# SHERWIN WILLIAMS CO (SHW)

Informational only - not investment advice.

CIK: 0000089800
SIC: 5200 Retail-Building Materials, Hardware, Garden Supply
SIC breadcrumb: [Retail Trade](/division/G/) > [Building Materials, Hardware, Garden Supply, And Mobile Home Dealers](/major-group/52/) > [SIC 5200 Retail-Building Materials, Hardware, Garden Supply](/industry/5200/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=89800
Filing source: https://www.sec.gov/Archives/edgar/data/89800/000008980026000008/shw-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0000089800-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000089800.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 23,574,300,000 USD | 2025 | verified |
| Net income | 2,568,500,000 USD | 2025 | verified |
| Assets | 25,901,700,000 USD | 2025 | verified |
| Free cash flow | 2,654,000,000 USD | 2025 | computed |
| Net margin | 10.90% | 2025 | computed |
| Revenue YoY | +2.06% | 2025 | computed |
| ROE | 55.86% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.


## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 23574300000 | USD | 2025 | 2026-02-19 |
| Net income | 2568500000 | USD | 2025 | 2026-02-19 |
| Assets | 25901700000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000089800.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 14,983,800,000 | 17,534,500,000 | 17,900,800,000 | 18,361,700,000 | 19,944,600,000 | 22,148,900,000 | 23,051,900,000 | 23,098,500,000 | 23,574,300,000 |
| Net income | 1,132,703,000 | 1,727,900,000 | 1,108,700,000 | 1,541,300,000 | 2,030,400,000 | 1,864,400,000 | 2,020,100,000 | 2,388,800,000 | 2,681,400,000 | 2,568,500,000 |
| Gross profit | 5,921,258,000 | 6,718,800,000 | 7,418,600,000 | 8,036,100,000 | 8,682,600,000 | 8,542,700,000 | 9,325,100,000 | 10,758,100,000 | 11,195,100,000 | 11,515,500,000 |
| Diluted EPS | 11.99 | 18.20 | 11.67 | 5.50 | 7.36 | 6.98 | 7.72 | 9.25 | 10.55 | 10.26 |
| Operating cash flow | 1,308,572,000 | 1,884,000,000 | 1,943,700,000 | 2,321,300,000 | 3,408,600,000 | 2,244,600,000 | 1,919,900,000 | 3,521,900,000 | 3,153,200,000 | 3,451,600,000 |
| Capital expenditures | 239,026,000 | 222,800,000 | 251,000,000 | 328,900,000 | 303,800,000 | 372,000,000 | 644,500,000 | 888,400,000 | 1,070,000,000 | 797,600,000 |
| Dividends paid | 312,082,000 | 319,000,000 | 322,900,000 | 420,800,000 | 488,000,000 | 587,100,000 | 618,500,000 | 623,700,000 | 723,400,000 | 789,800,000 |
| Assets | 6,752,521,000 | 19,899,500,000 | 19,134,300,000 | 20,496,200,000 | 20,401,600,000 | 20,666,700,000 | 22,594,000,000 | 22,954,400,000 | 23,632,600,000 | 25,901,700,000 |
| Stockholders' equity | 1,878,400,000 | 3,647,900,000 | 3,730,700,000 | 4,123,300,000 | 3,610,800,000 | 2,437,200,000 | 3,102,100,000 | 3,715,800,000 | 4,051,200,000 | 4,598,300,000 |
| Cash and cash equivalents | 889,793,000 | 204,200,000 | 155,500,000 | 161,800,000 | 226,600,000 | 165,700,000 | 198,800,000 | 276,800,000 | 210,400,000 | 207,200,000 |
| Free cash flow | 1,069,546,000 | 1,661,200,000 | 1,692,700,000 | 1,992,400,000 | 3,104,800,000 | 1,872,600,000 | 1,275,400,000 | 2,633,500,000 | 2,083,200,000 | 2,654,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 11.53% | 6.32% | 8.61% | 11.06% | 9.35% | 9.12% | 10.36% | 11.61% | 10.90% |
| Return on equity | 60.30% | 47.37% | 29.72% | 37.38% | 56.23% | 76.50% | 65.12% | 64.29% | 66.19% | 55.86% |
| Return on assets | 16.77% | 8.68% | 5.79% | 7.52% | 9.95% | 9.02% | 8.94% | 10.41% | 11.35% | 9.92% |
| Liabilities / equity | 2.59 | 4.46 | 4.13 | 3.97 | 4.65 | 7.48 | 6.28 | 5.18 | 4.83 | 4.63 |
| Current ratio | 1.28 | 1.11 | 1.01 | 1.02 | 1.00 | 0.88 | 0.99 | 0.83 | 0.79 | 0.87 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SHW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000089800.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.62 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.84 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 3.07 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 793,700,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 6,116,700,000 |  | 2.95 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 5,252,200,000 | 356,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 5,367,300,000 | 505,200,000 | 1.97 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 505,200,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 6,271,500,000 |  | 3.50 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 889,900,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 6,162,500,000 |  | 3.18 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 5,297,200,000 | 480,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 5,305,700,000 | 503,900,000 | 2.00 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 503,900,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 6,314,500,000 |  | 3.00 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 754,700,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 6,358,200,000 |  | 3.35 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 5,595,900,000 | 476,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 5,666,900,000 | 534,700,000 | 2.15 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 534,700,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 6,789,300,000 |  | 3.43 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SHW's latest 10-K: [/company/SHW/business/](/company/SHW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SHW's latest 10-K: [/company/SHW/risk-factors/](/company/SHW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/89800/000008980026000049/shw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-30

