•Q4 sales of $6.0 billion, up 0.1% YoY; adjusted sales of $5.8 billion with organic growth up 2.1% YoY

•Q4 GAAP EPS from continuing operations of $1.33, up 17% YoY; adjusted EPS from continuing operations of $1.68, down 2% YoY

•Full-year sales of $24.6 billion, down 0.1% YoY; adjusted sales of $23.6 billion with organic growth of 1.2% YoY

•Full-year GAAP EPS from continuing operations of $7.26; adjusted EPS from continuing operations of $7.30, up 21% YoY

•Full-year operating cash flow of $1.8 billion with adjusted free cash flow of $4.9 billion

ST. PAUL, Minn. – January 21, 2025 − 3M (NYSE: MMM) today reported fourth-quarter and full-year 2024 results and provided its 2025 financial guidance.

“Our fourth quarter capped a year of strong results as we returned to positive organic revenue growth in the full year,” said William Brown, 3M Chief Executive Officer. “I would like to thank the 3M team for their strong operational execution which helped us deliver double-digit earnings growth and robust free cash flow while returning $3.8 billion to shareholders. We are carrying this momentum forward and are confident in our ability to deliver our 2025 guidance.”

•GAAP EPS of $1.33 and operating margin of 18.1%.

•Adjusted EPS of $1.68, down 2% year-on-year.

•Adjusted operating income margin of 19.7%, a decrease of 0.2 percentage points year-on-year.

•Sales of $6.0 billion, up 0.1% year-on-year with organic sales flat year-on-year.

•Adjusted sales of $5.8 billion, up 2.2% year-on-year with adjusted organic sales up 2.1% year-on-year.

•3M returned $1.1 billion to shareholders via dividends and share repurchases.

•Cash from operations of $1.8 billion.

•Adjusted free cash flow of $1.3 billion.

•GAAP EPS of $7.26 and operating margin of 19.6%.

•Adjusted EPS of $7.30, up 21% year-on-year.

•Sales of $24.6 billion, down 0.1 percent year-on-year with organic sales decline of 0.2 percent year-on-year.

•Adjusted sales of $23.6 billion, up 1.3 percent year-on-year with adjusted organic sales increase of 1.2 percent year-on-year.

•3M returned $3.8 billion to shareholders via dividends and share repurchases.

•Cash from operations of $1.8 billion, including $3.8 billion net after tax payments for costs of significant litigation, primarily Public Water Systems and Combat Arms Earplugs.

•Adjusted free cash flow of $4.9 billion.

This document includes reference to certain non-GAAP measures. See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information.

3M provided the following full-year 2025 expectations.

•Adjusted total sales growth3 in the range of 0.5 to 1.5 percent, reflecting adjusted organic sales3 growth of 2 to 3 percent.

•Adjusted EPS3 in the range of $7.60 to $7.90.

•Adjusted operating cash flow3 of $5.2 to $5.3 billion, contributing to approximately 100 percent adjusted free cash flow conversion3.

3As further discussed at 6 within the "Supplemental Financial Information Non-GAAP Measures" sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.

3M will conduct an investor teleconference at 9 a.m. ET (8 a.m. CT) today. Investors can access this conference via the following:

•Live webcast at https://investors.3M.com

•Webcast replay at https://investors.3m.com/financials/quarterly-earnings

This news release contains forward-looking statements. You can identify these statements by the use of words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” “would,” “forecast” and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation, recession, military conflicts, and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) foreign currency exchange rates and fluctuations in those rates; (3) liabilities and the outcome of contingencies related to certain fluorochemicals; known as “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 plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio; (4) risks related to the class-action settlement to resolve claims by public water suppliers in the United States regarding PFAS; (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 (the “Reports”); (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, supply chain interruptions, or natural or other disasters; (9) unanticipated problems or delays 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) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (11) 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; (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (13) the Company's credit ratings and its cost of capital; (14) tax-related external conditions, including changes in tax rates, laws or regulations; (15) matters relating to the spin-off of the Company’s Health Care business, including the risk that the expected benefits will not be realized; the risk that the costs or dis-synergies will exceed the anticipated amounts; potential impacts on the Company's relationships with its customers, suppliers, employees, regulators and other counterparties; the ability to realize the desired tax treatment; the risk that any consents or approvals required will not be obtained; risks under the agreements and obligations entered into in connection with the spin-off, and (16) matters relating to Combat Arms Earplugs (“CAE”), including those related to, the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company’s subsidiary Aearo Technologies and certain of its affiliates and/or the Company. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). Changes in such assumptions or factors could produce significantly different results. The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.

