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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Scott Davis | Melius Research | 14 (7%) |
| Jeff Sprague | Vertical Research Partners | 14 (14%) |
| Nicole DeBlase | Deutsche Bank | 13 (0%) |
| Julian Mitchell | Barclays | 12 (17%) |
| Andy Kaplowitz | Citigroup | 12 (8%) |
| Amit Mehrotra | UBS | 12 (8%) |
| Joe O'Dea | Wells Fargo | 11 (0%) |
| Nigel Coe | Wolfe Research | 11 (27%) |
| Steve Tusa | JPMorgan | 10 (50%) |
| Andrew Obin | Bank of America | 10 (30%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 14 (43%) |
| Melius Research | 1 | 14 (7%) |
| Citigroup | 2 | 14 (7%) |
| Vertical Research Partners | 1 |
| 14 (14%) |
| Deutsche Bank | 1 | 13 (0%) |
| UBS | 1 | 12 (8%) |
| Barclays | 1 | 12 (17%) |
| Wells Fargo | 1 | 11 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.01B | +0.1% | $1.33 | -21.8% | 18.2% | 12.1% | $1.53B |
| FY2025 Q1 | $5.95B | -1.0% | $2.04 | +22.2% | 20.5% | 18.7% | $-315M |
| FY2025 Q2 | $6.34B | +1.4% | $1.34 | -35.0% | 17.4% | 11.4% | $-1.16B |
| FY2025 Q3 | $6.52B | +3.5% | $1.55 | -37.5% | 24.7% | 12.8% | $1.54B |
| FY2025 Q4 | $6.13B | +2.0% | $1.07 | -19.5% | 12.9% | 9.4% | $1.33B |
| FY2026 Q1 | $6.03B | +1.3% | $1.23 | -39.7% | 23.2% | 10.8% | $349M |
| FY2026 Q2 | $6.50B | +2.5% | $1.78 | +32.8% | 15.1% | 14.4% | $763M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
$3M delivered a light start to FY2026 with organic sales growth of 1.2%, held back by soft U.S. consumer discretionary demand and weakness in consumer electronics and automotive, even as roughly 60% of the portfolio showed relative strength. Adjusted EPS rose mid-teens to $2.14, up $0.26 or 14% year-over-year, and operating margin expanded 30 basis points to 23.8% as broad-based productivity more than offset approximately $145 million of tariff impact, stranded costs and investments. Orders grew slightly over 10% with backlog up double digits, giving management confidence in accelerating growth through the balance of the year, while new product introductions climbed 35% to 84 launches and the EBO data-center connector won hyperscaler validation against a $1 billion-plus addressable market. Management reiterated full-year guidance of approximately 3% organic growth, EPS of $8.50 to $8.70, and free cash flow conversion above 100%, and returned $2.4 billion to shareholders, bringing cumulative returns to over $7 billion of a $10 billion commitment.
Margin | Demand | Revenue Growth | Guidance Reliability | Cost Pressure | Macroeconomic | Pricing | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 3 | 3 | 4 | 5 | 4 | 2 | |
| 2025Q1 | 4 | 5 | 1 | 3 | 3 | 2 | 1 | 9 |
| 2025Q2 | 7 | 6 | 5 | 4 | 3 | 1 | 3 | 4 |
| 2025Q3 | 7 | 3 | 4 | 3 | 1 | 2 | ||
| 2025Q4 | 5 | 7 | 4 | 1 | 1 | 3 | 2 | 1 |
| 2026Q1 | 3 | 8 | 3 | 3 | 3 | 4 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 8 | 4 | 7 | 7 | 5 | 3 |
| Demand | 3 | 5 | 6 | 3 | 7 | 8 |
| Revenue Growth | 3 | 1 | 5 | 4 | 4 | 3 |
| Guidance Reliability | 4 | 3 | 4 | 3 | 1 | 3 |
| Cost Pressure | 5 | 3 | 3 | 1 | 1 | 3 |
| Macroeconomic | 4 | 2 | 1 | 3 | 4 | |
| Pricing | 2 | 1 | 3 | 2 | 2 | 4 |
| Trade Tariffs | 9 | 4 | 1 |
What MMM and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Our separation from 3M continues to progress; we have exited approximately 50% of the transition service agreements and are on pace to exit over 90% by the end of 2026.”
Solventum continues unwinding its operational separation from former parent 3M, having exited ~50% of transition service agreements with a target of over 90% by end of 2026.
“Corporate was a 30 basis point headwind from planned wind down of Solventum transition services agreements.”
3M cited a corporate margin headwind from the planned wind-down of transition services agreements with spun-off Solventum.
“Bain Capital is our partner on this. They're 49%.”
3M structured the Madison/Scott Safety fire business as a JV with Bain Capital holding 49%, leveraging Bain's post-merger integration expertise.
“last month, we announced the acquisition of Madison Fire & Rescue, which will be combined with our Scott Safety business to create a leading global fire and safety business.”
3M announced the acquisition of Madison Fire & Rescue to combine with Scott Safety into an ~$800M global fire and safety business.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MMM 3M Company | 6 | +1.3% | |
| HON Honeywell International Inc. | 5 | -6.9% |