PPG Industries (PPG) financial statements
PPG Industries reported revenue of $15.9B in fiscal 2025, up 1.2% a year over 9 years.
Net income was $1.6B.
Free cash flow was $1.2B, and the company returned $628M in dividends and $790M in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PPG Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.3B | $14.7B | $15.4B | $15.1B | $13.8B | $16.8B | $15.6B | $16.2B | $15.8B | $15.9B |
| Cost of revenue | — | $8.2B | $9.0B | $8.7B | $7.8B | $10.3B | $10.0B | $9.7B | $9.3B | $9.3B |
| Gross profit | — | $6.5B | $6.4B | $6.5B | $6.1B | $6.5B | $5.6B | $6.6B | $6.6B | $6.6B |
| Research and development | $453M | $451M | $441M | $432M | $379M | $439M | $434M | $424M | $423M | $423M |
| Selling, general and admin | $3.6B | $3.6B | $3.6B | $3.6B | $3.4B | $3.8B | $3.0B | $3.4B | $3.4B | $3.4B |
| Operating income | $2.4B | $2.3B | $2.1B | $2.3B | $2.1B | $2.2B | $2.0B | $2.7B | — | — |
| Interest expense | $125M | $105M | $118M | $132M | $138M | $121M | $167M | $247M | $241M | $241M |
| Pre-tax income | $779M | $2.0B | $1.7B | $1.7B | $1.4B | $1.8B | $1.4B | $1.7B | $1.9B | $2.0B |
| Income tax | $214M | $615M | $353M | $392M | $291M | $374M | $320M | $428M | $475M | $458M |
| Net income | $873M | $1.6B | $1.3B | $1.2B | $1.1B | $1.4B | $1.0B | $1.3B | $1.1B | $1.6B |
| EPS (diluted) | $3.27 | $6.18 | $5.47 | $5.22 | $4.45 | $6.01 | $4.32 | $5.35 | $4.75 | $6.94 |
| Diluted shares | 267M | 258M | 245M | 238M | 238M | 239M | 237M | 237M | 235M | 227M |
| Gross margin | — | 44.3% | 41.5% | 42.9% | 43.8% | 38.8% | 36.1% | 40.4% | 41.6% | 41.3% |
| Operating margin | 16.7% | 15.5% | 13.8% | 15.0% | 15.2% | 12.9% | 13.1% | 16.5% | — | — |
| Net margin | 6.1% | 10.8% | 8.7% | 8.2% | 7.7% | 8.6% | 6.6% | 7.8% | 7.0% | 9.9% |
Balance sheet
Fiscal years, from PPG Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $1.5B | $963M | $1.3B | $1.9B | $1.1B | $1.2B | $1.6B | $1.4B | $2.2B |
| Receivables | $2.7B | $2.9B | $2.8B | $2.8B | $2.7B | $3.2B | $3.3B | $3.0B | $3.0B | $3.3B |
| Inventory | $1.5B | $1.7B | $1.8B | $1.7B | $1.7B | $2.2B | $2.3B | $1.9B | $1.8B | $2.0B |
| Total current assets | $6.6B | $6.5B | $6.0B | $6.2B | $6.8B | $6.8B | $7.2B | $7.4B | $6.6B | $8.0B |
| Property, plant and equipment | $2.6B | $2.8B | $2.8B | $3.0B | $3.1B | $3.4B | $3.3B | $3.5B | $3.5B | $4.0B |
| Goodwill | $3.6B | $3.9B | $4.1B | $4.5B | $5.1B | $6.2B | $6.0B | $6.1B | $5.7B | $6.1B |
| Total assets | $15.8B | $16.5B | $16.0B | $17.7B | $19.6B | $21.4B | $20.7B | $21.6B | $19.4B | $22.1B |
| Total current liabilities | $4.3B | $3.9B | $4.4B | $4.4B | $4.8B | $4.8B | $4.7B | $5.1B | $5.0B | $4.9B |
| Long-term debt | $3.8B | $4.1B | $4.4B | $4.5B | $5.2B | $6.6B | $6.5B | $5.7B | $4.9B | $6.6B |
| Total liabilities | $10.9B | $10.9B | $11.3B | $12.3B | $13.7B | $14.9B | $14.0B | $13.6B | $12.5B | $14.0B |
| Shareholders' equity | $4.8B | $5.6B | $4.6B | $5.3B | $5.7B | $6.3B | $6.6B | $7.8B | $6.8B | $7.9B |
| Net debt | $2.6B | $2.7B | $4.1B | $3.8B | $3.9B | $5.6B | $5.7B | $4.6B | $4.5B | $5.1B |
Cash flow
Fiscal years, from PPG Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.6B | $1.5B | $2.1B | $2.1B | $1.6B | $963M | $2.4B | $1.4B | $1.9B |
| Capital spending | $380M | $360M | $411M | $413M | $304M | $371M | $486M | $516M | $721M | $778M |
| Free cash flow | $971M | $1.2B | $1.1B | $1.7B | $1.8B | $1.2B | $477M | $1.9B | $699M | $1.2B |
| Stock-based compensation | $45M | $35M | $37M | $39M | $44M | $57M | $34M | $56M | $42M | $46M |
| Dividends paid | $414M | $434M | $453M | $468M | $496M | $536M | $570M | $598M | $622M | $628M |
| Share buybacks (net) | -$1.1B | -$813M | -$1.7B | -$325M | $0 | -$210M | -$190M | -$86M | -$752M | -$790M |
| Net borrowing | -$379M | -$588M | -$6M | -$637M | -$500M | -$847M | $0 | -$300M | -$300M | -$1.0B |
| Free cash flow margin | 6.8% | 8.2% | 6.9% | 11.0% | 13.2% | 7.1% | 3.1% | 11.7% | 4.4% | 7.3% |
| Dividends per share | $1.55 | $1.68 | $1.85 | $1.96 | $2.08 | $2.24 | $2.40 | $2.52 | $2.65 | $2.77 |
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Open PPG in InvestinglyQuestions
What was PPG Industries's revenue in 2025?
$15.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does PPG Industries generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From PPG Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.