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PPG Industries 8-K Report, Financial Results (Oct 28, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 28, 2025
Period End
October 28, 2025
Security
PPG
In the record · 2016–202610-K1210-Q338-K141

PPG filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 141 current reports (8-K) between 2016 and 2026.

  1. Restatement8-K · Jun ’18Jun ’18
  2. Material agreement8-K · Aug ’20Aug ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Oct ’24Oct ’24

01—Abstract

Summary

Summary of the 8-K filed October 28, 2025. Cited figures are marked; the original filing is the authoritative source.

PPG Industries, Inc. reported third quarter 2025 results in an earnings press release furnished as Exhibit 99 to this Form 8-K.

Net sales were $4.1 billiona ($4,082 million), up 1% from the prior year, with organic sales up 2% on higher sales volumes and prices. Reported EPS from continuing operations was $1.96, up 3% from $1.90, and adjusted EPS was $2.13, up 5% from $2.03. Management revised full-year 2025 adjusted EPS guidance to $7.60 to $7.70, citing softer global demand compared with earlier in the year and expected customer inventory management in automotive refinish coatings as the year ends.

Segment results were mixed. Performance Coatings segment EBITDA fell 9% to $307 millionb, with the margin down 280 basis points, driven by lower automotive refinish volumes and growth-related investment in aerospace and protective and marine coatings. Industrial Coatings segment EBITDA rose 12% to $281 million on higher sales volumes, including automotive OEM volume growth.

Global Architectural Coatings segment EBITDA was $213 millionc, up 2%. The company cited share repurchases of about $150 million in the quarter and $690 million year to date, and a net debt level of $5.4 billion at quarter end, including a €600 million debt maturity due in the fourth quarter of 2025. The filing also reports that cash and short-term investments totaled $1.9 billion at quarter end.

Net income attributable to PPG in the quarter was $453 milliond, compared with $468 million a year earlier, including discontinued operations. Investors may focus on the guidance revision and the divergence between segment performance, particularly the Performance Coatings margin compression.

02—Key points

Key Highlights

  1. Third quarter 2025 net sales of $4,082 million, up 1% year over year; organic sales up 2% on higher volumes and selling prices.
  2. Reported EPS from continuing operations of $1.96 (up 3%); adjusted EPS of $2.13 (up 5%), a third-quarter record per the company.
  3. Full-year 2025 adjusted EPS guidance revised to $7.60 to $7.70.
  4. Performance Coatings segment EBITDA declined 9% to $307 million, with segment EBITDA margin down 280 basis points to 21.7%, due to lower automotive refinish volumes and higher growth investment.
  5. Industrial Coatings segment EBITDA increased 12% to $281 million, with automotive OEM coatings net sales up 8% on above-market volume growth.
  6. Share repurchases of about $150 million in the third quarter and $690 million year to date; dividends of about $160 million in the quarter.
  7. Net debt of $5.4 billion at quarter end, up $228 million from third quarter 2024, with a €600 million debt maturity due in Q4 2025.

03—Questions

Frequently Asked Questions

  1. Why did PPG revise its full-year 2025 earnings guidance?

    The company revised adjusted EPS guidance to $7.60 to $7.70, stating that global demand has softened compared with earlier in 2025 and that it expects customer inventory management in automotive refinish coatings as the year ends. The guidance also reflects an updated view of global economic activity, foreign exchange rates, and regional and business mix.

  2. What drove the decline in Performance Coatings profitability?

    Performance Coatings segment EBITDA fell 9% to $307 million, and segment EBITDA margin declined 280 basis points. The filing attributes this to lower automotive refinish coatings sales volumes and higher growth-related investment spending in aerospace coatings and protective and marine coatings, partially offset by higher selling prices.

  3. How did PPG's cash position and debt change?

    At September 30, 2025, cash and short-term investments totaled $1.9 billion and net debt was $5.4 billion, an increase of $228 million from the third quarter 2024. The company also has a €600 million debt maturity due in the fourth quarter of 2025.

  4. How much did PPG return to shareholders?

    PPG repurchased about $150 million of shares in the third quarter and $690 million year to date, and paid approximately $160 million in dividends during the third quarter. The company stated it has deployed $1.2 billion toward share repurchases and dividends year to date.

  5. What were the main sources of growth in the quarter?

    Growth was led by double-digit organic sales increases in aerospace coatings, protective and marine coatings, and packaging coatings, along with above-market growth in automotive OEM coatings. Industrial Coatings sales volumes rose 4%, and the company noted its third consecutive quarter of sales volume growth.

04—Continue

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