Adjusted EPS rises as Solventum (NYSE: SOLV) keeps 2026 outlook

Rhea-AI Filing Summary

Solventum reported mixed first-quarter 2026 results, with lower reported sales but stronger underlying trends and reaffirmed guidance. Net sales were $2.007 billion, down 3.0% year over year, while organic sales grew 2.1% across all reportable segments. GAAP diluted EPS fell to $0.07 from $0.78, largely reflecting separation, restructuring and other one-time items, but adjusted diluted EPS rose 10.6% to $1.48. GAAP operating margin declined to 4.0%, while adjusted operating margin was 19.5%, slightly below 19.7% a year earlier. Operating cash flow was $(189) million and free cash flow was $(273) million, pressured by separation activities, transition payments and seasonality. The company affirmed full-year 2026 organic sales growth of 2.0%–3.0%, expects adjusted EPS toward the high end of its $6.40–$6.60 range, and targets about $200 million of free cash flow. Solventum also highlighted a new 250,000 square foot R&D center and a major manufacturing expansion to support future growth.

Positive

• Adjusted profitability and outlook strengthened: Adjusted diluted EPS rose 10.6% to $1.48 and adjusted operating margin remained high at 19.5%, while management reaffirmed 2026 organic sales growth and now expects adjusted EPS toward the high end of the $6.40–$6.60 range.
• Segment and innovation momentum: Organic sales grew 2.1% with contributions from all reportable segments, and the company opened a 250,000 square foot R&D center plus expanded manufacturing capacity, supporting its long-range growth plans.

Negative

• GAAP earnings and margins sharply lower: Net income fell 90.5% to $13 million and GAAP diluted EPS dropped to $0.07, with GAAP operating margin declining from 7.3% to 4.0%, reflecting significant separation, restructuring and related costs.
• Weak near-term cash generation: Operating cash flow was $(189) million and free cash flow deteriorated to $(273) million from $(80) million a year earlier, as separation activities, transition payments and seasonality weighed on liquidity.

Insights

Equity research analyst

Core earnings and guidance held up despite weaker GAAP results and cash flow.

Solventum generated Q1 2026 sales of $2.007 billion, down 3.0% reported but up 2.1% organically, showing underlying demand across all reportable segments. Adjusted diluted EPS increased 10.6% to $1.48, even as GAAP EPS dropped to $0.07 on separation, restructuring and litigation-related items.

Profitability was mixed: GAAP operating margin declined to 4.0%, while adjusted operating margin was a solid 19.5%, only modestly below last year’s 19.7%. Free cash flow of $(273) million and operating cash outflows reflected separation activities, transition agreement exit payments and normal seasonality, rather than weaker demand.

Management reaffirmed full-year 2026 organic sales growth of 2.0%–3.0% and now expects adjusted EPS toward the high end of the $6.40–$6.60 range, with targeted free cash flow of about $200 million. Investors can track whether margins and cash generation improve over the remainder of 2026 in line with this outlook.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net sales: $2.007 billion Organic sales growth: 2.1% GAAP diluted EPS: $0.07 +5 more

8 metrics

Net sales $2.007 billion Three months ended March 31, 2026; down 3.0% year over year

Organic sales growth 2.1% First quarter 2026 vs prior-year period

GAAP diluted EPS $0.07 Three months ended March 31, 2026; vs $0.78 in 2025

Adjusted diluted EPS $1.48 Q1 2026; up 10.6% from $1.34 in Q1 2025

Free cash flow $(273) million Three months ended March 31, 2026; vs $(80) million in 2025

Adjusted operating margin 19.5% First quarter 2026; slightly below 19.7% in prior year

2026 adjusted EPS guidance range $6.40–$6.60 Management expects results toward high end of this range

Cash and cash equivalents $561 million Balance sheet as of March 31, 2026

Key Terms

organic sales, free cash flow, adjusted diluted earnings per share, non-GAAP financial measures, +1 more

