Q2 26 EPS
$2.40
BEAT +6.83%
Est. $2.25
Q2 26 Revenue
$6.50B
BEAT +1.49%
Est. $6.40B
vs S&P Since Q2 26
+11.2%
BEATING MARKET
MMM +14.3% vs S&P +3.1%
Market Reaction
Did MMM Beat Earnings? Q2 2026 Results
3M delivered a confident second-quarter 2026 performance, beating Wall Street expectations on both the top and bottom lines and extending its EPS beat streak to five consecutive quarters. The industrial conglomerate posted adjusted EPS of $2.40, clea… Read more 3M delivered a confident second-quarter 2026 performance, beating Wall Street expectations on both the top and bottom lines and extending its EPS beat streak to five consecutive quarters. The industrial conglomerate posted adjusted EPS of $2.40, clearing the $2.25 consensus estimate by 6.83%, while revenue of $6.50 billion edged past forecasts by 1.49% and grew 2.5% year over year. The standout driver was the Safety and Industrial segment, which logged 8.2% organic sales growth and $859.00 million in operating income, up from $738.00 million a year ago, as volume leverage and operational discipline lifted adjusted operating margin to 24.9%, a 40 basis point improvement. China led geographic momentum with 16.4% adjusted total sales growth. Adjusted free cash flow reached $1.35 billion at 107% conversion, reflecting a sharp reversal from the litigation-heavy cash drain that weighed on year-ago results. Encouraged by first-half momentum, 3M raised its full-year adjusted EPS guidance to $8.80 to $8.95 and now expects adjusted total sales growth above 4.5%, signaling measured confidence heading into the second half.
Key Takeaways
- • Adjusted organic sales growth of 5.4% YoY
- • Safety and Industrial segment organic sales growth of 8.2%
- • Adjusted operating margin expansion of 40 basis points to 24.9%
- • Strong performance in China with 16.4% adjusted total sales growth
- • Disciplined execution and operational excellence driving double-digit EPS growth
MMM Forward Guidance & Outlook
3M raised its full-year 2026 guidance based on strong first-half performance. Adjusted EPS guidance increased from $8.50–$8.70 to $8.80–$8.95. The company now expects adjusted total sales growth of greater than 4.5%, reflecting adjusted organic sales growth of greater than 3.5% and approximately 1% translation benefit. Adjusted operating income margin expansion is expected at 70 to 80 basis points. Adjusted operating cash flow is guided at $5.8 to $6.0 billion, contributing to greater than 100% adjusted free cash flow conversion. Adjusted free cash flow is expected at $4.7 to $4.9 billion with capital expenditures of approximately $1.1 billion. The adjusted effective tax rate is expected to be approximately 20%. Guidance does not yet reflect the acquisition of Madison Fire & Rescue, which closed on July 1, 2026.
MMM YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
MMM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong second quarter, exceeding expectations with mid-single-digit sales growth, robust operating margins of about 25%, and double-digit EPS growth, reflecting the progress we're making on our strategic priorities and building a higher-performing company.”
— William Brown, Q2 2026 Earnings Press Release
MMM Earnings Trends
MMM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MMM EPS Trend
Earnings per share: estimate vs actual
MMM Revenue Trend
Quarterly revenue: estimate vs actual
MMM Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.25 | $2.40 | +6.83% | $6.50B | +1.49% |
| Q1 26 BEAT | $1.98 | $2.14 | +7.92% | $6.03B | +0.47% |
| Q4 25 BEAT FY | $1.80 | $1.83 | +1.71% | $6.13B | +2.07% |
| FY Full Year | $8.02 | $8.06 | +0.46% | $24.95B | +2.84% |
| Q3 25 BEAT | $2.07 | $2.19 | +5.62% | $6.52B | +4.24% |
| Q2 25 BEAT | $2.01 | $2.16 | +7.55% | $6.34B | +4.84% |
| Q1 25 BEAT | $1.77 | $1.88 | +6.42% | $5.95B | +3.92% |