PPG Industries (PPG) Q1 FY2026 earnings: revenue $3.9 billion, up 6.7% on the year

PPG Industries Inc. (PPG) reported revenue of $3.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 6.7% on the same quarter a year earlier. Net income was $382 million, up 2.4% on the year, and diluted earnings per share $1.70. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$3.9 billion

+6.7% on the year · +0.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

16.2%

16.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$382 million

+2.4% on the year · +27.3% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.70

+4.3% on the year · +27.8% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 kept.

Net sales rose 7 percent: Net sales were $3.9 billion, up 7%. Selling prices added 1% and currency translation added 6%, while organic sales rose 1%.
Adjusted EPS rose 6 percent: Reported diluted EPS was $1.70 and adjusted EPS was $1.83, up 6%. Adjusted figures exclude acquisition amortization, restructuring costs, portfolio items and an insurance recovery.
Architectural sales rose 13%: Global Architectural Coatings net sales were $965 million, up 13%. Currency added 12%, selling prices 2%, and divestitures reduced sales by 1%; volumes were flat.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,930	3,914	3,684	+0.4%	+6.7%
Cost of revenue	2,275	2,316	2,142	-1.8%	+6.2%
Gross profit	1,655	1,598	1,542	+3.6%	+7.3%
Gross margin	42.1%	40.8%	41.9%
Research and development	113	109	102	+3.7%	+10.8%
Selling, general and administrative	885	905	838	-2.2%	+5.6%
Operating income	636	n/a	607		+4.8%
Operating margin	16.2%	n/a	16.5%
Interest expense	61.0	58.0	56.0	+5.2%	+8.9%
Pre-tax income	517	389	502	+32.9%	+3.0%
Income tax	132	78.0	122	+69.2%	+8.2%
Effective tax rate	25.5%	20.1%	24.3%
Net income	382	300	373	+27.3%	+2.4%
Net margin	9.7%	7.7%	10.1%
Diluted EPS	$1.70	$1.33	$1.63	+27.8%	+4.3%

$ 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

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	33.0	887	-18.0	-96.3%
Capital expenditure	196	301	209	-34.9%	-6.2%
Free cash flow	-163	586	-227
Free cash flow margin	-4.1%	15.0%	-6.2%
Cash from investing	-279	-283	-168
Cash from financing	-334	-276	698
Depreciation and amortisation	132	134	121	-1.5%	+9.1%
Share-based compensation	11.0	11.0	23.0	0.0%	-52.2%
Buybacks	96.0	103	394	-6.8%	-75.6%
Dividends paid	159	160	154	-0.6%	+3.2%
Dividend per share	$0.71	n/a	$0.68		+4.4%
Diluted shares, weighted	224m	n/a	229m		-2.0%
Shares outstanding at period end	223m	223m	227m	-0.2%	-1.8%

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

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	8,104	7,941	6,927	+2.1%	+17.0%
Non-controlling interest	150	156	165	-3.8%	-9.1%
Short-term borrowings	n/a	4.0	13.0
Debt	7,143	7,297	7,243	-2.1%	-1.4%
Operating lease liabilities	449	450	466	-0.2%	-3.6%
Finance lease liabilities	n/a	5.0	n/a
Other liabilities	6,304	6,245	6,326	+0.9%	-0.3%
Total liabilities and equity	22,150	22,098	21,140	+0.2%	+4.8%
Fixed assets	3,995	4,005	3,539	-0.2%	+12.9%
Goodwill	6,152	6,149	5,824	+0.0%	+5.6%
Intangible assets	1,960	1,971	1,933	-0.6%	+1.4%
Investments	397	388	380	+2.3%	+4.5%
Cash and equivalents	1,573	2,163	1,830	-27.3%	-14.0%
Receivables	3,676	2,783	3,429	+32.1%	+7.2%
Inventory	2,162	1,996	2,115	+8.3%	+2.2%
Other assets	2,235	2,643	2,090	-15.4%	+6.9%
Total assets	22,150	22,098	21,140	+0.2%	+4.8%

Questions

What was PPG Industries' revenue in Q1 FY2026?

