Sherwin Williams Co. Q4 FY2023 results: revenue $5.3 billion, up 0.4% on the year

Sherwin Williams Co. (SHW) reported revenue of $5.3 billion for Q4 FY2023, the quarter ended 31 December 2023, up 0.4% on the same quarter a year earlier. Net income was $356 million, down 7.8% on the year, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$5.3 billionup 0.4%

Net income$356 milliondown 7.8%

Diluted EPS$1.39

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,252	6,117	n/a	n/a
Cost of revenue	2,704	3,200	n/a	n/a
Gross profit	2,549	2,916	n/a	n/a
Gross margin	48.5%	47.7%	n/a
Selling, general and administrative	1,856	1,756	n/a	n/a
Operating income	791	1,299	n/a	n/a
Operating margin	15.1%	21.2%	n/a
Interest expense	94.6	102	n/a	n/a
Pre-tax income	474	1,009	n/a	n/a
Income tax	118	248	n/a	n/a
Effective tax rate	24.9%	24.5%	n/a
Net income	356	762	n/a	n/a
Net margin	6.8%	12.4%	n/a
Diluted EPS	$1.39	$2.95	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	919	1,309	n/a	n/a
Capital expenditure	320	153	n/a	n/a
Free cash flow	599	1,156	n/a	n/a
Free cash flow margin	11.4%	18.9%	n/a
Depreciation and amortisation	154	155	n/a	n/a
Share-based compensation	43.1	26.8	n/a	n/a
Dividends paid	155	156	n/a	n/a
Dividend per share	n/a	$0.60	n/a	n/a
Diluted shares, weighted	258m	258m	n/a	n/a
Shares outstanding at period end	254m	256m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	22,954	23,004	n/a	n/a
Cash and equivalents	277	503	n/a	n/a
Receivables	2,468	2,941	n/a	n/a
Inventory	2,330	2,244	n/a	n/a
Goodwill	7,626	7,412	n/a	n/a
Total debt, as filed	9,851	9,936	n/a	n/a
Long-term debt	9,477	9,597	n/a	n/a
Operating lease liabilities	1,510	1,503	n/a	n/a
Finance lease liabilities	0.0	n/a	n/a	n/a
Shareholders' equity	3,716	3,780	n/a	n/a

Quarterly results, the last 12 quarters

	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	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	3,200	2,704	2,836	3,208	3,135	2,724	2,747	3,196	3,233	2,883	2,886	3,451
Gross profit	2,916	2,549	2,531	3,063	3,028	2,573	2,559	3,118	3,126	2,713	2,780	3,338
Gross margin	48%	49%	47%	49%	49%	49%	48%	49%	49%	48%	49%	49%
SG&A	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	1,299	791	884	1,413	1,321	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	21%	15%	16%	23%	21%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	102	94.6	103	111	103	98.5	104	112	117	132	132	136
Pre-tax income	1,009	474	640	1,173	1,023	616	653	986	1,060	639	680	1,112
Tax rate	25%	25%	21%	24%	21%	22%	23%	23%	21%	25%	21%	24%
Net income	762	356	505	890	806	480	504	755	833	477	535	844
Net margin	12%	7%	9%	14%	13%	9%	9%	12%	13%	9%	9%	12%
Diluted EPS	$2.95	$1.39	$1.97	$3.50	$3.18	$1.90	$2.00	$3.00	$3.35	$1.91	$2.15	$3.43
Operating cash flow	1,309	919	-58.9	1,203	1,075	934	-61.1	1,113	1,308	1,092	139	1,348
Capital expenditure	153	320	284	251	235	300	189	182	196	230	138	108
Free cash flow	1,156	599	-343	952	839	634	-250	931	1,111	862	0.8	1,239
Dividends paid	156	155	182	179	182	180	200	198	196	196	197	198
Shares outstanding	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

* 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. 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.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0000089800-24-000033: the filing on EDGAR. All of Sherwin Williams Co.'s filings: EDGAR company page.

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