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.

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: Net sales exhibited moderate fluctuations over the observed periods. Starting near $7.7 billion in early 2017, sales generally rose until the end of 2018, peaking close to $8.4 billion in mid-2018, followed by a slight decline and modest recovery thereafter. Sales peaked again in late 2021 near $9 billion before a slight decline through 2022.
Cost of Sales: Cost of sales followed a generally upward trajectory, increasing from approximately $3.9 billion in early 2017 to around $5.1 billion in mid-2022. Despite some quarter-to-quarter volatility, the trend indicates growing costs which may be impacting gross profit margins.
Gross Profit: Gross profit mirrored sales trends but showed variability tied to rising cost pressures. It peaked in mid-2018 and again in late 2020 but experienced notable dips, particularly in early 2019 and mid-2020. Overall, despite fluctuations, gross profit maintained a range between about $3.4 billion to $4.3 billion.
Selling, General and Administrative Expenses (SG&A): SG&A expenses demonstrated irregular movement with spikes in certain quarters, such as early 2018 and mid-2022. While generally oscillating between $1.5 billion and $1.9 billion, exceptional increases (notably near $3 billion in mid-2022) suggest periods of elevated operating costs or investments.
Research, Development and Related Expenses: Expenses in research and development maintained relative consistency, generally ranging from $420 million to about $530 million per quarter. No pronounced upward or downward trend is evident, indicating steady investment in innovation activities throughout the timeframe.
Gain on Business Divestitures: Reported gains indicate occasional realized profits from divestitures, with significant spikes in mid-2017, mid-2020, and a large gain in late 2022 exceeding $2.7 billion. These gains are irregular and reflect one-off events rather than ongoing operational performance.
Operating Income: Operating income showed volatility, with peaks in mid-2017 and late 2022, the latter being especially pronounced at over $4 billion. Periods during 2018 and 2019 reflect declines, with some recovery in 2020 and fluctuating performance thereafter. The dramatic increase in late 2022 is likely influenced by divestiture gains.
Other Income (Expense), Net: Other income or expense items consistently showed negative values, suggesting net expenses in this category across the periods. The magnitude of these expenses varied, generally between -$20 million to -$150 million, with occasional larger outlays in select quarters.
Income Before Income Taxes: Income before taxes tracked similarly to operating income, with noticeable peaks in mid-2017 and late 2022. The lowest points occurred in late 2019 and mid-2022, corresponding with dips in operational profitability and increased costs.
Provision for Income Taxes: Tax provisions fluctuated but generally corresponded to income before taxes, varying from around -$200 million to over -$1 billion. Negative provisions indicate tax expenses, which were especially high during late 2017 and more moderate in recent quarters, occasionally showing minor positive values.
Income of Consolidated Group: The consolidated income mirrored net income trends, showing peaks in mid-2017, mid-2018, and late 2022. Notable declines appear in late 2017 and mid-2022. Overall, income levels indicate variability tied to operational performance and extraordinary items.
Net Income Attributable to 3M: Net income attributable to the company showed periodic variability with significant gains in mid-2017, mid-2018, and an exceptional spike in late 2022 exceeding $3.8 billion. Meanwhile, several quarters exhibited diminished profitability, such as late 2017 and mid-2022. The large gain in late 2022 corresponds with significant divestiture proceeds, influencing overall net earnings positively.

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3M Co. (NYSE:MMM)

Income Statement Quarterly Data

Income Statement
Quarterly Data