Exhibit 99.1
3M Reports First-Quarter 2025 Results
GAAP sales of $6.0 billion, down 1.0% YoY; operating margin 20.9%, up 180 bps YoY; EPS of $2.04, up 61% YoY
Adjusted sales of $5.8 billion with organic growth of 1.5% YoY
Adjusted operating margin of 23.5%, up 220 bps YoY
Adjusted EPS of $1.88, up 10% YoY
Operating cash flow of $(0.1) billion with adjusted free cash flow of $0.5 billion
Updated 2025 guidance and providing tariff sensitivity
ST. PAUL, Minn. – April 22, 2025 − 3M (NYSE: MMM) today reported first-quarter 2025 results.
“We had strong results in the first quarter with positive organic sales growth, margins ahead of expectations and double-digit EPS growth,” said William Brown, 3M Chairman and Chief Executive Officer. “In this dynamic environment we remain focused on improving the fundamentals in the business, building a new performance culture and advancing our strategic priorities while leveraging our extensive global network and significant U.S. footprint. I want to thank the 3M team for their hard work, dedication, and relentless focus on improving every day.”
First-quarter highlights:
Q1 2025
Q1 2024
GAAP EPS from continuing operations (GAAP EPS)$2.04 $1.27 
Special items:
Net costs for significant litigation 0.41 0.44 
(Increase) decrease in value of Solventum ownership(0.63)— 
Manufactured PFAS products0.06 — 
Adjusted EPS from continuing operations (adjusted EPS)
$1.88 $1.71 
Memo:
GAAP operating income margin20.9 %19.1 %
Adjusted operating income margin23.5 %21.3 %
GAAP EPS of $2.04 and operating margin of 20.9%.
Adjusted EPS of $1.88, up 10% year-on-year.
Adjusted operating income margin of 23.5%, an increase of 2.2 percentage points year-on-year.
GAAP
Adjusted (non-GAAP)
Net sales (billions)
$6.0$5.8
Sales change
Total sales (1.0)%0.8%
Components of sales change:
Organic sales
(0.3)1.5
Acquisitions/divestitures1.01.0
Translation(1.7)(1.7)
Adjusted sales excludes manufactured PFAS products.
Sales of $6.0 billion, down 1.0% year-on-year with organic sales down 0.3% year-on-year.
Adjusted sales of $5.8 billion, up 0.8% year-on-year with adjusted organic sales up 1.5% year-on-year.
3M returned $1.7 billion to shareholders via dividends and share repurchases.
Cash from operations of $(0.1) billion.
Adjusted free cash flow of $0.5 billion.
This document includes reference to certain non-GAAP measures. See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information.
1


Update on 2025 guidance
Adjusted EPS1 in the range of $7.60 to $7.90, and additional tariff sensitivity of $(0.20) to $(0.40) per share.
1As further discussed at 5 within the "Supplemental Financial Information Non-GAAP Measures" sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.
Conference call
3M will conduct an investor teleconference at 9 a.m. ET (8 a.m. CT) today. Investors can access this conference via the following:
Live webcast at https://investors.3M.com
Webcast replay at https://investors.3m.com/financials/quarterly-earnings
Forward-looking statements
This news release contains forward-looking statements. You can identify these statements by the use of words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” “would,” “forecast,” “future,” “outlook,” “guidance” and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation; recession; military conflicts; trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures; regulatory requirements, legal actions, or enforcement; and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) foreign currency exchange rates and fluctuations in those rates; (3) liabilities and the outcome of contingencies related to certain fluorochemicals; known as “PFAS,” including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company’s plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio; (4) risks related to the class-action settlement to resolve claims by public water suppliers in the United States regarding PFAS; (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K (the “Reports”), as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way; (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product and service offerings; (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning system, or security breaches and other disruptions to the Company's information or operational technology infrastructure; (10) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (11) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (13) the Company's credit ratings and its cost of capital; (14) tax-related external conditions, including changes in tax rates, laws or regulations; (15) matters relating to the spin-off of the Company’s Health Care business, including the risk that the expected benefits will not be realized; the risk that the costs or dis-synergies will exceed the anticipated amounts; potential impacts on the Company's relationships with its customers, suppliers, employees, regulators and other counterparties; the ability to realize the desired tax treatment; the risk that any consents or approvals required will not be obtained; risks under the agreements and obligations entered into in connection with the spin-off; and (16) matters relating to Combat Arms Earplugs (“CAE”) and related products, including those related to, the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company’s subsidiary Aearo Technologies and certain of its affiliates and/or the Company. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). Changes in such assumptions or factors could produce significantly different results. The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.
2

