The Sherwin-Williams Company (SHW) quarterly cash flow statement — complete operating, investing & financing history
The Sherwin-Williams Company (SHW) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | 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 |
|---|
| Cash from Operations | 1.1B | 1.35B | 139.1M | 1.09B | 1.31B | 1.11B | -61.1M | 934.5M | 1.07B | 1.2B | -58.9M | 918.6M | 1.31B | 1.21B | 88.2M | 641M | 639.2M | 613.4M | 26.3M | 193.9M |
| Operating CF Margin % | 16.1% | 19.85% | 2.45% | 19.52% | 20.57% | 17.62% | -1.15% | 17.64% | 17.44% | 19.18% | -1.1% | 17.49% | 21.4% | 19.33% | 1.62% | 12.26% | 10.57% | 10.45% | 0.53% | 4.07% |
| Operating CF Growth % | -15.53% | 21.11% | 327.66% | 16.91% | 21.67% | -7.51% | -3.74% | 1.73% | -17.88% | -0.29% | -166.78% | 43.31% | 104.74% | 96.67% | 235.36% | 230.58% | -24.75% | -39% | -86.56% | -77.05% |
| Net Income | 821M | 843.6M | 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 |
| Depreciation & Amortization | 187.5M | 186.4M | 186.8M | 186.4M | 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 |
| Stock-Based Compensation | 27.7M | 27.8M | 29.5M | 32M | 30.9M | 34M | 26.6M | 55.5M | 27.9M | 30.1M | 24.6M | 43.1M | 26.8M | 23.5M | 22.5M | 19.7M | 26.3M | 26.9M | 26.8M | 32.8M |
| Deferred Taxes | -19.7M | -7.7M | -3.2M | 97.8M | 94.2M | -20.1M | -18.7M | -25.7M | -10.6M | -22.2M | -16.4M | 200K | -62M | -24.4M | -2.7M | -36M | -84.6M | -12.6M | -11.6M | -56M |
| Other Non-Cash Items | 159.3M | -502.2M | 190.9M | 120.7M | 115M | 159.4M | 170.7M | 20.7M | 94.6M | 98.8M | 74.4M | 417.1M | 102.1M | 76.6M | 80.7M | 141.8M | 120.1M | 146.8M | 105.4M | -36.4M |
| Working Capital Changes | -71.3M | 799.6M | -799.6M | 178.8M | 67.5M | 21.9M | -904.5M | 242M | 1M | 53M | -799.9M | -52.3M | 324.9M | 178.3M | -643.8M | -19.3M | -253.5M | -268.9M | -608.6M | -190.1M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -152.6M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -666.7M | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.6M | 0 | 0 |
| Cash from Investing | -151.9M | -207.7M | -170.5M | -171.6M | -1.34B | -241.1M | -316.2M | -285.5M | -328.7M | -260.8M | -321.3M | -530.3M | -91.1M | -184.5M | -233.4M | -557.1M | -576.6M | -278.3M | -195.6M | -249.7M |
| Capital Expenditures | -128.7M | -108.4M | -138.3M | -230.4M | -196.4M | -181.5M | -189.3M | -300M | -235.3M | -250.9M | -283.8M | -319.5M | -152.9M | -206.1M | -209.9M | -233.8M | -174.9M | -129.5M | -106.3M | -123.9M |
| CapEx % of Revenue | 1.88% | 1.6% | 2.44% | 4.12% | 3.09% | 2.87% | 3.57% | 5.66% | 3.82% | 4% | 5.29% | 6.08% | 2.5% | 3.3% | 3.86% | 4.47% | 2.89% | 2.21% | 2.13% | 2.6% |
| Acquisitions | -800K | -64.9M | 0 | -1.08B | 2.1M | -39M | -82.4M | -78.9M | 0 | 9.3M | 0 | -241.5M | 70.7M | 10.1M | -300K | -376.3M | -415M | -211.4M | -400K | -185.6M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -22.4M | -34.4M | -32.2M | 1.14B | -1.14B | -20.6M | -44.5M | 93.4M | -93.4M | -19.2M | -37.5M | 30.7M | -8.9M | 11.5M | -23.2M | 53M | 13.3M | 62.6M | -88.9M | 59.8M |
