shw-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2026


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 1-04851

THE SHERWIN-WILLIAMS COMPANY

(Exact name of registrant as specified in its charter)


Ohio		34-0526850
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1 Sherwin Way
Cleveland,	Ohio	44113-2206
(Address of principal executive offices)		(Zip Code)

(216) 566-2000

Registrant’s telephone number, including area code

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, par value of $0.33-1/3 per share

SHW

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $0.33-1/3 Par Value – 246,635,621 shares as of March 31, 2026.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements			2
Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition			25
Item 3. Quantitative and Qualitative Disclosures About Market Risk			35
Item 4. Controls and Procedures			35

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			36
Item 1A. Risk Factors			36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			37
Item 5. Other Information			38
Item 6. Exhibits			39

SIGNATURES			40

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE SHERWIN-WILLIAMS COMPANY AND SUBSIDIARIES

STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)


(in millions, except per share data)	Three Months Ended March 31,
	2026			2025
Net sales	$	5,666.9		$	5,305.7
Cost of goods sold	2,886.4			2,746.6
Gross profit	2,780.5			2,559.1
Percent to Net sales	49.1		%	48.2		%
Selling, general and administrative expenses	1,969.6			1,793.8
Percent to Net sales	34.8		%	33.8		%
Other general expense - net	6.3			8.9

Interest expense	131.6			103.8
Interest income	(2.8)			(3.3)
Other (income) expense - net	(4.0)			2.9
Income before income taxes	679.8			653.0
Income taxes	145.1			149.1
Net income	$	534.7		$	503.9

Net income per common share:
Basic	$	2.18		$	2.02
Diluted	$	2.15		$	2.00

Weighted average shares outstanding:
Basic	245.7			249.4
Diluted	248.1			252.5

See notes to condensed consolidated financial statements.

THE SHERWIN-WILLIAMS COMPANY AND SUBSIDIARIES

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)


(in millions)	Three Months Ended March 31,
	2026		2025
Net income	$	534.7	$	503.9
Other comprehensive income, net of tax:
Foreign currency translation adjustments (1)	49.6		106.6
Pension and other postretirement benefit adjustments:

Amounts reclassified from AOCI (2)	(0.9)		(3.4)
Unrealized net gains on cash flow hedges:

Amounts reclassified from AOCI (3)	(1.1)		(0.9)
Other comprehensive income, net of tax	47.6		102.3
Comprehensive income	$	582.3	$	606.2

(1) The three months ended March 31, 2026 and 2025 include unrealized gains (losses), net of taxes of $26.3 million and $(36.3) million, respectively, related to net investment hedges. See Note 12 for further information.

(2) Net of taxes of $0.2 million and $1.1 million for the three months ended March 31, 2026 and 2025, respectively.

(3) Net of taxes of $0.3 million for the three months ended March 31, 2026 and 2025.

See notes to condensed consolidated financial statements.

THE SHERWIN-WILLIAMS COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in millions)	March 31, 2026		December 31, 2025		March 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	216.9	$	207.2	$	199.8
Accounts receivable, net	3,192.1		2,791.2		2,813.1
Inventories	2,473.2		2,318.2		2,515.2
Other current assets	617.5		690.8		511.6
Total current assets	6,499.7		6,007.4		6,039.7
Property, plant and equipment, net	4,205.9		4,137.4		3,663.4
Goodwill	8,003.4		8,036.6		7,708.4
Intangible assets	3,885.6		3,966.1		3,493.4
Operating lease right-of-use assets	2,007.4		1,995.2		1,972.9
Other assets	1,776.7		1,759.0		1,758.3
Total Assets	$	26,378.7	$	25,901.7	$	24,636.1

Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings	$	2,376.6	$	1,200.5	$	1,798.5
Accounts payable	2,603.4		2,354.2		2,512.9
Compensation and taxes withheld	592.0		839.4		566.7
Accrued taxes	271.7		187.4		225.9
Current portion of long-term debt	0.1		350.1		1,150.8
Current portion of operating lease liabilities	484.7		479.8		470.1
Other accruals	1,206.1		1,508.9		1,151.8
Total current liabilities	7,534.6		6,920.3		7,876.7
Long-term debt	9,323.1		9,320.7		7,827.1
Postretirement benefits other than pensions	131.6		129.8		120.7
Deferred income taxes	765.4		765.3		586.0
Long-term operating lease liabilities	1,602.2		1,591.5		1,573.4
Other long-term liabilities	2,590.7		2,575.8		2,522.1
Shareholders’ equity:
Common stock - $0.33-1/3 par value:
246.6 million, 247.7 million and 250.6 million shares outstanding
at March 31, 2026, December 31, 2025 and March 31, 2025, respectively	83.2		83.1		92.6
Other capital	4,275.5		4,204.5		4,622.4
Retained earnings	1,367.0		1,029.4		7,549.8
Treasury stock, at cost	(707.8)		(84.3)		(7,361.8)
Accumulated other comprehensive income (loss)	(586.8)		(634.4)		(772.9)
Total shareholders’ equity	4,431.1		4,598.3		4,130.1
Total Liabilities and Shareholders’ Equity	$	26,378.7	$	25,901.7	$	24,636.1

See notes to condensed consolidated financial statements.

THE SHERWIN-WILLIAMS COMPANY AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)


(in millions)	Three Months Ended
	March 31, 2026		March 31, 2025
Operating Activities
Net income	$	534.7	$	503.9
Adjustments to reconcile Net income to Net operating cash:
Depreciation	98.3		79.9
Non-cash lease expense	124.0		123.5
Amortization of intangible assets	88.5		81.0



Provisions for environmental-related matters - net	0.1		3.1
Deferred income taxes	(3.2)		(18.7)
Stock-based compensation expense	29.5		26.6
Amortization of non-traded investments	31.4		28.7
Loss (gain) on sale or disposition of assets

SEC Form 10-Q filed by Sherwin-Williams Company