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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)
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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