NYSE : SHW
The Sherwin-Williams Company — Financial statements
Materials · Specialty Chemicals · United States
Last price 332.61 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 79.88B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
The Sherwin-Williams Company (SHW) reported revenue of 24.91B 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 | 24.91B | 23.57B | 23.10B | 23.05B | 22.15B | 19.94B |
| Cost of Revenue | 12.80B | 12.06B | 11.90B | 12.29B | 12.82B | 11.40B |
| Gross Profit | 12.11B | 11.52B | 11.20B | 10.76B | 9.33B | 8.54B |
| Selling, General & Admin | 8.08B | 7.68B | 7.41B | 7.04B | 6.34B | 5.89B |
| Other Operating Expenses | 400.00K | 23.80M | 11.10M | 86.30M | -7.10M | -4.00M |
| Operating Expenses | 8.08B | 7.71B | 7.42B | 7.13B | 6.33B | 5.88B |
| Operating Income | 4.03B | 3.81B | 3.77B | 3.63B | 3.00B | 2.66B |
| Interest Expense | -538.40M | -465.00M | -415.70M | -417.50M | -390.80M | -334.70M |
| Interest & Investment Income | 17.00M | 11.20M | 11.00M | 25.20M | 8.00M | 4.90M |
| Currency Exchange Gain (Loss) | -26.80M | -45.40M | -3.90M | -38.70M | -33.60M | -12.00M |
| Other Non Operating Income (Expenses) | 13.50M | 1.60M | 18.60M | -16.20M | 300.00K | 4.10M |
| EBT Excluding Unusual Items | 3.50B | 3.31B | 3.38B | 3.18B | 2.58B | 2.32B |
| Merger & Restructuring Charges | -17.80M | -17.80M | 20.10M | |||
| Gain (Loss) on Sale of Investments | 10.70M | 9.90M | 16.90M | 22.90M | -9.70M | 30.40M |
| Gain (Loss) on Sale of Assets | 6.20M | 34.00M | 49.90M | -900.00K | 17.80M | -105.80M |
| Asset Writedown | -57.90M | -15.50M | ||||
| Other Unusual Items | -54.60M | 1.40M | ||||
| Pretax Income | 3.49B | 3.34B | 3.45B | 3.11B | 2.57B | 2.25B |
| Income Tax Expense | 818.70M | 769.70M | 770.40M | 721.10M | 553.00M | 384.20M |
| Earnings From Continuing Operations | 2.68B | 2.57B | 2.68B | 2.39B | 2.02B | 1.86B |
| Net Income | 2.68B | 2.57B | 2.68B | 2.39B | 2.02B | 1.86B |
| Net Income to Common | 2.68B | 2.57B | 2.68B | 2.39B | 2.02B | 1.86B |
| Shares Outstanding (Basic) | 244.22M | 247.60M | 251.00M | 255.40M | 258.00M | 262.50M |
| Shares Outstanding (Diluted) | 246.50M | 250.40M | 254.10M | 258.30M | 261.80M | 267.10M |
| EPS (Basic) | 10.96 | 10.37 | 10.68 | 9.35 | 7.83 | 7.10 |
| EPS (Diluted) | 10.85 | 10.26 | 10.55 | 9.25 | 7.72 | 6.98 |
| Free Cash Flow | 3.08B | 2.65B | 2.08B | 2.63B | 1.28B | 1.87B |
| Free Cash Flow Per Share | 12.49 | 10.60 | 8.20 | 10.20 | 4.87 | 7.01 |
| Dividend Per Share | 3.19 | 3.16 | 2.86 | 2.42 | 2.40 | 2.20 |
