3M Co 8-K, filed Oct 20, 2026

3M Co (MMM)

8-K 2026-10-20 For: 2026-10-20

Added on October 20, 2026

About this 8-K

3M Co filed this 8-K on October 20, 2026.

3M Company reported third-quarter 2026 GAAP sales of $6.6 billion, up 1.0%, EPS of $2.63, up 70%, and adjusted free cash flow of $1.2 billion. It raised 2026 adjusted EPS guidance to $9.10 to $9.15. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number						Description
99.1						Press Release, dated as of October 20, 2026, of 3M Company (furnished pursuant to Item 2.02 hereof).
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).


			3M COMPANY

			By:			/s/ Kevin H. Rhodes

						Kevin H. Rhodes,
						Executive Vice President, Chief Legal Affairs Officer and Secretary


	Q3 2026			Q3 2025
GAAP EPS	$	2.63		$	1.55
Special items:
Loss on business divestitures	—			0.30
(Increase) decrease in value of Solventum ownership	(0.60)			0.13
Net costs for significant litigation and PFAS exit	0.19			0.19
Transformation costs	0.08			0.02
Amortization and business acquisition-related costs	0.20			0.04

Adjusted EPS	$	2.50		$	2.23

Memo:
GAAP operating income margin	23.7		%	22.2		%
Adjusted operating income margin	26.2		%	25.1		%


	GAAP	Adjusted (non-GAAP)
Net sales (billions)	$6.6	$6.6
Sales change
Total sales	1.0%	4.2%
Components of sales change:
Organic sales	0.2	3.3
Acquisitions/divestitures	0.9	0.9
Translation	(0.1)	—
Adjusted sales excludes manufactured PFAS products.


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net sales	$	6,584	$	6,517	$	19,114	$	18,815

Operating expenses
Cost of sales	3,801		3,792		11,192		10,916
Selling, general and administrative expenses	921		820		2,726		3,032
Research, development and related expenses	304		297		914		870
Loss on business divestitures	—		161		343		164
Total operating expenses	5,026		5,070		15,175		14,982
Operating income	1,558		1,447		3,939		3,833

Other expense (income), net	(112)		300		271		378

Income before income taxes	1,670		1,147		3,668		3,455
Provision for income taxes	261		308		665		818
Income of consolidated group	1,409		839		3,003		2,637

Income from unconsolidated subsidiaries, net of taxes	1		2		4		51
Net income including noncontrolling interests (NCIs)	1,410		841		3,007		2,688

Net income (loss) attributable to NCIs and adjustment to redeemable NCI	37		7		48		15


Net income attributable to 3M common shareholders	$	1,373	$	834	$	2,959	$	2,673

Earnings per share attributable to 3M common shareholders:
Weighted average 3M common shares outstanding — basic	518.8		534.1		522.5		538.4
Earnings per share — basic	$	2.65	$	1.56	$	5.66	$	4.97

Weighted average 3M common shares outstanding — diluted	522.6		538.1		525.9		542.1
Earnings per share — diluted	$	2.63	$	1.55	$	5.63	$	4.93


	September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	4,835	$	5,235
Marketable securities	310		698
Accounts receivable – net	4,116		3,533
Inventories	4,081		3,661
Prepaids	482		391
Assets held for sale	—		46
Other current assets	2,890		2,823
Total current assets	16,714		16,387
Property, plant and equipment – net	6,969		7,101
Goodwill and intangible assets – net	9,396		7,522
Other assets	6,447		6,723
Total assets	$	39,526	$	37,733
Liabilities, redeemable noncontrolling interest and equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	2,439	$	1,670
Accounts payable	3,040		2,702
Accrued payroll	619		718
Liabilities held for sale	—		55
Other current liabilities	5,770		4,450
Total current liabilities	11,868		9,595
Long-term debt	12,558		10,932
Other liabilities	9,960		12,459
Total liabilities	34,386		32,986
Redeemable noncontrolling interest	971		—
Total equity	4,169		4,747
Shares outstanding
September 30, 2026: 516,729,574
December 31, 2025: 530,279,131
Total liabilities, redeemable noncontrolling interest and equity	$	39,526	$	37,733


	Nine months ended September 30,

	2026		2025
Net cash provided by (used in) operating activities	$	2,046	$	723

Cash flows from investing activities:
Purchases of property, plant and equipment	(704)		(662)
Acquisitions, net of cash acquired	(1,910)		—
Purchases and proceeds from sale or maturities of marketable securities and investments – net	390		2,346
Proceeds from (payments for) sale of businesses, net of cash sold	(326)		5
Other investing activities	38		66
Net cash provided by (used in) investing activities	(2,512)		1,755

