NYSE : PPG
PPG Industries, Inc. — Financial statements
Materials · Specialty Chemicals · United States
Last price 119.52 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 26.40B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
PPG Industries, Inc. (PPG) reported revenue of 16.69B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 16.69B | 15.88B | 15.85B | 16.24B | 15.61B | 16.80B |
| Cost of Revenue | 9.82B | 9.27B | 9.21B | 9.63B | 9.93B | 10.24B |
| Gross Profit | 6.87B | 6.61B | 6.64B | 6.61B | 5.68B | 6.56B |
| Selling, General & Admin | 3.68B | 3.53B | 3.48B | 3.48B | 3.07B | 3.81B |
| Research & Development | 435.00M | 423.00M | 423.00M | 424.00M | 434.00M | 439.00M |
| Amortization of Goodwill & Intangibles | 107.00M | 125.00M | 132.00M | 154.00M | 145.00M | 172.00M |
| Operating Expenses | 4.65B | 4.48B | 4.40B | 4.42B | 4.00B | 4.81B |
| Operating Income | 2.22B | 2.12B | 2.24B | 2.19B | 1.68B | 1.75B |
| Interest Expense | -257.00M | -241.00M | -241.00M | -247.00M | -167.00M | -121.00M |
| Interest & Investment Income | 148.00M | 153.00M | 177.00M | 140.00M | 54.00M | 26.00M |
| Earnings From Equity Investments | 19.00M | 19.00M | 20.00M | 21.00M | 25.00M | 15.00M |
| Currency Exchange Gain (Loss) | -42.00M | |||||
| Other Non Operating Income (Expenses) | 5.00M | -16.00M | 8.00M | -35.00M | 27.00M | 47.00M |
| EBT Excluding Unusual Items | 2.10B | 2.04B | 2.21B | 2.06B | 1.61B | 1.72B |
| Merger & Restructuring Charges | -6.00M | -6.00M | -343.00M | 2.00M | -33.00M | 3.00M |
| Impairment of Goodwill | -158.00M | |||||
| Gain (Loss) on Sale of Assets | 11.00M | 18.00M | 129.00M | -23.00M | 4.00M | 10.00M |
| Asset Writedown | -24.00M | -146.00M | -2.00M | -231.00M | -21.00M | |
| Legal Settlements | 1.00M | 12.00M | 22.00M | |||
| Other Unusual Items | -210.00M | 83.00M | ||||
| Pretax Income | 2.11B | 2.04B | 1.85B | 1.69B | 1.35B | 1.81B |
| Income Tax Expense | 490.00M | 458.00M | 475.00M | 428.00M | 320.00M | 374.00M |
| Earnings From Continuing Operations | 1.62B | 1.59B | 1.38B | 1.26B | 1.03B | 1.44B |
| Earnings From Discontinued Operations | -26.00M | 5.00M | -228.00M | 47.00M | 19.00M | 19.00M |
| Net Income to Company | 1.59B | 1.59B | 1.15B | 1.31B | 1.05B | 1.46B |
| Minority Interest in Earnings | -20.00M | -16.00M | -33.00M | -39.00M | -28.00M | -21.00M |
| Net Income | 1.57B | 1.58B | 1.12B | 1.27B | 1.03B | 1.44B |
| Net Income to Common | 1.57B | 1.58B | 1.12B | 1.27B | 1.03B | 1.44B |
| Shares Outstanding (Basic) | 223.38M | 226.30M | 233.80M | 236.00M | 236.10M | 237.60M |
| Shares Outstanding (Diluted) | 224.18M | 227.10M | 234.90M | 237.20M | 237.30M | 239.40M |
