Revenue growth remains highly inconsistent, evidenced by a 6.7% year-over-year increase in 2026Q1 following a massive 50.2% contraction in 2024Q4, while operating margins fluctuate significantly due to high fixed-cost sensitivity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 16.12B | 15.88B | 15.85B | 16.24B | 15.61B | 16.8B | 13.83B | 15.15B | 15.37B | 14.75B | 14.27B | 14.24B | 14.79B | 14.27B | 12.69B | 13.15B | 13.42B | 12.24B | 15.85B | 12.22B | 9.86B | 9.03B | 9.51B | 8.76B | 8.07B | 8.17B | 8.63B | 8B | 7.75B | 7.38B | 7.22B |
| Revenue Growth % | 9.97% | 0.19% | -2.44% | 4.02% | -7.07% | 21.45% | -8.66% | -1.48% | 4.24% | 3.35% | 0.2% | -3.72% | 3.69% | 12.45% | -3.55% | -2.01% | 9.67% | -22.78% | 29.7% | 23.92% | 9.23% | -5.1% | 8.65% | 8.54% | -1.25% | -5.33% | 7.93% | 3.15% | 5.04% | 2.23% | 2.27% |
| Cost of Goods Sold | 9.58B | 9.84B | 9.25B | 9.68B | 9.97B | 10.29B | 7.78B | 8.65B | 9B | 8.21B | 7.67B | 7.79B | 8.35B | 8.31B | 7.6B | 7.87B | 8.21B | 7.54B | 10.15B | 7.83B | 6.15B | 5.6B | 6B | 5.52B | 5.07B | 5.14B | 5.33B | 4.96B | 4.72B | 4.4B | 4.34B |
| COGS % of Revenue | - | 62.01% | 58.39% | 59.59% | 63.89% | 61.22% | 56.22% | 57.13% | 58.55% | 55.66% | 53.71% | 54.67% | 56.44% | 58.28% | 59.9% | 59.8% | 61.19% | 61.6% | 64.07% | 64.06% | 62.4% | 62% | 63.06% | 63.05% | 62.8% | 62.88% | 61.81% | 62% | 60.86% | 59.59% | 60.13% |
| Gross Profit | 6.54B | 6.03B | 6.59B | 6.56B | 5.64B | 6.52B | 6.06B | 6.49B | 6.37B | 6.54B | 6.61B | 6.46B | 6.44B | 5.95B | 5.09B | 5.29B | 5.21B | 4.7B | 5.69B | 4.39B | 3.71B | 3.43B | 3.51B | 3.23B | 3B | 3.03B | 3.29B | 3.04B | 3.03B | 2.98B | 2.88B |
| Gross Margin % | 40.56% | 37.99% | 41.61% | 40.41% | 36.12% | 38.78% | 43.78% | 42.87% | 41.45% | 44.34% | 46.29% | 45.33% | 43.56% | 41.72% | 40.1% | 40.2% | 38.81% | 38.4% | 35.93% | 35.94% | 37.6% | 38% | 36.94% | 36.95% | 37.2% | 37.12% | 38.19% | 38% | 39.14% | 40.41% | 39.87% |
| Gross Profit Growth % | - | -8.52% | 0.44% | 16.4% | -13.46% | 7.58% | -6.71% | 1.88% | -2.54% | -1% | 2.32% | 0.19% | 8.27% | 16.98% | -3.8% | 1.52% | 10.83% | -17.46% | 29.64% | 18.45% | 8.07% | -2.36% | 8.62% | 7.8% | -1.02% | -7.98% | 8.46% | 0.13% | 1.74% | 3.61% | 1.12% |
| Operating Expenses | 4.47B | 3.86B | 4.31B | 4.53B | 3.97B | 4.83B | 4.28B | 4.55B | 4.51B | 4.53B | 5.42B | 4.5B | 4.63B | 4.4B | 3.82B | 3.98B | 3.84B | 3.82B | 4.45B | 3.08B | 2.48B | 2.25B | 2.41B | 2.26B | 2.09B | 2.11B | 2.09B | 1.93B | 1.78B | 1.67B | 1.58B |
| OpEx % of Revenue | - | 24.33% | 27.18% | 27.88% | 25.45% | 28.75% | 30.92% | 30.02% | 29.34% | 30.68% | 37.95% | 31.57% | 31.3% | 30.85% | 30.08% | 30.22% | 28.63% | 31.19% | 28.08% | 25.25% | 25.14% | 24.89% | 25.29% | 25.83% | 25.91% | 25.8% | 24.26% | 24.13% | 23.03% | 22.58% | 21.93% |
| Selling, General & Admin | 3.49B | 3.44B | 3.39B | 3.59B | 3.04B | 3.83B | 3.39B | 3.6B | 3.57B | 3.61B | 4.52B | 3.58B | 3.7B | 3.49B | 2.99B | 3.12B | 2.98B | 2.94B | 3.43B | 2.31B | 1.83B | 1.63B | 1.72B | 1.58B | 1.42B | 1.4B | 1.36B | 1.23B | 1.13B | 1.07B | 1B |