| Cash from Financing | -977.8M | -1.06B | 47.6M | -942.3M | 6.5M | -810M | 367.2M | -670.8M | -718.5M | -917.4M | 289.6M | -639.5M | -915.5M | -967.7M | 98.1M | -18.8M | -255.6M | -423.7M | 415.7M | -96.3M |
| Debt Issued (Net) | -280.3M | 373.1M | 830.9M | -605.9M | 825.9M | -92M | 926.5M | -220.5M | -152.8M | -313.3M | 959.5M | -21.6M | -380.8M | -600.9M | 569.5M | 237.2M | -71.7M | 16.1M | 972.2M | 642.7M |
| Equity Issued (Net) | -476.2M | -1.24B | -528M | -95.9M | -600.3M | -494.1M | -351.7M | -310.2M | -448.7M | -434.4M | -545.5M | -486M | -410.1M | -234.2M | -301.7M | -132.1M | -47.6M | -281.7M | -385.1M | -675.8M |
| Dividends Paid | -194.3M | -197.5M | -197.1M | -195.8M | -195.7M | -197.9M | -200.4M | -179.8M | -182.5M | -178.6M | -182.5M | -155.3M | -155.6M | -156.3M | -156.5M | -155.6M | -155.8M | -156.2M | -150.9M | -144.2M |
| Share Repurchases | -520.1M | -1.26B | -575.6M | -118M | -668.2M | -518.5M | -351.7M | -310.2M | -448.7M | -434.4M | -545.5M | -486M | -410.1M | -234.2M | -301.7M | -132.1M | -47.6M | -296.4M | -407.1M | -675.8M |
| Other Financing | -27M | 3.8M | -58.2M | -44.7M | -23.4M | -26M | -7.2M | 39.7M | 65.5M | 8.9M | 58.1M | 23.4M | 31M | 23.7M | -13.2M | 31.7M | 19.5M | -1.9M | -20.5M | 81M |
| Net Change in Cash | -29.3M | 76.6M | 9.7M | -34.3M | -28.3M | 70M | -10.6M | -27.8M | 38.2M | 20.1M | -96.9M | -226.6M | 294M | 58M | -47.4M | 68.3M | -182.1M | -88.5M | 235.4M | -147.6M |
| Free Cash Flow | 975.8M | 1.24B | 800K | 862.1M | 1.11B | 931.1M | -250.4M | 634.5M | 839.4M | 952M | -342.7M | 599.1M | 1.16B | 1B | -121.7M | 407.2M | 464.3M | 483.9M | -80M | 70M |
| FCF Margin % | 14.22% | 18.25% | 0.01% | 15.41% | 17.48% | 14.75% | -4.72% | 11.98% | 13.62% | 15.18% | -6.39% | 11.41% | 18.9% | 16.03% | -2.24% | 7.79% | 7.68% | 8.24% | -1.6% | 1.47% |
| FCF Growth % | -12.19% | 33.08% | 100.32% | 35.87% | 32.38% | -2.2% | 26.93% | 5.91% | -27.38% | -4.83% | -181.59% | 47.13% | 148.93% | 106.72% | -52.13% | 481.71% | -38.32% | -47.32% | -160.88% | -90.47% |
| FCF per Share | 4.02 | 5.01 | 0.00 | 3.47 | 4.46 | 3.70 | -0.99 | 2.50 | 3.31 | 3.75 | -1.34 | 2.33 | 4.50 | 3.86 | -0.47 | 1.56 | 1.78 | 1.85 | -0.30 | 0.26 |
| FCF Conversion (FCF/Net Income) | 1.35x | 1.60x | 0.26x | 2.29x | 1.57x | 1.47x | -0.12x | 1.95x | 1.33x | 1.35x | -0.12x | 2.58x | 1.72x | 1.52x | 0.18x | 1.66x | 0.93x | 1.06x | 0.07x | 0.64x |
| Interest Paid | 157.5M | 115.8M | 159.7M | 109.7M | 123.9M | 99.6M | 119.8M | 84.6M | 108.7M | 106.1M | 107.5M | 92.4M | 104.4M | 106.7M | 113M | 104.2M | 89M | 101.8M | 76.1M | 100.3M |
| Taxes Paid | 340.5M | 140.5M | 44.2M | 134.6M | 138.7M | 229.5M | 89.9M | 182.4M | 354.7M | 173M | 69.7M | 293.7M | 217.4M | 264.9M | 40.7M | 149.9M | 253M | 138.3M | 38.9M | 42.4M |