3M Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(Millions, except per-share amounts)
(Unaudited)

Three months ended
March 31,
20252024
Net sales$5,954 $6,016 
Operating expenses
Cost of sales3,478 3,485 
Selling, general and administrative expenses945 1,128 
Research, development and related expenses 285 254 
Total operating expenses 4,708 4,867 
Operating income
1,246 1,149 
Other expense (income), net(139)220 
Income from continuing operations before income taxes
1,385 929 
Provision for income taxes
265 220 
Income from continuing operations of consolidated group
1,120 709 
Income from unconsolidated subsidiaries, net of taxes2 
Net income from continuing operations including noncontrolling interest
1,122 710 
Less: net income attributable to noncontrolling interest 6 
Net income from continuing operations attributable to 3M
1,116 705 
Net income from discontinued operations, net of taxes
 223 
Net income attributable to 3M
$1,116 $928 
Earnings per share attributable to 3M common shareholders:
Weighted average 3M common shares outstanding — basic543.8 555.0 
Earnings per share from continuing operations — basic
$2.05 $1.27 
Earnings per share from discontinued operations — basic
 0.40 
Earnings per share — basic
$2.05 $1.67 
Weighted average 3M common shares outstanding — diluted547.7 555.9 
Earnings per share from continuing operations — diluted
$2.04 $1.27 
Earnings per share from discontinued operations — diluted
 0.40 
Earnings per share — diluted
$2.04 $1.67 
3

3M Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
March 31, 2025December 31, 2024
Assets
Current assets
Cash and cash equivalents$6,326 $5,600 
Marketable securities – current698 2,128 
Accounts receivable – net3,501 3,194 
Inventories3,869 3,698 
Prepaids485 493 
Other current assets778 771 
Total current assets15,657 15,884 
Property, plant and equipment – net7,356 7,388 
Operating lease right of use assets587 565 
Goodwill and intangible assets – net7,522 7,491 
Other assets8,829 8,540 
Total assets$39,951 $39,868 
Liabilities and equity
Current liabilities
Short-term borrowings and current portion of long-term debt$1,169 $1,919 
Accounts payable2,756 2,660 
Accrued payroll451 712 
Accrued income taxes359 331 
Operating lease liabilities – current176 163 
Other current liabilities4,540 5,471 
Total current liabilities9,451 11,256 
Long-term debt12,307 11,125 
Other liabilities13,670 13,593 
Total liabilities35,428 35,974 
Total equity4,523 3,894 
Shares outstanding
March 31, 2025: 538,181,362
December 31, 2024: 539,470,303
Total liabilities and equity$39,951 $39,868 
4

3M Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(Unaudited)
Three months ended March 31,
20252024
Net cash provided by (used in) operating activities $(79)$767 
Cash flows from investing activities:
Purchases of property, plant and equipment(236)(375)
Purchases and proceeds from sale or maturities of marketable securities and investments – net1,441 (11)
Other investing activities15 (7)
Net cash provided by (used in) investing activities 1,220 (393)
Cash flows from financing activities:
Change in debt – net
349 5,509 
Purchases of treasury stock(1,274)(21)
Proceeds from issuances of treasury stock pursuant to stock option and benefit plans905 18 
Dividends paid to shareholders(396)(835)
Other financing activities(6)(50)
Net cash provided by (used in) financing activities (422)4,621 
Effect of exchange rate changes on cash and cash equivalents7 (17)
Net increase (decrease) in cash and cash equivalents726 4,978 
Cash and cash equivalents at beginning of year5,600 5,933 
Cash and cash equivalents at end of period$6,326 $10,911 
The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.
5