| EPS (Basic) | 7.03 | 6.96 | 4.77 | 5.38 | 4.35 | 6.06 |
| EPS (Diluted) | 7.01 | 6.94 | 4.75 | 5.36 | 4.32 | 6.01 |
| Free Cash Flow | 1.28B | 1.16B | 699.00M | 1.90B | 477.00M | 1.19B |
| Free Cash Flow Per Share | 5.71 | 5.12 | 2.98 | 7.99 | 2.01 | 4.97 |
| Dividend Per Share | 2.87 | 2.78 | 2.66 | 2.54 | 2.42 | 2.26 |
| Gross Margin | 41.18% | 41.62% | 41.91% | 40.69% | 36.38% | 39.02% |
| Operating Margin | 13.32% | 13.38% | 14.16% | 13.46% | 10.73% | 10.42% |
| Profit Margin | 9.41% | 9.93% | 7.04% | 7.82% | 6.57% | 8.56% |
| Free Cash Flow Margin | 7.67% | 7.33% | 4.41% | 11.67% | 3.06% | 7.09% |
| EBITDA | 2.76B | 2.65B | 2.74B | 2.70B | 2.18B | 2.31B |
| EBITDA Margin | 16.52% | 16.71% | 17.27% | 16.62% | 13.95% | 13.76% |
| D&A For EBITDA | 534.00M | 528.00M | 492.00M | 514.00M | 502.00M | 561.00M |
| EBIT | 2.22B | 2.12B | 2.24B | 2.19B | 1.68B | 1.75B |
| EBIT Margin | 13.32% | 13.38% | 14.16% | 13.46% | 10.73% | 10.42% |
| Effective Tax Rate | 23.27% | 22.40% | 25.65% | 25.32% | 23.62% | 20.61% |
| Advertising Expenses | 199.00M | 203.00M | 193.00M | 159.00M | 243.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.59B | 2.16B | 1.27B | 1.49B | 1.10B | 1.00B |
| Short-Term Investments | 49.00M | 56.00M | 88.00M | 84.00M | 64.00M | 73.00M |
| Cash & Short-Term Investments | 1.64B | 2.22B | 1.36B | 1.58B | 1.16B | 1.08B |
| Accounts Receivable | 3.41B | 2.78B | 2.48B | 2.62B | 2.82B | 2.69B |
| Other Receivables | 449.00M | 553.00M | 508.00M | 385.00M | 479.00M | 465.00M |
| Receivables | 3.86B | 3.34B | 2.98B | 3.01B | 3.30B | 3.15B |
| Inventory | 2.24B | 2.00B | 1.85B | 1.93B | 2.27B | 2.17B |
| Other Current Assets | 507.00M | 408.00M | 368.00M | 913.00M | 435.00M | 373.00M |
| Total Current Assets | 8.24B | 7.96B | 6.56B | 7.43B | 7.17B | 6.77B |
| Property, Plant & Equipment | 4.73B | 4.61B | 4.06B | 4.02B | 4.16B | 4.33B |
| Long-Term Investments | 322.00M | 253.00M | 246.00M | 254.00M | 244.00M | 310.00M |
| Goodwill | 6.15B | 6.15B | 5.69B | 6.12B | 6.08B | 6.25B |
| Other Intangible Assets | 1.90B | 1.97B | 1.92B | 2.26B | 2.41B | 2.78B |
| Long-Term Deferred Tax Assets | 510.00M | 481.00M | 303.00M | 272.00M | 95.00M | 197.00M |
| Other Long-Term Assets | 720.00M | 676.00M | 654.00M | 1.29B | 583.00M | 706.00M |
| Total Assets | 22.57B | 22.10B | 19.43B | 21.65B | 20.74B | 21.35B |
| Accounts Payable | 3.92B | 2.21B | 2.16B | 2.44B | 2.54B | 2.73B |
| Accrued Expenses | 1.06B | 930.00M | 1.08B | 955.00M | 989.00M | |
| Short-Term Debt | 4.00M | 4.00M | 7.00M | 4.00M | 10.00M | 6.00M |
| Current Portion of Long-Term Debt | 682.00M | 700.00M | 930.00M | 300.00M | 303.00M | |
| Current Portion of Leases | 127.00M | 140.00M | 128.00M | 130.00M | 186.00M | 195.00M |