| SG&A % of Revenue | - | 21.66% | 21.4% | 22.11% | 19.45% | 22.79% | 24.5% | 23.8% | 23.24% | 24.5% | 31.7% | 25.17% | 24.99% | 24.44% | 23.55% | 23.74% | 22.19% | 23.99% | 21.65% | 18.9% | 18.59% | 18.03% | 18.03% | 18.02% | 17.59% | 17.08% | 15.81% | 15.38% | 14.62% | 14.47% | 13.91% |
| Research & Development | 434M | 423M | 423M | 424M | 434M | 439M | 379M | 432M | 441M | 451M | 453M | 466M | 483M | 463M | 430M | 428M | 394M | 388M | 451M | 348M | 305M | 294M | 303M | 290M | 273M | 266M | 282M | 284M | 271M | 250M | 239M |
| R&D % of Revenue | - | 2.66% | 2.67% | 2.61% | 2.78% | 2.61% | 2.74% | 2.85% | 2.87% | 3.06% | 3.17% | 3.27% | 3.27% | 3.25% | 3.39% | 3.25% | 2.94% | 3.17% | 2.85% | 2.85% | 3.09% | 3.26% | 3.19% | 3.31% | 3.38% | 3.26% | 3.27% | 3.55% | 3.5% | 3.39% | 3.31% |
| Other Operating Expenses | 3M | 0 | 492M | 514M | 502M | 561M | 509M | 511M | 497M | 460M | 440M | 446M | 450M | 452M | 399M | 425M | 470M | 493M | 567M | 427M | 341M | 325M | 388M | 394M | 398M | 447M | 447M | 415M | 381M | 348M | 340M |
| Operating Income | 2.06B | 2.17B | 2.29B | 2.04B | 1.67B | 1.69B | 1.78B | 1.95B | 1.86B | 2.01B | 1.19B | 1.96B | 1.81B | 1.55B | 1.27B | 1.31B | 1.37B | 883M | 1.24B | 1.31B | 1.23B | 1.18B | 1.11B | 973M | 911M | 924M | 1.2B | 1.11B | 1.25B | 1.32B | 1.29B |
| Operating Margin % | 12.8% | 13.66% | 14.43% | 12.53% | 10.67% | 10.03% | 12.87% | 12.85% | 12.11% | 13.66% | 8.33% | 13.76% | 12.26% | 10.87% | 10.02% | 9.98% | 10.18% | 7.21% | 7.85% | 10.7% | 12.46% | 13.11% | 11.65% | 11.11% | 11.29% | 11.31% | 13.93% | 13.87% | 16.11% | 17.83% | 17.94% |
| Operating Income Growth % | - | -5.16% | 12.38% | 22.15% | -1.19% | -5.28% | -8.53% | 4.51% | -7.55% | 69.39% | -39.31% | 7.99% | 17.03% | 21.95% | -3.2% | -3.88% | 54.7% | -29.02% | -4.82% | 6.35% | 3.8% | 6.86% | 13.87% | 6.81% | -1.41% | -23.13% | 8.39% | -11.21% | -5.09% | 1.62% | -0.46% |
| EBITDA | 2.6B | 2.7B | 2.78B | 2.55B | 2.17B | 2.25B | 2.29B | 2.46B | 2.36B | 2.47B | 1.63B | 2.4B | 2.26B | 2B | 1.67B | 1.74B | 1.84B | 1.36B | 1.81B | 1.71B | 1.61B | 1.56B | 1.5B | 1.37B | 1.31B | 1.37B | 1.65B | 1.53B | 1.63B | 1.69B | 1.66B |
| EBITDA Margin % | 16.14% | 16.99% | 17.54% | 15.69% | 13.88% | 13.37% | 16.55% | 16.22% | 15.34% | 16.78% | 11.42% | 16.89% | 15.31% | 14.03% | 13.16% | 13.21% | 13.68% | 11.14% | 11.4% | 13.99% | 16.32% | 17.24% | 15.73% | 15.61% | 16.23% | 16.78% | 19.11% | 19.11% | 21.06% | 22.89% | 22.97% |
| EBITDA Growth % | -2.03% | -2.95% | 9.02% | 17.57% | -3.52% | -1.83% | -6.84% | 4.15% | -4.65% | 51.87% | -32.27% | 6.23% | 13.09% | 19.88% | -3.91% | -5.34% | 34.7% | -24.57% | 5.67% | 6.28% | 3.41% | 4.01% | 9.44% | 4.43% | -4.52% | -16.86% | 7.92% | -6.37% | -3.37% | 1.87% | 0.3% |
