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# 3M Company (MMM) - Recent Events ## Filings that contain financial statements The earnings press releases furnished as Exhibit 99.1 to these Forms 8-K carry condensed financial statements and results tables: - Form 8-K filed October 20, 2026, accession 0000066740-26-000308: third quarter 2026 and nine months ended September 30, 2026 (with 2025 comparatives). Holds the consolidated statement of income, condensed balance sheet (September 30, 2026 versus December 31, 2025), condensed nine-month statement of cash flows, segment sales and operating income, and non-GAAP reconciliations. - Form 8-K filed July 21, 2026, accession 0000066740-26-000242: second quarter and first half of 2026. Same set of statements and tables. - Form 8-K filed April 21, 2026, accession 0000066740-26-000171: first quarter 2026. Same set of statements and tables. - Form 8-K filed January 20, 2026, accession 0000066740-26-000003: fourth quarter and full year 2025. Same set of statements and tables. ## Earnings and guidance - **October 20, 2026 - third quarter 2026 (0000066740-26-000308).** GAAP sales were $6.6 billion, up 1.0% (organic up 0.2%). GAAP operating margin was 23.7%, up 150 bps, and GAAP EPS was $2.63 versus $1.55. Adjusted EPS was $2.50, up 12%, and adjusted operating margin was 26.2%, up 110 bps. Both adjusted figures are on a new basis that treats amortization of intangible assets as a special item for all periods; 3M says this raises the Q3 base adjusted margin by about 40 bps and adjusted EPS by about $0.04. Q3 operating cash flow was $0.5 billion and adjusted free cash flow was $1.2 billion. 3M returned $0.6 billion to shareholders through dividends and repurchases. Full-year 2026 adjusted EPS guidance was raised to $9.10 to $9.15 (from $8.80 to $8.95 on July 21). Adjusted sales growth is now expected at more than 4.5%, organic growth at more than 3.5%, adjusted operating cash flow at about $5.9 billion and adjusted free cash flow at about $4.8 billion. The company says the update reflects year-to-date performance, the Madison Fire & Rescue acquisition, and the change in non-GAAP treatment of amortization. - **July 21, 2026 - second quarter 2026 (0000066740-26-000242).** GAAP sales were $6.5 billion, up 2.4%, GAAP EPS was $1.78 (up 33%), and adjusted EPS was $2.40 (up 11%) with adjusted organic growth of 5.4%. Full-year adjusted EPS guidance rose from $8.50-$8.70 to $8.80-$8.95. Adjusted sales growth was raised to more than 4.5% (from about 4%), organic growth to more than 3.5% (from about 3%), and adjusted operating cash flow to $5.8-$6.0 billion (from $5.6-$5.8 billion). Margin expansion guidance stayed at 70 to 80 bps. The guidance did not yet reflect the Madison Fire & Rescue acquisition, which the release says closed on July 1, 2026. - **April 21, 2026 - first quarter 2026 (0000066740-26-000171).** GAAP sales were $6.0 billion, up 1.3%, GAAP EPS was $1.23 (down 40%), and adjusted EPS was $2.14 (up 14%). The 2026 guidance was reiterated: adjusted EPS $8.50-$8.70, adjusted sales growth of about 4%, and adjusted operating cash flow of $5.6-$5.8 billion. 3M returned $2.4 billion to shareholders in the quarter. - **January 20, 2026 - fourth quarter and full year 2025 (0000066740-26-000003).** Full-year 2025 GAAP sales were $24.9 billion (up 1.5%), GAAP EPS was $6.00, and adjusted EPS was $8.06 (up 10%). First-time 2026 guidance: adjusted EPS $8.50-$8.70, adjusted sales growth of about 4%, adjusted operating margin expansion of 70 to 80 bps, and adjusted operating cash flow of $5.6-$5.8 billion. ## Acquisition and financing - **Madison Fire & Rescue - closed.** The July 21, 2026 earnings release states the acquisition of Madison Fire & Rescue "closed on July 1, 2026" (0000066740-26-000242), and the October 20 release refers to it as an acquisition already made (0000066740-26-000308). The Form 10-Q for the quarter (0000066740-26-000311, Note 3) says 3M, in partnership with Bain Capital, completed the acquisition in July 2026 for $1.9 billion, net of cash acquired and subject to adjustments. 