5 terms

organic sales financial

"Reported sales decreased (3.0)%; organic sales increased 2.1%"

Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.

free cash flow financial

"Operating cash flow of $(189) million; free cash flow of $(273) million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

adjusted diluted earnings per share financial

"GAAP diluted earnings per share of $0.07; adjusted diluted earnings per share of $1.48"

Adjusted diluted earnings per share is the company’s net profit per share after accounting for potential extra shares (from options or convertible securities) and removing one‑time or unusual items so the number reflects ongoing business results. Think of it like timing a runner’s steady pace after excluding a few unexpected stops; it gives investors a clearer view of sustainable profit available to each share. Investors use it to compare companies and judge underlying profitability and valuation without short‑term distortions.

non-GAAP financial measures financial

"In addition to reporting financial results in accordance with U.S. GAAP, Solventum also provides non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Transform for the Future financial

"Selling, general and administrative expenses increased primarily due to higher costs associated with separation activities and Transform for the Future"

Earnings Snapshot

Revenue: $2.007 billion · Guidance included

Q1 2026

Revenue $2.007 billion -3.0% year over year

GAAP diluted EPS $0.07 -91.0% year over year

Adjusted diluted EPS $1.48 +10.6% year over year

Free cash flow $(273) million vs $(80) million in Q1 2025

Guidance

For full-year 2026, Solventum expects organic sales growth of 2.0%–3.0% (3.0%–4.0% excluding SKU exits), adjusted EPS toward the high end of its $6.40–$6.60 range, and free cash flow of approximately $200 million.

Understanding 8-K Material Events →

FALSE000196473800019647382026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 5, 2026

SOLVENTUM CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

File No. 001-41968

92-2008841

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1750 Yankee Doodle Road, Eagan, Minnesota

55121

(Address of Principal Executive Offices)

(Zip Code)

(Registrant’s Telephone Number, Including Area Code) (651) 733-1110

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $.01 Per Share

SOLV

New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange Act.     ☐

Item 2.02. Results of Operations and Financial Condition

On May 5, 2026, Solventum issued a press release reporting first-quarter 2026 financial results (attached hereunder as Exhibit 99.1 and incorporated herein by reference).

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number						Description
99.1						Press Release, dated as of May 5, 2026, of Solventum Corporation (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).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			SOLVENTUM CORPORATION
			By:			/s/ Wayde McMillan
						Wayde McMillan
						Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Dated: May 5, 2026

Exhibit 99.1

Solventum Reports First Quarter 2026 Financial Results

•Reported sales decreased (3.0)%; organic sales increased 2.1%

•Affirms full-year 2026 organic sales growth and free cash flow guidance; estimates adjusted EPS will be toward the high end of existing range

EAGAN, Minn., May 5, 2026 – Solventum (NYSE: SOLV) today reported financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

•Sales of $2.0 billion decreased (3.0)% on a reported basis; an increase of 2.1% on an organic basis

•GAAP diluted earnings per share of $0.07; adjusted diluted earnings per share of $1.48, a 10.6% increase

•Operating cash flow of $(189) million; free cash flow of $(273) million

“Solventum delivered first quarter results ahead of expectations, reflecting strong execution and underlying commercial momentum,” said Bryan Hanson, chief executive officer of Solventum. “The work we’re doing to transform the company is reinforcing our confidence in the full year and accelerating progress toward our long-range plan.”

