The Sherwin-Williams Company (SHW) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 29, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SHW SEC filings page.
The Sherwin-Williams Company (SHW) reported $24.9B in revenue over the twelve months to Sep 30, 2026, up 7.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Sherwin-Williams converts earnings into cash, but rising overhead and a liability-heavy balance sheet shape how the business is financed.
Gross-margin expansion reached 6.8 percentage points from FY2022 to FY2025 while SG&A reached32.6% of revenue, so improvement in product economics was partly absorbed by overhead rather than flowing fully to the bottom line. In FY2025, revenue grew2.1% while net income fell4.2% to$2.57B , indicating that modest sales progress did not translate into comparable earnings growth.
Cash conversion was better than the income statement alone suggests: FY2025 operating cash flow reached
Balance-sheet leverage remains material despite improvement over the period: debt-to-equity was 2.0x in FY2025, while liabilities represented
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of The Sherwin-Williams Company'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.
The Sherwin-Williams Company's revenue grew a modest 2.1% year-over-year to $23.6B. This slow but positive growth earns a score of 34/100.
The Sherwin-Williams Company has a moderate D/E ratio of 2.03. This balance of debt and equity financing earns a leverage score of 30/100.
The Sherwin-Williams Company's current ratio of 0.87 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.
The Sherwin-Williams Company converts 11.3% of revenue into free cash flow ($2.7B). This strong cash generation earns a score of 67/100.
The Sherwin-Williams Company 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 91/100. This is down from 66.2% the prior year.
The Sherwin-Williams Company passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, The Sherwin-Williams Company 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
Earnings & Revenue
The Sherwin-Williams Company generated $6.9B in revenue in Q3 2026. This represents an increase of 7.9% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.
The Sherwin-Williams Company reported $821.0M in net income in Q3 2026. This represents a decrease of 1.5% from the same quarter a year earlier. Against the prior quarter it is down 2.7%.
The Sherwin-Williams Company earned $3.38 per diluted share (EPS) in Q3 2026. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is down 1.5%.
Not reported for Q3 2026.
Cash & Balance Sheet
The Sherwin-Williams Company generated $975.8M in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 12.2% from the same quarter a year earlier. Against the prior quarter it is down 21.2%.
The Sherwin-Williams Company held $264.2M in cash against $7.9B in long-term debt as of Q3 2026.
The Sherwin-Williams Company paid $0.80 per share in dividends in Q3 2026. This represents an increase of 1.3% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
The Sherwin-Williams Company's gross margin was 47.8% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.
The Sherwin-Williams Company's net profit margin was 12.0% in Q3 2026, showing the share of revenue converted to profit. This is down 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.
The Sherwin-Williams Company's quarterly ROE was 20.6% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.2 percentage points.
Not reported for Q3 2026.
Capital Allocation
The Sherwin-Williams Company spent $520.1M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 22.2% from the same quarter a year earlier. Against the prior quarter it is down 58.8%.
The Sherwin-Williams Company invested $128.7M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 34.5% from the same quarter a year earlier. Against the prior quarter it is up 18.7%.
Not reported for Q3 2026.
