Name: 3M Co. (NYSE:MMM) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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3M Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net sales	8,619)	8,702)	8,829)	8,612)	8,942)	8,950)	8,851)	8,583)	8,350)	7,176)	8,075)	8,111)	7,991)	8,171)	7,863)	7,945)	8,152)	8,390)	8,278)	7,990)	8,172)	7,810)	7,685)
Cost of sales	(4,728)	(5,093)	(4,826)	(4,698)	(4,853)	(4,719)	(4,525)	(4,388)	(4,303)	(3,805)	(4,109)	(4,325)	(4,188)	(4,313)	(4,310)	(4,060)	(4,159)	(4,227)	(4,236)	(4,080)	(4,045)	(4,007)	(3,869)
Gross profit	3,891)	3,609)	4,003)	3,914)	4,089)	4,231)	4,326)	4,195)	4,047)	3,371)	3,966)	3,786)	3,803)	3,858)	3,553)	3,885)	3,993)	4,163)	4,042)	3,910)	4,127)	3,803)	3,816)
Selling, general and administrative expenses	(1,998)	(3,023)	(1,882)	(1,824)	(1,819)	(1,746)	(1,808)	(1,890)	(1,677)	(1,594)	(1,768)	(1,940)	(1,455)	(1,686)	(1,948)	(1,682)	(1,547)	(1,800)	(2,573)	(1,742)	(1,623)	(1,607)	(1,600)
Research, development and related expenses	(461)	(476)	(480)	(474)	(482)	(514)	(524)	(456)	(461)	(424)	(537)	(521)	(443)	(470)	(477)	(437)	(430)	(468)	(486)	(443)	(463)	(473)	(471)
Gain on business divestitures	2,724)	—)	—)	—)	—)	—)	—)	—)	—)	387)	2)	—)	106)	—)	8)	17)	—)	506)	24)	96)	—)	461)	29)
Operating income	4,156)	110)	1,641)	1,616)	1,788)	1,971)	1,994)	1,849)	1,909)	1,740)	1,663)	1,325)	2,011)	1,702)	1,136)	1,783)	2,016)	2,401)	1,007)	1,821)	2,041)	2,184)	1,774)
Other income (expense), net	(24)	(50)	(38)	(52)	(31)	(33)	(49)	(139)	(104)	(111)	(96)	(113)	(45)	(256)	(48)	(63)	(51)	(51)	(42)	(149)	(44)	(42)	(37)
Income before income taxes	4,132)	60)	1,603)	1,564)	1,757)	1,938)	1,945)	1,710)	1,805)	1,629)	1,567)	1,212)	1,966)	1,446)	1,088)	1,720)	1,965)	2,350)	965)	1,672)	1,997)	2,142)	1,737)
Provision for income taxes	(271)	23)	(302)	(227)	(324)	(415)	(319)	(316)	(387)	(342)	(273)	(242)	(378)	(315)	(195)	(371)	(419)	(488)	(359)	(1,147)	(564)	(557)	(411)
Income of consolidated group	3,861)	83)	1,301)	1,337)	1,433)	1,523)	1,626)	1,394)	1,418)	1,287)	1,294)	970)	1,588)	1,131)	893)	1,349)	1,546)	1,862)	606)	525)	1,433)	1,585)	1,326)
Income (loss) from unconsolidated subsidiaries, net of taxes	2)	(1)	2)	3)	4)	2)	1)	(4)	(1)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income including noncontrolling interest	3,863)	82)	1,303)	1,340)	1,437)	1,525)	1,627)	1,390)	1,417)	1,287)	1,294)	970)	1,588)	1,131)	893)	1,349)	1,546)	1,862)	606)	525)	1,433)	1,585)	1,326)
Net (income) loss attributable to noncontrolling interest	(4)	(4)	(4)	(1)	(3)	(1)	(3)	(1)	(4)	3)	(2)	(1)	(5)	(4)	(2)	(2)	(3)	(5)	(4)	(2)	(4)	(2)	(3)
Net income attributable to 3M	3,859)	78)	1,299)	1,339)	1,434)	1,524)	1,624)	1,389)	1,413)	1,290)	1,292)	969)	1,583)	1,127)	891)	1,347)	1,543)	1,857)	602)	523)	1,429)	1,583)	1,323)

Net sales exhibited a gradual growth trajectory from the first quarter of 2017 through the first half of 2021, increasing from 7,685 million to a peak of 8,950 million. Following this peak, revenues entered a phase of stabilization and modest decline, concluding at 8,619 million by September 30, 2022.

Gross Profitability and Margin Stability: Gross profit remained relatively consistent over the analyzed period, typically fluctuating between 3,500 million and 4,300 million. The cost of sales maintained a proportional relationship with net sales, indicating a stable core production cost structure despite fluctuations in total revenue.
Operational Expenditure Patterns: Research, development, and related expenses demonstrated remarkable stability, consistently remaining within the range of 420 million to 540 million per quarter. This suggests a disciplined and constant investment in innovation. Conversely, selling, general, and administrative expenses were highly volatile, with significant anomalies occurring in March 2018 (2,573 million) and June 2022 (3,023 million), both of which exerted substantial downward pressure on operating margins.
Operating Income and Divestiture Impact: Operating income generally ranged between 1,000 million and 2,400 million for most quarters. However, a period of extreme volatility emerged in 2022. Operating income dropped to a period low of 110 million in June 2022, coinciding with a spike in administrative expenses. This was immediately followed by a surge to 4,156 million in September 2022, which was primarily driven by a non-recurring gain on business divestitures totaling 2,724 million.
Net Income Performance: Net income attributable to the company typically fluctuated between 800 million and 1,600 million. The standard trend was disrupted in 2022, where the company reported a sharp decline to 78 million in June followed by an exceptional peak of 3,859 million in September. These fluctuations correlate directly with the volatility in operating income and the realization of significant divestiture gains.

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3M Co. (NYSE:MMM)

Income StatementQuarterly Data

Income Statement
Quarterly Data