First Quarter 2026 Financial Results

			Three months ended March 31,
(Dollars in millions, except per share amounts)			2026						2025						Year-over-year change
Net sales			$	2,007					$	2,070					(3.0)		%
Selling, general and administrative expenses			$	827					$	769					7.5		%
Research and development expenses			$	189					$	193					(2.1)		%
Operating income margin			4.0		%				7.3		%				(330) bps
Adjusted operating income margin1			19.5		%				19.7		%				(20) bps
Net income			$	13					$	137					(90.5)		%
Diluted earnings per share			$	0.07					$	0.78					(91.0)		%
Adjusted diluted earnings per share1			$	1.48					$	1.34					10.6		%
Net cash provided by (used in) operating activities			$	(189)					$	29					(751.7)		%
Free cash flow1			$	(273)					$	(80)					(241.3)		%

1 Represents non-GAAP financial measure; see the “Non-GAAP Financial Measures” section for applicable information.

Discussion of First Quarter Results

All comparisons are to the prior year period unless otherwise noted

•Organic sales growth of +2.1% in the quarter reflects strong performance across all reportable segments, primarily driven by volume and product mix.

•GAAP and adjusted gross margin both increased by 80 bps due to programmatic savings, portfolio moves, sales leverage and mix, partially offset by tariffs and inflation headwinds.

•Selling, general and administrative expenses increased primarily due to higher costs associated with separation activities and Transform for the Future, partially offset by restructuring benefits.

•GAAP operating income margin decreased driven by separation and restructuring costs while adjusted operating income margin decreased primarily due to tariffs and inflation, partially offset by operational improvements.

•Operating cash flow for the quarter was $(189) million and free cash flow was $(273) million, driven by separation activities, transition agreement exit payments and normal seasonality.

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Other Business and Operational Highlights

•Celebrated the grand opening of a new 250,000 square foot flagship R&D center of excellence in Eagan, Minnesota, featuring modern workspaces, a pilot factory and a dedicated quality lab to fuel a steady pipeline of healthcare innovation.

•Completed a manufacturing expansion in Brookings, South Dakota, adding 200,000 square feet, 16 shipping docks and an 8,000-pallet warehouse to strengthen production capacity and speed innovations from lab to clinicians.

Segment and Total Company Net Sales for First Quarter*
						Three months ended March 31,												Increase/(Decrease)
(Dollars in millions)						2026						2025						Reported growth						Currency impact						Constant currency2						Other3						Organic growth
Advanced Wound Care						$	497					$	448					10.9		%				2.6		%				8.3		%				6.2		%				2.1		%
Infection Prevention and Surgical Solutions						737						710						3.9						3.3						0.6						—						0.6
MedSurg						1,234						1,157						6.6						3.0						3.6						2.4						1.2
Dental Solutions						354						328						7.9						4.5						3.4						—						3.4
Health Information Systems						342						329						4.1						0.7						3.4						(1.3)						4.7
Total reportable segment net sales						1,931						1,814
Purification and Filtration						—						180						NM						NM						NM						NM						NM
All Other4						76						76						0.9						2.3						(1.4)						—						(1.4)
Total Company						$	2,007					$	2,070					(3.0)		%				2.7		%				(5.7)		%				(7.8)		%				2.1		%

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum. “NM” reflects results considered not meaningful due to sale of the Purification and Filtration business in September 2025.

2 Constant currency represents the change in net sales absent the impact on sales from foreign currency translation.

3 Other represents sales impact from acquisitions and divestitures measured separately for the first 12 months post-transaction. Acquisitions include sales from the December 2025 acquisition of Acera. Divestitures primarily represents lost sales from the Company’s Purification and Filtration business that was sold in September 2025.

4 All Other includes the drinking water business, which was previously reported within Purification and Filtration, and sales related to product supplied to 3M and other supply agreements related to legacy 3M business and assumed by the Company at Spin-Off.

Full-Year 2026 Guidance

Solventum is affirming its full year 2026 guidance:

•Organic sales growth of +2.0% to +3.0%; +3.0% to +4.0% excluding ~100 bps of SKU exit impact

•Adjusted EPS estimated to be toward the high end of existing $6.40 to $6.60 guidance range

•Free cash flow of ~$200M

Organic sales, adjusted diluted EPS and free cash flow amounts included in Solventum’s full-year guidance are non-GAAP financial measures. Solventum does not provide reconciliations of the forward-looking non-GAAP financial measures to the respective GAAP metrics as it is unable to predict with reasonable certainty and without unreasonable effort certain items, such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or divestitures, and the timing and magnitude of restructuring activities, among other items.

See the “Non-GAAP Financial Measures” section for explanations of our non-GAAP financial measures.

Earnings Conference Call

Solventum will host a conference call today, May 5, at 4:30 p.m. Eastern Time to discuss its first quarter financial results and fiscal year 2026 outlook. The conference call can be accessed via audio webcast at investors.solventum.com or by dialing (800) 715-9871 within the U.S. or +1 (646) 307-1963 for international callers, using the conference ID 6342275.

2

A replay of the webcast, along with the earnings press release, slides highlighting the results and supplemental financial disclosures, will also be available at the same link on the Investor Relations section of the Company’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 that are subject to risks and uncertainties. Solventum intends the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Forward-looking statements include all statements that are not historical facts, but instead represent only Solventum’s beliefs regarding future goals, plans and expectations about its prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of Solventum’s control. Forward-looking statements include those containing such words as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would” or other words of similar meaning or by using future dates in connection with the discussion of, among other things, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, the launch and acceptance of new products and changes in the global economic environment. It is possible that Solventum’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, including from risks and uncertainties related to, among others: competition and disruption in the healthcare industry; global economic, political and geopolitical conditions; changes in trade and tariff policies; changes in legislation or practices related to reimbursement, regulatory requirements and approvals; the development, manufacturing, marketing and sale of healthcare products; supply chain and operational execution; acquisitions, divestitures and other strategic transactions; Solventum’s separation from 3M and performance as a standalone company, including the tax-free nature of the spin and its ability to execute on its short- and long-range plans and capital allocation strategies; artificial intelligence, information technology and cybersecurity risks; restructuring programs, and other risks and uncertainties described in Solventum’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10‑K and Quarterly Report on Form 10‑Q. Solventum’s management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Solventum undertakes no obligation to update any forward‑looking statements or other information in this press release as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. GAAP, Solventum also provides non-GAAP measures that we use, and plan to continue using, when monitoring and evaluating operating performance and measuring cash available to invest in our business. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP financial measures are supplemental measures of our performance and our liquidity that we believe help investors understand our underlying business performance and Solventum uses these measures as an indication of the strength of Solventum and its ability to generate cash.

Solventum calculates forward-looking non-GAAP financial measures, including organic sales growth, adjusted gross margin, adjusted operating income, adjusted operating income margin, adjusted effective tax rate, adjusted diluted earnings per share and free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. Solventum does not provide reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures as it is unable to predict with reasonable certainty and without unreasonable effort certain items such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or divestitures, and the timing and magnitude of restructuring activities, among other items. The timing and amounts of these items are uncertain and could have a material impact on Solventum’s results in accordance with GAAP.

The Q1 2026 financial statements and financial information, including reconciliations of non-GAAP financial measures, are available on Solventum’s website: investors.solventum.com.

About Solventum

At Solventum, we enable better, smarter, safer healthcare to improve lives. As a new company with a long legacy of creating breakthrough solutions for our customers' toughest challenges, we pioneer game-changing innovations at the intersection of health, material and data science that change patients’ lives for the better — while empowering healthcare professionals to perform at their best. See how at Solventum.com.

3

Solventum Investor Contact:

investors@solventum.com

Solventum Media Contact:

news@solventum.com

4

Solventum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF INCOME*

(Dollars in millions, except per-share data)

(Unaudited)

						Three months ended March 31,
						2026						2025
Net sales of product						$	1,513					$	1,597
Net sales of software and rentals						493						473
Total net sales						2,007						2,070
Cost of product						796						835
Cost of software and rentals						115						121
Gross profit						1,097						1,114
Selling, general and administrative expenses						827						769
Research and development expenses						189						193
Operating income						81						152
Interest expense, net						62						104
Other expense (income), net						4						11
Income before income taxes						16						38
Provision for (benefit from) income taxes						3						(99)
Net income						$	13					$	137
Earnings per share:
Basic earnings per share						$	0.07					$	0.79
Diluted earnings per share						0.07						0.78
Weighted-average number of shares outstanding:
Basic						174.2						173.7
Diluted						175.5						174.8

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

5

Solventum Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS*

(Dollars in millions, except per-share data)

(Unaudited)

						March 31,						December 31,
						2026						2025
Assets
Current assets
Cash and cash equivalents						$	561					$	878
Accounts receivable — net of allowances of $87 and $87						1,059						1,034
Due from related parties						121						150
Inventories
Finished goods						643						636
Work in process						222						201
Raw materials and supplies						224						229
Total inventories						1,089						1,066
Other current assets						754						731
Total current assets						3,583						3,859
Property, plant and equipment — net						1,543						1,326
Goodwill						5,626						5,704
Intangible assets — net						2,497						2,592
Other assets						848						814
Total assets						$	14,097					$	14,294
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt						$	505					$	—
Accounts payable						699						687
Due to related parties						337						435
Unearned revenue						613						621
Other current liabilities						1,192						1,393
Total current liabilities						3,346						3,136
Long-term debt						4,575						5,035
Pension and postretirement benefits						360						363
Deferred income taxes						161						164
Finance leases						207						—
Other liabilities						478						547
Total liabilities						$	9,128					$	9,245
Equity
Common stock, par value $0.01 per share, 750,000,000 shares authorized						$	2					$	2
Shares - March 31, 2026: issued: 174,454,292; outstanding: 173,531,656
Shares - December 31, 2025: issued and outstanding: 173,490,864
Additional paid-in capital						3,895						3,876
Retained earnings						1,810						1,797
Treasury stock, at cost						(67)						—
Shares - March 31, 2026: 922,636
Shares - December 31, 2025: 0
Accumulated other comprehensive income (loss)						(670)						(625)
Total equity						4,969						5,049
Total liabilities and equity						$	14,097					$	14,294

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

Solventum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS*

(Dollars in millions)

(Unaudited)

						Three months ended March 31,
						2026						2025
Cash flows from operating activities
Net income						$	13					$	137
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization						135						129
Pension and postretirement benefit expense						14						15
Stock-based compensation expense						51						49
Deferred income taxes						(41)						(144)
Changes in assets and liabilities
Accounts receivable						(34)						6
Due from related parties						28						5
Inventories						(32)						(32)
Accounts payable						23						9
Due to related parties						(100)						(6)
Accrued compensation						(151)						(107)
All other operating activities — net						(94)						(32)
Net cash provided by (used in) operating activities						(189)						29
Cash flows from investing activities
Purchases of property, plant and equipment						(84)						(109)
Other — net						7						(5)
Net cash used in investing activities						(77)						(114)
Cash flows from financing activities
Repayment of debt						—						(100)
Proceeds from long-term debt, net of issuance costs						46						—
Net transfers from (to) 3M						2						(31)
Purchases of treasury stock						(67)						—
Other — net						(31)						(8)
Net cash used in financing activities						(50)						(139)
Effect of exchange rate changes on cash and cash equivalents						(2)						1
Net increase (decrease) in cash and cash equivalents						(318)						(223)
Cash and cash equivalents at beginning of period						878						762
Less: Cash and cash equivalents within held for sale						—						(5)
Cash and cash equivalents at end of period						$	561					$	534

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

Solventum Corporation and Subsidiaries*

BUSINESS SEGMENTS

(Unaudited)

The Company’s operating activities are primarily managed through three segments: MedSurg, Dental Solutions, and Health Information Systems.

•MedSurg provides:

◦Advanced wound care products such as negative pressure wound therapy, advanced wound dressings, advanced skin care, and synthetic tissue matrices; and

◦Infection prevention and surgical solutions products, such as I.V. site management, sterilization assurance, temperature management, surgical supplies, medical tapes and wraps, stethoscopes, medical electrodes, and medical technologies Original Equipment Manufacturer (“OEM”).

•Dental Solutions provides dental and orthodontic products, including brackets, aligners, restorative cements, and bonding agents that span the “life of the tooth,” including products designed for preventative dental care, direct and indirect restoration, and broad orthodontic needs.

•Health Information Systems provides healthcare systems with software solutions — including computer-assisted physician documentation, direct-to-bill and coding automation, classification methodologies, speech recognition, and data visualization platforms — that are designed to eliminate revenue cycle waste, create more time for patient care, and support value-based care.

Purification and Filtration consists of filters and membranes for biopharmaceutical and medical technologies, as well as microelectronics and food and beverage that were reported prior to the sale of the business in September 2025.

All Other primarily consists of the Water Business that was retained after the sale of the Purification and Filtration Business. All Other also includes sales and cost of sales related to our agreements to supply 3M and other supply agreements assumed by the Company at Spin-Off related to legacy 3M businesses, which were historically included within Corporate and Unallocated.

BUSINESS SEGMENT INFORMATION AND DISAGGREGATED NET SALES*
						Three months ended March 31, 2026																		Three months ended March 31, 2025
(Dollars in millions)																					Net sales																					Operating income						Operating margin %						Net sales						Operating income						Operating margin %
Advanced Wound Care						$	497																	$	448
Infection Prevention and Surgical Solutions						737																		710
MedSurg						1,234						$	161					13.1		%				1,157						$	206					17.8		%
Dental Solutions						354						87						24.5						328						78						23.9
Health Information Systems						342						130						38.1						329						109						33.1
Total reportable segment net sales and operating income						1,931						379												1,814						393
Purification and Filtration						—						—						NM						180						27						15.1
All Other						76						12						15.4						76						11						15.2
Amortization expense												(90)																		(81)
Corporate and unallocated												(219)																		(198)
Total Company						$	2,007					$	81					4.0		%				$	2,070					$	152					7.3		%

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

Solventum Corporation

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Unaudited)

In addition to reporting financial results in accordance with U.S. GAAP, the Company uses non-GAAP financial measures to supplement the financial measures prepared in accordance with U.S. GAAP. These include (1) adjusted gross margin, adjusted operating income and adjusted operating income margin, (2) adjusted diluted earnings per share, and (3) free cash flow. Management believes that these non-GAAP financial measures are useful in evaluating current performance and focusing management on our underlying operational results.

There are limitations to the use of the non-GAAP financial measures presented in this information statement. These non-GAAP financial measures are not prepared in accordance with U.S. GAAP nor do they have any standardized meaning under U.S. GAAP. In addition, other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to such similarly titled non-GAAP financial measures used by other companies. Management cautions you not to place undue reliance on these non-GAAP financial measures, but instead to consider them with the most directly comparable U.S. GAAP measure. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation. These non-GAAP financial measures should be considered supplements to, not substitutes for, or superior to, the corresponding financial measures calculated in accordance with U.S. GAAP.

The tables below reconcile our non-GAAP financial measures to the nearest financial measure that is in accordance with U.S. GAAP for the periods presented.

Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Income Margin and Adjusted Earnings Per Share (Non-GAAP measures)

Adjusted gross margin, adjusted operating income and adjusted operating income margin are not defined under U.S. GAAP. Therefore, they should not be considered a substitute for earnings data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Solventum defines adjusted gross margin as gross margin excluding the effects of restructuring costs, Spin-Off and separation-related costs, separation-related impacts due to the sale of the Purification and Filtration business, and acquisition-related costs. Solventum defines adjusted operating income as operating income excluding the effects of amortization, restructuring costs, Spin-Off and separation-related costs, certain litigation-related costs, separation-related impacts due to the sale of the Purification and Filtration business, and acquisition-related costs. Adjusted operating income margin is adjusted operating income divided by the U.S GAAP measure total net sales for the same period. The Company believes adjusted gross margin, adjusted operating income and adjusted operating income margin provide investors with visibility into the Company’s unleveraged, pre-tax operating results and reflects underlying financial performance. However, adjusted gross margin and adjusted operating income should not be construed as inferring that the Company’s future results will be unaffected by the items for which the measure adjusts.

Adjusted diluted earnings per share is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for earnings data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Solventum defines adjusted diluted earnings per share as net income excluding the after-tax effects of amortization, restructuring costs, Spin-Off and separation-related costs, certain litigation-related costs, separation-related impacts due to the sale of the Purification and Filtration business, and acquisition-related costs. The Company believes adjusted earnings per share provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how the Company evaluates the business. However, adjusted earnings per share should not be construed as inferring that the Company’s future results will be unaffected by the items for which the measure adjusts.

Solventum Corporation

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES – (CONTINUED)*

(Unaudited)

						Three months ended March 31, 2026
(Dollars in millions, except per share amounts)						Net sales						Cost of sales5						Gross margin %						Operating expenses6						Operating income						Operating income margin %						Non-operating expense (income), net7						Income before income taxes						Net income attributable to Solventum						Diluted EPS						Effective tax rate
GAAP						$	2,007					$	910					54.6		%				$	1,015					$	81					4.0		%				$	65					$	16					$	13					$	0.07					19.3		%
Non-GAAP adjustments:
Amortization of acquisition-related intangible assets						—						—						—						(90)						90						4.5						—						90						76						0.43
Restructuring costs (a)						—						(1)						—						(40)						41						2.0						—						41						31						0.18
3M spin-off and separation-related costs (b)						—						(31)						1.5						(132)						163						8.1						—						163						128						0.73
Certain litigation-related costs (c)						—						—						—						(14)						14						0.7						—						14						10						0.06
Purification and Filtration separation-related (d)						—						1						—						3						(4)						(0.2)						—						(4)						(3)						(0.02)
Acquisition-related costs(e)						—						(4)						0.2						(3)						7						0.3						—						7						5						0.03
Non-GAAP						$	2,007					$	874					56.4		%				$	740					$	392					19.5		%				$	65					$	327					$	260					$	1.48					20.4		%

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

						Three months ended March 31, 2025
(Dollars in millions, except per share amounts)						Net sales						Cost of sales5						Gross margin %						Operating expenses6						Operating income						Operating income margin %						Non-operating expense (income), net7						Income before income taxes						Net income attributable to Solventum						Diluted EPS						Effective tax rate
GAAP						$	2,070					$	956					53.8		%				$	962					$	152					7.3		%				$	115					$	38					$	137					$	0.78					(262.1)		%
Non-GAAP adjustments:
Amortization of acquisition-related intangible assets						—						—						—						(81)						81						3.9						—						81						68						0.39
Restructuring costs (a)						—						(10)						0.5						(8)						18						0.9						—						18						14						0.08
3M spin-off and separation-related costs (b)						—						(27)						1.3						(94)						121						5.8						—						121						93						0.53
Certain litigation-related costs (c)						—						—						—						(19)						19						0.9						—						19						14						0.08
Purification and Filtration separation-related (d)						—						—						—						(16)						16						0.8						—						16						(92)						(0.53)
Non-GAAP						$	2,070					$	919					55.6		%				$	744					$	407					19.7		%				$	115					$	293					$	234					$	1.34					19.9		%

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

(a)2026 restructuring costs primarily related to the Company’s Transform for the Future program. Includes employee termination costs of $6 million and other costs of $35 million, which includes third-party consulting and compensation for employees dedicated to the program. 2025 restructuring costs primarily relate to the Company’s Solventum Way program. Includes employee termination costs of $14 million and other costs of $4 million, which includes asset write-offs and other contractual third party termination costs.

