PPG INDUSTRIES INC

Listed Company

PPGCIK 0000079879NYSELarge AcceleratedPaints, Varnishes, Lacquers, Enamels & Allied ProdsPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

$15.88B

Net Income

$1.58B

Total Assets

$22.10B

Equity

$7.94B

Shares Out

222.90M

Op. Cash Flow

$1.94B

Business

PPG INDUSTRIES INC manufactures and distributes a broad range of paints, coatings and specialty products for industrial, commercial and consumer end-uses. It offers decorative and protective coatings, adhesives, sealants, pretreatment products, transparencies, engineered materials, packaging coatings, pavement marking products, optical materials and related chemical management and technical services. The company operates through three reportable segments: Global Architectural Coatings, Performance Coatings and Industrial Coatings. PPG sells globally, with manufacturing and affiliates in more than 70 countries and distribution through company-owned stores, retail channels, independent distributors and direct sales to OEMs, contractors and government customers.

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	15,875	15,845	16,242	15,614	16,802
Cost of sales, exclusive of depreciation and amortization	9,316	9,252	9,678	9,975	10,286
Selling, general and administrative	3,439	3,391	3,401	3,037	3,780
Depreciation	403	360	360	357	389
Amortization	125	132	154	145	172
Research and development, net	423	423	424	434	439
Interest expense	241	241	247	167	—
Interest income	−153	−177	−140	−54	−26
Business restructuring, net	6	233	−2	33	31
Impairment and other-related charges, net	24	146	160	231	21
Pension settlement charge	0	0	190	0	50
Other charges/(income), net	6	−8	80	−66	−112
Income before income taxes	2,045	1,852	1,690	1,355	1,815
Income tax expense	458	475	428	320	374
Income from continuing operations	1,587	1,377	1,262	1,035	1,441
Income/(loss) from discontinued operations, net of tax	5	−228	47	19	19
Net income attributable to the controlling and noncontrolling interests	1,592	1,149	1,309	1,054	1,460
Less: Net income attributable to noncontrolling interests	16	33	39	28	21
Net income (attributable to PPG)	1,576	1,116	1,270	1,026	1,439
Income from continuing operations, net of tax	1,571	1,344	1,223	1,007	1,420
Income/(loss) from discontinued operations, net of tax	5	−228	47	19	19
Continuing operations (in dollars per share)	6.94	5.75	5.18	4.26	5.98
Discontinued operations (in dollars per share)	0.02	−0.98	0.2	0.08	0.08
Net Income (attributable to PPG) (in dollars per share)	6.96	4.77	5.38	4.34	6.06
Continuing operations (in dollars per share)	6.92	5.72	5.16	4.24	5.93
Discontinued operations (in dollars per share)	0.02	−0.97	0.19	0.08	0.08
Net Income (attributable to PPG) (in dollars per share)	6.94	4.75	5.35	4.32	6.01

