The Sherwin-Williams Company (SHW) 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	$3.52	$3.7	+5.1%	—	—	—
Q3 26	$2.27	$2.35	+3.5%	—	—	—
Q2 26	$2.16	$2.23	+3.2%	—	—	—
Q1 26	$3.81	$3.38	-11.3%	—	—	—
Q4 25	$2.16	$2.25	+4.2%	—	—	—
Q3 25	$2.06	$2.09	+1.5%	—	—	—
Q2 25	$3.54	$3.37	-4.8%	—	—	—
Q1 25	$3.49	$3.7	+6.0%	—	—	—
Q4 24	$2.22	$2.17	-2.3%	—	—	—
Q3 24	$1.8	$1.81	+0.6%	—	—	—
Q2 24	$2.78	$3.2	+15.1%	—	—	—
Q1 24	$2.69	$3.29	+22.3%	—	—	—
Q4 23	$1.79	$2.04	+14.0%	—	—	—
Q3 23	$1.85	$1.89	+2.2%	—	—	—
Q2 23	$2.57	$2.83	+10.1%	—	—	—
Q1 23	$2.74	$2.41	-12.0%	—	—	—

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	—	$10.4	—	—	$23.6B	—
FY24	—	$10.7	—	—	$23.1B	—
FY23	—	$9.35	—	—	$23.1B	—
FY22	—	$7.83	—	—	$22.1B

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	$11.9B	$15B	$17.5B	$17.9B	$18.4B	$19.9B	$22.1B	$23.1B	$23.1B	$23.6B
YoY change	+4.55%	+26.4%	+17%	+2.09%	+2.57%	+8.62%	+11.1%	+4.08%	+0.2%	+2.06%

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	11.9B	15B	17.5B	17.9B	18.4B	19.9B	22.1B	23.1B	23.1B	23.6B
Cost of revenue	5.9B	8.3B	10.1B	9.9B	9.7B	11.4B	12.8B	12.3B	11.9B	12.1B
Gross profit	5.9B	6.7B	7.4B	8B	8.7B	8.5B	9.3B	10.8B	11.2B	11.5B
Gross margin	49.9%	44.8%	42.3%	44.9%	47.3%	42.8%	42.1%	46.7%	48.5%	48.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.1B	4.8B	5B	5.3B	5.5B	5.9B	6.3B	7.1B	7.4B	7.7B
Operating expenses	4.2B	4.8B	5.2B	5.3B	5.5B	5.9B	6.3B	7.2B	7.4B	7.7B
Operating income	1.7B	1.7B	1.9B	2.4B	2.9B	2.7B	3B	3.6B	3.8B	3.8B
Operating margin	14.4%	11.3%	10.8%	13.5%	15.5%	13.4%	13.5%	15.6%	16.3%	16.1%
Non-operating income, net	40.4M	35M	-159.5M	-109.5M	12.2M	-76M	-32.5M	-89.2M	110.3M	11.7M
Pretax income	1.6B	1.5B	1.4B	2B	2.5B	2.2B	2.6B	3.1B	3.5B	3.3B
Income tax	462.5M	-300.2M	251M	440.5M	488.8M	384.2M	553M	721.1M	770.4M	769.7M
Net income	1.1B	1.7B	1.1B	1.5B	2B	1.9B	2B	2.4B	2.7B	2.6B
Net margin	9.55%	11.5%	6.32%	8.61%	11.1%	9.35%	9.12%	10.4%	11.6%	10.9%
EBITDA	1.9B	2.2B	2.5B	3.1B	3.4B	3.2B	3.6B	4.3B	4.4B	4.5B
EPS	4.11	6.36	3.97	5.6	7.48	7.1	7.83	9.35	10.7	10.4
Diluted EPS	4	6.22	3.89	5.5	7.36	6.98	7.72	9.25	10.6	10.3