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(dollars in millions, except as noted and per share data)

BACKGROUND

The Sherwin-Williams Company, founded in 1866, and its consolidated subsidiaries (collectively, the Company) are engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region and throughout Europe, Asia and Australia.

The Company is structured into three reportable segments - Paint Stores Group, Consumer Brands Group and Performance Coatings Group (collectively, the Reportable Segments) - and an Administrative function, which is representative of the way it is internally organized for assessing performance and making decisions regarding the allocation of resources. See Note 18 in Item 1 for further information on the Company’s Reportable Segments.

SUMMARY

•Consolidated Net sales increased 7.5% to $6.789 billion in the quarter and increased 7.2% to $12.456 billion in the year to date period

◦Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 4.2% and 3.4% in the quarter and year to date period, respectively

•Diluted net income per share increased 14.3% to $3.43 per share in the quarter compared to $3.00 per share in the second quarter of 2025 and increased 11.6% to $5.58 per share in the year to date period compared to $5.00 per share in the year to date period of 2025

◦Adjusted diluted net income per share increased 9.5% to $3.70 per share in the quarter compared to $3.38 per share in the second quarter of 2025 and increased 7.7% to $6.05 per share in the year to date period compared to $5.62 per share in the year to date period of 2025

•Generated Net operating cash of $1.487 billion in the year to date period compared to $1.052 billion in the year to date period of 2025

OUTLOOK

In an uncertain demand environment given current customer sentiment, our growth investments and execution on our differentiated strategy, Success by Design, continued to yield positive results. As the softer-for-longer demand environment is expected to continue in the second half of 2026, coupled with inflation in raw materials, energy, logistics and packaging, we continue to focus on securing incremental volume, balanced with appropriate and decisive pricing and cost-out actions in all our businesses while maintaining the products, services and supply solutions which drive productivity and profitability for our customers. Significant opportunities exist for each business, and we will continue to support our growth strategy by executing initiatives within our enterprise priorities, including talent, simplification, digitization, supply chain responsiveness and sustainability.

We employ a disciplined capital deployment strategy, while maintaining a balanced approach toward driving value for our customers and returns for our shareholders. We continue to pursue business acquisitions, transactions and investments that fit our long-term growth strategy and will return value to our shareholders through the payment of dividends and the reinvestment of excess cash through repurchases of shares of our stock. We have a strong liquidity position, with $293.5 million in cash and cash equivalents and $1.969 billion of unused capacity under our credit facilities at June 30, 2026. We are, and expect to remain, in compliance with all financing covenants.

27

RESULTS OF OPERATIONS

The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The results of operations for the three and six months ended June 30, 2026 are not indicative of the results to be expected for the full year as our business is seasonal in nature, with the majority of Net sales for the Reportable Segments traditionally occurring during the second and third quarters. However, periods of economic uncertainty can alter the Company’s seasonal patterns.

The following discussion and analysis addresses comparisons of material changes in the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.

