3M is a diversified global manufacturer and technology innovator, operating across four main business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer . The company develops and sells a wide range of products, including industrial abrasives, electronics assembly solutions, and consumer bandages, leveraging its technological innovations and global reach to maintain a strong market presence . Recently, 3M spun off its Health Care segment as Solventum, which was a substantial part of its business .
- Safety and Industrial - Offers industrial abrasives, autobody repair solutions, and personal safety equipment, significantly contributing to the company's revenue .
- Transportation and Electronics - Provides advanced materials, electronics assembly solutions, and reflective signage, with strong growth observed in electronics .
- Health Care - Previously included health care coding software, wound care products, and filtration systems before being spun off as Solventum .
- Consumer - Supplies consumer bandages, cleaning supplies, and stationery, with sales affected by seasonality, especially during back-to-school periods .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael F. Roman ExecutiveBoard | Executive Chairman of the Board | Board Member at Abbott Laboratories | Former CEO of 3M (2018-2024); transitioned to Executive Chairman in 2024. Long tenure at 3M with leadership across multiple divisions. | |
William M. Brown ExecutiveBoard | Chief Executive Officer | Director at Becton, Dickinson and Company; Director at Celanese Corporation (until May 2024) | Former CEO of L3Harris Technologies; joined 3M as CEO in May 2024. Extensive experience in aerospace and defense industries. | View Report → |
Anurag Maheshwari Executive | Executive Vice President and CFO | None | Joined 3M as CFO in September 2024. Previously CFO at Otis Worldwide Corporation and held leadership roles at L3Harris Technologies. | |
Theresa E. Reinseth Executive | Senior VP, Corporate Controller, and CAO | None | Serving as CAO since 2019. Briefly served as Interim CFO in 2024 before Anurag Maheshwari's appointment. | |
Amy E. Hood Board | Director | EVP and CFO of Microsoft Corporation | CFO of Microsoft since 2013. Played a key role in Microsoft's transition to Office 365 and major acquisitions. | |
Anne H. Chow Board | Director | Lead Independent Director at FranklinCovey Co.; Founder and CEO of The Rewired CEO; Adjunct Professor at Kellogg School of Management | Former CEO of AT&T Business; joined 3M's Board in 2023. Recognized in Fortune's Most Powerful Women in Business. | |
Audrey Choi Board | Director | None | Former Chief Sustainability Officer at Morgan Stanley. Recognized leader in sustainability and public-private partnerships. | |
David B. Dillon Board | Director | Director at Union Pacific Corporation | Retired Chairman and CEO of Kroger. Played a key role in Kroger's merger with Fred Meyer. | |
David P. Bozeman Board | Director | President and CEO of C.H. Robinson; Board Member at The Brookings Institution and The Conservation Fund | Former SVP at Amazon and VP at Ford. Extensive experience in transportation and logistics. | |
Gregory R. Page Board | Director | Lead Director at Eaton Corporation; Non-Executive Chair at Corteva Agriscience; Board Member at Deere & Company | Retired Chairman and CEO of Cargill. Extensive experience in corporate governance and sustainability. | |
James R. Fitterling Board | Director | Chairman and CEO of Dow Inc.; Chair of the Alliance to End Plastic Waste; Trustee of Committee for Economic Development | CEO of Dow Inc. since 2018. Recognized for advocacy in inclusion and diversity. | |
Pedro J. Pizarro Board | Director | President and CEO of Edison International; Vice Chairman of Edison Electric Institute; Trustee at Caltech | CEO of Edison International since 2016. Extensive experience in energy and utilities. | |
Suzan Kereere Board | Director | President of Global Markets at PayPal; Trustee at Alvin Ailey American Dance Theater; Board Member at Code for America | Former Head of Global Business Solutions at Fiserv. Extensive experience in payments and technology platforms. | |
Thomas W. Sweet Board | Director | Board Member at Trimble Inc.; Advisory Board Member at Salvation Army of Central Texas | Former CFO of Dell Technologies (2014-2023). Recognized for financial expertise and strategic leadership. |
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You mentioned centralizing your factories and supply chains under a common leader; can you elaborate on any challenges this centralization has posed, and how it affects your ability to respond swiftly to regional market demands?
