The Sherwin-Williams Company
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $2.57B | $2.68B | $2.39B | $2.02B | $1.86B | $2.03B | $1.54B | $1.11B |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $340.3M | $297.4M | $292.3M | $264.0M | $263.1M | $268.0M | $262.1M | $278.2M |
| Amortization | $336.6M | $326.6M | $330.2M | $317.1M | $309.5M | $313.4M | $312.8M | $318.1M |
| Stock-Based Compensation | $123.5M | $138.1M | $115.9M | $99.7M | $97.7M | $95.9M | $101.7M | $82.6M |
| Net Cash from Operating Activities | $3.45B | $3.15B | $3.52B | $1.92B | $2.24B | $3.41B | $2.32B | $1.94B |
| Investing Activities | ||||||||
| Capital Expenditures | $797.6M | $1.07B | $888.4M | $644.5M | $372.0M | $303.8M | $328.9M | $251.0M |
| Business Acquisitions | $1.21B | $78.9M | $264.7M | $1.00B | $210.9M | $0 | $77.3M | — |
| Net Cash from Investing Activities | $-2.07B | $-1.20B | $-1.04B | $-1.61B | $-476.4M | $-322.4M | $-462.6M | $-251.6M |
| Financing Activities | ||||||||
| Dividends Paid | $789.8M | $723.4M | $623.7M | $618.5M | $587.1M | $488.0M | $420.8M | $322.9M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-1.38B | $-2.02B | $-2.42B | $-282.4M | $-1.83B | $-3.02B | $-1.85B | $-1.75B |
| Net Change in Cash | $-3.2M | $-66.4M | $78.0M | $33.1M | $-60.9M | $64.8M | $6.3M | $-48.7M |
| Free Cash Flow | $2.65B | $2.08B | $2.63B | $1.28B | $1.87B | $3.10B | $1.99B | $1.69B |