$MMM · 3M CO
3M reported Q3 2026 GAAP sales of $6.6 billion (+1.0% YoY), GAAP EPS of $2.63 (+70% YoY), and adjusted EPS of $2.50 (+12% YoY). Adjusted operating margin expanded 110 bps to 26.2%. The company raised full-year 2026 adjusted EPS guidance to $9.10–$9.15 and disclosed a strategic Amazon partnership with a warrant for up to 3.2 million shares tied to $6 billion in cumulative data-center product sales over seven years.
- Q3 GAAP EPS of $2.63, up 70% YoY from $1.55
- Adjusted EPS of $2.50, up 12% YoY on new basis
- Adjusted operating margin of 26.2%, up 110 bps YoY
- Adjusted free cash flow of $1.2 billion in Q3
- Amazon warrant for up to 3.2M shares tied to $6B cumulative data-center product sales over 7 years
Extended-hours last trade at $163.00, up 0.57% vs the regular-session close of $162.08, indicating modest positive reception to the guidance raise and margin expansion. Full regular-session reaction pending.
3M's guidance raise, 70% GAAP EPS growth, and Amazon data-center partnership signal that the post-Solventum restructuring is delivering both margin expansion and a credible AI-infrastructure growth向量.
3M's 26.2% adjusted operating margin and 3.3% adjusted organic growth signal that the post-Solventum restructuring is gaining traction, with the Amazon data-center partnership positioning the company to capture AI-infrastructure demand.
PFAS liabilities remain a material overhang, with net costs for significant litigation and PFAS exit at $0.19 per share in Q3. The Solventum ownership stake continues to create earnings volatility, contributing a $0.60 negative adjustment this quarter.
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