Sherwin Williams (SHW) FY2017 results: revenue $15.0 billion, up 26.4% on the year
Sherwin Williams Co. (SHW) reported revenue of $15.0 billion for fiscal 2017, the year ended 31 December 2017, up 26.4% on the year before. Net income was $1.7 billion, up 52.5%, and diluted earnings per share $6.07. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2018.
Revenue
$15.0 billion
+26.4% on the year
FY2010FY2017
Operating margin
14.9%
18.3% a year earlier
FY2010FY2017
Net income
$1.7 billion
+52.5% on the year
FY2010FY2017
Diluted EPS
$6.07
+51.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
14,984
11,856
11,339
+26.4%
Cost of revenue
8,265
5,933
5,780
+39.3%
Gross profit
6,719
5,922
5,559
+13.4%
Gross margin
44.8%
50.0%
49.0%
Research and development
58.5
58.0
57.7
+0.7%
Selling, general and administrative
4,798
4,140
3,886
+15.9%
Operating income
2,235
2,164
1,963
+3.3%
Operating margin
14.9%
18.3%
17.3%
Interest expense
263
154
61.8
+71.0%
Pre-tax income
1,469
1,595
1,549
-7.9%
Income tax
-300
463
495
Effective tax rate
-20.4%
29.0%
32.0%
Net income
1,728
1,133
1,054
+52.5%
Net margin
11.5%
9.6%
9.3%
Diluted EPS
$6.07
$4.00
$3.72
+51.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,884
1,309
1,447
+44.0%
Capital expenditure
223
239
234
-6.8%
Free cash flow
1,661
1,070
1,213
+55.3%
Free cash flow margin
11.1%
9.0%
10.7%
Cash from investing
-9,047
-304
-289
Cash from financing
6,514
-307
-980
Depreciation and amortisation
492
198
199
+148.7%
Share-based compensation
90.3
72.1
72.3
+25.2%
Dividends paid
319
312
250
+2.2%
Dividend per share
$1.13
$1.12
$0.89
+1.2%
Diluted shares, weighted
285m
283m
282m
+0.5%
Shares outstanding at period end
282m
279m
277m
+0.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,648
1,878
868
+94.2%
Debt
10,521
1,953
1,950
+438.8%
Other liabilities
5,731
2,922
2,961
+96.2%
Total liabilities and equity
19,900
6,753
5,779
+194.7%
Fixed assets
1,877
1,096
1,042
+71.3%
Goodwill
6,814
1,127
1,143
+504.7%
Intangible assets
6,002
255
255
+2,253.8%
Cash and equivalents
204
890
206
-77.0%
Receivables
2,105
1,231
1,114
+71.0%
Inventory
1,742
1,068
1,019
+63.1%
Other assets
1,154
1,086
1,000
+6.3%
Total assets
19,900
6,753
5,779
+194.7%
10-K for the year ended 31 December 2017, filed 23 February 2018: the filing.