SHERWIN WILLIAMS CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SHERWIN WILLIAMS CO 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	11,856	14,984	17,535	17,901	18,362	19,945	22,149	23,052	23,099	23,574
Cost of revenue	5,934	8,265	10,116	9,865	9,679	11,402	12,824	12,294	11,903	12,059
Gross profit	5,921	6,719	7,419	8,036	8,683	8,543	9,325	10,758	11,195	11,516
Research and development	58	58.5	51.9
Selling, general and administrative	4,140	4,798	5,034	5,275	5,478	5,882	6,332	7,065	7,422	7,695
General and administrative	415	502	749	478	514	500	433	634
Operating income	2,164	2,235	2,612	2,809	3,374	3,084	3,397	4,162
Interest expense	154	264	367	349	340	335	391	418	416	465
Interest income		8.6	5.2	25.9	3.6	4.9	8	25.2
Other non-operating income	11.8	32.7	-20.1	-16.7	-5.3	19.5	-47	-65.5	44.7	-20.9
Pre-tax income	1,595	1,469	1,360	1,982	2,519	2,249	2,573	3,110	3,452	3,338
Income tax	463	-300	251	441	489	384	553	721	770	770
Income from continuing operations	1,133	1,770	1,109	1,541
Net income	1,133	1,728	1,109	1,541	2,030	1,864	2,020	2,389	2,681	2,569
EBITDA	2,336	2,520	2,890	3,071	3,642	3,347	3,661	4,454
EPS, basic	4.11	6.20	3.98	5.60	7.48	7.10	7.83	9.35	10.68	10.37
EPS, diluted	4.00	6.07	3.89	5.50	7.36	6.98	7.72	9.25	10.55	10.26
Shares, basic (weighted)	275	279	279	275	271	263	258	255	251	248
Shares, diluted (weighted)	283	285	285	280	276	267	262	258	254	250
Dividend per share	1.12	1.13	1.15	1.51	1.79	2.20	2.40	2.42	2.86	3.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	890	204	156	162	227	166	199	277	210	207
Receivables	1,231	2,105	2,019	2,089	2,078	2,352	2,564	2,468	2,389	2,791
Inventory	1,068	1,743	1,815	1,890	1,804	1,927	2,627	2,330	2,288	2,318
Other current assets	381	356	355	491	483	608	519	438	514	691
Total current assets	3,627	4,407	4,345	4,632	4,591	5,054	5,908	5,513	5,401	6,007
Property, plant and equipment	1,096	1,877	1,777	1,835	1,835	1,867	2,207	2,837	3,533	4,137
Lease right-of-use assets				1,686	1,761	1,821	1,867	1,887	1,954	1,995
Goodwill	1,127	6,814	6,957	7,005	7,049	7,135	7,583	7,626	7,580	8,037
Intangible assets	255	6,002	5,202	4,735	4,471	4,002	4,002	3,881	3,533	3,966
Other non-current assets	422	502	584	604	694	789	1,027	1,211	1,632	1,759
Total assets	6,753	19,900	19,134	20,496	20,402	20,667	22,594	22,954	23,633	25,902
Accounts payable	1,035	1,792	1,799	1,876	2,118	2,403	2,437	2,315	2,253	2,354
Accrued liabilities	398	508	505	553	753	717	785	863	843	839
Deferred revenue		209	277	243	266	260	293	366	386	427
Short-term debt	700	1.2	307	430	25.1	261	0.6	1,099	1,049	350
Total current liabilities	2,829	3,987	4,298	4,522	4,594	5,720	5,961	6,627	6,809	6,920
Long-term debt	1,211	9,886	8,708	8,051	8,267	8,591	9,591	8,378	8,177	9,321
Lease liabilities				1,371	1,434	1,471	1,513	1,510	1,558	1,592
Other non-current liabilities	509	684	1,009	1,197	1,374	1,421	1,606	1,908	2,309	2,576
Total liabilities	4,874	16,252	15,404	16,373	16,791	18,230	19,492	19,239	19,581	21,303
Total debt	1,912	9,887	9,015	8,481	8,292	8,852	9,592	9,477	9,226	9,671
Paid-in capital	2,489	2,723	2,896	3,153	3,491	3,793	3,964	4,194	4,576	4,205
Retained earnings	4,049	5,458	6,247	7,367	844	2,122	3,523	5,288	7,246	1,029
Treasury stock	-4,236	-4,266	-4,901	-5,837	-96.5	-2,870	-3,776	-5,234	-6,989	-84.3
Other comprehensive income	-540	-385	-630	-680	-718	-698	-701	-624	-875	-634
Shareholders' equity	1,878	3,648	3,731	4,123	3,611	2,437	3,102	3,716	4,051	4,598
Total equity	1,878	3,648	3,731	4,123	3,611	2,437	3,102	3,716	4,051	4,598
Total liabilities and equity	6,753	19,900	19,134	20,496	20,402	20,667	22,594	22,954	23,633	25,902
Shares outstanding	279	281	279	276	269	261	259	255	251	248

