MMM · 10-K filed 3 Feb 2026 · year to 31 Dec 2025

3M

19 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns fromnamed as a risk

The Company is also subject to certain risks as a direct and indirect supplier to the U.S. government and other governments, such as those associated with compliance with procurement regulations, as well as the government’s rights to audit and conduct investigations and to terminate contracts.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Suppliers

Limited- or sole-source suppliers

depends onnamed as a risk

In addition, some of our suppliers are limited- or sole-source suppliers, and our ability to meet our obligations to customers depends on the performance, product quality, and stability of such suppliers and the Company's ability to source adequate alternatives in a cost-effective manner.Risk factors (Item 1A)

Also named by GE

Other companies

Solventum Corporation

depends onnamed as a risk

In addition, the Company may be unable to find suitable alternatives for goods and services that Solventum temporarily provides to the Company pursuant to the agreements noted above, or such alternative goods and services may be more expensive than provided by Solventum to the Company.Risk factors (Item 1A)

Solventum Corporation equity interest

named as a risk

The Company cannot predict the trading price of shares of Solventum’s common stock and the market value of the Solventum shares is subject to market volatility and other factors outside of the Company’s control.Risk factors (Item 1A)

Places

Outside the United States

earns from · approximately 56 percent of its revenuesnamed as a risk

During 2025, the Company derived approximately 56 percent of its revenues from outside the United States.Risk factors (Item 1A)

Also named by APD, ARW, BALL, CCK, COO, GGG, GIS, HPE and 10 more

China

earns fromnamed as a risk

For example, changes in local economic condition or outlooks, such as lower economic growth rates in China, Europe, or other key markets, impact the demand or profitability of the Company's products.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

PFAS (per- and polyfluoroalkyl substances)

$0.8 billion pre-tax chargenamed as a risk

The Company recognized a $0.8 billion pre-tax charge in the fourth quarter of 2022 associated with the 2022 PFAS Announcement related to asset impairments, and will incur additional expenses in connection with the 2022 PFAS Announcement.Risk factors (Item 1A)

Also named by ACHR, APG, CAG, CAVA, CTVA, DD, ES, FDX and 12 more

Commodities and inputs

Rare earth minerals

depends onnamed as a risk

These geopolitical tensions could result in, among other things, cyberattacks, supply chain disruptions (including limitations on access to rare earth minerals and other raw materials), higher energy and other commodity costs, lower consumer demand, and changes to foreign exchange rates and financial markets, and tariffs and trade restrictions may result in increased production costs and product pricing, further supply chain disruptions, limited access to end markets, lower profitability, and uncertainty related to planning long-term investments and strategies, and may have other competitive effects.Risk factors (Item 1A)

Also named by ALAB, AMAT, COHR, DE, EXTR, GE, GEHC, GWW and 10 more

Oil and natural gas

exposed to its pricenamed as a risk

The Company depends on various components, compounds, raw materials, and energy (including oil and natural gas and their derivatives) supplied by others for the manufacturing of its products.Risk factors (Item 1A)

Also named by APO, ARES, BX, FDUS, GAIN, HON, RF, SOLV and 3 more

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

The Company has been voluntarily cooperating with various local, state, federal (primarily the U.S. Environmental Protection Agency (EPA)), and international agencies in their reviews of the environmental and health effects of certain PFAS produced by the Company prior to the end of 2025.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Laws and programs

PWS Settlement (PFAS public water suppliers class action)

subject to · $10.5 billion to $12.5 billionnamed as a risk

3M will pay $10.5 billion to $12.5 billion in total to resolve the claims released by the PWS Settlement, with payments to be made from 2024 through 2036, in exchange for a release of certain claims, as described further in Note 17.Risk factors (Item 1A)

Combat Arms Earplugs (CAE) Settlement

subject to · $6.0 billionnamed as a risk

Pursuant to the CAE Settlement, 3M will contribute a total amount of $6.0 billion between 2023 and 2029.Risk factors (Item 1A)

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

The failure to comply with the FCPA and other anti-bribery and anti-corruption laws and regulations could result in significant civil fines and penalties or criminal sanctions against the Company, which could have a material adverse effect on our business, reputation, operating results and financial condition.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

CERCLA

subject tonamed as a risk

As a result of the CERCLA designation of PFOA and PFOS as hazardous substances in 2024, and to the extent EPA finalizes additional proposals related to PFAS, 3M may be required to undertake additional investigative or remediation activities, including where 3M conducts operations or where 3M has disposed of waste.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

U.S. False Claims Act

subject tonamed as a risk

Significant administrative, civil or criminal liabilities, including under the U.S. False Claims Act or similar enforcement legislation, and suspension or debarment from business with the U.S. or other governments, and reputational harm, could also result from the risks noted above.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more

U.S.-China trade tensions

subject tonamed as a risk

Further escalation of specific trade tensions, including those between the U.S. and China, or more broadly in global trade conflict, could have a material adverse effect on the Company's business and operations around the world.Risk factors (Item 1A)

Also named by CIEN, DD, ON, OTIS

AFFF multi-district litigation

subject tonamed as a risk

3M has seen increased public and private lawsuits being filed on behalf of states, counties, cities, and utilities alleging, among other things, harm to the general public and damages to natural resources, some of which are pending in the AFFF multi-district litigation and some of which are pending in other jurisdictions, including internationally.Risk factors (Item 1A)

Also named by PRM

OECD BEPS Integrated Framework

subject tonamed as a risk

In connection with the Base Erosion and Profit Shifting (BEPS) Integrated Framework provided by Organization for Economic Cooperation and Development (OECD), determination of multi-jurisdictional taxation rights and the rate of tax applicable to certain types of income may be subject to potential change.Risk factors (Item 1A)

Technology

Enterprise resource planning (ERP) system

depends onnamed as a risk

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,Business (Item 1)

Also named by PHM