Net Sales

Three Months Ended June 30, 2026

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["","2026","","2025","","$ Change","","% Change","","","","Currency Impact","","Acquisition and Divestiture Impact"],["Paint Stores Group","$","3,890.0","","","$","3,702.2","","","$","187.8","","","5.1","%","","","","\u2014","%","","0.2","%"],["Consumer Brands Group","983.5","","","809.4","","","174.1","","","21.5","%","","","","1.6","%","","16.0","%"],["Performance Coatings Group","1,913.8","","","1,801.1","","","112.7","","","6.3","%","","","","2.0","%","","\u2014","%"],["Administrative","2.0","","","1.8","","","0.2","","","11.1","%","","","","\u2014","%","","\u2014","%"],["Total","$","6,789.3","","","$","6,314.5","","","$","474.8","","","7.5","%","","","","0.8","%","","2.2","%"]]
[[/GREPCENT_TABLE]]

Consolidated Net sales increased by 7.5% in the second quarter of 2026 primarily due to higher Net sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil. Net sales of all consolidated foreign subsidiaries increased to $1.358 billion in the second quarter of 2026 compared to $1.155 billion in the same period last year. The increase in Net sales for all consolidated foreign subsidiaries was due to higher Net sales in all regions, led by Latin America, which is inclusive of the Suvinil acquisition. Net sales of all operations other than consolidated foreign subsidiaries increased to $5.431 billion in the second quarter of 2026 compared to $5.159 billion in the same period last year.

Net sales in the Paint Stores Group increased by 5.1% in the second quarter of 2026 primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, as well as low-single digit percentage sales volume growth. Net sales increased in all professional customer end markets, led by a double-digit percentage increase in protective and marine, a high-single digit percentage increase in commercial and a mid-single digit percentage increase in residential repaint. Net sales from stores open for more than twelve calendar months increased by 4.2% in the second quarter of 2026 compared to last year’s comparable period. Net sales of non-paint products increased 4.2% in the second quarter of 2026 compared to last year’s comparable period. A discussion of changes in volume versus pricing for sales of non-paint products is not pertinent due to the wide assortment of general merchandise sold.

Net sales in the Consumer Brands Group increased by 21.5% in the second quarter of 2026 primarily as a result of the acquisition of Suvinil, increased Net sales in North America and a 1.6% impact from favorable foreign currency translation.

Net sales in the Performance Coatings Group increased by 6.3% in the second quarter of 2026 primarily due to selling price increases, mainly attributable to product mix, which impacted Net sales by a low-single digit percentage, low-single digit percentage sales volume growth and a 2.0% impact from favorable foreign currency translation. Net sales increased in all businesses, led by General Industrial and Automotive Refinish, which each increased by a high-single digit percentage, as well as Packaging, Industrial Wood and Coil, which each increased by a mid-single digit percentage.

28

Six Months Ended June 30, 2026

[[GREPCENT_TABLE]]
[["","Six Months Ended June 30,"],["","2026","","2025","","$ Change","","% Change","","","","Currency Impact","","Acquisition and Divestiture Impact"],["Paint Stores Group","$","6,939.9","","","$","6,642.0","","","$","297.9","","","4.5","%","","","","\u2014","%","","0.2","%"],["Consumer Brands Group","1,891.8","","","1,571.6","","","320.2","","","20.4","%","","","","2.0","%","","16.6","%"],["Performance Coatings Group","3,619.6","","","3,403.1","","","216.5","","","6.4","%","","","","3.0","%","","0.1","%"],["Administrative","4.9","","","3.5","","","1.4","","","40.0","%","","","","\u2014","%","","\u2014","%"],["Total","$","12,456.2","","","$","11,620.2","","","$","836.0","","","7.2","%","","","","1.2","%","","2.4","%"]]
[[/GREPCENT_TABLE]]

Consolidated Net sales increased by 7.2% in the first six months of 2026 due to higher sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil and a 1.2% impact from favorable currency translation. Net sales of all consolidated foreign subsidiaries increased to $2.637 billion in the first six months of 2026 compared to $2.200 billion in the same period last year. The increase in Net sales for all consolidated foreign subsidiaries was due to higher Net sales in all regions, led by Latin America, which is inclusive of the Suvinil acquisition. Net sales of all operations other than consolidated foreign subsidiaries increased 4.2% to $9.819 billion in the first six months of 2026 compared to $9.420 billion in the same period last year.

