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Sherwin-Williams Financials

SHW
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Sherwin-Williams (SHW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SHW FY2025

Margin expansion and strong cash conversion let Sherwin-Williams operate with lean liquidity rather than a large cash cushion.

From FY2021 to FY2025, gross margin climbed from 42.8% to 48.9%, showing materially better product-level economics. Yet FY2025 net margin was only 10.9% while interest expense remained $396.2M, implying part of that gross-profit improvement was absorbed by a heavier selling network and financing costs instead of flowing cleanly to the bottom line.

Cash generation quality looks dependable: operating cash flow exceeded net income for three straight years, and FY2025 produced $3.45B of operating cash against $2.57B of profit. That matters because the company has run with a current ratio below 1.0x throughout the period, so day-to-day flexibility depends more on converting earnings into cash than on holding a large cash balance.

Capital returns absorb most of the cash the business throws off: in FY2025, buybacks plus dividends were about $2.45B versus $2.65B of free cash flow. With long-term debt at $9.32B and cash near break-even year to year, the balance sheet is being managed as a steady cash machine rather than a cash-rich fortress.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 54 / 100
Financial Profile 54/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Sherwin-Williams's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth
35

Sherwin-Williams's revenue grew a modest 2.1% year-over-year to $23.6B. This slow but positive growth earns a score of 35/100.

Leverage
61

Sherwin-Williams has a moderate D/E ratio of 2.03. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity
12

Sherwin-Williams's current ratio of 0.87 is below the typical benchmark, resulting in a score of 12/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
52

Sherwin-Williams has a free cash flow margin of 11.3%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
100

Sherwin-Williams earns a strong 55.9% return on equity (ROE), meaning it generates $56 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 66.2% the prior year.

Piotroski F-Score Neutral
6/9

Sherwin-Williams passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.34x

For every $1 of reported earnings, Sherwin-Williams generates $1.34 in operating cash flow ($3.5B OCF vs $2.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$23.6B
YoY+2.1%
5Y CAGR+5.1%
10Y CAGR+7.6%

Sherwin-Williams generated $23.6B in revenue in fiscal year 2025. This represents an increase of 2.1% from the prior year.

EBITDA
N/A
Net Income
$2.6B
YoY-4.2%
5Y CAGR+4.8%
10Y CAGR+9.3%

Sherwin-Williams reported $2.6B in net income in fiscal year 2025. This represents a decrease of 4.2% from the prior year.

EPS (Diluted)
$10.26
YoY-2.7%
5Y CAGR+6.9%
10Y CAGR-0.8%

Sherwin-Williams earned $10.26 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$2.7B
YoY+27.4%
5Y CAGR-3.1%
10Y CAGR+8.1%

Sherwin-Williams generated $2.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 27.4% from the prior year.

Cash & Debt
$207.2M
YoY-1.5%
5Y CAGR-1.8%
10Y CAGR+0.1%

Sherwin-Williams held $207.2M in cash against $9.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$3.16
YoY+10.5%
5Y CAGR+12.1%
10Y CAGR+1.7%

Sherwin-Williams paid $3.16 per share in dividends in fiscal year 2025. This represents an increase of 10.5% from the prior year.

Shares Outstanding
248M
YoY-1.4%
5Y CAGR+22.6%
10Y CAGR+10.4%

Sherwin-Williams had 248M shares outstanding in fiscal year 2025. This represents a decrease of 1.4% from the prior year.

Margins & Returns

Gross Margin
48.9%
YoY+0.4pp
5Y CAGR+1.6pp
10Y CAGR-0.2pp

Sherwin-Williams's gross margin was 48.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.

Operating Margin
N/A
Net Margin
10.9%
YoY-0.7pp
5Y CAGR-0.2pp
10Y CAGR+1.6pp

Sherwin-Williams's net profit margin was 10.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.7 percentage points from the prior year.

Return on Equity
55.9%
YoY-10.3pp
5Y CAGR-0.4pp
10Y CAGR-65.6pp

Sherwin-Williams's ROE was 55.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.3 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$1.7B
YoY-4.7%
5Y CAGR-7.5%
10Y CAGR+4.8%

Sherwin-Williams spent $1.7B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 4.7% from the prior year.

Capital Expenditures
$797.6M
YoY-25.5%
5Y CAGR+21.3%
10Y CAGR+13.0%

Sherwin-Williams invested $797.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 25.5% from the prior year.

