The Sherwin-Williams Company (SHW) Income Statement Analysis

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Complete financial analysis of The Sherwin-Williams Company (SHW) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of The Sherwin-Williams Company, a leading company in the Chemicals – Specialty industry within the Basic Materials sector.

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The Sherwin-Williams Company (SHW)

Industry: Chemicals - Specialty

Sector: Basic Materials

Website: https://www.sherwin-williams.com

About The Sherwin-Williams Company

The Sherwin-Williams Company develops, manufactures, distributes, and sells paints, coatings, and related products to professional, industrial, commercial, and retail customers. It operates through three segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. The Americas Group segment offers architectural paints and coatings, and protective and marine products, as well as OEM product finishes and related products for architectural and industrial paint contractors, and do-it-yourself homeowners. The Consumer Brands Group segment supplies a portfolio of branded and private-label architectural paints, stains, varnishes, industrial products, wood finishes products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks, and adhesives to retailers and distributors. The Performance Coatings Group segment develops and sells industrial coatings for wood finishing and general industrial applications, automotive refinish products, protective and marine coatings, coil coatings, packaging coatings, and performance-based resins and colorants. It serves retailers, dealers, jobbers, licensees, and other third-party distributors through its branches and direct sales staff, as well as through outside sales representatives. The company has operations primarily in the North and South America, the Caribbean, Europe, Asia, and Australia. As of February 17, 2022, it operated approximately 5,000 company-operated stores and facilities. The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987	1986	1985
Revenue	23.05B	22.15B	19.94B	18.36B	17.90B	17.53B	14.98B	11.86B	11.34B	11.13B	10.19B	9.53B	8.77B	7.78B	7.09B	7.98B	8.01B	7.81B	7.19B	6.11B	5.41B	5.18B	5.07B	5.21B	5.00B	4.93B	4.88B	4.13B	3.27B	3.10B	2.95B	2.75B	2.54B	2.27B	2.12B	1.95B	1.79B	1.55B	2.19B
Cost of Revenue	12.29B	12.82B	11.40B	9.68B	9.86B	10.12B	8.20B	5.93B	5.78B	5.97B	5.57B	5.31B	5.02B	4.30B	3.83B	4.48B	4.41B	4.40B	4.11B	3.41B	2.95B	2.85B	2.85B	2.74B	2.60B	2.66B	2.65B	2.30B	1.80B	1.71B	1.64B	1.52B	1.45B	1.29B	1.23B	1.15B	1.03B	892.30M	1.38B
Gross Profit	10.76B	9.33B	8.54B	8.68B	8.04B	7.42B	6.78B	5.92B	5.56B	5.16B	4.62B	4.22B	3.74B	3.48B	3.26B	3.50B	3.60B	3.41B	3.08B	2.70B	2.46B	2.34B	2.22B	2.47B	2.40B	2.28B	2.24B	1.83B	1.47B	1.39B	1.31B	1.22B	1.09B	973.30M	890.30M	800.50M	764.50M	660.60M	819.60M
Gross Profit Ratio	46.67%	42.10%	42.83%	47.29%	44.89%	42.31%	45.26%	49.95%	49.03%	46.40%	45.32%	44.28%	42.72%	44.76%	46.00%	43.85%	44.95%	43.72%	42.84%	44.19%	45.40%	45.10%	43.81%	47.35%	48.05%	46.16%	45.81%	44.31%	45.04%	44.77%	44.33%	44.57%	42.85%	42.94%	41.93%	41.04%	42.65%	42.54%	37.34%
