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Company Research7 May 2025
Lowe's Companies: Building a One-Stop Shop for Home Improvement
Lowe's Companies began as a single store in 1921 and has steadily expanded its footprint and offerings, now operating 1,750 stores across the U.S.
The Sherwin-Williams Company
The Sherwin-Williams Company (SHW) investor relations material
The Sherwin-Williams Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Consolidated net sales for 2025 rose 2.1% year-over-year to a record $23.57 billion, driven by price/mix and acquisitions despite lower volumes and a challenging demand environment.
Adjusted diluted EPS for 2025 increased 0.9% to $11.43, while reported EPS declined 2.7% to $10.26.
Fourth quarter adjusted diluted EPS grew 6.7% to $2.23, with net sales up 5.6% to $5.60 billion.
Suvinil acquisition contributed significantly to Consumer Brands Group sales and overall growth, though it diluted gross margin.
Continued focus on cost control, innovation, and market share gains, with strong free cash flow and shareholder returns.
Financial highlights
Q4 2025 sales increased 5.6% year-over-year to $5.60 billion, with Suvinil contributing a low single-digit percentage.
Adjusted EBITDA for 2025 was $4.61 billion, up 2.6% year-over-year; Q4 margin expanded to 17.7%.
Gross margin for 2025 was 48.8%, up from 48.5% in 2024.
Free cash flow conversion in Q4 was 90.1%; full-year net operating cash grew 9.5% to $3.45 billion (14.6% of sales).
Returned $2.45 billion to shareholders via dividends and share repurchases.
Outlook and guidance
2026 consolidated sales expected to rise low- to mid-single digits, with acquisitions contributing low-single digits.
Adjusted diluted EPS guidance for 2026 is $11.50–$11.90, up 2.4% at midpoint; GAAP EPS $10.70–$11.10.
Paint Stores Group implemented a 7% price increase in January; realization expected in low single digits.
Raw material costs expected to rise low single digits, but gross margin expansion is targeted; capital expenditures planned at $550 million.
Plan to open 80–100 net new stores in 2026; annual dividend increase to $3.20/share recommended.
CBG profit decline despite Suvinil sales growth
Rationale for increased debt with strong cash flow
Outperforming market in soft demand environment
Price realization vs. volume in competitive market
PNM's AI infrastructure growth potential
Balancing SG&A control with growth investments
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Next The Sherwin-Williams Company earnings date
Q1 202628 Apr, 2026
The Sherwin-Williams Company
Next The Sherwin-Williams Company earnings date
Q1 202628 Apr, 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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