PPG INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PPG INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845	15,875
Cost of revenue		8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252	9,316
Gross profit		6,539	6,373	6,493	6,057	6,516	5,639	6,564	6,593	6,559
Research and development	473	472	464	456	401	463	457	446	447	446
Selling, general and administrative	3,555	3,554	3,573	3,604	3,389	3,780	3,037	3,401	3,391	3,439
Operating income	2,382	2,292	2,118	2,271	2,109	2,171	2,042	2,675
Interest expense	125	105	118	132	138	121	167	247	241	241
Interest income	26	20	23	32	23	26	54	140	177	153
Other non-operating income					-36	112	66	-80	8	-6
Pre-tax income	779	2,005	1,693	1,661	1,362	1,815	1,355	1,690	1,852	2,045
Income tax	214	615	353	392	291	374	320	428	475	458
Income from continuing operations	543	1,369	1,323	1,243	1,056	1,420	1,007	1,223	1,344	1,571
Net income to minority interests	22	21	17	26	15	21	28	39	33	16
Net income	873	1,594	1,341	1,243	1,059	1,439	1,026	1,270	1,116	1,576
EBITDA	2,822	2,752	2,615	2,782	2,618	2,732	2,544	3,189
EPS, basic	3.29	6.22	5.50	5.25	4.47	6.06	4.34	5.38	4.77	6.96
EPS, diluted	3.27	6.18	5.47	5.22	4.45	6.01	4.32	5.35	4.75	6.94
Shares, basic (weighted)	266	256	244	237	237	238	236	236	234	226
Shares, diluted (weighted)	267	258	245	238	238	239	237	237	235	227
Dividend per share	1.56	1.70	1.86	1.98	2.10	2.26	2.42	2.54	2.66	2.78

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,820	1,436	902	1,216	1,826	1,005	1,099	1,493	1,270	2,163
Short-term investments	43	55	61	57	96	67	55	75	88	56
Receivables	2,288	2,559	2,505	2,479	2,412	2,687	2,824	2,622	2,477	2,783
Inventory	1,514	1,730	1,783	1,710	1,735	2,171	2,272	1,934	1,846	1,996
Other current assets	320	353	370	431	415	379	444	922	368	408
Total current assets	6,574	6,477	5,961	6,170	6,798	6,774	7,173	7,431	6,557	7,959
Property, plant and equipment	2,608	2,824	2,805	2,983	3,127	3,442	3,328	3,450	3,464	4,005
Lease right-of-use assets			0	782	847	891	829	571	597	604
Goodwill	3,572	3,942	4,070	4,470	5,102	6,248	5,993	6,115	5,690	6,149
Intangible assets	1,983	2,045	1,972	2,131	2,351	2,783	2,414	2,261	1,922	1,971
Long-term investments	179	268	251	258	267	274	244	254	331	332
Other non-current assets	669	677	727	694	685	742	583	1,293	569	597
Total assets	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
Accounts payable	1,907	2,321	2,177	2,098	2,259	2,734	2,538	2,438	2,161	2,212
Short-term debt	629	12	651	513	578	9	313	306	939	706
Total current liabilities	4,253	3,895	4,373	4,375	4,831	4,766	4,721	5,054	5,014	4,900
Long-term debt	3,787	4,134	4,365	4,539	5,171	6,572	6,503	5,748	4,876	6,602
Lease liabilities			0	622	677	693	636	417	454	450
Other non-current liabilities	935	967	842	911	949	757	632	867	754	650
Total liabilities	10,856	10,866	11,283	12,305	13,741	14,940	14,035	13,624	12,471	14,001
Total debt	4,299	4,123	5,000	5,031	5,334	6,565	6,796	6,042	5,801	7,297
Paid-in capital	707	756	788	950	1,008	1,081	1,130	1,202	1,272	1,325
Retained earnings	15,980	17,140	18,131	18,906	19,469	20,372	20,828	21,500	21,994	22,942
Treasury stock	-10,472	-11,251	-12,958	-13,191	-13,158	-13,386	-13,525	-13,600	-14,342	-15,119
Other comprehensive income	-2,356	-2,057	-2,300	-2,350	-2,599	-2,750	-2,810	-2,239	-3,108	-2,176
Shareholders' equity	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785	7,941
Minority interests	87	115	102	119	126	125	117	191	177	156
Total equity	4,915	5,672	4,732	5,403	5,815	6,411	6,709	8,023	6,962	8,097
Total liabilities and equity	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
Shares outstanding	257	251	236	236	237	236	235	235	230	223