(b)Consists of costs specifically incurred in connection with the Company’s separation from 3M.

(c)Consists of charges and recoveries related to certain litigation matters.

(d)2026 activity consists of the profit mark-up from transition support services. 2025 activity consists of costs related to and tax impacts from the separation of the Company’s Purification and Filtration business, including legal, finance and tax advisory.

(e)Integration costs related to the acquisition of Acera Surgical, including amortization of inventory step-up.

5 Cost of sales is the combination of cost of product and cost of software and rentals line items from the Condensed Consolidated Statements of Income and represents the total Company’s cost of sales.

6 Operating expenses is the combination of selling, general and administrative expenses and research and development expenses from the Condensed Consolidated Statements of Income and represents the total Company’s other operating expenses.

7 Non-operating expense (income), net is the combination of interest expense, net, and other expense (income), net line items from the Condensed Consolidated Statements of Income and represents the total Company’s non-operating expense.

Solventum Corporation

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES – (CONTINUED)*

(Unaudited)

Free Cash Flow (non-GAAP measure):

Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. The Company defines free cash flow as net cash provided by (used in) operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The Company believes free cash flow is meaningful to investors as it is a useful measure of liquidity and the Company uses these measures as an indication of the strength of the Company and its ability to generate cash. Free cash flow varies across quarters throughout the year. Below find a recap of free cash flow.

(Dollars in millions)						Three months ended March 31,
Major GAAP cash flow categories						2026						2025
Net cash provided by (used in) operating activities						$	(189)					$	29
Net cash used in investing activities						(77)						(114)
Net cash used in financing activities						(50)						(139)
Free cash flow (non-GAAP measure)
Net cash provided by (used in) operating activities						$	(189)					$	29
Purchases of property, plant and equipment						(84)						(109)
Free cash flow						$	(273)					$	(80)

*Data in the schedule above is intentionally rounded to the nearest million and, therefore, may not sum.

FAQ

How did Solventum (SOLV) perform financially in Q1 2026?

Solventum reported Q1 2026 net sales of $2.007 billion, down 3.0% year over year, with 2.1% organic sales growth. GAAP diluted EPS was $0.07, while adjusted diluted EPS rose 10.6% to $1.48, reflecting stronger underlying profitability.

What happened to Solventum (SOLV) margins and earnings versus last year?

GAAP operating margin declined from 7.3% to 4.0%, and net income fell from $137 million to $13 million. However, adjusted operating margin was 19.5% versus 19.7% last year, and adjusted diluted EPS increased from $1.34 to $1.48.

How strong was Solventum (SOLV) cash flow in the first quarter of 2026?

Operating cash flow in Q1 2026 was $(189) million and free cash flow was $(273) million, compared with $29 million and $(80) million respectively a year earlier. Management cited separation activities, transition payments and seasonality as key drivers.

What 2026 guidance did Solventum (SOLV) provide with this 8-K filing?

Solventum reaffirmed full-year 2026 organic sales growth of 2.0%–3.0%, or 3.0%–4.0% excluding SKU exits. It estimates adjusted EPS will be toward the high end of the $6.40–$6.60 range and targets about $200 million in free cash flow.

How did individual Solventum (SOLV) segments perform in Q1 2026?

Total reportable segment net sales were $1.931 billion. MedSurg generated $1.234 billion of sales with a 13.1% operating margin, Dental Solutions had $354 million of sales and a 24.5% margin, and Health Information Systems delivered $342 million with a 38.1% margin.

What strategic investments did Solventum (SOLV) highlight in this quarter?

Solventum opened a 250,000 square foot flagship R&D center in Eagan, Minnesota, featuring a pilot factory and quality lab, and completed a manufacturing expansion in Brookings, South Dakota, adding 200,000 square feet and an 8,000‑pallet warehouse.

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