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3M (MMM) reported Q4 2025 adjusted EPS of $1.83, beating estimates by 2.23%, with revenue of $6.13B up 2.05% year-over-year and adjusted operating margin expanding 140 basis points to 21.1%, while completing its exit from manufactured PFAS products that had weighed on results.
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3M’s Q1 earnings will test whether the company’s transformation is durable as tariff exposure of $0.20 per share could pressure margins, though the company’s innovation pipeline is accelerating with 284 new products launched in 2025 and management targeting 350 launches in 2026.
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3M (NYSE: MMM) reports Q1 2026 earnings on April 21 before the market opens. After losing its Dividend King status in 2024 and navigating a volatile start to 2026, this print is a real test of whether the transformation is durable.
3M had been one of the market’s better recovery stories heading into this year. Shares gained 17.55% over the past 12 months, comfortably outpacing the broader market. But 2026 opened with turbulence. The stock is down 5.54% year-to-date after a sharp February pullback, though it has since recovered ground and trades near $156.
The Q4 2025 report set a solid foundation. Adjusted EPS came in at $1.83, beating the $1.79 estimate by 2.23%. Revenue of $6.13 billion beat estimates by 12.67% and grew 2.05% year-over-year. Adjusted operating margin expanded 140 basis points to 21.1%. The GAAP picture was messier, with $185 million in PFAS litigation charges and $235 million in PFAS product exit charges weighing on reported results. Critically, 3M completed its exit from manufactured PFAS products by year-end 2025, a meaningful overhang that is now behind them. CEO William Brown sounded confident heading into 2026: “Our accelerated pace of innovation and commercial execution positions us to outperform the macro environment again in 2026.”
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|
Metric |
Q1 2025 Actual |
Q1 2026 Estimate |
FY2025 Actual |
FY2026 Guidance Midpoint |
|---|---|---|---|---|
|
Adjusted EPS |
$1.88 |
~$2.08 |
$8.06 |
$8.60 |
|
Revenue |
$5.954B |
~$6.10B |
$24.948B |
~4% growth guided |
The biggest variable heading into this print is tariff exposure. In Q1 2025, management flagged a $0.20 to $0.40 per share sensitivity from tariffs. That risk is live again in Q1 2026, and the trade environment has intensified since then. Management built a $0.20 EPS carryover impact into 2026 guidance, mostly weighted to the first half. Whether that estimate holds or gets revised upward will be a key signal from management.
