The Sherwin-Williams Company
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.57B | $23.10B | $23.05B | $22.15B | $19.94B | $18.36B | $17.90B | $17.53B |
| Cost of Revenue | $12.06B | $11.90B | $12.29B | $12.82B | $11.40B | $9.68B | $9.86B | $10.12B |
| Gross Profit | $11.52B | $11.20B | $10.76B | $9.33B | $8.54B | $8.68B | $8.04B | $7.42B |
| Gross Margin | 48.8% | 48.5% | 46.7% | 42.1% | 42.8% | 47.3% | 44.9% | 42.3% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | $51.9M |
| SG&A Expense | $7.70B | $7.42B | $7.07B | $6.33B | $5.88B | $5.48B | $5.27B | $5.03B |
| Operating Income | $3.73B | $3.81B | $4.16B | $3.40B | $3.08B | $3.37B | $2.81B | $2.61B |
| Operating Margin | 15.8% | 16.5% | 18.1% | 15.3% | 15.5% | 18.4% | 15.7% | 14.9% |
| Interest Expense | $396.2M | $354.7M | $417.5M | $390.8M | $334.7M | $340.4M | $349.3M | $366.7M |
| Pretax Income | $3.34B | $3.45B | $3.11B | $2.57B | $2.25B | $2.52B | $1.98B | $1.36B |
| Income Tax Expense | $769.7M | $770.4M | $721.1M | $553.0M | $384.2M | $488.8M | $440.5M | $251.0M |
| Net Income | $2.57B | $2.68B | $2.39B | $2.02B | $1.86B | $2.03B | $1.54B | $1.11B |
| Net Margin | 10.9% | 11.6% | 10.4% | 9.1% | 9.3% | 11.1% | 8.6% | 6.3% |
| EPS (Basic) | $10.37 | $10.68 | $9.35 | $7.83 | $7.10 | $7.48 | $5.60 | $3.97 |
| EPS (Diluted) | $10.26 | $10.55 | $9.25 | $7.72 | $6.98 | $7.36 | $5.50 | $3.89 |
| Shares Outstanding (Basic) | 247.6M | 251.0M | 255.4M | 258.0M | 262.5M | 271.3M | 275.4M | 279.0M |
| Shares Outstanding (Diluted) | 250.4M | 254.1M | 258.3M | 261.8M | 267.1M | 275.8M | 280.3M | 285.0M |
| Dividends Per Share | $3.16 | $2.86 | $2.42 | $2.40 | $2.20 | $1.79 | $1.51 | $1.15 |