Cash flows from financing activities:
Change in debt – net	2,525		(705)
Purchases of treasury stock and dividends paid to shareholders	(4,441)		(3,874)
Proceeds from issuances of treasury stock pursuant to stock option and benefit plans	702		1,219
Proceeds from investment by noncontrolling interest	1,277		—
Other financing activities	(38)		(39)
Net cash provided by (used in) financing activities	25		(3,399)

Effect of exchange rate changes on cash and cash equivalents	(5)		36

Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale	(446)		(885)
Less: net increase (decrease) in cash classified within assets held for sale	(46)		44
Net increase (decrease) in cash and cash equivalents	(400)		(929)
Cash and cash equivalents at beginning of year	5,235		5,600
Cash and cash equivalents at end of period	$	4,835	$	4,671


	Three months ended September 30, 2026
By reportable business segment	Organic sales		Acquisitions		Divestitures		Translation		Total sales change

Safety and Industrial	7.0	%	3.1	%	(1.2)	%	0.2	%	9.1	%
Transportation and Electronics	0.5		—		—		(0.1)		0.4
Consumer	(0.2)		—		—		(0.2)		(0.4)
Total reportable business segments	3.4		1.4		(0.5)		—		4.3
Total Company	0.2		1.4		(0.5)		(0.1)		1.0
By geographic area

United States and Canada	3.9	%	1.4	%	(0.3)	%	(0.1)	%	4.9	%
Latin America	7.2		—		(0.1)		4.0		11.1
China	(10.7)		—		(0.5)		3.9		(7.3)
Other Asia	(2.9)		0.7		(0.2)		(3.4)		(5.8)

Europe, Middle East and Africa	(2.8)		3.5		(1.4)		(1.0)		(1.7)


	Nine months ended September 30, 2026
By reportable business segment	Organic sales		Acquisitions		Divestitures		Translation		Total sales change
Safety and Industrial	6.1	%	1.0	%	(0.8)	%	1.7	%	8.0	%
Transportation and Electronics	2.1		—		(0.2)		0.9		2.8
Consumer	(1.2)		—		—		0.6		(0.6)
Total reportable business segments	3.3		0.5		(0.4)		1.2		4.6
Total Company	0.4		0.5		(0.4)		1.1		1.6
By geographic area

United States and Canada	0.6	%	0.5	%	(0.3)	%	0.1	%	0.9	%
Latin America	3.0		—		(0.2)		5.3		8.1
China	0.7		0.1		(0.4)		4.4		4.8
Other Asia	0.1		0.2		(0.1)		(2.7)		(2.5)

Europe, Middle East and Africa	(1.2)		1.2		(1.1)		3.7		2.6


	Three months ended September 30,				Nine months ended September 30,

Net sales (millions)	2026		2025		2026		2025
Abrasives	$	326	$	344	$	1,017	$	999
Automotive Aftermarket	309		293		896		874
Electrical Markets	423		373		1,170		1,047
Industrial Adhesives and Tapes	633		587		1,879		1,698
Industrial Specialties Division	312		297		924		879
Personal Safety	848		787		2,501		2,285
Fire Safety and Rescue	206		108		430		342
Roofing Granules	125		128		386		395
Total Safety and Industrial business segment	3,182		2,917		9,203		8,519

Advanced Materials	175		149		484		440
Automotive and Aerospace	490		484		1,459		1,433
Commercial Branding and Transportation	718		691		2,095		1,996
Electronics	616		668		1,875		1,883
Total Transportation and Electronics business segment	1,999		1,992		5,913		5,752

Consumer Safety and Well-Being	307		294		874		848
Home and Auto Care	307		304		953		909
Home Improvement	414		417		1,087		1,117
Packaging and Expression	279		297		771		832
Total Consumer business segment	1,307		1,312		3,685		3,706
Total reportable business segments	6,488		6,221		18,801		17,977

Corporate	96		296		313		838
Total Company	$	6,584	$	6,517	$	19,114	$	18,815


	Three months ended September 30,				Nine months ended September 30,

Operating income (millions)	2026		2025		2026		2025
Safety and Industrial	$	960	$	792	$	2,642	$	2,279
Transportation and Electronics	468		484		1,371		1,354
Consumer	300		292		770		780
Total reportable business segments	1,728		1,568		4,783		4,413
Corporate
Corporate-level (expense) income	(2)		17		33		89
Corporate special items:
Net costs for significant litigation and PFAS exit	(46)		65		(59)		(356)