| Gross Margin | 48.60% | 48.85% | 48.47% | 46.67% | 42.10% | 42.83% |
| Operating Margin | 16.18% | 16.16% | 16.34% | 15.74% | 13.53% | 13.34% |
| Profit Margin | 10.74% | 10.90% | 11.61% | 10.36% | 9.12% | 9.35% |
| Free Cash Flow Margin | 12.35% | 11.26% | 9.02% | 11.42% | 5.76% | 9.39% |
| EBITDA | 4.78B | 4.49B | 4.40B | 4.25B | 3.58B | 3.23B |
| EBITDA Margin | 19.18% | 19.03% | 19.05% | 18.44% | 16.15% | 16.21% |
| D&A For EBITDA | 747.10M | 676.90M | 624.00M | 622.50M | 581.10M | 572.60M |
| EBIT | 4.03B | 3.81B | 3.77B | 3.63B | 3.00B | 2.66B |
| EBIT Margin | 16.18% | 16.16% | 16.34% | 15.74% | 13.53% | 13.34% |
| Effective Tax Rate | 23.43% | 23.06% | 22.32% | 23.19% | 21.49% | 17.09% |
| Advertising Expenses | 393.20M | 386.90M | 394.00M | 314.40M | 311.90M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 264.20M | 207.20M | 210.40M | 276.80M | 198.80M | 165.70M |
| Cash & Short-Term Investments | 264.20M | 207.20M | 210.40M | 276.80M | 198.80M | 165.70M |
| Receivables | 3.70B | 2.86B | 2.44B | 2.47B | 2.56B | 2.35B |
| Inventory | 2.55B | 2.32B | 2.29B | 2.33B | 2.63B | 1.93B |
| Other Current Assets | 513.70M | 617.50M | 458.50M | 438.40M | 518.80M | 608.40M |
| Total Current Assets | 7.03B | 6.01B | 5.40B | 5.51B | 5.91B | 5.05B |
| Property, Plant & Equipment | 6.33B | 6.32B | 5.67B | 4.72B | 4.07B | 3.69B |
| Long-Term Investments | 918.00M | 826.10M | 744.00M | 675.00M | 587.00M | 355.80M |
| Goodwill | 7.98B | 8.04B | 7.58B | 7.63B | 7.58B | 7.13B |
| Other Intangible Assets | 3.74B | 3.97B | 3.53B | 3.88B | 4.00B | 4.00B |
| Long-Term Accounts Receivable | 200.20M | 227.70M | 231.00M | |||
| Other Long-Term Assets | 768.90M | 520.70M | 469.00M | 535.80M | 440.30M | 433.20M |
| Total Assets | 26.96B | 25.90B | 23.63B | 22.95B | 22.59B | 20.67B |
| Accounts Payable | 2.90B | 2.35B | 2.25B | 2.31B | 2.44B | 2.40B |
| Accrued Expenses | 1.61B | 1.64B | 1.55B | 1.93B | 1.73B | 1.58B |
| Short-Term Debt | 2.35B | 1.20B | 662.40M | 374.20M | 978.10M | 763.50M |
| Current Portion of Long-Term Debt | 1.55B | 401.10M | 1.10B | 1.14B | 20.60M | 260.60M |
| Current Portion of Leases | 487.60M | 480.50M | 470.30M | 449.30M | 425.30M | 409.70M |
| Current Income Taxes Payable | 300.40M | 187.40M | 174.30M | 197.40M | 197.40M | 160.30M |
| Current Unearned Revenue | 443.30M | 427.30M | 386.20M | |||
| Other Current Liabilities | 203.90M | 233.40M | 214.20M | 221.40M | 176.20M | 142.90M |
| Total Current Liabilities | 9.85B | 6.92B | 6.81B | 6.63B | 5.96B | 5.72B |
| Long-Term Debt | 8.71B | 10.08B | 8.89B | 8.85B | 9.78B | 8.59B |
