Sherwin-Williams Co (SHW) financial statements: income statement, balance sheet and cash flow
Sherwin-Williams Co's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Sherwin-Williams Co reported revenue of $23.6B (+2.1% year on year) and net income of $2.6B (-4.2% year on year).
Income statement
Sherwin-Williams Co income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$23.6B
$23.1B
$23.1B
$22.1B
Cost of goods sold
$12.1B
$11.9B
$12.3B
$12.8B
Gross profit
$11.5B
$11.2B
$10.8B
$9.3B
Percent to Net sales
48.8%
48.5%
46.7%
42.1%
Selling, general and administrative expenses
$7.7B
$7.4B
$7.1B
$6.0B
Percent to Net sales
32.6%
32.1%
30.6%
27.2%
Other general (income) expense - net
($10.2M)
($38.8M)
$67.1M
($24.9M)
Impairment
$17.8M
$0
$57.9M
—
Interest expense
$465.0M
$415.7M
$417.5M
$390.8M
Interest income
($11.2M)
($11.0M)
($25.2M)
($8.0M)
Other expense (income) - net
$20.9M
($44.7M)
$65.5M
$47.0M
Income before income taxes
$3.3B
$3.5B
$3.1B
$2.6B
Income taxes
$769.7M
$770.4M
$721.1M
$553.0M
Net income
$2.6B
$2.7B
$2.4B
$2.0B
Basic (in dollars per share)
$10.37
$10.68
$9.35
$7.83
Diluted (in dollars per share)
$10.26
$10.55
$9.25
$7.72
Basic (in shares)
247.6M
251.0M
255.4M
258.0M
Diluted (in shares)
250.4M
254.1M
258.3M
261.8M
Sherwin-Williams Co income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net sales
$6.8B
$5.7B
$6.4B
$6.3B
Cost of goods sold
$3.5B
$2.9B
$3.2B
$3.2B
Gross profit
$3.3B
$2.8B
$3.1B
$3.1B
Percent to Net sales
49.2%
49.1%
49.2%
49.4%
Selling, general and administrative expenses
$2.1B
$2.0B
$2.0B
$2.0B
Percent to Net sales
31.0%
34.8%
30.7%
31.9%
Other general expense - net
$3.4M
$6.3M
($4.7M)
$6.3M
Interest expense
$135.9M
$131.6M
$117.2M
$112.4M
Interest income
($5.4M)
($2.8M)
($2.6M)
($2.4M)
Other (income) expense - net
($12.1M)
($4.0M)
$2.3M
$4.7M
Income before income taxes
$1.1B
$679.8M
$1.1B
$985.7M
Income taxes
$268.9M
$145.1M
$227.4M
$231.0M
Net income
$843.6M
$534.7M
$833.1M
$754.7M
Basic (in dollars per share)
$3.46
$2.18
$3.38
$3.04
Diluted (in dollars per share)
$3.43
$2.15
$3.35
$3.00
Basic (in shares)
243.9M
245.7M
246.2M
248.4M
Diluted (in shares)
246.0M
248.1M
249.0M
251.3M
Balance sheet
Sherwin-Williams Co balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$207.2M
$210.4M
$276.8M
$198.8M
Accounts receivable, net
$2.8B
$2.4B
$2.5B
$2.6B
Inventories
$2.3B
$2.3B
$2.3B
$2.6B
Other current assets
$690.8M
$513.5M
$438.4M
$518.8M
Total current assets
$6.0B
$5.4B
$5.5B
$5.9B
Property, plant and equipment, net
$4.1B
$3.5B
$2.8B
$2.2B
Goodwill
$8.0B
$7.6B
$7.6B
$7.6B
Intangible assets
$4.0B
$3.5B
$3.9B
$4.0B
Operating lease right-of-use assets
$2.0B
$2.0B
$1.9B
$1.9B
Other assets
$1.8B
$1.6B
$1.2B
$1.0B
Total Assets
$25.9B
$23.6B
$23.0B
$22.6B
Short-term borrowings
$1.2B
$662.4M
$374.2M
$978.1M
Accounts payable
$2.4B
$2.3B
$2.3B
$2.4B
Compensation and taxes withheld
$839.4M
$842.8M
$862.7M
$784.5M
Accrued taxes
$187.4M
$174.3M
$197.4M
$197.4M
Current portion of long-term debt
$350.1M
$1.0B
$1.1B
$600.0K
Current portion of operating lease liabilities
$479.8M
$466.6M
$449.3M
$425.3M
Other accruals
$1.5B
$1.4B
$1.3B
$1.1B
Total current liabilities
$6.9B
$6.8B
$6.6B
$6.0B
Long-term debt
$9.3B
$8.2B
$8.4B
$9.6B
Postretirement benefits other than pensions
$129.8M
$120.7M
$133.2M
$139.3M
Deferred income taxes
$765.3M
$607.5M
$683.1M
$681.6M
Long-term operating lease liabilities
$1.6B
$1.6B
$1.5B
$1.5B
Other long-term liabilities
$2.6B
$2.3B
$1.9B
$1.6B
