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Solventum (SOLV) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Solventum (SOLV) Q3 2026 earnings results →

Q3 2026 Revenue down 7% year over year to $1.9B · 1¢ of every $1 of revenue lost · operating margin 3.5%

Solventum made $1.9B in Q3 2026 (-7% Y/Y): Product $1.4B, Software and rentals $518M. Operating margin 3.5%, net loss $12.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$1.9B
Year over year-7%
Operating margin3.5%
Net earnings−$12.0M
Operating cash flow$177M

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Solventum Q3 2026 revenue breakdown: Sankey diagram of revenue (Product, Software and rentals), costs, profit and cash flow
Solventum Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.9B in Q3 2026, down 7% year over year and down 12% from the previous quarter. Product was the largest line at 73% of revenue. Product lost $0.16B year over year (down 10%), 111% of the total change.

Gross margin was 54.5%, up 0.3 points from a year earlier. Operating profit was $0.07B, a 3.5% margin (down 77.1 points year over year). The quarter ended with a net loss of $0.01B, after a profit of $0.09B the previous quarter. Net interest and other expense of $0.08B was the main reason.

Operating cash flow was $0.18B (up 133% year over year). Non-cash charges added back $0.14B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.01B. After purchases of property, plant and equipment ($0.08B), free cash flow as the company reports it was $0.10B.

Quarterly history

Solventum revenue by quarterSolventum revenue by quarter$2.2BQ2 2026$1.9BQ3 2026
Solventum net earnings by quarterSolventum net earnings by quarter$92.0MQ2 2026−$12.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$1.9B-7%3.5%−$12.0M$177M
Q2 202610-QAug 5, 2026$2.2B+2%8.2%$92.0M$227M

Charts

Solventum: where the cash came from (+) and went (−), TTM to Q3 2026Solventum: where the cash came from (+) and went (−), TTM to Q3 2026Cash drawn (+) / kept (−)$1.2BOther investing−$699MOther financing−$462MOperating cash flow$310MCapital spending−$310MNet borrowing (+) / repaid (−)−$54.0MAsset & business sales$20.0MExchange rates$2.0MNot reconciled$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Solventum: profit against cash, quarter by quarterSolventum: profit against cash, quarter by quarterNet incomeOperating cash flow$31.0M$219MQ4 2024$137M$29.0MQ1 2025$90.0M$169MQ2 2025$1.3B$76.0MQ3 2025$63.0M$95.0MQ4 2025$13.0M−$189MQ1 2026$92.0M$227MQ2 2026−$12.0M$177MQ3 2026
Latest (Q3 2026): Net income −$12.0M, Operating cash flow $177M.
Solventum: diluted shares by fiscal yearSolventum: diluted shares by fiscal year173MFY2022173MFY2023174MFY2024175MFY2025
+1.5% since FY2022: more shares outstanding (issuance, stock pay).
Solventum: long-term debt falling due (FY2025)Solventum: long-term debt falling due (FY2025)$460M2027$703M2029$3.9BLater
Cash $878M, short-term investments —, long-term debt $5.0B at 2025-12-31.
Solventum in its industry: growth against margin (111 companies, SIC 3841)Solventum in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSSOLV (-7%, 4%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Solventum

Solventum Corporation ("Solventum," "we," "our," "us," or the "Company"), is a leading global healthcare company developing, manufacturing, and commercializing a broad portfolio of solutions that leverages deep material science, data science, and digital capabilities to address critical customer and patient needs. We constantly seek to enable the improvement of standards of care and move healthcare forward with innovation powered by insights, clinical intelligence, technology, and manufacturing expertise. Our 70+ year history of discovering and innovating advanced solutions has helped us solve our customers’ toughest challenges.

In its own words, from its 10-K, filed Feb 27, 2026.

Solventum against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +5%. Operating margin: 3.5% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
SOLV SolventumQ3 2026$1.9B-7%3.5%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
RMD ResMedQ1 FY27$1.4B+6%32.0%
DXCM DexComQ3 2026$1.3B+11%24.3%

Source: Solventum 10-Q on SEC EDGAR · CIK 1964738 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Solventum: what its forward-looking statements are about (10-Q filed 2026-11-05)Solventum: what its forward-looking statements are about (10-Q filed 2026-11-05)Other1Supply chain1Capital spending1Deals1
4 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.

13F: who owns SOLV and who is buying

Largest holders of SOLV (13F)Largest holders of SOLV (13F)Vanguard Group$1.3BIndependent Franchise Partners LLP$1.2BBlackRock$753MVanguard Capital Management LLC$743MTrian Fund Management, L.P.$635MVanguard Portfolio Management LLC$488MDavis Selected Advisers$487MState Street$435MGeode Capital Management, LLC$378MBoston Partners$312M
Funds' net buying of SOLV by quarter (13F)Funds' net buying of SOLV by quarter (13F)$310M2024-09$97.8M2024-12$419M2025-03$83.0M2025-06$596M2025-09$214M2025-12$266M2026-03−$178M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SOLV

History

Every quarter: Q3 2026 results · Q2 2026 results

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