Sherwin Williams
SHW · NYSERetail-Building Materials, Hardware, Garden Supply · Fiscal year ends Dec 31
Sherwin Williams reported revenue of $23.6B in the fiscal year ended Dec 2025, up 2.1% from the year before. Net income was $2.6B. Operating cash flow of $3.5B less capital expenditure of $798M left free cash flow of $2.7B. Net debt was $9.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $19.9B | $22.1B | $23.1B | $23.1B | $23.6B |
| Cost of revenue | $11.4B | $12.8B | $12.3B | $11.9B | $12.1B |
| Gross profit | $8.5B | $9.3B | $10.8B | $11.2B | $11.5B |
| Selling, general & admin | $5.9B | $6.3B | $7.1B | $7.4B | $7.7B |
| Operating income | $3.1B | $3.4B | $4.2B | – | – |
| Interest expense | $335M | $391M | $418M | $416M | $465M |
| Pre-tax income | $2.2B | $2.6B | $3.1B | $3.5B | $3.3B |
| Income tax | $384M | $553M | $721M | $770M | $770M |
| Net income | $1.9B | $2B | $2.4B | $2.7B | $2.6B |
| Diluted EPS | 6.98 | 7.72 | 9.25 | 10.55 | 10.26 |
| Diluted shares | 267M | 262M | 258M | 254M | 250M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $166M | $199M | $277M | $210M | $207M |
| Receivables | $2.4B | $2.6B | $2.5B | $2.4B | $2.8B |
| Inventory | $1.9B | $2.6B | $2.3B | $2.3B | $2.3B |
| Current assets | $5.1B | $5.9B | $5.5B | $5.4B | $6B |
| Net PP&E | $1.9B | $2.2B | $2.8B | $3.5B | $4.1B |
| Goodwill | $7.1B | $7.6B | $7.6B | $7.6B | $8B |
| Total assets | $20.7B | $22.6B | $23B | $23.6B | $25.9B |
| Payables | $2.4B | $2.4B | $2.3B | $2.3B | $2.4B |
| Deferred revenue | $260M | $293M | $366M | $386M | $427M |
| Current liabilities | $5.7B | $6B | $6.6B | $6.8B | $6.9B |
| Short-term debt | $261M | $600,000 | $1.1B | $1B | $350M |
| Long-term debt | $8.6B | $9.6B | $8.4B | $8.2B | $9.3B |
| Shareholders' equity | $2.4B | $3.1B | $3.7B | $4.1B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $1.9B | $3.5B | $3.2B | $3.5B |
| Capital expenditure | $372M | $645M | $888M | $1.1B | $798M |
| Free cash flow | $1.9B | $1.3B | $2.6B | $2.1B | $2.7B |
| Depreciation & amortisation | $263M | $264M | $292M | $297M | $340M |
| Stock-based compensation | $98M | $100M | $116M | $138M | $124M |
| Acquisitions | $211M | $1B | $265M | $79M | $1.2B |
| Dividends paid | $587M | $619M | $624M | $723M | $790M |
| Dividend per share | 2.20 | 2.40 | 2.42 | 2.86 | 3.16 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.1% | 4.1% | 0.2% | 2.1% |
| Operating income growth (YoY) | – | 10.2% | 22.5% | – | – |
| EPS growth (YoY) | – | 10.6% | 19.8% | 14.1% | −2.7% |
| Gross margin | 42.8% | 42.1% | 46.7% | 48.5% | 48.8% |
| Operating margin | 15.5% | 15.3% | 18.1% | – | – |
| Net margin | 9.3% | 9.1% | 10.4% | 11.6% | 10.9% |
| Return on equityBlank when equity is negative | 76.5% | 65.1% | 64.3% | 66.2% | 55.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.6% | 20.4% | 25.5% | – | – |
| Free cash flow margin | 9.4% | 5.8% | 11.4% | 9.0% | 11.3% |
| Cash conversion (CFO ÷ net income) | 1.20x | 0.95x | 1.47x | 1.18x | 1.34x |
| Receivable days | 43 | 42 | 39 | 38 | 43 |
| Inventory days | 62 | 75 | 69 | 70 | 70 |
| Payable days | 77 | 69 | 69 | 69 | 71 |
| Interest cover | 9.21x | 8.69x | 9.97x | – | – |
| Debt ÷ equity | 3.63x | 3.09x | 2.55x | 2.28x | 2.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.7B | $9.4B | $9.2B | $9B | $9.5B |
| Current ratio | 0.88x | 0.99x | 0.83x | 0.79x | 0.87x |
Recent filings
More in Retail-Building Materials, Hardware, Garden Supply
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.