Following the April 2025 tariff announcement, analysts initially revised earnings estimates sharply downward. However, as tariff implementation was delayed and final rates proved lower than expected, estimates were subsequently revised upward during the first half of 2025. Major companies including 3M, Procter & Gamble and McCormick recently cited tariffs as headwinds. Procter & Gamble reported its fifth consecutive quarter of declining margins, with tariff impacts offsetting US price increases. McCormick also experienced margin pressure from tariffs. In the Q4 earnings season, 143 S&P 500 companies have reported results, showing total earnings up 14% year-over-year on 8.3% higher revenues. Some 76.9% beat earnings per share estimates whilst 55.2% exceeded revenue expectations.

3M Company shares fell 2.4% year-to-date following its fourth-quarter earnings report, which beat analyst estimates with $6.02 billion in revenue and $1.83 adjusted earnings per share. However, the company's 2026 profit forecast midpoint of $8.60 per share fell short of analyst expectations of $8.61. Jim Cramer expressed concern about the market reaction to 3M's results, noting the company reported solid numbers under CEO Bill Brown but still saw its shares "crushed" despite trading at reasonable valuations. He warned this negative response from investors could signal broader trouble for industrial stocks during earnings season. Analysts remain divided, with Wolfe Research calling the selloff an overreaction and UBS maintaining a Buy rating with a $190 price target.

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