Light Thermal Energy Weight Manage reflectivity and light scattering toward earth Reduce heat and protect satellite performance Maximize solar energy to support reliable power for satellite communications Lightweight film replacement for glass; economies of scale advantage with roll-to-roll film processing 2 launches 5 in dev 2026 2027 2028+ 5 planned launches 2 in development 2 planned launches 6+ ideas exploring
Slide 6 — Q3 and YTD 2026 performance
6 2026 Q3 Earnings | October 20, 2026. All rights reserved. $6,584 $19,087 Q3 2026 Q3 YTD 2026 Sales ($M) • Orders: Continued order momentum with strength in general industrial, safety, and data centers … strong backlog • Sales: Strength in industrial, safety, semiconductors, and data centers … partially offset by consumer electronics and auto • Areas: Q3 USAC +HSD, Latam +HSD, Asia & EMEA +LSD, China down HSD due to weakness in consumer electronics $2.50 $7.11 Q3 2026 Q3 YTD 2026 Earnings per share Q3 2026: • +$0.39 growth & productivity • -$(0.17) stranded costs & investments • +$0.05 lower shares, partially offset by tax timing YTD 2026: • +$1.05 growth & productivity • -$(0.59) tariffs, stranded costs & investments • +$0.31 lower share count & tax timing Free cash flow ($M) $1,197 $3,086 Q3 2026 Q3 YTD 2026 25.2% OI +60 bps • Strong earnings more than offset by inventory and sales linearity • $4.4B returned to shareholders Q3 YTD … $1.2B in dividends and $3.2B in gross buybacks • Strong liquidity and low leverage Q3 and YTD 2026 performance +3.3% OSG +3.3% OSG 26.2% OI +110 bps Note – Sales, EPS, free cash flow information is presented on an adjusted basis; refer to October 20, 2026, press release for further details. Flat +12%
Slide 7 — Q3 and YTD 2026 sales by business group
7 2026 Q3 Earnings | October 20, 2026. All rights reserved. Q3 and YTD 2026 sales by business group ($ millions) Safety & Industrial ~50% of sales Transportation & Electronics ~30% of sales Consumer ~20% of sales $3,182 $9,203 Q3 2026 Q3 YTD 2026 $1,999 $5,913 Q3 2026 Q3 YTD 2026 $1,307 $3,685 Q3 2026 Q3 YTD 2026 • Q3 2026: – Progress on commercial eXcellence and innovation drove strong growth – Electrical markets up DD; safety, adhesives, abrasives, and industrial specialties collectively up HSD; auto aftermarket up MSD – Roofing granules down LSD • Q3 2026: – DD growth in semiconductors, data centers, aerospace, and ceramics – Commercial branding grew MSD – Partially offset by weaker than expected consumer electronics and auto • Q3 2026: – MSD growth in international markets – POS growth offset by continued USAC retailer inventory rightsizing – Consumer safety and home care delivered modest growth while home improvement and packaging & expression remain soft OSG% +7.0% +6.1% +0.5% +2.1% (0.2%) (1.2%)
Slide 8 — Updated full-year 2026 guidance
8 2026 Q3 Earnings | October 20, 2026. All rights reserved. Updated full-year 2026 guidance July guidance Organic sales growth Earnings per share Updated guidance >3.5% >3.5% Free cash flow • Strong earnings growth • Net working capital improvement • Capex efficiency • Strong YTD performance … volume & price • Continued momentum in general industrial, safety, & data centers • Soft consumer / consumer electronics Guidance assumptions $4.7B to $4.9B ~$4.8B Note – information is presented on an adjusted basis; refer to October 20, 2026, and July 21, 2026, press releases for further details. Old basis: $8.80 to $8.95 New basis: $8.95 to $9.10 $9.10 to $9.15 +11% to 12% Memo: • Guidance updated for 3M Sentorum venture and amortization reporting change • Volume & productivity • Incorporates oil inflation of ~$185M … fully offset by price • Lower share count and interest expense
Slide 9 — Continuing to track ahead of Investor Day targets
9 2026 Q3 Earnings | October 20, 2026. All rights reserved. Organic sales growth Operating margin EPS Free cash flow 1.2% 21.9% $7.45 $4.9B 2024 Actual (new basis) Continuing to track ahead of Investor Day targets 2.1% 23.9% $8.20 $4.4B 2025 Actual (new basis) >3.5% ~24.6% $9.10 to $9.15 ~$4.8B 2026 guidance $1B growth over macro Old basis: ~25% New basis: ~25.4% Accelerating to HSD % $13.5B to $14.0B Medium-term commitments 2025-2027 Tracking ahead of commitments by 2027: Memo: • 2027 operating margin commitment updated to reflect a +40 bps benefit due to a change in amortization reporting. Framing 2027 • Continued momentum from H2 – Increased contribution from innovation; sustained commercial eXcellence – Price offsetting inflation • Supply chain productivity, transformation actions, G&A efficiency offsetting investments and stranded costs • Below the line: headwinds (interest expense, non-op pension); tailwind (shares); tax rate ~20% • Strong free cash flow generation Note – information is presented on an adjusted basis; refer to October 20, 2026, and July 21, 2026, press releases for further details.
