The Sherwin-Williams Company Earnings Call Transcripts
Fiscal Year 2026
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Strong Q1 sales and margin expansion were achieved despite global uncertainty and raw material inflation. Full-year guidance is unchanged, with price increases and cost controls offsetting softer volume expectations. Aggressive share gains and strategic investments continue to drive outperformance.
Fiscal Year 2025
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Delivered record sales and adjusted EPS in 2025, driven by disciplined cost control and strategic investments, despite a challenging demand environment. 2026 guidance calls for low- to mid-single-digit sales growth and continued margin expansion, with a focus on share gains and operational efficiency.
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Ben Meisenzahl will become CFO in January 2026 after a planned succession, with Al Mistysyn retiring in March 2026. The transition ensures continuity in financial discipline, capital allocation, and modernization efforts, with leadership expressing strong confidence in Ben.
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Q3 2025 saw strong sales and margin expansion despite a soft demand environment, with continued investment in growth and cost control. Full-year guidance was raised slightly, and a 7% price increase is planned for 2026 amid ongoing cost inflation and market uncertainty.
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Sales and gross margin grew in Paint Stores Group, but overall results were pressured by weak demand, supply chain inefficiencies, and higher costs. Full-year guidance for sales and EPS was lowered, with aggressive restructuring and cost controls underway to drive future growth.
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Solid Q1 2025 results with margin and EPS growth were driven by Paint Stores Group strength and disciplined cost control, offsetting softness in other segments. Full-year guidance is reaffirmed despite ongoing market uncertainty and tariff impacts, with continued investments in growth and efficiency.
Fiscal Year 2024
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Delivered record 2024 results with expanded margins and strong cash generation despite a choppy demand environment. 2025 guidance calls for low single-digit sales growth and mid-single-digit adjusted EPS increase, with continued investments in capacity, innovation, and share gains.
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Q3 saw sales and EPS growth despite choppy demand, with strong margin expansion in Consumer Brands and continued investments for long-term share gains. Guidance for full-year EPS is unchanged, but Q4 outlook remains uncertain due to hurricane recovery and potential industrial shutdowns.
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Consistent strategy and disciplined investments drive above-market growth, margin expansion, and strong cash generation. Raised financial targets reflect confidence in market share gains, innovation, and operational excellence, with a focus on talent, digitalization, and sustainability.
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Q2 2024 saw strong EPS and EBITDA growth, margin expansion, and robust Paint Stores Group performance, offsetting softness in Consumer Brands. Full-year EPS guidance was raised, with sales expected up low single digits and raw material costs flattish in H2. Capital returns and share gains remain priorities.