3M Beats on Q3, Raises FY26 Adjusted EPS Guidance to $9.10-$9.15
MMM sits 20% above its 52-week low of $139.34.
Summary
3M reported Q3 adjusted EPS of $2.50, up 12%, on adjusted sales growth of 4.2%, and raised full-year adjusted EPS guidance to $9.10-$9.15 from $8.80-$8.95.
Key Events · Earnings and Guidance · MMM
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Q3 Adjusted EPS Up 12% to $2.50
GAAP EPS was $2.63 versus $1.55 a year ago, while adjusted EPS rose to $2.50 from $2.23. GAAP operating margin came in at 23.7% and adjusted operating margin at 26.2%, up 110 bps.
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FY26 EPS Guidance Raised to $9.10-$9.15
The new range replaces the $8.80-$8.95 set on July 21, 2026, and incorporates year-to-date performance, the Madison Fire & Rescue acquisition, and the change in non-GAAP treatment of amortization.
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Adjusted Sales Growth of 4.2%
Adjusted sales of $6.6 billion grew 4.2%, with adjusted organic growth of 3.3%. Reported sales rose 1.0% as PFAS product exits and divestitures offset acquisitions, and China adjusted sales fell 7.3%.
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Cash Flow and Capital Returns
Q3 operating cash flow was $0.5 billion and adjusted free cash flow $1.2 billion, with $0.6 billion returned to shareholders through dividends and buybacks. Full-year adjusted free cash flow is guided to about $4.8 billion.
Analysis · MMM · Industrial Applications And Services
The number that matters is the raised outlook: 3M lifted full-year adjusted EPS guidance to $9.10-$9.15 from the $8.80-$8.95 set on July 21, the second increase this year. That confirms the margin-expansion story CEO William Brown has been telling since the Laguna Conference in September is now showing up in reported results, not just commentary. Adjusted EPS of $2.50 rose 12%, and adjusted operating margin climbed 110 bps to 26.2%. Cash generation held up as well, with $1.2 billion of adjusted free cash flow in the quarter and roughly $4.8 billion now expected for the year, funding the dividend and buyback while litigation payments continue. The one wrinkle is presentation, not performance: 3M now treats intangible amortization as a special item, which mechanically lifts adjusted margin by about 40 bps and adjusted EPS by about $0.04, and all prior periods were restated so year-on-year comparisons stay clean. Organic growth of 3.3% adjusted is modest, and China remains weak, down 7.3% adjusted, so the quarter is a margin and capital-return story rather than a demand recovery.
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At the time of this filing, MMM was trading at $167.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $83.6B. The 52-week trading range was $139.34 to $184.90. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.