The Sherwin-Williams Company Earnings Recaps
Q1 2026
Apr 29, 2026
Sherwin-Williams shares fell 5.4% following Q1 results, as management’s unchanged full-year outlook and comments on persistent end-market softness and rising uncertainty appeared to disappoint investors looking for a more constructive guidance or clearer signs of accelerating demand.
Key takeaways
- Despite reporting high single-digit consolidated sales growth, management acknowledged that demand remains soft in most end markets, and stated customer feedback signals “little support for meaningful recovery.”
- Gross margin expanded by 90 basis points year-over-year, but margin expansion was described as “basically flat” in core Paint Stores and Performance Coatings segments, with higher SG&A costs driven by acquisitions, compensation, and FX.
- Volume growth was modest: Paint Stores volume rose by low single digits, Consumer Brands saw mid single-digit volume declines (excluding acquisitions), and Performance Coatings had only low single-digit volume growth.
- Guidance for full-year adjusted diluted EPS and SG&A as a percent of sales was maintained; management cited new geopolitical risks (Middle East conflict) as complicating the outlook and did not raise expectations for H2 recovery.
- Capital allocation remained active, with $773 million returned to shareholders in the quarter and net debt to adjusted EBITDA at 2.5x.
Q3 2025
Oct 28, 2025
Sherwin-Williams reported solid Q3 2025 results, with sales growth outpacing softer demand conditions, as strategic investments continue to yield returns amid a challenging economic backdrop.
Key takeaways
- Consolidated sales increased at the high end of guidance, driven by strong performance from the Paint Stores Group and Consumer Brands Group, with adjusted EBITDA margin expanding 60 basis points to 21.4%.
- SG&A expenses rose moderately in the low single-digit range, consistent with expectations, as the company maintained control over general and administrative costs.
- The company returned $864 million to shareholders through dividends and share repurchases, reinforcing their commitment to returning value.
- The acquisition of Suvinil enhances growth prospects in the Consumer Brands Group, particularly in Latin America, amid ongoing channel optimization efforts.
- Segment profit growth in the Paint Stores Group reflects effective leveraging of SG&A, achieving over 30% incremental margin on low single-digit volume growth.