3M

Industrials Industrial Conglomerates Saint Paul, Minnesota Last filing Feb 3, 2026 · FY2025

                    Revenue
                    FY2025
                
$24.9B
                    3y CAGR -1.6%
                    
                    P19
                    
                    +1.5%
                    
                    Net income
                    FY2025
                
$3.2B
                    Net margin +13.0%
                    
                    P53
                    
                    -22.1%
                    
                    Total assets
                    FY2025
                
$37.7B
                    ROA +8.6%
                    
                    P54
                    
                    -5.4%
                    
                    Operating cash flow
                    FY2025
                
$2.3B
                    FCF margin +5.6%
                    
                    P14
                    
                    +26.8%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $37.7B

Total liabilities $33.0B

Shareholders equity $4.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$5.2B -6.5%	$5.6B -2.4%	$5.7B 56.9%	$3.7B -19.9%	$4.6B -1.5%	$4.6B 96.9%	$2.4B -17.5%	$2.9B -6.6%	$3.1B 27.3%	$2.4B
Short Term Investments	$698.0M -67.2%	$2.1B 4156.0%	$50.0M -79.0%	$238.0M 18.4%	$201.0M -50.2%	$404.0M 312.2%	$98.0M -74.2%	$380.0M -64.7%	$1.1B 284.3%	$280.0M
Accounts Receivable	$3.5B 10.6%	$3.2B -11.3%	$3.6B -20.5%	$4.5B -2.7%	$4.7B -1.0%	$4.7B -1.8%	$4.8B -4.6%	$5.0B 2.2%	$4.9B 11.8%	$4.4B
Inventory	$3.7B -1.0%	$3.7B -6.2%	$3.9B -26.6%	$5.4B 7.8%	$5.0B 17.6%	$4.2B 2.5%	$4.1B -5.3%	$4.4B 8.2%	$4.0B 19.2%	$3.4B
Prepaid Expenses	$391.0M -20.7%	$493.0M 43.3%	$344.0M -20.9%	$435.0M -33.5%	$654.0M -3.1%	$675.0M -4.1%	$704.0M -5.0%	$741.0M -20.9%	$937.0M 14.1%	$821.0M
Other Current Assets	$2.9B 272.1%	$771.0M -71.5%	$2.7B 493.2%	$456.0M 34.5%	$339.0M 4.3%	$325.0M -63.5%	$891.0M 155.3%	$349.0M 31.2%	$266.0M -40.9%	$450.0M
Total Current Assets	$16.4B 3.2%	$15.9B -3.0%	$16.4B 11.5%	$14.7B -4.6%	$15.4B 2.8%	$15.0B 15.5%	$13.0B -5.4%	$13.7B -4.0%	$14.3B 21.8%	$11.7B
Property,Plant and Equipment	$7.1B -3.9%	$7.4B -3.9%	$7.7B -16.2%	$9.2B -2.7%	$9.4B 0.1%	$9.4B 0.9%	$9.3B 6.8%	$8.7B -1.4%	$8.9B 4.1%	$8.5B
Goodwill	$6.4B 2.2%	$6.3B -1.6%	$6.4B -50.1%	$12.8B -5.2%	$13.5B -2.3%	$13.8B 2.7%	$13.4B 33.8%	$10.1B -4.4%	$10.5B 14.7%	$9.2B
Intangible Assets	$1.1B -8.8%	$1.2B -8.5%	$1.3B -71.8%	$4.7B -11.1%	$5.3B -9.4%	$5.8B -8.5%	$6.4B 140.1%	$2.7B -9.5%	$2.9B 26.6%	$2.3B
