What changed

Adjusted operating margin, updated basisQ3 2026Q3 2025
Company-reported actual26.2%25.1%

Source: the release’s comparable-basis table. Both columns are non-GAAP. [MMM1]

Why care

Our interpretation: a changed definition can make an old spreadsheet misleading even when the new release provides a valid comparison. Update the historical series before evaluating the trend. Higher margins can support earnings power, but should be assessed alongside demand and cash generation.

The strongest counterargument

It would be unfair to describe the reported growth as merely an accounting-definition effect: the release restates the comparison on the same basis. [MMM1] The better response is to inspect the adjustments and the comparable operating trend together.

What to watch next

At the next quarterly release, track adjusted margin on a consistent basis, organic sales growth and the reconciliation to GAAP. Keep any future guidance separate from those actual results.

Useful takeaway: match the yardstick before judging the improvement. Read our M&T earnings brief for another reason to check the number behind an EPS headline.

Sources & verification

  1. [MMM1] 3M · Q3 2026 earnings release, Exhibit 99.1 · October 20, 2026 ↗

Reporting checked October 20, 2026 against the company document linked above. Actual results, management guidance and editorial interpretation are identified separately. No share-price reaction or analyst estimate is inferred.