SHW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9B+7.9% | $6.8B+7.5% | $5.7B+6.8% | $5.6B+5.6% | $6.4B+3.2% | $6.3B+0.7% | $5.3B-1.1% | $5.3B+0.9% |
| Cost of Revenue | $3.6B+10.8% | $3.5B+8.0% | $2.9B+5.1% | $2.9B+5.8% | $3.2B+3.1% | $3.2B-0.4% | $2.7B-3.2% | $2.7B+0.8% |
| Gross Profit | $3.3B+4.9% | $3.3B+7.0% | $2.8B+8.7% | $2.7B+5.4% | $3.1B+3.2% | $3.1B+1.8% | $2.6B+1.1% | $2.6B+1.0% |
| SG&A Expenses | $2.1B+6.0% | $2.1B+4.6% | $2.0B+9.8% | $1.9B+2.9% | $2.0B+3.1% | $2.0B+9.0% | $1.8B-0.3% | $1.9B+1.5% |
| Interest Expense | $139.3M+18.9% | $135.9M+20.9% | $131.6M+26.8% | $62.8M+67.5% | $117.2M+13.3% | $112.4M+1.4% | $103.8M+0.8% | $37.5M-27.5% |
| Income Tax | $242.5M+6.6% | $268.9M+16.4% | $145.1M-2.7% | $162.2M+19.7% | $227.4M+5.0% | $231.0M-18.5% | $149.1M+10.6% | $135.5M+15.0% |
| Net Income | $821.0M-1.5% | $843.6M+11.8% | $534.7M+6.1% | $476.8M-0.7% | $833.1M+3.3% | $754.7M-15.2% | $503.9M-0.3% | $480.1M+34.8% |
| EPS (Basic) | $3.41+0.9% | $3.46+13.8% | $2.18+7.9% | $1.94+1.0% | $3.38+5.0% | $3.04-14.4% | $2.02+1.0% | $1.92+36.2% |
| EPS (Diluted) | $3.38+0.9% | $3.43+14.3% | $2.15+7.5% | $1.92+1.1% | $3.35+5.3% | $3.00-14.3% | $2.00+1.5% | $1.90+35.7% |
| Diluted Shares (Avg) | 243M-2.5% | 246M-2.1% | 248M-1.7% | N/A | 249M-1.9% | 251M-1.1% | 253M-1.3% | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA.
SHW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.0B+2.9% | $27.0B+6.3% | $26.4B+7.1% | $25.9B+9.6% | $26.2B+9.3% | $25.4B+6.9% | $24.6B+5.2% | $23.6B+3.0% |
| Current Assets | $7.0B+14.3% | $7.0B+8.9% | $6.5B+7.6% | $6.0B+11.2% | $6.1B+2.9% | $6.4B+6.2% | $6.0B+3.4% | $5.4B-2.0% |
| Cash & Equivalents | $264.2M+9.4% | $293.5M+8.8% | $216.9M+8.6% | $207.2M-1.5% | $241.5M+1.4% | $269.8M+34.9% | $199.8M+11.1% | $210.4M-24.0% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $2.5B+11.9% | $2.5B+1.8% | $2.5B-1.7% | $2.3B+1.3% | $2.3B+0.4% | $2.5B+8.5% | $2.5B+5.8% | $2.3B-1.8% |
| Accounts Receivable | $3.6B+15.2% | $3.6B+14.8% | $3.2B+13.5% | $2.8B+16.8% | $3.1B+5.0% | $3.1B+2.1% | $2.8B+0.1% | $2.4B-3.2% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $8.0B+2.3% | $8.0B+2.8% | $8.0B+3.8% | $8.0B+6.0% | $7.8B+1.8% | $7.8B+2.6% | $7.7B+1.1% | $7.6B-0.6% |
| Total Liabilities | $23.0B+5.5% | $23.1B+10.2% | $21.9B+7.0% | $21.3B+8.8% | $21.8B+9.9% | $21.0B+4.9% | $20.5B+2.9% | $19.6B+1.8% |
| Current Liabilities | $9.8B+31.8% | $9.6B+17.5% | $7.5B-4.3% | $6.9B+1.6% | $7.5B+3.5% | $8.2B+9.8% | $7.9B+5.3% | $6.8B+2.7% |
| Non-Current Liabilities | $13.1B-8.2% | $13.5B+5.5% | $14.4B+14.1% | $14.4B+12.6% | $14.3B+13.6% | $12.8B+2.0% | $12.6B+1.5% | $12.8B+1.3% |
| Long-Term Debt | $7.9B-14.8% | $8.3B+6.4% | $9.3B+19.1% | $9.3B+14.0% | $9.3B+14.0% | $7.8B-3.7% | $7.8B-3.7% | $8.2B-2.4% |
