What changed in this filing

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Item 1. Business

2026-02-03 compared with 2025-02-05 · 61 added, 52 removed, 205 unchanged (36% of the section changed)

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and Consumer.

On April 1, 2024, 3M completed the previously announced separation of its Health Care business (see Note 2 for additional information).

3M is among the leading manufacturers of products for many of the markets it serves.

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3M’s business segments bring together common or related 3M technologies, enhancing the development of innovative products and services and providing for efficient sharing of business resources.

On April 1, 2024, 3M completed the previously announced separation of its Health Care business (see Note 2 for additional information).

Refer to segment descriptions summarized below (Financial information and other disclosures relating to 3M’s business segments and operations in major geographic areas are provided in the Notes to Consolidated Financial Statements):

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• Industrial Adhesives and Tapes

• Industrial specialties

• Industrial Specialties Division

• Personal Safety

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• Electronics Materials Solutions

• Consumer safety & well-being

• Consumer Safety and Well-Being

• Home and Auto Care

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• Advanced ceramic solutions

• Attachment/bonding, films, sound and temperature management for transportation vehicles

• Attachment/bonding, films, sound and temperature management for vehicles

• Premium large format graphic films for advertising and fleet signage

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• Light management films and electronics assembly solutions

• Aerospace, industrial/commercial solutions

• Chip packaging and interconnection solutions

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Some seasonality impacts this business segment, for example back-to-school and holiday

Example brands/offerings • 3M™ Cubitron™ II abrasives

Example brands/offerings • 3M™ Cubitron™ Abrasives;

Scotch-Brite™ Abrasives;

• Scotch & Temflex Vinyl Tapes, Scotchkote Coatings, Dynatel locators, Scotchcast resins

• Collision repair and paint spray products

Scotch ® Vinyl Tapes, 3M™ Temflex™ Vinyl Tapes;

3M™ Scotchkote™ Coatings;

3M™ Dynatel™ Locators;

3M™ Scotchcast™ Resins

• Collision repair;

paint application and finishing products

• Reclosable fasteners;

tapes and label materials for durable goods;

3M™ Dual Lock™ Reclosable Fasteners

• Electrical infrastructure products;

medium voltage cable accessories and insulation tapes

• 3M ™ VHB™ Bonding tapes;

Scotch® masking, packaging and filament tapes

• Disposable respirators and fall protection products

• 3M™ VHB™ Tape;

3M™ Scotchlite™ Reflective Materials;

Scotch™ Packaging and Filament Tapes

• 3M™ DBI-Sala™ Fall Protection;

3M™ Scott™ Self Contained Breathing Apparatus;

3M™ Peltor™ Protection & Communication;

disposable and reusable respirators

• Scotchgard™ Protector for shingles

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• Graphic and architectural films

• Aerospace and defense solutions

• Home improvement

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Distribution :

3M products are sold through numerous distribution channels, including directly to users and rough numerous e-commerce and traditional wholesalers, retailers, jobbers, distributors and dealers in a wide variety of trades in many countries around the world.

Management believes the confidence of wholesalers, retailers, jobbers, distributors and dealers in 3M and its products — a confidence developed through long association with skilled marketing and sales representatives — has contributed significantly to 3M’s position in the marketplace and to its growth.

3M products are sold through numerous distribution channels, including directly to users and through a wide range of e-commerce and traditional wholesalers, retailers, jobbers, distributors, and dealers in a wide variety of trades in many countries around the world.

Management believes that the confidence of these partners in 3M and its products — a confidence developed through long association with skilled marketing and sales representatives — has contributed significantly to 3M’s position in the marketplace and to its growth.

As part of 3M's ongoing commercial excellence initiative, the Company is focused on further strengthening and optimizing this go‑to‑market channel, enhancing partner engagement, and improving overall channel performance to support continued growth.

Human Capital:

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The ability to recruit, retain, develop, protect, and fairly compensate its global workforce are enablers of 3M’s success.

This includes four general categories of focus:

This includes five general categories of focus:

Health and Safety;

Performance Culture;

People and Community;

and Compensation and Benefits.

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3M also promotes a culture of health and well-being through disease prevention programs, on-site clinical services, employee assistance programs, and comprehensive health care benefits.

Performance Culture:

3M’s performance culture is grounded in five behavioral expectations that apply consistently across all levels of the organization:

Deliver Results, Challenge the Status Quo, Instill Rigor and Accountability, Energize the Team to Act, and Act Responsibly and Respectfully.

These behaviors guide how the Company evaluates, rewards, recognizes and develops its people to support a high-performance environment.

Through clear communications to candidates and employees, these expectations serve as a foundation for how work gets done at 3M.

