3M Company (MMM) released its fourth quarter and full-year earnings report on Tuesday, January 20. While 3M posted better-than-expected sales for the quarter, its shares fell over 8% as the company’s 2026 guidance caused unease among investors.

Net sales for the quarter came in at $6.13 billion. This was up 2% from $6.01 billion during the same quarter last year and ahead of estimated quarterly sales of $6.01 billion. Full-year net sales were $24.95 billion, up from $24.58 billion reported for fiscal 2024.

"2025 was an important year for 3M as we build a strong foundation that is reshaping our operating model and driving sustainable value creation," said 3M CEO, William Brown. "I want to thank the team for their dedication to eXcellence, which helped us finish 2025 with growth above macro, strong margin expansion, double-digit earnings growth, and solid cash conversion. Our accelerated pace of innovation and commercial execution positions us to outperform the macro environment again in 2026.”

3M posted net income of $577 million or $1.07 per adjusted share for the quarter. Last year at this time, the company posted net income of $728 million or $1.33 per adjusted share. For the full year, 3M reported net income of $3.25 billion, down from $4.17 billion reported last year.

The company’s Safety and Industrial segment reported sales of $2.87 billion during the quarter, up from $2.70 billion during the same period the prior year. Sales in the Transportation and Electronics segment reached $1.96 billion, down from $1.99 billion one year ago. The Consumer segment posted sales of $1.21 billion, down from $1.23 billion in the year prior. 3M announced its full-year 2026 earnings outlook and expects adjusted earnings in the range of $8.50 to $8.70 per share, below analysts’ midpoint estimates of $8.61 per share.

3M Company (MMM) shares ended the holiday week at $162.68, up 2.3% for the week.

Netflix Announces Earnings

Netflix, Inc. (NFLX) announced its fourth quarter and full-year earnings report on Tuesday, January 20. Despite the subscription streaming company reporting earnings that beat expectations, its stock dropped by over 4% following the release of the report.

Netflix posted quarterly revenue of $12.05 billion. This is up 18% from $10.25 billion in revenue reported at the same time last year and exceeded analysts’ estimates of $11.97 billion. For the full year, Netflix reported $45.18 billion in revenue, an increase from $39.00 billion in the year before.

“With over 325M paid memberships, we are now serving an audience approaching one billion people globally,” noted the company in its shareholder letter. “The entertainment business remains vibrant and intensely competitive and we are optimistic about our future.”

For the quarter, Netflix posted net income of $2.42 billion or $0.56 per adjusted share. This is up from net income of $1.87 billion or $0.43 per adjusted earnings reported at this time last year. For the full year, the company reported net income of $10.98 billion, an increase from $8.71 billion reported for fiscal 2024.

Netflix, which operates in more than 190 countries, reported an increase in revenue across all geographical segments. The company’s United States and Canada segment reported a 18% increase to $5.34 billion for the quarter, and its Europe, Middle East and Africa segment grew 18% to $3.87 billion. Revenue in the Latin America segment rose by 15% to $1.42 billion. Netflix surpassed 325 million global paid memberships during the quarter. The company announced its full-year fiscal 2026 guidance and anticipates revenue to range between $50.7 billion and $51.7 billion.

Netflix, Inc. (NFLX) shares ended the holiday week at $86.08, down 3.1% for the week.

United Airlines Earnings Soar

United Airlines Holdings, Inc. (UAL) posted its fourth quarter and full-year earnings report on Tuesday, January 20. After reporting strong revenue and quarterly earnings, the airline’s shares rose by over 4% following the release.

The company reported total operating revenue of $15.40 billion for the quarter, up 5% from $14.70 billion in revenue reported last year and exceeded analysts’ expectations of $15.39 billion. For the full year, United Airlines reported $59.07 billion in revenue, an increase from $57.06 billion in the year before.

"Our results are built on winning more and more brand-loyal customers — it is clear they get the most value flying United," said United Airlines CEO, Scott Kirby. "This was the highest-revenue quarter in United's history and the highest quarterly RASM of the year providing strong revenue momentum that is continuing into 2026."

United posted net income of $1.04 billion or $3.19 per adjusted share during the quarter. This was up from net income of $985 million or $2.95 per adjusted share during the same quarter last year. For the full year, the company reported net income of $3.40 billion, an increase from $3.15 billion reported for fiscal 2024.

The Chicago, Illinois-based company’s total revenue per available seat mile (TRASM) decreased 1.6% compared to the same quarter in the prior year. For the quarter, Passenger segment revenue reached $13.9 billion, a 5% increase compared to the previous year. Cargo revenue dropped 6% to $490 million. Additionally, United reported a 7% rise in revenue from basic economy seats, while revenue from premium seating increased 9%.

United Airlines Holdings, Inc. (UAL) shares ended the holiday week at $107.74, down 2.4% for the week.

The Dow started the holiday-shortened week of 1/20 at 49,005 and closed at 49,099 on 1/23. The S&P 500 started the week at 6,865 and closed at 6,916. The NASDAQ started the week at 23,143 and closed at 23,501.

U.S. Treasury yields fell midweek as new economic data revealed inflation moving further away from the Federal Reserve’s target rate. Yields remained relatively unchanged toward the end of the week as the latest employment data showed the labor market holding steady.

Last Thursday, the Commerce Department announced that the personal consumption expenditure (PCE) index, which measures the cost of goods and services purchased by U.S. households, rose 2.8% on both a headline and core basis for November. This was in line with analysts’ expectations but remains elevated from the Fed’s 2% target rate.

“The consumer continues to drive the U.S economy, with today’s data pointing to another strong gain in spending,” said senior economist for investment strategy at Edward Jones, James McCann. “This resilience comes in spite of last year’s slowdown in the labor market, and still elevated inflation, both of which have weighed on real incomes. Today’s data should reassure the Fed that the economy remains on a solid footing, despite a cooler labor market.”

The benchmark 10-year Treasury note yield opened the week of January 20 at 4.23% and continued to trade as low as 4.23% on Wednesday. The 30-year Treasury bond opened the week at 4.84% and traded as low as 4.83% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 1,000 to 200,000 for the week ending January 17. This was less than the 207,000 claims that economists estimated. Continuing unemployment claims decreased by 26,000, reaching 1.85 million.

"The United States is experiencing a jobless boom where strong growth is powered by AI investments and consumption by wealthier families, but there is almost no hiring," said chief economist at Navy Federal Credit Union, Heather Long. "It is an uneasy situation for many middle-class families. One of the big questions for 2026 is whether the middle class will start to feel the uplift from the boom."

The 10-year Treasury note yield finished the week of 1/20 at 4.23%, while the 30-year Treasury note yield finished the week at 4.83%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 22. The survey showed mortgage rates inching higher this week but remaining at the lowest levels in over three years.

This week, the 30-year fixed rate mortgage averaged 6.09%, up from last week’s average of 6.06%. Last year at this time, the 30-year fixed rate mortgage averaged 6.96%.

The 15-year fixed rate mortgage averaged 5.44% this week, up from last week’s 5.38%. During the same week last year, the 15-year fixed rate mortgage averaged 6.16%.

“With the economy improving and the average 30-year fixed-rate mortgage nearly a percentage point lower than last year, more homebuyers are entering the market,” said Freddie Mac’s Chief Economist, Sam Khater. “Buyers always should shop around for the best rate, as multiple quotes can potentially save them thousands.”

Based on published national averages, the savings rate was 0.39% as of 1/20. The one-year CD averaged 1.61%.

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