3M Company and Subsidiaries
SALES CHANGE ANALYSIS2
(Unaudited)
Three months ended March 31, 2025
Sales change analysis by geographic area
AmericasAsia PacificEurope, Middle East and AfricaWorldwide
Organic sales1.6 %(0.7)%(5.1)%(0.3)%
Divestitures1.6 0.2 0.5 1.0 
Translation(1.4)(2.1)(2.1)(1.7)
Total sales change1.8 %(2.6)%(6.7)%(1.0)%
Three months ended March 31, 2025
Worldwide sales change by business segment
Organic salesAcquisitionsDivestituresTranslationTotal sales
change
Safety and Industrial2.5 %— %— %(2.0)%0.5 %
Transportation and Electronics(4.0)— — (1.4)(5.4)
Consumer0.3 — — (1.7)(1.4)
2Total sales change is calculated based on reported sales results. The components of sales change include organic local-currency sales, acquisitions, divestitures, and translation. Organic local-currency sales include both organic volume impacts (which excludes acquisition and divestiture impacts) and selling price changes. Acquisition and divestiture impacts are measured separately for the first 12 months post-transaction and, beginning April 2024, include the impact of commercial agreements associated with the separation of Solventum.
6

3M Company and Subsidiaries
BUSINESS SEGMENTS
(Unaudited)
3M discloses business segment operating income (loss) as its measure of segment profit/loss, reconciled to both total 3M operating income (loss) and income before taxes. Business segment operating income (loss) excludes certain expenses and income that are not allocated to business segments (as described below in “Corporate and Other”).
Three months ended
March 31,
Net sales (millions)
20252024
Abrasives$317 $328 
Automotive Aftermarket290 306 
Electrical Markets325 305 
Industrial Adhesives and Tapes543 518 
Industrial Specialties Division288 290 
Personal Safety850 857 
Roofing Granules132 128 
Total Safety and Industrial business segment
2,745 2,732 
Advanced Materials218 263 
Automotive and Aerospace475 506 
Commercial Branding and Transportation616 610 
Electronics681 725 
Total Transportation and Electronics business segment
1,990 2,104 
Consumer Safety and Well-Being274 266 
Home and Auto Care299 305 
Home Improvement326 330 
Packaging and Expression225 239 
Total Consumer business segment
1,124 1,140 
Total reportable business segments5,859 5,976 
Corporate and Other
95 40 
Total company
$5,954 $6,016 
Operating income (loss) (millions)
Safety and Industrial$696 $657 
Transportation and Electronics352 481 
Consumer219 216 
Total reportable business segments1,267 1,354 
Corporate and Other
Corporate special items:
Net costs for significant litigation(71)(63)
Divestiture costs (6)
Total corporate special items(71)(69)
Other corporate (expense) income - net
50 (136)
Total Corporate and Other
(21)(205)
Total company operating income (loss)
1,246 1,149 
Other expense/(income), net(139)220 
Income (loss) from continuing operations before income taxes
$1,385 $929 
7

3M Company and Subsidiaries
BUSINESS SEGMENTS - (CONTINUED)
(Unaudited)

Corporate and Other
Outside of 3M's reportable operating segments, 3M has Corporate and Other which is not a reportable business segment as it does not meet the segment reporting criteria. Because Corporate and Other includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.
Corporate and Other operating income (loss) includes “corporate special items” and “other corporate (expense) income-net”.
Corporate special items includes, for the periods presented:
net costs for significant litigation impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters.
divestiture costs (related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture) that were not eligible to be part of discontinued operations.
Other corporate (expense) income-net includes:
certain enterprise and governance activities resulting in unallocated corporate costs and other activity and net costs that 3M may choose not to allocate directly to its business segments.
commercial activity with Solventum following its April 1, 2024 Separation and certain operations of the former Health Care business segment retained by 3M.
transition arrangement agreements (e.g. fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Solventum Separation, as well as other applicable divestitures.
operations of businesses of the former Health Care segment divested prior to the Separation and therefore not reflected as discontinued operations within 3M's financial statements, along with limited-duration supply agreements with those previous divestitures.
costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations.
8

