Sherwin Williams (SHW) FY2019 results: revenue $17.9 billion, up 2.1% on the year
Sherwin Williams Co. (SHW) reported revenue of $17.9 billion for fiscal 2019, the year ended 31 December 2019, up 2.1% on the year before. Net income was $1.5 billion, up 39.0%, and diluted earnings per share $5.50. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$17.9 billion
+2.1% on the year
FY2012FY2019
Operating margin
15.7%
14.9% a year earlier
FY2012FY2019
Net income
$1.5 billion
+39.0% on the year
FY2012FY2019
Diluted EPS
$5.50
+41.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
17,901
17,534
14,984
+2.1%
Cost of revenue
9,865
10,116
8,265
-2.5%
Gross profit
8,036
7,419
6,719
+8.3%
Gross margin
44.9%
42.3%
44.8%
Research and development
n/a
51.9
58.5
Selling, general and administrative
5,275
5,034
4,798
+4.8%
Operating income
2,809
2,611
2,235
+7.6%
Operating margin
15.7%
14.9%
14.9%
Interest expense
349
367
263
-4.8%
Pre-tax income
1,982
1,360
1,469
+45.8%
Income tax
440
251
-300
+75.6%
Effective tax rate
22.2%
18.5%
-20.4%
Net income
1,541
1,109
1,728
+39.0%
Net margin
8.6%
6.3%
11.5%
Diluted EPS
$5.50
$3.89
$6.07
+41.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,321
1,944
1,884
+19.4%
Capital expenditure
329
251
223
+31.1%
Free cash flow
1,992
1,693
1,661
+17.7%
Free cash flow margin
11.1%
9.7%
11.1%
Cash from investing
-463
-252
-9,047
Cash from financing
-1,846
-1,747
6,514
Depreciation and amortisation
575
596
492
-3.6%
Share-based compensation
102
82.6
90.3
+23.1%
Dividends paid
421
323
319
+30.3%
Dividend per share
$1.51
$1.15
$1.13
+31.4%
Diluted shares, weighted
280m
285m
285m
-1.6%
Shares outstanding at period end
276m
279m
282m
-1.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,123
3,731
3,648
+10.5%
Debt
8,685
9,344
10,521
-7.0%
Operating lease liabilities
1,371
n/a
n/a
Other liabilities
6,317
6,060
5,731
+4.2%
Total liabilities and equity
20,496
19,134
19,900
+7.1%
Fixed assets
1,835
1,777
1,877
+3.3%
Goodwill
7,005
6,957
6,814
+0.7%
Intangible assets
4,734
5,202
6,002
-9.0%
Cash and equivalents
162
156
204
+4.0%
Receivables
2,089
2,019
2,105
+3.5%
Inventory
1,890
1,815
1,742
+4.1%
Other assets
2,781
1,210
1,154
+129.9%
Total assets
20,496
19,134
19,900
+7.1%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.