Analyst Consensus ?
ConsensusHold33 ratings
Bullish1648.5%
Neutral1545.4%
Bearish26.1%
3M Company · MMM · FY2026 Q2 · Calendar Q3 2026
3M Beats Estimates, Raises Guidance on 5.4% Organic Growth and EBO Momentum
3M's Q2 results beat on both lines, with 5.4% organic growth and $2.40 EPS against a $2.25 consensus, while operating margin expanded to 24.9%. The raised full-year guidance reflects management's confidence that commercial-excellence programs, an accelerating innovation pipeline, and data-center demand for Expanded Beam Optics are creating durable momentum. The Microsoft partnership and Madison Fire & Rescue acquisition extend the portfolio reshaping toward higher-growth, higher-margin markets.
Reported Before market openNYSEIndustrials
$94.11B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.40
Consensus $2
EPS surprise
+6.7%
Reported versus consensus
Reported revenue
$6.50B
Consensus $6.40B
Revenue surprise
+1.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$182.48Current
$105Low
$160.86Average
$218High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 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 |
|---|---|---|---|---|
| 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 $182.48. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $180 | $170.08 | -1.4% | Jul 23, 2026 |
| Deutsche Bank | Nicole Deblase | $192 | $173.97 | +5.2% | Jul 22, 2026 |
| UBS | Analyst unavailable | $218 | $170.76 | +19.5% | Jul 22, 2026 |
| Bernstein | Varun Govindaraj | $145 | $170.76 | -20.5% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $190 | $158.32 | +4.1% | Jun 15, 2026 |
| Deutsche Bank | Analyst unavailable | $181 | $158.06 | -0.8% | Jan 21, 2026 |
| Mizuho Securities | Brett Linzey | $160 | $157.45 | -12.3% | Jan 21, 2026 |
| RBC Capital | Deane Dray | $136 | $156.09 | -25.5% | Jan 21, 2026 |
| RBC Capital | Deane Dray | $131 | $172.79 | -28.2% | Jan 15, 2026 |
| Deutsche Bank | Nicole Deblase | $178 | $167.48 | -2.5% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $190 | $173.09 | +4.1% | Dec 4, 2025 |
| UBS | Amit Mehrotra | $190 | $166.64 | +4.1% | Oct 22, 2025 |
| Barclays | Julian Mitchell | $180 | $166.64 | -1.4% | Oct 22, 2025 |
| Morgan Stanley | Analyst unavailable | $160 | $166.64 | -12.3% | Oct 21, 2025 |
| Barclays | Julian Mitchell | $170 | $159.04 | -6.8% | Jul 18, 2025 |
| UBS | Markus Mittermaier | $184 | $130.35 | +0.8% | Nov 12, 2024 |
| Bank of America Securities | Andrew Obin | $160 | $129.04 | -12.3% | Oct 23, 2024 |
| RBC Capital | Deane Dray | $100 | $131.73 | -45.2% | Oct 23, 2024 |
| CFRA | Jonathan Sakraida | $165 | $131.73 | -9.6% | Oct 22, 2024 |
| Citigroup | Andrew Kaplowitz | $133 | $134.84 | -27.1% | Oct 22, 2024 |
| Mizuho Securities | Brett Linzey | $146 | $135.73 | -20.0% | Oct 16, 2024 |
| Barclays | Julian Mitchell | $160 | $137.06 | -12.3% | Oct 2, 2024 |
| Jefferies | Laurence Alexander | $146 | $135.64 | -20.0% | Sep 24, 2024 |
| Morgan Stanley | Christopher Snyder | $125 | $131.4 | -31.5% | Sep 6, 2024 |
| Deutsche Bank | Nicole Deblase | $150 | $126.94 | -17.8% | Jul 31, 2024 |
| Argus Research | John Eade | $145 | $126.75 | -20.5% | Jul 30, 2024 |
| RBC Capital | Deane Dray | $95 | $125.3 | -47.9% | Jul 29, 2024 |
| Wells Fargo | Joe O'Dea | $110 | $103.39 | -39.7% | Jul 26, 2024 |
| RBC Capital | Deane Dray | $78 | $94.02 | -57.3% | Apr 2, 2024 |
| CFRA | Jonathan Sakraida | $100 | $94.02 | -45.2% | Apr 1, 2024 |
| RBC Capital | Deane Dray | $84 | $108.11 | -54.0% | Mar 20, 2024 |
| Barclays | Julian Mitchell | $126 | $105.32 | -31.0% | Mar 19, 2024 |
| Citigroup | Andrew Kaplowitz | $104 | $92.42 | -43.0% | Feb 15, 2024 |
| Morgan Stanley | Joshua Pokrzywinski | $113 | $93 | -38.1% | Sep 28, 2023 |
| J.P. Morgan | Stephen Tusa | $105 | $97.03 | -42.5% | May 25, 2023 |
| Morgan Stanley | Joshua Pokrzywinski | $102 | $100.96 | -44.1% | May 10, 2023 |
| Mizuho Securities | Brett Linzey | $130 | $120.66 | -28.8% | Dec 27, 2022 |
| Wells Fargo | Joseph O’Dea | $137 | $128.31 | -24.9% | Jul 15, 2022 |