Slide 10 — Q&A
2026 Q3 Earnings | October 20, 2026. All rights reserved. Q&A Bill Brown Chairman and CEO Anurag Maheshwari Chief Financial Officer Chinmay Trivedi Senior Vice President, Investor Relations and Financial Planning & Analysis
Slide 11 — Q3 2026 business segment information
11 2026 Q3 Earnings | October 20, 2026. All rights reserved. ($M) Adjusted net sales* Q3 2026 adjusted sales growth* Adjusted operating income* Adjusted operating margin* Business Groups Q3 2026 Q3 2025 Organic growth M&A FX Total sales change Q3 2026 Q3 2025 Percent change Q3 2026 Q3 2025 Safety & Industrial $3,182 $2,917 7.0% 1.9% 0.2% 9.1% $960 $792 21.2% 30.1% 27.1% Transportation & Electronics $1,999 $1,992 0.5% —% (0.1)% 0.4% $468 $484 (3.4)% 23.4% 24.3% Consumer $1,307 $1,312 (0.2)% —% (0.2)% (0.4)% $300 $292 2.9% 23.0% 22.2% Total reportable business segments $6,488 $6,221 3.4% 0.9% —% 4.3% $1,728 $1,568 10.2% 26.6% 25.2% Corporate $96 $97 $(2) $17 Total Company $6,584 $6,318 3.3% 0.9% —% 4.2% $1,726 $1,585 8.8% 26.2% 25.1% *Corporate and Total Company are on an adjusted basis Q3 2026 business segment information
Slide 12 — Q3 YTD 2026 business segment information
12 2026 Q3 Earnings | October 20, 2026. All rights reserved. ($M) Adjusted net sales* Q3 YTD 2026 adjusted sales growth* Adjusted operating income* Adjusted operating margin* Business Groups Q3 YTD 2026 Q3 YTD 2025 Organic growth M&A FX Total sales change Q3 YTD 2026 Q3 YTD 2025 Percent change Q3 YTD 2026 Q3 YTD 2025 Safety & Industrial $9,203 $8,519 6.1% 0.2% 1.7% 8.0% $2,642 $2,279 15.9% 28.7% 26.8% Transportation & Electronics $5,913 $5,752 2.1% (0.2)% 0.9% 2.8% $1,371 $1,354 1.2% 23.2% 23.5% Consumer $3,685 $3,706 (1.2)% —% 0.6% (0.6)% $770 $780 (1.3)% 20.9% 21.0% Total reportable business segments $18,801 $17,977 3.3% 0.1% 1.2% 4.6% $4,783 $4,413 8.4% 25.4% 24.6% Corporate $286 $279 $33 $89 Total Company $19,087 $18,256 3.3% 0.1% 1.1% 4.5% $4,816 $4,502 7.0% 25.2% 24.7% *Corporate and Total Company are on an adjusted basis Q3 YTD 2026 business segment information
Slide 13 — Impact of change in amortization reporting
13 2026 Q3 Earnings | October 20, 2026. All rights reserved. Impact of change in amortization reporting Background and rationale • Historical treatment o Acquisition amortization expense historically included in Non-GAAP financials (~$100M in ‘25) • Updated treatment beginning Q3 2026 o Coinciding with the Madison acquisition, acquisition amortization expense excluded from Non-GAAP financials o Change is retro-active with restatement back to earliest period presented • Rationale o Financials excluding amortization reflect the underlying operational performance of the business Adj. results Old basis Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Net sales $5,780 $6,158 $6,318 $6,023 $24,279 $6,003 $6,500 OSG% 1.5% 1.5% 3.2% 2.2% 2.1% 1.2% 5.4% OI% 23.5% 24.5% 24.7% 21.1% 23.4% 23.8% 24.9% EPS $1.88 $2.16 $2.19 $1.83 $8.06 $2.14 $2.40 Financial impact of reporting change Adj. results New basis Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Net sales $5,780 $6,158 $6,318 $6,023 $24,279 $6,003 $6,500 OSG% 1.5% 1.5% 3.2% 2.2% 2.1% 1.2% 5.4% OI% 24.0% 24.9% 25.1% 21.5% 23.9% 24.2% 25.2% EPS $1.91 $2.20 $2.23 $1.87 $8.20 $2.18 $2.44 ($ millions, except EPS) OI% 0.4% EPS $0.14 Change: Note – information presented on an adjusted basis; refer to press releases associated with quarterly earnings for Q1–Q4 2025 and Q1–Q3 2026 for further details.