Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 4/6 · 22/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Longstanding tradenames with leading market positions, protected invention and growing new-product sales support a demonstrated intangible advantage. The evidence establishes selected franchises rather than universal product superiority.
durability · 3/4 · More than 60 years of existence coupled with current leading positions is meaningful durability evidence for certain brands. Continuing invention supports renewal, but patent scope and the limited disclosed portfolio coverage prevent an exceptional grade.
customer dependency · 2/4 · Actual ongoing conversions and certifications demonstrate some replacement friction. Evidence is application-specific, partly concerns third-party components, and does not establish company-wide customer dependency.
erosion resilience · 2/4 · Industrial growth and commercialized innovation show resilience, but Consumer sales and operating income weakened and PFAS exit dis-synergies raised production costs. These realized outcomes warrant a mixed assessment without treating generic risks as realized losses.
Pouvoir de fixation des prix56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Historical operating discussions explicitly identify selling-price actions as partial offsets to costs. The proxy also reports tariff-offset pricing, although that is a management performance assessment. Recovery is demonstrated, but its magnitude and demand consequences are not isolated.
retention · 2/4 · Enduring leading brand positions and actual customer qualification processes indirectly support repeat demand and friction. Strong industrial organic growth alongside Consumer contraction makes the evidence mixed; no retention rate or price-related churn outcome is disclosed.
margin resilience · 2/4 · Adjusted second-quarter operating margin expanded despite cost headwinds, and industrial segment profits improved. However, cost of sales rose as a proportion of revenue and GAAP operating margin declined. Productivity, litigation movements and divestiture effects prevent attributing resilience solely to pricing.
contractual freedom · 3/4 · 3M’s US general sales terms explicitly give it sole discretion to charge shipment-date prices for future-dated orders, demonstrating contractual repricing freedom. Separately negotiated customer or business-unit terms take precedence, so this does not establish equivalent freedom across all sales or justify an exceptional grade.
Prévisibilité74
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 25.00
- Revenue growth volatility (pp)
- 10.10
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 5.45
Solidité financière—
Missing required inputs: netDebtEbitGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- interestCoverageGrade
- 35.39
- currentRatioGrade
- 76.63
- Debt / FCF (x)
- 9.03
- Interest coverage (x)
- 4.89
- Current ratio (x)
- 1.71
Allocation du capital—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -7.14
- 3-year average SBC / revenue (%)
- 0.97
- cashConversionGrade
- 0.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual investment, net debt repayment in 2025 and settlement payments show allocation and obligation management. First-half 2026 repurchases of $2.993 billion and dividends of $813 million substantially exceeded operating cash flow of $1.560 billion less $448 million of capital spending, while cash declined. This is mixed discipline evidence; repurchase value creation and acquisition returns are unestablished.
incentive alignment · 2/4 · Actual 2025 awards placed half of annual long-term grant value in performance shares, with three-year EPS and cash-flow measures and a relative shareholder-return modifier. Approved exclusions for litigation, transformation and PFAS impacts weaken exposure to total shareholder costs, although tariffs remained included. Individual ownership alignment is incompletely disclosed.
execution · 3/4 · Completed PFAS manufacturing exit, reported new-product sales growth and improved industrial sales and profits demonstrate execution beyond stated plans. Delivery and quality improvements provide additional issuer-reported operating evidence. Consumer weakness and transition dis-synergies limit the assessment; completion of the exit does not mean its residual costs are resolved.
governance · 3/4 · Disclosed annual majority-vote elections, independent committee structure, substantive Lead Independent Director powers and adopted complaint procedures support strong governance arrangements. The combined CEO-chair role and substantial incentive exclusions temper the assessment; effective prevention of all legacy risks is not established.
Preuves
Gross carrying amount
Accumulated amortization
Net carrying amount
Gross carrying amount
Accumulated amortization
Net carrying amount
Finite-lived intangible assets
Customer related
1,244
(961)
1,239
(925)
Patents and technology
545
(524)
(544)
Definite-lived tradenames
482
(329)
482
(318)
2,319
(1,845)
474
2,341
(1,817)
Indefinite lived intangible assets(b)
579
579
Total intangible assets — net
1,053
1,103
(b) Indefinite lived intangible assets primarily consists of certain tradenames acquired by 3M that are not amortized because they have existed for over 60 years, maintain leading-market share positions, are continuously renewed, and are associated with products expected to generate cash flows for 3M for an indefinite period.
Note 4, Goodwill and Intangible Assets; longstanding acquired tradenames and market positions · Dépôt 21/07/2026
and foreign patents. The Company’s research and development activities generate a steady stream of inventions that are covered by new patents or trade secrets.