4Total sales change is calculated based on reported sales results. The components of sales change include organic local-currency sales, acquisitions, divestitures, and translation. Organic local-currency sales include both organic volume impacts (which excludes acquisition and divestiture impacts) and selling price changes. Acquisition and divestiture impacts are measured separately for the first 12 months post-transaction and, beginning April 2024, include the impact of commercial agreements associated with the separation of Solventum.

3M discloses business segment operating income (loss) as its measure of segment profit/loss, reconciled to both total 3M operating income (loss) and income before taxes. Business segment operating income (loss) excludes certain expenses and income that are not allocated to business segments (as described below in “Corporate and Unallocated and Other”).

3M made certain changes to the composition of segment information reviewed by 3M's chief operating decision maker (CODM) effective in the second quarter of 2024 largely as a result of the separation of Solventum and changes within its business segments effective in the first quarter of 2024. Accordingly, information provided herein reflects the impact of these changes for all applicable periods presented.

Effective in the second quarter of 2024, this change included the following:

•The former Health Care business segment was eliminated in the second quarter of 2024 in connection with the separation of Solventum and reflection of its historical net income and applicable assets and liabilities included in the Separation as discontinued operations within 3M's financial statements.

•3M added the “Other” category of information as a result of the Separation. It principally reflects:

•Activity included in 3M’s existing “Corporate and Unallocated” was updated primarily to additionally reflect:

◦Removal of costs related to separating and divesting Solventum that were not eligible to be part of discontinued operations.

◦Commercial activity with Solventum post-Separation and certain operations of the former Health Care business segment retained by 3M.

◦Costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations (and prospectively, post-spin, became additional costs allocated to remaining business segments) other than those beginning in the first quarter of 2024 included in “Other” associated with transition arrangement activity for which 3M began to charge fees in April 2024.

In addition, effective in the first quarter of 2024, 3M made certain changes within its business segments as described below. While they impacted the composition of certain divisions within business segments, they did not change the overall composition of segments or the measure of segment operating performance used by 3M’s CODM.

•3M created the Industrial Specialties division within the Safety and Industrial business segment, which consists of the former Closure and Masking Systems division along with certain products formerly within the Industrial Adhesive and Tapes division and the Personal Safety division. Further, 3M created the Commercial Branding and Transportation division within the Transportation and Electronics business segment, which consists of the former Commercial Solutions division and the Transportation Safety division.

•Within the Consumer business segment, the business re-aligned to the following four divisions: Consumer Safety and Well-Being, Home and Auto Care, Home Improvement, and Packaging and Expression.

Outside of 3M's reportable operating segments, 3M has Corporate and Unallocated and Other which are not reportable business segments as they do not meet the segment reporting criteria. Because Corporate and Unallocated and Other include a variety of miscellaneous items, they are subject to fluctuation on a quarterly and annual basis.

•Corporate and Unallocated operating income (loss) includes “corporate special items” and “other corporate expense-net”.

◦Corporate special items include net costs for significant litigation impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters. In addition, during the voluntary chapter 11 bankruptcy period (which began in July 2022 and ended in June 2023), costs associated with the Aearo portion of respirator mask/asbestos matters were also included in corporate special items. Prior to the bankruptcy, costs associated with Combat Arms Earplugs matters were not included in the Corporate net costs for significant litigation special item, instead being reflected in the Safety and Industrial business segment. Corporate special items for the periods presented also include divestiture costs, gain on business divestitures, and Russia exit charges/ benefits. Divestiture costs include costs that were not eligible to be part of discontinued operations related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture.

◦Other corporate expense-net includes certain enterprise and governance activities resulting in unallocated corporate costs and other activity and net costs that 3M may choose not to allocate directly to its business segments. Other corporate expense-net also includes costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations, commercial activity with Solventum post-Separation, and certain operations of the former Health Care business segment retained by 3M.

