3M Company

Consumer fourth-quarter organic sales were down 2.2% as weaker consumer sentiment and sluggish retail traffic in the U.S. pushed CBG revenue to decline by 0.3% for the full year.

Expect organic sales growth of approximately 3%, adjusted operating margin expansion of 70 to 80 basis points, and earnings per share of $8.5 to $8.7 with free cash flow conversion greater than 100%.

Returned $4.8 billion to shareholders in 2025, including $1.6 billion in dividends and $3.2 billion through gross share repurchases, with gross share repurchase of approximately $2.5 billion planned in 2026.

Fourth quarter carried a headwind of $100 million from gross tariff impact, with carryover effect rolling into 2026; potential new Europe tariffs could add $30 million, $40 million impact this year if enacted.