Common stock - $0.00-1/3 par value: 0.0, 251.3 and 254.5 million shares outstanding at December 31, 2025, 2024 and 2023, respectively
83.1M
92.5M
91.8M
91.2M
Other capital
$4.2B
$4.6B
$4.2B
$4.0B
Retained earnings
$1.0B
$7.2B
$5.3B
$3.5B
Treasury stock, at cost
($84.3M)
($7.0B)
($5.2B)
($3.8B)
Accumulated other comprehensive income (loss)
($634.4M)
($875.2M)
($624.3M)
($700.6M)
Total shareholders’ equity
$4.6B
$4.1B
$3.7B
$3.1B
Total Liabilities and Shareholders’ Equity
$25.9B
$23.6B
$23.0B
$22.6B
Sherwin-Williams Co balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$293.5M
$216.9M
$241.5M
$269.8M
Accounts receivable, net
$3.6B
$3.2B
$3.1B
$3.1B
Inventories
$2.5B
$2.5B
$2.3B
$2.5B
Other current assets
$604.8M
$617.5M
$506.0M
$559.0M
Total current assets
$7.0B
$6.5B
$6.1B
$6.4B
Property, plant and equipment, net
$4.2B
$4.2B
$3.9B
$3.8B
Goodwill
$8.0B
$8.0B
$7.8B
$7.8B
Intangible assets
$3.8B
$3.9B
$3.5B
$3.5B
Operating lease right-of-use assets
$2.1B
$2.0B
$2.0B
$2.0B
Other assets
$1.8B
$1.8B
$2.9B
$1.8B
Total Assets
$27.0B
$26.4B
$26.2B
$25.4B
Short-term borrowings
$2.2B
$2.4B
$1.8B
$1.7B
Accounts payable
$2.8B
$2.6B
$2.4B
$2.6B
Compensation and taxes withheld
$768.4M
$592.0M
$709.4M
$688.9M
Accrued taxes
$405.4M
$271.7M
$254.6M
$255.8M
Current portion of long-term debt
$1.5B
$100.0K
$350.5M
$1.2B
Current portion of operating lease liabilities
$486.5M
$484.7M
$479.8M
$480.7M
Other accruals
$1.4B
$1.2B
$1.4B
$1.3B
Total current liabilities
$9.6B
$7.5B
$7.5B
$8.2B
Long-term debt
$8.3B
$9.3B
$9.3B
$7.8B
Postretirement benefits other than pensions
$133.4M
$131.6M
$120.7M
$120.7M
Deferred income taxes
$757.2M
$765.4M
$657.2M
$560.9M
Long-term operating lease liabilities
$1.7B
$1.6B
$1.6B
$1.6B
Other long-term liabilities
$2.6B
$2.6B
$2.6B
$2.7B
Common stock - $0.33-1/3 par value: 0.0 million, 247.7 million and 250.6 million shares outstanding at March 31, 2026, December 31, 2025 and March 31, 2025, respectively
83.3M
83.2M
92.9M
92.7M
Other capital
$4.3B
$4.3B
$4.7B
$4.7B
Retained earnings
$2.0B
$1.4B
$8.7B
$8.1B
Treasury stock, at cost
($2.0B)
($707.8M)
($8.5B)
($7.9B)
Accumulated other comprehensive income (loss)
($594.1M)
($586.8M)
($590.1M)
($597.9M)
Total shareholders’ equity
$3.9B
$4.4B
$4.4B
$4.4B
Total Liabilities and Shareholders’ Equity
$27.0B
$26.4B
$26.2B
$25.4B
Cash flow statement
Sherwin-Williams Co cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$2.6B
$2.7B
$2.4B
$2.0B
Depreciation
$340.3M
$297.4M
$292.3M
$264.0M
Non-cash lease expense
$508.6M
$460.5M
$452.7M
$416.9M
Amortization of intangible assets
$336.6M
$326.6M
$330.2M
$317.1M
Gain on divestiture of business
$0
$0
($20.1M)
$0
Loss on extinguishment of debt
$0
$0
$12.8M
$0
Impairment
$17.8M
$0
$57.9M
—
Provisions for environmental-related matters - net
$15.3M
($1.3M)
$80.7M
—
Provisions for restructuring
$111.0M
$0
$15.3M
$47.3M
Deferred income taxes
$153.2M
($74.9M)
($88.9M)
($144.8M)
Stock-based compensation expense
$123.5M
$138.1M
$115.9M
$99.7M
Amortization of non-traded investments
$104.0M
$75.0M
$65.4M
$38.5M
(Gain) loss on sale or disposition of assets
($20.8M)
($49.9M)
$900.0K
($10.7M)
Other
$2.6M
$6.1M
$7.0M
$29.6M
(Increase) decrease in accounts receivable
($162.8M)
($10.7M)
$85.6M
($200.2M)
Decrease (increase) in inventories
$132.5M
($32.9M)
$323.4M
($666.7M)
(Decrease) increase in accounts payable
($37.8M)
$21.8M
($241.1M)
$46.6M
Decrease in accrued taxes
($22.5M)
($14.3M)
($8.9M)
($38.1M)
(Decrease) increase in accrued compensation and taxes withheld
($25.9M)
