Sherwin Williams (SHW) Q2 FY2022 earnings: revenue $5.9 billion, up 9.2% on the year

Sherwin Williams Co. (SHW) reported revenue of $5.9 billion for Q2 FY2022, the quarter ended 30 June 2022, up 9.2% on the same quarter a year earlier. Net income was $578 million, down 10.9% on the year, and diluted earnings per share $2.21. The figures are the company's own, from the 10-Q it filed with the SEC on 27 July 2022.

Revenue$5.9 billionup 9.2%

Net income$578 milliondown 10.9%

Diluted EPS$2.21

QuarterQ2 FY2022ended 30 June 2022

The quarter, against the one before and a year earlier

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Revenue	5,872	4,999	n/a	n/a
Cost of revenue	3,423	2,946	n/a	n/a
Gross profit	2,449	2,053	n/a	n/a
Gross margin	41.7%	41.1%	n/a
Selling, general and administrative	1,598	1,486	n/a	n/a
Operating income	961	655	n/a	n/a
Operating margin	16.4%	13.1%	n/a
Interest expense	92.9	88.4	n/a	n/a
Pre-tax income	740	461	n/a	n/a
Income tax	162	90.3	n/a	n/a
Effective tax rate	21.9%	19.6%	n/a
Net income	578	371	n/a	n/a
Net margin	9.8%	7.4%	n/a
Diluted EPS	$2.21	$1.41	n/a	n/a

$ 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. 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.

Cash flow and capital returned

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Operating cash flow	613	26.3	n/a	n/a
Capital expenditure	130	106	n/a	n/a
Free cash flow	484	-80.0	n/a	n/a
Free cash flow margin	8.2%	-1.6%	n/a
Cash from investing	-278	-196	n/a	n/a
Cash from financing	-424	416	n/a	n/a
Depreciation and amortisation	143	144	n/a	n/a
Share-based compensation	26.9	26.8	n/a	n/a
Dividends paid	156	151	n/a	n/a
Dividend per share	$0.60	$0.60	n/a	n/a
Diluted shares, weighted	262m	263m	n/a	n/a
Shares outstanding at period end	259m	260m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Shareholders' equity	2,225	2,234	n/a	n/a
Debt	10,606	10,593	n/a	n/a
Operating lease liabilities	1,483	1,481	n/a	n/a
Other liabilities	7,739	7,422	n/a	n/a
Total liabilities and equity	22,053	21,730	n/a	n/a
Fixed assets	1,962	1,907	n/a	n/a
Goodwill	7,106	7,059	n/a	n/a
Intangible assets	3,955	4,004	n/a	n/a
Cash and equivalents	313	401	n/a	n/a
Receivables	2,982	2,784	n/a	n/a
Inventory	2,412	2,329	n/a	n/a
Other assets	3,323	3,247	n/a	n/a
Total assets	22,053	21,730	n/a	n/a

Questions

What was Sherwin Williams' revenue in Q2 FY2022?

Sherwin Williams (SHW) reported revenue of $5.9 billion for Q2 FY2022, the quarter ended 30 June 2022, up 9.2% on the same quarter a year earlier.

How much did Sherwin Williams earn in Q2 FY2022?

Net income for Q2 FY2022 was $578 million, down 10.9% on the year, and diluted earnings per share $2.21.

When did Sherwin Williams report Q2 FY2022 results?

Sherwin Williams filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 27 July 2022.

Quarterly results, the last 20 quarters

	Q3 FY2021	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
Revenue	5,147	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
Cost of revenue	3,007	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
Gross profit	2,140	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
Gross margin	42%	39%	41%	42%	43%	43%	44%	46%	48%	49%	47%	49%	49%	49%	48%	49%	49%	48%	49%	49%
SG&A	1,369	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
Operating income	818	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
Operating margin	16%	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
Interest expense	83.1	84.9	88.4	92.9	101	108	109	112	102	94.6	103	111	103	98.5	104	112	117	132	132	136
Pre-tax income	612	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
Tax rate	18%	2%	20%	22%	22%	22%	22%	22%	25%	25%	21%	24%	21%	22%	23%	23%	21%	25%	21%	24%
Net income	502	304	371	578	685	386	477	794	762	356	505	890	806	480	504	755	833	477	535	844
Net margin	10%	6%	7%	10%	11%	7%	9%	13%	12%	7%	9%	14%	13%	9%	9%	12%	13%	9%	9%	12%
Diluted EPS	$1.88	$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
Operating cash flow	849	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
Capital expenditure	96.7	124	106	130	175	234	210	206	153	320	284	251	235	300	189	182	196	230	138	108
Free cash flow	753	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
Dividends paid	145	144	151	156	156	156	156	156	156	155	182	179	182	180	200	198	196	196	197	198
Shares outstanding	262m	261m	260m	259m	259m	259m	258m	257m	256m	254m	254m	252m	252m	251m	251m	249m	248m	248m	247m	243m
Filing	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	10-K	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-Q for the period ended 30 June 2022, filed 27 July 2022: the filing.