Analyst Consensus ?
ConsensusHold33 ratings
Bullish1648.5%
Neutral1648.5%
Bearish13.0%
3M Company · MMM · FY2025 Q4 · Calendar Q1 2026
3M Maintains FY 2026 Outlook as Transformation Broadens
The transcript supports a constructive but conditional view: commercial execution, product launches and operational improvements can support growth, while the FY 2026 outlook depends on managing soft demand, cost headwinds and a complex transformation.
Reported Before market openNYSEIndustrials
$87.40B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.83
Consensus $1.80
EPS surprise
+1.7%
Reported versus consensus
Reported revenue
$6.00B
Consensus $6.00B
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.0%
Event window
SPY move
-2.0%
Same window
Abnormal move
-4.9%
Stock minus SPY
Volume
4.6×
Versus trailing sessions
Subsequent drift
+5.2%
Up to 20 sessions
MMMSPY benchmark
Ask FN2 about MMM FY2025 Q4
Transcript, numbers and history already loaded
Why did MMM fall 7.0% after beating EPS estimates in FY2025 Q4?What changed in MMM's guidance and outlook in FY2025 Q4?Give me the bull and bear case for MMM after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, management shifted emphasis toward a broader AI-first operating model, factory and distribution consolidation, and a larger 2026 product-launch plan, while maintaining its FY 2026 guidance.
Guidance delta
Management maintained FY 2026 guidance while outlining a broader transformation agenda.
Key takeaways
- Management described strong Q4 and full-year execution despite a soft macro environment.
- Commercial excellence and new-product introductions remain the main growth engines.
- The next phase adds footprint consolidation, an AI-first operating model and continued capital returns.
- Demand, cost and execution risks remain important tests of the outlook.
Management priorities
- Commercial excellence, including pricing governance and channel collaboration.
- New-product introductions and focus on priority verticals.
- Factory and distribution-center consolidation.
- AI-enabled manufacturing and business-process redesign.
- Capital returns through the planned share-repurchase program and dividend growth.
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Analyst 52W Price Targets
$169.48Current
$105Low
$162.33Average
$218High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Bernstein | Market Perform | Underperform | Upgrade | Sep 25, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 23, 2026 |
| UBS | Buy | Buy | Maintain | Jul 22, 2026 |
| RBC Capital | Underperform | Underperform | Maintain | Jul 22, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 22, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | Jul 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 22, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 1, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jan 21, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 21, 2026 |
| B of A Securities | Buy | Buy | Maintain | Mar 6, 2025 |
| Melius Research | Buy | Hold | Upgrade | Oct 22, 2024 |
| Argus Research | Buy | Hold | Upgrade | Jul 30, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jun 13, 2024 |
| Vertical Research | Buy | Hold | Upgrade | May 16, 2024 |
| HSBC | Buy | Hold | Upgrade | May 10, 2024 |
| DA Davidson | Buy | Buy | Maintain | Jul 11, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 29, 2023 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 11, 2022 |
| Jefferies | Hold | Hold | Maintain | Jun 16, 2022 |
| CFRA | Hold | Sell | Upgrade | Mar 8, 2022 |
| Langenberg & Company | Buy | Hold | Upgrade | Oct 10, 2021 |
| Gordon Haskett | Hold | Underperform | Upgrade | Oct 7, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Jun 27, 2019 |
| Argus | Hold | Buy | Downgrade | Apr 26, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 25, 2018 |
| Stifel | Hold | Hold | Maintain | Apr 25, 2018 |
| Hilliard Lyons | Buy | Neutral | Upgrade | Jan 24, 2018 |
| Argus Capital | Buy | Hold | Upgrade | Jul 8, 2014 |
| William Blair | Market Perform | Market Perform | Maintain | Feb 25, 2014 |
| Ladenburg Thalmann | Hold | Hold | Maintain | Dec 26, 2013 |
| Nomura | Buy | Neutral | Upgrade | Dec 11, 2013 |
| FBR Capital | Outperform | Outperform | Maintain | Oct 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $169.48. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $171 | $167.52 | +0.9% | Sep 25, 2026 |
| Wells Fargo | Analyst unavailable | $195 | $167.52 | +15.1% | Sep 24, 2026 |
| Mizuho Securities | Analyst unavailable | $180 | $170.08 | +6.2% | Jul 23, 2026 |
| Deutsche Bank | Nicole Deblase | $192 | $173.97 | +13.3% | Jul 22, 2026 |
| UBS | Analyst unavailable | $218 | $170.76 | +28.6% | Jul 22, 2026 |
| Bernstein | Varun Govindaraj | $145 | $170.76 | -14.4% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $190 | $158.32 | +12.1% | Jun 15, 2026 |
