Sherwin Williams (SHW) FY2023 results: revenue $23.1 billion, up 4.1% on the year
Sherwin Williams Co. (SHW) reported revenue of $23.1 billion for fiscal 2023, the year ended 31 December 2023, up 4.1% on the year before. Net income was $2.4 billion, up 18.3%, and diluted earnings per share $9.25. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$23.1 billion
+4.1% on the year
FY2016FY2023
Operating margin
18.1%
15.3% a year earlier
FY2016FY2023
Net income
$2.4 billion
+18.3% on the year
FY2016FY2023
Diluted EPS
$9.25
+19.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,522
1,920
2,245
+83.4%
Capital expenditure
888
644
372
+37.8%
Free cash flow
2,634
1,275
1,873
+106.5%
Free cash flow margin
11.4%
5.8%
9.4%
Cash from investing
-1,039
-1,608
-476
Cash from financing
-2,425
-282
-1,834
Depreciation and amortisation
622
581
573
+7.1%
Share-based compensation
116
99.7
97.7
+16.2%
Dividends paid
624
618
587
+0.8%
Dividend per share
$2.42
$2.40
$2.20
+0.8%
Diluted shares, weighted
258m
262m
267m
-1.3%
Shares outstanding at period end
254m
259m
261m
-1.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,716
3,102
2,437
+19.8%
Debt
9,851
10,570
9,615
-6.8%
Operating lease liabilities
1,510
1,513
1,471
-0.2%
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
7,878
7,409
7,144
+6.3%
Total liabilities and equity
22,954
22,594
20,667
+1.6%
Fixed assets
2,837
2,207
1,867
+28.5%
Goodwill
7,626
7,583
7,135
+0.6%
Intangible assets
3,880
4,002
4,002
-3.0%
Cash and equivalents
277
199
166
+39.2%
Receivables
2,468
2,564
2,352
-3.7%
Inventory
2,330
2,626
1,927
-11.3%
Other assets
3,537
3,413
3,218
+3.6%
Total assets
22,954
22,594
20,667
+1.6%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.