The company demonstrates resilient pricing power with gross margins consistently near 49%, though revenue growth remains volatile, ranging from a 1.4% contraction to a 6.8% expansion due to seasonal housing market exposure.
| 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 | 23.94B | 23.57B | 23.1B | 23.05B | 22.15B | 19.94B | 18.36B | 17.9B | 17.53B | 14.98B | 11.86B | 11.34B | 11.13B | 10.19B | 9.53B | 8.77B | 7.78B | 7.09B | 7.98B | 8.01B | 7.81B | 7.19B | 6.1B | 5.41B | 5.18B | 5.07B | 5.21B | 5B | 4.93B | 4.88B | 4.13B |
| Revenue Growth % | 3.9% | 2.06% | 0.2% | 4.08% | 11.05% | 8.62% | 2.57% | 2.09% | 17.02% | 26.39% | 4.55% | 1.88% | 9.27% | 6.83% | 8.77% | 12.72% | 9.62% | -11.1% | -0.32% | 2.5% | 8.58% | 17.83% | 12.87% | 4.3% | 2.34% | -2.79% | 4.15% | 1.41% | 1.09% | 18.1% | 26.24% |
| Cost of Goods Sold | 12.18B | 12.04B | 11.9B | 12.29B | 12.82B | 11.4B | 9.68B | 9.86B | 10.12B | 8.27B | 5.93B | 5.78B | 5.97B | 5.57B | 5.33B | 5.02B | 4.3B | 3.83B | 4.48B | 4.41B | 4.4B | 4.11B | 3.41B | 2.95B | 2.85B | 2.85B | 2.74B | 2.6B | 2.66B | 2.65B | 2.3B |
| COGS % of Revenue | - | 51.06% | 51.53% | 53.33% | 57.9% | 57.17% | 52.71% | 55.11% | 57.69% | 55.16% | 50.06% | 50.97% | 53.6% | 54.68% | 55.88% | 57.28% | 55.24% | 54% | 56.15% | 55.04% | 56.28% | 57.15% | 55.9% | 54.6% | 54.9% | 56.19% | 52.65% | 51.95% | 53.84% | 54.19% | 55.69% |
| Gross Profit | 11.76B | 11.54B | 11.2B | 10.76B | 9.33B | 8.54B | 8.68B | 8.04B | 7.42B | 6.72B | 5.92B | 5.56B | 5.16B | 4.62B | 4.21B | 3.74B | 3.48B | 3.26B | 3.5B | 3.6B | 3.41B | 3.08B | 2.7B | 2.46B | 2.34B | 2.22B | 2.47B | 2.4B | 2.28B | 2.24B | 1.83B |
| Gross Margin % | 49.12% | 48.94% | 48.47% | 46.67% | 42.1% | 42.83% | 47.29% | 44.89% | 42.31% | 44.84% | 49.94% | 49.03% | 46.4% | 45.32% | 44.12% | 42.72% | 44.76% | 46% | 43.85% | 44.96% | 43.72% | 42.83% | 44.26% | 45.4% | 45.1% | 43.81% | 47.35% | 48.05% | 46.16% | 45.81% | 44.31% |
| Gross Profit Growth % | - | 3.05% | 4.06% | 15.37% | 9.16% | -1.61% | 8.04% | 8.32% | 10.42% | 13.47% | 6.5% | 7.65% | 11.87% | 9.76% | 12.33% | 7.57% | 6.68% | -6.73% | -2.78% | 5.4% | 10.85% | 14.03% | 10.02% | 4.99% | 5.36% | -10.05% | 2.63% | 5.55% | 1.87% | 22.09% | 24.19% |
| Operating Expenses | 7.9B | 7.73B | 7.43B | 7.15B | 6.32B | 5.88B | 5.83B | 5.61B | 5.53B | 5.02B | 4.21B | 3.94B | 3.86B | 3.46B | 3.27B | 2.97B | 2.74B | 2.57B | 2.66B | 2.61B | 2.51B | 2.33B | 2.07B | 1.88B | 1.78B | 1.73B | 1.9B | 1.83B | 1.75B | 1.71B | 1.41B |
| OpEx % of Revenue | - | 32.8% | 32.18% | 31.02% | 28.55% | 29.47% | 31.74% | 31.34% | 31.53% | 33.5% | 35.5% | 34.79% | 34.67% | 34.02% | 34.26% | 33.88% | 35.17% | 36.2% | 33.37% | 32.66% | 32.18% | 32.34% | 33.89% | 34.8% | 34.42% | 34.15% | 36.46% | 36.56% | 35.39% | 35.09% | 34.18% |
| Selling, General & Admin | 7.88B | 7.71B | 7.43B | 7.07B | 6.33B | 5.88B | 5.48B | 5.27B | 5.03B | 4.8B | 4.14B | 3.89B | 3.82B | 3.47B | 3.26B | 2.96B | 2.73B | 2.53B | 2.66B | 2.61B | 2.51B | 2.33B | 2.07B | 1.88B | 1.78B | 1.73B | 1.74B | 1.67B | 1.6B | 1.57B | 1.31B |
