3M showed little relationship between MD&A tone and quarterly net income.
Does not remain notable after adjusting for hundreds of tests. Why?
The analysis measures a same-filing relationship, not a forecast. Limitations
Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart
Tone and earnings moved in the same direction in 5 of 9 comparable quarters.
5 / 9 direction agreement
How is agreement calculated?| Spearman ρ (exact) | 0.039 (p=0.889) |
|---|---|
| Pearson r | 0.228 (p=0.414) |
| 95% CI (Pearson) | [-0.32, 0.66] |
| FDR q | 0.659 |
| Sample size (n) | 15 · More established sample |
| Agreement | 5 / 9 (5 / 9) |
Secondary to net income because revenue concepts are less comparable across some industries.
Annual samples are shorter and are not mixed into the default quarterly board.
Tone shown to three decimals so small nonzero values stay visible.
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Jul 21, 2026 | 10-Q | +0.024 | +29.0% | +2.5% |
| Apr 21, 2026 | 10-Q | +0.077 | -41.5% | +1.3% |
| Oct 21, 2025 | 10-Q | +0.028 | -39.2% | +3.5% |
| Jul 18, 2025 | 10-Q | +0.031 | -36.9% | +1.4% |
| Apr 22, 2025 | 10-Q | +0.023 | +20.3% | -1.0% |
| Oct 22, 2024 | 10-Q | -0.077 | +166.1% | +0.4% |
| Jul 26, 2024 | 10-Q | -0.060 | +116.7% | -0.4% |
| Apr 30, 2024 | 10-Q | +0.020 | -4.9% | -0.3% |
| Oct 24, 2023 | 10-Q | -0.111 | -153.8% | -3.6% |
| Jul 25, 2023 | 10-Q | -0.125 | -8870.5% | -4.3% |
| Apr 25, 2023 | 10-Q | -0.063 | -24.9% | -9.0% |
| Oct 25, 2022 | 10-Q | -0.107 | +169.1% | -3.6% |
| Jul 27, 2022 | 10-Q | -0.059 | -94.9% | -2.8% |
| Apr 26, 2022 | 10-Q | +0.014 | -20.0% | -0.2% |
| Oct 26, 2021 | 10-Q | +0.136 | +1.5% | +7.1% |
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Feb 3, 2026 | 10-K | -0.017 | -22.1% | +1.5% |
| Feb 5, 2025 | 10-K | -0.075 | +159.7% | -24.8% |
| Feb 7, 2024 | 10-K | -0.115 | -221.1% | -4.5% |
| Feb 8, 2023 | 10-K | -0.111 | -2.4% | -3.2% |
| Feb 9, 2022 | 10-K | -0.046 | +10.0% | +9.9% |