3M Company

3M Company (NYSE: MMM) makes industrial, safety, transportation, electronics and consumer products. Its businesses sell materials and finished products used in manufacturing, workplaces, vehicles, buildings and homes.

The operating business and its cash demands

Reported third-quarter sales changed little from a year earlier, while GAAP profit increased.

For the first nine months of 2026, operating cash flow was $2.046 billion and purchases of property, plant and equipment were $704 million. Subtracting those investments leaves $1.342 billion of cash flow. Cash and cash equivalents were $4.835 billion at September 30.

3M separately reported $3.086 billion of adjusted free cash flow for the first nine months. That measure adds back special-item cash flows, including $1.577 billion of after-tax litigation and PFAS-exit payments. Its November 4 update reiterated an adjusted free-cash-flow forecast of about $4.8 billion for 2026.

Short-term borrowings and current debt were $2.439 billion, alongside $12.558 billion of long-term debt. Dividends, share repurchases and legacy settlements also draw on the company's cash.

In July 2026, 3M and Bain Capital completed the Madison Fire & Rescue acquisition at a cash cost of $1.91 billion, net of cash acquired. The rescue-technology and fire-suppression business joined 3M's breathing-apparatus business in a joint venture. 3M holds 50.1% of the venture's voting rights and includes it in its consolidated accounts. The venture drew a $1.43 billion term loan to help fund the purchase.

The board added $6 billion to its repurchase authorization on November 3, taking available capacity to $7.5 billion. It also declared a quarterly dividend of $0.78 a share, payable December 11 to shareholders of record on November 13.

A new personal-injury agreement

3M's September-quarter filing described continuing mediation over firefighting-foam personal-injury claims. On November 3, the company announced an agreement with potential nominal payments of $7.35 billion through 2034 and an expected fourth-quarter pre-tax charge of $5.8 billion.

The charge is the present value of future contributions. Payments begin with $50 million in 2026, with none scheduled in 2027. Six main installments of $1.045 billion each start no earlier than January 2028 and run through 2033. Participation, reserve and bonus payments can add up to $1.03 billion from 2029 through 2034.

Later payments depend on the agreement's participation and termination conditions. The company says approximately 99% of current PFAS personal-injury plaintiffs inside and outside the firefighting-foam litigation are eligible to join. The public-water-supplier settlement, site remediation and other legacy obligations remain separate.

Earlier settlements continue to require cash. The November 4 presentation forecasts approximately $3.1 billion of other legacy-settlement payments in 2027.

3M will exclude the new charge from adjusted results and left its previously issued 2026 guidance unchanged.

Read our analysis of the settlement's payment schedule for how the accounting charge differs from the cash timetable.