3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES
(Unaudited)
In addition to reporting financial results in accordance with U.S. GAAP, 3M also provides certain non-GAAP measures. These measures are not in accordance with, nor are they a substitute for GAAP measures, and may not be comparable to similarly titled measures used by other companies.
Certain measures adjust for the impacts of special items. Special items for the periods presented include the items described in the section entitled “Description of special items”. Because 3M provides certain information with respect to business segments, it is noteworthy that special items impacting operating income (loss) are reflected in Corporate and Other, except as described with respect to net costs for significant litigation and manufactured PFAS products items in the “Description of special items” section. The reconciliations below, therefore, also include impacted segments as applicable.
This document contains measures for which 3M provides the reported GAAP measure and a non-GAAP measure adjusted for special items. The document also contains additional measures which are not defined under U.S. GAAP. These measures and reasons 3M believes they are useful to investors (and, as applicable, used by 3M) include:
GAAP amounts for which a measure adjusted for special items is also provided:
Reasons 3M believes the measure is useful:
Net sales (and sales change)
Considered, in addition to segment operating performance, in evaluating and managing operations; useful in understanding underlying business performance, provides additional transparency to special items
Operating income (loss), segment operating income (loss) and operating income (loss) margin
Other expense (income), net
Income from continuing operations before taxes
Provision for income taxes and effective tax rate
Net income from continuing operations
EPS from continuing operations
Additional non-GAAP measures:
Adjusted net cash provided by (used in) operating activities; adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures); adjusted free cash flow and adjusted free cash flow conversion
Used as indicators of strength and ability to generate cash and as indicator of capital deployment; meaningful as measures of performance
The following provides additional information and applicable GAAP amounts reconciled to non-GAAP measures.
9

3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)
(Unaudited)
Certain amounts adjusted for special items (non-GAAP measures):
Three months ended March 31, 2024
 Amounts from continuing operations
(Dollars in millions, except per share amounts)Net salesOperating income (loss)Operating income (loss) margin
Income (loss) before taxes
Provision (benefit) for income taxesEffective tax rate
Net income (loss) attributable to 3M
EPS
Safety and Industrial
GAAP amounts$657 24.1 %
Adjustments for special items:
Net costs for significant litigation
Adjusted amounts (non-GAAP measures)3
$664 24.3 %
Transportation and Electronics
GAAP amounts$2,104 $481 22.9 %
Adjustments for special items:
Manufactured PFAS products(281)(2)
Adjusted amounts (non-GAAP measures)3
$1,823 $479 26.3 %
Total company
GAAP amounts$6,016 $1,149 19.1 %$929 $220 23.7 %$705 $1.27 
Adjustments for special items:
Net costs for significant litigation— 70 274 31 243 0.44 
Manufactured PFAS products(281)(2)(2)(1)(1)— 
Divestiture costs— — 
Total special items(281)74 278 32 246 0.44 
Adjusted amounts (non-GAAP measures)3
$5,735 $1,223 21.3 %$1,207 $252 20.9 %$951 $1.71 
Three months ended March 31, 2025
 Amounts from continuing operations
(Dollars in millions, except per share amounts)Net salesSales changeOperating income (loss)Operating income (loss) margin
Income (loss) before taxes
Provision (benefit) for income taxesEffective tax rate
Net income (loss) attributable to 3M
EPS
EPS percent change
Safety and Industrial
GAAP amounts$696 25.4 %
Adjustments for special items:
Net costs for significant litigation3 
Adjusted amounts (non-GAAP measures)3
$699 25.5 %
Transportation and Electronics
GAAP amounts$1,990 (5.4)%$352 17.7 %
Adjustments for special items:
Manufactured PFAS products(174)38 
Adjusted amounts (non-GAAP measures)3
$1,816 (0.4)%$390 21.5 %
Total company
GAAP amounts$5,954 (1.0)%$1,246 20.9 %$1,385 $265 19.1 %$1,116 $2.04 61 %
Adjustments for special items:
Net costs for significant litigation 74 224 (2)226 0.41 
Manufactured PFAS products(174)38 38 9 29 0.06 
Solventum ownership - change in value  (343) (343)(0.63)
Total special items(174)112 (81)7 (88)(0.16)
Adjusted amounts (non-GAAP measures)3
$5,780 0.8 %$1,358 23.5 %$1,304 $272 20.9 %$1,028 $1.88 10  %
3These items represent amounts adjusted for special items. See lead-in to non-GAAP measures discussion.
10