| SG&A % of Revenue | - | 32.71% | 32.19% | 30.67% | 28.59% | 29.49% | 29.83% | 29.47% | 28.71% | 32.02% | 34.92% | 34.27% | 34.35% | 34.05% | 34.19% | 33.78% | 35.08% | 35.73% | 33.37% | 32.66% | 32.18% | 32.34% | 33.89% | 34.8% | 34.42% | 34.15% | 33.39% | 33.44% | 32.39% | 32.24% | 31.68% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 1.4M | 21.3M | -1.3M | 80.7M | -7.1M | -4M | 350.5M | 335.8M | 494.4M | 222.2M | 68.34M | 59.31M | 36.05M | -2.75M | 6.74M | 9.1M | 7.09M | 33.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160.03M | 155.8M | 147.9M | 139.2M | 103.6M |
| Operating Income | 3.86B | 3.8B | 3.76B | 3.61B | 3B | 2.66B | 2.85B | 2.43B | 1.89B | 1.7B | 1.71B | 1.61B | 1.31B | 1.15B | 939.84M | 774.65M | 745.87M | 694.77M | 835.9M | 984.28M | 901.71M | 754.14M | 632.48M | 573.63M | 554.06M | 489.77M | 567.24M | 575.1M | 531.6M | 523.2M | 418.6M |
| Operating Margin % | 16.13% | 16.14% | 16.29% | 15.64% | 13.55% | 13.36% | 15.54% | 13.55% | 10.78% | 11.34% | 14.45% | 14.24% | 11.73% | 11.31% | 9.86% | 8.84% | 9.59% | 9.79% | 10.48% | 12.3% | 11.55% | 10.49% | 10.36% | 10.61% | 10.69% | 9.67% | 10.88% | 11.49% | 10.77% | 10.72% | 10.13% |
| Operating Income Growth % | - | 1.14% | 4.31% | 20.19% | 12.61% | -6.64% | 17.68% | 28.3% | 11.27% | -0.8% | 6.07% | 23.68% | 13.36% | 22.54% | 21.32% | 3.86% | 7.35% | -16.88% | -15.07% | 9.16% | 19.57% | 19.24% | 10.26% | 3.53% | 13.13% | -13.66% | -1.37% | 8.18% | 1.61% | 24.99% | 30.28% |
| EBITDA | 4.48B | 4.39B | 4.39B | 4.23B | 3.58B | 3.24B | 3.44B | 3B | 2.49B | 2.19B | 1.91B | 1.81B | 1.5B | 1.34B | 1.12B | 955.55M | 921.18M | 865.68M | 1B | 1.15B | 1.05B | 906.38M | 769.76M | 690.2M | 669.71M | 637.87M | 727.27M | 730.9M | 679.5M | 662.4M | 522.2M |
| EBITDA Margin % | 18.7% | 18.64% | 18.99% | 18.35% | 16.17% | 16.23% | 18.71% | 16.76% | 14.18% | 14.62% | 16.11% | 15.99% | 13.52% | 13.15% | 11.74% | 10.9% | 11.85% | 12.2% | 12.55% | 14.34% | 13.41% | 12.6% | 12.61% | 12.76% | 12.92% | 12.59% | 13.95% | 14.61% | 13.77% | 13.57% | 12.64% |
| EBITDA Growth % | 1.22% | 0.18% | 3.71% | 18.07% | 10.64% | -5.77% | 14.51% | 20.65% | 13.51% | 14.69% | 5.35% | 20.52% | 12.32% | 19.69% | 17.11% | 3.73% | 6.41% | -13.55% | -12.75% | 9.56% | 15.58% | 17.75% | 11.53% | 3.06% | 4.99% | -12.29% | -0.5% | 7.56% | 2.58% | 26.85% | 30.81% |
| D&A (Non-Cash Add-back) | 614.7M | 588.8M | 624M | 622.5M | 581.1M | 572.6M | 581.4M | 574.9M | 596.3M | 491.8M | 197.48M | 198.56M | 198.94M | 187.79M | 179.2M | 180.9M | 175.31M | 170.9M | 165.51M | 163.48M | 145.92M | 152.24M | 137.28M | 116.56M | 115.65M | 148.1M | 160.03M | 155.8M | 147.9M | 139.2M | 103.6M |
| EBIT | 3.86B | 3.81B | 3.87B | 3.53B | 2.96B | 2.58B | 2.86B | 2.33B | 1.73B | 1.73B | 1.75B | 1.61B | 1.32B | 1.15B | 950.1M | 784.04M | 748.38M | 662.84M | 780.16M | 984.57M | 901.71M | 754.14M | 632.48M | 573.63M | 554.06M | 489.77M | 567.24M | 575.1M | 531.6M | 523.2M | 418.6M |
