Sherwin Williams (SHW) Q4 FY2021 earnings: revenue $4.8 billion, up 6.1% on the year

Sherwin Williams Co. (SHW) reported revenue of $4.8 billion for Q4 FY2021, the quarter ended 31 December 2021, up 6.1% on the same quarter a year earlier as this quarter's filing gives it. Net income was $304 million, down 25.3% on the year as this quarter's filing gives it, and diluted earnings per share $1.15. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2022.

Revenue

$4.8 billion

+6.1% on the year · -7.5% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

10.6%

16.8% a year earlier

Q1 FY2020Q4 FY2021

Net income

$304 million

-25.3% on the year · -39.5% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$1.15

-22.6% on the year · -38.8% on the quarter

Q1 FY2020Q4 FY2021

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

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	4,762	5,147	4,489	-7.5%	+6.1%
Cost of revenue	2,882	n/a	n/a
Gross profit	1,880	n/a	n/a
Gross margin	39.5%	n/a	n/a
Selling, general and administrative	1,440	n/a	n/a
Operating income	504	818	753	-38.4%	-33.1%
Operating margin	10.6%	15.9%	16.8%
Interest expense	84.9	n/a	n/a
Pre-tax income	309	n/a	n/a
Income tax	4.9	n/a	n/a
Effective tax rate	1.6%	n/a	n/a
Net income	304	502	407	-39.5%	-25.3%
Net margin	6.4%	n/a	n/a
Diluted EPS	$1.15	$1.88	$1.49	-38.8%	-22.6%

$ million except per share.

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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	194	n/a	n/a
Capital expenditure	124	n/a	n/a
Free cash flow	70.0	n/a	n/a
Free cash flow margin	1.5%	n/a	n/a
Cash from investing	-250	n/a	n/a
Cash from financing	-96.3	n/a	n/a
Depreciation and amortisation	140	140	147	0.0%	-5.2%
Share-based compensation	32.8	n/a	n/a
Dividends paid	144	n/a	n/a
Diluted shares, weighted	n/a	267m	n/a
Shares outstanding at period end	261m	262m	269m	-0.4%	-2.9%

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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	2,437	2,690	3,611	-9.4%	-32.5%
Debt	9,615	8,976	8,292	+7.1%	+16.0%
Operating lease liabilities	1,471	n/a	n/a
Other liabilities	7,144	n/a	n/a
Total liabilities and equity	20,667	n/a	n/a
Fixed assets	1,867	n/a	n/a
Goodwill	7,135	n/a	n/a
Intangible assets	4,002	n/a	n/a
Cash and equivalents	166	313	227	-47.1%	-26.9%
Receivables	2,352	n/a	n/a
Inventory	1,927	n/a	n/a
Other assets	3,218	n/a	n/a
Total assets	20,667	n/a	n/a

Questions

What was Sherwin Williams' revenue in Q4 FY2021?

Sherwin Williams (SHW) reported revenue of $4.8 billion for Q4 FY2021, the quarter ended 31 December 2021, up 6.1% on the same quarter a year earlier as the company restated it.

How much did Sherwin Williams earn in Q4 FY2021?

Net income for Q4 FY2021 was $304 million, down 25.3% on the year, and diluted earnings per share $1.15.

When did Sherwin Williams report Q4 FY2021 results?

Sherwin Williams filed its 10-K for the quarter ended 31 December 2021 with the SEC on 17 February 2022.

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	4,762	4,999	5,872	6,047	5,230	5,442	6,241	6,117	5,252	5,367	6,272	6,162	5,297	5,306	6,314	6,358	5,596	5,667	6,789	6,860
Cost of revenue	2,882	2,946	3,423	3,458	2,997	3,022	3,368	3,200	2,704	2,836	3,208	3,135	2,724	2,747	3,196	3,233	2,883	2,886	3,451	3,583
Gross profit	1,880	2,053	2,449	2,589	2,234	2,421	2,872	2,916	2,549	2,531	3,063	3,028	2,573	2,559	3,118	3,126	2,713	2,780	3,338	3,277
Gross margin	39%	41%	42%	43%	43%	44%	46%	48%	49%	47%	49%	49%	49%	48%	49%	49%	48%	49%	49%	48%
SG&A	1,440	1,486	1,598	1,610	1,559	1,693	1,760	1,756	1,856	1,800	1,846	1,894	1,883	1,794	2,012	1,953	1,937	1,970	2,104	2,069
Operating income	504	655	961	1,095	686	839	1,232	1,299	791	884	1,413	1,321	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	11%	13%	16%	18%	13%	15%	20%	21%	15%	16%	23%	21%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	84.9	88.4	92.9	101	108	109	112	102	94.6	103	111	103	98.5	104	112	117	132	132	136	139
Pre-tax income	309	461	740	877	495	615	1,012	1,009	474	640	1,173	1,023	616	653	986	1,060	639	680	1,112	1,064
Tax rate	2%	20%	22%	22%	22%	22%	22%	25%	25%	21%	24%	21%	22%	23%	23%	21%	25%	21%	24%	23%
Net income	304	371	578	685	386	477	794	762	356	505	890	806	480	504	755	833	477	535	844	821
Net margin	6%	7%	10%	11%	7%	9%	13%	12%	7%	9%	14%	13%	9%	9%	12%	13%	9%	9%	12%	12%
Diluted EPS	$1.15	$1.41	$2.21	$2.62	$1.48	$1.84	$3.07	$2.95	$1.39	$1.97	$3.50	$3.18	$1.90	$2.00	$3.00	$3.35	$1.92	$2.15	$3.43	$3.38
Operating cash flow	194	26.3	613	639	641	88.2	1,206	1,309	919	-58.9	1,203	1,075	934	-61.1	1,113	1,308	1,092	139	1,348	1,104
Capital expenditure	124	106	130	175	234	210	206	153	320	284	251	235	300	189	182	196	230	138	108	129
Free cash flow	70.0	-80.0	484	464	407	-122	1,000	1,156	599	-343	952	839	634	-250	931	1,111	862	0.8	1,239	976
Dividends paid	144	151	156	156	156	156	156	156	155	182	179	182	180	200	198	196	196	197	198	194
Shares outstanding	261m	260m	259m	259m	259m	258m	257m	256m	254m	254m	252m	252m	251m	251m	249m	248m	248m	247m	243m	242m
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-K for the period ended 31 December 2021, filed 17 February 2022: the filing.