SHW Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $5.7B+1.3% $5.6B-12.0% $6.4B+0.7% $6.3B+19.0% $5.3B+0.2% $5.3B-14.0% $6.2B-1.7% $6.3B
Cost of Revenue $2.9B+0.1% $2.9B-10.8% $3.2B+1.1% $3.2B+16.4% $2.7B+0.8% $2.7B-13.1% $3.1B-2.3% $3.2B
Gross Profit $2.8B+2.5% $2.7B-13.2% $3.1B+0.2% $3.1B+21.9% $2.6B-0.5% $2.6B-15.0% $3.0B-1.2% $3.1B
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $2.0B+1.7% $1.9B-0.8% $2.0B-2.9% $2.0B+12.1% $1.8B-4.7% $1.9B-0.6% $1.9B+2.6% $1.8B
Operating Income N/A N/A N/A N/A N/A N/A $1.3B-6.5% $1.4B
Interest Expense $131.6M+109.6% $62.8M-46.4% $117.2M+4.3% $112.4M+8.3% $103.8M+176.8% $37.5M-63.7% $103.4M-6.7% $110.8M
Income Tax $145.1M-10.5% $162.2M-28.7% $227.4M-1.6% $231.0M+54.9% $149.1M+10.0% $135.5M-37.4% $216.6M-23.6% $283.5M
Net Income $534.7M+12.1% $476.8M-42.8% $833.1M+10.4% $754.7M+49.8% $503.9M+5.0% $480.1M-40.4% $806.2M-9.4% $889.9M
EPS (Diluted) $2.15 N/A $3.35+11.7% $3.00+50.0% $2.00 N/A $3.18-9.1% $3.50

SHW Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $26.4B+1.8% $25.9B-1.2% $26.2B+3.3% $25.4B+3.0% $24.6B+4.2% $23.6B-1.4% $24.0B+1.0% $23.7B
Current Assets $6.5B+8.2% $6.0B-2.3% $6.1B-4.3% $6.4B+6.4% $6.0B+11.8% $5.4B-9.6% $6.0B-1.3% $6.1B
Cash & Equivalents $216.9M+4.7% $207.2M-14.2% $241.5M-10.5% $269.8M+35.0% $199.8M-5.0% $210.4M-11.7% $238.2M+19.1% $200.0M
Inventory $2.5B+6.7% $2.3B+1.8% $2.3B-8.4% $2.5B-1.2% $2.5B+9.9% $2.3B+0.9% $2.3B-0.9% $2.3B
Accounts Receivable $3.2B+14.4% $2.8B-10.6% $3.1B+0.3% $3.1B+10.6% $2.8B+17.8% $2.4B-19.7% $3.0B-2.5% $3.0B
Goodwill $8.0B-0.4% $8.0B+3.1% $7.8B-0.2% $7.8B+1.3% $7.7B+1.7% $7.6B-1.0% $7.7B+0.7% $7.6B
Total Liabilities $21.9B+3.0% $21.3B-2.2% $21.8B+3.9% $21.0B+2.2% $20.5B+4.7% $19.6B-1.2% $19.8B-0.9% $20.0B
Current Liabilities $7.5B+8.9% $6.9B-7.4% $7.5B-8.8% $8.2B+4.1% $7.9B+15.7% $6.8B-5.7% $7.2B-3.3% $7.5B
Long-Term Debt $9.3B0.0% $9.3B0.0% $9.3B+19.0% $7.8B0.0% $7.8B-4.3% $8.2B0.0% $8.2B+0.5% $8.1B
Total Equity $4.4B-3.6% $4.6B+3.9% $4.4B+0.6% $4.4B+6.6% $4.1B+1.9% $4.1B-2.5% $4.2B+10.8% $3.8B
Retained Earnings $1.4B+32.8% $1.0B-88.2% $8.7B+7.9% $8.1B+7.4% $7.5B+4.2% $7.2B+4.3% $6.9B+9.9% $6.3B

