NET INCOME PER SHARE 
Basic and diluted net income per share are calculated using the treasury stock method.
202520242023
Basic
Net income$2,568.5 $2,681.4 $2,388.8 
Weighted average shares outstanding247.6 251.0 255.4 
Basic net income per share$10.37 $10.68 $9.35 
Diluted
Net income$2,568.5 $2,681.4 $2,388.8 
Weighted average shares outstanding assuming dilution:
Weighted average shares outstanding247.6 251.0 255.4 
Stock options and other contingently issuable shares (1)
2.8 3.1 2.9 
Weighted average shares outstanding assuming dilution250.4 254.1 258.3 
Diluted net income per share$10.26 $10.55 $9.25 
(1)    Stock options and other contingently issuable shares excludes 1.8 million, 0.9 million and 2.8 million shares at December 31, 2025, 2024 and 2023, respectively, due to their anti-dilutive effect.
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.