| Long-Term Leases | 1.70B | 1.79B | 1.74B | 1.51B | 1.51B | 1.47B |
| Long-Term Unearned Revenue | 5.70M | 10.30M | 1.60M | |||
| Pension & Post-Retirement Benefits | 134.00M | 206.40M | 182.50M | 198.80M | 194.80M | 335.10M |
| Long-Term Deferred Tax Liabilities | 742.40M | 765.30M | 607.50M | 683.10M | 681.60M | 768.20M |
| Other Long-Term Liabilities | 1.85B | 1.53B | 1.34B | 1.37B | 1.36B | 1.35B |
| Total Liabilities | 22.98B | 21.30B | 19.58B | 19.24B | 19.49B | 18.23B |
| Common Stock | 83.40M | 83.10M | 92.50M | 91.80M | 91.20M | 90.80M |
| Retained Earnings | 2.64B | 1.03B | 7.25B | 5.29B | 3.52B | 2.12B |
| Treasury Stock | -2.49B | -84.30M | -6.99B | -5.23B | -3.78B | -2.87B |
| Comprehensive Income & Other | 3.74B | 3.57B | 3.70B | 3.57B | 3.26B | 3.09B |
| Shareholders' Equity | 3.98B | 4.60B | 4.05B | 3.72B | 3.10B | 2.44B |
| Total Liabilities & Equity | 26.96B | 25.90B | 23.63B | 22.95B | 22.59B | 20.67B |
| Total Debt | 14.80B | 13.95B | 12.87B | 12.33B | 12.71B | 11.50B |
| Net Cash (Debt) | -14.54B | -13.74B | -12.66B | -12.05B | -12.52B | -11.33B |
| Net Cash Per Share | -58.97 | -54.89 | -49.81 | -46.65 | -47.81 | -42.42 |
| Filing Date Shares Outstanding | 240.16M | 246.35M | 249.94M | 253.04M | 257.02M | 258.95M |
| Total Common Shares Outstanding | 240.16M | 246.27M | 249.86M | 253.12M | 257.45M | 259.72M |
| Working Capital | -2.82B | -912.90M | -1.41B | -1.11B | -53.00M | -665.80M |
| Book Value Per Share | 16.56 | 18.67 | 16.21 | 14.68 | 12.05 | 9.38 |
| Tangible Book Value | -7.74B | -7.40B | -7.06B | -7.79B | -8.48B | -8.70B |
| Tangible Book Value Per Share | -32.24 | -30.07 | -28.26 | -30.78 | -32.95 | -33.49 |
| Land | 312.40M | 314.10M | 259.90M | 257.50M | 263.00M | 257.70M |
| Buildings | 2.84B | 2.67B | 1.18B | 1.05B | 1.20B | 1.16B |
| Machinery | 4.21B | 3.89B | 3.69B | 3.46B | 3.23B | 3.04B |
| Construction In Progress | 354.10M | 520.00M | 1.60B | 1.11B | 496.10M | 205.40M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.68B | 2.57B | 2.68B | 2.39B | 2.02B | 1.86B |
| Depreciation & Amortization | 747.10M | 676.90M | 624.00M | 622.50M | 581.10M | 572.60M |
| Loss (Gain) From Sale of Assets | -17.90M | -20.80M | -49.90M | -19.20M | -10.70M | 105.80M |
| Asset Writedown & Restructuring Costs | 57.50M | 57.50M | 16.20M | 62.80M | ||
| Loss (Gain) From Sale of Investments | 117.70M | 104.00M | 75.00M | 65.40M | 38.50M | 53.60M |
| Stock-Based Compensation | 117.00M | 123.50M | 138.10M | 115.90M | 99.70M | 97.70M |
| Other Operating Activities | 75.10M | 149.40M | -251.50M | -291.90M | -159.10M | -150.80M |
