PPG Industries
PPG · NYSEPaints, Varnishes, Lacquers, Enamels & Allied Prods · Fiscal year ends Dec 31
PPG Industries reported revenue of $15.9B in the fiscal year ended Dec 2025, up 0.2% from the year before. Net income was $1.6B. Operating cash flow of $1.9B less capital expenditure of $778M left free cash flow of $1.2B. Net debt was $5.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.8B | $15.6B | $16.2B | $15.8B | $15.9B |
| Cost of revenue | $10.3B | $10B | $9.7B | $9.3B | $9.3B |
| Gross profit | $6.5B | $5.6B | $6.6B | $6.6B | $6.6B |
| Research & development | $463M | $457M | $446M | $447M | $446M |
| Selling, general & admin | $3.8B | $3B | $3.4B | $3.4B | $3.4B |
| Operating income | $2.2B | $2B | $2.7B | – | – |
| Net interest incomeBanks | −$95M | −$113M | −$107M | – | – |
| Interest expense | $121M | $167M | $247M | $241M | $241M |
| Pre-tax income | $1.8B | $1.4B | $1.7B | $1.9B | $2B |
| Income tax | $374M | $320M | $428M | $475M | $458M |
| Net income | $1.4B | $1B | $1.3B | $1.1B | $1.6B |
| Diluted EPS | 6.01 | 4.32 | 5.35 | 4.75 | 6.94 |
| Diluted shares | 239M | 237M | 237M | 235M | 227M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1B | $1.1B | $1.5B | $1.3B | $2.2B |
| Receivables | $2.7B | $2.8B | $2.6B | $2.5B | $2.8B |
| Inventory | $2.2B | $2.3B | $1.9B | $1.8B | $2B |
| Current assets | $6.8B | $7.2B | $7.4B | $6.6B | $8B |
| Net PP&E | $3.4B | $3.3B | $3.5B | $3.5B | $4B |
| Goodwill | $6.2B | $6B | $6.1B | $5.7B | $6.1B |
| Total assets | $21.4B | $20.7B | $21.6B | $19.4B | $22.1B |
| Current liabilities | $4.8B | $4.7B | $5.1B | $5B | $4.9B |
| Short-term debt | $3M | $303M | $302M | $932M | $702M |
| Long-term debt | $6.6B | $6.5B | $5.7B | $4.9B | $6.6B |
| Total liabilities | $14.9B | $14B | $13.6B | $12.5B | $14B |
| Shareholders' equity | $6.3B | $6.6B | $7.8B | $6.8B | $7.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $963M | $2.4B | $1.4B | $1.9B |
| Capital expenditure | $371M | $486M | $516M | $721M | $778M |
| Free cash flow | $1.2B | $477M | $1.9B | $699M | $1.2B |
| Depreciation & amortisation | $561M | $502M | $514M | $492M | $528M |
| Stock-based compensation | $57M | $34M | $56M | $42M | $46M |
| Acquisitions | $2.1B | $114M | $109M | $31M | $1M |
| Share buybacks | $210M | $190M | $86M | $752M | $790M |
| Dividends paid | $536M | $570M | $598M | $622M | $628M |
| Dividend per share | 2.26 | 2.42 | 2.54 | 2.66 | 2.78 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.1% | 4.0% | −2.4% | 0.2% |
| Operating income growth (YoY) | – | −5.9% | 31.0% | – | – |
| EPS growth (YoY) | – | −28.1% | 23.8% | −11.2% | 46.1% |
| Gross margin | 38.8% | 36.1% | 40.4% | 41.6% | 41.3% |
| Operating margin | 12.9% | 13.1% | 16.5% | – | – |
| Net margin | 8.6% | 6.6% | 7.8% | 7.0% | 9.9% |
| Return on equityBlank when equity is negative | 22.9% | 15.6% | 16.2% | 16.4% | 19.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.1% | 12.7% | 16.1% | – | – |
| Free cash flow margin | 7.1% | 3.1% | 11.7% | 4.4% | 7.3% |
| Cash conversion (CFO ÷ net income) | 1.09x | 0.94x | 1.90x | 1.27x | 1.23x |
| Receivable days | 58 | 66 | 59 | 57 | 64 |
| Inventory days | 77 | 83 | 73 | 73 | 78 |
| Interest cover | 17.9x | 12.2x | 10.8x | – | – |
| Debt ÷ equity | 1.05x | 1.03x | 0.77x | 0.86x | 0.92x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.6B | $5.7B | $4.6B | $4.5B | $5.1B |
| Current ratio | 1.42x | 1.52x | 1.47x | 1.31x | 1.62x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.