What drove PPG's fourth-quarter 2025 results?

Net sales rose 5% to $3,914 million, with organic sales growth of 3% driven by higher selling prices and sales volume growth in all regions. Reported EPS was $1.34, while adjusted EPS was $1.51, down from $1.61 a year earlier. Adjusted results exclude items such as acquisition-related amortization, restructuring costs, and a $14 million charge for the resolution of a tax matter.

How did PPG perform for full-year 2025?

Full-year net sales were $15.9 billion, flat versus 2024, with organic sales up 2%. Reported EPS was $6.92, up from $5.72, while adjusted EPS was $7.58, down from $7.87. Operating cash flow from continuing operations was $1.9 billion, and the company returned $1.4 billion to shareholders through repurchases and dividends.

What is PPG's outlook for 2026?

PPG expects adjusted EPS of $7.70 to $8.10, which at the midpoint represents mid-single-digit EPS growth, and organic sales of flat to low single-digit percentage growth. The company expects growth to be weighted toward the second half, with the first half flat to low single-digit and the second half high single-digit. Management noted that demand in Europe and global industrial end-use markets will remain challenged.

How is PPG's balance sheet and capital allocation positioned?

Net debt was $5.1 billion, about $630 million higher year over year. The company has a $700 million debt maturity due in the first quarter of 2026 and ended 2025 with $2.2 billion of cash and short-term investments. It repurchased $790 million of stock in 2025 and had $2 billion remaining under its current share repurchase authorization.

Which segments drove results, and where were the pressures?

Industrial Coatings grew organic sales 4% on share gains, particularly in packaging coatings, where volumes grew double digits. Performance Coatings grew organic sales 3% led by aerospace and protective and marine coatings, but segment EBITDA margin declined to 21.1% due to lower automotive refinish volumes. Global Architectural Coatings benefited from higher selling prices and Mexico recovery, though Europe remained mixed.

PPG 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed January 27, 2026. Cited figures are marked; the original filing is the authoritative source.

PPG Industries, Inc. reported fourth-quarter 2025 net sales of $3.9 billion^a, with organic sales growth of 3% year over year, reported EPS of $1.34 and adjusted EPS of $1.51 (versus adjusted EPS of $1.61 in 4Q 2024).

For full-year 2025, net sales were $15.9 billion^b, flat year over year, organic sales rose 2%, reported EPS was $6.92 and adjusted EPS was $7.58, down from $7.87 in 2024. Operating cash flow from continuing operations was $1.9 billion, and the company repurchased $790 million of stock and paid about $630 million in dividends, returning $1.4 billion to shareholders. Balance sheet items noted in the release include net debt of $5.1 billion, approximately $630 million higher year over year, and a $700 million debt maturity due in the first quarter of 2026.

Management cited $75 million^c of structural cost savings realized in 2025 and expects $50 million of incremental restructuring savings in 2026, tied to European manufacturing consolidation. For 2026, PPG guided to adjusted EPS of $7.70 to $8.10, which at the midpoint implies mid-single-digit growth, and organic sales of flat to low single-digit percentage growth.

Management expects EPS growth to be weighted toward the second half of the year, with the first half flat to low single-digit and the second half high single-digit. The company also flagged that demand in Europe and global industrial end-use markets will remain challenged.

02—Key points

Key Highlights

4Q 2025 net sales of $3,914 million, up 5% year over year, with organic sales growth of 3%, the company's highest quarterly organic growth in 2025.
4Q 2025 reported EPS of $1.34 versus $0.01 in 4Q 2024; adjusted EPS of $1.51 versus $1.61, down 6%.
Full-year 2025 net sales of $15,875 million, flat year over year; organic sales up 2%; reported EPS $6.92 and adjusted EPS $7.58 (versus $7.87 in 2024).
Global Architectural Coatings and Industrial Coatings segments grew net sales in 4Q 2025 (up 8% and 3%, respectively), while Performance Coatings rose 5%, but its segment EBITDA margin fell 200 basis points to 21.1% on lower automotive refinish volumes.
Operating cash flow from continuing operations of $1,936 million for 2025, versus $1,391 million in 2024; capital expenditures of $778 million.
Net debt of $5.1 billion, about $630 million higher year over year, with a $700 million debt maturity due in the first quarter of 2026.
2026 outlook: adjusted EPS of $7.70 to $8.10 and organic sales of flat to low single-digit percentage growth, with growth weighted to the second half of the year.

03—Questions

Frequently Asked Questions

What drove PPG's fourth-quarter 2025 results?
Net sales rose 5% to $3,914 million, with organic sales growth of 3% driven by higher selling prices and sales volume growth in all regions. Reported EPS was $1.34, while adjusted EPS was $1.51, down from $1.61 a year earlier. Adjusted results exclude items such as acquisition-related amortization, restructuring costs, and a $14 million charge for the resolution of a tax matter.
How did PPG perform for full-year 2025?
Full-year net sales were $15.9 billion, flat versus 2024, with organic sales up 2%. Reported EPS was $6.92, up from $5.72, while adjusted EPS was $7.58, down from $7.87. Operating cash flow from continuing operations was $1.9 billion, and the company returned $1.4 billion to shareholders through repurchases and dividends.
What is PPG's outlook for 2026?
PPG expects adjusted EPS of $7.70 to $8.10, which at the midpoint represents mid-single-digit EPS growth, and organic sales of flat to low single-digit percentage growth. The company expects growth to be weighted toward the second half, with the first half flat to low single-digit and the second half high single-digit. Management noted that demand in Europe and global industrial end-use markets will remain challenged.
How is PPG's balance sheet and capital allocation positioned?
Net debt was $5.1 billion, about $630 million higher year over year. The company has a $700 million debt maturity due in the first quarter of 2026 and ended 2025 with $2.2 billion of cash and short-term investments. It repurchased $790 million of stock in 2025 and had $2 billion remaining under its current share repurchase authorization.
Which segments drove results, and where were the pressures?
Industrial Coatings grew organic sales 4% on share gains, particularly in packaging coatings, where volumes grew double digits. Performance Coatings grew organic sales 3% led by aerospace and protective and marine coatings, but segment EBITDA margin declined to 21.1% due to lower automotive refinish volumes. Global Architectural Coatings benefited from higher selling prices and Mexico recovery, though Europe remained mixed.

04—Continue

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