Axalta Coating Systems Ltd.

axalta.com

What Do They Do?

Sells liquid and powder coatings to body shops and industrial manufacturers, plus coatings to light- and commercial-vehicle makers.

How Do They Make Money?

Customers buy coatings, with most sales tied to shipment. Some product sales are tied to delivery or use, while service work and royalties are tied to work performed or agreed terms being met.

revenue

Segment	Share	Revenue	How money arrives
Performance Coatings Sold outright	64% FY2022: 68%		Sold outright
Mobility Coatings Sold outright	36% FY2022: 32%		Sold outright

Who Are Their Customers?

Refinish body shops usually buy through independent distributors, though Axalta sells directly in some regions; industrial customers are served directly and through distribution and e-commerce. Vehicle makers are global customers.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

14% of revenue

▲ +4% vs FY2024 ($706M, 13%)

Net income, FY2025

7% of revenue

▼ −3% vs FY2024 ($391M, 7%)

Free cash flow, FY2025

9% of revenue

▲ +4% vs FY2024 ($436M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $1.3B in Q2 FY2025
Net income: ▼ −18%; vs $109M in Q2 FY2025

Performance Coatings share of revenue vs 64.1% in Q2 FY2025

Aug 5, 2026 Shareholders approved the proposed merger with AkzoNobel Completion remains subject to regulatory approvals and other customary closing conditions.

Growing. Revenue grew 16% in 4 years, from $4.4B in FY2021 to $5.1B in FY2025, about 4% a year.

Revenue over time

Performance Coatings Mobility Coatings

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AkzoNobel, BASF, PPG, and Sherwin Williams

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