Other Noncurrent Assets	$6.7B -26.2%	$9.1B -49.8%	$18.1B 324.9%	$4.3B 63.8%	$2.6B 6.9%	$2.4B 45.8%	$1.7B 24.5%	$1.3B -3.6%	$1.4B 18.4%	$1.2B
Total Assets	$37.7B -5.4%	$39.9B -21.2%	$50.6B 8.9%	$46.5B -1.3%	$47.1B -0.6%	$47.3B 6.0%	$44.7B 22.4%	$36.5B -3.9%	$38.0B 15.4%	$32.9B
Liabilities
Accounts Payable	$2.7B 1.6%	$2.7B -4.2%	$2.8B -12.8%	$3.2B 6.3%	$3.0B 16.9%	$2.6B 14.9%	$2.2B -1.7%	$2.3B 16.5%	$1.9B 8.2%	$1.8B
Accrued Liabilities	$718.0M 0.8%	$712.0M -28.7%	$999.0M 5.0%	$951.0M -25.7%	$1.3B 22.3%	$1.0B 16.9%	$896.0M -9.7%	$992.0M -15.9%	$1.2B 20.8%	$977.0M
Current Portion of Long Term Debt	$1.7B -13.0%	$1.9B -34.9%	$2.9B 52.1%	$1.9B 48.3%	$1.3B 62.2%	$806.0M -71.2%	$2.8B 130.8%	$1.2B -34.6%	$1.9B 90.6%	$972.0M
Other Current Liabilities	$4.5B -24.5%	$6.0B -28.8%	$8.4B 162.8%	$3.2B 0.0%	$3.2B -2.7%	$3.3B 7.3%	$3.1B 10.1%	$2.8B 2.4%	$2.7B 9.6%	$2.5B
Total Current Liabilities	$9.6B -14.8%	$11.3B -26.4%	$15.3B 60.6%	$9.5B 5.4%	$9.0B 13.7%	$7.9B -13.8%	$9.2B 27.3%	$7.2B -5.8%	$7.7B 23.6%	$6.2B
Long Term Debt	$10.9B -1.7%	$11.1B -15.0%	$13.1B -6.5%	$14.0B -12.8%	$16.1B -10.7%	$18.0B 2.7%	$17.5B 30.6%	$13.4B 10.9%	$12.1B 13.3%	$10.7B
Other Noncurrent Liabilities	$12.5B -8.3%	$13.6B -19.4%	$16.9B 122.4%	$7.6B 20.9%	$6.3B -20.3%	$7.9B 9.5%	$7.2B 19.8%	$6.0B -8.9%	$6.6B 16.2%	$5.7B
Total Liabilities	$33.0B -8.3%	$36.0B -21.3%	$45.7B 44.3%	$31.7B -0.8%	$32.0B -7.1%	$34.4B -0.3%	$34.5B 29.6%	$26.7B 1.1%	$26.4B 16.9%	$22.6B
Equity
Common Stock	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M
Additional Paid In Capital	$7.4B 2.9%	$7.2B 3.9%	$7.0B 4.0%	$6.7B 4.1%	$6.4B 4.3%	$6.2B 4.3%	$5.9B 4.7%	$5.6B 5.4%	$5.4B 5.7%	$5.1B
Retained Earnings	$38.3B 4.0%	$36.8B -1.8%	$37.5B -21.8%	$48.0B 4.6%	$45.8B 4.6%	$43.8B 4.0%	$42.1B 3.7%	$40.6B 3.9%	$39.1B 3.2%	$37.9B
Treasury Stock	$35.9B 4.3%	$34.5B 4.9%	$32.9B -1.2%	$33.3B 9.2%	$30.5B 3.6%	$29.4B -1.5%	$29.8B 0.8%	$29.6B 14.4%	$25.9B 1.8%	$25.4B
Accumulated Other Comprehensive Income	$-5.1B 11.6%	$-5.7B 15.4%	$-6.8B -1.6%	$-6.7B 1.1%	$-6.8B 12.6%	$-7.7B 5.1%	$-8.1B -18.5%	$-6.9B 2.3%	$-7.0B 3.0%	$-7.2B
Total Stockholders Equity	$4.7B 22.4%	$3.8B -20.1%	$4.8B -67.3%	$14.7B -2.2%	$15.0B 16.9%	$12.9B 27.9%	$10.1B 2.7%	$9.8B -15.3%	$11.6B 12.3%	$10.3B
Noncontrolling Interest	$45.0M -13.5%	$52.0M -14.8%	$61.0M 27.1%	$48.0M -32.4%	$71.0M 10.9%	$64.0M 1.6%	$63.0M 21.2%	$52.0M -11.9%	$59.0M 31.1%	$45.0M
Total Liabilitiesand Equity	$37.7B -5.4%	$39.9B -21.2%	$50.6B 8.9%	$46.5B -1.3%	$47.1B -0.6%	$47.3B 6.0%	$44.7B 22.4%	$36.5B -3.9%	$38.0B 15.4%	$32.9B