Research & Development	196.60M	119.30M	115.90M	97.10M	103.10M	51.92M	58.47M	58.04M	57.67M	50.02M	47.04M	44.65M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
General & Administrative	6.65B	5.99B	5.67B	5.51B	5.31B	4.68B	4.41B	3.81B	3.58B	3.52B	3.21B	2.95B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling & Marketing	420.70M	24.90M	-101.80M	-27.70M	-39.10M	357.80M	374.10M	351.00M	338.19M	299.20M	262.49M	247.47M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SG&A	7.07B	6.01B	5.57B	5.48B	5.27B	5.03B	4.79B	4.16B	3.91B	3.82B	3.47B	3.20B	2.96B	2.73B	2.57B	2.64B	2.60B	2.51B	2.33B	2.07B	1.88B	1.78B	1.73B	1.74B	1.67B	1.60B	1.57B	1.31B	1.08B	1.02B	981.30M	914.70M	825.90M	745.70M	685.60M	628.60M	585.50M	493.70M	652.90M
Other Expenses	0.00	317.10M	309.50M	313.40M	312.80M	-209.24M	-3.89M	-7.78M	-36.35M	-22.08M	-3.46M	4.69M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Expenses	7.07B	6.33B	5.88B	5.79B	5.59B	5.35B	4.99B	4.16B	3.91B	3.82B	3.47B	3.20B	2.96B	2.73B	2.63B	2.64B	2.60B	2.51B	2.33B	2.07B	1.88B	1.78B	1.73B	1.90B	1.83B	1.75B	1.71B	1.41B	1.15B	1.08B	1.04B	981.00M	873.80M	790.20M	727.60M	665.50M	614.40M	518.30M	679.20M
Cost & Expenses	19.53B	19.16B	17.28B	15.47B	15.45B	15.47B	13.19B	10.09B	9.69B	9.79B	9.04B	8.51B	7.98B	7.03B	6.46B	7.12B	7.00B	6.91B	6.44B	5.48B	4.83B	4.63B	4.58B	4.64B	4.43B	4.40B	4.36B	3.71B	2.95B	2.79B	2.68B	2.50B	2.33B	2.08B	1.96B	1.82B	1.64B	1.41B	2.05B
Interest Income	25.20M	8.00M	4.90M	3.60M	25.90M	5.29M	8.57M	4.96M	1.40M	3.00M	3.24M	2.91M	3.71M	2.93M	2.39M	3.93M	14.10M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	417.50M	390.80M	334.70M	336.80M	349.30M	366.73M	263.47M	154.09M	61.79M	64.21M	62.71M	42.79M	42.50M	70.60M	40.03M	65.68M	71.63M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation & Amortization	622.50M	998.00M	973.30M	999.80M	968.70M	772.58M	507.20M	197.71M	198.56M	198.95M	187.79M	179.20M	180.90M	175.31M	170.90M	165.51M	163.48M	145.92M	152.24M	137.28M	116.56M	115.65M	148.10M	160.03M	155.80M	147.90M	139.20M	103.60M	77.90M	60.50M	55.10M	66.30M	47.90M	44.50M	42.00M	36.90M	28.90M	24.60M	26.30M
EBITDA	4.16B	3.97B	3.57B	3.87B	3.31B	2.51B	2.25B	1.88B	1.82B	1.48B	1.34B	1.13B	964.95M	923.69M	833.75M	945.67M	1.15B	1.07B	959.32M	787.62M	708.83M	691.18M	652.66M	1.09B	760.40M	699.10M	677.50M	540.90M	399.50M	376.60M	326.40M	319.20M	267.30M	212.50M	184.10M	129.70M	156.00M	122.80M	163.30M
EBITDA Ratio	18.07%	14.88%	14.50%	17.27%	15.26%	12.44%	13.35%	14.85%	14.21%	11.88%	11.28%	10.85%	8.98%	9.67%	9.18%	9.78%	14.92%	13.73%	13.34%	12.88%	13.11%	13.33%	12.88%	20.99%	15.20%	14.17%	13.88%	13.09%	12.20%	12.15%	11.07%	11.62%	10.52%	9.37%	8.67%	6.65%	8.70%	7.91%	7.44%
Operating Income	3.52B	2.98B	2.58B	2.86B	2.42B	1.86B	1.79B	1.56B	1.41B	1.12B	960.88M	854.98M	606.56M	576.77M	480.20M	614.65M	1.03B	926.56M	807.08M	650.34M	592.26M	575.53M	504.56M	934.04M	604.60M	551.20M	538.30M	437.30M	321.60M	316.10M	271.30M	252.90M	219.40M	168.00M	142.10M	92.80M	127.10M	98.20M	137.00M