Development programs for executive leaders, people leaders, and individual contributors are aligned to help ensure employees have the capabilities needed to demonstrate them effectively.

3M’s performance enablement process emphasizes clear goal setting, regular coaching, and feedback, and differentiated performance rewards to reinforce the Company’s “pay for performance” approach.

Developing employees contributes to growing 3M’s business.

3M maintains talent and succession planning processes, including regular review by the Company’s chief executive officer (CEO) and reporting up through the Board of Directors.

The Company provides leadership development experiences through job-based or project-based assignments, assessment and coaching, and targeted skill-development where leaders are given the opportunity to learn, apply, and share their skills.

3M maintains talent and succession planning processes, including regular reviews by the Company’s chief executive officer (CEO) and reporting up through the Board of Directors.

The Company provides leadership development experiences through enterprise leadership development programs, job-based or project-based assignments, assessment and coaching, and targeted skill-development where leaders are given the opportunity to learn, apply, and share their skills.

3M also provides opportunities for all employees to learn, in addition to regular coaching and support from their supervisor.

With the Company’s global online employee learning platform, employees are able to access unique, just-in-time development resources in over 15 languages to support their career aspirations and advance their skills.

3M believes that bringing together people from diverse perspectives, backgrounds, and identities sparks even greater innovation, and helps 3M serve its customers.

3M maintains gender pay parity globally and is committed to continuing these efforts.

Additionally, 3M focuses on attracting top talent from a variety of backgrounds and geographies and providing equal opportunities for advancement.

3M supports these values with an internal CEO Inclusion Council, a forum led by senior management to advance inclusion.

Since 2020, the Company has invested $50 million to address opportunity gaps through workforce development initiatives in the communities in which its employees live and 3M business operates.

People and Community:

3M is committed to developing a skilled, engaged, and innovative workforce and to strengthening the communities in which it operates.

The Company supports its people through talent practices that attract, develop, and retain employees with a wide variety of expertise and experiences, and fosters a work environment that promotes collaboration, respect, and high performance.

3M also advances STEM and skilled‑trade readiness through volunteerism, charitable giving, and strategic community partnerships.

Compensation and Benefits :

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3M’s total compensation for employees includes a variety of components that support sustainable employment and the ability to build a strong financial future, including competitive market-based pay and comprehensive benefits.

In addition to earning a base salary, eligible employees are compensated for their contributions to the Company’s goals with both short-term cash incentives and long-term equity-based incentives.

In addition to earning a base salary, eligible employees are compensated for their contributions to the Company’s goals with both short-term incentives and long-term incentives.

Through its global pay philosophy, principles and consistent implementation, 3M is committed to providing fair and equitable pay for employees.

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Raw Materials :

In 2024, global supply chains stabilized, with disruptions driven from more isolated factors.

Overall, on a continuing operations basis, 3M experienced year-over-year market inflation in 2024 driven by key feedstocks and labor.

Market price risks were partially mitigated via negotiated supply contracts and leveraging scale across supply base.

In 2025, persistent pricing pressure, tariffs and geopolitical uncertainty prompted producers to adjust capacity and restructure operations.

Overall, these market conditions caused supply constraints and inflation, but were offset via negotiated supply contracts and leveraging scale across the supply base.

Patents, Trademarks and Licenses :

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The actual protection afforded by a patent, which can vary from country to country, depends upon the type of patent, the scope of its coverage and the availability of legal remedies in the country.

The Company believes that its trademarks, patents, and trade secrets provide an important competitive advantage in many of its businesses.

The Company believes that its trademarks, patents, and trade secrets provide an important competitive advantage in many of its businesses, particularly in connection with new product introductions in markets around the world.

In general, no single patent or group of related patents is in itself essential to the Company as a whole or to any of the Company’s business segments.

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The Company places consistent emphasis on environmental responsibility.

3M has made, and plans to continue making, necessary expenditures for compliance with applicable laws and regulations.

3M has made and will continue to make, necessary expenditures, including capital expenditures, for compliance with these applicable laws and regulations.

3M is also involved in remediation actions relating to environmental matters from past operations at certain sites (refer to “Environmental Matters and Litigation” in Note 17, Commitments and Contingencies).

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Environmental expenditures for capital projects that contribute to current or future operations generally are capitalized and depreciated over their estimated useful lives.

In 2024, 3M expended approximately $170 million (excluding activity related to the former Solventum health care business) on capital projects for environmental purposes as defined below.

Capital projects for environmental purposes include waste reduction and pollution control programs such as water usage reduction and water quality improvement equipment, scrubbers, containment structures, solvent recovery units and thermal oxidizers.

Capital expenditures for similar projects are presently expected to approach approximately $340 million for 2025 and 2026 in aggregate.