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $24.9B

Operating income $4.6B

Net income $3.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$24.9B 1.5%	$24.6B -0.1%	$24.6B -5.9%	$26.2B -26.0%	$35.4B 9.9%	$32.2B 0.1%	$32.1B -1.9%	$32.8B 3.5%	$31.7B 5.1%	$30.1B
Expenses Cost of Revenue	$15.0B 3.8%	$14.4B -3.6%	$15.0B -5.5%	$15.9B -15.7%	$18.8B 13.2%	$16.6B -3.1%	$17.1B 2.7%	$16.7B 3.9%	$16.1B 6.2%	$15.1B
Expenses Research and Development	$1.2B 7.7%	$1.1B -6.0%	$1.2B -3.8%	$1.2B -40.0%	$2.0B 6.5%	$1.9B -1.7%	$1.9B 4.9%	$1.8B -2.6%	$1.9B 6.0%	$1.8B
Expenses Selling,General and Administrative	$4.0B -5.3%	$4.2B -78.0%	$19.2B 165.5%	$7.2B 0.5%	$7.2B 3.9%	$6.9B -1.4%	$7.0B -7.5%	$7.6B 14.7%	$6.6B 5.0%	$6.3B
Expenses Other Operating Expenses	$162.0M	$0 100.0%	$-36.0M 98.5%	$-2.5B	$0 100.0%	$-389.0M -241.2%	$-114.0M 79.2%	$-547.0M 6.7%	$-586.0M -427.9%	$-111.0M
Other Income Expense Operating Income	$4.6B -4.0%	$4.8B 145.1%	$-10.7B -344.7%	$4.4B -40.7%	$7.4B 2.9%	$7.2B 16.0%	$6.2B -14.3%	$7.2B -6.3%	$7.7B 9.5%	$7.0B
Other Income Expense Other Income/expense	$-416.0M -13766.7%	$-3.0M 99.5%	$-582.0M -252.7%	$-165.0M 0.0%	$-165.0M 63.3%	$-450.0M 2.6%	$-462.0M -123.2%	$-207.0M -43.8%	$-144.0M -653.8%	$26.0M
Other Income Expense Income Before Tax	$4.2B -12.6%	$4.8B 142.8%	$-11.3B -368.1%	$4.2B -41.6%	$7.2B 7.3%	$6.7B 17.5%	$5.7B -18.4%	$7.0B -7.3%	$7.5B 7.0%	$7.1B
Income Tax Income Tax Expense	$1.0B 24.8%	$804.0M 128.0%	$-2.9B -1625.0%	$188.0M -85.4%	$1.3B -2.5%	$1.3B 16.6%	$1.1B -31.0%	$1.6B -38.9%	$2.7B 34.3%	$2.0B
net Income Other Items Below Tax	$40.0M -74.7%	$158.0M -88.8%	$1.4B -20.0%	$1.8B 87950.0%	$2.0M 122.2%	$-9.0M 25.0%	$-12.0M 14.3%	$-14.0M -27.3%	$-11.0M -37.5%	$-8.0M
net Income net Income	$3.2B -22.1%	$4.2B 159.7%	$-7.0B -221.1%	$5.8B -2.4%	$5.9B 10.0%	$5.4B 17.8%	$4.6B -14.6%	$5.3B 10.1%	$4.9B -3.8%	$5.0B
net Income Comprehensive Income	$3.9B -15.9%	$4.6B 165.3%	$-7.1B -221.3%	$5.9B -15.1%	$6.9B 17.6%	$5.9B 41.3%	$4.2B -24.7%	$5.5B 8.5%	$5.1B 21.9%	$4.2B
Earnings Per Share Basic Eps	$6 -20.2%	$8 160.0%	$-13 -223.7%	$10 -0.2%	$10 9.8%	$9 17.7%	$8 -12.9%	$9 11.8%	$8 -2.6%	$8
Earnings Per Share Diluted Eps	$6 -20.5%	$8 159.8%	$-13 -224.1%	$10 0.6%	$10 9.4%	$9 18.4%	$8 -12.1%	$9 12.1%	$8 -2.8%	$8
Earnings Per Share Weighted Average Shares Diluted	$541.3M -2.0%	$552.4M -0.3%	$553.9M -2.4%	$567.6M -3.0%	$585.3M 0.5%	$582.2M -0.5%	$585.1M -2.8%	$602.0M -1.7%	$612.7M -1.0%	$618.7M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $2.3B