Net sales in the Paint Stores Group increased by 4.5% in the first six months of 2026 primarily due to selling price increases, which impacted Net sales by a low-single digit percentage, as well as a low-single digit percentage sales volume growth. Net sales increased in all but one professional customer end market, led by a double-digit percentage increase in protective and marine and mid-single digit percentage increases in commercial and residential repaint. New residential decreased by a low-single digit percentage, as expected. Net sales from stores open for more than twelve calendar months increased 3.4% in the first six months of 2026 compared to last year’s comparable period. Net sales of non-paint products increased 3.4% in the first six months of 2026 compared to last year’s comparable period. A discussion of changes in volume versus pricing for sales of products other than paint is not pertinent due to the wide assortment of general merchandise sold.

Net sales in the Consumer Brands Group increased by 20.4% in the first six months of 2026 primarily as a result of the acquisition of Suvinil, increased Net sales in North America and a 2.0% favorable impact from foreign currency translation.

Net sales in the Performance Coatings Group increased by 6.4% in the first six months of 2026 primarily attributable to low-single digit percentage sales volume growth, selling price increases, primarily attributable to product mix, which impacted Net sales by a low-single digit percentage, and a 3.0% favorable impact from foreign currency translation. Net sales increased in all businesses, led by a double-digit percentage increase in General Industrial, a high-single digit percentage increase in Automotive Refinish and mid-single digit percentage increases in Packaging and Coil.

Income Before Income Taxes

The following table presents the components of Income before income taxes as a percentage of Net sales:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/89800/000008980026000008/shw-20251231.htm
Complete FY 2025 MD&A: /company/SHW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(dollars in millions, except as noted and per share data)

Company Background

The Sherwin-Williams Company, founded in 1866, and its consolidated subsidiaries (collectively, the Company) are engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region and throughout Europe, Asia and Australia.

The Company is structured into three reportable segments – Paint Stores Group, Consumer Brands Group and Performance Coatings Group (collectively, the Reportable Segments) – and an Administrative function, which is representative of the way it is internally organized for assessing performance and making decisions regarding the allocation of resources. See Note 22 to the consolidated financial statements in Item 8 for further information on the Company’s Reportable Segments.

Summary

•Consolidated Net sales increased 2.1% in the year to $23.574 billion

◦Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 1.7% in the year

•Diluted net income per share decreased 2.7% to $10.26 per share in the year compared to $10.55 per share in the full year 2024

◦Adjusted diluted net income per share increased 0.9% to $11.43 per share in the year compared to $11.33 per share in the full year 2024

•Generated Net operating cash of $3.452 billion, or 14.6% of Net sales in the year

Outlook

Sherwin-Williams delivered strong 2025 results driven by solid core performance and a focus on operational discipline despite continued demand choppiness. Full year Net sales grew to a record level, and gross profit and gross margin expanded. The Company continued to generate strong cash flow from operations, which was used for investment in capital expenditures, funding acquisitions and returning cash to shareholders through dividends and repurchases of common stock. Although the softer-for-longer demand environment is expected to continue in 2026, we have confidence in our differentiated strategy, Success by Design, that continues to deliver innovative and productive solutions for our customers. Significant opportunities exist for each business, and we will continue to support our growth strategy by executing initiatives within our enterprise priorities, including talent, simplification, digitization, supply chain responsiveness and sustainability.

Within the Paint Stores and Consumer Brands groups, we anticipate continued economic pressures to impact customer buying behavior in 2026. Our investments in sales reps, training and digital tools, coupled with home builder relationships are expected to drive growth opportunities. The outlook for the Performance Coatings Group is varied by end market and region with an expectation that the core business remains flat, however, new account wins and favorable business sales mix should drive growth. At the business unit level, we expect modest growth in Automotive Refinish, Industrial Wood and General Industrial while Packaging sales are anticipated to be flattish. Coil sales are expected to be slightly negative due to demand softness. As it relates to consolidated expenses, raw material costs could be impacted by evolving tariff policies. We will continue to monitor changes and impacts to our operations as we navigate this uncertain environment. We expect these costs and employee-related expenses to contribute to a low-single digit percentage increase, offset by cost saving simplification efforts across our supply chain such as capacity and productivity improvements.

