MM (Millions)


What is MM?

In finance and accountingFinancial Accounting TheoryFinancial Accounting Theory explains the why behind accounting – the reasons why transactions are reported in certain ways. This guide will, MM (or lowercase “mm”) denotes that the units of figures presented are in millions. The Latin numeral M denotes thousands. Thus, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000”, which equals 1,000,000 (one million). This guide will explore how the notation should be used, as well as alternative symbols that are used in practice.

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mm millions - diagram

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Example of MM in financial statements

The Latin numeral MM is frequently used to designate that the units used in presenting information (financial and non-financial) are in millions. The example below shows how figures can be portrayed in millions.

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As you can see in the figures above, net incomeNet IncomeNet Income is a key line item, not only in the income statement, but in all three core financial statements. While it is arrived at through and preferred dividends are labeled as being $mm (millions of dollars), shares authorizedStockWhat is a stock? An individual who owns stock in a company is called a shareholder and is eligible to claim part of the company’s residual assets and earnings (should the company ever be dissolved). The terms “stock”, “shares”, and “equity” are used interchangeably. and shares outstanding are labeled as mm (millions of shares), and earnings per share (EPS)Earnings Per Share (EPS)Earnings per share (EPS) is a key metric used to determine the common shareholder’s portion of the company’s profit. EPS measures each common share’s profit are labeled as $/share.

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In this example, we intentionally chose a piece of analysis that contained various different units, such as dollars and shares. When an analyst must present various different types of units, it is recommended to add a “units” column so that each item contains a label for easy reference.

When preparing financial statements, accountants will typically write a note at the top of the income statement or the balance sheet saying, “All figures are expressed in millions of U.S. dollars,” for example.

Download CFI’s Excel template to edit the figures yourself.

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Alternative notations to MM

The use of two m’s to denote millions is becoming less common. Frequently, in finance and accounting settings now, an analyst will use k to denote thousands and a capitalized M to denote millions.

For example, $100k x 10 = $1M

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The table below summarizes different notations you may encounter in business.

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HundredsThousandsMillionsBillionsWritten$ hundreds$ thousands$ millions$ billions0’s00’s000’s-Latin-mmm-Modern-kMB

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Unfortunately, there isn’t a consistent approach to labeling units. The least ambiguous approach is to simply write them out in words, such as “$ thousands.” This is CFI’s recommended method, to avoid any potential confusion.

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Additional resources

Thank you for reading this guide to the various notations available for presenting financial and accounting information.

CFI is the official global provider of the Financial Modeling & Valuation Analyst (FMVA)TM Become a Certified Financial Modeling & Valuation Analyst (FMVA)®CFI’s Financial Modeling and Valuation Analyst (FMVA)® certification will help you gain the confidence you need in your finance career. Enroll today!designed to transform anyone into a world-class financial analyst. To continue learning and advancing your career, these additional CFI resources will be helpful:


  • Analysis of financial statementsAnalysis of Financial StatementsHow to perform Analysis of Financial Statements. This guide will teach you to perform financial statement analysis of the income statement,
  • How to become a financial analystHow ToFollow CFI’s guides on how to get your dream job in corporate finance. CFI guides for careers in investment banking, equity research, credit analysis,
  • Financial modeling guideFree Financial Modeling GuideThis financial modeling guide covers Excel tips and best practices on assumptions, drivers, forecasting, linking the three statements, DCF analysis, more
  • All accounting resourcesAccounting

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