3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)
(Unaudited)
2025 forecast
2025 adjusted earnings per share from continuing operations (non-GAAP measure)3,5
 $7.60 to $7.90
53M provides these forward-looking non-GAAP measures, but cannot, without unreasonable effort, forecast certain items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as net costs for significant litigation; projected divestiture gains; divestiture costs; divestiture-related restructuring; changes in value of Solventum ownership; and net sales and estimates of income and associated activity of exited manufactured PFAS products all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of 3M’s control. 3M believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, 3M believes that the probable significance of such information is low. Additionally, for similar reasons, 3M does not include the impact of potentially-divested or acquired businesses on expected operations in forecasted guidance it provides until close of a transaction. Information with respect to special items for certain historical periods is included in the section entitled “Description of special items”.
Three months ended March 31, 2025
Sales change2
Organic salesAcquisitionsDivestituresTranslationTotal sales change
Total company
(0.3)%— %1.0 %(1.7)%(1.0)%
Remove manufactured PFAS products special item impact1.8 — — — 1.8 
Adjusted total company (non-GAAP measures)3
1.5 %— %1.0 %(1.7)%0.8 %
Transportation and Electronics(4.0)%— %— %(1.4)%(5.4)%
Remove manufactured PFAS products special item impact5.1 — — (0.1)5.0 
Adjusted Transportation and Electronics (non-GAAP measures)3
1.1 %— %— %(1.5)%(0.4)%
By Geographic Area
Americas1.6 %— %1.6 %(1.4)%1.8 %
Remove manufactured PFAS products special item impact0.1 — — — 0.1 
Adjusted Americas (non-GAAP measures)3
1.7 %— %1.6 %(1.4)%1.9 %
Asia Pacific(0.7)%— %0.2 %(2.1)%(2.6)%
Remove manufactured PFAS products special item impact3.8 — — — 3.8 
Adjusted Asia Pacific (non-GAAP measures)3
3.1 %— %0.2 %(2.1)%1.2 %
Europe, Middle East & Africa(5.1)%— %0.5 %(2.1)%(6.7)%
Remove manufactured PFAS products special item impact3.5 — 0.1 (0.1)3.5 
Adjusted Europe, Middle East & Africa (non-GAAP measures)3
(1.6)%— %0.6 %(2.2)%(3.2)%
By Particular Country
United States
0.9 %— %2.0 %— %2.9 %
Remove manufactured PFAS products special item impact0.1 — — — 0.1 
Adjusted United States (non-GAAP measures)3
1.0 %— %2.0 %— %3.0 %
China3.5 %— %0.4 %(0.8)%3.1 %
Remove manufactured PFAS products special item impact1.7 — 0.1 (0.1)1.7 
Adjusted China (non-GAAP measures)3
5.2 %— %0.5 %(0.9)%4.8 %
Adjusted net cash provided by (used in) operating activities; adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures); adjusted free cash flow and adjusted free cash flow conversion (non-GAAP measures):
Three months ended
March 31,
Major GAAP cash flow categories (dollars in millions)
20252024
Net cash provided by (used in) operating activities$(79)$767 
Net cash provided by (used in) investing activities1,220 (393)
Net cash provided by (used in) financing activities(422)4,621 
11

3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)
(Unaudited)
Three months ended
March 31,
Adjusted free cash flow (non-GAAP measure) (dollars in millions)
20252024
Net cash provided by (used in) operating activities$(79)$767 
Adjustments for special items:
Net costs for significant litigation after-tax payment impacts787 351 
Divestiture costs after-tax payment impacts16 139 
Divestiture-related restructuring after-tax payment impacts 
Manufactured PFAS products impact after-tax payment impacts(7)(70)
Total adjustments for special items796 421 
Adjusted net cash provided by (used in) operating activities (non-GAAP measure)4
$717 $1,188 
Purchases of property, plant and equipment (PPE)(236)(375)
Manufactured PFAS products impact - removing related purchases of PPE8 20 
Adjusted purchases of PPE (non-GAAP measure)4
$(228)$(355)
Adjusted free cash flow (non-GAAP measure)4
$489 $833 
Net income (loss) attributable to 3M$1,116 $928 
Adjustments for special items, net of tax:
Net costs for significant litigation 226 243 
Manufactured PFAS products impact 29 (1)
Divestiture costs 157 
Solventum ownership - change in value(343)— 
Total adjustments for special items, net of tax(88)399 
Net income (loss) attributable to 3M adjusted for special items
(used for adjusted free cash flow calculation)
$1,028 $1,327 
Adjusted free cash flow conversion (non-GAAP measure)4
48 %63 %
43M’s Consolidated Statements of Cash Flows include the results of continuing and discontinued operations (Solventum separated from 3M in April 2024); accordingly, amounts associated with the determination of adjusted free cash flow include both continuing and discontinued operations in certain periods both from an income and cash flow perspective. 3M defines adjusted net cash provided by (used in) operating activities as net cash provided by operating activities, adjusted for special items. 3M defines adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures) as purchases of property, plant and equipment (PPE) adjusted for the estimated impact of such purchases associated with manufactured PFAS products activity. 3M defines adjusted free cash flow as adjusted net cash provided by (used in) operating activities less adjusted purchases of PPE. Cash payments/receipts associated with special items in the determination of adjusted net cash provided by (used in) operating activities are reflected net of applicable tax. The cash tax impact for the portion of payments of costs for significant litigation under the 2023 settlement agreements relative to Combat Arms Earplugs and relative to public water systems regarding PFAS is based on the timing/amount of the actual cash tax deduction (which differs from the timing of the pre-tax cash settlement payments). The impacts of certain tax-related divestiture costs are based on applicable tax rates and the timing of tax payments relative to underlying Separation transactions. For other special items, the cash tax impact is estimated using the U.S. statutory corporate tax rate during the period of payment/receipt. Tax impacts include associated impacts on Foreign Derived Intangible Income (FDII), Global Intangible Low Taxed Income (GILTI), foreign tax credits, and tax costs of repatriation. 3M defines adjusted free cash flow conversion as adjusted free cash flow divided by net income (loss) attributable to 3M, adjusted for special items (used for adjusted free cash flow calculation).
12