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	6.1B	5.3B	5.4B	6.3B	6.2B	5.3B	5.3B	6.3B	6.4B	5.6B	5.7B	6.8B
Cost of revenue	3.2B	2.7B	2.8B	3.2B	3.1B	2.7B	2.7B	3.2B	3.2B	2.9B	2.9B	3.5B
Gross profit	2.9B	2.5B	2.5B	3.1B	3B	2.6B	2.6B	3.1B	3.1B	2.7B	2.8B	3.3B
Gross margin	47.7%	48.5%	47.2%	48.8%	49.1%	48.6%	48.2%	49.4%	49.2%	48.5%	49.1%	49.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.8B	1.8B	1.8B	1.8B	1.9B	1.9B	1.8B	2B	2B	1.9B	2B	2.1B
Operating expenses	1.8B	1.9B	1.8B	1.8B	1.9B	1.9B	1.8B	2B	2B	1.9B	2B	2.1B
Operating income	1.1B	674.6M	725.8M	1.2B	1.1B	673.5M	754.3M	1.1B	1.2B	789.7M	802.7M	1.2B
Operating margin	18.2%	12.8%	13.5%	19.6%	18.4%	12.7%	14.2%	17.4%	18.1%	14.1%	14.2%	18.1%
Non-operating income, net	-1.6M	-111.3M	14.4M	56.2M	-3.9M	43.6M	3.1M	800K	25.6M	-17.8M	5.9M	12M
Pretax income	1B	474M	640M	1.2B	1B	615.6M	653M	985.7M	1.1B	639M	679.8M	1.1B
Income tax	247.5M	117.8M	134.8M	283.5M	216.6M	135.5M	149.1M	231M	227.4M	162.2M	145.1M	268.9M
Net income	761.5M	356.2M	505.2M	889.9M	806.2M	480.1M	503.9M	754.7M	833.1M	476.8M	534.7M	843.6M
Net margin	12.4%	6.78%	9.41%	14.2%	13.1%	9.06%	9.5%	12%	13.1%	8.52%	9.44%	12.4%
EBITDA	1.3B	820.7M	895.3M	1.4B	1.3B	839.3M	922.4M	1.3B	1.3B	979.4M	993.8M	1.4B
EPS	2.98	1.4	2	3.55	3.22	1.92	2.02	3.04	3.38	1.94	2.18	3.46
Diluted EPS	2.95	1.39	1.97	3.5	3.18	1.9	2	3	3.35	1.92	2.15	3.43