PPG Industries (PPG) reported revenue of $3.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 6.7% on the same quarter a year earlier.

How much did PPG Industries earn in Q1 FY2026?

Net income for Q1 FY2026 was $382 million, up 2.4% on the year, and diluted earnings per share $1.70.

When did PPG Industries report Q1 FY2026 results?

PPG Industries filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,190	4,308	4,691	4,468	4,185	4,380	4,872	4,644	4,350	3,849	4,235	4,032	3,729	3,684	4,195	4,082	3,914	3,930	4,495	4,353
Cost of revenue	2,692	2,698	2,954	2,821	2,623	2,596	2,866	2,752	2,531	2,205	2,450	2,381	2,216	2,142	2,432	2,426	2,316	2,275	2,687	2,589
Gross profit	1,498	1,610	1,737	1,647	1,562	1,784	2,006	1,892	1,819	1,644	1,785	1,651	1,513	1,542	1,763	1,656	1,598	1,655	1,808	1,764
Gross margin	36%	37%	37%	37%	37%	41%	41%	41%	42%	43%	42%	41%	41%	42%	42%	41%	41%	42%	40%	41%
R&D	116	115	115	110	108	104	110	108	111	107	108	102	130	102	106	106	109	113	107	106
SG&A	984	974	982	931	955	992	1,069	1,047	1,114	850	858	848	835	838	872	824	905	885	931	876
Operating income	348	459	602	554	427	635	787	698	555	666	796	689	n/a	607	743	689	n/a	636	743	757
Operating margin	8%	11%	13%	12%	10%	14%	16%	15%	13%	17%	19%	17%	n/a	16%	18%	17%	n/a	16%	17%	17%
Interest expense	30.0	30.0	38.0	46.0	53.0	59.0	67.0	64.0	57.0	55.0	62.0	67.0	57.0	56.0	62.0	65.0	58.0	61.0	71.0	67.0
Pre-tax income	282	78.0	566	418	319	353	646	557	192	542	651	578	81.0	502	598	556	389	517	569	631
Tax rate	1%	71%	21%	19%	23%	23%	23%	22%	46%	24%	23%	22%	86%	24%	23%	21%	20%	26%	22%	24%
Net income	286	18.0	441	329	238	264	490	426	90.0	400	528	468	-280	373	450	453	300	382	437	451
Net margin	7%	0%	9%	7%	6%	6%	10%	9%	2%	10%	12%	12%	-8%	10%	11%	11%	8%	10%	10%	10%
Diluted EPS	$1.20	$0.08	$1.85	$1.39	$1.00	$1.11	$2.06	$1.79	$0.38	$1.69	$2.24	$2.00	-$1.20	$1.63	$1.98	$2.00	$1.33	$1.70	$1.95	$2.02
Operating cash flow	456	-304	168	512	587	85.0	536	892	898	-60.0	365	769	346	-18.0	387	685	887	33.0	559	566
Capital expenditure	151	194	70.0	104	150	120	122	139	168	252	118	149	198	209	121	147	301	196	113	155
Free cash flow	305	-498	98.0	408	437	-35.0	414	753	730	-312	247	620	148	-227	266	538	586	-163	446	411
Buybacks	n/a	40.0	135	15.0	0.0	0.0	0.0	0.0	86.0	149	163	199	241	394	146	147	103	96.0	79.0	147
Dividends paid	140	139	140	145	146	146	146	153	153	153	152	159	158	154	154	160	160	159	158	165
Shares outstanding	236m	236m	235m	235m	235m	235m	236m	236m	235m	234m	233m	232m	230m	227m	226m	224m	223m	223m	222m	221m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 31 March 2026, filed 29 April 2026: the filing.