The Sherwin-Williams Company (SHW) Income Statement
SHW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHW revenue and net income
Where SHW's revenue goes
2025Each bar shows an amount and its share of revenue. SHW kept 10.9% of revenue as net income.
SHW profit margins
SHW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.1% | +2.1% | +5.1% | +7.6% |
| Gross profit | +3.0% | +7.4% | +5.8% | +7.6% |
| Operating income | +1.1% | +8.2% | +5.9% | +8.9% |
| Net income | −4.2% | +8.3% | +4.8% | +9.3% |
| EPS (diluted) | +1.1% | +9.4% | +6.9% | +11.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHW quarterly EPS vs estimates
Sherwin-Williams beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 27, 2026 (estimate $3.66).
SHW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.57B | $23.10B | $23.05B | $22.15B | $19.94B | $18.36B | $17.90B | $17.53B | $14.98B | $11.86B |
| Cost of revenue | $12.04B | $11.90B | $12.29B | $12.82B | $11.40B | $9.68B | $9.86B | $10.12B | $8.27B | $5.93B |
| Gross profit | $11.54B | $11.20B | $10.76B | $9.33B | $8.54B | $8.68B | $8.04B | $7.42B | $6.72B | $5.92B |
| Research & development | — | — | $196.6M | $119.3M | $115.9M | $97.1M | $103.1M | $51.9M | $58.5M | $58.0M |
| Sales, general & admin | $7.71B | $7.43B | $7.05B | $6.33B | $5.88B | $5.51B | $5.31B | $5.39B | $4.80B | $4.14B |
| Total operating expenses | $7.73B | $7.43B | $7.07B | $6.32B | $5.88B | $5.83B | $5.61B | $5.53B | $5.02B | $4.21B |
| Operating income | $3.80B | $3.76B | $3.69B | $3.00B | $2.66B | $2.85B | $2.43B | $1.89B | $1.70B | $1.71B |
| Interest income | $51.9M | $11.0M | $25.2M | $55.5M | $8.1M | $1.2M | $25.9M | $5.3M | $8.6M | $5.0M |
| Interest expense | $468.9M | $431.4M | $417.5M | $403.0M | $345.0M | $350.8M | $360.0M | $376.4M | $273.3M | $89.9M |
| Income before taxes | $3.34B | $3.45B | $3.11B | $2.57B | $2.25B | $2.52B | $1.98B | $1.36B | $1.53B | $1.60B |
| Income taxes | $769.7M | $770.4M | $721.1M | $553.0M | $384.2M | $488.8M | $440.5M | $250.9M | −$285.6M | $462.5M |
| Net income | $2.57B | $2.68B | $2.39B | $2.02B | $1.86B | $2.03B | $1.54B | $1.11B | $1.77B | $1.13B |
| EBITDA | $4.48B | $4.49B | $3.69B | $3.54B | $3.16B | $3.44B | $2.91B | $2.32B | $2.22B | $1.95B |
| EPS (diluted) | $11.45 | $11.33 | $10.34 | $8.74 | $8.14 | $8.19 | $7.03 | $6.17 | $4.90 | $4.14 |
| Gross margin | 48.9% | 48.5% | 46.7% | 42.1% | 42.8% | 47.3% | 44.9% | 42.3% | 44.8% | 49.9% |
| Operating margin | 16.1% | 16.3% | 16.0% | 13.5% | 13.4% | 15.5% | 13.5% | 10.8% | 11.3% | 14.4% |
| Net margin | 10.9% | 11.6% | 10.4% | 9.1% | 9.3% | 11.1% | 8.6% | 6.3% | 11.8% | 9.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.79B | $5.67B | $5.60B | $6.36B | $6.31B | $5.31B | $5.30B | $6.16B | $6.27B | $5.37B | $5.25B | $6.12B |
| Cost of revenue | $3.45B | $2.89B | $2.86B | $3.23B | $3.20B | $2.75B | $2.72B | $3.13B | $3.21B | $2.84B | $2.70B | $3.20B |
| Gross profit | $3.34B | $2.78B | $2.73B | $3.13B | $3.12B | $2.56B | $2.57B | $3.03B | $3.06B | $2.53B | $2.55B | $2.92B |
| Research & development | — | — | — | — | — | — | — | — | — | — | $196.6M | — |
| Sales, general & admin | $2.10B | $1.97B | $1.94B | $1.95B | $2.02B | $1.80B | $1.90B | $1.89B | $1.85B | $1.80B | $1.85B | $1.77B |
