Sherwin Williams (SHW) FY2020 results: revenue $18.4 billion, up 2.6% on the year
Sherwin Williams Co. (SHW) reported revenue of $18.4 billion for fiscal 2020, the year ended 31 December 2020, up 2.6% on the year before. Net income was $2.0 billion, up 31.7%, and diluted earnings per share $7.36. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$18.4 billion
+2.6% on the year
FY2013FY2020
Operating margin
18.4%
15.7% a year earlier
FY2013FY2020
Net income
$2.0 billion
+31.7% on the year
FY2013FY2020
Diluted EPS
$7.36
+33.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
18,362
17,901
17,534
+2.6%
Cost of revenue
9,679
9,865
10,116
-1.9%
Gross profit
8,683
8,036
7,419
+8.0%
Gross margin
47.3%
44.9%
42.3%
Research and development
n/a
n/a
51.9
Selling, general and administrative
5,478
5,275
5,034
+3.8%
Operating income
3,374
2,809
2,611
+20.1%
Operating margin
18.4%
15.7%
14.9%
Interest expense
340
349
367
-2.5%
Pre-tax income
2,519
1,982
1,360
+27.1%
Income tax
489
440
251
+11.0%
Effective tax rate
19.4%
22.2%
18.5%
Net income
2,030
1,541
1,109
+31.7%
Net margin
11.1%
8.6%
6.3%
Diluted EPS
$7.36
$5.50
$3.89
+33.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,409
2,321
1,944
+46.8%
Capital expenditure
304
329
251
-7.6%
Free cash flow
3,105
1,992
1,693
+55.8%
Free cash flow margin
16.9%
11.1%
9.7%
Cash from investing
-322
-463
-252
Cash from financing
-3,020
-1,846
-1,747
Depreciation and amortisation
581
575
596
+1.1%
Share-based compensation
95.9
102
82.6
-5.7%
Dividends paid
488
421
323
+16.0%
Dividend per share
$1.79
$1.51
$1.15
+18.6%
Diluted shares, weighted
276m
280m
285m
-1.6%
Shares outstanding at period end
269m
276m
279m
-2.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,611
4,123
3,731
-12.4%
Short-term borrowings
0.1
n/a
n/a
Debt
8,292
8,685
9,344
-4.5%
Operating lease liabilities
1,434
1,371
n/a
+4.6%
Other liabilities
7,065
6,317
6,060
+11.8%
Total liabilities and equity
20,402
20,496
19,134
-0.5%
Fixed assets
1,834
1,835
1,777
-0.0%
Goodwill
7,049
7,005
6,957
+0.6%
Intangible assets
4,471
4,734
5,202
-5.6%
Cash and equivalents
227
162
156
+40.0%
Receivables
2,078
2,089
2,019
-0.5%
Inventory
1,804
1,890
1,815
-4.5%
Other assets
2,938
2,781
1,210
+5.6%
Total assets
20,402
20,496
19,134
-0.5%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.