Analyst Consensus ?
ConsensusHold33 ratings
Bullish1648.5%
Neutral1545.4%
Bearish26.1%
3M Company · MMM · FY2026 Q1 · Calendar Q2 2026
3M beats Q1 EPS estimates, holds FY26 guidance on strong safety demand
3M's Q1 2026 EPS beat was driven by safety and industrial strength, a more-than-10% rise in orders and double-digit backlog growth, with management holding full-year guidance (~3% organic growth, $8.50-$8.70 EPS). The quality of the beat rests on order momentum and new-product cadence rather than price alone; near-term watch items are consumer-electronics softness, oil-driven input costs, and tariff/stranded-cost pressure.
Reported Before market openNYSEIndustrials
$86.39B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.14
Consensus $1.98
EPS surprise
+8.1%
Reported versus consensus
Reported revenue
$6.00B
Consensus $6.01B
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.9%
Event window
SPY move
-0.7%
Same window
Abnormal move
-1.3%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+0.6%
Up to 20 sessions
MMMSPY benchmark
Ask FN2 about MMM FY2026 Q1
Transcript, numbers and history already loaded
Why did MMM fall 1.9% after beating EPS estimates in FY2026 Q1?What changed in MMM's guidance and outlook in FY2026 Q1?Give me the bull and bear case for MMM after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
3M reported Q1 2026 EPS of $2.14 versus the $1.98 consensus (+8.1%) on revenue of $6.0 billion, essentially in line. Organic sales grew 1.2%, operating margin came in at 23.8%, free cash flow was $540 million, and $2.4 billion was returned to shareholders. Management reaffirmed full-year guidance for ~3% organic growth, $8.50-$8.70 EPS and >$4.5 billion free cash flow, pointing to accelerating organic growth in Q2 and the back half. The stock traded slightly below the benchmark for the session (abnormal move of roughly -1.3%) on about 2.4x average volume, a muted reaction to the beat.
Guidance delta
Maintained. Management reaffirmed FY2026 guidance of ~3% organic growth, EPS of $8.50-$8.70 and >$4.5 billion free cash flow, and expects accelerating organic sales growth in Q2 and the back half; full-year outlook was unchanged despite the Q1 beat.
Key takeaways
- Q1 EPS of $2.14 beat the $1.98 consensus by 8.1%; revenue of $6.0 billion was essentially in line with estimates.
- Organic sales grew 1.2% while orders rose more than 10% and backlog expanded double digits, underpinning the beat.
- Management held FY2026 guidance: ~3% organic growth, $8.50-$8.70 EPS and >$4.5 billion free cash flow.
- Operating margin came in at 23.8% with free cash flow of $540 million; $2.4 billion returned to shareholders.
- Portfolio reshaping continues: Madison Fire & Rescue joint venture with Bain, footprint reduction below 100 sites, and 84 new product launches in Q1.
Management priorities
- Launch 350 new products in 2026 and exceed the 1,000-product target by 2027
- Double Expanded Beam Optics capacity to capture data-center and semiconductor AI demand
- Invest more than $250 million over three years in plant and warehouse automation
- Continue footprint reduction below 100 manufacturing sites and integrate Madison Fire & Rescue
- Deploy AI-enabled sales tools and the Ask 3M digital assistant
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$169.96Current
$105Low
$162.03Average
$218High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 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 |
|---|---|---|---|---|
| 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 |
| Bernstein | Underperform | Underperform | 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 $169.96. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $195 | $167.52 | +14.7% | Sep 24, 2026 |
| Mizuho Securities | Analyst unavailable | $180 | $170.08 | +5.9% | Jul 23, 2026 |
| Deutsche Bank | Nicole Deblase | $192 | $173.97 | +13.0% | Jul 22, 2026 |
| UBS | Analyst unavailable | $218 | $170.76 | +28.3% | Jul 22, 2026 |
| Bernstein | Varun Govindaraj | $145 | $170.76 | -14.7% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $190 | $158.32 | +11.8% | Jun 15, 2026 |