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	895	1,615	1,358	1,269	1,074	1,460	1,054	1,309	1,149	1,592
Depreciation and amortization	440	460	497	511	509	561	502	514	492	528
Stock-based compensation	45	35	37	39	44	57	34	56	42	46
Deferred income tax	171	38	45	-5	-47	35	-151	-187	-97	-27
Change in receivables	-68	-76	-69	121	187	-63	-248	12	-181	-190
Change in inventory	56	-116	-109	145	111	-279	-177	145	-27	-35
Change in payables	169	188	-76	-63	127	295	21	151	-259	67
Cash from operations	1,351	1,568	1,467	2,080	2,130	1,562	963	2,411	1,420	1,941
Capital expenditures	-380	-360	-411	-413	-304	-371	-486	-516	-721	-778
Acquisitions	-349	-225	-378	-643	-1,169	-2,137	-114	-109	-31	-1
Purchases of investments	0	-1
Cash from investing	436	-67	-764	-1,009	-1,447	-2,404	-461	-556	107	-700
Debt repaid	-379	-588	-6	-637	-500	-847	0	-300	-300	-1,039
Stock issued	32	52	15	61	54	47	12	55	24	20
Share buybacks	-1,050	-813	-1,721	-325	0	-210	-190	-86	-752	-790
Dividends paid	-414	-434	-453	-468	-496	-536	-570	-598	-622	-628
Cash from financing	-1,210	-1,954	-1,205	-758	-59	93	-409	-1,550	-1,425	-545
Exchange rate effect	-68	69	-32	1	6	-72	1	110	-325	197
Net change in cash	509	-384	-534	314	610	-821	91	410	-223	893
Free cash flow	971	1,208	1,056	1,667	1,826	1,191	477	1,895	699	1,163
Interest paid	118	100	108	127	153	140	156	213	247	210
Income taxes paid	349	648	380	348	367	491	436	488	653	438

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $107.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.4%	Gross profit / revenue.
Pre-tax margin	12.8%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
R&D / revenue	2.7%	Research and development expense / revenue.
SG&A / revenue	21.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	41.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	46.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	36.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	66.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-8.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.61x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.88x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.0%	Total debt / total assets.
Liabilities / assets	62.7%	Total liabilities / total assets.
Net debt	$5.47B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$3.02B	Current assets - current liabilities.
Goodwill and intangibles / assets	36.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	4.04x	Revenue / average property, plant and equipment.
Inventory turnover	4.37x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	4.39x	Revenue / average receivables.
Days sales outstanding	83 days	365 x average receivables / revenue.
Days payables	155 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	12 days	Days inventory + days sales outstanding - days payables.
FCF conversion	77.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$71.84	Revenue / diluted weighted shares.
FCF per share	$5.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.88	Cash from operations / diluted weighted shares.
Book value per share	$36.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.04	Tangible book value / shares outstanding.
Cash per share	$7.24	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	40.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.90B	Share price x shares outstanding.
Enterprise value	$29.37B	Market cap + total debt - cash - short-term investments.
P/E	15.1x	Market cap / net income. Only when net income is positive.
P/S	1.48x	Market cap / revenue.
P/B	2.95x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.0x	Market cap / cash from operations, when positive.
EV/Sales	1.82x	Enterprise value / revenue.
EV/FCF	23.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.88x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PPG INDUSTRIES INC's revenue in fiscal 2025?

PPG INDUSTRIES INC reported revenue of $15.88B for fiscal 2025, 0.2% higher than the year before.

Was PPG INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $1.58B, a net margin of 9.9%.

How much free cash flow did PPG INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $1.94B minus capital expenditures of $778.0M left free cash flow of $1.16B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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