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Sherwin Williams (SHW) FY2025 results: revenue $23.6 billion, up 2.1% on the year

Sherwin Williams Co. (SHW) reported revenue of $23.6 billion for fiscal 2025, the year ended 31 December 2025, up 2.1% on the year before. Net income was $2.6 billion, down 4.2%, and diluted earnings per share $10.26. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$23.6 billion
+2.1% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$2.6 billion
-4.2% on the year
FY2018FY2025
Diluted EPS
$10.26
-2.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 new.

  • Full-year sales and adjusted EPS higher: Full-year net sales were $23.57 billion, up 2.1%, and adjusted diluted EPS was $11.43, up 0.9%. Management said the year brought record net sales and record adjusted diluted EPS.
  • Fourth-quarter sales up 5.6%: Fourth-quarter net sales were $5,595.9 million, up 5.6%. The Suvinil acquisition contributed $164.5 million, or 3.1% of the change.
  • Paint Stores sales up 2.7%, price-led: PSG net sales were $3,127.1 million, up 2.7%, with same-store sales up 1.0% against 2.0%. Selling price increases drove the growth, partly offset by lower volume.
  • Suvinil lifted Consumer Brands sales: CBG net sales were $824.7 million, up 24.5%. Suvinil contributed $164.5 million, or 24.8% of the change, and favorable currency added 1.3%.
  • Full-year gross margin rose: Full-year gross margin was 48.8% against 48.5%. Fourth-quarter gross margin was 48.5% against 48.6%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Sherwin-Williams develops, manufactures, distributes and sells paint, coatings and related products to professional, industrial, commercial and retail customers, primarily in North and South America, with further operations in the Caribbean, Europe, Asia and Australia. It was founded in 1866 and incorporated in Ohio in 1884, and is based in Cleveland. There are three reportable segments, with everything else reported in an Administrative function.

Sherwin Williams Co., the 10-K for 2025

Sherwin-Williams develops, manufactures, distributes and sells paint, coatings and related products to professional, industrial, commercial and retail customers, primarily in North and South America, with further operations in the Caribbean, Europe, Asia and Australia. It was founded in 1866 and incorporated in Ohio in 1884, and is based in Cleveland. There are three reportable segments, with everything else reported in an Administrative function.

Paint Stores Group

4,853 company-operated specialty paint stores in the United States, Canada and the Caribbean at 31 December 2025. Each serves architectural and industrial paint contractors and do-it-yourself homeowners, selling Sherwin-Williams and other controlled brand architectural paint and coatings, protective and marine products, OEM product finishes and related goods, plus a selection of bought-in associated products. Most of what the stores sell is made by the Consumer Brands Group. The filing states that the loss of any single customer would not materially affect this segment.

Consumer Brands Group

Manufactures and distributes branded and private-label architectural paint, stains, varnishes, industrial products, wood finishes and preservatives, applicators, corrosion inhibitors, aerosols, caulks and adhesives to retailers including home centres and hardware stores, dedicated dealers and distributors across North America, Latin America and Europe. It also ran 307 company-operated specialty paint stores in Latin America at 31 December 2025, serving contractors and do-it-yourself customers there. Approximately 63% of the segment's total sales in 2025 were intersegment transfers of products sold mainly through the Paint Stores Group. The segment carries most of the company's research and development, manufacturing, distribution and logistics for the rest of the group, and most of its capital spending on environmental compliance, capacity and maintenance.

Performance Coatings Group

Industrial coatings for wood finishing and general industrial metal and plastic applications, automotive refinish, protective and marine coatings, coil coatings, packaging coatings and performance-based resins and colorants, sold worldwide. The segment also licenses technology and trade names abroad. Its products reach customers through the Paint Stores Group, its own 317 company-operated branches, a direct sales staff and outside sales representatives selling to retailers, dealers, jobbers, licensees and other third-party distributors.

Materials and the season

Raw materials and products bought for resale make up most of the cost of goods sold. The raw materials divide into resins and latex, pigments, additives, solvents, and metal or plastic containers, and a large part of them derive from petrochemical and related commodity feedstocks, propylene in particular. They are sourced from multiple suppliers globally, usually within the region where the product is made, and some specialised resins are made in house. Bought-in goods for resale include spray equipment and parts, floorcovering and sundries. Most sales in the reportable segments fall in the second and third quarters, so inventories are usually built in the first quarter and working capital financed through short-term borrowings including lines of credit and commercial paper. Backlog is not typically material, because the gap between an order and its shipment is short.

Brands and people

The trademarks carried by the Paint Stores Group include A-100, Cashmere, Duration, Emerald, Loxon, ProClassic, ProMar and SuperPaint. Consumer Brands carries Cabot, Dutch Boy, Dupli-Color, Krylon, Minwax, Purdy, Ronseal, Suvinil, Thompson's WaterSeal and Valspar. Performance Coatings carries Acrolon, Firetex, Fluropon, Macropoxy, Powdura, Sayerlack and Sher-Wood, among many others. The company employed 64,249 people worldwide at 31 December 2025, of whom approximately 73% were in the United States.

From Sherwin-Williams' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue23,57423,09823,052+2.1%
Cost of revenue12,05911,90312,294+1.3%
Gross profit11,51611,19510,758+2.9%
Gross margin48.8%48.5%46.7%
Selling, general and administrative7,6957,4227,065+3.7%
Operating incomen/an/a4,162
Operating marginn/an/a18.1%
Interest expense465416418+11.9%
Pre-tax income3,3383,4523,110-3.3%
Income tax770770721-0.1%
Effective tax rate23.1%22.3%23.2%
Net income2,5682,6812,389-4.2%
Net margin10.9%11.6%10.4%
Diluted EPS$10.26$10.55$9.25-2.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,4523,1533,522+9.5%
Capital expenditure7981,070888-25.5%
Free cash flow2,6542,0832,634+27.4%
Free cash flow margin11.3%9.0%11.4%
Cash from investing-2,066-1,196-1,039
Cash from financing-1,379-2,017-2,425
Depreciation and amortisation677624622+8.5%
Share-based compensation124138116-10.6%
Dividends paid790723624+9.2%
Dividend per share$3.16$2.86$2.42+10.5%
Diluted shares, weighted250m254m258m-1.5%
Shares outstanding at period end248m251m254m-1.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,5984,0513,716+13.5%
Debt10,8719,8889,851+9.9%
Operating lease liabilities1,5921,5581,510+2.1%
Finance lease liabilities1951860.0+4.9%
Other liabilities8,6467,9497,878+8.8%
Total liabilities and equity25,90223,63322,954+9.6%
Fixed assets4,1373,5332,837+17.1%
Goodwill8,0377,5807,626+6.0%
Intangible assets3,9663,5333,880+12.3%
Cash and equivalents207210277-1.5%
Receivables2,7912,3892,468+16.8%
Inventory2,3182,2882,330+1.3%
Other assets4,4454,0993,537+8.4%
Total assets25,90223,63322,954+9.6%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.