Amortization and business acquisition-related costs	(64)		(26)		(125)		(78)
(Loss) gain on business divestitures	—		(161)		(343)		(164)
Manufactured PFAS products	—		(2)		(126)		(57)
Transformation costs	(58)		(14)		(224)		(14)
Total Corporate	(170)		(121)		(844)		(580)
Total Company operating income	1,558		1,447		3,939		3,833

Other expense/(income), net	(112)		300		271		378
Income before income taxes	$	1,670	$	1,147	$	3,668	$	3,455


GAAP amounts for which a measure adjusted for special items is also provided:						Reasons 3M believes the measure is useful:
•Net sales (and sales change)						Considered in evaluating and managing operations; useful in understanding underlying business performance, provides additional transparency to special items


•Operating income (loss) and operating income (loss) margin (and expansion)

•Income before taxes
•Provision for income taxes and effective tax rate
•Net income
•EPS


Additional non-GAAP measures:
•Adjusted net cash provided by (used in) operating activities; adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures) and adjusted free cash flow						Used as indicators of strength and ability to generate cash and as indicator of capital deployment; meaningful as measures of performance


(Dollars in millions, except per share amounts)	Three months ended September 30, 2025
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	6,517	$	1,447	22.2	%	$	1,147	$	308	26.8	%	$	834	$	1.55
Corporate GAAP amounts	$	296	$	(121)
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		(65)				56		(45)				101		0.19
Amortization and business acquisition-related costs	—		26				26		5				21		0.04
Loss on business divestitures	—		161				161		2				159		0.30
Manufactured PFAS products	(199)		2				2		1				1		—
Solventum ownership - change in value	—		—				94		23				71		0.13
Transformation costs	—		14				14		3				11		0.02
Total special items	(199)		138				353		(11)				364		0.68
Total Company adjusted amounts (non-GAAP measures)4	$	6,318	$	1,585	25.1	%	$	1,500	$	297	19.9	%	$	1,198	$	2.23
Corporate adjusted amounts (non-GAAP measures)4	$	97	$	17


	Nine months ended September 30, 2025
(Dollars in millions, except per share amounts)	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	18,815	$	3,833	20.4	%	$	3,455	$	818	23.7	%	$	2,673	$	4.93
Corporate GAAP amounts	$	838	$	(580)
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		356				751		(1)				752		1.39
Amortization and business acquisition-related costs	—		78				78		17				61		0.11
Loss on business divestitures	—		164				164		3				161		0.30

Manufactured PFAS products	(559)		57				57		14				43		0.08
Solventum ownership - change in value	—		—				(242)		23				(265)		(0.49)
Transformation costs	—		14				14		3				11		0.02
Total special items	(559)		669				822		59				763		1.41
Total Company adjusted amounts (non-GAAP measures)4	$	18,256	$	4,502	24.7	%	$	4,277	$	877	20.6	%	$	3,436	$	6.34
Corporate adjusted amounts (non-GAAP measures)4	$	279	$	89


(Dollars in millions, except per share amounts)	Three months ended March 31, 2026
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	6,030	$	1,397	23.2	%	$	878	$	221	25.2	%	$	653	$	1.23
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		(170)				(45)		(25)				(20)		(0.04)
Loss on business divestitures	—		7				7		1				6		0.01
Amortization and business acquisition-related costs	—		25				25		6				19		0.04
Manufactured PFAS products	(27)		126				126		31				95		0.18
Solventum ownership - change in value	—		—				356		—				356		0.67
Transformation costs	—		66				66		16				50		0.09
Total special items	(27)		54				535		29				506		0.95
Total Company adjusted amounts (non-GAAP measures)4	$	6,003	$	1,451	24.2	%	$	1,413	$	250	17.7	%	$	1,159	$	2.18


(Dollars in millions, except per share amounts)	Three months ended June 30, 2026
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	6,500	$	984	15.1	%	$	1,120	$	183	16.3	%	$	933	$	1.78
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		183				296		64				232		0.44
Loss on business divestitures	—		336				336		20				316		0.61
Amortization and business acquisition-related costs	—		36				36		5				31		0.06
Solventum ownership - change in value	—		—				(303)		11				(314)		(0.60)
Transformation costs	—		100				100		24				76		0.15
Total special items	—		655				465		124				341		0.66
Total Company adjusted amounts (non-GAAP measures)4	$	6,500	$	1,639	25.2	%	$	1,585	$	307	19.4	%	$	1,274	$	2.44