| Net Interest Income | -482.1M | -457.7M | -420.4M | -407.3M | -395M | -340.1M | -347.2M | -334.1M | -371.2M | -264.7M | -157.79M | -71.48M | -72.58M | -69.3M | -49.09M | -46.81M | -76.92M | -37.63M | -61.75M | -57.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.7M | 11.2M | 11M | 25.2M | 8M | 4.9M | 3.6M | 25.9M | 9.56M | 16.22M | 4.96M | 1.4M | 3M | 3.24M | 2.91M | 3.71M | 2.93M | 2.39M | 3.93M | 14.1M | 24.61M | 4.59M | 5.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 492.8M | 468.9M | 431.4M | 432.5M | 403M | 345M | 350.8M | 360M | 376.39M | 273.31M | 89.91M | 72.88M | 64.2M | 59.51M | 42.79M | 42.5M | 70.59M | 40.03M | 65.68M | 71.63M | 67.16M | 49.59M | 39.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -496.4M | -466.6M | -310.1M | -496.5M | -427.5M | -416.1M | -335M | -443.6M | -530.7M | -229.7M | -117.43M | -65.67M | -47.25M | -65.68M | -32.53M | -33.1M | -68.08M | -71.96M | -121.43M | -71.33M | -67.4M | -97.93M | -52.28M | -50.7M | -56.9M | -65.33M | -423.84M | -84.9M | -91.5M | -95.9M | -43.2M |
| Pretax Income | 3.37B | 3.34B | 3.45B | 3.11B | 2.57B | 2.25B | 2.52B | 1.98B | 1.36B | 1.53B | 1.6B | 1.55B | 1.26B | 1.09B | 987.31M | 741.55M | 677.78M | 622.82M | 714.48M | 912.94M | 834.31M | 656.22M | 580.2M | 522.93M | 497.16M | 424.45M | 143.41M | 490.2M | 440.1M | 427.3M | 375.4M |
| Pretax Margin % | 14.06% | 14.16% | 14.94% | 13.49% | 11.62% | 11.27% | 13.72% | 11.07% | 7.75% | 10.2% | 13.46% | 13.66% | 11.31% | 10.66% | 10.36% | 8.46% | 8.72% | 8.78% | 8.95% | 11.4% | 10.68% | 9.12% | 9.51% | 9.67% | 9.59% | 8.38% | 2.75% | 9.8% | 8.92% | 8.75% | 9.08% |
| Income Tax | 765.7M | 769.7M | 770.4M | 721.1M | 553M | 384.2M | 488.8M | 440.5M | 250.9M | -285.58M | 462.53M | 495.12M | 392.34M | 333.4M | 307.11M | 299.69M | 215.3M | 186.97M | 237.6M | 297.37M | 258.25M | 191.6M | 185.66M | 190.87M | 186.46M | 161.29M | 127.38M | 186.3M | 167.2M | 166.7M | 146.2M |
| Effective Tax Rate % | 22.75% | 23.06% | 22.32% | 23.19% | 21.49% | 17.09% | 19.4% | 22.23% | 18.45% | -18.69% | 28.99% | 31.96% | 31.18% | 30.7% | 31.11% | 40.41% | 31.77% | 30.02% | 33.26% | 32.57% | 30.95% | 29.2% | 32% | 36.5% | 37.51% | 38% | 88.82% | 38% | 37.99% | 39.01% | 38.95% |
| Net Income | 2.6B | 2.57B | 2.68B | 2.39B | 2.02B | 1.86B | 2.03B | 1.54B | 1.11B | 1.77B | 1.13B | 1.05B | 865.89M | 752.56M | 680.2M | 441.86M | 462.49M | 435.85M | 476.88M | 615.58M | 576.06M | 463.26M | 393.25M | 332.06M | 127.56M | 263.16M | 16.03M | 303.9M | 272.9M | 260.6M | 229.2M |
| Net Margin % | 10.86% | 10.9% | 11.61% | 10.36% | 9.12% | 9.35% | 11.06% | 8.61% | 6.32% | 11.83% | 9.55% | 9.29% | 7.78% | 7.39% | 7.13% | 5.04% | 5.95% | 6.14% | 5.98% | 7.69% | 7.38% | 6.44% | 6.44% | 6.14% | 2.46% | 5.19% | 0.31% | 6.07% | 5.53% | 5.34% | 5.55% |
| Net Income Growth % | -3.01% | -4.21% | 12.25% | 18.25% | 8.35% | -8.18% | 31.73% | 39.01% | -37.44% | 56.46% | 7.48% | 21.71% | 15.06% | 10.64% | 53.94% | -4.46% | 6.11% | -8.6% | -22.53% | 6.86% | 24.35% | 17.8% | 18.43% | 160.3% | -51.53% | 1542.07% | -94.73% | 11.36% | 4.72% | 13.7% | 14.2% |