| Current Income Taxes Payable | 118.00M | 130.00M | 128.00M | 37.00M | 36.00M | |
| Other Current Liabilities | 484.00M | 669.00M | 728.00M | 975.00M | 692.00M | 806.00M |
| Total Current Liabilities | 5.22B | 4.90B | 5.01B | 5.05B | 4.72B | 4.77B |
| Long-Term Debt | 6.16B | 6.60B | 4.89B | 5.76B | 6.51B | 6.57B |
| Long-Term Leases | 501.00M | 455.00M | 459.00M | 423.00M | 643.00M | 700.00M |
| Pension & Post-Retirement Benefits | 931.00M | 942.00M | 968.00M | 1.04B | 1.04B | 1.51B |
| Long-Term Deferred Tax Liabilities | 485.00M | 457.00M | 405.00M | 500.00M | 501.00M | 646.00M |
| Other Long-Term Liabilities | 647.00M | 644.00M | 738.00M | 853.00M | 613.00M | 757.00M |
| Total Liabilities | 13.95B | 14.00B | 12.47B | 13.62B | 14.04B | 14.94B |
| Common Stock | 969.00M | 969.00M | 969.00M | 969.00M | 969.00M | 969.00M |
| Additional Paid-In Capital | 1.38B | 1.32B | 1.27B | 1.20B | 1.13B | 1.08B |
| Retained Earnings | 23.73B | 22.94B | 21.99B | 21.50B | 20.83B | 20.37B |
| Treasury Stock | -15.43B | -15.12B | -14.34B | -13.60B | -13.53B | -13.39B |
| Comprehensive Income & Other | -2.16B | -2.18B | -3.11B | -2.24B | -2.81B | -2.75B |
| Total Common Equity | 8.49B | 7.94B | 6.79B | 7.83B | 6.59B | 6.29B |
| Minority Interest | 143.00M | 156.00M | 177.00M | 191.00M | 117.00M | 125.00M |
| Shareholders' Equity | 8.63B | 8.10B | 6.96B | 8.02B | 6.71B | 6.41B |
| Total Liabilities & Equity | 22.57B | 22.10B | 19.43B | 21.65B | 20.74B | 21.35B |
| Total Debt | 7.47B | 7.90B | 6.41B | 6.61B | 7.66B | 7.47B |
| Net Cash (Debt) | -5.83B | -5.68B | -5.05B | -4.96B | -6.43B | -6.29B |
| Net Cash Per Share | -26.02 | -25.02 | -21.51 | -20.92 | -27.11 | -26.27 |
| Filing Date Shares Outstanding | 220.90M | 223.49M | 226.95M | 235.25M | 235.18M | 236.00M |
| Total Common Shares Outstanding | 220.90M | 223.43M | 229.93M | 235.21M | 235.07M | 235.91M |
| Working Capital | 3.02B | 3.06B | 1.54B | 2.38B | 2.45B | 2.01B |
| Book Value Per Share | 38.42 | 35.54 | 29.51 | 33.30 | 28.04 | 26.65 |
| Tangible Book Value | 440.00M | -179.00M | -827.00M | -544.00M | -1.90B | -2.75B |
| Tangible Book Value Per Share | 1.99 | -0.80 | -3.60 | -2.31 | -8.08 | -11.64 |
| Land | 593.00M | 525.00M | 541.00M | 548.00M | 570.00M | |
| Buildings | 1.94B | 1.77B | 1.76B | 1.77B | 1.77B | |
| Machinery | 3.98B | 3.54B | 3.86B | 3.96B | 3.95B | |
| Construction In Progress | 756.00M | 735.00M | 669.00M | 492.00M | 509.00M | |
| Order Backlog | 315.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.57B | 1.58B | 1.12B | 1.27B | 1.03B | 1.44B |
| Depreciation & Amortization | 534.00M | 528.00M | 492.00M | 514.00M | 502.00M | 561.00M |
