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The Sherwin-Williams Company Income Statement 2025-2006 | SHW
Brief overview of financial results at The Sherwin-Williams Company
The overview follows changes across a five-year period. The Sherwin-Williams Company reported revenue of 18.4 billion dollars in 2020 and 23.6 billion dollars by 2025. The total change was +28.4%, with a CAGR of approximately 5.1%. This represents moderate business growth.
The five-year change in gross profit reached +32.6%: from 8.7 billion dollars to 11.5 billion dollars. There was no major divergence between sales and cost of revenue. The gross margin was 47.3% at the start and 48.8% at the end. There was no meaningful shift in gross profitability.
The five-year EBITDA result moved by −90.7%: from $3.6 billion to $340 million. EBITDA underperformed the top-line trend. EBITDA margin was 19.8% at the start and 1.4% at the end. Operating return per unit of revenue declined.
Net profit was 2 billion dollars at the start and 2.6 billion dollars at the end. Net earnings remained broadly steady over the period.
Market value was 60.9 billion dollars at the start and 88.5 billion dollars at the end. The share-price trend was broadly consistent with improving results.
Financial takeaway
Positive developments coexist with areas of weakness. The constructive conclusion rests on a larger revenue base, net-income growth and improving gross profitability. The most visible risks are a low EBITDA margin and weaker operating efficiency. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement The Sherwin-Williams Company
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
88.5 B | 87.7 B | 79.3 B | 57.4 B | 68.9 B | 60.9 B | 52.2 B | 37.7 B | 39.1 B | 28 B | 23.6 B | 26.1 B | 18.5 B | 16.5 B | 10 B | 2.73 T | 2.04 T | 2.17 T | 2.85 T | - |
Shares |
248 M | 251 M | 255 M | 258 M | 262 M | 271 M | 275 M | 279 M | 279 M | 276 M | 277 M | 289 M | 303 M | 305 M | 310 M | 107 B | 114 B | 117 B | 127 B | - |
Historical Prices |
358 | 350 | 310 | 222 | 263 | 224 | 169 | 140 | 129 | 98.1 | 85 | 88.8 | 61.7 | 49.2 | 31 | 25.5 | 18 | 18.6 | 22.4 | 16.2 |
Net Income |
2.57 B | 2.68 B | 2.39 B | 2.02 B | 1.86 B | 2.03 B | 1.54 B | 1.11 B | 1.77 B | 1.13 B | 1.05 B | 866 M | 753 M | 631 M | 442 M | 462 M | 436 M | 477 M | 616 M | - |
Revenue |
23.6 B | 23.1 B | 23.1 B | 22.1 B | 19.9 B | 18.4 B | 17.9 B | 17.5 B | 15 B | 11.9 B | 11.3 B | 11.1 B | 10.2 B | 9.53 B | 8.77 B | 1.9 B | 1.6 B | 7.98 B | 8.01 B | - |
Cost of Revenue |
12.1 B | 11.9 B | 12.3 B | 12.8 B | 11.4 B | 9.68 B | 9.86 B | 10.1 B | 8.2 B | 5.93 B | 5.78 B | 5.97 B | 5.57 B | 5.33 B | 5.02 B | 4.3 B | 3.83 B | 4.48 B | 4.41 B | - |
Gross Profit |
11.5 B | 11.2 B | 10.8 B | 9.33 B | 8.54 B | 8.68 B | 8.04 B | 7.42 B | 6.78 B | 5.92 B | 5.56 B | 5.16 B | 4.62 B | 4.21 B | 3.74 B | 3.48 B | 3.26 B | 3.5 B | 3.6 B | - |
Operating Income |
