3M Company (MMM.N): Solid 2Q26 Results and ’26 Guidance Raised

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3M Company (MMM.N): Solid 2Q26 Results and ’26 Guidance Raised

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21 Jul 2026 08:20:18 ET │ 11 pages

3M Company (MMM.N)

Solid 2Q26 Results and ’26 Guidance Raised

CITI'S TAKE

NeutralMMM reported solid 2Q26 results with adj. sales of $6.50bn (vs.

Citi/Street estimate of $6.38bn/$6.40bn), adj. op margin of 24.9% (vs. Price (20 Jul 26 16:00) US$159.11

our pre-print forecast of 24.5%), and adj. EPS of $2.40 (vs. Citi/Street Target price US$166.00

estimate of $2.21/$2.25), all coming in ahead of Citi/Street pre-print Expected share price return 4.3%

estimates. Demand trends across MMM’s end markets remain mixed with Expected dividend yield 2.0%

a combination of healthy demand and MMM’s commercial eXcellence Expected total return 6.3%

initiatives across general industrial and safety driving MMM’s growth

Market Cap US$82,987M potential (and supporting MMM’s raised full-year organic growth

guidance), while consumer and consumer electronics end markets remain

challenged. Operating execution continues to be solid (driven by strong

performance in S&I, while Consumer lagged), reflecting MMM’s ongoing Andrew KaplowitzAC

“self-help” actions that we think should support raised ’26 consensus EPS +1-212-816-0642

expectations despite continuation of mixed demand trends across MMM’s andrew.kaplowitz@citi.com

end markets.

Vladimir Bystricky

vladimir.bystricky@citi.com

2026 EPS guidance raised — MMM raised its ’26 organic sales growth guidance to

Piyush Avasthy>3.5% (from ~3% previously; Citi pre-print estimate of 3.0%) as well as raised its adj.

EPS guidance range to $8.80-$8.95 (from $8.50-$8.70 previously; Citi/Street piyush.avasthy@citi.com

estimate of $8.65/$8.74). Operating margin in ‘26 is expected to be in the range of

24.1%-24.2% (vs. Citi pre-print estimate of 24.2%).