| Asset Writedown & Restructuring Costs | -33.00M | -52.00M | 327.00M | 102.00M | 179.00M | -56.00M |
| Stock-Based Compensation | 48.00M | 46.00M | 42.00M | 56.00M | 34.00M | 57.00M |
| Other Operating Activities | -16.00M | 142.00M | 15.00M | 64.00M | -309.00M | -251.00M |
| Change in Accounts Receivable | -123.00M | -190.00M | -181.00M | 12.00M | -248.00M | -63.00M |
| Change in Inventory | -2.00M | -35.00M | -27.00M | 145.00M | -177.00M | -279.00M |
| Change in Accounts Payable | 267.00M | 67.00M | -259.00M | 151.00M | 21.00M | 295.00M |
| Change in Income Taxes | 22.00M | -105.00M | -31.00M | 71.00M | 143.00M | -64.00M |
| Change in Other Net Operating Assets | -218.00M | -41.00M | -103.00M | -91.00M | -171.00M | -77.00M |
| Operating Cash Flow | 2.04B | 1.94B | 1.42B | 2.41B | 963.00M | 1.56B |
| Capital Expenditures | -765.00M | -778.00M | -721.00M | -516.00M | -486.00M | -371.00M |
| Sale of Property, Plant & Equipment | 47.00M | |||||
| Cash Acquisitions | -185.00M | -1.00M | -31.00M | -109.00M | -114.00M | -2.14B |
| Divestitures | 43.00M | 43.00M | 325.00M | 36.00M | 117.00M | |
| Other Investing Activities | -29.00M | 36.00M | 534.00M | 33.00M | 22.00M | 57.00M |
| Investing Cash Flow | -936.00M | -700.00M | 107.00M | -556.00M | -461.00M | -2.40B |
| Short-Term Debt Issued | 190.00M | |||||
| Long-Term Debt Issued | 1.94B | 274.00M | 550.00M | 1.12B | 2.09B | |
| Total Debt Issued | 1.10B | 1.94B | 274.00M | 550.00M | 1.12B | 2.28B |
| Short-Term Debt Repaid | -439.00M | |||||
| Long-Term Debt Repaid | -1.04B | -300.00M | -1.40B | -300.00M | -1.45B | |
| Total Debt Repaid | -1.40B | -1.04B | -300.00M | -1.40B | -739.00M | -1.45B |
| Net Debt Issued (Repaid) | -302.00M | 903.00M | -26.00M | -850.00M | 377.00M | 827.00M |
| Repurchase of Common Stock | -425.00M | -790.00M | -752.00M | -86.00M | -190.00M | -210.00M |
| Common Dividends Paid | -642.00M | -628.00M | -622.00M | -598.00M | -570.00M | -536.00M |
| Other Financing Activities | -6.00M | -30.00M | -25.00M | -16.00M | -26.00M | 12.00M |
| Financing Cash Flow | -1.38B | -545.00M | -1.43B | -1.55B | -409.00M | 93.00M |
| Foreign Exchange Rate Adjustments | 27.00M | 197.00M | -325.00M | 110.00M | 1.00M | -72.00M |
| Miscellaneous Cash Flow Adjustments | -5.00M | -3.00M | ||||
| Net Cash Flow | -239.00M | 893.00M | -223.00M | 410.00M | 91.00M | -821.00M |
| Free Cash Flow | 1.28B | 1.16B | 699.00M | 1.90B | 477.00M | 1.19B |
| Free Cash Flow Margin | 7.67% | 7.33% | 4.41% | 11.67% | 3.06% | 7.09% |
| Free Cash Flow Per Share | 5.71 | 5.12 | 2.98 | 7.99 | 2.01 | 4.97 |
| Levered Free Cash Flow | 1.10B | 538.88M | 1.05B | 1.82B | 336.12M | 931.75M |
