The Sherwin-Williams Company develops, manufactures, distributes and sells paint, coatings and related products to professional, industrial, commercial and retail customers. The company operates through three reportable segments: Paint Stores Group, Consumer Brands Group and Performance Coatings Group, which sell branded and private-label architectural paint, stains, industrial coatings, automotive refinish, protective and marine coatings and related products. Operations are conducted through company-operated specialty stores, branches, direct sales staff and third-party distributors, dealers and retailers including home centers and hardware stores.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 23,574 | 23,098 | 23,052 | 4 |
| · Paint stores group | 13,606 | 13,188 | 12,840 | |
| · Performance coatings group | 6,795 | 6,797 | 6,843 | |
| · Consumer brands group | 3,166 | 3,108 | 3,366 | |
| Cost of revenue | 12,059 | 11,903 | 12,294 | |
| Gross profit | 11,516 | 11,195 | 10,758 | |
| Selling, general and administrative | 7,695 | 7,422 | 7,065 | |
| Impairments | 18 | 0 | 58 | |
| Operating income | — | — | 4,162 | |
| Interest expense | — | — | 418 | |
| Other income (expense), net | (21) | 45 | (66) | |
| Income before income taxes | 3,338 | 3,452 | 3,110 | |
| Income tax provision | 770 | 770 | 721 | 1 |
| — of which current | 616 | 845 | 810 | 1 |
| Net income attributable to common | 2,568 | 2,681 | 2,389 | 3 |
| Diluted earnings per share | $10.26 | $10.55 | $9.25 | 1 |
| Weighted-average diluted shares | 250 | 254 | 258 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 2,568 | 2,681 | 2,389 | |
| Share-based compensation | 124 | 138 | 116 | |
| Deferred income taxes | 153 | (75) | (89) | |
| Change in receivables | 163 | 11 | (86) | |
| Change in inventories | (132) | 33 | (323) | |
| Change in payables | (38) | 22 | (241) | |
| Net cash provided by operating activities | 3,452 | 3,153 | 3,522 | 3 |
| Acquisitions, net of cash | 1,211 | 79 | 265 | |
| Net cash used in investing activities | (2,066) | (1,196) | (1,039) | |
| Dividends paid | 790 | 723 | 624 | |
| Debt issued | 1,499 | 849 | 0 | |
| Debt repaid | 1,050 | 1,100 | 136 | |
| Net cash used in financing activities | (1,379) | (2,017) | (2,425) | |
| Cash and equivalents at end of period | 207 | 210 | 277 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 207 | 210 | 1 |
| Receivables, net | 2,791 | 2,389 | 1 |
| Inventories | 2,318 | 2,288 | 1 |
| Total current assets | 6,007 | 5,401 | |
| Property, plant and equipment, net | 4,137 | 3,533 | |
| Goodwill | 8,037 | 7,580 | 1 |
| Intangible assets, net | 3,172 | 3,025 | |
| Total assets | 25,902 | 23,633 | 1 |
| Accounts payable | 2,354 | 2,253 | |
| Current debt | 350 | 1,049 | |
| Total current liabilities | 6,920 | 6,809 | |
| Long-term debt | 9,321 | 8,177 | |
| Stockholders' equity | 4,598 | 4,051 | |
| Total equity | 4,598 | 4,051 | 1 |
| Segments · as filed in the segment note · $ millions | Paint stores group | Consumer brands group | Performance coatings group | Corporate / unallocated | Consolidated |
|---|---|---|---|---|---|
| Net sales | 13,606 | 8,555 | 6,822 | (5,408) | 23,574 |
| Selling, general & administrative | 4,589 | 896 | 1,446 | 764 | 7,695 |
| Assets | 6,379 | 8,026 | 7,860 | 3,638 | 25,902 |
Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 25,902 | 23,633 | +2,269 | +9.6% | — |
| Long-term debt · BS | 9,321 | 8,177 | +1,144 | +14.0% | — |
| Acquisitions, net of cash · CF | 1,211 | 79 | +1,132 | +1,432.9% | — |
| Net cash used in investing activities · CF | (2,066) | (1,196) | −870 | -72.7% | — |
| Current debt · BS | 350 | 1,049 | −699 | -66.6% | — |
| Debt issued · CF | 1,499 | 849 | +650 | +76.6% | — |
| Net cash used in financing activities · CF | (1,379) | (2,017) | +638 | +31.6% | — |
| Total current assets · BS | 6,007 | 5,401 | +606 | +11.2% | — |
| Property, plant and equipment, net · BS | 4,137 | 3,533 | +604 | +17.1% | — |
| Stockholders' equity · BS | 4,598 | 4,051 | +547 | +13.5% | — |
| Total equity · BS | 4,598 | 4,051 | +547 | +13.5% | — |
| Total revenues · IS | 23,574 | 23,098 | +476 | +2.1% | — |
| Goodwill · BS | 8,037 | 7,580 | +457 | +6.0% | — |
| · Paint stores group · IS | 13,606 | 13,188 | +418 | +3.2% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 59.4% sector median 11.9% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | -1.4% sector median -0.6% | shrinking |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 2.10 sector median 0.62 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 14.2% sector median 9.9% | stable |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 5,306 | 6,314 | 6,358 | 5,667 | 6,789 |
| Cost of revenue | 2,747 | 3,196 | 3,233 | 2,886 | 3,451 |
| Gross profit | 2,559 | 3,118 | 3,126 | 2,780 | 3,338 |
| Selling, general and administrative | 1,794 | 2,012 | 1,953 | 1,970 | 2,104 |
| Interest expense | 104 | 112 | 117 | 132 | 136 |
| Other income (expense), net | (3) | (5) | (2) | 4 | 12 |
| Income before income taxes | 653 | 986 | 1,060 | 680 | 1,112 |
| Income tax provision | 149 | 231 | 227 | 145 | 269 |
| Net income attributable to common | 504 | 755 | 833 | 535 | 844 |
| Diluted earnings per share | $2.00 | $3.00 | $3.35 | $2.15 | $3.43 |
| Weighted-average diluted shares | 252 | 251 | 249 | 248 | 246 |
| Net cash provided by operating activities | (61) | — | — | 139 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 5,667 | 6,789 | +1,122 | +19.8% |
| Cost of revenue | 2,886 | 3,451 | +565 | +19.6% |
| Gross profit | 2,780 | 3,338 | +558 | +20.1% |
| Income before income taxes | 680 | 1,112 | +432 | +63.5% |
| Net income attributable to common | 535 | 844 | +309 | +57.8% |
| Net cash provided by operating activities | (61) | 139 | +200 | +327.9% |
| Selling, general and administrative | 1,970 | 2,104 | +134 | +6.8% |
| Income tax provision | 145 | 269 | +124 | +85.5% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $85,533M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 4 filings · 4 non-market txns | quiet — awards/exercises only |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Sherwin-Williams's Form 10-K for FY2025 (accession 0000089800-26-000008), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. SHW is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.