Sherwin-Williams Co

sherwin-williams.com

What Do They Do?

Sells paint and coatings to contractors, homeowners and business customers.

How Do They Make Money?

Customers usually pay for paint, coatings and related products when they buy them, by cash, credit card or on account; most account customers have 30-to-60-day payment terms. Some product sales are made under long-term supply agreements and purchase orders.

revenue

Segment	Share	How money arrives
Paint Stores Group Sold outright	58% FY2022: 54%	Sold outright
Consumer Brands Group Sold outright	36% FY2022: 39%	Sold outright
Performance Coatings Group Sold outright	29% FY2022: 32%	Sold outright

Who Are Their Customers?

Contractors and do-it-yourself homeowners buy through company-operated paint stores. Retailers, dealers, jobbers and distributors buy branded products through direct sales teams, company branches and other distributors; industrial coatings are also sold directly to global manufacturers.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.

Operating income, FY2025

16% of revenue

▲ +1% vs FY2024 ($3.8B, 16%)

Net income, FY2025

11% of revenue

▼ −4% vs FY2024 ($2.7B, 12%)

Free cash flow, FY2025

11% of revenue

▲ +27% vs FY2024 ($2.1B, 9%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +8%; vs $6.3B in Q2 FY2025
Net income: ▲ +12%; vs $754.7M in Q2 FY2025

Paint Stores Group share of revenue vs 58.6% in Q2 FY2025

Jul 28, 2026 Raised full-year 2026 earnings-per-share guidance The company increased its full-year diluted net income per share and adjusted diluted net income per share guidance ranges.

Growing. Revenue grew 18% in 4 years, from $19.9B in FY2021 to $23.6B in FY2025, about 4% a year.

A renamed and narrowed store segment The Americas Group has become the Paint Stores Group, with its description focused on company-operated stores in the United States, Canada and the Caribbean; Latin American stores are described under Consumer Brands Group.

Sales reach changed across regions Consumer Brands Group's described retail and distributor reach changed from North America, China and Europe to North America, Latin America and Europe.

Revenue over time

Paint Stores Group Consumer Brands Group Performance Coatings Group

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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