Business; Patents, Trademarks and Licenses; inventions protected by patents or trade secrets · Dépôt 03/02/2026
Our R&D investments led to 284 new product introductions (up 68% from 2024) and a double-digit increase in new product sales – indicating that innovation has made a strong resurgence at 3M.
Proxy shareholder letter; 2025 new-product introductions and new-product sales · Dépôt 25/03/2026
The Company believes that its trademarks, patents, and trade secrets provide an important competitive advantage in many of its businesses, particularly in connection with new product introductions in markets around the world.
Business; management assessment of intellectual-property advantages · Dépôt 03/02/2026
The actual protection afforded by a patent, which can vary from country to country, depends upon the type of patent, the scope of its coverage and the availability of legal remedies in the country.
Business; limitations on patent protection across countries · Dépôt 03/02/2026
Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things: (i) the development and timing of the introduction of competitive products; (ii) the Company’s pricing strategies; (iii) changes in customer order patterns, such as changes in the levels of inventory maintained by customers, vendors, or channel partners; (iv) changes in customers’ preferences for our products, including preferences for products that do not contain third-party manufactured PFAS, the success of products offered by our competitors, and changes in customer designs for their products that can affect the demand for some of the Company’s products; and (v) changes in the business environment related to disruptive technologies, such as artificial intelligence and machine learning technologies, block-chain, expanded analytics, and other enhanced learnings from increasing volume of available data.
Risk Factors; competitive products, customer preferences and design changes · Dépôt 03/02/2026
40 Table of Contents Business Segment Information Three months ended June 30, Six months ended June 30, Net sales (millions) 2026 2025 2026 2025 Safety and Industrial $ 3,091 $ 2,857 $ 6,021 $ 5,602 Transportation and Electronics 2,066 1,944 3,914 3,760 Consumer 1,247 1,270 2,378 2,394 Total reportable business segment net sales 6,404 6,071 12,313 11,756 Corporate 96 273 217 542 Total Company $ 6,500 $ 6,344 $ 12,530 $ 12,298 Significant segment expenses and operating performance (millions) Safety and Industrial Cost of sales $ 1,642 $ 1,537 $ 3,213 $ 3,007 Selling, general and administrative expenses 459 455 911 906 Research, development and related expenses 131 127 262 252 Safety and Industrial operating income 859 738 1,635 1,437 Transportation and Electronics Cost of sales 1,176 1,110 2,271 2,176 Selling, general and administrative expenses 259 245 492 496 Research, development and related expenses 128 110 249 219 Transportation and Electronics operating income 503 479 902 869 Consumer Cost of sales 750 748 1,437 1,417 Selling, general and administrative expenses 212 223 408 427 Research, development and related expenses 33 31 64 63 Consumer operating income 252 268 469 487 Total reportable business segment operating income 1,614 1,485 3,006 2,793 Corporate Corporate-level (expense) income 1 22 35 72 Corporate special items: Net costs for significant litigation and PFAS exit (183) (347) (13) (421) Business acquisition-related costs (12) — (12) — (Loss) gain on business divestitures (336) (3) (343) (3) Manufactured PFAS products — (17) (126) (55) Transformation costs (100) — (166) — Total Corporate (630) (345) (625) (407) Total Company operating income 984 1,140 2,381 2,386 Other expense/(income), net (136) 217 383 78 Income before income taxes $ 1,120 $ 923 $ 1,998 $ 2,308 Three months ended June 30, Six months ended June 30, Depreciation and amortization (millions) 2026 2025 2026 2025 Safety and Industrial $ 146 $ 141 $ 290 $ 280 Transportation and Electronics 91 92 179 180 Consumer 43 36 83 75 Corporate 55 21 109 45 Total $ 335 $ 290 $ 661 $ 580 Capital expenditures (millions) Safety and Industrial $ 112 $ 77 $ 197 $ 155 Transportation and Electronics 77 104 135 182 Consumer 20 16 31 27 Corporate 14 11 85 80 Total $ 223 $ 208 $ 448 $ 444 41 Table of Contents Assets (millions) June 30, 2026 December 31, 2025 Business segment assets: Inventories Safety and Industrial $ 1,664 $ 1,636 Transportation and Electronics 1,080 1,068 Consumer 788 694 Total business segment assets 3,532 3,398 All other current assets 10,580 12,989 Total non-current assets 20,812 21,346 Total assets $ 34,924 $ 37,733 "Business segment assets" represent inventories, based on the extent of business segment information regularly provided to 3M's CODM.