| D&A (Non-Cash Add-back) | 539M | 528M | 492M | 514M | 502M | 561M | 509M | 511M | 497M | 460M | 440M | 446M | 450M | 452M | 399M | 425M | 470M | 480M | 563M | 403M | 380M | 372M | 388M | 394M | 398M | 447M | 447M | 419M | 383M | 373M | 363M |
| EBIT | 2.25B | 2.29B | 2.09B | 1.94B | 1.52B | 1.94B | 1.5B | 1.79B | 1.81B | 2.11B | 904M | 1.87B | 1.53B | 1.42B | 1.04B | 1.43B | 1.48B | 810M | 1.16B | 1.41B | 1.23B | 1.18B | 1.11B | 973M | 911M | 924M | 1.2B | 1.11B | 1.25B | 1.32B | 1.29B |
| Net Interest Income | -99M | -88M | -64M | -107M | -113M | -95M | -115M | -100M | -95M | -85M | -99M | -86M | -454M | -153M | -170M | -168M | -155M | -165M | -228M | -73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 147M | 153M | 177M | 140M | 54M | 26M | 23M | 32M | 23M | 20M | 26M | 40M | 50M | 43M | 39M | 42M | 34M | 28M | 26M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 246M | 241M | 241M | 247M | 167M | 121M | 138M | 132M | 118M | 105M | 125M | 126M | 83M | 196M | 210M | 210M | 189M | 193M | 254M | 93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3M | -124M | -435M | -345M | -311M | 129M | -418M | -285M | -169M | -9M | -410M | -214M | -468M | -324M | -443M | -91M | -71M | -266M | -336M | 8M | -267M | -304M | -45M | -130M | -939M | -290M | -213M | -164M | 18M | -167M | -80M |
| Pretax Income | 2.06B | 2.04B | 1.85B | 1.69B | 1.35B | 1.81B | 1.36B | 1.66B | 1.69B | 2B | 779M | 1.75B | 1.35B | 1.23B | 828M | 1.22B | 1.29B | 617M | 908M | 1.31B | 962M | 880M | 1.06B | 843M | -28M | 634M | 989M | 945M | 1.27B | 1.15B | 1.22B |
| Pretax Margin % | 12.78% | 12.88% | 11.69% | 10.41% | 8.68% | 10.8% | 9.85% | 10.97% | 11.01% | 13.6% | 5.46% | 12.25% | 9.1% | 8.59% | 6.53% | 9.29% | 9.65% | 5.04% | 5.73% | 10.76% | 9.76% | 9.75% | 11.17% | 9.63% | -0.35% | 7.76% | 11.46% | 11.82% | 16.35% | 15.57% | 16.83% |
| Income Tax | 468M | 458M | 475M | 428M | 320M | 374M | 291M | 392M | 353M | 615M | 214M | 413M | 237M | 253M | 148M | 260M | 415M | 191M | 284M | 383M | 241M | 255M | 322M | 293M | -7M | 247M | 369M | 377M | 466M | 435M | 471M |
| Effective Tax Rate % | 22.72% | 22.4% | 25.65% | 25.33% | 23.62% | 20.61% | 21.37% | 23.6% | 20.85% | 30.67% | 27.47% | 23.67% | 17.61% | 20.64% | 17.87% | 21.28% | 32.05% | 30.96% | 31.28% | 29.13% | 25.05% | 28.98% | 30.29% | 34.76% | 25% | 38.96% | 37.31% | 39.89% | 36.78% | 37.86% | 38.77% |
| Net Income | 1.58B | 1.58B | 1.12B | 1.27B | 1.03B | 1.44B | 1.06B | 1.24B | 1.34B | 1.59B | 873M | 1.41B | 2.1B | 3.23B | 941M | 1.09B | 769M | 336M | 538M | 834M | 711M | 596M | 683M | 494M | -69M | 387M | 620M | 568M | 801M | 714M | 744M |
| Net Margin % | 9.83% | 9.93% | 7.04% | 7.82% | 6.57% | 8.56% | 7.66% | 8.21% | 8.72% | 10.81% | 6.12% | 9.87% | 14.21% | 22.65% | 7.42% | 8.33% | 5.73% | 2.75% | 3.39% | 6.82% | 7.21% | 6.6% | 7.18% | 5.64% | -0.86% | 4.74% | 7.19% | 7.1% | 10.33% | 9.68% | 10.31% |
