3M(MMM)

3M reported a 40% drop in GAAP EPS to $1.23 that was driven almost entirely by a $699M non-cash swing in its retained Solventum stake, while adjusted EPS rose 14% to $2.14 and adjusted organic sales grew just 1.2%.

Adjusted organic sales grew 5.4%, but the 33% GAAP EPS growth is mostly one-off items: a $336M divestiture loss, a swing in Solventum stake value, and lower PFAS litigation costs, not operating improvement.