| Unlevered Free Cash Flow | 1.26B | 689.50M | 1.20B | 1.97B | 440.50M | 1.01B |
| Cash Interest Paid | 274.00M | 210.00M | 247.00M | 213.00M | 156.00M | 140.00M |
| Cash Income Tax Paid | 518.00M | 438.00M | 653.00M | 488.00M | 436.00M | 491.00M |
| Change in Working Capital | -54.00M | -304.00M | -601.00M | 288.00M | -432.00M | -188.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 26.40B | 22.99B | 27.68B | 35.26B | 29.55B | 40.94B |
| Enterprise Value | 32.23B | 29.07B | 33.72B | 41.13B | 36.11B | 47.39B |
| Last Close Price | 119.52 | 100.59 | 114.25 | 140.11 | 115.61 | 155.62 |
| PE Ratio | 17.06 | 14.59 | 24.80 | 27.77 | 28.80 | 28.45 |
| Forward PE | 14.21 | 13.02 | 14.11 | 18.16 | 19.16 | 22.93 |
| PS Ratio | 1.58 | 1.45 | 1.75 | 2.17 | 1.89 | 2.44 |
| PB Ratio | 3.11 | 2.84 | 3.98 | 4.39 | 4.41 | 6.38 |
| P/FCF Ratio | 20.63 | 19.77 | 39.59 | 18.61 | 61.95 | 34.37 |
| P/OCF Ratio | 12.91 | 11.85 | 19.49 | 14.63 | 30.69 | 26.21 |
| PEG Ratio | 1.87 | 2.37 | 2.10 | 1.45 | 1.73 | 1.55 |
| EV/Sales Ratio | 1.93 | 1.83 | 2.13 | 2.53 | 2.31 | 2.82 |
| EV/EBITDA Ratio | 11.69 | 10.96 | 12.32 | 15.23 | 16.58 | 20.50 |
| EV/EBIT Ratio | 14.49 | 13.69 | 15.03 | 18.82 | 21.54 | 27.06 |
| EV/FCF Ratio | 25.18 | 25.00 | 48.24 | 21.70 | 75.69 | 39.79 |
| Debt / Equity Ratio | 0.87 | 0.98 | 0.92 | 0.82 | 1.14 | 1.17 |
| Debt / EBITDA Ratio | 2.52 | 2.77 | 2.19 | 2.29 | 3.25 | 2.90 |
| Debt / FCF Ratio | 5.84 | 6.79 | 9.17 | 3.49 | 16.05 | 6.27 |
| Net Debt / Equity Ratio | 0.68 | 0.70 | 0.73 | 0.62 | 0.96 | 0.98 |
| Net Debt / EBITDA Ratio | 2.12 | 2.14 | 1.85 | 1.84 | 2.95 | 2.72 |
| Net Debt / FCF Ratio | 4.56 | 4.89 | 7.23 | 2.62 | 13.49 | 5.28 |
| Asset Turnover | 0.75 | 0.76 | 0.77 | 0.77 | 0.74 | 0.82 |
| Inventory Turnover | 4.45 | 4.82 | 4.87 | 4.58 | 4.47 | 5.25 |
| Quick Ratio | 1.05 | 1.13 | 0.87 | 0.91 | 0.95 | 0.89 |
| Current Ratio | 1.58 | 1.62 | 1.31 | 1.47 | 1.52 | 1.42 |
| Return on Equity (ROE) | 19.49% | 21.08% | 18.38% | 17.13% | 15.78% | 23.57% |
| Return on Assets (ROA) | 6.22% | 6.39% | 6.83% | 6.45% | 4.98% | 5.35% |
| Return on Invested Capital (ROIC) | 11.80% | 12.78% | 13.31% | 12.43% | 9.85% | 11.94% |
| Return on Capital Employed (ROCE) | 12.80% | 12.40% | 15.60% | 13.20% | 10.50% | 10.60% |
| Earnings Yield | 5.86% | 6.86% | 4.03% | 3.60% | 3.47% | 3.52% |
| FCF Yield | 4.85% | 5.06% | 2.53% | 5.37% | 1.61% | 2.91% |
| Dividend Yield | 2.48% | 2.70% | 2.21% | 1.69% | 1.93% | 1.30% |
| Payout Ratio | 42.24% | 39.85% | 55.73% | 47.09% | 55.56% | 37.25% |
| Buyback Yield / Dilution | 2.10% | 3.32% | 0.97% | 0.04% | 0.88% | -0.63% |
| Total Shareholder Return | 4.57% | 6.02% | 3.18% | 1.74% | 2.80% | 0.67% |