3M Company (MMM) Cash Flow Statement
Where MMM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.31B +26.8% vs 2024
- Capital expenditures
- $910.0M 3.6% of revenue
- Free cash flow
- $1.40B 5.6% margin
- Returned to shareholders
- $5.99B 429% of free cash flow
- Change in cash
- −$365.0M cash at year-end $5.24B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MMM operating cash flow, capex and free cash flow
MMM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.66B2016 | $2.31B2025 | −11.1%/yr | |
| Capital expenditures | $1.42B2016 | $910.0M2025 | −4.8%/yr | |
| Free cash flow | $5.24B2016 | $1.40B2025 | −13.7%/yr | |
| Free cash flow margin | 17.4%2016 | 5.6%2025 | −11.8 pts | |
| Operating cash flow / net income | 1.322016 | 0.712025 | −0.61 | |
| Stock-based compensation | $298.0M2016 | $225.0M2025 | −3.1%/yr | |
| Dividends paid | $2.68B2016 | $1.18B2025 | −8.7%/yr | |
| Share buybacks (net) | $3.75B2016 | $4.81B2025 | +2.8%/yr | |
| Capex / revenue | 4.7%2016 | 3.6%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MMM cash flow by activity
MMM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MMM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.27B | $4.19B | −$7.00B | $5.79B | $5.93B | $5.39B | $4.58B | $5.36B | $4.87B | $5.06B |
| Depreciation & amortization | $1.31B | $1.22B | $1.43B | $1.83B | $1.92B | $1.91B | $1.59B | $1.49B | $1.54B | $1.47B |
| Stock-based compensation | $225.0M | $289.0M | $274.0M | $263.0M | $274.0M | $262.0M | $278.0M | $302.0M | $324.0M | $298.0M |
| Change in working capital | −$3.20B | −$5.22B | $317.0M | −$670.0M | −$751.0M | $458.0M | $803.0M | −$272.0M | $359.0M | −$7.0M |
| Other non-cash items | $704.0M | $1.34B | $11.65B | −$1.62B | $87.0M | $94.0M | −$186.0M | −$442.0M | −$856.0M | −$161.0M |
| Cash from operating activities | $2.31B | $1.82B | $6.68B | $5.59B | $7.45B | $8.11B | $7.07B | $6.44B | $6.24B | $6.66B |
| Investing activities | ||||||||||
| Capital expenditures | −$910.0M | −$1.18B | −$1.61B | −$1.75B | −$1.60B | −$1.50B | −$1.70B | −$1.58B | −$1.37B | −$1.42B |
| Investments (net) | $2.16B | −$3.21B | −$1.21B | −$1.05B | $204.0M | $232.0M | −$192.0M | $669.0M | −$3.09B | −$1.40B |
| Acquisitions & other investing | $97.0M | $1.18B | $1.61B | $1.75B | $82.0M | $689.0M | −$4.55B | $1.13B | $1.37B | $1.42B |
| Cash from investing activities | $1.35B | −$3.21B | −$1.21B | −$1.05B | −$1.32B | −$580.0M | −$6.44B | $222.0M | −$3.09B | −$1.40B |
| Financing activities | ||||||||||
| Dividends paid | −$1.18B | −$1.98B | −$3.31B | −$3.37B | −$3.42B | −$3.39B | −$3.32B | −$3.19B | −$2.80B | −$2.68B |
| Share repurchases & issuance (net) | −$4.81B | −$1.80B | −$33.0M | −$1.46B | −$2.20B | −$368.0M | −$1.41B | −$4.87B | −$2.07B | −$3.75B |
| Net borrowing (repayment) | −$716.0M | $5.51B | −$46.0M | −$838.0M | −$1.15B | −$1.88B | $3.25B | $933.0M | $1.60B | $1.04B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $547.0M | $485.0M | $0 | $0 |
| Other financing | $2.69B | −$625.0M | $243.0M | $321.0M | $619.0M | $331.0M | −$197.0M | −$56.0M | $613.0M | $762.0M |
| Cash from financing activities | −$4.02B | $1.10B | −$3.15B | −$5.35B | −$6.14B | −$5.30B | −$1.12B | −$6.70B | −$2.65B | −$4.63B |
| Summary | ||||||||||
| Net change in cash | −$365.0M | −$333.0M | $2.28B | −$909.0M | −$70.0M | $2.28B | −$500.0M | −$200.0M | $655.0M | $600.0M |
| Cash at end of period | $5.24B | $5.60B | $5.93B | $3.65B | $4.56B | $4.63B | $2.35B | $2.85B | $3.05B | $2.40B |
| Free cash flow | $1.40B | $638.0M | $5.07B | $3.84B | $5.85B | $6.61B | $5.37B | $4.86B | $4.87B | $5.24B |
| Free cash flow margin | 5.6% | 2.6% | 15.5% | 11.2% | 16.5% | 20.5% | 16.7% | 14.8% | 15.4% | 17.4% |
| Capex / revenue | 3.6% | 4.8% | 4.9% | 5.1% | 4.5% | 4.7% | 5.3% | 4.8% | 4.3% | 4.7% |
| Operating cash flow / net income | 0.71 | 0.43 | — | 0.97 | 1.26 | 1.51 | 1.54 | 1.20 | 1.28 | 1.32 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$659.0M | $659.0M | $577.0M | $841.0M | $725.0M | $1.12B | $728.0M | $1.38B | $1.15B | $933.0M | $947.0M | −$2.07B |
| Depreciation & amortization | $335.0M | $326.0M | $430.0M | $298.0M | $290.0M | $290.0M | $322.0M | $310.0M | $301.0M | $430.0M | $537.0M | $535.0M |