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	24.7B	38.1B	36.6B	53.6B	66.5B	92.4B	61.2B	79.7B	85.3B	80.2B	80.8B
Enterprise value	25.7B	48.4B	45.8B	63.8B	76.3B	103.8B	73.5B	91.2B	97B	93B	94.2B
Shares outstanding	275.5M	278.7M	279M	275.4M	271.3M	262.5M	258M	255.4M	251M	247.6M	247.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.8	22	33	34.8	32.7	49.6	30.3	33.3	31.8	31.2	30.4
P/S	2.08	2.54	2.09	2.99	3.62	4.63	2.76	3.46	3.69	3.4	3.27
P/B	13.1	10.4	9.81	13	18.4	37.9	19.7	21.4	21.1	17.4	20.6
EV/EBITDA	13.3	21.8	18.5	20.8	22.2	32	20.5	21.4	21.9	20.7	20
EV/Sales	2.17	3.23	2.61	3.57	4.16	5.2	3.32	3.96	4.2	3.94	3.86
Earnings yield	4.59%	4.54%	3.03%	2.88%	3.06%	2.02%	3.3%	3%	3.14%	3.2%	3.29%
FCF yield	4.33%	4.36%	4.63%	3.72%	4.67%	2.03%	2.08%	3.31%	2.44%	3.31%	3.1%
PEG	—	—	—	—	—	—	—	—	—	—	2.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.9%	44.8%	42.3%	44.9%	47.3%	42.8%	42.1%	46.7%	48.5%	48.8%	49.2%
Operating margin	14.4%	11.3%	10.8%	13.5%	15.5%	13.4%	13.5%	15.6%	16.3%	16.1%	18.1%
Net margin	9.55%	11.5%	6.32%	8.61%	11.1%	9.35%	9.12%	10.4%	11.6%	10.9%	11%
ROE	60.3%	47.4%	29.7%	37.4%	56.2%	76.5%	65.1%	64.3%	66.2%	55.9%	65.1%
ROA	16.8%	8.68%	5.79%	7.52%	9.95%	9.02%	8.94%	10.4%	11.3%	9.92%	9.52%
ROIC	41.3%	12.2%	11.9%	13.1%	17%	16%	15.3%	18.2%	18.5%	16.9%	17.2%
Return on tangible assets	28.4%	-30.1%	-21.4%	-51.7%	-76.9%	-116.1%	-350.5%	-4.1K%	190.7%	135.4%	81.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.28	1.11	1.01	1.02	1	0.88	0.99	0.83	0.79	0.87	0.73
Quick ratio	0.9	0.67	0.59	0.61	0.61	0.55	0.55	0.48	0.46	0.53	0.46
Debt / equity	1.04	2.88	2.5	2.53	2.8	4.72	4.03	3.18	2.94	2.81	3.9
Debt / assets	0.29	0.53	0.49	0.51	0.5	0.56	0.55	0.51	0.5	0.5	0.53
Net debt / EBITDA	0.55	4.64	3.71	3.35	2.87	3.49	3.43	2.71	2.64	2.83	2.94
Interest coverage	11.4	6.58	4.71	6.67	8.4	7.72	7.58	8.45	9.3	8.18	7.76
Effective tax rate	29%	0%	18.5%	22.2%	19.4%	17.1%	21.5%	23.2%	22.3%	23.1%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	43	53.8	62.9	65	67.7	76	85.8	90.3	92	95.2	99.4
EPS (basic)	4.11	6.36	3.97	5.6	7.48	7.1	7.83	9.35	10.7	10.4	10.4
EPS (diluted)	4	6.22	3.89	5.5	7.36	6.98	7.72	9.25	10.6	10.3	10.8
Book value per share	6.82	13.1	13.4	15	13.3	9.28	12	14.5	16.1	18.6	16
FCF per share	3.88	5.96	6.07	7.23	11.4	7.13	4.94	10.3	8.3	10.7	13.1
Cash per share	3.23	0.73	0.56	0.59	0.84	0.63	0.77	1.08	0.84	0.84	1.22
Capex per share	—	—	—	—	—	—	—	—	—	3.22	2.74

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.38%	2.76%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	23.1%	17.3%
Payout ratio	27.6%	18.5%	29.1%	27.3%	24%	31.5%	30.6%	26.1%	27%	30.7%	29.3%
Dividend yield	1.26%	0.84%	0.88%	0.79%	0.73%	0.64%	1.01%	0.78%	0.85%	0.98%	0.96%

Yield

0.96%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.80

ex-dividend Aug 21, 2026

Payout ratio

29%

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 21, 2026	$0.80
May 22, 2026	$0.80
Mar 2, 2026	$0.80

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	$6.1B	$5.3B	$5.4B	$6.3B	$6.2B	$5.3B	$5.3B	$6.3B	$6.4B	$5.6B	$5.7B	$6.8B
YoY change	+1.15%	+0.41%	-1.38%	+0.5%	+0.75%	+0.86%	-1.15%	+0.69%	+3.18%	+5.64%	+6.81%	+7.52%