SHW Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $139.1M-87.3% $1.1B-16.4% $1.3B+17.5% $1.1B+1920.9% -$61.1M-106.5% $934.5M-13.0% $1.1B-10.7% $1.2B
Capital Expenditures $138.3M-40.0% $230.4M+17.3% $196.4M+8.2% $181.5M-4.1% $189.3M-36.9% $300.0M+27.5% $235.3M-6.2% $250.9M
Free Cash Flow $800K-99.9% $862.1M-22.4% $1.1B+19.3% $931.1M+471.8% -$250.4M-139.5% $634.5M-24.4% $839.4M-11.8% $952.0M
Investing Cash Flow -$170.5M+0.6% -$171.6M+87.2% -$1.3B-454.7% -$241.1M+23.8% -$316.2M-10.8% -$285.5M+13.1% -$328.7M-26.0% -$260.8M
Financing Cash Flow $47.6M+105.1% -$942.3M-14596.9% $6.5M+100.8% -$810.0M-320.6% $367.2M+154.7% -$670.8M+6.6% -$718.5M+21.7% -$917.4M
Dividends Paid $197.1M+0.7% $195.8M+0.1% $195.7M-1.1% $197.9M-1.2% $200.4M+11.5% $179.8M-1.5% $182.5M+2.2% $178.6M
Share Buybacks $575.6M+387.8% $118.0M-82.3% $668.2M+28.9% $518.5M+47.4% $351.7M+13.4% $310.2M-30.9% $448.7M+3.3% $434.4M

SHW Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 49.1%+0.6pp 48.5%-0.7pp 49.2%-0.2pp 49.4%+1.2pp 48.2%-0.4pp 48.6%-0.6pp 49.1%+0.3pp 48.9%
Operating Margin N/A N/A N/A N/A N/A N/A 21.4%-1.1pp 22.5%
Net Margin 9.4%+0.9pp 8.5%-4.6pp 13.1%+1.2pp 11.9%+2.4pp 9.5%+0.4pp 9.1%-4.0pp 13.1%-1.1pp 14.2%
Return on Equity 12.1%+1.7pp 10.4%-8.5pp 18.8%+1.7pp 17.2%+5.0pp 12.2%+0.4pp 11.8%-7.6pp 19.4%-4.3pp 23.7%
Return on Assets 2.0%+0.2pp 1.8%-1.3pp 3.2%+0.2pp 3.0%+0.9pp 2.1%+0.0pp 2.0%-1.3pp 3.4%-0.4pp 3.8%
Current Ratio 0.860.0 0.87+0.0 0.82+0.0 0.78+0.0 0.77-0.0 0.79-0.0 0.83+0.0 0.81
Debt-to-Equity 2.10+0.1 2.03-0.1 2.11+0.3 1.78-0.1 1.90-0.1 2.02+0.1 1.97-0.2 2.17
FCF Margin 0.0%-15.4pp 15.4%-2.1pp 17.5%+2.7pp 14.8%+19.5pp -4.7%-16.7pp 12.0%-1.6pp 13.6%-1.6pp 15.2%

Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Sherwin-Williams (SHW) reported $23.6B in total revenue for fiscal year 2025. This represents a 2.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Sherwin-Williams (SHW) revenue grew by 2.1% year-over-year, from $23.1B to $23.6B in fiscal year 2025.

Yes, Sherwin-Williams (SHW) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 10.9%.

Sherwin-Williams (SHW) reported diluted earnings per share of $10.26 for fiscal year 2025. This represents a -2.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Sherwin-Williams (SHW) had $207.2M in cash and equivalents against $9.3B in long-term debt.

Sherwin-Williams (SHW) had a gross margin of 48.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Sherwin-Williams (SHW) had a net profit margin of 10.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Sherwin-Williams (SHW) paid $3.16 per share in dividends during fiscal year 2025.

Sherwin-Williams (SHW) has a return on equity of 55.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Sherwin-Williams (SHW) generated $2.7B in free cash flow during fiscal year 2025. This represents a 27.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Sherwin-Williams (SHW) generated $3.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Sherwin-Williams (SHW) had $25.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Sherwin-Williams (SHW) invested $797.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Sherwin-Williams (SHW) spent $1.7B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Sherwin-Williams (SHW) had 248M shares outstanding as of fiscal year 2025.

Sherwin-Williams (SHW) had a current ratio of 0.87 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Sherwin-Williams (SHW) had a debt-to-equity ratio of 2.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Sherwin-Williams (SHW) had a return on assets of 9.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Sherwin-Williams (SHW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Sherwin-Williams (SHW) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Sherwin-Williams (SHW) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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