3M Company
Diversified Industrial Manufacturing & InnovationFounded 1902- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
3M Company
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$23.1B
Market Cap
$70.0B
Net Income
$2.8B
Employees
85,000
Today, 3M generates $23.1 billion in annual revenue and holds more than 100,000 active patents across materials science, adhesives, safety equipment, and healthcare. Revenue fell from $35.4 billion in 2021 to $23.1 billion by 2024, a contraction that reflects both the spinoff and the weight of legacy liabilities. Between 2021 and 2024, 3M's reported revenue dropped from $35.4 billion to $23.1 billion — a $12.3 billion decline that looks alarming until you account for the 2023 spinoff of its healthcare business into a separate public company called Solventum. The $2.8 billion net income figure for 2024 reflects a company still generating substantial cash even while absorbing the costs of two landmark legal settlements. Market capitalization of $70 billion represents a significant premium to annual revenue, suggesting investors believe the legal overhang is finite and the underlying business is worth more than near-term earnings imply. 3M's revenue trajectory over the four years through 2024 — $35.4B, $34.2B, $32.7B, $23.1B — shows a company that was already shrinking organically before the spinoff accelerated the headline number downward. The company's $70 billion market cap against $23.1 billion in revenue implies a multiple that prices in eventual legal resolution and post-spinoff margin improvement.
Revenue Trend Analysis
YoY Change
-29.3%
4-Year CAGR
-8%
Peak Year
2021
Trend
Declining Trend
3M Company has reported revenue across 5 fiscal years, compounding at -8% annually over 4 years. The most recent year saw a 29.3% decline versus the prior year. Revenue peaked in 2021 at $35.4B. Out of 4 reported periods, 1 showed growth and 3 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $23.1B | $2.8B | -29.3% |
| FY2023 | $32.7B | — | -4.5% |
| FY2022 | $34.2B | — | -3.2% |
| FY2021 | $35.4B | — | +9.9% |
| FY2020 | $32.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
3M's reported revenue declined to $23.1 billion in 2024 from a peak above $35 billion in 2021, primarily because the 2024 Solventum spinoff removed approximately $8 billion in annual healthcare revenue from 3M's consolidated financials. On an apples-to-apples basis (excluding divested segments), 3M's core industrial and consumer revenue has been more stable, though challenged by soft end-market demand.
Yes — 3M reported $2.8 billion in net income on $23.1 billion in revenue for 2024, equating to a net margin of approximately 12%. The company's profitability has been pressured by restructuring charges, legal settlement accruals, and macroeconomic headwinds, but its diversified revenue base has kept it consistently profitable.
3M committed to over $16 billion in legal settlements — approximately $10.3 billion for PFAS water contamination claims with U.S. municipalities, and $6 billion for Combat Arms earplug litigation with veterans. These settlements are being paid over multiple years and have significantly increased 3M's cash outflows, reduced its dividend, and weighed on its stock price since 2021.
3M historically maintained EBITDA margins in the 22–26% range, above most diversified industrial peers but below specialty chemical companies. Post-Solventum, management is targeting margin improvement through cost restructuring and portfolio simplification. For comparison, Honeywell and Illinois Tool Works typically report EBITDA margins in the 22–28% range.
3M historically prioritized dividends (now reduced), maintained steady R&D investment at $1.5–1.9 billion annually, and used buybacks opportunistically. Since 2022, capital allocation has shifted toward debt management and legal settlement funding, with discretionary buybacks largely paused until the PFAS and earplug liability picture clarifies.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "3M Company Revenue & Financials." CorpDigest, https://corpdigest.com/company/3m/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>3M Company reported $23B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/3m/financials" target="_blank" rel="noopener">CorpDigest — 3M Company financials</a></div>