PPG Industries (PPG) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $4.353B, up 6.6% YoY; organic sales grew 5% for a seventh consecutive quarter, 300 bps above industry growth.

• Adjusted EPS reached a record $2.25, up 6% YoY; adjusted EBITDA was $793M with an 18.2% margin.

• Commercial actions fully offset COGS inflation during Q3, primarily through pricing.

Financial highlights

• Q3 sales growth reflected price +3%, volume +2%, FX +1% and acquisitions +1%.

• Continuing-operations net income was $473M versus $444M; adjusted net income was $502M versus $481M.

• Nine-month operating cash flow was $1.158B versus $1.054B, an increase of $104M.

Outlook and guidance

• FY 2026 adjusted EPS guidance rose to $7.90–$8.10, with a higher midpoint and narrower range.

• Q4 organic sales are expected to grow at a low-single-digit rate; adjusted EBITDA margin is forecast flat to 100 bps higher YoY, with COGS inflation in the high single digits.

• Q4 segment organic sales outlook: Global Architectural flat to low-single-digit growth; Performance low- to mid-single-digit growth; Industrial from a low-single-digit decline to low-single-digit growth.

• FY 2026 capital spending is forecast at $650M–$700M; restructuring savings are expected to total ~$50M.

• 2027 outlook remains unquantified, with organic growth and EBITDA margin expansion expected, supported by pricing, productivity and restructuring actions.