J P M O R G A N North America Credit Research 21 July 2026 3M Solid 2Q26 Results and Raised 2026 Guidance; Unchanged Credit Story Table 1: MMM 2Q26 Earnings Summary | | 2Q26 | | | | | | --- | --- | --- | --- | --- | --- | | | Actual | Consensus | Beat/Miss % | 2Q25 | Y/Y % Change | | Adj. Revenue | $6,500 | $6,399 | 2% | $6,158 | 6% | | Adj. Operating income | $1,615 | $1,580 | 2% | $1,507 | 7% | | % margin | 24.9% | 24.7% | | 24.5% | | | Capex | $223 | $248 | -10% | $208 | 7% | | Adj. FCF | $1,348 | $280 | ...