| Deutsche Bank | Nicole DeBlase | $146 | $128.37 | -20.0% | Jul 14, 2022 |
| Barclays | Julian Mitchell | $143 | $126.59 | -21.6% | Jul 14, 2022 |
| Jefferies | Laurence Alexander | $145 | $129.84 | -20.5% | Jun 20, 2022 |
| Barclays | Analyst unavailable | $146 | $145.41 | -20.0% | Apr 27, 2022 |
| Credit Suisse | Analyst unavailable | $161 | $144.88 | -11.8% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $138 | $144.87 | -24.4% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $138 | $144.22 | -24.4% | Apr 27, 2022 |
| Deutsche Bank | Nicole DeBlase | $167 | $146.18 | -8.5% | Apr 19, 2022 |
| Barclays | Julian Mitchell | $155 | $148.9 | -15.1% | Apr 5, 2022 |
| Wells Fargo | Joseph O’Dea | $173 | $147.62 | -5.2% | Feb 21, 2022 |
| Mizuho Securities | Brett Linzey | $170 | $155.83 | -6.8% | Feb 15, 2022 |
| Argus Research | John Eade | $190 | $167.68 | +4.1% | Jan 26, 2022 |
| Credit Suisse | John Walsh | $195 | $169.3 | +6.9% | Jan 26, 2022 |
| Wolfe Research | Nigel Coe | $190 | $167.68 | +4.1% | Jan 26, 2022 |
| Bernstein | Brendan Luecke | $175 | $175.71 | -4.1% | Jan 10, 2022 |
| Bank of America Securities | Andrew Obin | $185 | $178.3 | +1.4% | Sep 17, 2021 |
Track every rating change on MMM the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+7.3%
Event window
SPY move
+0.8%
Same window
Abnormal move
+6.5%
Stock minus SPY
Volume
3.5×
Versus trailing sessions
Subsequent drift
+6.9%
Up to 20 sessions
MMMSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
EPS of $2.40 beat the $2.25 estimate by 6.7%; revenue of $6.50 billion beat the $6.40 billion estimate by 1.6%. Organic sales growth accelerated to 5.4% from 1.2% in Q1, driven by safety and industrial strength and new-product launches. Operating margin expanded to 24.9% from 23.8% in Q1. Full-year guidance was raised for sales, EPS, and free cash flow, an upgrade from the maintained stance in Q1. 92 new product launches in Q2 (up 44% year-over-year) versus 84 in Q1, with NPI cycle time cut to approximately 250 days. Announced a $700 million cash acquisition of Madison Fire & Rescue JV and a Microsoft partnership to deploy Expanded Beam Optics in Azure data centers.
Guidance delta
Management raised full-year guidance for sales, EPS, and free cash flow, a clear upgrade from the prior quarter's maintained stance. The raise reflects Q2 momentum from commercial excellence, AI-enabled tools, and accelerating new-product introductions.
Key takeaways
- Q2 results exceeded expectations: 5.4% organic revenue growth, 24.9% operating margin, and $2.40 EPS versus the $2.25 consensus estimate.
- Full-year guidance was raised for sales, EPS, and free cash flow, marking an upgrade from the maintained stance in Q1.
- Innovation pipeline is accelerating: 92 new product launches in Q2 (a 44% year-over-year increase), on track for >350 in 2026.
- Closed a $700 million cash acquisition of Madison Fire & Rescue, forming a majority-owned JV with the Scott SCBA business.
- Strategic partnership with Microsoft to deploy Expanded Beam Optics in Azure data centers, targeting a $1 billion TAM today growing to $2 billion by 2028.
Management priorities
- Maintain >350 new product launches for 2026 and continue reducing development cycle time toward a 20% reduction by 2027.
- Double Expanded Beam Optics production capacity this year and again over the next 18 months to meet data-center AI demand.
- Integrate finance, HR, and customer service into a single global service delivery model with an external provider.
- Continue footprint rationalization while increasing overall plant utilization.
- Target high-40% gross margin through productivity gains and cost reductions.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-07-21T15:02:51.858613+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T05:02:02.301143+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T05:02:02.298379+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 . For educational purposes only; not investment advice.