Our capital deployment strategy remains balanced and consistent. We have a strong liquidity position, with $207.2 million in cash and $3.649 billion of unused capacity under our credit facilities at December 31, 2025. We are, and expect to remain, in compliance with all financing covenants. Long-term debt maturities due in 2026 are $350.1 million, which were fully repaid in January 2026 with short-term borrowings. With the long-term debt maturities refinanced during 2025 and the interest related to the delayed draw term loans to fund the Suvinil acquisition, coupled with the incremental interest expense related to the new global headquarters and research and development center and the higher interest rates used to refinance the long-term debt maturities due in 2026, Interest expense is expected to increase by approximately $85 million in 2026. We plan to expand our footprint by opening 80 to 100 new stores in the United States and Canada in 2026, continue to evaluate acquisitions that align with our strategy and return value to our shareholders through the payment of dividends and repurchases of common stock.

See Item 1A Risk Factors for further information regarding the current and potential impact of general business and macroeconomic conditions, including inflation rates and interest rates, tariffs, supply chain disruptions, raw material availability and fluctuations in foreign currency.

24

Table of Contents

RESULTS OF OPERATIONS

The following discussion and analysis addresses comparisons of material changes in the consolidated financial statements for the years ended December 31, 2025 and 2024. For comparisons of the years ended December 31, 2024 and 2023, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 20, 2025.

Net Sales

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","$ Change","","% Change","","Currency Impact","","Acquisition and Divestiture Impact"],["Paint Stores Group","$","13,605.9","","","$","13,188.0","","","$","417.9","","","3.2","%","","(0.1)","%","","0.2","%"],["Consumer Brands Group","3,166.4","","","3,108.0","","","58.4","","","1.9","%","","(1.1)","%","","5.3","%"],["Performance Coatings Group","6,795.2","","","6,797.3","","","(2.1)","","","\u2014","%","","0.4","%","","1.0","%"],["Administrative","6.8","","","5.2","","","1.6","","","30.8","%","","1.9","%","","\u2014","%"],["Total","$","23,574.3","","","$","23,098.5","","","$","475.8","","","2.1","%","","(0.1)","%","","1.1","%"]]
[[/GREPCENT_TABLE]]

Consolidated Net sales for 2025 increased 2.1% primarily due to higher Net sales in the Paint Stores and Consumer Brands Groups. Net sales of all consolidated foreign subsidiaries increased to $4.615 billion in 2025 compared to $4.426 billion in 2024 primarily as a result of the higher Net sales in Latin America due to the October 2025 acquisition of Suvinil, partially offset by unfavorable foreign currency translation driven by Latin America. Net sales of all operations other than consolidated foreign subsidiaries increased to $18.959 billion for 2025 compared to $18.673 billion for 2024.

Net sales in the Paint Stores Group increased 3.2% primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, partially offset by a low-single digit decrease in sales volume. Net sales from stores in the Paint Stores Group open for more than twelve calendar months increased 1.7% in the year over the prior year comparable period. During 2025, the Paint Stores Group opened 83 new stores and closed 3 locations for a net increase of 80 stores. The total number of stores in operation at December 31, 2025 was 4,853 in the United States, Canada and the Caribbean region. The Paint Stores Group’s objective is to grow sales through the expansion of its store base by an approximate average of 2% each year. Sales of products other than paint increased 0.5% over last year. A discussion of changes in volume versus pricing for sales of products other than paint is not pertinent due to the wide assortment of general merchandise sold.

Net sales in the Consumer Brands Group increased 1.9% in 2025 primarily due to the October 2025 acquisition of Suvinil, which contributed $164.5 million, or 5.3%, partially offset by 1.1% of unfavorable foreign currency translation driven by Latin America. In 2025, the Consumer Brands Group opened 13 new stores and closed 40 locations for a net decrease of 27 stores. The total number of stores in operation at December 31, 2025 was 307 in the Latin America region.

Net sales in the Performance Coatings Group were essentially flat in 2025 when compared to 2024 due to an offsetting favorable impact from acquisitions and foreign currency translation and an unfavorable impact from selling prices attributable to product mix. In 2025, the Performance Coatings Group opened 6 new branches and closed 13 branches for a net decrease of 7 branches, decreasing the total at December 31, 2025 to 317 branches.

