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PPG Industries Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved solid commercial, operational, innovation, and financial performance in 2025, with consistent organic growth and four consecutive quarters of higher sales volumes and prices, despite a mixed macroeconomic environment.
Net sales for 2025 reached $15.9 billion, with 2% organic growth, and adjusted EPS of $7.58; $1.4 billion was returned to shareholders through dividends and share repurchases.
Fourth quarter net sales were $3.9 billion, up 5% year-over-year, with adjusted EPS of $1.51 and segment EBITDA margin at 18%.
Portfolio pruning and divestitures in 2024, including silicas and Russian architectural coatings, sharpened focus on high-margin, technology-driven businesses and innovation, including digital and AI investments.
Operating cash flow for 2025 was $1.9 billion, up over $500 million year-over-year.
Financial highlights
Full-year 2025 net sales: $15.9 billion; organic growth: 2%; segment EBITDA margin: 19%.
Adjusted EPS for 2025: $7.58; cash from operations: $1.9 billion; capital expenditures: $780 million.
Q4 net sales: $3.9 billion, up 5% year-over-year with 3% organic growth; Q4 adjusted EPS: $1.51.
Free cash flow yield for 2025 was 5%; net debt at year-end was $5.1 billion.
Adjusted net income for 2025 was $1.72 billion, with notable adjustments for restructuring, portfolio optimization, legal settlements, and tax matters.
Outlook and guidance
2026 organic sales growth expected to be flat to low single-digit percentage, with volume growth led by Aerospace, Architectural Coatings in Mexico, and Industrial Coatings share gains.
2026 adjusted EPS projected at $7.70–$8.10, with growth weighted toward the second half; segment EBITDA margin improvement up to +100 bps year-over-year.
$50 million in cost reductions targeted through operational excellence and restructuring programs.
Capital expenditures for 2026 expected at $650 million–$700 million, returning to historical levels (~3% of sales) by 2027.
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Next PPG Industries earnings date
Q1 202629 Apr, 2026
PPG Industries
Next PPG Industries earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Paints and Coatings
Pittsburgh Plate Glass Industries, more often than not referred to as PPG, is an American company supplying paints, coatings, and specialty materials. Founded in 1883 by Captain John B. Ford and John Pitcairn, in Pittsburgh, Pennsylvania, PPG has become a trusted name in the coatings industry. The company's products are used in various industries ranging from automotive to aerospace and it has operations in roughly 70 countries.
Beginnings in Plate Glass
In its early days, PPG primarily focused on plate glass production, positioning itself as a key supplier for the burgeoning American construction industry. However, with foresight and adaptation, the company diversified and ventured into the paint and coatings sector. This proved to be a game-changing move, propelling PPG to the forefront of the industry. Today, PPG competes with companies such as Akzo Nobel, Sherwin Williams, and Axalta, to name a few.
An Expansive Product Portfolio
The range of products offered by PPG is vast. From protective coatings that shield airplanes from environmental wear to paints that enhance and beautify homes, PPG has a solution for nearly every surface. The company's lineup includes solutions for automotive and commercial coatings, industrial finishes, and a plethora of architectural paints. Furthermore, PPG has not confined itself to just traditional coatings. The company has delved into digital color-matching tools and sustainable paint solutions, demonstrating an acute awareness of both technological advancements and environmental considerations.
Serving Diverse Industries Globally
With its vast range of products, PPG caters to a multitude of industries. Automotive manufacturers trust PPG coatings to give vehicles their lasting shine and protective finish. In the aerospace sector, aircraft are coated with PPG products that offer protection against extreme conditions. Residential and commercial builders rely on PPG paints to transform spaces and bring visions to life. The company's reach extends beyond these sectors to marine, industrial, and consumer electronics applications, among others.
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