(Dollars in millions, except per share amounts)	Three months ended March 31, 2025
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	5,954	$	1,246	20.9	%	$	1,385	$	265	19.1	%	$	1,116	$	2.04
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		74				224		(2)				226		0.41
Amortization and business acquisition-related costs	—		26				26		6				20		0.03
Manufactured PFAS products	(174)		38				38		9				29		0.06
Solventum ownership - change in value	—		—				(343)		—				(343)		(0.63)
Total special items	(174)		138				(55)		13				(68)		(0.13)
Total Company adjusted amounts (non-GAAP measures)4	$	5,780	$	1,384	24.0	%	$	1,330	$	278	20.9	%	$	1,048	$	1.91


(Dollars in millions, except per share amounts)	Three months ended June 30, 2025
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	6,344	$	1,140	18.0	%	$	923	$	245	26.6	%	$	723	$	1.34
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		347				471		46				425		0.79
Amortization and business acquisition-related costs	—		26				26		6				20		0.04
Loss on business divestitures	—		3				3		1				2		—
Manufactured PFAS products	(186)		17				17		4				13		0.02
Solventum ownership - change in value	—		—				7		—				7		0.01
Total special items	(186)		393				524		57				467		0.86
Total Company adjusted amounts (non-GAAP measures)4	$	6,158	$	1,533	24.9	%	$	1,447	$	302	20.9	%	$	1,190	$	2.20


(Dollars in millions, except per share amounts)	Three months ended December 31, 2025
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	6,133	$	796	13.0	%	$	758	$	185	24.5	%	$	577	$	1.07
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		185				310		10				300		0.56
Amortization and business acquisition-related costs	—		26				26		7				19		0.04
Loss on business divestitures	—		(2)				(2)		—				(2)		—
Manufactured PFAS products	(110)		235				235		22				213		0.39
Solventum ownership - change in value	—		—				(160)		—				(160)		(0.30)
Transformation costs	—		55				55		(4)				59		0.11
Total special items	(110)		499				464		35				429		0.80
Total Company adjusted amounts (non-GAAP measures)4	$	6,023	$	1,295	21.5	%	$	1,222	$	220	17.8	%	$	1,006	$	1.87


(Dollars in millions, except per share amounts)	Full Year December 31, 2025
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	24,948	$	4,629	18.6	%	$	4,213	$	1,003	23.8	%	$	3,250	$	6.00
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		541				1,061		9				1,052		1.95
Amortization and business acquisition-related costs	—		104				104		24				80		0.14
Loss on business divestitures	—		162				162		3				159		0.29
Manufactured PFAS products	(669)		292				292		36				256		0.47
Solventum ownership - change in value	—		—				(402)		23				(425)		(0.78)
Transformation costs	—		69				69		(1)				70		0.13
Total special items	(669)		1,168				1,286		94				1,192		2.20
Total Company adjusted amounts (non-GAAP measures)4	$	24,279	$	5,797	23.9	%	$	5,499	$	1,097	20.0	%	$	4,442	$	8.20


(Dollars in millions, except per share amounts)	Full Year December 31, 2024
	Net sales		Operating income		Operating income margin		Income before taxes		Provision for income taxes		Effective tax rate		Net income attributable to 3M common shareholders		EPS
Total Company GAAP amounts	$	24,575	$	4,822	19.6	%	$	4,819	$	804	16.7	%	$	4,009	$	7.26
Adjustments for special items:
Net costs for significant litigation and PFAS exit	—		81				800		68				732		1.32
Divestiture costs	—		20				20		(111)				131		0.24
Amortization and business acquisition-related costs	—		108				108		26				82		0.15
Manufactured PFAS products	(945)		144				144		34				110		0.20
Pension risk transfer charge	—		—				808		191				617		1.11
Solventum ownership - change in value	—		—				(1,564)		—				(1,564)		(2.83)
Total special items	(945)		353				316		208				108		0.19
Total Company adjusted amounts (non-GAAP measures)4	$	23,630	$	5,175	21.9	%	$	5,135	$	1,012	19.7	%	$	4,117	$	7.45


	Three months ended September 30, 2026
Sales change3	Organic sales		Acquisitions		Divestitures		Translation		Total sales change
Total Company	0.2	%	1.4	%	(0.5)	%	(0.1)	%	1.0	%
Remove manufactured PFAS products special item impact	3.1		—		—		0.1		3.2
Adjusted total Company (non-GAAP measures)4	3.3	%	1.4	%	(0.5)	%	—	%	4.2	%





By geographic area




United States and Canada	3.9	%	1.4	%	(0.3)	%	(0.1)	%	4.9	%
Remove manufactured PFAS products special item impact	2.9		—		—		—		2.9
Adjusted United States and Canada (non-GAAP measures)4	6.8	%	1.4	%	(0.3)	%	(0.1)	%	7.8	%

