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The Sherwin-Williams Company (SHW) investor relations material
The Sherwin-Williams Company Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Consolidated sales grew 0.7% to $6.31B, with Paint Stores Group gains offsetting softness in Consumer Brands and Performance Coatings.
Gross margin expanded for the 12th consecutive quarter, reaching 49.4% of net sales.
Diluted EPS fell 14.3% to $3.00, and adjusted EPS declined 8.6% to $3.38, impacted by higher costs, restructuring, and building transition expenses.
Aggressive restructuring actions led to $59M in pre-tax expenses and targeted $105M in annualized savings, with accelerated investments in growth and new facilities.
Returned $716M to shareholders via share repurchases and dividends in Q2.
Financial highlights
EBITDA was $1.26B (20.0% of sales), down from $1.44B; adjusted EBITDA fell 8.2% to $1.32B.
Net income for Q2 was $754.7M, down from $889.9M; operating cash flow for the first six months was $1.05B.
SG&A expenses increased to 31.9% of net sales, mainly due to higher employee and facility costs.
Paint Stores Group sales up 2.3% to $3.70B; Consumer Brands Group down 4.1% to $809.4M; Performance Coatings Group flat at $1.80B.
Gross margin: 49.4% (Q2 2025), up from 48.8% (Q2 2024).
Outlook and guidance
Full-year 2025 adjusted EPS guidance: $11.20–$11.50; diluted EPS: $10.11–$10.41, including restructuring and acquisition amortization.
Net sales for Q3 and full year expected to be up or down low-single digits year-over-year.
CapEx forecast at $730M, including ~$300M for new buildings; CapEx targeted at 2% of sales.
Management expects continued demand softness and turbulence through the second half of 2025.
Restructuring savings of $80M annually expected to begin flowing through in the second half and into 2026.
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Frequently asked questions
One of the world’s major paint companies
Sherwin-Williams is a global leader in the manufacturing, distribution, and sale of coatings and related products. The company's products are used in a wide range of applications, including architectural and industrial coatings, automotive finishes, and aerospace coatings.
Some of Sherwin-Williams competitors include PPG Industries, Akzo Nobel, and Masco Corporation.
The main business segments
Sherwin-Williams operates through three main business segments:
The Americas Group,
The Consumer Brands Group,
The Performance Coatings Group.
The Americas Group serves customers in North and South America, providing architectural and industrial coatings, as well as automotive finishes. The Consumer Brands Group provides paints, stains, and other coatings products to do-it-yourself customers through retail channels such as Lowe's and Home Depot. Finally, the Performance Coatings Group provides coatings and finishes for a wide range of industrial applications, including automotive, aerospace, and marine.
Interesting facts about Sherwin-Williams
Sherwin-Williams was founded in 1866 and is headquartered in Cleveland, Ohio. The company has a global presence, with operations in over 120 countries. Sherwin-Williams is committed to sustainability and has set ambitious goals to reduce its environmental impact, including a commitment to reducing its greenhouse gas emissions by 25% by 2025.
One interesting fact about Sherwin-Williams is that the company acquired Valspar Corporation, a leading coatings manufacturer, in 2017. The acquisition expanded Sherwin-Williams' product offerings and global reach, making it one of the largest coatings companies in the world.
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