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SHW

The Sherwin-Williams Company

SHW

The Sherwin-Williams Company • NYSE
$343.33 ▼ -0.02% (-0.06)
Market Cap $85.30 B
52w High $398.77
52w Low $308.84
Dividend Yield 3.16%
P/E 33.5
Volume 561.27K
Outstanding Shares 248.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.358B ▲ $1.953B ▼ $833.1M ▲ 13.103% ▲ $3.38 ▲ $1.345B ▲
Q2-2025 $6.314B ▲ $2.019B ▲ $754.7M ▲ 11.952% ▲ $3.04 ▲ $1.261B ▲
Q1-2025 $5.306B ▲ $1.805B ▼ $503.9M ▲ 9.497% ▲ $2.02 ▲ $917.7M ▲
Q4-2024 $5.297B ▼ $1.9B ▲ $480.1M ▼ 9.063% ▼ $1.92 ▼ $876M ▼
Q3-2024 $6.162B $1.896B $806.2M 13.082% $3.22 $1.282B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $241.5M ▼ $26.206B ▲ $21.781B ▲ $4.425B ▲
Q2-2025 $269.8M ▲ $25.364B ▲ $20.963B ▲ $4.401B ▲
Q1-2025 $199.8M ▼ $24.636B ▲ $20.506B ▲ $4.13B ▲
Q4-2024 $210.4M ▼ $23.633B ▼ $19.581B ▼ $4.051B ▼
Q3-2024 $238.2M $23.968B $19.812B $4.156B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $833.1M ▲ $1.308B ▲ $-1.337B ▼ $6.5M ▲ $-28.3M ▼ $1.111B ▲
Q2-2025 $754.7M ▲ $1.113B ▲ $-241.1M ▲ $-810M ▼ $70M ▲ $931.1M ▲
Q1-2025 $503.9M ▲ $-61.1M ▼ $-316.2M ▼ $367.2M ▲ $-10.6M ▲ $-250.4M ▼
Q4-2024 $480.1M ▼ $934.5M ▼ $-285.5M ▲ $-670.8M ▲ $-27.8M ▼ $634.5M ▼
Q3-2024 $806.2M $1.075B $-328.7M $-718.5M $38.2M $839.4M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consumer Group
Consumer Group
 $1.89Bn ▲$1.98Bn ▲$2.28Bn ▲$2.23Bn ▼
Corporate And Eliminations
Corporate And Eliminations
 $-1240.00M ▲$-1220.00M ▲$-1470.00M ▼$-1470.00M ▲
Global Finishes Group
Global Finishes Group
 $1.60Bn ▲$1.61Bn ▲$1.81Bn ▲$1.76Bn ▼
Paint Stores Group
Paint Stores Group
 $3.04Bn ▲$2.94Bn ▼$3.70Bn ▲$3.84Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Sherwin-Williams has grown its sales steadily over the past several years, with only very small recent slowing in that pace. Profitability has improved meaningfully since the inflation and supply-chain pressures felt a few years ago, as the company has been able to pass through higher prices and protect margins. Earnings per share have generally trended upward, helped by both better operating performance and disciplined cost control. Overall, the income statement shows a mature, high-quality business that is still finding ways to squeeze more profit out of each dollar of sales, though future growth will remain tied to construction, remodeling, and industrial activity cycles.

Balance Sheet

Balance Sheet The balance sheet is sizable and has expanded gradually, reflecting ongoing investment in the business. However, the company leans heavily on debt financing and keeps relatively little cash on hand, which means it operates with a fairly leveraged capital structure. Equity has been rebuilding after earlier dips, but borrowing still plays a central role in funding growth and shareholder returns. This is a common profile for a stable, cash-generative business, but it does mean the company is more sensitive to interest rates and credit conditions than a low-debt peer would be.

Cash Flow

Cash Flow Sherwin-Williams generates solid cash flow from its operations, more than enough to cover its capital investments and still leave room for free cash flow. Operating cash flow has been somewhat uneven year to year, but the overall level remains strong. Capital spending has been rising as the company invests in new headquarters and research facilities, yet free cash flow remains clearly positive, suggesting these growth and modernization projects are being funded comfortably from internal resources. This cash profile supports ongoing flexibility for debt service, dividends, and strategic initiatives, while still requiring management discipline in a downturn.

Competitive Edge

Competitive Edge The company holds a leading position in paints and coatings, supported by a dense network of company-owned stores, strong brand recognition, and deep relationships with professional painters and industrial customers. Its focus on serving professionals—with tailored services, jobsite support, and specialized programs—creates high switching costs and loyalty. Scale in manufacturing and procurement helps it compete effectively on cost, while its broad product range allows it to serve many end markets, from home repainting to aerospace and marine. Key risks to its position include exposure to housing and construction cycles, raw material volatility, and aggressive competition from other global coatings manufacturers, but its entrenched distribution network and brand strength give it a durable edge.

Innovation and R&D

Innovation and R&D Sherwin-Williams invests meaningfully in innovation, particularly in advanced coatings, sustainability, and digital tools. Its large and active patent portfolio and the major new R&D center under construction point to a long-term commitment to technology and product leadership. The company is pushing waterborne and lower-emission coatings, experimenting with bio-based and recycled inputs, and aligning its portfolio with tightening environmental standards. At the same time, it is layering on digital and AI tools—such as color visualization apps and professional workflow platforms—to deepen customer engagement and lock in professional users. This blend of materials science, sustainability focus, and digital services should help defend its moat and open new niches, although payoffs from large R&D and infrastructure projects can take time to fully materialize.

Summary

Overall, Sherwin-Williams looks like a mature, high-quality industrial company with steady growth, improving profitability, and strong cash generation, balanced by a relatively debt-heavy balance sheet and exposure to cyclical end markets. Its competitive advantages rest on brand strength, a unique store network, and tight ties to professional customers, all reinforced by ongoing investments in R&D, sustainability, and digital capabilities. The key questions going forward center on how well it can manage leverage, navigate construction and industrial cycles, and convert its large innovation and infrastructure projects into sustained earnings and cash flow growth over the next decade.

NEWS

November 3, 2025 · 4:15 PM UTC

Sherwin-Williams Board of Directors Elects Benjamin E. Meisenzahl as CFO Effective January 1, 2026

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October 28, 2025 · 7:00 AM UTC

The Sherwin-Williams Company Reports 2025 Third Quarter Financial Results

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October 21, 2025 · 4:05 PM UTC

Sherwin-Williams Declares Dividend of $0.79 per Common Share

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October 1, 2025 · 4:15 PM UTC

Sherwin-Williams Completes Acquisition of BASF's Brazilian Architectural Paints Business

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September 30, 2025 · 8:00 AM UTC

Sherwin-Williams to Announce Third Quarter 2025 Financial Results on October 28, 2025

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