Full Transcript: 3M Q2 2026 Earnings Call

3M (NYSE: MMM ) held its second-quarter earnings conference call on Tuesday.

Below is the complete transcript from the call.

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View the webcast at Watch the full earnings call below: Summary 3M reported strong Q2 performance with 5.4% organic growth, 24.9% operating margin, and EPS of $2.40, up 11%.

Free cash flow was $1.3 billion with a 107% conversion rate.

The company raised its full-year guidance for sales, EPS, and free cash flow, citing strong execution of strategic priorities and commercial initiatives.

Notable strategic initiatives include ongoing commercial excellence, cross-selling efforts, and an accelerated pace of new product introductions, with 92 new products launched in Q2.

3M is in the process of transitioning to a more integrated operating company model, focusing on simplifying and standardizing processes and enhancing its portfolio.

The company closed the acquisition of Madison Fire and Rescue, forming a new joint venture with Scott SCBA, and announced a strategic partnership with Microsoft for its Expanded Beam Optics technology.

Management noted strong performance in China with double-digit growth and outlined continued focus on key growth areas such as industrial adhesives, safety, and data centers.

3M is optimistic about future growth, aiming for above-market performance through its innovation and commercial excellence, with plans to launch over 350 new products this year.

Full Transcript OPERATOR Ladies and gentlemen, thank you for standing by.

Welcome to the 3M second quarter earnings conference call.

During the presentation, all participants will be in a listen-only mode.

Afterwards, we will conduct a question-and-answer session.

At that time, if you do have a question, please press star one on your telephone keypad.

As a reminder, this call is being recorded Tuesday, July 21, 2026.

I would now like to turn the call over to Chinmay Trivedi, Senior Vice President of Investor Relations and Financial Planning and Analysis at 3M.

Chinmay Trivedi, Senior Vice President of Investor Relations and Financial Planning and Analysis Thank you.

Good morning everyone and welcome to our quarterly earnings conference call.

With me today are Bill Brown, 3M's Chairman and Chief Executive Officer, and Anurag Maheshwari, 3M's Chief Financial Officer.

Bill and Anurag will make some formal comments, then we will take your questions.

Please note that today's earnings release and slide presentation accompanying this call are posted on the homepage of our investor relations website at 3M.com.

Please turn to slide 2 and take a moment to read the forward-looking statements.

During today's conference call, we'll be making certain predictive statements that reflect our current views about 3M's future performance and financial results.

These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties.

Item 1A of our most recent Form 10-Q lists some of the most important risk factors that could cause actual results to differ from our predictions.

Please note, throughout today's presentation we'll be making references to certain non-GAAP financial measures.

Reconciliations of the non-GAAP measures can be found in the attachments to today's press release.

With that, please turn to slide 3 and I will hand the call off to Bill.

Bill.

Bill Brown, Chairman and CEO Thank you, Chinmay, and good morning, everyone.

We delivered strong performance in Q2, including organic growth of 5.4%, operating margin of 24.9%, up 4,040 basis points, earnings per share of $2.40, up 11%, and free cash flow of $1.3 billion with 107% conversion.

We returned $1.4 billion to shareholders in the quarter, including $400 million in dividends and $1 billion of share repurchases.

Since 2025, we returned $8.6 billion to shareholders against our commitment to return $10 billion plus through 2027.