v3.25.4
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) including noncontrolling interest [1] $ 3,262 $ 4,188 $ (6,979)
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities      
Depreciation and amortization [1] 1,308 1,363 1,987
Company pension and postretirement contributions [1] (145) (154) (152)
Company pension and postretirement expense [1] 272 1,035 145
Stock-based compensation expense [1] 225 289 274
Loss (gain) on business divestitures [1] 162 0 (36)
Deferred income taxes [1] 418 321 (3,855)
Changes in assets and liabilities      
Accounts receivable [1] (211) 114 (170)
Inventories [1] 139 41 567
Accounts payable [1] 21 46 138
Other — net [1] (3,145) (5,424) 14,761
Net cash provided by (used in) operating activities [1] 2,306 1,819 6,680
Cash flows from investing activities      
Purchases of property, plant and equipment (PP&E) [1] (910) (1,181) (1,615)
Proceeds from sale of PP&E and other assets [1] 95 61 119
Purchases of marketable securities and investments [1] (1,305) (4,153) (1,466)
Proceeds from maturities and sale of marketable securities and investments [1] 3,468 2,074 1,660
Proceeds from sale of businesses, net of cash sold [1] 5 0 60
Other — net [1] (3) (7) 35
Net cash provided by (used in) investing activities [1] 1,350 (3,206) (1,207)
Cash flows from financing activities      
Change in short-term debt — net [1] 0 (205) 205
Repayment of debt (maturities greater than 90 days) [1] (1,815) (2,656) (3,086)
Proceeds from debt (maturities greater than 90 days) [1] 1,099 8,367 2,835
Purchases of treasury stock [1] (3,251) (1,801) (33)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans [1] 1,562 92 264
Dividends paid to shareholders [1] (1,562) (1,982) (3,311)
Cash transferred to Solventum related to separation, net [1] 0 (621) 0
Other — net [1] (49) (96) (21)
Net cash provided by (used in) financing activities [1] (4,016) 1,098 (3,147)
Effect of exchange rate changes on cash and cash equivalents [1] 41 (44) (48)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale [1] (319) (333) 2,278
Less: net increase (decrease) in cash classified within assets held for sale 46 0 0
Net increase (decrease) in cash and cash equivalents [1] (365) (333) 2,278
Cash and cash equivalents at beginning of year [1] 5,600 5,933 3,655
Cash and cash equivalents at end of period [1] $ 5,235 $ 5,600 $ 5,933
[1] The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.