SHERWIN WILLIAMS CO

Listed Company

SHWCIK 0000089800NYSELarge AcceleratedRetail-Building Materials, Hardware, Garden SupplyOhioFY ends Dec 31

Period

FY 2025

Revenue

$23.57B

Net Income

$2.57B

Total Assets

$25.90B

Equity

$4.60B

Shares Out

246.64M

Op. Cash Flow

$3.45B

Business

SHERWIN WILLIAMS CO develops, manufactures, distributes and sells paint, coatings and related products to professional, industrial, commercial and retail customers. Main products include architectural and industrial paints and coatings, wood finishes, automotive refinish products, applicators, aerosols, caulks, adhesives and complementary resale items. The company reports three operating segments — Paint Stores Group, Consumer Brands Group and Performance Coatings Group — plus an Administrative function. Products are distributed via company-operated stores and branches, direct and outside sales teams, retailers, dealers and distributors across the Americas, the Caribbean, Europe, Asia and Australia.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	23,574	23,099	23,052	22,149	19,945
Cost of goods sold	12,059	11,903	12,294	12,824	11,402
Gross profit	11,516	11,195	10,758	9,325	8,543
Percent to Net sales	0.49	0.49	0.47	0.42	0.43
Selling, general and administrative expenses	7,695	7,422	7,065	6,332	5,882
Percent to Net sales	0.33	0.32	0.31	0.29	0.3
Other general (income) expense - net	−10	−39	67	−25	102
Impairment	18	0	58	16	0
Interest expense	465	416	418	391	—
Interest income	−11	−11	−25	−8	—
Other expense (income) - net	21	−45	66	47	−20
Income before income taxes	3,338	3,452	3,110	2,573	2,249
Income taxes	770	770	721	553	384
Net income	2,569	2,681	2,389	2,020	1,864
Basic (in dollars per share)	10.37	10.68	9.35	7.83	7.1
Diluted (in dollars per share)	10.26	10.55	9.25	7.72	6.98
Basic (in shares)	248	251	255	258	263
Diluted (in shares)	250	254	258	262	267

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	207	210	277	199	166
Accounts receivable, net	2,791	2,389	2,468	2,564	2,352
Inventories	2,318	2,288	2,330	2,627	1,927
Other current assets	691	514	438	519	608
Total current assets	6,007	5,401	5,513	5,908	5,054
Property, plant and equipment, net	4,137	3,533	2,837	2,207	1,867
Goodwill	8,037	7,580	7,626	7,583	7,135
Intangible assets	3,966	3,533	3,881	4,002	4,002
Operating lease right-of-use assets	1,995	1,954	1,887	1,867	1,821
Other assets	1,759	1,632	1,211	1,027	789
Total Assets	25,902	23,633	22,954	22,594	20,667
Short-term borrowings	1,201	662	374	978	764
Accounts payable	2,354	2,253	2,315	2,437	2,403
Compensation and taxes withheld	839	843	863	785	717
Accrued taxes	187	174	197	197	160
Current portion of long-term debt	350	1,049	1,099	600,000	261
Current portion of operating lease liabilities	480	467	449	425	410
Other accruals	1,509	1,360	1,330	1,138	1,006
Total current liabilities	6,920	6,809	6,627	5,961	5,720
Long-term debt	9,321	8,177	8,378	9,591	8,591
Postretirement benefits other than pensions	130	121	133	139	259
Deferred income taxes	765	608	683	682	768
Long-term operating lease liabilities	1,592	1,558	1,510	1,513	1,471
Other long-term liabilities	2,576	2,309	1,908	1,606	1,421
Common stock - $0.00-1/3 par value: 0.0, 251.3 and 254.5 million shares outstanding at December 31, 2025, 2024 and 2023, respectively	83	93	92	91	91
Other capital	4,205	4,576	4,194	3,964	3,793
Retained earnings	1,029	7,246	5,288	3,523	2,122
Treasury stock, at cost	−84	−6,989	−5,234	−3,776	−2,870
Accumulated other comprehensive income (loss)	−634	−875	−624	−701	−698
Total shareholders equity	4,598	4,051	3,716	3,102	2,437
Total Liabilities and Shareholders Equity	25,902	23,633	22,954	22,594	20,667

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	340	297	292	264	263
Non-cash lease expense	509	461	453	417	401
Amortization of intangible assets	337	327	330	317	310
Gain on divestiture of business	0	0	−20	0	112
Loss on extinguishment of debt	0	0	13	0	−1
Provisions for environmental-related matters - net	15	−1	81	−7	−4
Provisions for restructuring	111	0	15	47	0
Deferred income taxes	153	−75	−89	−145	−80
Stock-based compensation expense	124	138	116	100	98
Amortization of non-traded investments	104	75	65	39	—
(Gain) loss on sale or disposition of assets	−21	−50	900,000	−11	−6
Other	3	−11	−9	44	11
(Increase) decrease in accounts receivable	−163	−11	86	−200	−288
Decrease (increase) in inventories	133	−33	323	−667	−228
(Decrease) increase in accounts payable	−38	22	−241	47	346
Decrease in accrued taxes	−23	−14	−9	−38	−33
(Decrease) increase in accrued compensation and taxes withheld	−26	−8	76	66	−11
(Increase) decrease in refundable income taxes	−16	800,000	26	48	−39
Other	−75	−21	364	33	−47
Change in operating lease liabilities	−504	−461	−453	−405	—
Costs incurred for environmental-related matters	−35	−24	−35	−24	−41
Costs incurred for restructuring	−71	0	−57	—	—
Other	9	−140	−252	−37	−30
Net operating cash	3,452	3,153	3,522	1,920	2,245
Capital expenditures	−798	−1,070	−888	−645	−372
Acquisitions of businesses, net of cash acquired	−1,211	−79	−265	−1,003	−211
Proceeds from divestiture of business	0	0	104	0	123
Proceeds from sale of assets	11	12	70	33	15
Other	−68	−59	−60	7	−31
Net investing cash	−2,066	−1,196	−1,039	−1,608	−476
Net increase (decrease) in short-term borrowings	537	289	−604	214	764
Proceeds from long-term debt	1,499	849	0	1,000	995
Payments of long-term debt	−1,050	−1,100	−136	−260	−423
Payments for credit facility and debt issuance costs	−14	−9	0	−7	−12
Payments of cash dividends	−790	−723	−624	−619	−587
Proceeds from stock options exercised	141	242	112	67	193
Treasury stock purchased	−1,656	−1,739	−1,432	−883	−2,752
Proceeds from real estate financing transactions	41	244	307	207	0
Other	−87	−70	−47	−24	−23
Net financing cash	−1,379	−2,017	−2,425	−282	−1,834
Effect of exchange rate changes on cash	−10	−6	20	3	5
Net (decrease) increase in cash and cash equivalents	−3	−66	78	33	−61
Income taxes paid	593	780	817	580	466
Interest paid	453	407	417	371	339

Filings

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