| Net Income Growth % | 45.55% | 41.22% | -12.13% | 23.78% | -28.7% | 35.88% | -14.8% | -7.31% | -15.87% | 82.59% | -37.91% | -33.11% | -34.94% | 243.36% | -14.06% | 42.39% | 128.87% | -37.55% | -35.49% | 17.3% | 19.3% | -12.74% | 38.26% | 815.94% | -117.83% | -37.58% | 9.15% | -29.09% | 12.18% | -4.03% | -3.13% |
| Net Income (Continuing) | 1.59B | 1.59B | 1.38B | 1.26B | 1.03B | 1.44B | 1.07B | 1.27B | 1.34B | 1.39B | 565M | 1.33B | 1.11B | 973M | 680M | 962M | 880M | 426M | 624M | 932M | 721M | 625M | 741M | 500M | -60M | 387M | 620M | 568M | 801M | 714M | 744M |
| Discontinued Operations | 0 | 5M | -228M | 47M | 19M | 19M | 3M | 0 | 18M | 225M | 330M | 95M | 1.05B | 2.38B | 384M | 250M | 0 | 0 | 0 | -22M | 58M | 38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 150M | 0 | 177M | 191M | 117M | 125M | 126M | 119M | 102M | 115M | 87M | 86M | 85M | 266M | 259M | 197M | 195M | 169M | 156M | 133M | 148M | 108M | 96M | 137M | 131M | 122M | 128M | 98M | 87M | 82M | 76.2M |
| EPS (Diluted) | 7.06 | 6.92 | 4.75 | 5.35 | 4.32 | 6.01 | 4.45 | 5.22 | 5.46 | 6.18 | 3.28 | 5.14 | 7.52 | 11.14 | 3.03 | 3.44 | 2.32 | 1.01 | 1.63 | 2.52 | 2.13 | 1.75 | 1.98 | 1.45 | -0.20 | 1.15 | 1.79 | 1.62 | 2.24 | 1.97 | 1.97 |
| EPS Growth % | 50.11% | 45.68% | -11.21% | 23.84% | -28.12% | 35.06% | -14.75% | -4.4% | -11.65% | 88.41% | -36.19% | -31.65% | -32.5% | 267.66% | -11.92% | 48.28% | 129.7% | -38.04% | -35.32% | 18.31% | 21.71% | -11.62% | 36.55% | 825% | -117.39% | -35.75% | 10.49% | -27.68% | 13.71% | 0% | 4.23% |
| EPS (Basic) | - | 6.96 | 4.77 | 5.38 | 4.35 | 6.06 | 4.47 | 5.25 | 5.50 | 6.22 | 3.30 | 5.18 | 7.60 | 11.27 | 3.07 | 3.48 | 2.34 | 1.02 | 1.64 | 2.54 | 2.15 | 1.76 | 1.99 | 1.46 | -0.20 | 1.15 | 1.80 | 1.64 | 2.26 | 1.99 | 1.98 |
| Diluted Shares Outstanding | 224.4M | 227.1M | 234.9M | 237.2M | 237.3M | 239.4M | 237.9M | 238.2M | 245.4M | 257.8M | 267.4M | 273.6M | 279.6M | 290.2M | 310.2M | 318.6M | 329M | 331M | 331.08M | 329M | 333.02M | 341.55M | 345.82M | 341.87M | 336.59M | 337.99M | 347.34M | 351.7M | 357.59M | 362.44M | 379M |
| Basic Shares Outstanding | 223.7M | 226.3M | 233.8M | 236M | 236.1M | 237.6M | 236.8M | 236.9M | 243.9M | 256.1M | 265.6M | 271.4M | 276.6M | 286.8M | 306.8M | 314.6M | 329M | 329.6M | 329.2M | 329M | 331.47M | 339.6M | 343.22M | 339.52M | 336.59M | 336.52M | 344.44M | 347.4M | 354.42M | 359.7M | 375.6M |
| Dividend Payout Ratio | - | 39.85% | 55.73% | 47.09% | 55.56% | 37.25% | 46.84% | 37.65% | 33.78% | 27.23% | 47.42% | 27.24% | 17.17% | 10.68% | 38.04% | 32.42% | 46.81% | 127.98% | 78.44% | 40.17% | 44.44% | 53.02% | 44.95% | 59.51% | - | 73.13% | 44.52% | 46.48% | 31.46% | 33.47% | 31.85% |
Cyclical Industrial Volume Exposure
According to the provided quarterly income statements, PPG's revenue trajectory remains highly volatile, characterized by a 6.7% year-over-year increase in 2026Q1 following a massive 80.8% surge in 2025Q4, which contrasts sharply with the significant 50.2% contraction observed in the final quarter of 2024.
