3M (MMM) Q3 2026: Sixth Straight Beat and a Raised EPS Outlook
As seen on the 24/7 Wall St. homepage on October 20, 2026.
3M raised full-year adjusted EPS guidance to $9.10 to $9.15 on the back of a sixth straight quarterly earnings beat. Revenue came in a hair under consensus, but an expanded Amazon data center deal is tied to $6 billion in cumulative sales.
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3M beat expectations with adjusted earnings per share of $2.50 for the third quarter of 2026, its sixth straight beat, and raised its full-year adjusted EPS target.
Revenue came in slightly below analyst expectations, but organic sales excluding PFAS-related products rose 3.3%, pointing to healthier underlying demand than the headline number suggests.
The Safety and Industrial segment drove the quarter with sales growing 9.1%, while Transportation and Electronics was roughly flat and Consumer edged lower. The industrial side is doing the heavy lifting right now.
An expanded data center partnership with Amazon drew attention beyond the quarterly figures. The deal is structured around a warrant for up to 3.2 million shares tied to $6 billion in cumulative sales over seven years, giving 3M a concrete commercial runway in optical connectivity and related data center products that extends well past this quarter.
Full-year guidance now calls for adjusted free cash flow of approximately $4.8 billion, incorporating year-to-date performance, the acquisition of Madison Fire and Rescue, and an updated non-GAAP treatment of intangible asset amortization.
One headwind to keep an eye on: China sales declined 10.7% organically in the quarter, alongside PFAS-related cash payments and restructuring costs. Those drags are real offsets to the segment-level strength.
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