EarningsQ2 2026 Earnings Report
DE:MMM Q2 2026 EPS Results
Actual EPS€2.07
Consensus EPS€1.94
Beat/MissBeat by +€0.13
One Year Ago EPS€1.86
DE:MMM Q2 2026 Revenue Results
Actual Revenue€5.61B
Expected Revenue€5.52B
Beat/MissBeat by +€87.98M
YoY Revenue Growth+2.46%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
DE:MMM Upcoming Earnings
3M's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:MMM Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive momentum: above-expectation organic growth, margin expansion, strong free cash flow, aggressive share repurchases and dividends, accelerating new product launches and successful strategic moves (JV and Microsoft EBO partnership). Headwinds were acknowledged—consumer weakness, tariff and oil-driven cost pressure, ongoing transformation costs, and pockets of capacity constraints—but management provided mitigation plans (pricing, productivity, capacity scaling) and raised full-year guidance for sales, EPS and free cash flow. On balance, the positive operational and financial trends materially outweigh the identified challenges.Company Guidance
Strong top-line growth and raised sales guidance
Q2 organic sales growth of 5.4% (H1 organic growth 3.3%); orders up ~10% in the quarter and backlog ~20% YoY. Company raised full-year organic growth guidance from 3.0% to greater than 3.5%.
Margin expansion and earnings beat
Adjusted operating margin of 24.9% in Q2 (up 40 basis points). Operating profit increased ~$110 million in the quarter. Adjusted EPS of $2.40 (up 11%) and GAAP EPS of $1.78 (up 33% YoY). Full-year EPS guidance increased to $8.80–$8.95 (midpoint up ~$0.27, ~9–11% YoY growth).
Robust free cash flow and shareholder returns
Q2 free cash flow of $1.3 billion with 107% conversion; H1 free cash flow $1.9 billion. Increased full-year FCF guidance by $100 million to $4.7–$4.9 billion (conversion >100%). Returned $1.4 billion to shareholders in Q2 ($400M dividends, $1.0B repurchases); returned $3.8B in H1 and $8.6B since 2025 against a $10B+ commitment.
Accelerating innovation and commercialization
Launched 92 new products in Q2 (up 44% YoY), 176 launches in H1 and on track for >350 launches in 2026 and >1,000 by 2027. Five-year new product sales reached ~$4 billion this year; new product vitality index in the mid-teens this year and targeted ~20% next year. Cross-selling booked $110M with a $120M pipeline (pipeline up >40% QoQ).
Operational improvements driving productivity
Cost of poor quality improved 60 basis points YoY and overall equipment effectiveness improved 140 basis points. Example: New Ulm production improvements delivered a record month in June and $13 million incremental revenue (~50 basis points at the SIBG level).
Strategic portfolio moves and data center opportunity
Closed acquisition/JV with Madison Fire and Rescue (cash $700M) consolidating with Scott SCBA into a JV with ~$800M revenue growing high-single-digits and margins above company average. Announced Expanded Beam Optics partnership with Microsoft; EBO revenue ~$40–$50M this year with an estimated TAM of ~$1B in 2026 and ~$2B by 2028, with plans to double production capacity.
DE:MMM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed