PPG Industries (PPG) FY2025 results: revenue $15.9 billion, up 0.2% on the year

PPG Industries manufactures and distributes a broad range of paints, coatings and specialty products. It was incorporated in Pennsylvania in 1883 and reports that it markets and sells in more than 50 countries. End uses include industrial equipment and components, packaging material, aircraft and marine equipment, automotive original equipment, automotive refinish and aftermarket, pavement marking products and other industrial and consumer products. It also serves commercial and residential new build and maintenance customers, supplying painting and maintenance contractors and selling directly to consumers. The filing describes the coatings industry as highly competitive, with several large firms of global presence alongside many firms supplying local or regional markets. There are three reportable segments: Global Architectural Coatings, Performance Coatings and Industrial Coatings.

Architectural coatings

This segment supplies decorative coatings, adhesives, sealants and finishes along with paint strippers, stains and related chemicals, to painting and maintenance contractors and to consumers decorating and maintaining residential and commercial building structures. It is run as two units, one covering Latin America and Asia Pacific and one covering Europe, the Middle East and Africa. Products reach the buyer through company-owned stores, home centers and other regional or national consumer retail outlets, paint dealers, concessionaires, independent distributors and direct to consumers. Brands include COMEX, PPG, GLIDDEN, TAUBMANS and TIKKURILA in the first unit, and SIGMA, HISTOR, SEIGNEURIE, JOHNSTONE'S, LEYLAND, DEKORAL and GORI in the second. Named global competitors are Akzo Nobel N.V., Hempel A/S, Nippon Paint, the Jotun Group and The Sherwin-Williams Company.

Performance coatings

Four units sit here. Aerospace Coatings sells coatings, sealants, transparencies, adhesives, engineered materials, packaging and chemical management services for commercial, military, regional jet and general aviation aircraft, direct to customers and through a company-owned distribution network. Automotive Refinish Coatings sells coatings, solvents, adhesives, sealants, purchased sundries, digital solutions and paint films into automotive and commercial transport or fleet repair and refurbishing, light industrial coatings and specialty coatings for signs, under PPG, COLAD, FINIXA, SEM and SPRINT. Protective and Marine Coatings sells coatings and finishes for the protection of metals and structures, to metal fabricators, heavy duty maintenance contractors and manufacturers of ships, bridges and rail cars. Traffic Solutions sells paints, thermoplastics, raised pavement markers and other pavement marking technologies to government, commercial infrastructure and contractors, under Ennis-Flint.

Industrial coatings

The automotive OEM unit supplies specifically formulated coatings, adhesives and sealants, metal pretreatments and paint films, plus technical services and coatings applications, to vehicle manufacturers and their tier supplier network across combustion, commercial and electric vehicles and parts including battery-related components, with on-site services inside several customer plants and at regional service centers. Industrial Coatings supplies formulated coatings, adhesives, sealants and metal pretreatments for appliances, agricultural and construction equipment, consumer electronics, building products, kitchenware and transportation vehicles. Packaging Coatings supplies formulated coatings for metal cans, closures and plastic and aluminum tubes used in food, beverage and personal care, and for promotional and specialty packaging. Specialty Products covers the TESLIN substrate used in labels, e-passports, drivers' licenses, breathable membranes and identification cards, organic light emitting diode materials for displays and lighting, and optical lens materials and photochromic dyes.

Alliances and research

The company has established alliances with Asian Paints to serve certain automotive refinish, automotive OEM and industrial coatings customers in India, and with Kansai Paints to serve Japanese-based automotive OEM customers in North America and Europe. Research and development spending was 2.8% of annual net sales in 2025. It owns and operates several research facilities, manages segment development through what the company terms centers of excellence, runs laboratories close to customers so products can be customised for an end use, and keeps global sourcing laboratories to manage formulations and raw material costs. It states that it is not materially dependent upon any single technology platform.

Inputs, seasons and people

The main raw materials are resins, solvents, reactants, titanium dioxide, additives, epoxy and pigments, both organic, primarily petroleum-derived, and inorganic, and raw materials are the single largest production cost component. Most raw materials and energy used in production are bought from outside sources, with critical supply managed by contracting multiple sources and identifying alternative materials wherever possible. Seasonality sits in the architectural coatings and traffic solutions businesses: demand in Europe, the U.S. and Canada is typically strongest in the second and third quarters on spring and summer home improvement, maintenance and construction activity, while the Latin American paint season is strongest in the fourth quarter. At 31 December 2025 the company employed approximately 43,500 people, approximately 11,000 of them in the United States and approximately 32,500 elsewhere in the world, with numerous collective bargaining agreements throughout the world.

From PPG's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.