Sherwin-Williams Financials
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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sherwin-Williams's revenue grew a modest 2.1% year-over-year to $23.6B. This slow but positive growth earns a score of 34/100.
Sherwin-Williams has a moderate D/E ratio of 2.03. This balance of debt and equity financing earns a leverage score of 36/100.
Sherwin-Williams's current ratio of 0.87 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.
Sherwin-Williams has a free cash flow margin of 11.3%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
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.
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.
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
Sherwin-Williams generated $23.6B in revenue in fiscal year 2025. This represents an increase of 2.1% from the prior year.
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.
Sherwin-Williams reported $2.6B in net income in fiscal year 2025. This represents a decrease of 4.2% from the prior year.
Sherwin-Williams earned $10.26 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.7% from the prior year.
Sherwin-Williams held $207.2M in cash against $9.3B in long-term debt as of fiscal year 2025.
Sherwin-Williams paid $3.16 per share in dividends in fiscal year 2025. This represents an increase of 10.5% from the prior year.
Sherwin-Williams had 248M shares outstanding in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
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.
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.
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.
Sherwin-Williams invested $225 in research and development in fiscal year 2025.
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.
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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6B-12.0% | $6.4B+0.7% | $6.3B+19.0% | $5.3B+0.2% | $5.3B+0.9% | $5.3B-14.1% | $6.1B-2.0% | $6.2B |
| Cost of Revenue | $2.9B-10.8% | $3.2B+1.1% | $3.2B+16.4% | $2.7B+0.8% | $2.7B+0.8% | $2.7B-15.5% | $3.2B-5.0% | $3.4B |
| Gross Profit | $2.7B-13.2% | $3.1B+0.2% | $3.1B+21.9% | $2.6B-0.5% | $2.6B+1.0% | $2.5B-12.6% | $2.9B+1.5% | $2.9B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.9B-0.8% | $2.0B-2.9% | $2.0B+12.1% | $1.8B-4.7% | $1.9B+1.5% | $1.9B+5.7% | $1.8B-0.2% | $1.8B |
| Operating Income | N/A | $1.3B-6.5% | $1.4B+59.8% | $884.3M | N/A | $791.2M-39.1% | $1.3B+5.4% | $1.2B |
| Interest Expense | $62.8M-46.4% | $117.2M+4.3% | $112.4M+8.3% | $103.8M+176.8% | $37.5M-60.4% | $94.6M-7.2% | $101.9M-8.8% | $111.7M |
| Income Tax | $162.2M-28.7% | $227.4M-1.6% | $231.0M+54.9% | $149.1M+10.0% | $135.5M+15.0% | $117.8M-52.4% | $247.5M+13.3% | $218.4M |
| Net Income | $476.8M-42.8% | $833.1M+10.4% | $754.7M+49.8% | $503.9M+5.0% | $480.1M+34.8% | $356.2M-53.2% | $761.5M-4.1% | $793.7M |
| EPS (Diluted) | $1.91-43.0% | $3.35+11.7% | $3.00+50.0% | $2.00+5.3% | $1.90+36.7% | $1.39-52.9% | $2.95-3.9% | $3.07 |
SHW Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.9B-1.2% | $26.2B+3.3% | $25.4B+3.0% | $24.6B+4.2% | $23.6B+3.0% | $23.0B-0.2% | $23.0B-0.7% | $23.2B |
| Current Assets | $6.0B-2.3% | $6.1B-4.3% | $6.4B+6.4% | $6.0B+11.8% | $5.4B-2.0% | $5.5B-11.1% | $6.2B-2.4% | $6.4B |
| Cash & Equivalents | $207.2M-14.2% | $241.5M-10.5% | $269.8M+35.0% | $199.8M-5.0% | $210.4M-24.0% | $276.8M-45.0% | $503.4M+140.4% | $209.4M |
| Inventory | $2.3B+1.8% | $2.3B-8.4% | $2.5B-1.2% | $2.5B+9.9% | $2.3B-1.8% | $2.3B+3.8% | $2.2B-8.0% | $2.4B |
| Accounts Receivable | $2.8B-10.6% | $3.1B+0.3% | $3.1B+10.6% | $2.8B+17.8% | $2.4B-3.2% | $2.5B-16.1% | $2.9B-5.7% | $3.1B |
| Goodwill | $8.0B+3.1% | $7.8B-0.2% | $7.8B+1.3% | $7.7B+1.7% | $7.6B-0.6% | $7.6B+2.9% | $7.4B-0.5% | $7.4B |
| Total Liabilities | $21.3B-2.2% | $21.8B+3.9% | $21.0B+2.2% | $20.5B+4.7% | $19.6B+1.8% | $19.2B+0.1% | $19.2B-1.6% | $19.5B |
| Current Liabilities | $6.9B-7.4% | $7.5B-8.8% | $8.2B+4.1% | $7.9B+15.7% | $6.8B+2.7% | $6.6B+0.1% | $6.6B+4.5% | $6.3B |
| Long-Term Debt | $9.3B0.0% | $9.3B+19.0% | $7.8B0.0% | $7.8B-4.3% | $8.2B-2.4% | $8.4B-1.4% | $8.5B-6.6% | $9.1B |
| Total Equity | $4.6B+3.9% | $4.4B+0.6% | $4.4B+6.6% | $4.1B+1.9% | $4.1B+9.0% | $3.7B-1.7% | $3.8B+4.1% | $3.6B |
| Retained Earnings | $1.0B-88.2% | $8.7B+7.9% | $8.1B+7.4% | $7.5B+4.2% | $7.2B+37.0% | $5.3B+3.9% | $5.1B+13.5% | $4.5B |
SHW Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B-16.4% | $1.3B+17.5% | $1.1B+1920.9% | -$61.1M-106.5% | $934.5M+1.7% | $918.6M-29.8% | $1.3B+8.5% | $1.2B |