| Deutsche Bank | Analyst unavailable | $181 | $158.06 | +6.8% | Jan 21, 2026 |
| Mizuho Securities | Brett Linzey | $160 | $157.45 | -5.6% | Jan 21, 2026 |
| RBC Capital | Deane Dray | $136 | $156.09 | -19.8% | Jan 21, 2026 |
| RBC Capital | Deane Dray | $131 | $172.79 | -22.7% | Jan 15, 2026 |
| Deutsche Bank | Nicole Deblase | $178 | $167.48 | +5.0% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $190 | $173.09 | +12.1% | Dec 4, 2025 |
| UBS | Amit Mehrotra | $190 | $166.64 | +12.1% | Oct 22, 2025 |
| Barclays | Julian Mitchell | $180 | $166.64 | +6.2% | Oct 22, 2025 |
| Morgan Stanley | Analyst unavailable | $160 | $166.64 | -5.6% | Oct 21, 2025 |
| Barclays | Julian Mitchell | $170 | $159.04 | +0.3% | Jul 18, 2025 |
| UBS | Markus Mittermaier | $184 | $130.35 | +8.6% | Nov 12, 2024 |
| Bank of America Securities | Andrew Obin | $160 | $129.04 | -5.6% | Oct 23, 2024 |
| RBC Capital | Deane Dray | $100 | $131.73 | -41.0% | Oct 23, 2024 |
| CFRA | Jonathan Sakraida | $165 | $131.73 | -2.6% | Oct 22, 2024 |
| Citigroup | Andrew Kaplowitz | $133 | $134.84 | -21.5% | Oct 22, 2024 |
| Mizuho Securities | Brett Linzey | $146 | $135.73 | -13.9% | Oct 16, 2024 |
| Barclays | Julian Mitchell | $160 | $137.06 | -5.6% | Oct 2, 2024 |
| Jefferies | Laurence Alexander | $146 | $135.64 | -13.9% | Sep 24, 2024 |
| Morgan Stanley | Christopher Snyder | $125 | $131.4 | -26.2% | Sep 6, 2024 |
| Deutsche Bank | Nicole Deblase | $150 | $126.94 | -11.5% | Jul 31, 2024 |
| Argus Research | John Eade | $145 | $126.75 | -14.4% | Jul 30, 2024 |
| RBC Capital | Deane Dray | $95 | $125.3 | -43.9% | Jul 29, 2024 |
| Wells Fargo | Joe O'Dea | $110 | $103.39 | -35.1% | Jul 26, 2024 |
| RBC Capital | Deane Dray | $78 | $94.02 | -54.0% | Apr 2, 2024 |
| CFRA | Jonathan Sakraida | $100 | $94.02 | -41.0% | Apr 1, 2024 |
| RBC Capital | Deane Dray | $84 | $108.11 | -50.4% | Mar 20, 2024 |
| Barclays | Julian Mitchell | $126 | $105.32 | -25.7% | Mar 19, 2024 |
| Citigroup | Andrew Kaplowitz | $104 | $92.42 | -38.6% | Feb 15, 2024 |
| Morgan Stanley | Joshua Pokrzywinski | $113 | $93 | -33.3% | Sep 28, 2023 |
| J.P. Morgan | Stephen Tusa | $105 | $97.03 | -38.0% | May 25, 2023 |
| Morgan Stanley | Joshua Pokrzywinski | $102 | $100.96 | -39.8% | May 10, 2023 |
| Mizuho Securities | Brett Linzey | $130 | $120.66 | -23.3% | Dec 27, 2022 |
| Wells Fargo | Joseph O’Dea | $137 | $128.31 | -19.2% | Jul 15, 2022 |
| Deutsche Bank | Nicole DeBlase | $146 | $128.37 | -13.9% | Jul 14, 2022 |
| Barclays | Julian Mitchell | $143 | $126.59 | -15.6% | Jul 14, 2022 |
| Jefferies | Laurence Alexander | $145 | $129.84 | -14.4% | Jun 20, 2022 |
| Barclays | Analyst unavailable | $146 | $145.41 | -13.9% | Apr 27, 2022 |
| Credit Suisse | Analyst unavailable | $161 | $144.88 | -5.0% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $138 | $144.87 | -18.6% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $138 | $144.22 | -18.6% | Apr 27, 2022 |
| Deutsche Bank | Nicole DeBlase | $167 | $146.18 | -1.5% | Apr 19, 2022 |
| Barclays | Julian Mitchell | $155 | $148.9 | -8.5% | Apr 5, 2022 |
| Wells Fargo | Joseph O’Dea | $173 | $147.62 | +2.1% | Feb 21, 2022 |
| Deutsche Bank | Nicole Deblase | $182 | $155.83 | +7.4% | Feb 15, 2022 |
| Argus Research | John Eade | $190 | $167.68 | +12.1% | Jan 26, 2022 |
| Credit Suisse | John Walsh | $195 | $169.3 | +15.1% | Jan 26, 2022 |
| Wolfe Research | Nigel Coe | $190 | $167.68 | +12.1% | Jan 26, 2022 |
| Bernstein | Brendan Luecke | $175 | $175.71 | +3.3% | Jan 10, 2022 |
| Bank of America Securities | Andrew Obin | $185 | $178.3 | +9.2% | Sep 17, 2021 |
Track every rating change on MMM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publication3M Company operates as a global technology conglomerate with diverse interests. Its extensive operations are strategically divided into four primary business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial division supplies a broad array of products, including specialized abrasives and finishing tools for metalworking, automotive body repair kits, fastening systems for personal hygiene items, various masking and packaging materials, electrical components for construction, maintenance, and power distribution, strong structural adhesives and tapes, comprehensive personal protective equipment for respiratory, auditory, visual, and fall protection, and mineral granules for roofing shingles.…
Historical context
All MMM earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
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- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the MMM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T01:30:58.768054+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T01:30:58.765220+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.