3M

3M is a diversified industrial and consumer products company that reports three segments: Safety and Industrial, Transportation and Electronics, and Consumer. On April 1, 2024 it completed the separation of its Health Care business as Solventum through a pro rata distribution of 80.1% of Solventum’s shares to 3M stockholders, so results from that date exclude Health Care and earlier periods in this history include it. In 2025 the company reported net sales of $24.9 billion and operating income of $4.6 billion.

3M sells products across its three segments and reports one line of net sales rather than a split by product. In 2025 it derived approximately 56 percent of its revenues from outside the United States, so results depend on global demand, currency exchange rates and trade conditions. The filing lists tariffs, geopolitical conditions and a stronger U.S. dollar among the factors that can reduce reported sales and earnings.

The separation of Health Care leaves a smaller company with a single set of businesses to manage, and the 10-K describes the aim of the separation as capturing the anticipated benefits of two independent companies. Operating income was $4.6 billion on $24.9 billion of net sales in 2025. The model on this page values the company from its free cash flow to firm.

3M kept liabilities for certain PFAS-related products sold before the separation, and its filing warns of lawsuits, government proceedings and the class-action settlement (the PWS Settlement) that could lead to further costs; it is also exiting PFAS manufacturing. 2023 was a large loss year, with an operating loss of $9.1 billion and selling, general and administrative expense of $21.5 billion. Divestiture losses of $162 million in 2025 and the Combat Arms Earplug settlement add further exposure.