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,133	1,728	1,109	1,541	2,030	1,864	2,020	2,389	2,681	2,569
Depreciation and amortization	172	285	278	262	268	263	264	292	297	340
Stock-based compensation	72.1	90.3	82.6	102	95.9	97.7	99.7	116	138	124
Deferred income tax	-68.2	-621	-143	-131	-145	-80.3	-145	-88.9	-74.9	153
Change in receivables	-114	-49.9	18.4	-73.2	10.3	-288	-200	85.6	-10.7	-163
Change in inventory	-52.6	-90	-120	-75.5	84.4	-228	-667	323	-32.9	133
Change in payables	-119	167	114	36.2	227	346	46.6	-241	21.8	-37.8
Cash from operations	1,309	1,884	1,944	2,321	3,409	2,245	1,920	3,522	3,153	3,452
Capital expenditures	-239	-223	-251	-329	-304	-372	-645	-888	-1,070	-798
Acquisitions		-8,810		-77.3	0	-211	-1,003	-265	-78.9	-1,211
Cash from investing	-304	-9,047	-252	-463	-322	-476	-1,608	-1,039	-1,196	-2,066
Debt issued	0.5	8,275		1,333	999	995	1,000	0	849	1,499
Debt repaid	-1.11	-1,853	-853	-1,876	-1,205	-423	-260	-136	-1,100	-1,050
Stock issued	86.8	144	90.7	155	183	193	67.3	112	242	141
Share buybacks	0		-613	-779	-2,446	-2,752	-883	-1,432	-1,739	-1,656
Dividends paid	-312	-319	-323	-421	-488	-587	-619	-624	-723	-790
Cash from financing	-307	6,514	-1,747	-1,846	-3,020	-1,834	-282	-2,425	-2,017	-1,379
Exchange rate effect	-13.4	-36.3	5.9	-6	-1.3	4.9	3.2	20	-6.2	-9.9
Net change in cash	684	-686	-48.7	6.3	64.8	-60.9	33.1	78	-66.4	-3.2
Free cash flow	1,070	1,661	1,693	1,992	3,105	1,873	1,275	2,634	2,083	2,654
Interest paid	154	221	368	336	341	339	371	417	407	453
Income taxes paid	478	420	292	408	437	466	580	817	780	593

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $329.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.0%	Gross profit / revenue.
Pre-tax margin	14.3%	Pre-tax income / revenue.
Net margin	11.0%	Net income / revenue.
FCF margin	13.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.9%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	69.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.0%	Net income / average total assets.
SG&A / revenue	32.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.3%	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	5.8%	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	-4.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.3%	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	4.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-2.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.9%	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	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.6%	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	0.3%	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	27.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.7%	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	-3.1%	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	10.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.6%	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	12.1%	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	13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.0%	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	5.0%	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	9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	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	4.9%	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	-1.5%	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	-1.9%	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	0.73x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.5%	Total debt / total assets.
Liabilities / assets	85.7%	Total liabilities / total assets.
Net debt	$9.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$2.63B	Current assets - current liabilities.
Goodwill and intangibles / assets	43.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.97B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	5.79x	Revenue / average property, plant and equipment.
Inventory turnover	4.92x	Cost of revenue / average inventory.
Days inventory	74 days	365 x average inventory / cost of revenue.
Receivables turnover	6.84x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	45 days	Days inventory + days sales outstanding - days payables.
FCF conversion	119.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.93	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	$99.23	Revenue / diluted weighted shares.
FCF per share	$13.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.80	Cash from operations / diluted weighted shares.
Book value per share	$15.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$32.83	Tangible book value / shares outstanding.
Cash per share	$1.21	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	81.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$79.89B	Share price x shares outstanding.
Enterprise value	$89.42B	Market cap + total debt - cash - short-term investments.
P/E	29.7x	Market cap / net income. Only when net income is positive.
P/S	3.27x	Market cap / revenue.
P/B	20.7x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	24.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.6x	Market cap / cash from operations, when positive.
EV/Sales	3.66x	Enterprise value / revenue.
EV/FCF	27.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	4.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.99x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SHERWIN WILLIAMS CO's revenue in fiscal 2025?

SHERWIN WILLIAMS CO reported revenue of $23.57B for fiscal 2025, 2.1% higher than the year before.

Was SHERWIN WILLIAMS CO profitable in fiscal 2025?

Yes. Net income was $2.57B, a net margin of 10.9%.

How much free cash flow did SHERWIN WILLIAMS CO generate in fiscal 2025?

Cash from operations of $3.45B minus capital expenditures of $797.6M left free cash flow of $2.65B.

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.

Open interactive statements, quarterly figures and charts

Back to SHERWIN WILLIAMS CO