| Total operating expenses | $2.11B | $1.97B | $1.95B | $1.95B | $2.02B | $1.80B | $1.90B | $1.90B | $1.83B | $1.81B | $1.87B | $1.81B |
| Operating income | $1.23B | $810.9M | $778.7M | $1.17B | $1.10B | $754.3M | $673.5M | $1.13B | $1.23B | $725.8M | $674.6M | $1.11B |
| Interest income | $5.4M | $2.8M | $15.6M | $2.6M | $2.4M | $3.3M | $1.4M | $2.6M | $900,000 | $6.1M | $9.4M | $5.1M |
| Interest expense | $135.9M | $131.6M | $131.6M | $117.2M | $112.4M | $107.7M | $102.9M | $107.0M | $115.2M | $106.3M | $94.6M | $109.1M |
| Income before taxes | $1.11B | $679.8M | $639.0M | $1.06B | $985.7M | $653.0M | $615.6M | $1.02B | $1.17B | $640.0M | $474.0M | $1.01B |
| Income taxes | $268.9M | $145.1M | $162.2M | $227.4M | $231.0M | $149.1M | $135.5M | $216.6M | $283.5M | $134.8M | $117.8M | $247.5M |
| Net income | $843.6M | $534.7M | $476.8M | $833.1M | $754.7M | $503.9M | $480.1M | $806.2M | $889.9M | $505.2M | $356.2M | $761.5M |
| EBITDA | $1.43B | $998.2M | $957.0M | $1.34B | $1.26B | $917.7M | $876.0M | $1.28B | $1.44B | $896.2M | $722.9M | $1.27B |
| EPS (diluted) | $3.70 | $2.35 | $2.23 | $3.59 | $3.38 | $2.25 | $2.09 | $3.37 | $3.70 | $2.17 | $1.81 | $3.20 |
| Gross margin | 49.2% | 49.1% | 48.8% | 49.2% | 49.4% | 48.2% | 48.6% | 49.1% | 48.8% | 47.2% | 48.5% | 47.7% |
| Operating margin | 18.1% | 14.3% | 13.9% | 18.4% | 17.4% | 14.2% | 12.7% | 18.4% | 19.6% | 13.5% | 12.8% | 18.2% |
| Net margin | 12.4% | 9.4% | 8.5% | 13.1% | 12.0% | 9.5% | 9.1% | 13.1% | 14.2% | 9.4% | 6.8% | 12.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHW's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHW financial results
In fiscal year 2025 (ended December 31, 2025), Sherwin-Williams reported revenue of $23.6 billion, up 2.1% from the year before. It had net income of $2.6 billion (down 4.2%), a net profit margin of 10.9%. Diluted earnings per share came to $11.45. Over five years revenue grew at an average rate of 5.1% a year.
See the SHW stock overview for the latest quote and news, or the SHW chart for price history and technical indicators.
SHW income statement FAQ
What is Sherwin-Williams's annual revenue?
Sherwin-Williams reported total revenue of $23.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.1% from $23.1 billion the previous year.
Is Sherwin-Williams profitable?
Yes. Sherwin-Williams reported net income of $2.6 billion in fiscal 2025, a net profit margin of 10.9%; its operating margin was 16.1%.
What is Sherwin-Williams's gross margin?
Sherwin-Williams's gross margin was 48.9% in fiscal 2025: for every $100 of revenue, Sherwin-Williams kept $49 after the direct cost of its products and services.
How fast is Sherwin-Williams growing?
Revenue grew 5.1% a year on average over the last five fiscal years, from $18.4 billion to $23.6 billion.
What are Sherwin-Williams's earnings per share?
Sherwin-Williams earned $11.45 per diluted share in fiscal 2025, compared with $11.33 a year earlier.
When will Sherwin-Williams report its next earnings?
Sherwin-Williams is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Sherwin-Williams's fiscal year end?
Sherwin-Williams's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.