Sherwin-Williams Points to Record Results as Demand Remains Uneven
announced financial results for the full year and fourth quarter ended December 31, 2025, reporting consolidated net sales of $23.57 billion for the year, up 2.1% compared with 2024. Fourth-quarter net sales increased 5.6% to $5.60 billion, reflecting growth across all segments, including contributions from the Suvinil acquisition.
For the full year, diluted net income per share decreased 2.7% to $10.26, while adjusted diluted net income per share increased 0.9% to $11.43. In the fourth quarter, diluted net income per share increased 1.1% to $1.92 and adjusted diluted net income per share increased 6.7% to $2.23. Sherwin-Williams reported net operating cash of $3.45 billion for the year, representing 14.6% of net sales, and said it returned $2.45 billion to shareholders through dividends and share repurchases.
In prepared remarks, Chair, President and CEO Heidi G. Petz said fourth-quarter performance reflected “solid core performance amid continued demand choppiness,” including the first full quarter of the Suvinil acquisition. The company said consolidated net sales landed at the high end of guidance, adjusted EBITDA improved by a low-teens percentage and SG&A growth remained in a targeted low-single-digit range, including Suvinil, as restructuring actions continued to yield savings. Sherwin-Williams also reported free cash flow conversion of 90.1% for the quarter.
Segment results were mixed. In the Paint Stores Group, fourth-quarter net sales increased 2.7% to $3.13 billion, with same-store sales up 1.0%. The company said selling price increases drove results, partially offset by lower volume, with growth led by protective and marine and supported by residential repaint and commercial demand. Segment profit increased 7.1% to $649.5 million and reported segment margin improved to 20.8%.
In the Consumer Brands Group, fourth-quarter net sales increased 24.5% to $824.7 million, primarily due to the Suvinil acquisition and favorable currency translation, which the company said offset lower volume and product mix. Segment profit declined to $56.2 million as restructuring-related expenses weighed on results, while adjusted segment profit increased to $87.3 million.
In the Performance Coatings Group, fourth-quarter net sales rose 3.3% to $1.64 billion, supported by favorable currency translation and acquisition impact, while sales volume and selling prices were essentially flat. The company said performance was led by Packaging and Automotive Refinish. Segment profit increased 6.8% to $244.6 million. Adjusted segment profit rose 12.6% to $312.8 million, excluding acquisition-related amortization, restructuring expenses and a trademark impairment charge.
For 2026, Sherwin-Williams issued guidance calling for full-year net sales growth in the low- to mid-single-digit range and adjusted diluted net income per share between $11.50 and $11.90. Petz said the company expects the “softer-for-longer” demand environment to persist well into the second half of the year, while continuing to pursue profitable growth, invest in strategic priorities and maintain a disciplined approach to capital allocation.
Access the full results here.
Tracking what earnings and cash generation signals mean for the broader paint and coatings market stays central to how formulators and manufacturers plan for demand shifts.
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