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With $175 million in insurance recoveries year-to-date related to PFAS and combat arms, but liabilities exceeding total insurance coverage, what is your expected total recovery, and how will remaining liabilities impact future financial results?
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Your new product vitality index has declined to around 10-11%; what specific actions are you taking to boost innovation and increase this metric, and when do you anticipate seeing tangible results in the market?
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Operating equipment efficiency in your largest facilities is averaging 50%, well below best-in-class levels; what precise initiatives are you implementing to improve OEE, and what targets have you set for operational improvement timelines?
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Considering the slowdown in China's economy and geopolitical tensions, how are you adjusting your strategy in the region to mitigate risks, and what impact do you foresee on your sales and operations in China, which currently accounts for 10% of your revenue?
Research analysts who have asked questions during 3M earnings calls.
Andrew Kaplowitz
Citigroup
4 questions for MMM
Andrew Obin
Bank of America
4 questions for MMM
Jeffrey Sprague
Vertical Research Partners
4 questions for MMM
Joseph O'Dea
Wells Fargo & Company
4 questions for MMM
Julian Mitchell
Barclays Investment Bank
4 questions for MMM
Nicole DeBlase
BofA Securities
4 questions for MMM
Nigel Coe
Wolfe Research, LLC
4 questions for MMM
Scott Davis
Melius Research
4 questions for MMM
Amit Mehrotra
UBS
3 questions for MMM
C. Stephen Tusa
JPMorgan Chase & Co.
3 questions for MMM
Deane Dray
RBC Capital Markets
3 questions for MMM
Brett Linzey
Mizuho Securities
1 question for MMM
Chris Snyder
Morgan Stanley
1 question for MMM
Christopher Snyder
Morgan Stanley
1 question for MMM
Joseph Ritchie
Goldman Sachs
1 question for MMM
Laurence Alexander
Jefferies
1 question for MMM
Steve Tusa
JPMorgan Chase & Co.
1 question for MMM
Recent press releases and 8-K filings for MMM.
- 3M launched 126 new products in H1 2025, up 70% YoY and on track for >215 launches this year toward its goal of 1,000 over three years.
- Commercial excellence in the Safety & Industrial Business Group drove 2.5% organic growth in H1 2025, versus negative growth in H1 2024.
- Operating margins expanded 250 bps in H1; full-year guidance is 150–200 bps of margin improvement, targeting 25% by 2027 (up 360 bps from 2024).
- Raised 2025 organic growth guidance to 2% (with ~2.5% in H2) and aims for ~3% long-term growth, supported by portfolio shifts into higher-growth segments.
- Strategic portfolio review flags ~10% of profit centers as non-core, with plans to divest 2–3% and reinvest in priority verticals like semiconductors and automotive.
- Launched 126 new products in H1 (vs 128 in all of 2023), on track for >215 launches this year and 1,000 launches over the next three years.
- Safety & Industrial Business Group organic growth rose to 2.5% in H1; company-wide margins were up 250 bps vs. last year, with full-year expansion of 150–200 bps, targeting 25% margins by 2027 (from 21.4% in 2024).
- Delivered 1.5% organic growth in H1, guiding 2% for the full year (implying ~2.5% in H2) and aiming for ~3% sustainable growth over the next three years, supported by portfolio repositioning.
- Conducting a portfolio review to divest ~10% of commodity-like profit centers (targeting 2–3% divestitures) and reinvest in high-growth verticals: semiconductors, data centers, aerospace & defense, electronics, automotive, and safety.
- PFAS litigation update: $12.5 billion public water settlement paid over 13 years; New Jersey AG settlement deferring cash payments to 2030–2050; Vermont AG trial moved to November; personal-injury bellwether vacated pending case filings.
- CEO Bill Brown reviewed three strategic priorities: driving top-line growth through innovation (126 new product launches in H1 vs. 128 in 2023, targeting over 215 launches in 2025), enhancing commercial excellence, and improving operational performance and capital deployment.