Net sales in the Administrative function, which primarily consists of external leasing revenue, increased by an insignificant amount in 2025.

25

Table of Contents

Income Before Income Taxes

The following table presents the components of Income before income taxes as a percent of Net sales:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024"],["","","","% of Net Sales","","","","% of Net Sales"],["Net sales","$","23,574.3","","","100.0","%","","$","23,098.5","","","100.0","%"],["Cost of goods sold","12,058.8","","","51.2","%","","11,903.4","","","51.5","%"],["Gross profit","11,515.5","","","48.8","%","","11,195.1","","","48.5","%"],["Selling, general and administrative expenses (SG&A)","7,695.0","","","32.6","%","","7,422.1","","","32.1","%"],["Other general (income) expense - net","(10.2)","","","\u2014","%","","(38.8)","","","(0.1)","%"],["Impairment","17.8","","","0.1","%","","\u2014","","","\u2014","%"],["Interest expense","465.0","","","1.9","%","","415.7","","","1.8","%"],["Interest income","(11.2)","","","(0.1)","%","","(11.0)","","","\u2014","%"],["Other expense (income) - net","20.9","","","0.1","%","","(44.7)","","","(0.2)","%"],["Income before income taxes","$","3,338.2","","","14.2","%","","$","3,451.8","","","14.9","%"]]
[[/GREPCENT_TABLE]]

Consolidated Cost of goods sold increased $155.4 million, or 1.3% in 2025 compared to the same period in 2024 primarily due to the impact of the October 2025 Suvinil acquisition, partially offset by moderating raw material costs and lower sales volume.

Consolidated Gross profit increased $320.4 million, or 2.9% in 2025 compared to the same period in 2024 primarily due to favorable selling prices in the Paint Stores Group, the acquisition of Suvinil within the Consumer Brands Group and moderating raw material costs, partially offset by unfavorable product mix within the Performance Coatings Group. Consolidated Gross profit as a percent to consolidated Net sales increased to 48.8% in 2025 from 48.5% in 2024 for these same reasons.

The Paint Stores Group’s Gross profit for 2025 increased $364.2 million compared to the same period in 2024 primarily due to growth in Net sales from favorable selling prices and moderating raw material costs, partially offset by lower sales volume. The Paint Stores Group’s Gross profit as a percent of Net sales increased for these same reasons. The Consumer Brands Group’s Gross profit decreased $42.2 million in 2025 compared to the same period in 2024 primarily due to lower sales volumes and unfavorable currency translation impact, partially offset by the impact from the October 2025 acquisition of Suvinil. The Consumer Brands Group’s Gross profit as a percent of Net sales decreased for these same reasons. The Performance Coatings Group’s Gross profit decreased $38.1 million compared to the same period in 2024 primarily due to an unfavorable impact from selling prices attributable to product mix, partially offset by the impact of acquisitions and favorable foreign currency translation. The Performance Coatings Group’s Gross profit as a per

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SHW/mda/fy2025/
All MD&A years: /company/SHW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SHW/mda/fy2024/): filed 2025-02-20; accession 0000089800-25-000030 (https://www.sec.gov/Archives/edgar/data/89800/000008980025000030/shw-20241231.htm)
- [FY 2023 MD&A](/company/SHW/mda/fy2023/): filed 2024-02-20; accession 0000089800-24-000033 (https://www.sec.gov/Archives/edgar/data/89800/000008980024000033/shw-20231231.htm)
- [FY 2022 MD&A](/company/SHW/mda/fy2022/): filed 2023-02-22; accession 0000089800-23-000007 (https://www.sec.gov/Archives/edgar/data/89800/000008980023000007/shw-20221231.htm)
- [FY 2021 MD&A](/company/SHW/mda/fy2021/): filed 2022-02-17; accession 0000089800-22-000007 (https://www.sec.gov/Archives/edgar/data/89800/000008980022000007/shw-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5200 Retail-Building Materials, Hardware, Garden Supply) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SHW.md · JSON record: /company/SHW.json · verified financials: /company/SHW/financials.json / /company/SHW/financials.csv · machine TOC for the whole site: /llms.txt