PPG Industries, Inc. (PPG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.25	$2.23	-0.9%	—	—	—
Q3 26	$1.77	$1.83	+3.4%	—	—	—
Q2 26	$1.36	$1.52	+11.8%	—	—	—
Q1 26	$2.22	$2.22	0.0%	—	—	—
Q4 25	$1.62	$1.72	+6.2%	—	—	—
Q3 25	$1.63	$1.61	-1.2%	—	—	—
Q2 25	$2.15	$2.13	-0.9%	—	—	—
Q1 25	$2.48	$2.5	+0.8%	—	—	—
Q4 24	$1.86	$1.86	0.0%	—	—	—
Q3 24	$1.5	$1.53	+2.0%	—	—	—
Q2 24	$1.94	$2.07	+6.7%	—	—	—
Q1 24	$2.14	$2.25	+5.1%	—	—	—
Q4 23	$1.54	$1.82	+18.2%	—	—	—
Q3 23	$1.13	$1.22	+8.0%	—	—	—
Q2 23	$1.65	$1.66	+0.6%	—	—	—
Q1 23	$1.73	$1.81	+4.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.96	—	—	$15.9B	—
FY24	—	$4.77	—	—	$15.8B	—
FY23	—	$5.38	—	—	$18.2B	—
FY22	—	$4.34	—	—	$17.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$14.3B	$14.7B	$15.4B	$15.1B	$13.8B	$16.8B	$17.7B	$18.2B	$15.8B	$15.9B
YoY change	+0.2%	+3.35%	+4.24%	-1.48%	-8.66%	+21.5%	+5.06%	+3.37%	-13.2%	+0.19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	14.3B	14.7B	15.4B	15.1B	13.8B	16.8B	17.7B	18.2B	15.8B	15.9B
Cost of revenue	7.7B	8.2B	9B	8.7B	7.8B	10.3B	11.1B	10.7B	9.3B	9.3B
Gross profit	6.6B	6.5B	6.4B	6.5B	6.1B	6.5B	6.6B	7.5B	6.6B	6.6B
Gross margin	46.3%	44.3%	41.5%	42.9%	43.8%	38.8%	37.1%	41.1%	41.6%	41.3%
Research & development	453M	451M	441M	432M	379M	439M	448M	433M	423M	423M
Selling, general & administrative	4.5B	3.6B	3.6B	3.6B	3.4B	3.8B	3.8B	4.5B	3.4B	3.4B
Operating expenses	5B	4.1B	4B	4B	3.8B	4.2B	4.3B	4.9B	3.8B	3.9B
Operating income	1.2B	2B	1.9B	2B	1.8B	1.7B	1.7B	2.1B	2.3B	2.2B
Operating margin	8.42%	13.7%	12.2%	12.9%	12.9%	10.1%	9.76%	11.3%	14.4%	13.7%
Non-operating income, net	-323M	65M	-84M	-193M	-310M	209M	-228M	-204M	-371M	-36M
Pretax income	779M	2B	1.7B	1.7B	1.4B	1.8B	1.4B	1.7B	1.9B	2B
Income tax	214M	615M	353M	392M	291M	374M	325M	439M	475M	458M
Net income	895M	1.6B	1.4B	1.3B	1.1B	1.5B	1.1B	1.3B	1.1B	1.6B
Net margin	6.27%	11%	8.83%	8.38%	7.76%	8.69%	5.97%	7.17%	7.25%	10%
EBITDA	1.5B	2.5B	2.3B	2.5B	2.3B	2.5B	2.4B	2.8B	2.9B	2.8B
EPS	3.3	6.22	5.5	5.25	4.47	6.06	4.34	5.38	4.77	6.96
Diluted EPS	3.28	6.18	5.47	5.22	4.45	6.01	4.32	5.35	4.75	6.94