Note 16, Business Segments; first-half 2026 segment sales, operating income and corporate costs · Dépôt 21/07/2026
In addition to other matters discussed therein, Note 17 references that the Company expects to pay up to $12.5 billion in the aggregate from 2023 through 2036 pursuant to the terms of the PWS Settlement and expects to pay up to $6.0 billion in the aggregate from 2023 to 2029 pursuant to the terms of the CAE Settlement.
Financial Condition and Liquidity; scheduled PWS and CAE settlement commitments · Dépôt 03/02/2026
In certain cases, PFAS-containing third-party products (such as lithium ion batteries, printed circuit boards, certain seals and gaskets, and other products widely used in commerce across a variety of industries) continue to be used beyond the end of 2025 due to technological constraints, regulatory or industry standards, or the need for customer transitions, certifications, or approvals.
Commitments and Contingencies; continuing third-party PFAS components and customer approvals · Dépôt 21/07/2026
Transitional efforts related to products manufactured prior to the end of 2025 and customer conversion processes also remain ongoing.
Commitments and Contingencies; ongoing customer conversion processes · Dépôt 21/07/2026
Operating Expenses: Three months ended June 30, Six months ended June 30, (Percent of net sales) 2026 2025 Change 2026 2025 Change Cost of sales 58.7 % 57.5 % 1.2 % 59.0 % 57.9 % 1.1 % Selling, general and administrative expenses (SG&A) 16.4 19.9 (3.5) 14.4 18.0 (3.6) Research, development and related expenses (R&D) 4.6 4.5 0.1 4.9 4.7 0.2 Loss on business divestitures 5.2 0.1 5.1 2.7 — 2.7 Operating income margin 15.1 % 18.0 % (2.9) % 19.0 % 19.4 % (0.4) % Cost of Sales measured as a percent of sales: Increases in the second quarter and first six months of 2026 were primarily due to cost dis-synergies following the exit of PFAS manufacturing and headwinds from rising oil prices and tariff impacts, partially offset by ongoing manufacturing productivity initiatives.
MD&A, Operating Expenses; realized production-cost pressure and productivity offsets · Dépôt 21/07/2026
Overall, these market conditions caused supply constraints and inflation, but were offset via negotiated supply contracts and leveraging scale across the supply base.
Business, Raw Materials; supply contracts and purchasing scale offsetting supply pressure · Dépôt 03/02/2026
Margins were also impacted by lower sales volumes, inflation impacts, investments in the business, higher restructuring costs, manufacturing and supply chain headwinds and China-related challenges partially offset by benefits from aggressive spending discipline, pricing and productivity actions.
Transportation and Electronics performance discussion; pricing and productivity offsets to operating headwinds · Dépôt 07/02/2024
Margins were also impacted by increased raw materials and logistics costs, manufacturing productivity headwinds which were further magnified by the shutdown of certain operations in Belgium and investments in auto electrification, partially offset by selling price actions, strong spending discipline and restructuring actions.
Transportation and Electronics, 2022 results; selling-price actions partially offsetting costs · Dépôt 07/02/2024
•Made good progress on commercial excellence and alignment to key growth verticals
65
•Exceeded plan financials through improved commercial excellence, including sales force
Executive compensation, individual performance highlights; commercial execution assessment · Dépôt 25/03/2026
performance, pricing to offset tariffs, cross-selling, and customer churn management
Executive compensation, individual performance highlights; pricing to offset tariffs and churn management · Dépôt 25/03/2026
$
2,955
$
3,712
6
3M Company and Subsidiaries
SALES CHANGE ANALYSIS3
(Unaudited)
Three months ended June 30, 2026
By reportable business segment
Organic sales
Divestitures
Translation
Total sales
change
Safety and Industrial
8.2
%
(1.3)
%
1.3
%
8.2
%
Transportation and Electronics
5.9
(0.2)
0.5
6.2
Consumer
(2.1)
—
0.3
(1.8)
Total reportable business segments
5.3
(0.7)
◦transformation program restructuring and related charges.
