Selected Financial Data
since 2005
Income Statement
3M Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net income attributable to 3M |
|---|---|---|---|
| Dec 31, 2021 | 35,355) | 7,369) | 5,921) |
| Dec 31, 2020 | 32,184) | 7,161) | 5,384) |
| Dec 31, 2019 | 32,136) | 6,174) | 4,570) |
| Dec 31, 2018 | 32,765) | 7,207) | 5,349) |
| Dec 31, 2017 | 31,657) | 7,820) | 4,858) |
| Dec 31, 2016 | 30,109) | 7,223) | 5,050) |
| Dec 31, 2015 | 30,274) | 6,946) | 4,833) |
| Dec 31, 2014 | 31,821) | 7,135) | 4,956) |
| Dec 31, 2013 | 30,871) | 6,666) | 4,659) |
| Dec 31, 2012 | 29,904) | 6,483) | 4,444) |
| Dec 31, 2011 | 29,611) | 6,178) | 4,283) |
| Dec 31, 2010 | 26,662) | 5,918) | 4,085) |
| Dec 31, 2009 | 23,123) | 4,814) | 3,193) |
| Dec 31, 2008 | 25,269) | 5,218) | 3,460) |
| Dec 31, 2007 | 24,462) | 6,193) | 4,096) |
| Dec 31, 2006 | 22,923) | 5,696) | 3,851) |
| Dec 31, 2005 | 21,167) | 5,009) | 3,199) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2021 is characterized by a consistent long-term expansion in both top-line revenue and bottom-line profitability, despite intermittent periods of volatility linked to macroeconomic cycles.
- Revenue Growth Trends
- Net sales grew from 21,167 million US$ in 2005 to 35,355 million US$ in 2021. A notable contraction occurred in 2009, with sales falling to 23,123 million US$ from 25,269 million US$ in 2008. Following this period, revenue entered a phase of relative stability between 2014 and 2020, maintaining a range between 30,274 million US$ and 32,765 million US$, before achieving a peak in 2021.
- Operating Income and Efficiency
- Operating income exhibited a general upward trajectory, increasing from 5,009 million US$ in 2005 to 7,369 million US$ in 2021. Operational efficiency experienced fluctuations, with a peak in operating income reaching 7,820 million US$ in 2017. A significant decline to 6,174 million US$ was observed in 2019, indicating a temporary compression of operating margins before a subsequent recovery in 2020 and 2021.
- Net Profitability
- Net income attributable to the company rose from 3,199 million US$ in 2005 to 5,921 million US$ in 2021. The net income trend closely mirrored the operating income pattern, including a dip to 4,570 million US$ in 2019. The consistent growth in net income relative to sales suggests a sustained ability to maintain profitability margins over the 16-year period, culminating in the highest recorded net income in 2021.
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Balance Sheet: Assets
3M Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 15,403) | 47,072) |
| Dec 31, 2020 | 14,982) | 47,344) |
| Dec 31, 2019 | 12,971) | 44,659) |
| Dec 31, 2018 | 13,709) | 36,500) |
| Dec 31, 2017 | 14,277) | 37,987) |
| Dec 31, 2016 | 11,726) | 32,906) |
| Dec 31, 2015 | 10,986) | 32,718) |
| Dec 31, 2014 | 11,765) | 31,269) |
| Dec 31, 2013 | 12,733) | 33,550) |
| Dec 31, 2012 | 13,630) | 33,876) |
| Dec 31, 2011 | 12,240) | 31,616) |
| Dec 31, 2010 | 12,215) | 30,156) |
| Dec 31, 2009 | 10,795) | 27,250) |
| Dec 31, 2008 | 9,598) | 25,547) |
| Dec 31, 2007 | 9,838) | 24,694) |
| Dec 31, 2006 | 8,946) | 21,294) |
| Dec 31, 2005 | 7,115) | 20,513) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base of the organization has demonstrated significant long-term expansion between 2005 and 2021, characterized by an overall upward trajectory in both total and current assets. Total assets increased from 20,513 million USD in 2005 to 47,072 million USD by the end of 2021, representing a growth of approximately 129% over the period.
- Total Asset Growth Patterns
- A consistent growth phase is observed from 2005 through 2012, where total assets rose from 20,513 million USD to a peak of 33,876 million USD. Following this period, assets entered a phase of relative stability with minor fluctuations between 2013 and 2016. A secondary acceleration occurred starting in 2019, with total assets jumping from 36,500 million USD in 2018 to 44,659 million USD in 2019, ultimately stabilizing near 47,000 million USD by 2021.
- Current Asset Trends
- Current assets followed a similar expansionary path, growing from 7,115 million USD in 2005 to 15,403 million USD in 2021. This growth was most pronounced between 2005 and 2012, reaching 13,630 million USD. A notable contraction occurred between 2012 and 2015, with values dipping to 10,986 million USD, before recovering and trending upward again to exceed 15,000 million USD in the final two years of the period analyzed.