Although an estimate of certain nearer-term capital expenditures is provided above, 3M cannot predict with certainty whether future costs of compliance with government regulations (including environmental regulations) will have a material effect on its capital expenditures, earnings or competitive position.

3M cannot predict with certainty whether future costs of compliance with government regulations (including environmental regulations) will have a material effect on its capital expenditures, earnings or competitive position.

Information about our Executive Officers :

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This information is presented in the table below as of the date of the 10-K filing (February 3, 2026).

Name Age Present Position Year Elected to Present Position Other Positions Held during 2020 - 2024

Roman 65 Executive Chairman of the Board

Name Age Present position

Year elected to present position

Other positions held during 2021 - 2025

Chairman of the Board and Chief Executive Officer

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Vice President, Finance, IT and Chief Transformation Officer, Otis Asia Pacific, Otis Worldwide Corporation, 2020-2022

Vice President, Investor Relations, L3 Harris Technologies and Harris Corporation, 2017-2020

Banovetz 58 Executive Vice President, Chief Technology Officer and Environmental Responsibility 2021 Senior Vice President, Chief Technology Officer and Environmental Responsibility, 2021

Senior Vice President, Innovation and Stewardship and Chief Technology Officer, 2020

50 Group President, Transportation & Electronics Business Group

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Senior Vice President, Customer Operations, 2020-2021

Global Business Director, Home Improvement Business, 2017-2020

65 Executive Vice President and Chief Public Affairs Officer

Independent Communications and Crisis Management Consultant, 2017-2023

Board member, The Rumsfeld Foundation, 2016-present

Zoe Dickson 52

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Vice President, Organization Effectiveness and Talent, Human Resources, 2020-2021

Vice President, Organization Effectiveness, Human Resources 2019-2020

Paul Gallagher

58 Group President, Enterprise Supply Chain

2021 Chief Executive Officer, Tirehub, 2018-2021

2026 Chief Supply Chain Officer, General Mills, 2021-2026

Vice President, North America Supply Chain, General Mills 2019-2021

Chris Goralski

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2023 President, Industrial Adhesives & Tapes Division, 2020-2023

Vice President, Environmental Stewardship, Research & Development, 2018-2020

Mark Murphy 57 Executive Vice President, Chief Information and Digital Officer 2021 Chief Information Officer, Abbott Laboratories, 2020-2021

Global Chief Information Officer and Vice President, BTS, Abbott Laboratories, 2018-2020

Rhodes 63 Executive Vice President, Chief Legal Affairs Officer, and Secretary

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Senior Vice President and Deputy General Counsel, 2019-2021

43 Executive Vice President, Chief Strategy Officer

2025 Managing Director and Senior Partner, Boston Consulting Group, 2010-2025

Cautionary Note Concerning Factors That May Affect Future Results

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Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance.

Words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” "would," “forecast” and other words and terms of similar meaning, typically identify such forward-looking statements.

Words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” "would," “forecast,” "future," "outlook," "guidance" and other words and terms of similar meaning, typically identify such forward-looking statements.

In particular, these include, among others, statements relating to:

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military conflicts;

trade restrictions such as sanctions, tariffs, and retaliatory measures;

trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures;

regulatory requirements, legal actions, or enforcement;

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• foreign currency exchange rates and fluctuations in those rates,

• liabilities and the outcome of contingencies related to certain fluorochemicals known as "PFAS," including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio,

• risks related to the class-action settlement (“PWS Settlement”) to resolve claims by public water suppliers in the United States regarding PFAS,

• legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K,

• liabilities and the outcome of contingencies related to certain fluorochemicals known as "PFAS," including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's exit of PFAS manufacturing and work to discontinue use of PFAS across its product portfolio,

• risks related to the class-action settlement (“PWS Settlement”) to resolve claims by public water suppliers in the United States regarding PFAS, as well as risks related to ongoing PFAS-related settlements and claims,

• legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K, as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way,

• competitive conditions and customer preferences,

• the timing and market acceptance of new product and service offerings,

• the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, supply chain interruptions, or natural or other disasters,

• unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information or operational technology infrastructure,

• the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters,

• unanticipated problems or delays when implementing new business systems and solutions, including with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information or operational technology infrastructure,

• the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies,

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the ability to realize the desired tax treatment;

the risk that any consents or approvals required will not be obtained;

risks under the agreements and obligations entered into in connection with the spin-off, and

• matters relating to Combat Arms Earplugs (“CAE”) and related products, including those related to the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company's subsidiary Aearo Technologies and certain of its affiliates (“Aearo Entities”) and/or 3M (“CAE Settlement”).

• matters relating to Combat Arms Earplugs (“CAE”) and related products.

The Company assumes no obligation to update or revise any forward-looking statements.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business