SHERWIN WILLIAMS COSHW
SHERWIN WILLIAMS CO Financial Overview 2020–2024
Despite a virtually flat top line with just 0.2% revenue growth in FY2024, Sherwin-Williams expanded its gross profit margin to 48.5% and drove a 14.1% surge in earnings per share. This dynamic reveals a core investment thesis: immense pricing power and structural cost discipline allow the company to extract outsized profitability even when global consumer demand stagnates. This defensive strength caps off a steady arc of expansion, with consolidated net sales growing from $18.36 billion in FY2020 to $23.099 billion in FY2024.
The company pairs this operational leverage with highly active capital deployment. As raw material costs moderated, Sherwin-Williams capitalized on prior price hikes to generate $3.153 billion in net operating cash flow during FY2024. Management funneled $2.462 billion of that liquidity directly back to investors via dividends and share repurchases. Simultaneously, the business continues to hunt for strategic scale, finalizing the $1.15 billion debt-funded acquisition of BASF’s Brazilian decorative paints division in October 2025 to deepen its South American footprint. By the close of FY2024, earnings per share had climbed to $10.55, aided by consistent stock buybacks that steadily shrank the outstanding share count from 0.27 billion in FY2020 to 0.25 billion.
Recent Developments (Q2 and Q3 2025)
Sherwin-Williams rebounded from a sluggish mid-year to post a 3.2% revenue increase to $6.36 billion in Q3 2025. This recovery was spearheaded by the Paint Stores Group, which drove a 3.6% increase in same-store sales during the quarter. Core profitability also strengthened, with gross margin reaching 49.4% in Q2 2025 as strategic pricing took hold. Operationally, the company is preparing for a major leadership transition, with CFO Allen J. Mistysyn retiring on December 31, 2025, and Benjamin E. Meisenzahl assuming the role on January 1, 2026.
Bulls applaud the firm's robust retail pricing power and cost controls, which pushed Q3 2025 diluted earnings per share to $3.35. Conversely, bears warn of softer DIY consumer demand and elevated restructuring expenses that previously dragged Q2 2025 earnings down 14.3% to $3.00. Trading at a premium multiple of 33.6x earnings as of October 27, 2025, the stock relies on steady execution amidst macroeconomic headwinds.
What to watch: consumer demand trends within the Consumer Brands Group; financial strategies deployed by the incoming CFO.
Rev
$23.10B
FY2024
NI
$2.68B
FY2024
EPS
$10.68
FY2024
OCF
$3.15B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
SHERWIN WILLIAMS CO 8-K Report, Material Agreement (Feb 9, 2026)
The Sherwin-Williams Company (SHW) announced an amendment to its existing credit facility through Amendment No. 1 to the Amended and Restated Credit Agreement, effective February 9, 2026. This amendment primarily extends the maturity date for $75 million of its borrowing and letter of credit commitments. The original maturity was June 20, 2026, and it has now been pushed back to December 20, 2030. This extension demonstrates the company's proactive approach to managing its debt obligations and ensuring continued access to capital. For investors, this suggests a stable liquidity position and management's confidence in the company's future financial health, allowing it to secure longer-term financing for a portion of its credit lines. The specific amount extended represents a portion of the overall credit agreement, and details regarding the full credit facility's terms would be found in the original agreement and the full amendment.
SHERWIN WILLIAMS CO 8-K Report, Financial Results (Jan 29, 2026)
The Sherwin-Williams Company (SHW) has filed an 8-K report on January 29, 2026, to announce its financial results for the fourth quarter and full year ended December 31, 2025. The report primarily includes a press release detailing these results, which provides key performance indicators and financial condition updates for investors. Investors should refer to the furnished press release (Exhibit 99.1) for specific figures related to revenue, profitability, and any forward-looking statements or segment performance. While this 8-K does not provide detailed financial statements within the filing itself, it serves as the official mechanism to disseminate the company's earnings announcement. The information is furnished and not deemed "filed" under Section 18 of the Exchange Act, meaning it doesn't carry the same liability as a formally filed document but is crucial for understanding the company's recent performance and outlook. Investors are encouraged to review the press release for a comprehensive understanding of Sherwin-Williams' financial standing as of year-end 2025.
SHERWIN WILLIAMS CO 8-K Report, Material Agreement (Nov 17, 2025)
The Sherwin-Williams Company (SHW) has filed an 8-K report announcing the execution of an Amended and Restated Credit Agreement. This amendment primarily serves to extend the maturity date of $75,000,000 in borrowing and letter of credit commitments from December 20, 2025, to December 20, 2030. This extension provides the company with continued financial flexibility and a longer-term access to these credit facilities. The agreement maintains substantially similar representations, warranties, covenants, and events of default as the previous credit agreement. This indicates a stable and consistent relationship with its lenders. Investors should note that the company has ongoing relationships with certain lenders and their affiliates for various financial services, which is customary within the industry. The full details of the Amended Credit Agreement are available as an exhibit to this filing.
SHERWIN WILLIAMS CO 8-K Report, Material Agreement (Nov 5, 2025)
The Sherwin-Williams Company (SHW) has filed an 8-K report detailing an amendment to its Credit Agreement. This amendment, specifically Amendment No. 21, primarily serves to extend the maturity date of $125,000,000 in borrowing and letter of credit commitments. The maturity has been pushed back from December 20, 2025, to December 20, 2030, providing the company with extended financial flexibility and a longer runway for these specific credit facilities. This extension is a positive development for investors as it demonstrates proactive financial management and strengthens the company's liquidity position. By securing these extended credit lines, Sherwin-Williams mitigates potential refinancing risks and ensures continued access to capital, which is crucial for operational needs, strategic initiatives, and weathering economic uncertainties. The filing indicates a standard amendment process with Citicorp USA, Inc. acting as the administrative agent.
SHERWIN WILLIAMS CO 8-K Report, Executive Changes (Nov 3, 2025)
This 8-K filing from The Sherwin-Williams Company announces a significant leadership transition within its finance department. Allen J. Mistysyn, the current Senior Vice President – Finance and Chief Financial Officer, will retire from his executive role effective December 31, 2025, after a dedicated tenure. He will transition to a short-term, non-officer position to ensure a smooth handover, demonstrating a commitment to continuity. Following Mr. Mistysyn's retirement, Benjamin E. Meisenzahl has been elected as the new SVP – Finance and CFO, effective January 1, 2026. Mr. Meisenzahl is a seasoned executive within Sherwin-Williams, having held various senior finance roles since 2004, most recently as Senior Vice President – Finance. This internal promotion signals a strategic move to leverage existing talent and institutional knowledge. The filing also outlines Mr. Meisenzahl's compensation package and a standard change-in-control severance agreement.
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