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.6B	4.3B	4.3B	4.8B	4.6B	2.2B	3.7B	4.2B	4.1B	3.9B	3.9B	4.5B
Cost of revenue	2.8B	2.5B	2.4B	2.7B	2.7B	1.4B	2.1B	2.4B	2.4B	2.3B	2.3B	2.7B
Gross profit	1.9B	1.8B	1.9B	2.1B	1.9B	755M	1.5B	1.8B	1.7B	1.6B	1.7B	1.8B
Gross margin	40.7%	41.8%	43.3%	43%	41.8%	34.9%	41.9%	42%	40.6%	40.8%	42.1%	40.2%
Research & development	108M	111M	109M	111M	105M	98M	102M	106M	106M	109M	113M	107M
Selling, general & administrative	1B	1.2B	1.1B	1.1B	1.1B	188M	838M	872M	824M	905M	885M	931M
Operating expenses	1.2B	1.3B	1.2B	1.2B	1.2B	286M	940M	978M	930M	1B	998M	1B
Operating income	595M	405M	552M	738M	616M	381M	481M	650M	588M	450M	525M	636M
Operating margin	12.8%	9.31%	12.8%	15.4%	13.5%	17.6%	13.1%	15.5%	14.4%	11.5%	13.4%	14.1%
Non-operating income, net	-13M	-200M	-1M	-28M	14M	-356M	34M	-34M	-9M	-27M	16M	-38M
Pretax income	557M	192M	538M	693M	611M	10M	502M	598M	556M	389M	517M	569M
Income tax	121M	89M	129M	156M	137M	53M	122M	140M	118M	78M	132M	127M
Net income	436M	103M	409M	537M	474M	-271M	378M	458M	447M	309M	385M	440M
Net margin	9.39%	2.37%	9.49%	11.2%	10.4%	-12.5%	10.3%	10.9%	11%	7.89%	9.8%	9.79%
EBITDA	763M	600M	734M	889M	828M	155M	679M	795M	759M	581M	710M	774M
EPS	1.8	0.38	1.7	2.25	2.01	-1.2	1.63	1.98	2.01	1.34	1.71	1.96
Diluted EPS	1.79	0.38	1.69	2.24	2	-1.2	1.63	1.98	2	1.33	1.7	1.95

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	25.2B	29.9B	24.9B	31.6B	34.2B	41B	29.7B	35.3B	27.9B	23.2B	23.8B
Enterprise value	27.7B	32.6B	29B	36.2B	38.8B	47.4B	36.2B	40.6B	33B	28.9B	29.9B
Shares outstanding	265.6M	256.1M	243.9M	236.9M	236.8M	237.6M	236.1M	236M	233.8M	226.3M	226.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	28.1	18.5	18.4	24.9	31.8	28.1	28.2	27	24.3	14.6	15.4
P/S	1.76	2.03	1.62	2.09	2.47	2.44	1.68	1.93	1.76	1.46	1.45
P/B	5.12	5.27	5.27	5.85	5.87	6.39	4.42	4.4	4.01	2.86	2.83
EV/EBITDA	18.7	13	12.4	14.6	17.1	19.1	15.2	14.7	11.2	10.1	11.1
EV/Sales	1.94	2.21	1.89	2.39	2.81	2.82	2.05	2.22	2.08	1.82	1.82
Earnings yield	3.56%	5.4%	5.45%	4.01%	3.14%	3.56%	3.55%	3.71%	4.11%	6.87%	6.5%
FCF yield	3.86%	4.04%	4.24%	5.27%	5.35%	2.91%	1.5%	5.28%	2.5%	5.02%	4.64%
PEG	—	—	—	—	—	—	—	—	—	—	-15.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	46.3%	44.3%	41.5%	42.9%	43.8%	38.8%	37.1%	41.1%	41.6%	41.3%	40.2%
Operating margin	8.42%	13.7%	12.2%	12.9%	12.9%	10.1%	9.76%	11.3%	14.4%	13.7%	14%
Net margin	6.27%	11%	8.83%	8.38%	7.76%	8.69%	5.97%	7.17%	7.25%	10%	9.57%
ROE	18.2%	28.5%	28.7%	23.5%	18.5%	22.8%	15.7%	16.3%	16.5%	19.7%	19.3%
ROA	5.67%	9.77%	8.48%	7.17%	5.49%	6.84%	5.08%	6.05%	5.91%	7.2%	6.05%
ROIC	11.7%	16.9%	16.9%	15%	13.4%	10.5%	9.98%	11.6%	14.2%	12.2%	11.8%
Return on tangible assets	19.2%	35.4%	34.5%	28.2%	23.1%	44.4%	28%	29.8%	27.3%	27.2%	25.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.55	1.66	1.36	1.41	1.41	1.42	1.52	1.47	1.31	1.62	1.58
Quick ratio	1.19	1.22	0.96	1.02	1.05	0.97	1.04	1.05	0.94	1.22	1.15
Debt / equity	0.9	0.73	1.06	1.08	1.14	1.16	1.14	0.86	0.92	0.98	0.87
Debt / assets	0.28	0.25	0.31	0.33	0.34	0.35	0.37	0.32	0.33	0.36	0.33
Net debt / EBITDA	1.72	1.06	1.73	1.85	2.06	2.58	2.73	1.92	1.71	1.99	2.08
Interest coverage	7.23	20.1	15.3	13.6	10.9	16	9.27	8.08	8.68	9.49	8.96
Effective tax rate	27.5%	30.7%	20.9%	23.6%	21.4%	20.6%	23.5%	25.1%	25.6%	22.4%	22.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	53.7	57.6	63	63.9	58.4	70.7	74.8	77.3	67.8	70.2	73.2
EPS (basic)	3.3	6.22	5.5	5.25	4.47	6.06	4.34	5.38	4.77	6.96	6.96
EPS (diluted)	3.28	6.18	5.47	5.22	4.45	6.01	4.32	5.35	4.75	6.94	6.97
Book value per share	18.5	22.1	19.4	22.8	24.6	27	28.4	34	29.8	35.8	38
FCF per share	3.66	4.72	4.33	7.04	7.71	5.01	1.88	7.89	2.99	5.14	6.28
Cash per share	7.01	5.82	3.95	5.37	8.12	4.51	4.89	6.73	5.81	9.81	7.23
Capex per share	0	0	0.11	0	0	0.2	—	—	—	3.44	3.38

