The Sherwin-Williams Company (SHW) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 5.67B | 5.6B | 6.36B | 6.31B | 5.31B | 5.3B | 6.16B | 6.27B | 5.37B | 5.25B | 6.12B | 6.24B | 5.44B | 5.23B | 6.05B | 5.87B | 5B | 4.76B | 5.15B | 5.38B |
| Revenue Growth % | 6.81% | 5.64% | 3.18% | 0.69% | -1.15% | 0.86% | 0.75% | 0.5% | -1.38% | 0.41% | 1.15% | 6.27% | 8.88% | 9.84% | 17.5% | 9.15% | 7.36% | 6.09% | 0.48% | 16.85% |
| Cost of Goods Sold | 2.89B | 2.86B | 3.23B | 3.2B | 2.75B | 2.72B | 3.13B | 3.21B | 2.84B | 2.7B | 3.2B | 3.37B | 3.02B | 3B | 3.46B | 3.42B | 2.95B | 2.88B | 3.01B | 2.97B |
| COGS % of Revenue | 50.93% | 51.16% | 50.84% | 50.62% | 51.77% | 51.42% | 50.87% | 51.15% | 52.84% | 51.47% | 52.32% | 53.97% | 55.52% | 57.29% | 57.18% | 58.3% | 58.93% | 60.53% | 58.43% | 55.18% |
| Gross Profit | 2.78B | 2.73B | 3.13B | 3.12B | 2.56B | 2.57B | 3.03B | 3.06B | 2.53B | 2.55B | 2.92B | 2.87B | 2.42B | 2.23B | 2.59B | 2.45B | 2.05B | 1.88B | 2.14B | 2.41B |
| Gross Margin % | 49.07% | 48.84% | 49.16% | 49.38% | 48.23% | 48.58% | 49.13% | 48.85% | 47.16% | 48.53% | 47.68% | 46.03% | 44.48% | 42.71% | 42.82% | 41.7% | 41.07% | 39.47% | 41.57% | 44.82% |
| Gross Profit Growth % | 8.65% | 6.22% | 3.24% | 1.79% | 1.11% | 0.96% | 3.82% | 6.65% | 4.55% | 14.1% | 12.62% | 17.28% | 17.93% | 18.84% | 21.02% | 1.56% | -2.8% | -11.7% | -12.86% | 9.17% |
| Operating Expenses | 1.97B | 1.95B | 1.95B | 2.02B | 1.8B | 1.9B | 1.9B | 1.83B | 1.81B | 1.87B | 1.81B | 1.76B | 1.71B | 1.62B | 1.62B | 1.6B | 1.49B | 1.51B | 1.45B | 1.52B |
| OpEx % of Revenue | 34.76% | 34.93% | 30.71% | 31.98% | 34.02% | 35.86% | 30.77% | 29.21% | 33.63% | 35.68% | 29.52% | 28.26% | 31.39% | 30.98% | 26.73% | 27.28% | 29.73% | 31.64% | 28.09% | 28.22% |
| Selling, General & Admin | 1.97B | 1.94B | 1.95B | 2.02B | 1.8B | 1.89B | 1.89B | 1.85B | 1.8B | 1.85B | 1.77B | 1.76B | 1.7B | 1.56B | 1.61B | 1.6B | 1.49B | 1.44B | 1.37B | 1.44B |
| SG&A % of Revenue | 34.76% | 34.61% | 30.71% | 31.97% | 33.96% | 35.74% | 30.73% | 29.43% | 33.57% | 35.15% | 28.88% | 28.25% | 31.15% | 29.81% | 26.62% | 27.21% | 29.72% | 30.24% | 26.6% | 26.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 1000K | 0 | 400K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 600K | 1000K | 1000K | 1000K | 1000K | 600K | 1000K | 1000K | 1000K |
| Operating Income | 810.9M | 778.7M | 1.17B | 1.1B | 754.3M | 673.5M | 1.13B | 1.23B | 725.8M | 674.6M | 1.11B | 1.11B | 712.8M | 613.4M | 973.1M | 847.3M | 566.8M | 373M | 694M | 893.3M |