| Change in Accounts Receivable | -162.80M | -162.80M | -10.70M | 85.60M | -200.20M | -287.80M |
| Change in Inventory | 132.50M | 132.50M | -32.90M | 323.40M | -666.70M | -228.10M |
| Change in Accounts Payable | -37.80M | -37.80M | 21.80M | -241.10M | 46.60M | 346.10M |
| Change in Income Taxes | -38.60M | -38.60M | -13.50M | 16.90M | 9.50M | -71.20M |
| Change in Other Net Operating Assets | 17.70M | -100.70M | -28.60M | 439.40M | 98.30M | -57.70M |
| Operating Cash Flow | 3.68B | 3.45B | 3.15B | 3.52B | 1.92B | 2.24B |
| Capital Expenditures | -605.80M | -797.60M | -1.07B | -888.40M | -644.50M | -372.00M |
| Sale of Property, Plant & Equipment | 16.30M | 10.70M | 11.60M | 70.10M | 33.20M | 14.80M |
| Cash Acquisitions | -1.16B | -1.21B | -78.90M | -264.70M | -1.00B | -210.90M |
| Divestitures | 103.70M | 122.50M | ||||
| Other Investing Activities | 1.05B | -68.10M | -59.00M | -60.00M | 6.80M | -30.80M |
| Investing Cash Flow | -701.70M | -2.07B | -1.20B | -1.04B | -1.61B | -476.40M |
| Short-Term Debt Issued | 537.40M | 288.60M | 214.40M | 763.90M | ||
| Long-Term Debt Issued | 1.54B | 1.09B | 306.50M | 1.21B | 994.80M | |
| Total Debt Issued | 1.13B | 2.08B | 1.38B | 306.50M | 1.42B | 1.76B |
| Short-Term Debt Repaid | -603.90M | |||||
| Long-Term Debt Repaid | -1.06B | -1.11B | -136.40M | -267.60M | -434.40M | |
| Total Debt Repaid | -850.20M | -1.06B | -1.11B | -740.30M | -267.60M | -434.40M |
| Net Debt Issued (Repaid) | 277.10M | 1.01B | 272.90M | -433.80M | 1.15B | 1.32B |
| Issuance of Common Stock | 131.60M | 140.60M | 242.00M | 111.60M | 89.30M | 204.50M |
| Repurchase of Common Stock | -2.48B | -1.66B | -1.74B | -1.43B | -883.20M | -2.75B |
| Common Dividends Paid | -784.70M | -789.80M | -723.40M | -623.70M | -618.50M | -587.10M |
| Other Financing Activities | -85.40M | -86.80M | -69.80M | -46.70M | -23.80M | -23.40M |
| Financing Cash Flow | -2.94B | -1.38B | -2.02B | -2.42B | -282.40M | -1.83B |
| Foreign Exchange Rate Adjustments | -22.70M | -9.90M | -6.20M | 20.00M | 3.20M | 4.90M |
| Net Cash Flow | 22.70M | -3.20M | -66.40M | 78.00M | 33.10M | -60.90M |
| Free Cash Flow | 3.08B | 2.65B | 2.08B | 2.63B | 1.28B | 1.87B |
| Free Cash Flow Margin | 12.35% | 11.26% | 9.02% | 11.42% | 5.76% | 9.39% |
| Free Cash Flow Per Share | 12.49 | 10.60 | 8.20 | 10.20 | 4.87 | 7.01 |
| Levered Free Cash Flow | 2.48B | 1.93B | 1.91B | 2.61B | 1.24B | 1.47B |
| Unlevered Free Cash Flow | 2.81B | 2.22B | 2.17B | 2.87B | 1.48B | 1.68B |
| Cash Interest Paid | 542.70M | 453.00M | 406.90M | 416.50M | 371.10M | 338.80M |