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	889.8M	204.2M	155.5M	161.8M	226.6M	165.7M	198.8M	276.8M	210.4M	207.2M
Receivables	1.2B	2.1B	2B	2.1B	2.1B	2.4B	2.6B	2.5B	2.4B	2.8B
Inventory	1.1B	1.7B	1.8B	1.9B	1.8B	1.9B	2.6B	2.3B	2.3B	2.3B
Total current assets	3.6B	4.4B	4.3B	4.6B	4.6B	5.1B	5.9B	5.5B	5.4B	6B
Property, plant & equipment	381.1M	915M	797.7M	2.5B	2.5B	2.5B	2.9B	3.7B	4.3B	3.5B
Goodwill & intangibles	2.8B	25.6B	24.3B	23.5B	23B	22.3B	23.2B	23B	22.2B	24B
Total assets	6.8B	19.9B	19.1B	20.5B	20.4B	20.7B	22.6B	23B	23.6B	25.9B
Accounts payable	1B	1.8B	1.8B	1.9B	2.1B	2.4B	2.4B	2.3B	2.3B	2.4B
Short-term debt	741.2M	634.9M	635.6M	1B	412.5M	1.4B	1.4B	1.9B	2.2B	2B
Total current liabilities	2.8B	4B	4.3B	4.5B	4.6B	5.7B	6B	6.6B	6.8B	6.9B
Long-term debt	1.2B	9.9B	8.7B	9.4B	9.7B	10.1B	11.1B	9.9B	9.7B	10.9B
Total liabilities	4.9B	16.3B	15.4B	16.4B	16.8B	18.2B	19.5B	19.2B	19.6B	21.3B
Shareholders' equity	1.9B	3.6B	3.7B	4.1B	3.6B	2.4B	3.1B	3.7B	4.1B	4.6B
Total debt	2B	10.5B	9.3B	10.4B	10.1B	11.5B	12.5B	11.8B	11.9B	12.9B
Net debt	1.1B	10.3B	9.2B	10.3B	9.9B	11.3B	12.3B	11.5B	11.7B	12.7B

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	503.4M	276.8M	179.9M	200M	238.2M	210.4M	199.8M	269.8M	241.5M	207.2M	216.9M	293.5M
Receivables	2.9B	2.5B	2.8B	3B	3B	2.4B	2.8B	3.1B	3.1B	2.8B	3.2B	3.6B
Inventory	2.2B	2.3B	2.4B	2.3B	2.3B	2.3B	2.5B	2.5B	2.3B	2.3B	2.5B	2.5B
Total current assets	6.2B	5.5B	5.8B	6.1B	6B	5.4B	6B	6.4B	6.1B	6B	6.5B	7B
Property, plant & equipment	3.4B	3.7B	3.8B	3.9B	4.1B	4.3B	4.4B	4.1B	3.4B	3.5B	3.5B	3.5B
Goodwill & intangibles	22.5B	23B	22.8B	22.6B	22.6B	22.2B	22.4B	22.7B	22.5B	24B	23.8B	23.7B
Total assets	23B	23B	23.4B	23.7B	24B	23.6B	24.6B	25.4B	26.2B	25.9B	26.4B	27B
Accounts payable	2.4B	2.3B	2.5B	2.5B	2.5B	2.3B	2.5B	2.6B	2.4B	2.4B	2.6B	2.8B
Short-term debt	1.9B	1.9B	3.1B	2.7B	2.4B	2.2B	3.4B	3.3B	2.7B	2B	2.9B	4.2B
Total current liabilities	6.6B	6.6B	7.5B	7.5B	7.2B	6.8B	7.9B	8.2B	7.5B	6.9B	7.5B	9.6B
Long-term debt	10B	9.9B	9.6B	9.6B	9.7B	9.7B	9.4B	9.4B	10.9B	10.9B	10.9B	10B
Total liabilities	19.2B	19.2B	19.9B	20B	19.8B	19.6B	20.5B	21B	21.8B	21.3B	21.9B	23.1B
Shareholders' equity	3.8B	3.7B	3.5B	3.8B	4.2B	4.1B	4.1B	4.4B	4.4B	4.6B	4.4B	3.9B
Total debt	11.9B	11.8B	12.7B	12.3B	12.1B	11.9B	12.8B	12.8B	13.6B	12.9B	13.8B	14.2B
Net debt	11.4B	11.5B	12.5B	12.1B	11.9B	11.7B	12.6B	12.5B	13.3B	12.7B	13.6B	13.9B