- Margins expanded by 250 bps in H1 2025 over H1 2024; full-year margin improvement is guided at 150–200 bps, on track toward a 25% margin goal by 2027 (up 360 bps from 2024).
- On-time, in-full delivery rose to 89.6% at end-Q2 2025 (up 300 bps YoY) and has exceeded 90% in Q3, reducing retailer fines and lowering churn in the Safety & Industrial segment.
- Litigation update: $12.5 billion settlement to U.S. public water suppliers (paid over 13 years); New Jersey AG case settled with deferred payments (2030–2050) and broad liability protections; Vermont AG and PFAS personal-injury MDL trials remain pending.
- 126 new products launched in H1 2025 (up 70% YoY; on track for >215 launches this year and 1,000 over three years) to support $1 billion of growth above macro by 2027.
- Safety & Industrial segment delivered 2.5% organic growth in H1 2025, reversing a –?1.6% decline in H2 2024 through early commercial-excellence initiatives.
- Operating margins improved 250 bps YoY in H1 (21.4% in 2024), with full-year margin expansion guidance of 150–200 bps and a target of 25% by 2027.
- Portfolio review covering ~120 profit centers has identified ~10% of the business for potential divestiture (with 2–3% currently in active sale processes) to refocus on higher-growth markets.
- Adjusted EPS $2.16, up 12% yoy; organic sales +1.5%; operating margin up 290 bps; free cash flow $1.3 B with 110% conversion.
- Raised FY 2025 EPS guidance to $7.75–$8.00, with ~2% organic sales growth, 150–200 bps margin expansion and >100% free cash flow conversion.
- Launched 64 new products in Q2 (up ~70% yoy), 126 YTD; five-year new product sales +9% H1, tracking to >15% for the year.
- Settled PFAS claims with New Jersey (cash payments over 25 years), managing ~30 other state AG cases and an Oct. bellwether trial; exiting PFAS manufacturing by year-end.
- Operational metrics: on-time & full at 89.6% (highest in ~6 years), OEE ~59%, cost of poor quality 6.1% (↓90 bps yoy).
- EPS Results: GAAP EPS reached $2.04 (up 61% YoY) and adjusted EPS was $1.88 (up 10% YoY) .
- Revenue & Sales: Adjusted sales were $5.8B with 1.5% organic growth, while GAAP sales were $6.0B (down 1% YoY) .
- Operating Margins: Reported an adjusted margin of 23.5% (up 220 bps) alongside a GAAP margin of 20.9% .
- Product Innovation: Launched 62 new products in Q1, contributing to broad-based gains across business groups .
- Financial Actions & Guidance: Refinanced $1.1B in debt, returned $1.7B to shareholders via dividends and share repurchases with an authorized repurchase program of $7.5B , and updated adjusted EPS guidance of $7.60–$7.90 for FY2025 with noted tariff sensitivities .
- 3M Company entered into an underwriting agreement on March 4, 2025, with major underwriters to issue $550 million 4.800% Notes due 2030 and $550 million 5.150% Notes due 2035.
- The offering closed on March 13, 2025, with the net proceeds designated for general corporate purposes, including the repayment and refinancing of near-term debt.
- The issuance is executed under an indenture originally dated November 17, 2000, and is supported by SEC filings under a Form S-3, ensuring compliance with required regulatory obligations.
- 3M is implementing a new operational strategy focused on enhanced performance, customer focus, and operational execution, with initiatives such as tighter cost controls and a productivity agenda.
- Medium-term guidance was reiterated, with adjusted earnings per share targeted to rise 4%-8% in 2025 and a goal to drive incremental revenue through almost 1,000 new product introductions over the next three years.
- Tariff impacts are being actively managed through pricing actions and cost control measures to mitigate roughly $30–35 million in adverse effects, while monitoring potential changes with USMCA and steel/aluminum tariffs.
- Ongoing PFAS litigation risk remains a focus, with multiple legal proceedings set up, including MDL trials and state-level cases, underlining the importance of managing long-term liability.