| Deutsche Bank | Analyst unavailable | $181 | $158.06 | +6.5% | Jan 21, 2026 |
| Mizuho Securities | Brett Linzey | $160 | $157.45 | -5.9% | Jan 21, 2026 |
| RBC Capital | Deane Dray | $136 | $156.09 | -20.0% | Jan 21, 2026 |
| RBC Capital | Deane Dray | $131 | $172.79 | -22.9% | Jan 15, 2026 |
| Deutsche Bank | Nicole Deblase | $178 | $167.48 | +4.7% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $190 | $173.09 | +11.8% | Dec 4, 2025 |
| UBS | Amit Mehrotra | $190 | $166.64 | +11.8% | Oct 22, 2025 |
| Barclays | Julian Mitchell | $180 | $166.64 | +5.9% | Oct 22, 2025 |
| Morgan Stanley | Analyst unavailable | $160 | $166.64 | -5.9% | Oct 21, 2025 |
| Barclays | Julian Mitchell | $170 | $159.04 | +0.0% | Jul 18, 2025 |
| UBS | Markus Mittermaier | $184 | $130.35 | +8.3% | Nov 12, 2024 |
| Bank of America Securities | Andrew Obin | $160 | $129.04 | -5.9% | Oct 23, 2024 |
| RBC Capital | Deane Dray | $100 | $131.73 | -41.2% | Oct 23, 2024 |
| CFRA | Jonathan Sakraida | $165 | $131.73 | -2.9% | Oct 22, 2024 |
| Citigroup | Andrew Kaplowitz | $133 | $134.84 | -21.7% | Oct 22, 2024 |
| Mizuho Securities | Brett Linzey | $146 | $135.73 | -14.1% | Oct 16, 2024 |
| Barclays | Julian Mitchell | $160 | $137.06 | -5.9% | Oct 2, 2024 |
| Jefferies | Laurence Alexander | $146 | $135.64 | -14.1% | Sep 24, 2024 |
| Morgan Stanley | Christopher Snyder | $125 | $131.4 | -26.5% | Sep 6, 2024 |
| Deutsche Bank | Nicole Deblase | $150 | $126.94 | -11.7% | Jul 31, 2024 |
| Argus Research | John Eade | $145 | $126.75 | -14.7% | Jul 30, 2024 |
| RBC Capital | Deane Dray | $95 | $125.3 | -44.1% | Jul 29, 2024 |
| Wells Fargo | Joe O'Dea | $110 | $103.39 | -35.3% | Jul 26, 2024 |
| RBC Capital | Deane Dray | $78 | $94.02 | -54.1% | Apr 2, 2024 |
| CFRA | Jonathan Sakraida | $100 | $94.02 | -41.2% | Apr 1, 2024 |
| RBC Capital | Deane Dray | $84 | $108.11 | -50.6% | Mar 20, 2024 |
| Barclays | Julian Mitchell | $126 | $105.32 | -25.9% | Mar 19, 2024 |
| Citigroup | Andrew Kaplowitz | $104 | $92.42 | -38.8% | Feb 15, 2024 |
| Morgan Stanley | Joshua Pokrzywinski | $113 | $93 | -33.5% | Sep 28, 2023 |
| J.P. Morgan | Stephen Tusa | $105 | $97.03 | -38.2% | May 25, 2023 |
| Morgan Stanley | Joshua Pokrzywinski | $102 | $100.96 | -40.0% | May 10, 2023 |
| Mizuho Securities | Brett Linzey | $130 | $120.66 | -23.5% | Dec 27, 2022 |
| Wells Fargo | Joseph O’Dea | $137 | $128.31 | -19.4% | Jul 15, 2022 |
| Deutsche Bank | Nicole DeBlase | $146 | $128.37 | -14.1% | Jul 14, 2022 |
| Barclays | Julian Mitchell | $143 | $126.59 | -15.9% | Jul 14, 2022 |
| Jefferies | Laurence Alexander | $145 | $129.84 | -14.7% | Jun 20, 2022 |
| Barclays | Analyst unavailable | $146 | $145.41 | -14.1% | Apr 27, 2022 |
| Credit Suisse | Analyst unavailable | $161 | $144.88 | -5.3% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $138 | $144.87 | -18.8% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $138 | $144.22 | -18.8% | Apr 27, 2022 |
| Deutsche Bank | Nicole DeBlase | $167 | $146.18 | -1.7% | Apr 19, 2022 |
| Barclays | Julian Mitchell | $155 | $148.9 | -8.8% | Apr 5, 2022 |
| Wells Fargo | Joseph O’Dea | $173 | $147.62 | +1.8% | Feb 21, 2022 |
| Deutsche Bank | Nicole Deblase | $182 | $155.83 | +7.1% | Feb 15, 2022 |
| Argus Research | John Eade | $190 | $167.68 | +11.8% | Jan 26, 2022 |
| Credit Suisse | John Walsh | $195 | $169.3 | +14.7% | Jan 26, 2022 |
| Wolfe Research | Nigel Coe | $190 | $167.68 | +11.8% | Jan 26, 2022 |
| Bernstein | Brendan Luecke | $175 | $175.71 | +3.0% | Jan 10, 2022 |
| Bank of America Securities | Andrew Obin | $185 | $178.3 | +8.8% | 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
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- 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 · 2026-09-25T16:01:27.845857+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T16:01:27.842973+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 2026-09-25. For educational purposes only; not investment advice.