- | - | 4.16 B | 3.4 B | 3.08 B | 3.37 B | 2.81 B | 2.61 B | 2.24 B | 2.16 B | 1.96 B | 1.7 B | 1.44 B | 1.31 B | 985 M | 948 M | - | - | - | - |
Interest Expense |
-20.9 M | 44.7 M | 418 M | 391 M | 335 M | 340 M | 349 M | 367 M | 264 M | 154 M | 61.8 M | 64.2 M | 62.7 M | 42.8 M | 42.5 M | 70.6 M | 40 M | - | - | - |
EBITDA |
340 M | 297 M | 4.45 B | 3.66 B | 3.35 B | 3.64 B | 2.74 B | 2.21 B | 1.98 B | 1.92 B | 1.81 B | 1.5 B | 1.34 B | 1.12 B | 962 M | 1.09 B | 145 M | 143 M | 139 M | - |
Operating Expenses |
- | - | - | - | - | - | 5.61 B | 5.53 B | 5.01 B | 4.2 B | 3.94 B | 3.86 B | 3.46 B | 3.27 B | 2.96 B | - | - | - | - | - |
General and Administrative Expenses |
7.7 B | 7.42 B | 634 M | 433 M | 500 M | 514 M | 5.27 B | 5.03 B | 4.79 B | 4.16 B | 3.91 B | 3.82 B | 3.47 B | 3.26 B | 2.96 B | 199 M | 2.53 B | 2.64 B | 2.6 B | - |
All numbers in USD currency
Quarterly Income Statement The Sherwin-Williams Company
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
244 M | 246 M | 248 M | 246 M | 248 M | 249 M | 251 M | 251 M | 251 M | 252 M | 254 M | 255 M | 256 M | 257 M | 259 M | 258 M | 258 M | 259 M | 261 M | 262 M | 263 M | 266 M | 269 M | 272 M | 271 M | 273 M | 276 M | 91.8 M | 91.8 M | 92 M | 93.1 M | 93.1 M | 92.9 M | 93.3 M | 93.9 M | 93 M | 92.8 M | 92.6 M | 93 M | 92 M | 91.8 M | 91.5 M | 92.2 M | 92.2 M | 92.3 M | 92.7 M | 94.7 M | 94.8 M | 96.6 M | 98.8 M | 100 M | 100 M | 102 M | 102 M | 103 M | 102 M | 101 M | 102 M | 104 M | 102 M | 105 M | 105 M | 106 B | 108 B | 108 B | 113 B | 115 M |
Net Income |
844 M | 535 M | - | 833 M | 755 M | 504 M | - | 806 M | 890 M | 505 M | - | 762 M | 794 M | 477 M | - | 685 M | 578 M | 371 M | 304 M | 502 M | 649 M | 410 M | 407 M | 706 M | 596 M | 322 M | 249 M | 576 M | 471 M | 245 M | 101 M | 354 M | 404 M | 250 M | 853 M | 317 M | 319 M | 239 M | 203 M | 387 M | 378 M | 165 M | 198 M | 374 M | 350 M | 131 M | 133 M | 326 M | 291 M | 115 M | 116 M | 263 M | 257 M | 116 M | 68.1 M | 235 M | 228 M | 100 M | 14.6 M | 180 M | 179 M | 68.3 M | 175 M | 182 M | 32.6 M | 175 M | 158 M |
Revenue |
6.79 B | 5.67 B | - | 6.36 B | 6.31 B | 5.31 B | - | 6.16 B | 6.27 B | 5.37 B | - | 6.12 B | 6.24 B | 5.44 B | - | 6.05 B | 5.87 B | 5 B | 4.76 B | 5.15 B | 5.38 B | 4.66 B | 4.49 B | 5.12 B | 4.6 B | 4.15 B | 4.11 B | 4.87 B | 4.88 B | 4.04 B | 4.06 B | 4.73 B | 4.77 B | 3.97 B | 3.98 B | 4.51 B | 3.74 B | 2.76 B | 2.78 B | 3.28 B | 3.22 B | 2.57 B | 2.6 B | 3.15 B | 3.13 B | 2.45 B | 2.57 B | 3.15 B | 3.04 B | 2.37 B | 2.46 B | 2.85 B | 2.71 B | 2.17 B | 2.22 B | 2.6 B | 2.57 B | 2.14 B | 2.07 B | 2.48 B | 2.35 B | 1.86 B | 2.17 B | 2.14 B | 1.57 B | 2 B | 1.95 B |
Cost of Revenue |
3.45 B | 2.89 B | - | 3.23 B | 3.2 B | 2.75 B | - | 3.14 B | 3.21 B | 2.84 B | - | 3.2 B | 3.37 B | 3.02 B | - | 3.46 B | 3.42 B | 2.95 B | - | 3.01 B | 2.97 B | 2.54 B | - | 2.67 B | 2.4 B | 2.26 B | - | 2.64 B | 2.7 B | 2.31 B | - | 2.72 B | 2.74 B | 2.28 B | - | 2.61 B | 2 B | 1.42 B | - | 1.64 B | 1.58 B | 1.31 B | - | 1.58 B | 1.6 B | 1.32 B | - | 1.68 B | 1.63 B | 1.3 B | - | 1.55 B | 1.48 B | 1.2 B | - | 1.45 B | 1.42 B | 1.23 B | - | 1.45 B | 1.33 B | 1.06 B | 1.2 B | 1.17 B | 874 M | 1.07 B | 1.05 B |
