Sherwin Williams (SHW) FY2024 results: revenue $23.1 billion, up 0.2% on the year
Sherwin Williams Co. (SHW) reported revenue of $23.1 billion for fiscal 2024, the year ended 31 December 2024, up 0.2% on the year before. Net income was $2.7 billion, up 12.2%, and diluted earnings per share $10.55. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.
Revenue
$23.1 billion
+0.2% on the year
FY2017FY2024
Operating margin
n/a
18.1% a year earlier
FY2017FY2024
Net income
$2.7 billion
+12.2% on the year
FY2017FY2024
Diluted EPS
$10.55
+14.1% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
3,153
3,522
1,920
-10.5%
Capital expenditure
1,070
888
644
+20.4%
Free cash flow
2,083
2,634
1,275
-20.9%
Free cash flow margin
9.0%
11.4%
5.8%
Cash from investing
-1,196
-1,039
-1,608
Cash from financing
-2,017
-2,425
-282
Depreciation and amortisation
624
622
581
+0.2%
Share-based compensation
138
116
99.7
+19.2%
Dividends paid
723
624
618
+16.0%
Dividend per share
$2.86
$2.42
$2.40
+18.2%
Diluted shares, weighted
254m
258m
262m
-1.6%
Shares outstanding at period end
251m
254m
259m
-1.3%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
4,051
3,716
3,102
+9.0%
Debt
9,888
9,851
10,570
+0.4%
Operating lease liabilities
1,558
1,510
1,513
+3.2%
Finance lease liabilities
186
0.0
n/a
Other liabilities
7,949
7,878
7,409
+0.9%
Total liabilities and equity
23,633
22,954
22,594
+3.0%
Fixed assets
3,533
2,837
2,207
+24.5%
Goodwill
7,580
7,626
7,583
-0.6%
Intangible assets
3,533
3,880
4,002
-8.9%
Cash and equivalents
210
277
199
-24.0%
Receivables
2,389
2,468
2,564
-3.2%
Inventory
2,288
2,330
2,626
-1.8%
Other assets
4,099
3,537
3,413
+15.9%
Total assets
23,633
22,954
22,594
+3.0%
10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.