SHW Filings — The Sherwin-Williams Company - FilingSpy
SHW
The Sherwin-Williams Company
A maker of paints and coatings, Sherwin-Williams runs thousands of company-owned paint stores across the U.S., Canada, and the Caribbean, and also sells industrial coatings for wood, metal, and automotive refinish to professionals and DIY homeowners worldwide. Founded in 1866 in Cleveland by Henry Sherwin and Edward Williams, the company's famous "Cover the Earth" logo—adopted in 1905—replaced an earlier trademark featuring a chameleon.
Q2 2026 revenue rose 7.5% to $6.789B as Suvinil lifted Consumer Brands 21.5%
All three segments grew for the first time in several quarters. rose 7.5% to $6.789B and rose 14.3% to $3.43 as the acquisition drove sales up 21.5%, while held at 49.2%. The company returned to broad-based growth, but of $8,327.3M sits against a softer-demand outlook for 2026.
Key takeaways
rose 21.5% to $983.5M, ending the prior decline trend, primarily from the acquisition and higher North America sales.
Consolidated rose 7.5% to $6.789B in Q2 2026, driven by growth across all segments and the acquisition.
increased 5.1% to $3.89B on mid-single-digit price increases and low-single-digit volume growth across professional end markets.
Section summaries
Management's Discussion and Analysis
Consolidated net sales rose 7.5% to $6.789B in Q2 2026, driven by growth across all segments and the Suvinil acquisition.
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increased 5.1% to $3.89B, with mid-single-digit price increases and low-single-digit volume growth across all professional end markets.
grew 6.3% to $1.91B, led by General Industrial and Automotive Refinish with low-single-digit price and volume gains.
rose 14.3% to $3.43 and rose 11.8% to $843.6M; rose 12.9% to $1,112.5M.
dipped 0.2pt to 49.2% from 49.4% due to the impact of and moderate raw material cost increases, while improved 90bps to 31.0% of sales.
for the first half reached $1.487B, up from $1.052B a year earlier, on lower needs and higher .
What changed
sales: after six straight quarterly declines through Q4 2025 and a 19.2% Q1 2026 rise from , Q2 rose 21.5% to $983.5M, confirming the reversal without a return to decline.
: rose to $9,320.7M at FY2025 end after , and Q2 2026 shows $8,327.3M, down 10.7% from Q1 2026's $9,323.1M, a paydown against 2026 .
Q2 2025 had fallen 14.3% to $3.00 on restructuring; Q2 2026 reversed it, rising 14.3% to $3.43 as those charges cleared.
at 49.2% is 0.2pt below Q2 2025's 49.4% record, the first quarterly dip after 's effect and raw material cost increases.
as percent of sales improved to 31.0% from 31.9% in Q2 2025, after worsening to 34.8% in Q1 2026, showing cost returned.
What to watch
sales in Q3 2026 to see if North America DIY demand holds without further acquisition support beyond .
paydown from $8,327.3M against H2 2026 as buybacks continue and rises ~$85M.
Q3 2026 as and moderate raw material cost increases meet softer-demand environment.
integration results in Brazil after the 2025 purchase as it drove the gains.
surged 21.5% to $983.5M, primarily from the acquisition and higher North America sales.
grew 6.3% to $1.91B, led by General Industrial and Automotive Refinish, with low-single-digit price and volume gains.
Consolidated dipped slightly to 49.2% from 49.4% due to the impact of the acquisition and moderate raw material cost increases.
as a percent of improved by 90 to 31.0%, despite higher employee costs and -related expenses.
Net operating cash reached $1.487B in the first half, up from $1.052B, driven by lower needs and higher .
Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to market risk associated with interest rates, foreign currency and commodity fluctuations. The Company occasionally utilizes derivative instruments as part of its overall financial risk management policy, but does not use derivative instruments for specul…
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The Company is exposed to market risk associated with interest rates, foreign currency and commodity fluctuations. The Company occasionally utilizes derivative instruments as part of its overall financial risk management policy, but does not use derivative instruments for speculative or trading purposes. The Company may enter into foreign currency option and forward contracts, cross currency swaps, interest rate locks and commodity swaps to hedge against value changes in its foreign currency, net investment in foreign operations, interest rates and commodities. The Company believes it may experience continuing losses from foreign currency translation, interest rate movement and commodity price fluctuations. However, the Company does not expect foreign currency translation or transactions, interest rate movements, commodity price fluctuations or hedging contract losses to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. There were no material changes in the Company’s exposure to market risk since the disclosure included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Sherwin-Williams discloses a Texas environmental enforcement action over alleged past air and water violations at its Garland facility, including a 2023 fire.
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The State of Texas, through its Attorney General on behalf of the Texas Commission on Environmental Quality, filed a petition against subsidiary Sherwin-Williams Manufacturing Company (SWM) on May 12, 2025, and an amended petition on January 30, 2026.
The petition alleges past violations of Texas environmental regulations related to air and water emissions at SWM’s Garland, Texas facility, including events from an August 8, 2023 fire.
The State seeks , civil penalties, reimbursement of response costs, expenses, and attorney fees and costs.
SWM denies the alleged violations and claims for relief and intends to vigorously defend if the matter is not resolved to mutual satisfaction.
The company uses a $1 million threshold for disclosing environmental proceedings involving potential monetary sanctions, but no specific financial exposure is stated for this matter.
We face a number of risks that could materially and adversely affect our business, results of operations, cash flows, liquidity or financial condition. A discussion of our risk factors can be found in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December…
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We face a number of risks that could materially and adversely affect our business, results of operations, cash flows, liquidity or financial condition. A discussion of our risk factors can be found in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Readers should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. During the six months ended June 30, 2026, there were no material changes to our previously disclosed risk factors.
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