Gross Profit |
3.34 B | 2.78 B | - | 3.13 B | 3.12 B | 2.56 B | - | 3.03 B | 3.06 B | 2.53 B | - | 2.92 B | 2.87 B | 2.42 B | - | 2.59 B | 2.45 B | 2.05 B | 1.88 B | 2.14 B | 2.41 B | 2.11 B | 2.13 B | 2.46 B | 2.21 B | 1.89 B | 1.89 B | 2.23 B | 2.18 B | 1.74 B | 1.68 B | 2.01 B | 2.04 B | 1.69 B | 1.74 B | 1.9 B | 1.73 B | 1.34 B | 1.39 B | 1.64 B | 1.64 B | 1.26 B | 1.32 B | 1.57 B | 1.53 B | 1.13 B | 1.22 B | 1.47 B | 1.41 B | 1.07 B | 1.12 B | 1.3 B | 1.23 B | 963 M | 996 M | 1.15 B | 1.15 B | 910 M | 886 M | 1.04 B | 1.02 B | 797 M | 972 M | 972 M | 692 M | 929 M | 895 M |
Operating Income |
- | - | - | - | - | - | - | 1.32 B | 1.41 B | 884 M | - | 1.3 B | 1.23 B | 839 M | - | 1.1 B | 961 M | 655 M | - | 818 M | 995 M | 768 M | - | 1.1 B | 934 M | 586 M | - | 916 M | 903 M | 518 M | - | 767 M | 805 M | 502 M | - | 656 M | 671 M | 418 M | - | 674 M | 673 M | 365 M | - | 653 M | 609 M | 280 M | - | 583 M | 529 M | 254 M | - | 476 M | 467 M | 238 M | - | 416 M | 405 M | 217 M | - | 321 M | 314 M | - | - | - | - | - | - |
Interest Expense |
12.1 M | 4 M | - | -2.3 M | -4.7 M | -2.9 M | - | 103 M | 32 M | 7.7 M | - | 102 M | 112 M | 109 M | - | 101 M | 92.9 M | 88.4 M | - | 83.1 M | 83.5 M | 83.2 M | - | 83.3 M | 88.1 M | 86.2 M | - | 85.3 M | 89.2 M | 91 M | - | 92.3 M | 93.5 M | 91.5 M | - | 91.6 M | 56.7 M | 25.7 M | - | 44.1 M | 40.9 M | 25.7 M | - | 17 M | 12.9 M | 12.4 M | - | 16 M | 16.4 M | 16.4 M | - | 15.4 M | 15.1 M | 15.3 M | - | 10.4 M | 10.2 M | 10.3 M | - | 10.5 M | 11.7 M | 10.7 M | - | - | - | - | - |
EBITDA |
98.5 M | - | - | 82.8 M | - | - | - | - | 1.48 B | 955 M | - | - | - | 910 M | - | 1.29 B | 961 M | 720 M | - | 1.02 B | 1.07 B | 833 M | - | 1.3 B | 1.07 B | 652 M | - | 1.11 B | 1.03 B | 582 M | - | 978 M | 949 M | 574 M | - | 818 M | 766 M | 463 M | - | 803 M | 760 M | 408 M | - | 780 M | 694 M | 323 M | - | 709 M | 612 M | 295 M | - | 594 M | 546 M | 277 M | - | 529 M | 481 M | 254 M | - | 434 M | 389 M | 37.3 M | 101 M | 66.2 M | 33.1 M | 110 M | 73.2 M |
General and Administrative Expenses |
2.1 B | 1.97 B | - | 1.95 B | 2.01 B | 1.79 B | - | 195 M | 1.85 B | 1.8 B | - | 188 M | 108 M | 115 M | - | 117 M | 128 M | 105 M | - | 123 M | 92.2 M | 175 M | - | 142 M | 99 M | 107 M | - | 156 M | 138 M | 128 M | - | 122 M | 173 M | 107 M | - | 136 M | 105 M | 86 M | - | 94.8 M | 92.8 M | 123 M | - | 85.2 M | 88.3 M | 74.8 M | - | 93.3 M | 83.3 M | 71.3 M | - | 73.1 M | 71.4 M | 54.8 M | - | 62.6 M | 67 M | 63.9 M | - | 50.7 M | 756 M | 691 M | 704 M | 691 M | 613 M | 654 M | 653 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company The Sherwin-Williams Company (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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