Note 3. Revenue
Disaggregated Revenue Information: The Company views the following disaggregated disclosures as useful to understanding the composition of revenue recognized during the respective reporting periods:
Net sales (millions)
202520242023
Abrasives$1,340$1,295$1,327
Automotive Aftermarket1,1781,2351,237
Electrical Markets1,3941,2741,259
Industrial Adhesives and Tapes2,2662,1042,051
Industrial Specialties Division
1,1721,1611,206
Personal Safety3,5443,3713,382
Roofing Granules490521494
Total Safety and Industrial Business segment
11,38410,96110,956
Advanced Materials8589691,167
Automotive and Aerospace1,9011,9121,925
Commercial Branding and Transportation
2,6022,5282,546
Electronics2,9112,9712,863
Total Transportation and Electronics Business segment
8,2728,3808,501
Consumer Safety and Well-Being1,1081,0801,096
Home and Auto Care1,2001,1911,260
Home Improvement1,4861,4861,448
Packaging and Expression1,1261,1741,222
Total Consumer Business segment
4,9204,9315,026
Corporate and Other
372303127
Total Company
$24,948$24,575$24,610
Net sales by geographic area (millions)
202520242023
Americas$13,579 $13,405 $13,268 
Asia Pacific7,095 6,994 7,068 
Europe, Middle East and Africa4,274 4,176 4,274 
Worldwide$24,948 $24,575 $24,610 
Net sales by particular country (millions)
202520242023
United States
$10,936 $10,788 $10,607 
China/Hong Kong
2,951 2,824 2,625 
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About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.