- Asset Composition and Liquidity Profile
- The relationship between current assets and total assets indicates a shift in the balance sheet structure. In 2005, current assets constituted approximately 34.7% of total assets. This proportion peaked around 2012 at approximately 40.2%. However, by 2021, although nominal values for both metrics increased, current assets represented a lower proportion of the total asset base, falling to approximately 32.7%. This suggests that the growth in non-current assets—such as property, plant, equipment, or intangible assets—outpaced the growth of liquid assets in the latter part of the timeline.
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Balance Sheet: Liabilities and Stockholders’ Equity
3M Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total 3M Company shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 9,035) | 31,955) | 17,363) | 15,046) |
| Dec 31, 2020 | 7,948) | 34,413) | 18,795) | 12,867) |
| Dec 31, 2019 | 9,222) | 34,533) | 20,313) | 10,063) |
| Dec 31, 2018 | 7,244) | 26,652) | 14,622) | 9,796) |
| Dec 31, 2017 | 7,687) | 26,365) | 13,949) | 11,563) |
| Dec 31, 2016 | 6,219) | 22,563) | 11,650) | 10,298) |
| Dec 31, 2015 | 7,118) | 20,971) | 10,797) | 11,708) |
| Dec 31, 2014 | 5,998) | 18,127) | 6,837) | 13,109) |
| Dec 31, 2013 | 7,498) | 15,602) | 6,009) | 17,502) |
| Dec 31, 2012 | 6,200) | 15,836) | 6,001) | 17,575) |
| Dec 31, 2011 | 5,441) | 15,754) | 5,166) | 15,420) |
| Dec 31, 2010 | 6,089) | 14,139) | 5,452) | 15,663) |
| Dec 31, 2009 | 4,897) | 13,948) | 5,710) | 12,764) |
| Dec 31, 2008 | 5,839) | 15,668) | 6,718) | 9,879) |
| Dec 31, 2007 | 5,362) | 12,947) | 4,920) | 11,747) |
| Dec 31, 2006 | 7,323) | 11,335) | 3,553) | 9,959) |
| Dec 31, 2005 | 5,238) | 10,413) | 2,381) | 10,100) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial profile between 2005 and 2021 is characterized by a substantial expansion of total liabilities and a significant shift in the capital structure toward higher leverage. While shareholders' equity experienced periods of growth and volatility, the pace of liability accumulation significantly outstripped the growth of equity over the analyzed period.
- Liability Growth and Composition
- Total liabilities increased more than threefold, rising from 10,413 million USD in 2005 to a peak of 34,533 million USD in 2019, before moderating to 31,955 million USD by 2021. A primary driver of this increase was total debt, which grew from 2,381 million USD in 2005 to 20,313 million USD in 2019. The proportion of total debt relative to total liabilities expanded markedly, indicating a strategic shift toward debt-financed obligations.
- Current Liability Trends
- Current liabilities exhibited a general upward trend, though they remained relatively stable compared to long-term obligations. Values moved from 5,238 million USD in 2005 to 9,035 million USD in 2021, with a peak of 9,222 million USD in 2019. This indicates a gradual increase in short-term financial commitments over the sixteen-year window.
- Shareholders' Equity Dynamics
- Equity followed a non-linear trajectory, peaking at 17,575 million USD in 2012 before declining to 9,796 million USD by 2018. A recovery phase occurred in the final three years of the period, with equity rising to 15,046 million USD by 2021. The volatility in equity, particularly the decline between 2013 and 2018, occurred simultaneously with a sharp increase in total debt, suggesting a period of intensified financial leverage.
- Leverage and Solvency Observations
- The relationship between debt and equity shifted dramatically over the analyzed timeframe. In 2005, total debt represented approximately 23.6% of shareholders' equity. By 2019, this ratio escalated to approximately 201.5%, marking a peak in leverage. Although the ratio improved by 2021 as debt decreased to 17,363 million USD and equity rose, the company concluded the period in a significantly more leveraged position than it began in 2005.