The erratic revenue shifts suggest that PPG is struggling to maintain organic growth consistency, likely due to its heavy reliance on cyclical end-markets like automotive and industrial manufacturing. Investors should monitor whether the recent growth in 2026Q1 represents a sustainable recovery or merely a rebound from the prior period's extreme volatility.
As reported in the financial data, PPG has maintained a relatively stable gross margin profile, hovering near 42% in 2026Q1, despite experiencing a temporary dip to 34.9% in 2024Q4, which suggests a degree of pricing power in its specialty coatings segments.
The ability to sustain gross margins above 40% in most periods indicates that the company successfully passes through raw material cost fluctuations to its customers. However, the sharp margin compression in 2024Q4 warrants further investigation into whether this was a structural failure or an isolated accounting anomaly related to inventory adjustments.
Based on the reported figures, PPG's operating income exhibits significant sensitivity to revenue fluctuations, with operating margins swinging from a low of 10.2% in 2023Q4 to a peak of 17.6% in 2024Q4, reflecting the high fixed-cost nature of its global manufacturing footprint.
The lack of consistent operating leverage suggests that the company struggles to scale SG&A expenses efficiently during periods of top-line contraction. This operational structure implies that any sustained downturn in industrial production could lead to rapid margin erosion, as overhead costs remain difficult to rationalize in the short term.
As indicated by the income statement, PPG's net income has experienced extreme variance, including a net loss of $280 million in 2024Q4, which complicates the assessment of normalized earnings power and suggests that non-operating items frequently distort the bottom-line performance.
The frequent appearance of large, non-recurring charges appears to mask the underlying profitability of the core coatings business. Investors should be cautious of relying on headline EPS figures, as the significant fluctuations in net margins suggest that one-time restructuring or impairment costs are a recurring feature of the company's financial reporting.
Quick answers to the most common questions about buying PPG stock.
For fiscal year 2025, PPG Industries, Inc. (PPG) reported total revenue of $15.88B. This represents a 119.9% increase compared to $7.22B in 1996.
PPG Industries, Inc. (PPG) is profitable, generating $1.58B in net income for the fiscal year ending 2025 with a net profit margin of 9.9%.
PPG Industries, Inc. (PPG) reported an operating income of $2.17B, resulting in an operating profit margin of 13.7%. This margin reflects the operational efficiency of the business before interest and taxes.
PPG Industries, Inc. (PPG) generated $6.03B in gross profit for the year, representing a gross profit margin of 38.0%. This demonstrates the company's core pricing power and production efficiency.