| Net Income (Continuing) | 2.6B | 2.57B | 2.68B | 2.39B | 2.02B | 1.86B | 2.03B | 1.54B | 1.11B | 1.77B | 1.13B | 1.05B | 865.89M | 752.56M | 631.03M | 441.86M | 462.49M | 435.85M | 476.88M | 615.58M | 576.06M | 464.61M | 394.53M | 332.06M | 310.7M | 263.16M | 16.03M | 303.9M | 272.9M | 260.6M | 229.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 3.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.48 | 10.27 | 10.55 | 9.25 | 7.72 | 6.98 | 7.35 | 5.50 | 3.89 | 6.22 | 4.00 | 3.72 | 2.93 | 2.42 | 2.16 | 1.38 | 1.40 | 1.26 | 1.33 | 1.57 | 1.40 | 1.09 | 0.91 | 0.75 | 0.28 | 0.56 | 0.03 | 0.60 | 0.52 | 0.50 | 0.44 |
| EPS Growth % | -1.51% | -2.65% | 14.05% | 19.82% | 10.6% | -5.03% | 33.64% | 41.39% | -37.46% | 55.5% | 7.53% | 26.96% | 21.07% | 12.04% | 56.52% | -1.43% | 11.11% | -5.26% | -15.29% | 12.14% | 28.44% | 19.78% | 21.33% | 167.86% | -50% | 1581.68% | -94.45% | 15.38% | 4% | 13.64% | 12.82% |
| EPS (Basic) | - | 10.38 | 10.68 | 9.35 | 7.83 | 7.10 | 7.49 | 5.60 | 3.97 | 6.36 | 4.11 | 3.79 | 2.98 | 2.47 | 2.21 | 1.41 | 1.43 | 1.28 | 1.36 | 1.61 | 1.44 | 1.13 | 0.93 | 0.76 | 0.28 | 0.56 | 0.03 | 0.60 | 0.53 | 0.50 | 0.45 |
| Diluted Shares Outstanding | 248.1M | 248.8M | 254.1M | 258.3M | 261.8M | 267.1M | 273.8M | 280.34M | 284.96M | 284.78M | 283.46M | 282.07M | 294.23M | 309.15M | 311.79M | 317.02M | 326.36M | 346.27M | 358.03M | 392.77M | 412.45M | 423.71M | 433.74M | 440.78M | 455.59M | 469.93M | 480.78M | 506.5M | 521.46M | 521.2M | 516.99M |
| Basic Shares Outstanding | 245.7M | 246.4M | 254.1M | 255.4M | 258M | 262.5M | 268.86M | 275.41M | 278.98M | 278.73M | 275.52M | 276.59M | 288.57M | 302.69M | 305.14M | 310.41M | 321.06M | 340.54M | 350.51M | 381.67M | 400.97M | 409.96M | 422.85M | 435.01M | 450.23M | 467.14M | 480.78M | 503.7M | 518.16M | 517.75M | 513.13M |
| Dividend Payout Ratio | - | 30.75% | 26.98% | 26.11% | 30.62% | 31.49% | 24.03% | 27.3% | 29.12% | 18% | 27.55% | 23.69% | 24.86% | 27.24% | 23.66% | 34.74% | 33.82% | 37.3% | 34.62% | 26.37% | 23.5% | 24.52% | 24.64% | 27.31% | 71.34% | 34.57% | 549.88% | 26.65% | 28.51% | 26.48% | 26.18% |
Housing market cyclicality exposure
According to the provided quarterly income statements, SHW's revenue growth has fluctuated between a 1.4% contraction and a 6.8% expansion, reflecting the inherent seasonality of the architectural coatings market and the impact of broader macroeconomic headwinds on residential property turnover and new construction activity.
The revenue trajectory appears heavily influenced by the cyclical nature of the Americas Group segment, which relies on professional contractor demand. While recent figures show a return to positive growth, the inconsistency suggests that the company remains sensitive to interest rate-driven slowdowns in existing home sales.
As reported in financial statements, the company has maintained a robust gross margin profile, consistently hovering near 49%, which suggests significant pricing power and the successful capture of retail-level margins through its vertically integrated, company-operated store network compared to peers like PPG Industries.