Investing cash flow $1.4B

Financing cash flow $-4.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$3.3B -22.1%	$4.2B 160.0%	$-7.0B -220.5%	$5.8B -2.3%	$5.9B 8.7%	$5.5B 20.4%	$4.5B -15.6%	$5.4B 10.1%	$4.9B -3.7%	$5.1B
Operating Activities Depreciation and Amortization	$1.3B -4.0%	$1.4B -31.4%	$2.0B 8.5%	$1.8B -4.4%	$1.9B 0.2%	$1.9B 20.0%	$1.6B 7.1%	$1.5B -3.6%	$1.5B	—
Operating Activities Stock Based Compensation	$225.0M -22.1%	$289.0M 5.5%	$274.0M 4.2%	$263.0M -4.0%	$274.0M 4.6%	$262.0M -5.8%	$278.0M -7.9%	$302.0M -6.8%	$324.0M 8.7%	$298.0M
Operating Activities Deferred Income Taxes	$418.0M 30.2%	$321.0M 108.3%	$-3.9B -481.4%	$-663.0M -299.4%	$-166.0M -0.6%	$-165.0M 39.6%	$-273.0M -378.9%	$-57.0M -153.3%	$107.0M 1428.6%	$7.0M
Operating Activities Changes In Operating Assets and Liabilities	$-3.2B 38.8%	$-5.2B -134.1%	$15.3B 8213.0%	$184.0M 135.1%	$-524.0M -160.3%	$869.0M 28.6%	$676.0M 544.7%	$-152.0M -124.7%	$615.0M 791.3%	$69.0M
Operating Activities Other Non Cash Items	$289.0M -67.2%	$881.0M 2148.8%	$-43.0M 97.6%	$-1.8B -7080.8%	$26.0M 112.0%	$-217.0M -181.3%	$267.0M 152.9%	$-505.0M 20.2%	$-633.0M -159.4%	$-244.0M
Operating Activities net Cash From Operating Activities	$2.3B 26.8%	$1.8B -72.8%	$6.7B 19.5%	$5.6B -25.0%	$7.5B -8.1%	$8.1B 14.8%	$7.1B 9.8%	$6.4B 3.2%	$6.2B -6.3%	$6.7B
Investing Activities Capital Expenditures	$-910.0M 22.9%	$-1.2B 26.9%	$-1.6B 7.7%	$-1.7B -9.1%	$-1.6B -6.8%	$-1.5B 11.7%	$-1.7B -7.7%	$-1.6B -14.9%	$-1.4B 3.3%	$-1.4B
Investing Activities Purchases of Investments	$-1.3B 68.6%	$-4.2B -183.3%	$-1.5B -17.3%	$-1.2B 43.2%	$-2.2B -39.5%	$-1.6B 3.4%	$-1.6B 10.6%	$-1.8B 15.1%	$-2.2B -52.6%	$-1.4B
Investing Activities Proceeds From Sale of Investments	$3.5B 67.2%	$2.1B 24.9%	$1.7B 31.6%	$1.3B -47.6%	$2.4B 32.9%	$1.8B 25.5%	$1.4B -42.2%	$2.5B 84.4%	$1.4B 8.6%	$1.2B
Investing Activities Other Investing Activities	$97.0M 79.6%	$54.0M -74.8%	$214.0M -69.1%	$692.0M 743.9%	$82.0M -88.5%	$714.0M 65.7%	$431.0M -61.4%	$1.1B 0.8%	$1.1B 465.3%	$196.0M
Investing Activities net Cash From Investing Activities	$1.4B 142.1%	$-3.2B -165.6%	$-1.2B -15.4%	$-1.0B 20.6%	$-1.3B -127.1%	$-580.0M 91.0%	$-6.4B -3002.7%	$222.0M 107.2%	$-3.1B -120.0%	$-1.4B
Financing Activities Proceeds From Debt	$1.1B -86.9%	$8.4B 195.1%	$2.8B 283400.0%	$1.0M 0.0%	$1.0M -99.9%	$1.8B -72.1%	$6.3B 179.0%	$2.3B 13.3%	$2.0B -29.8%	$2.8B
Financing Activities Repayment of Debt	$-1.8B 36.6%	$-2.9B 0.7%	$-2.9B -243.4%	$-839.0M 26.8%	$-1.1B 68.4%	$-3.6B -19.6%	$-3.0B -130.0%	$-1.3B -243.2%	$-384.0M 78.5%	$-1.8B
