Can 3M Continue Its Strong Capital Returns to Shareholders?

3M Company returned $3.8 billion to shareholders through dividends and buybacks in the first half of 2026, with $1.8 billion remaining under its repurchase authorization. The company expects adjusted operating cash flow of $5.8-$6.0 billion and free cash flow conversion above 100% for 2026, while raising its quarterly dividend by 6.8% in February 2026. Despite trading above industry valuation averages, 3M shares gained 3.6% over the past year compared to a 27.8% industry decline.