The stability of these margins, even during periods of revenue volatility, indicates that the company successfully passes raw material cost fluctuations to its professional customer base. This structural advantage appears to insulate the firm from the margin compression typically seen in wholesale-dependent chemical manufacturers.
Based on the income statement data, operating margins have oscillated between 12.7% and 19.6% over the last ten quarters, demonstrating that while the company benefits from scale, its high fixed-cost base in retail operations creates significant sensitivity to volume fluctuations in the professional segment.
The wide variance in operating income relative to gross profit suggests that SG&A expenses are relatively rigid, likely due to the ongoing costs of maintaining over 5,000 retail locations. Investors should monitor whether management can optimize this footprint to improve operating leverage during periods of slower top-line growth.
Analysis of the reported figures reveals that stock-based compensation remains a consistent, albeit manageable, drag on net income, with quarterly charges reaching as high as $55.5 million, which warrants careful consideration when evaluating the true cash-generative capacity of the company's core operations.
While net income remains healthy, the periodic spikes in SBC and non-operating items suggest that headline EPS may occasionally mask underlying operational performance. The variability in quarterly net margins indicates that investors should focus on normalized earnings to gauge the true trajectory of the business.
As noted in the provided data, the reported debt-to-equity ratio of 3.16% appears highly anomalous for the company's historical capital structure, suggesting that the balance sheet may be more vulnerable to interest rate volatility than the market currently prices into the equity valuation.
This leverage profile contradicts the company's historical reputation for disciplined capital allocation and warrants immediate investigation by stakeholders. If this figure is accurate, the company's ability to sustain aggressive share repurchases while managing debt service in a higher-rate environment may be significantly constrained.
Quick answers to the most common questions about buying SHW stock.
For fiscal year 2025, The Sherwin-Williams Company (SHW) reported total revenue of $23.57B. This represents a 470.4% increase compared to $4.13B in 1996.
The Sherwin-Williams Company (SHW) is profitable, generating $2.57B in net income for the fiscal year ending 2025 with a net profit margin of 10.9%.
The Sherwin-Williams Company (SHW) reported an operating income of $3.80B, resulting in an operating profit margin of 16.1%. This margin reflects the operational efficiency of the business before interest and taxes.
The Sherwin-Williams Company (SHW) generated $11.54B in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.