PPG Industries Inc. Q4 FY2025 results: revenue $3.9 billion, up 80.8% on the year

PPG Industries Inc. (PPG) reported revenue of $3.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 80.8% on the same quarter a year earlier. Net income was $300 million, and diluted earnings per share $1.33. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue$3.9 billionup 80.8%

Net income$300 million

Diluted EPS$1.33

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	3,914	4,082	2,165	+80.8%
Cost of revenue	2,316	2,426	1,410	+64.3%
Gross profit	1,598	1,656	755	+111.7%
Gross margin	40.8%	40.6%	34.9%
Research and development	109	106	98.0	+11.2%
Selling, general and administrative	905	824	188	+381.4%
Operating income	n/a	689	n/a	n/a
Operating margin	n/a	16.9%	n/a
Interest expense	58.0	65.0	57.0	+1.8%
Pre-tax income	389	556	10.0	+3790.0%
Income tax	78.0	118	53.0	+47.2%
Effective tax rate	20.1%	21.2%	530.0%
Net income	300	453	-280	n/a
Net margin	7.7%	11.1%	-12.9%
Diluted EPS	$1.33	$2.00	-$1.18	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	887	685	346	+156.4%
Capital expenditure	301	147	198	+52.0%
Free cash flow	586	538	148	+295.9%
Free cash flow margin	15.0%	13.2%	6.8%
Depreciation and amortisation	134	138	88.0	+52.3%
Share-based compensation	11.0	-1.0	10.0	+10.0%
Buybacks	103	147	241	-57.3%
Dividends paid	160	160	158	+1.3%
Dividend per share	n/a	$0.71	n/a	n/a
Diluted shares, weighted	227m	226m	235m	-3.3%
Shares outstanding at period end	223m	224m	230m	-2.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Total assets	22,098	22,144	19,433	+13.7%
Cash and equivalents	2,163	1,832	1,270	+70.3%
Receivables	2,783	3,718	2,477	+12.4%
Inventory	1,996	2,182	1,846	+8.1%
Goodwill	6,149	6,116	5,690	+8.1%
Long-term debt	7,297	7,303	5,801	+25.8%
Long-term debt including finance leases	7,304	n/a	5,808	+25.8%
Operating lease liabilities	450	460	454	-0.9%
Finance lease liabilities	5.0	n/a	5.0	+0.0%
Shareholders' equity	7,941	7,800	6,785	+17.0%

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	4,872	4,644	4,350	4,311	4,794	4,575	2,165	3,684	4,195	4,082	3,914	3,930
Cost of revenue	2,866	2,752	2,531	2,445	2,734	2,663	1,410	2,142	2,432	2,426	2,316	2,275
Gross profit	2,006	1,892	1,819	1,866	2,060	1,912	755	1,542	1,763	1,656	1,598	1,655
Gross margin	41%	41%	42%	43%	43%	42%	35%	42%	42%	41%	41%	42%
R&D	110	108	111	109	111	105	98.0	102	106	106	109	113
SG&A	1,069	1,047	1,114	1,064	1,077	1,062	188	838	872	824	905	885
Operating income	787	698	555	651	829	712	n/a	607	743	689	n/a	636
Operating margin	16%	15%	13%	15%	17%	16%	n/a	16%	18%	17%	n/a	16%
Interest expense	67.0	64.0	57.0	55.0	62.0	67.0	57.0	56.0	62.0	65.0	58.0	61.0
Pre-tax income	646	557	192	538	693	611	10.0	502	598	556	389	517
Tax rate	23%	22%	46%	24%	23%	22%	530%	24%	23%	21%	20%	26%
Net income	490	426	90.0	400	528	468	-280	373	450	453	300	382
Net margin	10%	9%	2%	9%	11%	10%	-13%	10%	11%	11%	8%	10%
Diluted EPS	$2.06	$1.79	$0.39	$1.69	$2.24	$2.00	-$1.18	$1.63	$1.98	$2.00	$1.33	$1.70
Operating cash flow	536	892	898	-60.0	365	769	346	-18.0	387	685	887	33.0
Capital expenditure	122	139	168	256	118	149	198	209	121	147	301	196
Free cash flow	414	753	730	-316	247	620	148	-227	266	538	586	-163
Buybacks	0.0	0.0	86.0	149	163	199	241	394	146	147	103	96.0
Dividends paid	146	153	153	153	152	159	158	154	154	160	160	159
Shares outstanding	236m	236m	235m	234m	233m	232m	230m	227m	226m	224m	223m	223m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 19 February 2026, accession 0000079879-26-000046: the filing on EDGAR. All of PPG Industries Inc.'s filings: EDGAR company page.

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