| Operating Margin % | 14.31% | 13.92% | 18.44% | 17.41% | 14.22% | 12.71% | 18.35% | 19.64% | 13.52% | 12.84% | 18.16% | 17.76% | 13.1% | 11.73% | 16.09% | 14.43% | 11.34% | 7.83% | 13.48% | 16.6% |
| Operating Income Growth % | 7.5% | 15.62% | 3.68% | -10.75% | 3.93% | -0.16% | 1.85% | 11.1% | 1.82% | 9.98% | 14.12% | 30.83% | 25.76% | 64.45% | 40.22% | -5.15% | -19.53% | -33.51% | -27.69% | 7.41% |
| EBITDA | 997.7M | 877M | 1.34B | 1.26B | 915.2M | 835.4M | 1.29B | 1.38B | 879M | 828.9M | 1.27B | 1.27B | 866.9M | 761.9M | 1.12B | 990.6M | 710.3M | 512.6M | 833.6M | 1.04B |
| EBITDA Margin % | 17.61% | 15.67% | 21.07% | 19.98% | 17.25% | 15.77% | 20.88% | 22.08% | 16.38% | 15.78% | 20.7% | 20.31% | 15.93% | 14.57% | 18.5% | 16.87% | 14.21% | 10.76% | 16.2% | 19.37% |
| EBITDA Growth % | 9.01% | 4.98% | 4.11% | -8.88% | 4.12% | 0.78% | 1.64% | 9.28% | 1.4% | 8.79% | 13.14% | 27.92% | 22.05% | 48.63% | 34.23% | -4.94% | -16.34% | -27.62% | -24.62% | 6.86% |
| D&A (Non-Cash Add-back) | 186.8M | 98.3M | 166.9M | 162.7M | 160.9M | 161.9M | 155.6M | 153.3M | 153.2M | 154.3M | 155.4M | 158.7M | 154.1M | 148.5M | 145.8M | 143.3M | 143.5M | 139.6M | 139.6M | 148.8M |
| EBIT | 810.9M | 770.6M | 1.18B | 1.1B | 756.8M | 714.1M | 1.13B | 1.28B | 743M | 568.6M | 1.11B | 1.12B | 724.1M | 603.2M | 978.4M | 832.8M | 549.5M | 393.8M | 694.6M | 902.7M |
| Net Interest Income | -128.8M | -128.7M | -114.6M | -110M | -104.4M | -101.5M | -104.4M | -114.3M | -100.2M | -85.2M | -104M | -108.4M | -109.7M | -108.3M | -101.7M | -94.6M | -90.4M | -84.5M | -85M | -85.4M |
| Interest Income | 2.8M | 2.9M | 2.6M | 2.4M | 3.3M | 1.4M | 2.6M | 900K | 6.1M | 9.4M | 5.1M | 7.2M | 3.5M | 3.2M | 2.6M | 1.3M | 900K | 3M | 700K | 600K |
| Interest Expense | 131.6M | 131.6M | 117.2M | 112.4M | 107.7M | 102.9M | 107M | 115.2M | 106.3M | 94.6M | 109.1M | 115.6M | 113.2M | 111.5M | 104.3M | 95.9M | 91.3M | 87.5M | 85.7M | 86M |
| Other Income/Expense | -131.1M | -139.7M | -112.2M | -113.4M | -101.3M | -57.9M | -108.3M | -58.1M | -85.8M | -200.6M | -101.5M | -96.4M | -98M | -118.5M | -95.9M | -107.4M | -105.7M | -64.1M | -82.5M | -74.1M |
| Pretax Income | 679.8M | 639M | 1.06B | 985.7M | 653M | 615.6M | 1.02B | 1.17B | 640M | 474M | 1.01B | 1.01B | 614.8M | 494.9M | 877.2M | 739.9M | 461.1M | 308.9M | 611.5M | 819.2M |