Latin America	7.2	%	—	%	(0.1)	%	4.0	%	11.1	%
Remove manufactured PFAS products special item impact	0.5		—		—		—		0.5
Adjusted Latin America (non-GAAP measures)4	7.7	%	—	%	(0.1)	%	4.0	%	11.6	%

China	(10.7)	%	—	%	(0.5)	%	3.9	%	(7.3)	%
Remove manufactured PFAS products special item impact	3.4		0.1		(0.1)		0.1		3.5
Adjusted China (non-GAAP measures)4	(7.3)	%	0.1	%	(0.6)	%	4.0	%	(3.8)	%

Other Asia	(2.9)	%	0.7	%	(0.2)	%	(3.4)	%	(5.8)	%
Remove manufactured PFAS products special item impact	4.2		0.1		—		(0.3)		4.0
Adjusted Other Asia (non-GAAP measures)4	1.3	%	0.8	%	(0.2)	%	(3.7)	%	(1.8)	%

Europe, Middle East & Africa	(2.8)	%	3.5	%	(1.4)	%	(1.0)	%	(1.7)	%
Remove manufactured PFAS products special item impact	3.8		0.1		(0.1)		—		3.8
Adjusted Europe, Middle East & Africa (non-GAAP measures)4	1.0	%	3.6	%	(1.5)	%	(1.0)	%	2.1	%

By particular country
United States	4.0	%	1.2	%	(0.3)	%	—	%	4.9	%
Remove manufactured PFAS products special item impact	3.0		0.3		(0.1)		—		3.2
Adjusted United States (non-GAAP measures)4	7.0	%	1.5	%	(0.4)	%	—	%	8.1	%


	Three months ended September 30,				Nine months ended September 30,
Major GAAP cash flow categories (dollars in millions)	2026		2025		2026		2025
Net cash provided by (used in) operating activities	$	486	$	1,756	$	2,046	$	723
Net cash provided by (used in) investing activities	(2,089)		465		(2,512)		1,755
Net cash provided by (used in) financing activities	3,483		(1,208)		25		(3,399)


	Three months ended September 30,				Nine months ended September 30,
Adjusted free cash flow (non-GAAP measure) (dollars in millions)	2026		2025		2026		2025
Net cash provided by (used in) operating activities	$	486	$	1,756	$	2,046	$	723
Adjustments for special items:
Net costs/(recoveries) for significant litigation and PFAS exit after-tax payment impacts	894		(200)		1,577		2,803
Divestiture costs after-tax payment impacts	—		26		—		85

TCJA transition tax payment	—		—		—		211
Business acquisition-related costs	23		—		23		—
Transformation actions after-tax payment impacts	50		—		93		—
Manufactured PFAS products after-tax payment impacts	—		(60)		51		(92)
Total adjustments for special items	967		(234)		1,744		3,007
Adjusted net cash provided by (used in) operating activities (non-GAAP measure)6	$	1,453	$	1,522	$	3,790	$	3,730
Purchases of property, plant and equipment (PPE)	(256)		(218)		(704)		(662)
Manufactured PFAS products impact - removing related purchases of PPE	—		6		—		15
Adjusted purchases of PPE (non-GAAP measure)6	$	(256)	$	(212)	$	(704)	$	(647)
Adjusted free cash flow (non-GAAP measure)6	$	1,197	$	1,310	$	3,086	$	3,083


	Year ended December 31,
Adjusted free cash flow (non-GAAP measure) (dollars in millions)	2025		2024
Net cash provided by (used in) operating activities	$	2,306	$	1,819
Adjustments for special items:
Net costs/(recoveries) for significant litigation after-tax payment impacts	2,817		3,831
Divestiture costs and divestiture-related restructuring after-tax payment impacts	102		374




TCJA transition tax payment	211		193
Transformation actions after-tax payment impacts	11		—
Manufactured PFAS products after-tax payment impacts	(183)		(229)
Total adjustments for special items	2,958		4,169
Adjusted net cash provided by (used in) operating activities (non-GAAP measure)6	$	5,264	$	5,988
Purchases of property, plant and equipment (PPE)	(910)		(1,181)
Manufactured PFAS products impact - removing related purchases of PPE	20		70
Adjusted purchases of PPE (non-GAAP measure)6	$	(890)	$	(1,111)
Adjusted free cash flow (non-GAAP measure)6	$	4,374	$	4,877


(Dollars in billions)						2026 forecast
Net cash provided by (used in) operating activities						~$5.9
Adjustments for special items5						—
Adjusted net cash provided by (used in) operating activities (non-GAAP measure)5,6						~$5.9
Purchase of property, plant and equipment (PPE)						~$1.1



Adjusted free cash flow (non-GAAP measure)5,6						~$4.8