Financing Activities Repurchase of Common Stock	$-3.3B -80.5%	$-1.8B -5357.6%	$-33.0M 97.7%	$-1.5B 33.4%	$-2.2B -497.6%	$-368.0M 73.8%	$-1.4B 71.1%	$-4.9B -135.5%	$-2.1B 44.9%	$-3.8B
Financing Activities Dividends Paid	$-1.6B 21.2%	$-2.0B 40.1%	$-3.3B 1.7%	$-3.4B 1.5%	$-3.4B -0.9%	$-3.4B -2.2%	$-3.3B -3.9%	$-3.2B -13.9%	$-2.8B -4.7%	$-2.7B
Financing Activities Proceeds From Stock Issuance	$1.6B 1597.8%	$92.0M -65.2%	$264.0M -30.7%	$381.0M -40.4%	$639.0M 49.0%	$429.0M -21.6%	$547.0M 12.8%	$485.0M -33.9%	$734.0M -8.7%	$804.0M
Financing Activities Other Financing Activities	$-49.0M 93.2%	$-717.0M -3314.3%	$-21.0M 65.0%	$-60.0M -200.0%	$-20.0M 79.6%	$-98.0M 50.3%	$-197.0M -251.8%	$-56.0M 53.7%	$-121.0M -188.1%	$-42.0M
Financing Activities net Cash From Financing Activities	$-4.0B -465.8%	$1.1B 134.9%	$-3.1B 41.2%	$-5.3B 12.9%	$-6.1B -15.9%	$-5.3B -371.5%	$-1.1B 83.2%	$-6.7B -152.4%	$-2.7B 42.6%	$-4.6B
Cash Reconciliation Effect of Exchange Rate On Cash	$41.0M 193.2%	$-44.0M 8.3%	$-48.0M 53.8%	$-104.0M -67.7%	$-62.0M -229.2%	$48.0M 2500.0%	$-2.0M 98.8%	$-160.0M -202.6%	$156.0M 572.7%	$-33.0M
Cash Reconciliation Other Changes In Cash	$-46.0M	$0	$0	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	$-365.0M -9.6%	$-333.0M -114.6%	$2.3B 350.6%	$-909.0M -1198.6%	$-70.0M -103.1%	$2.3B 556.2%	$-500.0M -150.0%	$-200.0M -130.5%	$655.0M 9.2%	$600.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+39.9%	+41.2%	+39.1%	+39.4%	+46.8%	+48.4%	+46.7%	+49.1%	+49.3%	+49.8%
Operating margin	+18.6%	+19.6%	-43.4%	+16.7%	+20.8%	+22.3%	+19.2%	+22.0%	+24.3%	+23.3%
Net margin	+13.0%	+17.0%	-28.4%	+22.1%	+16.7%	+16.7%	+14.2%	+16.3%	+15.3%	+16.8%
FCF margin	+5.6%	+2.6%	+20.6%	+14.7%	+16.5%	+20.5%	+16.7%	+14.8%	+15.4%	+17.4%
Growth
Revenue CAGR (3y)	-1.6%	-11.4%	-8.6%	-6.6%	+2.6%	+0.6%	+2.2%	+2.7%	-0.2%	-0.8%
Returns
ROE	+69.1%	+108.6%	-145.5%	+39.2%	+39.4%	+41.8%	+45.4%	+54.6%	+42.0%	+49.0%
ROA	+8.6%	+10.5%	-13.8%	+12.4%	+12.6%	+11.4%	+10.2%	+14.7%	+12.8%	+15.3%
ROIC	+29.2%	+35.6%	-70.8%	+15.5%	+21.7%	+21.3%	+17.7%	+25.6%	+22.1%	+25.8%
Liquidity
Current ratio	1.71x	1.41x	1.07x	1.54x	1.70x	1.89x	1.41x	1.89x	1.86x	1.89x
Quick ratio	0.91x	0.78x	0.61x	0.86x	1.02x	1.18x	0.77x	1.09x	1.04x	1.09x
Leverage
D/E	7.02x	9.36x	9.51x	2.15x	2.12x	2.67x	3.43x	2.72x	2.28x	2.19x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.66x	0.62x	0.49x	0.56x	0.75x	0.68x	0.72x	0.90x	0.83x	0.92x
Cash conversion cycle	+75d	+74d	+82d	+114d	+87d	+90d	+95d	+102d	+104d	+92d

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