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3M cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$230M in Q3 2026 · $2.7B over twelve months

Operating cash flow$486M
Capital spending−$256M
Free cash flow+$230M
Cash / net income0.3×
Cash conversion cycle77 days

Analysis

In Q3 2026, 3M generated $486M of operating cash flow and spent $256M on capital projects, leaving free cash flow of $230M. That is $1.3B less than in Q3 2025 ($1.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.6B; the largest uses were buybacks ($3.8B), other investing ($2.0B), dividends ($1.6B); besides operations, cash came from net borrowing (+) / repaid (−) ($2.5B), other financing ($1.2B); the cash balance rose by $164M.

Operating cash flow was $486M against net income of $1.4B — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other operating capital −$944M, depreciation & amortization +$336M, inventory −$212M.

Its cash conversion cycle was 77 days (receivables 56 + inventory 95 − payables 74).

Free cash flow

3M: free cash flow by quarter3M: free cash flow by quarter$1.5BQ4 2024−$315MQ1 2025−$1.2BQ2 2025$1.5BQ3 2025$1.3BQ4 2025$349MQ1 2026$763MQ2 2026$230MQ3 2026
Operating cash flow less capital spending.
3M: operating cash flow against capital spending3M: operating cash flow against capital spendingOperating cash flowCapital spending$1.8B$291MQ4 2024−$79.0M$236MQ1 2025−$954M$208MQ2 2025$1.8B$218MQ3 2025$1.6B$248MQ4 2025$574M$225MQ1 2026$986M$223MQ2 2026$486M$256MQ3 2026
Latest (Q3 2026): Operating cash flow $486M, Capital spending $256M.

Capital allocation, year by year

3M: where the cash came from (up) and went (down), by fiscal year3M: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $7.5BFY2021: Net borrowing −$1.1BFY2021: Shares issued $639MFY2021: Asset sales $51.0MFY2021: Capital spending −$1.6BFY2021: Buybacks −$2.2BFY2021: Dividends −$3.4B$8.1BFY2021FY2022: Operating cash flow $5.6BFY2022: Net borrowing −$839MFY2022: Shares issued $381MFY2022: Asset sales $213MFY2022: Capital spending −$1.7BFY2022: Buybacks −$1.5BFY2022: Dividends −$3.4B$6.2BFY2022FY2023: Operating cash flow $6.7BFY2023: Net borrowing −$46.0MFY2023: Shares issued $264MFY2023: Asset sales $179MFY2023: Capital spending −$1.6BFY2023: Buybacks −$33.0MFY2023: Dividends −$3.3B$7.1BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing $5.5BFY2024: Shares issued $92.0MFY2024: Asset sales $61.0MFY2024: Capital spending −$1.2BFY2024: Buybacks −$1.8BFY2024: Dividends −$2.0B$7.5BFY2024FY2025: Operating cash flow $2.3BFY2025: Net borrowing −$716MFY2025: Shares issued $1.6BFY2025: Asset sales $100MFY2025: Capital spending −$910MFY2025: Buybacks −$3.3BFY2025: Dividends −$1.6B$4.0BFY2025
Over these 5 years operating cash flow totalled $23.9B; the largest uses were dividends ($13.6B) and buybacks ($8.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.8B
Debt$15.0B
Net debt$10.2B
Due within a year$1.7B

3M funds itself: free cash flow was $2.7B over the last twelve months, and $4.8B of cash and investments stands against $15.0B of debt ($1.7B due within a year, 2.9× covered by cash).

3M: debt maturities by year (FY2025)3M: debt maturities by year (FY2025)$1.7BYear 1$863MYear 2$863MYear 3$1.8BYear 4$1.7BYear 5$5.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.8B of cash and investments now.

Where the cash came from and went

3M: sources (+) and uses (−) of cash, Q3 20263M: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$2.5BCash drawn (+) / kept (−)−$1.9BOther investing−$1.8BOther financing$1.3BOperating cash flow$486MDividends−$403MShares issued$338MCapital spending−$256MBuybacks−$232M
3M: sources (+) and uses (−) of cash, TTM to Q3 20263M: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$3.8BOperating cash flow$3.6BNet borrowing (+) / repaid (−)$2.5BOther investing−$2.0BDividends−$1.6BOther financing$1.2BShares issued$1.0BCapital spending−$952MCash drawn (+) / kept (−)−$164MNot reconciled$44.0MAsset & business sales$40.0M

From profit to cash

3M: net income to operating cash flow, Q3 20263M: net income to operating cash flow, Q3 2026Net income$1.4BDepreciation & amortization$336MStock-based pay$46.0MDeferred taxes$91.0MReceivables−$143MInventory−$212MPayables−$106MOther operating capital−$944MOperating cash flow$486M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202656957477
Q2 202654897072
Q1 202654936978
Q4 202555856179
Q3 202553976882
Q2 202552997081
Q1 202551987078
Q4 202451956681

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$486M−$256M−$232M−$403M$2.5B$338M−$1.9B$230M
Q2 2026$986M−$223M−$994M−$401M—$62.0M$774M$763M
Q1 2026$574M−$225M−$2.0B−$412M—$302M$1.5B$349M
Q4 2025$1.6B−$248M−$552M−$387M−$11.0M$343M−$564M$1.3B
Q3 2025$1.8B−$218M−$472M−$389M−$554M$231M−$959M$1.5B
Q2 2025−$954M−$208M−$953M−$390M−$500M$83.0M$2.6B−$1.2B
Q1 2025−$79.0M−$236M−$1.3B−$396M$349M$905M−$726M−$315M
Q4 2024$1.8B−$291M−$705M−$378M−$3.0M$24.0M$450M$1.5B

3M: income statement and cash flow

3M, Q3 2026: revenue $6.6B (+1% year over year), operating margin 23.7%. The chart follows the revenue to costs, profit and cash.

3M: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.