| Capital Expenditures | $230.4M+17.3% | $196.4M+8.2% | $181.5M-4.1% | $189.3M-36.9% | $300.0M-6.1% | $319.5M+109.0% | $152.9M-25.8% | $206.1M |
| Free Cash Flow | $862.1M-22.4% | $1.1B+19.3% | $931.1M+471.8% | -$250.4M-139.5% | $634.5M+5.9% | $599.1M-48.2% | $1.2B+15.5% | $1.0B |
| Investing Cash Flow | -$171.6M+87.2% | -$1.3B-454.7% | -$241.1M+23.8% | -$316.2M-10.8% | -$285.5M+46.2% | -$530.3M-482.1% | -$91.1M+50.6% | -$184.5M |
| Financing Cash Flow | -$942.3M-14596.9% | $6.5M+100.8% | -$810.0M-320.6% | $367.2M+154.7% | -$670.8M-4.9% | -$639.5M+30.1% | -$915.5M+5.4% | -$967.7M |
| Dividends Paid | $195.8M+0.1% | $195.7M-1.1% | $197.9M-1.2% | $200.4M+11.5% | $179.8M+15.8% | $155.3M-0.2% | $155.6M-0.4% | $156.3M |
| Share Buybacks | $118.0M-82.3% | $668.2M+28.9% | $518.5M+47.4% | $351.7M+13.4% | $310.2M-36.2% | $486.0M+18.5% | $410.1M+75.1% | $234.2M |
SHW Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.5%-0.7pp | 49.2%-0.2pp | 49.4%+1.2pp | 48.2%-0.4pp | 48.6%+0.1pp | 48.5%+0.9pp | 47.7%+1.7pp | 46.0% |
| Operating Margin | N/A | 21.4%-1.1pp | 22.5%+6.0pp | 16.5% | N/A | 15.1%-6.2pp | 21.2%+1.5pp | 19.8% |
| Net Margin | 8.5%-4.6pp | 13.1%+1.2pp | 11.9%+2.4pp | 9.5%+0.4pp | 9.1%+2.3pp | 6.8%-5.7pp | 12.4%-0.3pp | 12.7% |
| Return on Equity | 10.4%-8.5pp | 18.8%+1.7pp | 17.2%+5.0pp | 12.2%+0.4pp | 11.8%+2.3pp | 9.6%-10.6pp | 20.2%-1.7pp | 21.9% |
| Return on Assets | 1.8%-1.3pp | 3.2%+0.2pp | 3.0%+0.9pp | 2.1%+0.0pp | 2.0%+0.5pp | 1.6%-1.8pp | 3.3%-0.1pp | 3.4% |
| Current Ratio | 0.87+0.0 | 0.82+0.0 | 0.78+0.0 | 0.77-0.0 | 0.79-0.0 | 0.83-0.1 | 0.94-0.1 | 1.00 |
| Debt-to-Equity | 2.03-0.1 | 2.11+0.3 | 1.78-0.1 | 1.90-0.1 | 2.02-0.2 | 2.250.0 | 2.25-0.3 | 2.50 |
| FCF Margin | 15.4%-2.1pp | 17.5%+2.7pp | 14.8%+19.5pp | -4.7%-16.7pp | 12.0%+0.6pp | 11.4%-7.5pp | 18.9%+2.9pp | 16.0% |
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
What is Sherwin-Williams's annual revenue?
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.
How fast is Sherwin-Williams's revenue growing?
Sherwin-Williams (SHW) revenue grew by 2.1% year-over-year, from $23.1B to $23.6B in fiscal year 2025.
Is Sherwin-Williams profitable?
Yes, Sherwin-Williams (SHW) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 10.9%.
What is Sherwin-Williams's earnings per share (EPS)?
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.
How much debt does Sherwin-Williams have?
As of fiscal year 2025, Sherwin-Williams (SHW) had $207.2M in cash and equivalents against $9.3B in long-term debt.
What is Sherwin-Williams's gross margin?
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.
What is Sherwin-Williams's net profit margin?
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.
Does Sherwin-Williams pay dividends?
Yes, Sherwin-Williams (SHW) paid $3.16 per share in dividends during fiscal year 2025.
What is Sherwin-Williams's return on equity (ROE)?
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.
What is Sherwin-Williams's free cash flow?
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.
What is Sherwin-Williams's operating cash flow?
Sherwin-Williams (SHW) generated $3.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sherwin-Williams's total assets?
Sherwin-Williams (SHW) had $25.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sherwin-Williams's capital expenditures?
Sherwin-Williams (SHW) invested $797.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Sherwin-Williams spend on research and development?
Sherwin-Williams (SHW) invested $225 in research and development during fiscal year 2025.
Does Sherwin-Williams buy back shares?
Yes, Sherwin-Williams (SHW) spent $1.7B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Sherwin-Williams have outstanding?
Sherwin-Williams (SHW) had 248M shares outstanding as of fiscal year 2025.
What is Sherwin-Williams's current ratio?
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.
What is Sherwin-Williams's debt-to-equity ratio?
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.
What is Sherwin-Williams's return on assets (ROA)?
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.
What is Sherwin-Williams's Piotroski F-Score?
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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sherwin-Williams's earnings high quality?
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.
How financially healthy is Sherwin-Williams?
Sherwin-Williams (SHW) scores 48 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.