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Company Research7 May 2025
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The Sherwin-Williams Company (SHW) investor relations material
The Sherwin-Williams Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Consolidated net sales rose 3.2% year-over-year to $6.36 billion in Q3 2025, driven by growth in Paint Stores and Performance Coatings, partially offset by declines in Consumer Brands Group.
Diluted EPS increased 5.3% to $3.35, with adjusted EPS up 6.5% to $3.59; adjusted EBITDA grew 6.0% to $1.36 billion.
Gross margin expanded to 49.2%, and net operating cash flow increased 21.7% to $1.31 billion for Q3.
$864 million was returned to shareholders via share repurchases and dividends in Q3; $2.13 billion returned YTD.
The Suvinil acquisition in Brazil closed, expanding Consumer Brands Group in Latin America.
Financial highlights
Q3 2025 net income: $833.1 million; gross margin: 49.2%; adjusted EBITDA margin: 21.4%.
SG&A expenses grew at a low single-digit rate, reaching 30.7% of net sales.
Cash and cash equivalents stood at $241.5 million at quarter-end; net operating cash flow for nine months was $2.36 billion.
Total debt at quarter-end: $11.52 billion; shareholders’ equity: $4.43 billion.
Capital expenditures for 2025 projected at $730 million, including $250 million for new buildings.
Outlook and guidance
Full-year 2025 adjusted EPS guidance: $11.25–$11.45; GAAP EPS: $10.16–$10.36.
Full-year net sales expected to increase by a low single-digit percentage; Suvinil to add to Q4 sales.
Expect to open 80–100 North America paint stores in 2025; 7% price increase in Paint Stores Group effective January 1, 2026.
Capital expenditures for 2025 set at $730 million; interest expense for 2025 expected to be ~$470 million.
2026 expected to remain challenging with minimal positive demand catalysts and rising raw material and healthcare costs.
Debt increase vs. shareholder returns?
Long-term strategy for Consumer Brands?
Suvinil acquisition's long-term EPS impact?
Explain the 7% PSG price increase strategy
Justify continued growth investments in soft market
Update on 401k match reinstatement timeline
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Next The Sherwin-Williams Company earnings date
Q4 202529 Jan, 2026
Next The Sherwin-Williams Company earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
One of the world’s major paint companies
Sherwin-Williams is a global leader in the manufacturing, distribution, and sale of coatings and related products. The company's products are used in a wide range of applications, including architectural and industrial coatings, automotive finishes, and aerospace coatings.
Some of Sherwin-Williams competitors include PPG Industries, Akzo Nobel, and Masco Corporation.
The main business segments
Sherwin-Williams operates through three main business segments:
The Americas Group,
The Consumer Brands Group,
The Performance Coatings Group.
The Americas Group serves customers in North and South America, providing architectural and industrial coatings, as well as automotive finishes. The Consumer Brands Group provides paints, stains, and other coatings products to do-it-yourself customers through retail channels such as Lowe's and Home Depot. Finally, the Performance Coatings Group provides coatings and finishes for a wide range of industrial applications, including automotive, aerospace, and marine.
Interesting facts about Sherwin-Williams
Sherwin-Williams was founded in 1866 and is headquartered in Cleveland, Ohio. The company has a global presence, with operations in over 120 countries. Sherwin-Williams is committed to sustainability and has set ambitious goals to reduce its environmental impact, including a commitment to reducing its greenhouse gas emissions by 25% by 2025.
One interesting fact about Sherwin-Williams is that the company acquired Valspar Corporation, a leading coatings manufacturer, in 2017. The acquisition expanded Sherwin-Williams' product offerings and global reach, making it one of the largest coatings companies in the world.
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