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	2,163	1,270	1,493	1,099	1,005
Short-term investments	56	88	75	55	67
Receivables	3,336	2,985	3,007	3,303	3,152
Inventories	1,996	1,846	1,934	2,272	2,171
Other current assets	408	368	922	444	379
Total current assets	7,959	6,557	7,431	7,173	6,774
Property, plant and equipment, net	4,005	3,464	3,450	3,328	3,442
Goodwill	6,149	5,690	6,115	5,993	6,248
Identifiable intangible assets, net	1,971	1,922	2,261	2,414	2,783
Deferred income taxes	481	303	272	95	197
Investments	332	331	254	244	274
Operating lease right-of-use assets	604	597	571	829	891
Other assets	597	569	1,293	583	742
Total	22,098	19,433	21,647	20,744	21,351
Accounts payable and accrued liabilities	3,957	3,731	4,161	4,087	4,392
Restructuring reserves	99	128	84	138	173
Short-term debt and current portion of long-term debt	706	939	306	313	9
Current portion of operating lease liabilities	138	126	128	183	192
Other	0	90	375	—	—
Total current liabilities	4,900	5,014	5,054	4,721	4,766
Long-term debt	6,602	4,876	5,748	6,503	6,572
Operating lease liabilities	450	454	417	636	693
Accrued pensions	550	558	588	566	834
Other postretirement benefits	392	410	450	476	672
Deferred income taxes	457	405	500	501	646
Other liabilities	650	754	867	632	757
Total liabilities	14,001	12,471	13,624	14,035	14,940
Commitments and contingent liabilities (Note 15)	—	—	—	—	—
Common stock (Note 16)	969	969	969	969	969
Additional paid-in capital	1,325	1,272	1,202	1,130	1,081
Retained earnings	22,942	21,994	21,500	20,828	20,372
Treasury stock, at cost	−15,119	−14,342	−13,600	−13,525	−13,386
Accumulated other comprehensive loss	−2,176	−3,108	−2,239	−2,810	−2,750
Total PPG shareholders equity	7,941	6,785	7,832	6,592	6,286
Noncontrolling interests	156	177	191	117	125
Total shareholders equity	8,097	6,962	8,023	6,709	6,411
Total	22,098	19,433	21,647	20,744	21,351

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 and amortization	528	492	514	502	561
Pension settlement charge	0	0	190	0	50
Impairment and other-related charges, net	24	146	160	231	21
Stock-based compensation expense	46	42	56	34	57
Deferred income taxes	−27	−97	−187	−151	35
Cash contributions to pension plans	−29	−26	−46	−11	−10
Cash used for restructuring actions	−82	−52	−56	−85	−77
Receivables	−190	−181	12	−248	−63
Inventories	−35	−27	145	−177	−279
Other current assets	−1	−30	−41	−59	32
Accounts payable and accrued liabilities	67	−259	151	21	295
Noncurrent assets and liabilities, net	−40	−73	−50	−112	−109
Taxes and interest payable	−105	−31	71	143	−64
Other	187	−123	115	−156	−195
Cash from operating activities - continuing operations	1,936	1,391	2,294	1,000	1,562
Cash from operating activities - discontinued operations	5	29	117	−37	0
Cash from operating activities	1,941	1,420	2,411	963	1,562
Capital expenditures	−778	−721	−516	−486	−371
Business acquisitions, net of cash balances acquired	−1	−31	−109	−114	−2,137
Proceeds from divestiture of businesses	43	325	36	117	47
Other	36	28	64	53	57
Cash used for investing activities - continuing operations	−700	−399	−525	−430	—
Cash from/(used for) investing activities - discontinued operations	0	506	−31	−31	—
Cash (used for)/from investing activities	−700	107	−556	−461	−2,404
Proceeds from Term Loan, net of fees	309	274	550	0	1,399
Repayment of Term Loan Credit Agreement	0	0	−1,100	−300	0
Proceeds from the issuance of debt, net of discounts and fees	1,633	0	0	1,116	692
Repayment of long-term debt	−1,039	−300	−300	0	−847
Purchase of treasury stock	−790	−752	−86	−190	−210
Dividends paid on PPG common stock	−628	−622	−598	−570	−536
Other	−30	−25	−16	−26	12
Cash used for financing activities - continuing operations	−545	−1,425	−1,550	−409	—
Cash used for financing activities - discontinued operations	0	0	0	0	—
Cash used for financing activities	−545	−1,425	−1,550	−409	93
Effect of currency exchange rate changes on cash and cash equivalents	197	−325	110	1	−72
Cash reclassified to assets held for sale	0	0	−5	−3	—
Net increase/(decrease) in cash and cash equivalents	893	−223	410	91	−821
Interest paid, net of amount capitalized	210	247	213	156	140
Taxes paid, net of refunds	438	653	488	436	491
Capital expenditures accrued within Accounts payable and accrued liabilities at year-end	147	160	170	71	163
Purchases of treasury stock transacted but not yet settled	4	12	14	0	40

Filings

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