Operating Income Ratio	15.26%	13.45%	12.95%	15.57%	13.51%	10.62%	11.97%	13.18%	12.45%	10.09%	9.43%	8.97%	6.92%	7.42%	6.77%	7.70%	12.88%	11.86%	11.22%	10.64%	10.95%	11.10%	9.96%	17.92%	12.08%	11.17%	11.03%	10.58%	9.82%	10.20%	9.20%	9.20%	8.63%	7.41%	6.69%	4.76%	7.09%	6.32%	6.24%
Total Other Income/Expenses	-407.30M	-297.10M	-291.80M	-335.00M	-443.60M	-530.70M	-229.70M	-117.43M	-65.67M	-47.25M	-15.89M	-32.53M	-33.10M	-68.08M	-71.96M	-121.43M	-71.33M	-67.40M	-97.93M	-52.28M	-50.71M	-56.90M	-65.33M	-423.84M	-84.90M	-91.50M	-95.90M	-43.20M	-2.80M	-10.40M	-6.70M	-17.70M	-16.40M	19.30M	28.10M	70.30M	34.60M	75.90M	-11.80M
Income Before Tax	3.11B	2.57B	2.25B	2.52B	1.98B	1.36B	1.53B	1.60B	1.55B	1.26B	1.09B	987.31M	741.55M	677.78M	622.82M	714.48M	912.94M	834.31M	656.22M	580.20M	522.93M	497.16M	424.45M	143.41M	490.20M	440.10M	427.30M	375.40M	318.50M	298.50M	264.30M	226.00M	198.80M	187.30M	170.20M	163.10M	161.70M	174.10M	128.60M
Income Before Tax Ratio	13.49%	11.62%	11.27%	13.72%	11.07%	7.75%	10.20%	13.46%	13.66%	11.31%	10.66%	10.36%	8.46%	8.72%	8.78%	8.95%	11.40%	10.68%	9.13%	9.49%	9.67%	9.59%	8.38%	2.75%	9.80%	8.92%	8.75%	9.08%	9.73%	9.63%	8.96%	8.22%	7.82%	8.26%	8.02%	8.36%	9.02%	11.21%	5.86%
Income Tax Expense	721.10M	553.00M	384.20M	488.80M	440.50M	250.90M	-285.58M	462.53M	495.12M	392.34M	333.40M	307.11M	299.69M	215.30M	186.97M	237.60M	297.37M	258.25M	191.60M	185.66M	190.87M	186.46M	161.29M	127.38M	186.30M	167.20M	166.70M	146.20M	117.80M	111.90M	99.10M	81.40M	70.60M	64.60M	61.30M	62.00M	67.90M	78.10M	54.00M
Net Income	2.39B	2.02B	1.86B	2.03B	1.54B	1.11B	1.77B	1.13B	1.05B	865.89M	752.56M	680.20M	441.86M	462.49M	435.85M	476.88M	615.58M	576.06M	463.26M	393.25M	332.06M	127.57M	263.16M	16.03M	303.90M	272.90M	260.60M	229.20M	200.70M	186.60M	165.20M	62.80M	128.20M	122.70M	108.90M	101.10M	96.60M	106.00M	74.60M
Net Income Ratio	10.36%	9.12%	9.35%	11.06%	8.61%	6.32%	11.83%	9.55%	9.29%	7.78%	7.39%	7.13%	5.04%	5.95%	6.14%	5.98%	7.69%	7.38%	6.44%	6.43%	6.14%	2.46%	5.19%	0.31%	6.07%	5.53%	5.34%	5.55%	6.13%	6.02%	5.60%	2.29%	5.04%	5.41%	5.13%	5.18%	5.39%	6.83%	3.40%
EPS	9.35	7.83	7.10	7.48	5.60	3.97	6.36	4.11	3.79	2.98	2.47	2.21	1.41	1.43	1.28	1.36	1.61	1.44	1.13	0.93	0.76	0.28	0.56	0.03	0.60	0.53	0.50	0.45	0.39	0.36	0.31	0.12	0.24	0.24	0.21	0.19	0.18	0.20	0.14
EPS Diluted	9.25	7.72	6.98	7.36	5.50	3.89	6.22	4.00	3.72	2.93	2.42	2.16	1.38	1.40	1.26	1.33	1.57	1.40	1.09	0.91	0.75	0.28	0.56	0.03	0.60	0.52	0.50	0.44	0.39	0.36	0.31	0.12	0.24	0.24	0.21	0.19	0.18	0.20	0.14
Weighted Avg Shares Out	255.40M	258.00M	262.50M	271.28M	275.41M	278.98M	278.73M	275.52M	276.59M	288.57M	302.69M	305.14M	310.41M	321.06M	340.54M	350.51M	381.67M	400.97M	409.96M	422.85M	435.01M	450.23M	467.14M	480.78M	503.70M	518.16M	517.75M	513.13M	514.62M	518.33M	532.90M	523.33M	526.85M	518.45M	518.57M	522.93M	526.91M	538.98M	545.85M
Weighted Avg Shares Out (Dil)	258.30M	261.80M	267.10M	275.83M	280.34M	284.96M	284.78M	283.46M	282.07M	294.23M	309.15M	311.79M	317.02M	326.36M	346.27M	358.03M	392.77M	412.45M	423.71M	433.74M	440.78M	455.59M	469.93M	480.78M	506.50M	521.46M	521.20M	516.99M	514.62M	518.33M	532.90M	523.33M	526.85M	518.45M	518.57M	522.93M	526.91M	538.98M	545.85M

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