The Sherwin-Williams Company (SHW) Q3 2025 Financial Results Summary
CLEVELAND, October 28, 2025 – The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the third quarter ended September 30, 2025. Below is a summary of the key metrics and details from the report.
Summary of Financial Results
- Consolidated Net Sales: Increased by 3.2% to $6.36 billion compared to $6.16 billion in Q3 2024.
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Net Sales Growth in Paint Stores Group: Increased 3.6% in stores open more than twelve months.
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Net Income: Increased by 3.3% to $833.1 million, representing 13.1% of Net Sales.
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Diluted Net Income per Share: Increased by 5.3% to $3.35 per share, up from $3.18 per share in the same quarter last year.
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Adjusted Diluted Net Income per Share: Increased by 6.5% to $3.59 per share, compared to $3.37 per share in Q3 2024.
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Adjusted EBITDA: Increased by 6.0% to $1.36 billion, which is 21.4% of Net Sales.
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Income Before Income Taxes: Increased by 3.7% to $1.06 billion.
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Segment Profit for Paint Stores Group: Increased by 6.5% to $954.3 million with a reported segment margin of 24.9% (compared to 24.5% in Q3 2024).
Segment Performance Details
- Paint Stores Group (PSG):
- Net Sales: $3.84 billion (up 5.1% from $3.65 billion).
- Same-store sales increased by 3.6%.
- Consumer Brands Group (CBG):
- Net Sales: Decreased by 2.6% to $770.1 million (from $790.5 million).
- Segment Profit: Decreased by 5.0% to $157.3 million with a segment margin of 20.4% (down from 20.9%).
- Performance Coatings Group (PCG):
- Net Sales: Increased by 1.7% to $1.75 billion (from $1.72 billion).
- Segment Profit: Decreased by 7.5% to $240.3 million with a segment margin of 13.7% (down from 15.1%).
Capital Allocation
- Shareholder Returns: The company returned $864 million to shareholders through share repurchases and dividends during the quarter.
- Quarterly Dividend: The company declared dividends of $82.8 million for the quarter.
- Share Repurchases: Approximately 4.5 million shares were repurchased in the first nine months of 2025.
Liquidity and Cash Flow
- Generated $2.36 billion in net operating cash.
- Remaining authorization to repurchase 30.0 million shares of common stock.
Full Year Guidance
- Diluted Net Income per Share Guidance: Narrowed to a range of $10.16 to $10.36.
- Adjusted Diluted Net Income per Share Guidance: Expected to be in the range of $11.25 to $11.45.
CEO Remarks
Heidi G. Petz, Chair and CEO, stated:
– The results reflect the strategic execution amidst a challenging demand environment.
– There has been growth in adjusted earnings per share and expanded profit margins while maintaining cost control.
– The Paint Stores Group saw growth across various markets, and efforts are being made to adapt based on demand cycles.
Conclusion
The Sherwin-Williams Company reported solid financial results in Q3 2025, marking growth in net sales and earnings while strategically guiding through a soft demand environment. The company remains focused on serving customers and investing for long-term success.
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2025 | 2024 | September 30, 2025 | 2024 | |
| Net sales | 6,358.2 | 6,162.5 | 17,978.4 | 17,801.3 |
| Cost of goods sold | 3,232.7 | 3,135.0 | 9,175.5 | 9,179.4 |
| Gross profit | 3,125.5 | 3,027.5 | 8,802.9 | 8,621.9 |
| Selling, general and administrative expenses | 49.2 | 49.1 | 49.0 | 48.4 |
| Other general (income) expense – net | 30.7 | 30.7 | 32.0 | 31.1 |
| Income before income taxes | 117.2 | 103.4 | 333.4 | 317.2 |
| Income taxes | (2.6) | (2.6) | (8.3) | (9.6) |
| Net income | 1,060.5 | 1,022.8 | 2,699.2 | 2,836.2 |
| Net income per common share: Basic | $ 3.38 | $ 3.22 | $ 8.43 | $ 8.76 |
| Net income per common share: Diluted | $ 3.35 | $ 3.18 | $ 8.34 | $ 8.65 |
| Weighted average shares outstanding: Basic | 246.2 | 250.6 | 248.0 | 251.4 |
| Weighted average shares outstanding: Diluted | 249.0 | 253.9 | 250.9 | 254.6 |
| Assets | September 30, 2025 | 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 241.5 | $ 238.2 |
| Accounts receivable, net | 3,122.3 | 2,973.4 |
| Inventories | 2,276.3 | 2,267.4 |
| Other current assets | 506.0 | 495.3 |
| Total current assets | 6,146.1 | 5,974.3 |
| Property, plant and equipment, net | 3,913.2 | 3,344.7 |
| Goodwill | 7,794.1 | 7,657.0 |
| Intangible assets | 3,466.2 | 3,656.9 |
| Operating lease right-of-use assets | 1,989.5 | 1,890.0 |
| Other assets | 2,897.3 | 1,445.4 |
| Total assets | $ 26,206.4 | $ 23,968.3 |
| Liabilities and Shareholders’ Equity | |
|---|---|
| Current liabilities: | |
| Short-term borrowings | $ 1,846.9 |
| Accounts payable | 2,441.6 |
| Compensation and taxes withheld | 709.4 |
| Accrued taxes | 254.6 |
| Current portion of long-term debt | 350.5 |
| Current portion of operating lease liabilities | 479.8 |
| Other accruals | 1,390.7 |
| Total current liabilities | 7,473.5 |
| Long-term debt | 9,318.1 |
| Postretirement benefits other than pensions | 120.7 |
| Deferred income taxes | 657.2 |
| Long-term operating lease liabilities | 1,582.3 |
| Other long-term liabilities | 2,629.3 |
| Shareholders’ equity | 4,425.3 |
| Total liabilities and shareholders’ equity | $ 26,206.4 |
