Sherwin Williams (SHW) FY2015 results: revenue $11.3 billion, up 1.9% on the year
Sherwin Williams Co. (SHW) reported revenue of $11.3 billion for fiscal 2015, the year ended 31 December 2015, up 1.9% on the year before. Net income was $1.1 billion, up 21.7%, and diluted earnings per share $3.72. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$11.3 billion
+1.9% on the year
FY2008FY2015
Operating margin
17.3%
15.2% a year earlier
FY2008FY2015
Net income
$1.1 billion
+21.7% on the year
FY2008FY2015
Diluted EPS
$3.72
+27.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
11,339
11,130
10,186
+1.9%
Cost of revenue
5,780
5,965
5,569
-3.1%
Gross profit
5,559
5,164
4,617
+7.6%
Gross margin
49.0%
46.4%
45.3%
Research and development
57.7
50.0
47.0
+15.3%
Selling, general and administrative
3,886
3,823
3,468
+1.6%
Operating income
1,963
1,695
1,442
+15.8%
Operating margin
17.3%
15.2%
14.2%
Interest expense
61.8
64.2
62.7
-3.8%
Pre-tax income
1,549
1,258
1,086
+23.1%
Income tax
495
392
333
+26.2%
Effective tax rate
32.0%
31.2%
30.7%
Net income
1,054
866
753
+21.7%
Net margin
9.3%
7.8%
7.4%
Diluted EPS
$3.72
$2.93
$2.42
+27.1%
$ million except per share. Read moreFree 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,447
1,082
1,084
+33.8%
Capital expenditure
234
201
167
+16.9%
Free cash flow
1,213
881
917
+37.7%
Free cash flow margin
10.7%
7.9%
9.0%
Cash from investing
-289
-310
-338
Cash from financing
-980
-1,467
-853
Depreciation and amortisation
199
199
188
-0.2%
Share-based compensation
72.3
64.7
58.0
+11.8%
Dividends paid
250
215
205
+16.0%
Dividend per share
$0.89
$0.73
$0.67
+21.8%
Diluted shares, weighted
282m
294m
309m
-4.1%
Shares outstanding at period end
277m
284m
300m
-2.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
868
996
1,775
-12.9%
Debt
1,950
1,805
1,722
+8.0%
Other liabilities
2,961
2,904
2,886
+2.0%
Total liabilities and equity
5,779
5,706
6,383
+1.3%
Fixed assets
1,042
1,021
1,021
+2.0%
Goodwill
1,143
1,158
1,179
-1.3%
Intangible assets
255
289
313
-11.7%
Cash and equivalents
206
40.7
745
+405.1%
Receivables
1,114
1,131
1,098
-1.4%
Inventory
1,019
1,034
971
-1.5%
Other assets
1,000
1,033
1,056
-3.2%
Total assets
5,779
5,706
6,383
+1.3%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.