Sherwin-Williams reported more fiscal 2025 sales than PPG Industries, but the companies have different business mixes and sales channels. Sherwin-Williams’ results are especially tied to its company-operated paint-store business; PPG reports a broader mix spanning architectural, performance and industrial coatings. Their 2025 results and risk disclosures offer useful context for comparing the businesses—but do not establish which stock is a better buy today. That requires current share prices, comparable valuation measures and forward-looking estimates.
How the companies compare in fiscal 2025
The table summarizes each company’s reported results for the year ended December 31, 2025. Sherwin-Williams published its year-end results on January 29, 2026; PPG reported in its fiscal 2025 Form 10-K. Dollar figures are in U.S. dollars. Segment names and reporting measures are company-specific, so the table is a business comparison, not a like-for-like ranking of segment profitability.
| Measure | Sherwin-Williams | PPG Industries |
|---|---|---|
| Net sales | $23.574 billion, up 2.1% year over year | $15.875 billion, up 0.2% year over year |
| Reported business segments and sales | Paint Stores Group: $13.606 billion; Consumer Brands Group: $3.166 billion; Performance Coatings Group: $6.795 billion | Global Architectural Coatings: $3.838 billion; Performance Coatings: $5.513 billion; Industrial Coatings: $6.524 billion |
| Earnings measure highlighted here | GAAP diluted EPS: $10.26, down 2.7%; company-defined adjusted diluted EPS: $11.43, up 0.9% | Income from continuing operations before income taxes: $2.045 billion, versus $1.852 billion in 2024 |
| Cash flow measure highlighted here | Net operating cash: $3.452 billion, up 9% | Not stated in the cited fiscal 2025 figures |
The earnings figures answer different questions: Sherwin-Williams’ EPS is earnings per diluted share, while PPG’s figure is pretax income from continuing operations. They should not be compared as if they were the same measure. Sherwin-Williams’ adjusted EPS is also a company-defined non-GAAP measure, distinct from its GAAP diluted EPS.
What the business mix says—and what it does not
Sherwin-Williams: a large company-operated paint-store channel
Sherwin-Williams describes itself as a manufacturer, developer, distributor and seller of paint and coatings for professional, industrial, commercial and retail customers. Its Sherwin-Williams-branded products use a company-operated store and branch network. Other brands are also sold through third-party channels, including mass merchandisers, home centers, independent dealers, hardware stores, automotive retailers and industrial distributors.
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Its Paint Stores Group generated $13.606 billion of the company’s $23.574 billion in fiscal 2025 sales. That scale makes the company’s own architectural-paint distribution channel a substantial part of its reported business.
PPG: architectural coatings plus multiple industrial markets
PPG describes its products as paints, coatings and specialty products serving construction, consumer products, industrial, transportation and aftermarket markets. Its fiscal 2025 reporting groups sales into Global Architectural Coatings, Performance Coatings and Industrial Coatings.
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These segment structures are not identical. Sherwin-Williams’ Paint Stores Group is a channel-defined segment, while PPG’s reported categories span different product and end-market groupings. The mix can help investors identify where demand shocks might matter, but it does not by itself prove that either company is safer, more profitable or better positioned.
Growth and earnings: read the measures together
Both companies reported modest sales growth in fiscal 2025: 2.1% at Sherwin-Williams and 0.2% at PPG. That comparison describes reported revenue growth, not organic growth, unit volume, pricing or future performance.
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Sherwin-Williams’ GAAP diluted EPS declined even as its adjusted diluted EPS increased slightly. The difference is a reason to review the company’s reconciliation of adjusted results to GAAP and the items affecting the year, rather than treating the adjusted figure as a substitute for reported earnings. PPG’s higher pretax income versus 2024 is a separate signal, but it does not directly settle which company produced stronger per-share results or has better earnings quality. Those questions require comparable measures, share counts, tax effects, and details from each full filing.
Business risks that matter to both stocks
Demand can weaken across end markets
Both companies disclose sensitivity to economic conditions and demand. Sherwin-Williams identifies cyclical exposure in construction, housing, manufacturing and energy-related markets. PPG discusses the possibility that weak economic conditions and uncertainty—including geopolitical events, interest rates, commodity volatility, trade policy and labor shortages—could hurt demand across its markets. A slowdown may affect the companies differently because their product, channel and end-market mixes differ.
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Raw materials, supply chains and pricing
Raw-material availability and cost are important operating risks for both businesses. PPG calls raw materials its most significant input cost and discusses possible disruption from supplier capacity, feedstock costs, logistics, tariffs, export constraints, and global supply and demand. It also identifies the risk that higher input costs may not be recovered quickly through pricing or other cost actions.
PPG reported that raw-material costs were generally stable in 2025 and expected them to remain relatively flat in 2026. That is management’s time-bound expectation in its fiscal 2025 filing, not a guarantee or an observed result for all of 2026.
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Sherwin-Williams identifies raw-material and energy prices, transportation and logistics, tariffs, supply-chain disruption, inflation and foreign exchange as potential pressures. For either company, cost increases do not automatically translate into lower profit: the impact can depend on timing, product mix, pricing, efficiency and customers’ willingness to accept price changes.
Trade, regulation and currency
Both filings discuss exposure to trade measures and currency movements. PPG additionally points to chemical-registration rules among its risks. These disclosures describe possible sources of disruption or cost; they do not establish that a particular listed risk caused a quantified loss in 2025.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Sherwin-Williams’ disclosed 2026 financing sensitivity
In its fiscal 2025 filing, Sherwin-Williams said it expected interest expense to increase by approximately $85 million in 2026. The company cited refinancing of long-term debt maturities, interest on delayed-draw term loans used to fund the Suvinil acquisition, and other financing factors. This is management’s expectation at the time of filing, not a verified 2026 outcome. Investors assessing the effect should check subsequent company reporting rather than assume the forecast was realized as stated.
This disclosure is a specific financing sensitivity, not enough on its own to establish that Sherwin-Williams has greater overall leverage or balance-sheet risk than PPG. A broader comparison would require current debt, cash, maturity and interest-cost information on consistent terms.
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- Start with the business exposure you want to understand. Consider Sherwin-Williams’ substantial company-store channel alongside PPG’s mix across architectural, performance and industrial coatings.
- Compare like with like. Use the same time period and accounting basis for sales growth, operating profitability, cash generation, debt and per-share earnings. Do not equate adjusted EPS with GAAP EPS or pretax income.
- Read the explanations behind the totals. Review the companies’ full annual reports for segment performance, charges, cash flow, debt maturities, raw-material exposure and risk factors.
- Add current market data before judging a stock’s price. Compare up-to-date share prices and consistent valuation measures, then assess them against earnings and cash-flow expectations. The fiscal 2025 results alone cannot show whether either share is attractively valued.
The fiscal 2025 results and disclosures in this comparison come from Sherwin-Williams’ January 29, 2026 year-end results and its fiscal 2025 Form 10-K, and PPG’s fiscal 2025 Form 10-K. They describe reported results and disclosed risks, not a current share-price comparison or an expected-return forecast.
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