| Pretax Margin % | 12% | 11.42% | 16.68% | 15.61% | 12.31% | 11.62% | 16.6% | 18.71% | 11.92% | 9.02% | 16.5% | 16.22% | 11.3% | 9.46% | 14.51% | 12.6% | 9.22% | 6.49% | 11.88% | 15.23% |
| Income Tax | 145.1M | 162.2M | 227.4M | 231M | 149.1M | 135.5M | 216.6M | 283.5M | 134.8M | 117.8M | 247.5M | 218.4M | 137.4M | 108.6M | 192.1M | 162M | 90.3M | 4.9M | 109.3M | 170.6M |
| Effective Tax Rate % | 21.34% | 25.38% | 21.44% | 23.44% | 22.83% | 22.01% | 21.18% | 24.16% | 21.06% | 24.85% | 24.53% | 21.58% | 22.35% | 21.94% | 21.9% | 21.89% | 19.58% | 1.59% | 17.87% | 20.83% |
| Net Income | 534.7M | 476.8M | 833.1M | 754.7M | 503.9M | 480.1M | 806.2M | 889.9M | 505.2M | 356.2M | 761.5M | 793.7M | 477.4M | 386.3M | 685.1M | 577.9M | 370.8M | 304M | 502.2M | 648.6M |
| Net Margin % | 9.44% | 8.52% | 13.1% | 11.95% | 9.5% | 9.06% | 13.08% | 14.19% | 9.41% | 6.78% | 12.45% | 12.72% | 8.77% | 7.39% | 11.33% | 9.84% | 7.42% | 6.38% | 9.76% | 12.06% |
| Net Income Growth % | 6.11% | -0.69% | 3.34% | -15.19% | -0.26% | 34.78% | 5.87% | 12.12% | 5.82% | -7.79% | 11.15% | 37.34% | 28.75% | 27.07% | 36.42% | -10.9% | -9.47% | -25.31% | -28.85% | 8.84% |
| Net Income (Continuing) | 534.7M | 476.8M | 833.1M | 754.7M | 503.9M | 480.1M | 806.2M | 889.9M | 505.2M | 356.2M | 761.5M | 793.7M | 477.4M | 386.3M | 685.1M | 577.9M | 370.8M | 304M | 502.2M | 648.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.15 | 1.92 | 3.35 | 3.00 | 2.00 | 1.90 | 3.18 | 3.50 | 1.97 | 1.39 | 2.95 | 3.07 | 1.84 | 1.48 | 2.62 | 2.21 | 1.41 | 1.15 | 1.88 | 2.42 |
| EPS Growth % | 7.5% | 1.05% | 5.35% | -14.29% | 1.52% | 36.69% | 7.8% | 14.01% | 7.07% | -6.08% | 12.6% | 38.91% | 30.5% | 28.7% | 39.36% | -8.68% | -6.62% | -22.82% | -26.27% | 12.04% |
| EPS (Basic) | 2.18 | 1.94 | 3.38 | 3.04 | 2.02 | 1.92 | 3.22 | 3.55 | 2.00 | 1.40 | 2.99 | 3.10 | 1.86 | 1.50 | 2.66 | 2.24 | 1.43 | 1.17 | 1.92 | 2.47 |
| Diluted Shares Outstanding | 248.1M | 248.8M | 249M | 251.9M | 252.5M | 254.1M | 253.9M | 254.2M | 255.8M | 256.9M | 256.9M | 258.9M | 259.7M | 260.4M | 261.1M | 261.8M | 263.1M | 264.6M | 266.6M | 267.8M |
| Basic Shares Outstanding | 245.7M | 246.4M | 246.2M | 248.9M | 249.4M | 252.68M | 250.6M | 251M | 252.5M | 254M | 254M | 256M | 256.7M | 257.5M | 257.7M | 258.1M | 258.8M | 259.9M | 261.6M | 262.8M |
| Dividend Payout Ratio | 36.86% | 41.07% | 23.49% | 26.22% | 39.77% | 37.45% | 22.64% | 20.07% | 36.12% | 43.6% | 20.43% | 19.69% | 32.78% | 40.28% | 22.74% | 27.03% | 40.7% | 47.43% | 28.91% | 22.49% |