•Other principally reflects activity associated with:

In addition to reporting financial results in accordance with U.S. GAAP, 3M also provides certain non-GAAP measures. These measures are not in accordance with, nor are they a substitute for GAAP measures, and may not be comparable to similarly titled measures used by other companies.

Certain measures adjust for the impacts of special items. Special items for the periods presented include the items described in the section entitled “Description of special items”. Because 3M provides certain information with respect to business segments, it is noteworthy that special items impacting operating income (loss) are reflected in Corporate and Unallocated, except as described with respect to net costs for significant litigation and manufactured PFAS products items in the “Description of special items” section. The reconciliations below, therefore, also include impacted segments as applicable.

This document contains measures for which 3M provides the reported GAAP measure and a non-GAAP measure adjusted for special items. The document also contains additional measures which are not defined under U.S. GAAP. These measures and reasons 3M believes they are useful to investors (and, as applicable, used by 3M) include:

The following provides additional information and applicable GAAP amounts reconciled to non-GAAP measures.

5These items represent amounts adjusted for special items. See lead-in to non-GAAP measures discussion.

6For the per share amount, this includes adjusting-out the impact of this item causing weighted average shares outstanding to be the same for both basic and diluted loss per share in periods of resulting net losses.

63M provides these forward-looking non-GAAP measures, but cannot, without unreasonable effort, forecast certain items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as net costs for significant litigation; projected divestiture gains; divestiture costs; divestiture-related restructuring; changes in value of Solventum ownership; and net sales and estimates of income and associated activity of exited manufactured PFAS products all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of 3M’s control. 3M believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, 3M believes that the probable significance of such information is low. Additionally, for similar reasons, 3M does not include the impact of potentially-divested or acquired businesses on expected operations in forecasted guidance it provides until close of a transaction. Information with respect to special items for certain historical periods is included in the section entitled “Description of special items”.

						Year ended December 31, 2024
Sales Change4						Organic sales						Acquisitions						Divestitures						Translation						Total sales change
Total Company						(0.2)		%				0.2		%				0.6		%				(0.7)		%				(0.1)		%
Remove manufactured PFAS products special item impact						1.4						—						0.1						(0.1)						1.4
Adjusted total Company (non-GAAP measures)5						1.2		%				0.2		%				0.7		%				(0.8)		%				1.3		%
Transportation and Electronics						(1.0)		%				0.6		%				—		%				(1.0)		%				(1.4)		%
Remove manufactured PFAS products special item impact						4.4						0.1						—						—						4.5
Adjusted Transportation and Electronics (non-GAAP measures)5						3.4		%				0.7		%				—		%				(1.0)		%				3.1		%
By Geographic Area
Americas						0.1		%				0.3		%				1.0		%				(0.4)		%				1.0		%
Remove manufactured PFAS products special item impact						0.4						—						0.1						—						0.5
Adjusted Americas (non-GAAP measures)5						0.5		%				0.3		%				1.1		%				(0.4)		%				1.5		%
Asia Pacific						1.2		%				—		%				0.1		%				(2.3)		%				(1.0)		%
Remove manufactured PFAS products special item impact						3.2						0.1						—						(0.1)						3.2
Adjusted Asia Pacific (non-GAAP measures)5						4.4		%				0.1		%				0.1		%				(2.4)		%				2.2		%
Europe, Middle East & Africa						(3.1)		%				—		%				0.2		%				0.6		%				(2.3)		%
Remove manufactured PFAS products special item impact						1.8						—						—						—						1.8
Adjusted Europe, Middle East & Africa (non-GAAP measures)5						(1.3)		%				—		%				0.2		%				0.6		%				(0.5)		%
By Particular Country
United States						0.3		%				0.2		%				1.2		%				—		%				1.7		%
Remove manufactured PFAS products special item impact						0.4						—						0.1						—						0.5
Adjusted United States (non-GAAP measures)5						0.7		%				0.2		%				1.3		%				—		%				2.2		%
China						8.4		%				0.1		%				0.4		%				(1.2)		%				7.7		%
Remove manufactured PFAS products special item impact						1.5						—						—						—						1.5
Adjusted China (non-GAAP measures)5						9.9		%				0.1		%				0.4		%				(1.2)		%				9.2		%