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Visual31 Oct 2025
Three decades of Rolls-Royce
3M (MMM) investor relations material
3M Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Q3 2025 delivered organic sales growth of 3.2–3.5%, with GAAP sales at $6.5B and adjusted sales at $6.3B, driven by strength in safety, industrial, and electronics segments despite a soft macro environment.
Adjusted EPS rose 10% year-over-year to $2.19, while GAAP EPS declined 38% to $1.55 due to special items including litigation and divestiture costs.
Free cash flow reached $1.3B in Q3 with 111% conversion, and $0.9B was returned to shareholders via dividends and buybacks.
The company completed the spin-off of its Health Care business (Solventum) in April 2024, now reported as discontinued operations.
Commercial excellence, new product launches, and portfolio optimization initiatives are driving growth and improved customer engagement.
Financial highlights
Q3 organic sales growth was 2.6–3.2%, with adjusted operating margin at 24.7% (up 170 bps YoY) and GAAP operating margin at 22.2%.
Adjusted EPS for Q3 was $2.19 (up 10% YoY); adjusted EPS for the nine months was $6.23 (up 11%).
Free cash flow for Q3 was $1.3B, with year-to-date free cash flow at $3.1B.
Returned $2.7B in share repurchases and $1.2B in dividends year-to-date.
Net income from continuing operations was $834M for Q3, down from $1.37B YoY.
Outlook and guidance
Raised full-year 2025 adjusted EPS guidance to $7.95–$8.05, with organic sales growth expected above 2% and operating margin expansion of 180–200 bps.
Free cash flow conversion is expected to exceed 100% for the year.
The company is progressing toward exiting all PFAS manufacturing by the end of 2025, with ongoing cost dis-synergies expected.
Capital spending for 2025 is expected to be approximately $0.9B, focused on growth, productivity, and sustainability.
2026 framework targets growth above macro, continued margin expansion, and strong free cash flow; formal guidance to be provided in January.
Cash impact of litigation settlements?
What drives T&E segment's negative organic sales?
Detail the '3M excellence model' initiatives
New transformation plan: scope and 2026 impact
Portfolio review: magnitude of future divestitures?
Commercial excellence: timeline for full company impact?
How will the new restructuring impact 2026?
Is China's Q3 growth sustainable into 2026?
NPI mix (Class 3 vs. 4/5) and its impact?
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Frequently asked questions
The Company Behind Post-It Notes
3M, initially known as Minnesota Mining and Manufacturing Company, is a multinational conglomerate founded in 1902 and headquartered in St Paul, Minnesota. With operations in various industries, the company has a diverse range of products in its portfolio, from adhesive tapes to medical equipment and from automotive components to electronic materials. Throughout its history, 3M has developed and commercialized a multitude of products that have become iconic over time.
A Start in Mining
Founded in 1902 as Minnesota Mining and Manufacturing Company, 3M began its journey in with an aim to mine corundum, a mineral ideal for making sandpaper and grinding wheels. However, the venture soon discovered that the mineral they were mining was of low quality, leading to the company pivoting its focus.
3M's true breakthrough came when they started developing sandpaper products, and their commitment to research and development began to yield significant dividends. One of their most iconic innovations, the Scotch tape, was introduced in the 1930s. This adhesive tape set the foundation for 3M's reputation as a leading innovator in various fields. Over the decades, 3M's continuous dedication to innovation saw the creation of numerous other notable products, such as the Post-it Note in the late 1970s.
The Company Today
3M is a diversified conglomerate that produces a vast array of products beyond the well-known Scotch tape and Post-it Notes. Their portfolio of products spans sectors like healthcare, where they manufacture items such as dental restorative materials and stethoscopes. In safety & industrial, they offer personal protective equipment like respirators and earplugs. Their electronics & energy segment produces mes products like touch screens and insulation for power cables. In transportation & electronics, they produce items for automotive and aerospace applications, including paint protection films and reflective sheeting for road signs. One can also find 3M products in everyday items like air filters, water purification systems, and even bandages.
Due to this diversified area of operations, the companies that 3M competes with are equally varied. Some publicly traded companies competing with 3M across different industries include names like DuPont, Honeywell, and Avery Dennison to name a few.
Presence All Over the World
Today, 3M is a truly global company with offices in around 70 countries and sales in over 200. Their expansive distribution network and regional research facilities enable them to understand and adapt to local needs while maintaining a consistent global brand, which means that Post-It notes bought in Europe are going to be more or less identical to Post-It’s bought in North America.
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