3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES – (CONTINUED)
(Unaudited)
Description of special items:
In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Special items incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:
Net costs for significant litigation:
These relate to 3M's respirator mask/asbestos (which include Aearo and non-Aearo items), PFAS-related other environmental, and Combat Arms Earplugs matters. Net costs include the impacts of changes in accrued liabilities (including interest imputation on applicable settlement obligations), legal costs, and insurance recoveries, along with the associated tax impacts. Associated tax impacts of significant litigation include impacts on Foreign Derived Intangible Income (FDII), Global Intangible Low Taxed Income (GILTI), foreign tax credits and tax costs of repatriation. 3M does not consider the elements of the net costs associated with these matters to be normal, operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment. Net costs related to respirator mask/asbestos are reflected as special items in the Safety and Industrial business segment while those impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters are reflected as corporate special items in Corporate and Other. In the first quarter of 2025 and 2024, 3M reflected net pre-tax cash (receipts)/payments of approximately $806 million and $371 million, respectively, related to net costs for significant litigation.
Divestiture costs:
These include certain limited costs that were not eligible to be included within discontinued operations related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture. As a result of completion of the April 2024 separation of Solventum, this includes the tax cost of updating 3M’s previous indefinite reinvestment plans on past unrepatriated earnings through the period of the Separation’s close and to tax positions retained by 3M. 3M’s statement of cash flows includes the results of both continuing and discontinued operations. Therefore, in the context of amounts used in the determination of non-GAAP measures associated with cash flow and adjusted free cash flow conversion, this special item further includes the broader extent of such costs that included within discontinued operations, including interest expense on debt issued by Solventum for the period outstanding prior to the April 1, 2024 completion of the separation of Solventum from 3M and net tax costs of entity structuring associated with the separation of Solventum. In the first quarter of 2024, 3M made pre-tax cash payments of approximately $134 million associated with divestiture costs.
Divestiture-related restructuring actions:
In the third quarter of 2022, following the split-off of the Food Safety business, management approved and committed to undertake certain restructuring actions addressing corporate functional costs across 3M in relation to the magnitude of amounts previously allocated to the divested business. In the first quarter of 2024, 3M made pre-tax cash payments of approximately $2 million associated with divestiture-related restructuring actions.
Manufactured PFAS products:
These amounts relate to sales and estimates of income (loss) and associated activity regarding manufactured PFAS products that 3M plans to exit by the end of 2025 included within the Transportation and Electronics business segment. Estimated income does not contemplate impacts on non-operating items such as net interest income/expense and the non-service cost components portion of defined benefit plan net periodic benefit costs. Relative to the impact of the activity of manufactured PFAS products on cash provided by (used in) operating activities, amounts are based on estimates of associated income, depreciation/amortization, certain changes in working capital and accruals, and timing of associated payments.
Solventum ownership - change in value:
This amount relates to the change in value of 3M's retained ownership interest in Solventum common stock reflected in other expense (income), net.
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About 3M
3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news-center.
Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M’s news center and the social media channels such as @3M or @3MNews.
Contacts
3M
Investor Contacts:
Diane Farrow, 612-202-2449
or
Eric Herron, 651-233-0043
Media Contact:
Sean Lynch, slynch2@mmm.com
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