| Cash Income Tax Paid | 659.80M | 592.70M | 779.80M | 816.70M | 580.10M | 466.30M |
| Change in Working Capital | -89.00M | -207.40M | -63.90M | 624.20M | -712.50M | -298.70M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 79.88B | 79.86B | 85.32B | 79.84B | 61.12B | 92.05B |
| Enterprise Value | 94.42B | 94.01B | 97.18B | 91.21B | 73.44B | 102.54B |
| Last Close Price | 332.61 | 321.74 | 334.54 | 304.41 | 229.35 | 337.10 |
| PE Ratio | 30.64 | 31.09 | 31.82 | 33.42 | 30.26 | 49.37 |
| Forward PE | 25.90 | 26.59 | 27.45 | 28.68 | 23.92 | 36.51 |
| PS Ratio | 3.21 | 3.39 | 3.69 | 3.46 | 2.76 | 4.62 |
| PB Ratio | 20.09 | 17.37 | 21.06 | 21.49 | 19.70 | 37.77 |
| P/FCF Ratio | 25.95 | 30.09 | 40.96 | 30.32 | 47.92 | 49.16 |
| P/OCF Ratio | 21.69 | 23.14 | 27.06 | 22.67 | 31.84 | 41.01 |
| PEG Ratio | 2.43 | 2.76 | 2.75 | 2.64 | 2.00 | 2.78 |
| EV/Sales Ratio | 3.79 | 3.99 | 4.21 | 3.96 | 3.32 | 5.14 |
| EV/EBITDA Ratio | 19.76 | 20.95 | 22.09 | 21.46 | 20.53 | 31.72 |
| EV/EBIT Ratio | 23.43 | 24.68 | 25.74 | 25.14 | 24.51 | 38.55 |
| EV/FCF Ratio | 30.68 | 35.42 | 46.65 | 34.63 | 57.58 | 54.76 |
| Debt / Equity Ratio | 3.72 | 3.03 | 3.18 | 3.32 | 4.10 | 4.72 |
| Debt / EBITDA Ratio | 2.65 | 2.64 | 2.49 | 2.49 | 3.02 | 2.99 |
| Debt / FCF Ratio | 4.81 | 5.26 | 6.18 | 4.68 | 9.97 | 6.14 |
| Net Debt / Equity Ratio | 3.65 | 2.99 | 3.12 | 3.24 | 4.04 | 4.65 |
| Net Debt / EBITDA Ratio | 3.04 | 3.06 | 2.88 | 2.83 | 3.50 | 3.50 |
| Net Debt / FCF Ratio | 4.72 | 5.18 | 6.08 | 4.58 | 9.81 | 6.05 |
| Asset Turnover | 0.94 | 0.95 | 0.99 | 1.01 | 1.02 | 0.97 |
| Inventory Turnover | 5.31 | 5.24 | 5.16 | 4.96 | 5.63 | 6.11 |
| Quick Ratio | 0.40 | 0.44 | 0.39 | 0.41 | 0.46 | 0.44 |
| Current Ratio | 0.71 | 0.87 | 0.79 | 0.83 | 0.99 | 0.88 |
| Return on Equity (ROE) | 63.70% | 59.39% | 69.05% | 70.07% | 72.94% | 61.65% |
| Return on Assets (ROA) | 9.48% | 9.61% | 10.13% | 9.96% | 8.66% | 8.10% |
| Return on Invested Capital (ROIC) | 16.63% | 16.73% | 18.06% | 17.76% | 16.01% | 16.18% |
| Return on Capital Employed (ROCE) | 23.60% | 20.10% | 22.40% | 22.20% | 18.00% | 17.80% |
| Earnings Yield | 3.26% | 3.22% | 3.14% | 2.99% | 3.31% | 2.02% |
| FCF Yield | 3.85% | 3.32% | 2.44% | 3.30% | 2.09% | 2.03% |
| Dividend Yield | 0.96% | 0.97% | 0.84% | 0.77% | 1.01% | 0.62% |
| Payout Ratio | 29.48% | 30.75% | 26.98% | 26.11% | 30.62% | 31.49% |
| Buyback Yield / Dilution | 1.92% | 1.46% | 1.63% | 1.34% | 1.98% | 3.15% |
| Total Shareholder Return | 2.88% | 2.43% | 2.46% | 2.10% | 3.00% | 3.77% |