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Company Research7 May 2025
Lowe's Companies: Building a One-Stop Shop for Home Improvement
Lowe's Companies began as a single store in 1921 and has steadily expanded its footprint and offerings, now operating 1,750 stores across the U.S.
The Sherwin-Williams Company
The Sherwin-Williams Company (SHW) investor relations material
The Sherwin-Williams Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Consolidated net sales for 2025 rose 2.1% year-over-year to $23.57 billion, achieving record levels, with growth from price/mix and acquisitions, notably Suvinil, offset by lower volumes.
Adjusted diluted EPS for 2025 increased 0.9% to $11.43, while reported EPS declined 2.7% to $10.26; Q4 adjusted EPS grew 6.7% to $2.23.
Gross margin expanded by 30 bps to 48.8% despite the dilutive impact of the Suvinil acquisition.
Net operating cash for the year was $3.45 billion, up 9.5% year-over-year, with Q4 free cash flow conversion at 90.1%.
Returned $2.45 billion to shareholders via dividends and share repurchases; dividend raised for 47th consecutive year.
Financial highlights
Q4 2025 sales increased 5.6% year-over-year to $5.60 billion, at the high end of guidance.
Q4 adjusted EBITDA margin expanded 120 bps to 17.7%; full-year adjusted EBITDA was $4.61 billion, up 2.6% year-over-year.
Full-year net income was $2.57 billion, down from $2.68 billion in 2024.
Operating cash flow increased 9% to $3.45 billion, representing 14.6% of net sales.
Capital expenditures for 2025 were $797.6 million, down 25.5% from prior year.
Outlook and guidance
2026 consolidated sales expected to rise low- to mid-single digits, with acquisitions contributing low-single digits.
Adjusted diluted EPS guidance for 2026 is $11.50–$11.90, up 2.4% at midpoint; GAAP EPS $10.70–$11.10.
Q1 2026 sales projected up mid-single digits; CBG segment up low to mid-teens.
Raw material costs expected to rise low single digits; capital expenditures planned at $550 million.
Guidance reflects continued soft demand expected through at least the second half of 2026.
CBG profit decline despite Suvinil sales growth
Rationale for increased debt with strong cash flow
Outperforming market in soft demand environment
Packaging Coatings: Future growth from non-BPA conversion?
2026 price/volume strategy given market?
What specific actions for 'softer for longer' demand?
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Next The Sherwin-Williams Company earnings date
Q1 202628 Apr, 2026
The Sherwin-Williams Company
Next The Sherwin-Williams Company earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
One of the world’s major paint companies
Sherwin-Williams is a global leader in the manufacturing, distribution, and sale of coatings and related products. The company's products are used in a wide range of applications, including architectural and industrial coatings, automotive finishes, and aerospace coatings.
Some of Sherwin-Williams competitors include PPG Industries, Akzo Nobel, and Masco Corporation.
The main business segments
Sherwin-Williams operates through three main business segments:
The Americas Group,
The Consumer Brands Group,
The Performance Coatings Group.
The Americas Group serves customers in North and South America, providing architectural and industrial coatings, as well as automotive finishes. The Consumer Brands Group provides paints, stains, and other coatings products to do-it-yourself customers through retail channels such as Lowe's and Home Depot. Finally, the Performance Coatings Group provides coatings and finishes for a wide range of industrial applications, including automotive, aerospace, and marine.
Interesting facts about Sherwin-Williams
Sherwin-Williams was founded in 1866 and is headquartered in Cleveland, Ohio. The company has a global presence, with operations in over 120 countries. Sherwin-Williams is committed to sustainability and has set ambitious goals to reduce its environmental impact, including a commitment to reducing its greenhouse gas emissions by 25% by 2025.
One interesting fact about Sherwin-Williams is that the company acquired Valspar Corporation, a leading coatings manufacturer, in 2017. The acquisition expanded Sherwin-Williams' product offerings and global reach, making it one of the largest coatings companies in the world.
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