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Cash Flow Statement
3M Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2021 | 7,454) | (1,317) | (6,145) |
| Dec 31, 2020 | 8,113) | (580) | (5,300) |
| Dec 31, 2019 | 7,070) | (6,444) | (1,124) |
| Dec 31, 2018 | 6,439) | 222) | (6,701) |
| Dec 31, 2017 | 6,240) | (3,086) | (2,655) |
| Dec 31, 2016 | 6,662) | (1,403) | (4,626) |
| Dec 31, 2015 | 6,420) | (2,817) | (3,648) |
| Dec 31, 2014 | 6,626) | (596) | (6,603) |
| Dec 31, 2013 | 5,817) | (856) | (5,246) |
| Dec 31, 2012 | 5,300) | (2,686) | (2,058) |
| Dec 31, 2011 | 5,284) | (2,718) | (3,675) |
| Dec 31, 2010 | 5,174) | (2,689) | (2,121) |
| Dec 31, 2009 | 4,941) | (1,732) | (2,014) |
| Dec 31, 2008 | 4,533) | (2,399) | (1,766) |
| Dec 31, 2007 | 4,275) | (1,367) | (2,547) |
| Dec 31, 2006 | 3,839) | (1,460) | (2,061) |
| Dec 31, 2005 | 4,258) | (2,241) | (3,679) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow trajectories reveal a company with strong operational cash generation and a consistent strategy of allocating capital toward investments and stakeholder returns.
- Operating Cash Flow Trends
- A sustained upward trajectory in net cash provided by operating activities is observed, increasing from $4,258 million in 2005 to $7,454 million by 2021. The growth remained resilient through various economic cycles, with a notable acceleration occurring after 2013, eventually reaching a historical peak of $8,113 million in 2020.
- Investing Cash Flow Patterns
- Cash flows from investing activities were predominantly negative, reflecting continuous capital expenditures and strategic investments. Significant volatility is present, highlighted by a substantial outflow of $6,444 million in 2019. A notable anomaly occurred in 2018, where net cash from investing activities turned positive at $222 million, suggesting that divestitures or the sale of assets exceeded new investments during that fiscal year.
- Financing Cash Flow Dynamics
- Net cash used in financing activities remained consistently negative across the entire period, indicating a persistent outflow of capital likely dedicated to debt servicing, dividend payments, or share buybacks. Major peaks in financing outflows were recorded in 2014 ($6,603 million), 2018 ($6,701 million), and 2021 ($6,145 million), pointing to periods of intensified capital redistribution.
The overall financial pattern indicates that operational cash flows have consistently served as the primary engine for funding both the company's investment requirements and its financing obligations, demonstrating a self-sustaining liquidity model over the seventeen-year period.
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Per Share Data
3M Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 10.23 | 10.12 | 5.92 |
| Dec 31, 2020 | 9.32 | 9.25 | 5.88 |
| Dec 31, 2019 | 7.92 | 7.81 | 5.76 |
| Dec 31, 2018 | 9.09 | 8.89 | 5.44 |
| Dec 31, 2017 | 8.13 | 7.93 | 4.70 |
| Dec 31, 2016 | 8.35 | 8.16 | 4.44 |
| Dec 31, 2015 | 7.72 | 7.58 | 4.10 |
| Dec 31, 2014 | 7.63 | 7.49 | 3.42 |
| Dec 31, 2013 | 6.83 | 6.72 | 2.54 |
| Dec 31, 2012 | 6.40 | 6.32 | 2.36 |
| Dec 31, 2011 | 6.05 | 5.96 | 2.20 |
| Dec 31, 2010 | 5.72 | 5.63 | 2.10 |
| Dec 31, 2009 | 4.56 | 4.52 | 2.04 |
| Dec 31, 2008 | 4.95 | 4.89 | 2.00 |
| Dec 31, 2007 | 5.70 | 5.60 | 1.92 |
| Dec 31, 2006 | 5.15 | 5.06 | 1.84 |
| Dec 31, 2005 | 4.18 | 4.12 | 1.68 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial metrics demonstrate a long-term trajectory of growth in both earnings and dividend distributions from 2005 to 2021.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share exhibited a general upward trend, although this growth was punctuated by periodic volatility. From 2005 to 2007, Basic EPS rose from 4.18 to 5.70, followed by a contraction during the 2008-2009 period where it reached a low of 4.56. A sustained recovery began in 2010, leading to a peak of 9.09 in 2018. Despite a decline to 7.92 in 2019, profitability recovered sharply in the subsequent two years, culminating in a period high of 10.23 for Basic EPS and 10.12 for Diluted EPS by the end of 2021.
- Dividend Distribution Patterns
- Dividend per share showed a consistent and uninterrupted annual increase throughout the entire 17-year period. Starting at 1.68 in 2005, the dividend grew steadily to 2.54 by 2013. A more pronounced acceleration in growth occurred between 2014 and 2018, with the distribution rising from 3.42 to 5.44. This growth continued through 2021, reaching 5.92, reflecting a disciplined approach to shareholder returns regardless of short-term fluctuations in earnings.
- Earnings and Dividend Correlation
- While earnings experienced cyclical fluctuations—most notably in 2008 and 2019—dividend payments remained decoupled from these downturns, maintaining a linear growth path. The growth in dividends has outpaced the growth in earnings over the long term; while Basic EPS increased by approximately 144% from 2005 to 2021, dividends per share increased by approximately 252% over the same interval.
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