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	0%	0.18%	0%	0%	0.28%	—	—	—	4.9%	4.61%
Capex / operating cash flow	0%	0%	1.9%	0%	0%	2.78%	—	—	—	40.1%	35%
Payout ratio	46.3%	26.9%	33.4%	36.9%	46.2%	36.7%	54.1%	45.7%	54.1%	39.4%	40.8%
Dividend yield	1.64%	1.45%	1.82%	1.48%	1.45%	1.31%	1.92%	1.69%	2.23%	2.71%	2.77%

Yield

2.77%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.74

ex-dividend Aug 10, 2026

Payout ratio

41%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.74
May 11, 2026	$0.71
Feb 20, 2026	$0.71

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.6B	$4.3B	$4.3B	$4.8B	$4.6B	$2.2B	$3.7B	$4.2B	$4.1B	$3.9B	$3.9B	$4.5B
YoY change	+3.94%	+3.94%	-1.58%	-1.6%	-1.49%	-50.2%	-14.5%	-12.5%	-10.8%	+80.8%	+6.68%	+7.15%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.9B	1.5B	963M	1.3B	1.9B	1.1B	1.2B	1.6B	1.4B	2.2B
Receivables	2.3B	2.6B	2.5B	2.5B	2.4B	2.7B	2.8B	2.9B	2.5B	2.8B
Inventory	1.5B	1.7B	1.8B	1.7B	1.7B	2.2B	2.3B	2.1B	1.8B	2B
Total current assets	6.6B	6.5B	6B	6.2B	6.8B	6.8B	7.2B	7.4B	6.6B	8B
Property, plant & equipment	1.3B	1.3B	1.3B	2.2B	2.3B	2.6B	2.4B	2.6B	2.3B	2.7B
Goodwill & intangibles	11.1B	12B	12.1B	13.2B	14.9B	18.1B	17B	17.2B	15.2B	16.2B
Total assets	15.8B	16.5B	16B	17.7B	19.6B	21.4B	20.7B	21.6B	19.4B	22.1B
Accounts payable	2.8B	3.2B	3B	2.9B	3.2B	3.7B	3.5B	3.6B	3B	3.2B
Short-term debt	629M	12M	651M	683M	758M	201M	496M	500M	1.1B	844M
Total current liabilities	4.3B	3.9B	4.4B	4.4B	4.8B	4.8B	4.7B	5.1B	5B	4.9B
Long-term debt	3.8B	4.1B	4.4B	5.2B	5.8B	7.3B	7.1B	6.4B	5.3B	7.1B
Total liabilities	10.9B	10.9B	11.3B	12.3B	13.7B	14.9B	14B	13.6B	12.5B	14B
Shareholders' equity	4.9B	5.7B	4.7B	5.4B	5.8B	6.4B	6.7B	8B	7B	8.1B
Total debt	4.4B	4.1B	5B	5.8B	6.6B	7.5B	7.6B	6.9B	6.4B	7.9B
Net debt	2.6B	2.7B	4.1B	4.6B	4.8B	6.5B	6.5B	5.4B	5.1B	5.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.3B	1.6B	1.2B	1.2B	1.3B	1.4B	1.9B	1.6B	1.9B	2.2B	1.6B	1.6B
Receivables	3.6B	2.9B	3.6B	3.8B	3.7B	2.5B	3.4B	3.9B	3.7B	2.8B	3.7B	3.9B
Inventory	2.2B	2.1B	2.3B	2.3B	2.3B	1.8B	2.1B	2.2B	2.2B	2B	2.2B	2.2B
Total current assets	7.6B	7.4B	7.7B	7.8B	7.9B	6.6B	7.9B	8.2B	8.2B	8B	8B	8.3B
Property, plant & equipment	4.2B	2.6B	4.4B	4.4B	4.4B	2.3B	4.2B	4.3B	4.3B	2.7B	4.6B	4.6B
Goodwill & intangibles	17.2B	17.2B	17.1B	16.6B	16.6B	15.2B	15.5B	16.3B	16.2B	16.2B	16.2B	16.2B
Total assets	21.5B	21.6B	21.9B	21.7B	21.9B	19.4B	21.1B	22.1B	22.1B	22.1B	22.1B	22.5B
Accounts payable	—	3.6B	—	—	—	3B	—	—	—	3.2B	—	—
Short-term debt	795M	500M	503M	833M	535M	1.1B	1.8B	1.6B	1.6B	844M	874M	826M
