Sherwin-Williams (SHW) financial statements
Sherwin-Williams reported revenue of $23.6B in fiscal 2025, up 7.9% a year over 9 years.
Net income was $2.6B.
Free cash flow was $2.7B, and the company returned $790M in dividends.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sherwin-Williams's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.9B | $15.0B | $17.5B | $17.9B | $18.4B | $19.9B | $22.1B | $23.1B | $23.1B | $23.6B |
| Cost of revenue | $5.9B | $8.3B | $10.1B | $9.9B | $9.7B | $11.4B | $12.8B | $12.3B | $11.9B | $12.1B |
| Gross profit | $5.9B | $6.7B | $7.4B | $8.0B | $8.7B | $8.5B | $9.3B | $10.8B | $11.2B | $11.5B |
| Research and development | $58M | $58M | $52M | — | — | — | — | — | — | — |
| Selling, general and admin | $4.1B | $4.8B | $5.0B | $5.3B | $5.5B | $5.9B | $6.3B | $7.1B | $7.4B | $7.7B |
| Operating income | $2.2B | $2.2B | $2.6B | $2.8B | $3.4B | $3.1B | $3.4B | $4.2B | — | — |
| Interest expense | $154M | $264M | $367M | $349M | $340M | $335M | $391M | $418M | $416M | $465M |
| Pre-tax income | $1.6B | $1.5B | $1.4B | $2.0B | $2.5B | $2.2B | $2.6B | $3.1B | $3.5B | $3.3B |
| Income tax | $463M | -$300M | $251M | $440M | $489M | $384M | $553M | $721M | $770M | $770M |
| Net income | $1.1B | $1.7B | $1.1B | $1.5B | $2.0B | $1.9B | $2.0B | $2.4B | $2.7B | $2.6B |
| EPS (diluted) | $4.00 | $6.07 | $3.89 | $5.50 | $7.36 | $6.98 | $7.72 | $9.25 | $10.55 | $10.26 |
| Diluted shares | 283M | 285M | 285M | 280M | 276M | 267M | 262M | 258M | 254M | 250M |
| Gross margin | 49.9% | 44.8% | 42.3% | 44.9% | 47.3% | 42.8% | 42.1% | 46.7% | 48.5% | 48.8% |
| Operating margin | 18.3% | 14.9% | 14.9% | 15.7% | 18.4% | 15.5% | 15.3% | 18.1% | — | — |
| Net margin | 9.6% | 11.5% | 6.3% | 8.6% | 11.1% | 9.3% | 9.1% | 10.4% | 11.6% | 10.9% |
Balance sheet
Fiscal years, from Sherwin-Williams's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $890M | $204M | $156M | $162M | $227M | $166M | $199M | $277M | $210M | $207M |
| Receivables | $1.2B | $2.1B | $2.0B | $2.1B | $2.1B | $2.4B | $2.6B | $2.5B | $2.4B | $2.8B |
| Inventory | $1.1B | $1.7B | $1.8B | $1.9B | $1.8B | $1.9B | $2.6B | $2.3B | $2.3B | $2.3B |
| Total current assets | $3.6B | $4.4B | $4.3B | $4.6B | $4.6B | $5.1B | $5.9B | $5.5B | $5.4B | $6.0B |
| Property, plant and equipment | $1.1B | $1.9B | $1.8B | $1.8B | $1.8B | $1.9B | $2.2B | $2.8B | $3.5B | $4.1B |
| Goodwill | $1.1B | $6.8B | $7.0B | $7.0B | $7.0B | $7.1B | $7.6B | $7.6B | $7.6B | $8.0B |
| Total assets | $6.8B | $19.9B | $19.1B | $20.5B | $20.4B | $20.7B | $22.6B | $23.0B | $23.6B | $25.9B |
| Total current liabilities | $2.8B | $4.0B | $4.3B | $4.5B | $4.6B | $5.7B | $6.0B | $6.6B | $6.8B | $6.9B |
| Long-term debt | $1.2B | $9.9B | $8.7B | $8.1B | $8.3B | $8.6B | $9.6B | $8.4B | $8.2B | $9.3B |
| Total liabilities | $4.9B | $16.3B | $15.4B | $16.4B | $16.8B | $18.2B | $19.5B | $19.2B | $19.6B | $21.3B |
| Shareholders' equity | $1.9B | $3.6B | $3.7B | $4.1B | $3.6B | $2.4B | $3.1B | $3.7B | $4.1B | $4.6B |
| Net debt | $1.0B | $9.7B | $8.9B | $8.3B | $8.1B | $8.7B | $9.4B | $9.2B | $9.0B | $9.5B |
Cash flow
Fiscal years, from Sherwin-Williams's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.9B | $1.9B | $2.3B | $3.4B | $2.2B | $1.9B | $3.5B | $3.2B | $3.5B |
| Capital spending | $239M | $223M | $251M | $329M | $304M | $372M | $644M | $888M | $1.1B | $798M |
| Free cash flow | $1.1B | $1.7B | $1.7B | $2.0B | $3.1B | $1.9B | $1.3B | $2.6B | $2.1B | $2.7B |
| Stock-based compensation | $72M | $90M | $83M | $102M | $96M | $98M | $100M | $116M | $138M | $124M |
| Dividends paid | $312M | $319M | $323M | $421M | $488M | $587M | $618M | $624M | $723M | $790M |
| Net borrowing | -$2M | $6.8B | -$1.2B | -$543M | -$206M | $1.3B | $954M | -$740M | $37M | $987M |
| Free cash flow margin | 9.0% | 11.1% | 9.7% | 11.1% | 16.9% | 9.4% | 5.8% | 11.4% | 9.0% | 11.3% |
| Dividends per share | $1.10 | $1.12 | $1.13 | $1.50 | $1.77 | $2.20 | $2.36 | $2.41 | $2.85 | $3.15 |
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Open SHW in InvestinglyQuestions
What was Sherwin-Williams's revenue in 2025?
$23.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Sherwin-Williams generate?
$2.7B in fiscal 2025 (operating cash flow minus capital spending).
From Sherwin-Williams's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.