PPG (NYSE: PPG) sees Q1 EPS above guidance, signals flat-to-low Q2 growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
PPG Industries expects first quarter 2026 results to exceed its previous guidance, reporting earnings per diluted share of $1.70 and adjusted EPS of $1.83, a 6% increase over first quarter 2025. Management highlighted a fifth consecutive quarter of organic sales growth, with higher selling prices and flat volumes.
The company cited strong performance in architectural coatings Latin America and aerospace, along with self-help cost and efficiency actions, which lifted segment EBITDA margins above earlier expectations. For second quarter 2026, PPG currently expects both organic sales and adjusted EPS to be in a range from flat to low single-digit percentage growth versus the prior-year quarter.
Positive
- PPG expects Q1 2026 results to exceed its prior guidance, with adjusted EPS of $1.83 up 6% year over year, supported by continued organic sales growth and stronger-than-expected segment EBITDA margins.
Negative
- None.
Insights
PPG pre-announces Q1 EPS above guidance with modest Q2 outlook.
PPG reports Q1 2026 EPS of $1.70 and adjusted EPS of $1.83, which is a 6% increase versus Q1 2025. The company also states that overall Q1 financial results are expected to exceed its earlier guidance, indicating better-than-planned execution.
Management points to a fifth straight quarter of organic sales growth, driven by positive pricing with flat volumes. Strong contributions from architectural coatings Latin America and aerospace, plus ongoing self-help initiatives, lifted segment EBITDA margins above initial expectations, suggesting effective cost and mix management.
Looking ahead, PPG currently expects second quarter 2026 organic sales and adjusted EPS to range from flat to low single-digit percentage growth versus the prior year. This implies continued but moderating momentum, with future detail and more granular projections to be provided when full Q1 results are released on April 28, 2026.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 EPS: $1.70 per diluted share
Q1 2026 adjusted EPS: $1.83 per diluted share
Q1 2025 adjusted EPS: $1.72 per diluted share
+3 more
6 metrics
Q1 2026 EPS
$1.70 per diluted share
Reported net income from continuing operations, first quarter 2026
Q1 2026 adjusted EPS
$1.83 per diluted share
Adjusted net income from continuing operations, first quarter 2026
Q1 2025 adjusted EPS
$1.72 per diluted share
Adjusted net income from continuing operations, first quarter 2025
Adjusted EPS growth
6% year-over-year
Increase in adjusted EPS, Q1 2026 vs Q1 2025
Portfolio optimization inventory step-up
$6 million charge
First quarter 2026 portfolio optimization cost related to acquired inventory
2025 net sales
$15.9 billion
Net sales reported for full year 2025
Key Terms
organic sales growth, adjusted earnings per share, segment EBITDA margin, business restructuring-related costs, +2 more
6 terms
organic sales growth financial
"we have delivered our fifth consecutive quarter of organic sales growth"
Organic sales growth measures how much a company’s revenue rises from its regular business activity — like selling more products, charging higher prices, or selling to more customers — without counting money from buying other businesses or one-time currency effects. Investors watch it because it shows whether demand and the company’s core operations are genuinely getting stronger, similar to judging a garden by how much the plants you planted yourself are growing rather than by adding bought potted plants.
segment EBITDA margin financial
"drove segment EBITDA margin above our original expectations"
Segment EBITDA margin measures how much profit a particular business unit or product line generates from its own revenue after subtracting the direct operating costs, but before interest, taxes and certain accounting charges. Think of it like the share of each dollar from one shop in a chain that remains after paying the shop’s day-to-day expenses; investors use it to compare efficiency across parts of a company and to judge which units drive value or pose risk.
portfolio optimization financial
"Portfolio optimization includes a $6 million charge related to the step-up of acquired inventory"
Portfolio optimization is the process of arranging and adjusting an investment collection to achieve the best possible balance between potential returns and risk. It’s like fine-tuning a recipe to get the most flavor with the least unwanted ingredients, helping investors make smarter choices about how to allocate their money to meet their financial goals efficiently.
Regulation G Reconciliation regulatory
"Regulation G Reconciliation – Earnings per Diluted Share"
Earnings Snapshot
EPS: $1.70 · Guidance included
Q1 2026
EPS
$1.70
Adjusted EPS
$1.83
+6% vs Q1 2025
Guidance
Company expects Q2 2026 organic sales and adjusted EPS to be flat to low single-digit percentage growth versus the prior-year period.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
| FORM | |||||
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 15, 2026
(Exact Name of Registrant as Specified in Charter) | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices, and Zip Code)
(412 ) 434-3131
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | |||||||
On April 15, 2026, PPG Industries, Inc. issued the press release attached hereto as Exhibit 99 and incorporated herein by reference. The information furnished pursuant to this Item 2.02 shall in no way be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, except if the Company specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
| Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) Exhibits. The following exhibits are being furnished as part of this Report.
Exhibit Number | Description | |||||||
| 99 | Earnings press release of PPG Industries, Inc. dated April 15, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PPG INDUSTRIES, INC. | ||||||||
| (Registrant) | ||||||||
| Date: April 15, 2026 | By: | /s/ Vincent J. Morales | ||||||
| Vincent J. Morales | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Exhibit 99
News
Media Contact:
Greta Edgar Borza
Corporate Communications
+1-724-316-7552
edgar@ppg.com
Investor Contact:
Alex Lopez
Investor Relations
+1-412-434-3466
alejandrolopez@ppg.com
investor.ppg.com
PPG expects first quarter 2026 financial results to exceed previous guidance; detailed financial update to be provided April 28
PITTSBURGH, April 15, 2026 – PPG (NYSE: PPG) today announced that first quarter 2026 earnings per diluted share (EPS) is $1.70 and adjusted EPS is $1.83, an increase of 6% over the first quarter 2025.