Total current liabilities	5.1B	5.1B	4.9B	5.2B	5B	5B	5.8B	5.8B	5.6B	4.9B	5B	5.2B
Long-term debt	6.2B	6.4B	6.5B	6.4B	6.7B	5.3B	6B	6.4B	6.4B	7.1B	6.9B	6.6B
Total liabilities	13.6B	13.6B	13.7B	13.8B	13.9B	12.5B	14B	14.4B	14.2B	14B	13.9B	13.9B
Shareholders' equity	7.9B	8B	8.1B	7.9B	8B	7B	7.1B	7.7B	8B	8.1B	8.3B	8.6B
Total debt	7B	6.9B	7B	7.2B	7.3B	6.4B	7.9B	7.9B	7.9B	7.9B	7.7B	7.5B
Net debt	5.8B	5.4B	5.9B	6.1B	6B	5.1B	6B	6.4B	6.1B	5.7B	6.2B	5.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	565M	1.4B	1.3B	1.3B	1.1B	1.4B	1.1B	1.3B	1.4B	1.6B
Depreciation & amortization	440M	460M	497M	511M	509M	561M	554M	558M	492M	528M
Stock-based compensation	45M	35M	37M	39M	44M	57M	35M	59M	42M	46M
Change in working capital	-312M	-217M	-456M	83M	449M	-124M	-699M	243M	-570M	-199M
Operating cash flow	41M	1.6B	1.4B	2B	2.1B	1.7B	575M	2B	1.3B	1.9B
Capital expenditure	0	0	27M	0	0	47M	—	—	—	-778M
Investing cash flow	852M	297M	-353M	-576M	-1.1B	-2B	57M	-7M	322M	-700M
Dividends paid	-414M	-434M	-453M	-468M	-496M	-536M	-570M	-598M	-622M	-628M
Share repurchases	-1.1B	-813M	-1.7B	-325M	0	-210M	-190M	-86M	-752M	-790M
Financing cash flow	-1.2B	-2B	-1.2B	-758M	-859M	140M	-409M	-1.6B	-1.4B	-545M
Net change in cash	-317M	-73M	-138M	716M	103M	-158M	223M	433M	173M	696M
Free cash flow	971M	1.2B	1.1B	1.7B	1.8B	1.2B	445M	1.9B	699M	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	436M	103M	409M	537M	504M	-43M	380M	458M	438M	311M	385M	442M
Depreciation & amortization	142M	150M	141M	134M	150M	88M	121M	135M	138M	134M	132M	134M
Stock-based compensation	8M	17M	12M	10M	11M	10M	23M	13M	-1M	11M	11M	16M
Change in working capital	267M	662M	-642M	-176M	91M	71M	-501M	-219M	89M	432M	-432M	-67M
Operating cash flow	851M	759M	-148M	458M	719M	204M	-17M	482M	685M	887M	33M	559M
Capital expenditure	—	—	—	—	—	—	—	—	-147M	-301M	-196M	-113M
Investing cash flow	43M	71M	17M	4M	105M	321M	41M	1M	-129M	-283M	-279M	-179M
Dividends paid	-153M	-153M	-153M	-152M	-159M	-158M	-154M	-154M	-160M	-160M	-159M	-158M
Share repurchases	0	-86M	-149M	-163M	-199M	-241M	-394M	-146M	-147M	-103M	-96M	-79M
Financing cash flow	-743M	-529M	-35M	-150M	-433M	-807M	698M	-661M	-306M	-276M	-334M	123M
Net change in cash	151M	301M	-166M	312M	391M	-282M	722M	-178M	250M	328M	-580M	503M
Free cash flow	753M	730M	-316M	247M	613M	148M	-227M	266M	538M	586M	-163M	446M

Date	Ratio
Jun 15, 2015	2:1
Jun 13, 1994	2:1
Mar 13, 1987	2:1
Sep 13, 1983	2:1

PPG Industries, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history