| Total Equity | $4.0B-10.1% | $3.9B-12.4% | $4.4B+7.3% | $4.6B+13.5% | $4.4B+6.5% | $4.4B+17.3% | $4.1B+17.9% | $4.1B+9.0% |
| Retained Earnings | $2.6B-69.8% | $2.0B-75.2% | $1.4B-81.9% | $1.0B-85.8% | $8.7B+25.9% | $8.1B+28.2% | $7.5B+34.6% | $7.2B+37.0% |
SHW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B-15.5% | $1.3B+21.1% | $139.1Mn/m | $1.1B+16.9% | $1.3B+21.7% | $1.1B-7.5% | -$61.1Mn/m | $934.5M+1.7% |
| Depreciation & Amortization | $187.5M+12.3% | $186.4M+14.6% | $186.8M+16.1% | $186.4M+15.1% | $166.9M+7.3% | $162.7M+6.1% | $160.9M+5.0% | $161.9M+4.9% |
| Stock-Based Compensation | N/A | N/A | $29.5M+10.9% | N/A | N/A | N/A | $26.6M+8.1% | N/A |
| Capital Expenditures | $128.7M-34.5% | $108.4M-40.3% | $138.3M-26.9% | $230.4M-23.2% | $196.4M-16.5% | $181.5M-27.7% | $189.3M-33.3% | $300.0M-6.1% |
| Free Cash Flow | $975.8M-12.2% | $1.2B+33.1% | $800Kn/m | $862.1M+35.9% | $1.1B+32.4% | $931.1M-2.2% | -$250.4Mn/m | $634.5M+5.9% |
| Investing Cash Flow | -$151.9Mn/m | -$207.7Mn/m | -$170.5Mn/m | -$171.6Mn/m | -$1.3Bn/m | -$241.1Mn/m | -$316.2Mn/m | -$285.5Mn/m |
| Financing Cash Flow | -$977.8M-15143.1% | -$1.1Bn/m | $47.6M-87.0% | -$942.3Mn/m | $6.5Mn/m | -$810.0Mn/m | $367.2M+26.8% | -$670.8Mn/m |
| Dividends Paid | $194.3M-0.7% | $197.5M-0.2% | $197.1M-1.6% | $195.8M+8.9% | $195.7M+7.2% | $197.9M+10.8% | $200.4M+9.8% | $179.8M+15.8% |
| Share Buybacks | $520.1M-22.2% | $1.3B+143.3% | $575.6M+63.7% | $118.0M-62.0% | $668.2M+48.9% | $518.5M+19.4% | $351.7M-35.5% | $310.2M-36.2% |
SHW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.8%-1.4pp | 49.2%-0.2pp | 49.1%+0.8pp | 48.5%-0.1pp | 49.2%0.0pp | 49.4%+0.5pp | 48.2%+1.1pp | 48.6%+0.1pp |
| Net Margin | 12.0%-1.1pp | 12.4%+0.5pp | 9.4%-0.1pp | 8.5%-0.5pp | 13.1%0.0pp | 11.9%-2.2pp | 9.5%+0.1pp | 9.1%+2.3pp |
| Return on Equity | 20.6%+1.8pp | 21.9%+4.7pp | 12.1%-0.1pp | 10.4%-1.5pp | 18.8%-0.6pp | 17.2%-6.6pp | 12.2%-2.2pp | 11.8%+2.3pp |
| Return on Assets | 3.0%-0.1pp | 3.1%+0.2pp | 2.0%0.0pp | 1.8%-0.2pp | 3.2%-0.2pp | 3.0%-0.8pp | 2.1%-0.1pp | 2.0%+0.5pp |
| Current Ratio | 0.71-0.1x | 0.73-0.1x | 0.86+0.1x | 0.87+0.1x | 0.820.0x | 0.780.0x | 0.770.0x | 0.790.0x |
| Debt-to-Equity | 2.00-0.1x | 2.16+0.4x | 2.10+0.2x | 2.030.0x | 2.11+0.1x | 1.78-0.4x | 1.90-0.4x | 2.02-0.2x |
| Liabilities-to-Equity | 5.78+0.9x | 5.99+1.2x | 4.950.0x | 4.63-0.2x | 4.92+0.2x | 4.76-0.6x | 4.96-0.7x | 4.83-0.3x |
| Asset Turnover | 0.250.0x | 0.250.0x | 0.210.0x | 0.220.0x | 0.240.0x | 0.250.0x | 0.220.0x | 0.220.0x |
| FCF Margin | 14.2%-3.3pp | 18.3%+3.5pp | 0.0%+4.7pp | 15.4%+3.4pp | 17.5%+3.9pp | 14.8%-0.4pp | -4.7%+1.7pp | 12.0%+0.6pp |
Not reported in any period shown, so not listed: Operating Margin.
Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| The Sherwin-Williams Company SHW | FY2025 | $23.6B | $2.6B | 10.9% | $79.7B | 53/100 |
| Ecolab, Inc. ECL | FY2025 | $16.1B | $2.1B | 12.9% | $84.4B | 54/100 |
| Air Products & Chemicals, Inc. APD | FY2025 | $12.0B | -$394.5M | -3.3% | $69.4B | 33/100 |
| DuPont de Nemours, Inc. DD | FY2025 | $6.8B | -$779.0M | -11.4% | $19.0B | 51/100 |
| PPG Industries, Inc. PPG | FY2025 | $15.9B | $1.6B | 9.9% | $26.5B | 56/100 |
| RPM International, Inc. RPM | FY2026 | $7.9B | $661.4M | 8.4% | $13.0B | 62/100 |
Where The Sherwin-Williams Company Ranks
Frequently Asked Questions
What is The Sherwin-Williams Company's annual revenue?
The Sherwin-Williams Company (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 The Sherwin-Williams Company's revenue growing?
The Sherwin-Williams Company (SHW) revenue grew by 2.1% year-over-year, from $23.1B to $23.6B in fiscal year 2025.
Is The Sherwin-Williams Company profitable?
Yes, The Sherwin-Williams Company (SHW) reported a net income of $2.7B over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $2.6B, with a net profit margin of 10.9%.
How much debt does The Sherwin-Williams Company have?
As of fiscal year 2025, The Sherwin-Williams Company (SHW) had $207.2M in cash and equivalents against $9.3B in long-term debt.
What is The Sherwin-Williams Company's gross margin?
The Sherwin-Williams Company (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 The Sherwin-Williams Company's net profit margin?
The Sherwin-Williams Company (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 The Sherwin-Williams Company pay dividends?
Yes, The Sherwin-Williams Company (SHW) paid $3.16 per share in dividends during fiscal year 2025.
What is The Sherwin-Williams Company's return on equity (ROE)?
The Sherwin-Williams Company (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 The Sherwin-Williams Company's free cash flow?
The Sherwin-Williams Company (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 The Sherwin-Williams Company's operating cash flow?
The Sherwin-Williams Company (SHW) generated $3.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are The Sherwin-Williams Company's total assets?
The Sherwin-Williams Company (SHW) had $25.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are The Sherwin-Williams Company's capital expenditures?
The Sherwin-Williams Company (SHW) invested $797.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is The Sherwin-Williams Company's current ratio?
The Sherwin-Williams Company (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 The Sherwin-Williams Company's debt-to-equity ratio?
The Sherwin-Williams Company (SHW) had a debt-to-equity ratio of 2.03 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is The Sherwin-Williams Company's liabilities-to-equity ratio?
The Sherwin-Williams Company (SHW) had a liabilities-to-equity ratio of 4.63 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is The Sherwin-Williams Company's return on assets (ROA)?
The Sherwin-Williams Company (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 The Sherwin-Williams Company's P/E ratio?
The Sherwin-Williams Company (SHW) trades at 29.8x earnings, its market capitalization divided by $2.7B net income, trailing 12 months to September 30, 2026. The market capitalization is $79.7B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Sherwin-Williams Company's price-to-sales ratio?
The Sherwin-Williams Company (SHW) trades at 3.2x sales, its market capitalization divided by $24.9B revenue, trailing 12 months to September 30, 2026. The market capitalization is $79.7B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Sherwin-Williams Company's Piotroski F-Score?
The Sherwin-Williams Company (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.
Are The Sherwin-Williams Company's earnings high quality?
The Sherwin-Williams Company (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 The Sherwin-Williams Company?
The Sherwin-Williams Company (SHW) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.