“I am pleased that we have delivered our fifth consecutive quarter of organic sales growth, with positive selling prices and flat sales volumes,” said Tim Knavish, PPG chairman and chief executive officer. “Strong performance in our differentiated architectural coatings Latin America and aerospace businesses coupled with the execution of our self-help actions drove segment EBITDA margin above our original expectations.”
In addition, the company indicated it expects both second quarter organic sales and adjusted earnings per share in the range of flat to low single-digit percentage growth versus the respective prior year period.
The company will announce detailed first quarter 2026 financial results on April 28, 2026, after U.S. stock markets close. The company plans to hold an earnings teleconference on April 29, 2026 at 8 a.m. ET., during which it will provide more comprehensive updates and financial projections.
PPG: WE PROTECT AND BEAUTIFY THE WORLD®
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we market and sell in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.
Forward-Looking Statements
Statements contained herein relating to matters that are not historical facts are forward-looking statements reflecting PPG’s current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG’s operations, as discussed in the company’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the forward-looking statements contained herein. Such factors include statements related to earnings guidance, global economic conditions, geopolitical issues, the amount of
future share repurchases, increasing price and product competition by our competitors, fluctuations in cost and availability of raw materials, energy, labor and logistics, the ability to achieve selling price increases, margins, share gains, customer inventory levels, PPG inventory levels, the ability to maintain favorable supplier relationships and arrangements, the timing of realization of anticipated cost savings from restructuring and other initiatives, the ability to identify additional cost savings opportunities, the timing and expected benefits of potential future and completed acquisitions, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the imposition and magnitude of tariffs, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, global human health issues, the unpredictability of existing and possible future litigation, including asbestos litigation, and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and in our 2025 Annual Report on Form 10-K are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, results of operations or liquidity.
All information in this release speaks only as of April 15, 2026, and any distribution of this release after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.
Regulation G Reconciliation
PPG believes investors’ understanding of the company’s performance is enhanced by the disclosure of earnings per diluted share from continuing operations adjusted for certain items. PPG’s management considers this information useful in providing insight into the company’s ongoing performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations. Earnings per diluted share from continuing operations adjusted for these items is not a recognized financial measure determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should not be considered a substitute for earnings per diluted share as computed in accordance with U.S. GAAP. In addition, adjusted earnings per diluted share may not be comparable to similarly titled measures as reported by other companies. PPG is not able to provide a reconciliation of second quarter 2026 expected adjusted earnings per diluted share to the most directly comparable GAAP financial measure without unreasonable effort because certain items that impact such measure are uncertain or cannot be reasonably predicted at this time.
Regulation G Reconciliation – Earnings per Diluted Share
First Quarter | |||||||||||
2026 | 2025 | ||||||||||
EPS(a) | |||||||||||
Reported net income from continuing operations | $ | 1.70 | $ | 1.64 | |||||||
Acquisition-related amortization expense | 0.09 | 0.10 | |||||||||
Business restructuring-related costs, net(b) | 0.02 | 0.03 | |||||||||
Portfolio optimization(c) | 0.02 | (0.03) | |||||||||
Insurance recovery(d) | — | (0.02) | |||||||||
Adjusted net income from continuing operations, excluding certain items | $ | 1.83 | $ | 1.72 | |||||||
(a)Earnings per diluted share is calculated based on unrounded numbers. Figures in the table may not recalculate due to rounding.
(b)Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Other income, net on the condensed consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the condensed consolidated statement of income and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation, amortization, Selling, general and administrative and Other income, net on the condensed consolidated statement of income.
(c)Portfolio optimization includes a $6 million charge related to the step-up of acquired inventory in the first quarter 2026. Portfolio optimization also includes a $7 million gain recognized on the sale of a business in the first quarter 2025. There was no tax expense associated with that gain. Portfolio optimization also includes advisory, legal, accounting, valuation, other professional or consulting fees, and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the condensed consolidated statement of income.
(d)In the first quarter 2025, the Company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2021, which is included in Other income, net on the condensed consolidated statement of income.
FAQ
What Q1 2026 EPS did PPG (PPG) pre-announce in this 8-K?
PPG reported preliminary first quarter 2026 earnings per diluted share of $1.70. It also disclosed adjusted EPS of $1.83, reflecting a 6% increase compared with first quarter 2025, driven by pricing and cost initiatives.
How did PPG’s adjusted EPS for Q1 2026 compare to Q1 2025?
PPG’s adjusted EPS for Q1 2026 was $1.83, up from $1.72 in Q1 2025. The company stated this represents a 6% year-over-year increase, supported by organic sales growth and stronger segment EBITDA margins.
Did PPG say Q1 2026 results would exceed its previous guidance?
Yes. PPG stated it expects first quarter 2026 financial results to exceed previous guidance. This reflects better-than-anticipated performance across key businesses and the impact of internal self-help cost and efficiency actions.
What outlook did PPG (PPG) provide for second quarter 2026?
PPG indicated it expects second quarter 2026 organic sales and adjusted EPS to range from flat to low single-digit percentage growth versus the prior-year quarter, suggesting continued but moderate year-over-year improvement.
What non-GAAP adjustments did PPG include in its Q1 2026 EPS reconciliation?
PPG’s Q1 2026 adjusted EPS adds back acquisition-related amortization, business restructuring-related costs, and portfolio optimization items, including a $6 million step-up charge on acquired inventory, to present earnings from ongoing operations.
When will PPG release full Q1 2026 results and hold its earnings call?
PPG plans to release detailed first quarter 2026 financial results on April 28, 2026, after U.S. market close. The company will host an earnings teleconference on April 29, 2026 at 8 a.m. Eastern Time.