Second-quarter 2026 sales change analysis; organic growth by reportable segment · Dépôt 21/07/2026
◦Adjusted operating margin of 24.9%, up 40 bps YoY
◦Adjusted EPS of $2.40, up 11% YoY
•Q2 operating cash flow of $1.0 billion with adjusted free cash flow of $1.3 billion
Second-quarter 2026 results; adjusted operating-margin expansion and cash generation · Dépôt 21/07/2026
5 Table of Contents 3M Company and Subsidiaries Consolidated Statement of Cash Flows (Unaudited) Six months ended June 30, (Millions) 2026 2025 Cash flows from operating activities Net income including noncontrolling interest $ 1,597 $ 1,847 Adjustments to reconcile net income including noncontrolling interest to net cash provided by (used in) operating activities Depreciation and amortization 661 580 Company pension and postretirement contributions (73) (61) Company pension and postretirement expense 73 135 Stock-based compensation expense 121 129 Loss on business divestitures 343 3 Deferred income taxes 120 217 Changes in assets and liabilities Accounts receivable (414) (419) Inventories (132) (240) Accounts payable 421 182 Other — net (1,157) (3,406) Net cash provided by (used in) operating activities 1,560 (1,033) Cash flows from investing activities Purchases of property, plant and equipment (PP&E) (448) (444) Proceeds from sale of PP&E and other assets 14 21 Purchases of marketable securities and investments (294) (419) Proceeds from maturities and sale of marketable securities and investments 622 2,130 Proceeds from (payments for) sale of businesses, net of cash sold (326) 5 Other — net 9 (3) Net cash provided by (used in) investing activities (423) 1,290 Cash flows from financing activities Repayment of debt (maturities greater than 90 days) — (1,250) Proceeds from debt (maturities greater than 90 days) — 1,099 Purchases of treasury stock (2,993) (2,227) Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 364 988 Dividends paid to shareholders (813) (786) Other — net (16) (15) Net cash provided by (used in) financing activities (3,458) (2,191) Effect of exchange rate changes on cash and cash equivalents (5) 46 Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale (2,326) (1,888) Less: net increase (decrease) in cash classified within assets held for sale (46) — Net increase (decrease) in cash and cash equivalents (2,280) (1,888) Cash and cash equivalents at beginning of year 5,235 5,600 Cash and cash equivalents at end of period $ 2,955 $ 3,712 The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
Consolidated Statement of Cash Flows; first-half 2026 investment, distributions and cash balances · Dépôt 21/07/2026
2025 Debt Activity: Debt cash flow activity includes $1.8 billion aggregate principal amount of debt maturities partially offset by proceeds from issuance of $1.1 billion in aggregate principal amount of debt in 2025.
Financial Condition and Liquidity; 2025 debt maturities and issuance · Dépôt 03/02/2026
Through December 31, 2025, 3M has paid $8.2 billion in aggregate relating to these settlements.
Financial Condition and Liquidity; settlement payments through December 31, 2025 · Dépôt 03/02/2026
Plan (weighted 33.3%) •Individual performance multiplier (0% - 130%) •Strategic and Sustainability Scorecard modifier (±10% of target) Performance Shares •Motivate executives to focus on continuously improving performance in key financial metrics believed to drive long-term shareholder value •Retain executive talent •Performance metrics and goals approved by the Committee •Payouts based on cumulative performance results against preestablished goals for a three- year period •Maximum payout equal to 200% of the target number of performance shares •Cash-settled dividend equivalent rights that are payable only if the underlying shares are earned •Cumulative Earnings per Share (weighted 50%) •Cumulative Free Cash Flow (weighted 50%) •Relative total shareholder return modifier (±20%) Stock Options(2) •Motivate executives to build long-term shareholder value •Retain executive talent •Provide value only if stock price increases •Exercise price equal to the grant date closing price for a share of 3M common stock •Three-year ratable vesting schedule •Maximum term of 10 years •Vesting is based on continued service, while value of the options is based on stock price appreciation (100%) from the grant date Restricted Stock Units(2) •Motivate executives to build long-term shareholder value •Retain executive talent •Three-year “cliff” vesting schedule •Cash-settled dividend equivalent rights that are payable only if the underlying shares are earned •Vesting is based on continued service, while value of the RSUs fluctuates based on total shareholder return (100%) Fixed Pay Base Salary Annual Incentives Incentive-Based At-Risk Pay Long-Term Incentives (1)Percentages shown reflect the apportionment (or, in the case of the percentages shown for the Other NEOs, the average apportionment) of the components of target Total Direct Compensation that are expected to be recurring.
Executive compensation; performance-share metrics and equity vesting terms · Dépôt 25/03/2026
55 3M Company Executive compensation (2)For 2025, the Committee chose to deliver 50 percent of the target grant value of the annual long-term incentive awards granted to each Named Executive Officer in the form of performance shares.
