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PPG Industries (PPG) investor relations material
PPG Industries Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Net sales for Q2 2025 were $4.2 billion, down 1% year-over-year due to divestitures, but organic sales grew 2% led by aerospace, protective & marine, and packaging coatings.
Performance Coatings achieved record quarterly sales and earnings, with 6% organic sales growth and strong results in aerospace and protective & marine coatings.
Adjusted EPS was $2.22 for Q2 2025, down from $2.35 in the prior year.
Share repurchases totaled $150 million in Q2 and $540 million year-to-date; dividends paid were $308 million in the first half.
Architectural coatings in EMEA remained weak, but Mexico and the UK saw improvement; U.S. and Latin America delivered mid-single-digit organic growth.
Financial highlights
Segment EBITDA margin was 20.3% for Q2 2025, up from 19.9% a year ago.
Net income from continuing operations was $450 million, down 9% year-over-year; adjusted net income was $504 million.
Cash and short-term investments at quarter end were $1.6 billion; net debt was $5.7 billion.
Operating working capital was $3.25 billion, 19.4% of annualized quarter sales.
Six-month net sales were $7.88 billion, a 2.5% decrease year-over-year.
Outlook and guidance
Full-year adjusted EPS guidance reaffirmed at $7.75 to $8.05, with positive volume growth momentum expected to accelerate in H2 2025.
Q3 2025 organic sales in Global Architectural Coatings expected to be flat to down low single digits; Performance Coatings to see low to mid-single digit growth.
Segment EBITDA margin expected to improve by up to 50 basis points year-over-year.
Industrial Coatings expected to deliver low single-digit sales volume growth in H2, with above-market growth in automotive OEM, packaging, and industrial coatings.
Raw material and tariff costs anticipated to see low single-digit inflation.
Explain the refinish sales decrease outlook.
Detail drivers of Performance Coatings growth.
Assess architectural coatings EMEA performance.
How will BPA regulation changes in Europe impact packaging?
Detail the drivers behind Protective & Marine's growth.
Explain the lower-than-expected Architectural margin.
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Next PPG Industries earnings date
Q3 202529 Oct, 2025
Next PPG Industries earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
Paints and Coatings
Pittsburgh Plate Glass Industries, more often than not referred to as PPG, is an American company supplying paints, coatings, and specialty materials. Founded in 1883 by Captain John B. Ford and John Pitcairn, in Pittsburgh, Pennsylvania, PPG has become a trusted name in the coatings industry. The company's products are used in various industries ranging from automotive to aerospace and it has operations in roughly 70 countries.
Beginnings in Plate Glass
In its early days, PPG primarily focused on plate glass production, positioning itself as a key supplier for the burgeoning American construction industry. However, with foresight and adaptation, the company diversified and ventured into the paint and coatings sector. This proved to be a game-changing move, propelling PPG to the forefront of the industry. Today, PPG competes with companies such as Akzo Nobel, Sherwin Williams, and Axalta, to name a few.
An Expansive Product Portfolio
The range of products offered by PPG is vast. From protective coatings that shield airplanes from environmental wear to paints that enhance and beautify homes, PPG has a solution for nearly every surface. The company's lineup includes solutions for automotive and commercial coatings, industrial finishes, and a plethora of architectural paints. Furthermore, PPG has not confined itself to just traditional coatings. The company has delved into digital color-matching tools and sustainable paint solutions, demonstrating an acute awareness of both technological advancements and environmental considerations.
Serving Diverse Industries Globally
With its vast range of products, PPG caters to a multitude of industries. Automotive manufacturers trust PPG coatings to give vehicles their lasting shine and protective finish. In the aerospace sector, aircraft are coated with PPG products that offer protection against extreme conditions. Residential and commercial builders rely on PPG paints to transform spaces and bring visions to life. The company's reach extends beyond these sectors to marine, industrial, and consumer electronics applications, among others.
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