($7.9M)
$75.7M
$65.8M
(Increase) decrease in refundable income taxes
($16.1M)
$800.0K
$25.8M
$47.6M
Other
($74.8M)
($20.7M)
$306.7M
$32.5M
Change in operating lease liabilities
($503.7M)
($460.7M)
($453.4M)
($405.3M)
Costs incurred for environmental-related matters
($35.1M)
($24.1M)
($35.3M)
($23.8M)
Costs incurred for restructuring
($71.3M)
—
—
—
Other
$8.5M
($140.1M)
($251.7M)
($37.3M)
Net operating cash
$3.5B
$3.2B
$3.5B
$1.9B
Capital expenditures
($797.6M)
($1.1B)
($888.4M)
($644.5M)
Acquisitions of businesses, net of cash acquired
($1.2B)
($78.9M)
($264.7M)
($1.0B)
Proceeds from divestiture of business
$0
$0
$103.7M
$0
Proceeds from sale of assets
$10.7M
$11.6M
$70.1M
$33.2M
Other
($68.1M)
($59.0M)
($60.0M)
$6.8M
Net investing cash
($2.1B)
($1.2B)
($1.0B)
($1.6B)
Net increase (decrease) in short-term borrowings
$537.4M
$288.6M
($603.9M)
$214.4M
Proceeds from long-term debt
$1.5B
$848.7M
$0
$999.7M
Payments of long-term debt
($1.1B)
($1.1B)
($136.4M)
($260.3M)
Payments for credit facility and debt issuance costs
($13.5M)
($8.6M)
$0
($7.3M)
Payments of cash dividends
($789.8M)
($723.4M)
($623.7M)
($618.5M)
Proceeds from stock options exercised
$140.6M
$242.0M
$111.6M
$67.3M
Treasury stock purchased
($1.7B)
($1.7B)
($1.4B)
($883.2M)
Proceeds from real estate financing transactions
$40.7M
$244.2M
$306.5M
$207.3M
Other
($86.8M)
($69.8M)
($46.7M)
($23.8M)
Net financing cash
($1.4B)
($2.0B)
($2.4B)
($282.4M)
Effect of exchange rate changes on cash
($9.9M)
($6.2M)
$20.0M
$3.2M
Net (decrease) increase in cash and cash equivalents
($3.2M)
($66.4M)
$78.0M
$33.1M
Cash and cash equivalents at beginning of year
$210.4M
$276.8M
$198.8M
$165.7M
Sherwin-Williams Co cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$1.4B
$534.7M
$2.1B
$1.3B
Depreciation
$196.8M
$98.3M
$242.0M
$159.2M
Non-cash lease expense
$248.8M
$124.0M
$384.2M
$262.8M
Amortization of intangible assets
$176.4M
$88.5M
$248.5M
$164.4M
Provisions for environmental-related matters - net
$3.4M
$100.0K
$14.1M
$3.5M
Deferred income taxes
($10.9M)
($3.2M)
$55.4M
($38.8M)
Stock-based compensation expense
$57.3M
$29.5M
$91.5M
$60.6M
Amortization of non-traded investments
$66.1M
$31.4M
$80.9M
$57.4M
Loss on sale or disposition of assets
$3.4M
$1.5M
$3.0M
$1.5M
Other
($1.4M)
$5.5M
($7.2M)
$11.7M
Change in working capital accounts - net
($397.6M)
($673.6M)
($432.3M)
($621.3M)
Change in operating lease liabilities
($239.5M)
($118.7M)
($382.8M)
($261.3M)
Costs incurred for environmental-related matters
($15.7M)
($7.3M)
($27.8M)
($17.9M)
Other
$21.2M
$28.4M
$10.4M
$19.4M
Net operating cash
$1.5B
$139.1M
$2.4B
$1.1B
Capital expenditures
($246.7M)
($138.3M)
($567.2M)
($370.8M)
Acquisition of businesses, net of cash acquired
($64.9M)
$0
($119.3M)
($121.4M)
Proceeds from sale of assets
$5.6M
—
$0
$0
Other
($72.2M)
($32.2M)
($1.2B)
($65.1M)
Net investing cash
($378.2M)
($170.5M)
($1.9B)
($557.3M)
Net increase in short-term borrowings
$1.1B
$1.2B
$1.2B
$1.0B
Proceeds from long-term debt
$500.0M
—
$1.5B
—
Payments of long-term debt
($350.0M)
($350.0M)
($1.1B)
($250.0M)
Payments of cash dividends
($394.6M)
($197.1M)
($594.0M)
($398.3M)
Proceeds from stock options exercised
$65.6M
$47.6M
$118.5M
$50.6M
Treasury stock purchased
($1.8B)
($575.6M)
($1.5B)
($870.2M)
Proceeds from real estate financing transactions
$0
$0
$40.7M
$40.7M
Other
($54.4M)
($58.2M)
($82.8M)
($59.4M)
Net financing cash
($1.0B)
$47.6M
($436.3M)
($442.8M)
Effect of exchange rate changes on Cash and cash equivalents