Executive compensation; actual 2025 performance-share allocation · Dépôt 25/03/2026
In January 2026, the Committee then reviewed and approved the exclusion of the following special items for purposes of the 2025 AIP and performance share award payout calculations: 2026 Proxy Statement 70 Executive compensation •Write-down and loss on sale related to divestiture of the precision grinding and finishing business and fused silica business; •Costs associated with 3M's transformation program, intended as a structural redesign of longer-term manufacturing, distribution, and business process services and locations; •Net costs for significant litigation related to 3M's respirator mask/asbestos (which include Aearo and non-Aearo items), PFAS-related other environmental, and Combat Arms Earplugs matters; •Gains in the value of 3M’s remaining ownership in Solventum; and •PFAS manufacturing exit impacts.
Executive compensation; January 2026 approval of exclusions for 2025 incentive payouts · Dépôt 25/03/2026
In completing its assessment of potential 2025 adjustments, the Committee accepted management’s recommendation not to exclude the impact of new tariffs enacted in 2025.
Executive compensation; decision to retain new tariff effects in performance calculations · Dépôt 25/03/2026
3M completed its exit of PFAS manufacturing at the end of 2025 as discussed in Part I, Item 1A, “Risk Factors” of this document.
MD&A; completion of PFAS manufacturing exit at year-end 2025 · Dépôt 03/02/2026
300 bps, overall equipment effectiveness up over 300 bps, and cost of poor quality down 100 bps
Executive compensation, 2025 performance highlights; delivery, equipment effectiveness and quality improvements · Dépôt 25/03/2026
The Corporate Governance Guidelines provide, in part, that: •Independent directors comprise a substantial majority of the Board; •Directors are elected annually by a majority vote in uncontested director elections; •Only independent directors serve on the Audit, Compensation and Talent, Nominating and Governance, and Science, Technology & Sustainability Committees; •The committee chairs establish their respective agendas; •The Board and committees may retain their own advisors; •Independent directors have complete access to management and employees; •Independent directors meet in executive session without the CEO or other employees during each regular Board meeting; and •The Board and each committee regularly conduct a self-evaluation to determine whether it and its committees function effectively.
Corporate governance; board independence, annual elections and committee safeguards · Dépôt 25/03/2026
The responsibilities of Lead Independent Director include, but are not limited to, the following: •Presides at all meetings of the Board at which the Chairman is conflicted or not present, including executive sessions that are comprised of only the independent directors; •Acts as a key liaison between the Chairman/CEO and the independent directors; •Consults with the Chairman/CEO on, and approves, the meeting agendas for the Board, and approves the meeting schedules to assure that there is sufficient time for preparation and discussion of all agenda items; •Has the authority to approve the materials to be delivered to the directors in advance of each Board meeting and provides feedback regarding the quality, quantity, and timeliness of those materials (this duty not only gives the Lead Independent Director approval authority with respect to materials to be delivered to the directors in advance of each Board meeting but also provides a feedback mechanism so that the materials may be improved for future meetings); •Has the authority to call meetings of the independent directors; •Communicates independent Board member feedback to the Chairman/CEO (except that the chair of the Compensation and Talent Committee leads the discussion of the Chairman’s/CEO’s performance and communicates the Board’s evaluation of that performance to the Chairman/CEO); •If requested by major shareholders, ensures that he is available, when appropriate, for consultation and direct communication; •Participates in the Chairman/CEO succession planning process; •Evaluates, along with the Chairman/CEO and Nominating and Governance Committee Chair, the performance and skills of each director as part of the annual Board self-evaluation process; •Serves as a spokesperson for the Board on governance and other matters with shareholders or other external parties; •Advises the Nominating and Governance Committee Chair and Chairman/CEO on membership of various Board committees and the selection of committee chair roles; •Advises the Chairman/CEO on the retention of advisors and consultants who report directly to the Board; and •Performs such other duties as requested by the independent directors.
Corporate governance; Lead Independent Director's actual responsibilities · Dépôt 25/03/2026
•A combined Chairman of the Board and CEO;
Corporate governance; combined chairman and CEO roles · Dépôt 25/03/2026
The Audit Committee has adopted procedures to receive, retain, and treat complaints received regarding accounting, internal accounting controls, or auditing matters, and to allow for the confidential and anonymous submission by employees or others of concerns regarding questionable accounting or auditing matters.
Corporate governance; adopted confidential accounting complaint procedures · Dépôt 25/03/2026
Most 3M products involve expertise in product development, manufacturing and marketing, and are subject to competition from products manufactured and sold by other technologically oriented companies.
Business; generic competition from technologically oriented companies · Dépôt 03/02/2026
For Orders specifying future-dated shipments, 3M has the sole discretion to charge the price in effect on the date of the shipment.
3M US general customer sales terms: future-dated shipment pricing · Consulté 19/10/2026