| Stock-based compensation | −$80.0M | $80.0M | $43.0M | $53.0M | $44.0M | $85.0M | $47.0M | $42.0M | $171.0M | $29.0M | $52.0M | $46.0M |
| Change in working capital | $565.0M | −$565.0M | −$2.60B | $77.0M | −$425.0M | −$253.0M | $649.0M | −$3.72B | −$1.38B | −$775.0M | $703.0M | $180.0M |
| Other non-cash items | $825.0M | $74.0M | $3.13B | $487.0M | −$1.59B | −$1.32B | $72.0M | $203.0M | $777.0M | $150.0M | −$253.0M | $3.22B |
| Cash from operating activities | $986.0M | $574.0M | $1.58B | $1.76B | −$954.0M | −$79.0M | $1.82B | −$1.79B | $1.02B | $767.0M | $1.99B | $1.91B |
| Investing activities | ||||||||||||
| Capital expenditures | −$223.0M | −$225.0M | −$248.0M | −$218.0M | −$208.0M | −$236.0M | −$291.0M | −$246.0M | −$269.0M | −$375.0M | −$358.0M | −$405.0M |
| Investments (net) | $47.0M | $281.0M | −$183.0M | $465.0M | $70.0M | $1.22B | −$1.15B | −$1.20B | −$463.0M | −$393.0M | −$301.0M | −$287.0M |
| Acquisitions & other investing | −$307.0M | $4.0M | $26.0M | $218.0M | $208.0M | $236.0M | $291.0M | $246.0M | $269.0M | $375.0M | $358.0M | −$214.0M |
| Cash from investing activities | −$483.0M | $60.0M | −$405.0M | $465.0M | $70.0M | $1.22B | −$1.15B | −$1.20B | −$463.0M | −$393.0M | −$301.0M | −$906.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$3.39B | −$412.0M | −$387.0M | −$389.0M | −$390.0M | −$396.0M | −$378.0M | −$383.0M | −$386.0M | −$835.0M | −$828.0M | −$828.0M |
| Share repurchases & issuance (net) | $2.00B | −$2.00B | −$2.11B | −$472.0M | −$953.0M | −$1.27B | −$705.0M | −$675.0M | −$400.0M | −$21.0M | −$2.0M | −$2.0M |
| Net borrowing (repayment) | $0 | $0 | −$11.0M | −$554.0M | −$500.0M | $349.0M | −$3.0M | $0 | — | — | — | $106.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.12B | $287.0M | $1.90B | $207.0M | $74.0M | $899.0M | $6.0M | −$27.0M | −$572.0M | $5.48B | −$94.0M | $20.0M |
| Cash from financing activities | $727.0M | −$2.12B | −$617.0M | −$1.21B | −$1.77B | −$422.0M | −$1.08B | −$1.08B | −$1.36B | $4.62B | −$924.0M | −$704.0M |
| Summary | ||||||||||||
| Net change in cash | $1.24B | −$1.50B | $564.0M | $959.0M | −$2.61B | $726.0M | −$450.0M | −$4.03B | −$828.0M | $4.98B | $793.0M | $882.0M |
| Cash at end of period | $4.97B | $3.73B | $5.24B | $4.67B | $3.71B | $6.33B | $5.60B | $6.05B | $10.08B | $10.91B | $5.93B | $5.14B |
| Free cash flow | $763.0M | $349.0M | $1.33B | $1.54B | −$1.16B | −$315.0M | $1.53B | −$2.03B | $752.0M | $392.0M | $1.63B | $1.50B |
| Free cash flow margin | 11.7% | 5.8% | 21.8% | 23.6% | −18.3% | −5.3% | 25.4% | −32.3% | 12.0% | 6.5% | 20.3% | 18.1% |
| Capex / revenue | 3.4% | 3.7% | 4.0% | 3.3% | 3.3% | 4.0% | 4.8% | 3.9% | 4.3% | 6.2% | 4.5% | 4.9% |
| Operating cash flow / net income | — | 0.87 | 2.74 | 2.09 | −1.32 | −0.07 | 2.50 | −1.30 | 0.89 | 0.82 | 2.10 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MMM cash generation
In fiscal 2025 (ended December 31, 2025), 3M generated $2.3 billion of cash from operations (up 26.8%) and spent $910.0 million on capital expenditures, leaving free cash flow of $1.4 billion, 5.6% of revenue. It returned $6.0 billion to shareholders through dividends ($1.2 billion) and net share buybacks ($4.8 billion). Cash and equivalents fell by $365.0 million over the year.
Related: MMM income statement, MMM balance sheet, MMM dividend history. See the MMM stock overview for the latest quote and news.
MMM cash flow FAQ
What is 3M's free cash flow?
3M's free cash flow was $1.4 billion in fiscal 2025: $2.3 billion of operating cash flow minus $910.0 million of capital expenditures It was $638.0 million a year earlier..
How much cash does 3M generate from operations?
3M generated $2.3 billion of cash from operating activities in fiscal 2025, 0.71 times its net income of $3.3 billion.
How much does 3M spend on capital expenditures?
3M spent $910.0 million on capital expenditures in fiscal 2025, 3.6% of revenue, compared with $1.2 billion the year before.
How much stock does 3M buy back?
3M spent $4.8 billion on net share repurchases in fiscal 2025.
How much does 3M pay in dividends?
3M paid $1.2 billion in dividends in fiscal 2025, 84.2% of free cash flow.