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	1.1B	1.8B	1.1B	1.5B	2B	1.9B	2B	2.4B	2.7B	2.6B
Depreciation & amortization	197.5M	491.8M	596.3M	574.9M	581.4M	572.6M	581.1M	622.5M	624M	676.9M
Stock-based compensation	72.1M	90.3M	82.6M	101.7M	95.9M	97.7M	99.7M	115.9M	138.1M	123.5M
Change in working capital	-226M	4.7M	37.4M	-479.1M	188.8M	-620.6M	-1.1B	-184M	-489.6M	-613.8M
Operating cash flow	1.2B	1.7B	1.5B	2B	3.2B	2.1B	1.9B	3.3B	3.2B	3.5B
Capital expenditure	—	—	—	—	—	—	—	—	—	-797.6M
Investing cash flow	-64.7M	-8.8B	-600K	-197M	-97.9M	-104.4M	-963.1M	-150.9M	-126.3M	-2.1B
Dividends paid	-312.1M	-319M	-322.9M	-420.8M	-488M	-587.1M	-618.5M	-623.7M	-723.4M	-789.8M
Share repurchases	—	0	-613.3M	-778.8M	-2.4B	-2.8B	-883.2M	-1.4B	-1.7B	-1.7B
Financing cash flow	-394.2M	6.4B	-1.8B	-2.1B	-3.4B	-2B	-357M	-3.1B	-2.3B	-1.5B
Net change in cash	758.5M	-706.5M	-331.3M	-319.6M	-349.6M	-15.5M	556M	42.7M	766.7M	-147.4M
Free cash flow	1.1B	1.7B	1.7B	2B	3.1B	1.9B	1.3B	2.6B	2.1B	2.7B

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	761.5M	356.2M	505.2M	889.9M	806.2M	480.1M	503.9M	754.7M	833.1M	476.8M	534.7M	843.6M
Depreciation & amortization	155.4M	154.3M	153.2M	153.3M	155.6M	161.9M	160.9M	162.7M	166.9M	186.4M	186.8M	186.4M
Stock-based compensation	26.8M	43.1M	24.6M	30.1M	27.9M	55.5M	26.6M	34M	30.9M	32M	29.5M	27.8M
Change in working capital	324.9M	-237.1M	-799.9M	53M	1M	277.3M	-904.5M	21.9M	67.5M	285.5M	-792.3M	155.2M
Operating cash flow	1.2B	642M	-73.1M	1.2B	1.1B	967.9M	-86.6M	1.1B	1.3B	1.1B	139.1M	1.3B
Capital expenditure	—	—	—	—	—	—	—	—	-196.4M	-230.4M	-138.3M	-108.4M
Investing cash flow	61.8M	-210.8M	-37.5M	-9.9M	-93.4M	14.5M	-126.9M	-59.6M	-1.3B	-171.6M	-170.5M	-207.7M
Dividends paid	-155.6M	-155.3M	-182.5M	-178.6M	-182.5M	-179.8M	-200.4M	-197.9M	-195.7M	-195.8M	-197.1M	-197.5M
Share repurchases	-410.1M	-486M	-545.5M	-434.4M	-448.7M	-310.2M	-351.7M	-518.5M	-668.2M	-118M	-575.6M	-1.3B
Financing cash flow	-1.6B	-649.6M	211.4M	-931.7M	-829.4M	-718M	341M	-834.4M	-75M	-964.3M	0	-1.1B
Net change in cash	-283.3M	-218.4M	100.8M	278.9M	143.6M	264.4M	127.5M	194.2M	-104.8M	-43.4M	-31.4M	57.8M
Free cash flow	1.2B	599.1M	-342.7M	952M	839.4M	634.5M	-250.4M	931.1M	1.1B	862.1M	800K	1.2B

Date	Ratio
Apr 1, 2021	3:1
Mar 31, 1997	2:1
Apr 1, 1991	2:1
Apr 1, 1986	2:1
Mar 31, 1983	2:1
Mar 31, 1981	2:1

The Sherwin-Williams Company 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