3M and Bain formed a venture that holds the acquired business and 3M's self-contained breathing apparatus business; 3M holds 50.1% of the venture's voting interest and consolidates it. Bain's interest is shown as a $971 million redeemable noncontrolling interest on the September 30, 2026 balance sheet (0000066740-26-000308). The Fire Safety and Rescue division reported $206 million of Q3 sales versus $108 million a year earlier. - **April 30, 2026 credit agreement (Form 8-K filed May 6, 2026, 0000066740-26-000188).** 3M and its indirect subsidiary Fire Safety Platform Holdco, Inc. entered a credit agreement with Morgan Stanley Senior Funding as administrative agent. It provides a $1.43 billion term loan and a $200 million revolving facility, each maturing 364 days after the closing date with an extension of up to 12 months at the borrower's request. Borrowing costs Term SOFR plus 0.875%. 3M guarantees the borrower's obligations. The filing says the agreement was entered to finance, directly or indirectly, the acquisition of Madison Safety & Flow Holdings LLC from Madison Industries. The company has a financial covenant requiring an EBITDA to interest ratio of at least 3.0 to 1.0. The filing does not state a closing date for that acquisition, and the later Madison disclosures use the name Madison Fire & Rescue. - **New $4.25 billion revolver (Form 8-K filed August 19, 2026, 0000066740-26-000268).** On August 17, 2026 3M signed a five-year unsecured revolving credit agreement with JPMorgan Chase Bank as administrative agent, replacing the $4.25 billion revolver dated May 11, 2023, which was terminated. Margins range from 0.625% to 1.125% over Term SOFR or EURIBOR and the commitment fee ranges from 0.05% to 0.11%. The facility can be increased to as much as $5.25 billion and extended by up to two one-year periods, at the lenders' discretion. The EBITDA to interest covenant is 3.0 to 1.0. - **Euro notes offering (Form 8-K filed September 10, 2026, 0001104659-26-106710).** Under an underwriting agreement dated September 3, 2026, 3M sold EUR 500 million each of 3.500% notes due 2028, 3.900% notes due 2031 and 4.100% notes due 2034 (EUR 1.5 billion in total). The offering closed September 10, 2026. Proceeds are intended for general corporate purposes, which may include repaying, redeeming or refinancing debt. ## Commercial and strategic - **Amazon relationship and warrant (Form 8-K filed October 19, 2026, 0000066740-26-000303).** On October 19, 2026 3M entered an expanded strategic commercial relationship with a subsidiary of Amazon.com and issued a warrant to another Amazon subsidiary to buy up to 3,162,015 shares of 3M common stock over seven years at $164.89 per share. 85% of the warrant shares vest subject to Amazon payments for optical connectivity and other data center products, with full vesting once cumulative payments reach $6 billion; the rest vest on event-based milestones. The October 20 release also says 3M is investing to acquire about 4.7% of Genius Electronic Optical Co., Ltd. (0000066740-26-000308). ## Board and governance - **February 5, 2026 (0000066740-26-000037):** Neil G. Mitchill, Jr., Chief Financial Officer of RTX Corporation, was elected to the board effective February 6, 2026, as an independent director and audit committee financial expert. - **May 13, 2026 (0000066740-26-000221):** At the May 12, 2026 annual meeting, shareholders elected all ten director nominees. - **June 8, 2026 (0000066740-26-000229):** Jennifer W. Rumsey, Chair and CEO of Cummins Inc., was elected to the board effective June 5, 2026. - **August 15, 2025 (0000066740-25-000068):** Gregory R. Page retired from the board effective August 11, 2025. ## Earlier earnings filings in the window - July 18, 2025, second quarter 2025 results and updated 2025 guidance (0000066740-25-000061). - October 21, 2025, third quarter 2025 results and updated 2025 guidance (0000066740-25-000086). - May 14, 2025, 2025 annual meeting voting results (0000066740-25-000052).