Analysis of Revenues
Revenues as Reported
Sherwin-Williams Co., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, net external sales demonstrate a generally positive trajectory from 2021 to 2025. However, a closer examination of the individual groups reveals varying performance patterns. The Paint Stores Group consistently contributes the largest portion of revenue and exhibits steady growth throughout the period, while the Consumer Brands Group shows more modest and fluctuating performance. The Performance Coatings Group remains relatively stable, and Administrative revenue shows a consistent, albeit smaller, increase.
- Paint Stores Group Revenue
- The Paint Stores Group experienced consistent year-over-year growth, increasing from US$10,616.2 million in 2021 to US$13,605.9 million in 2025. The growth rate decelerated slightly between 2022 and 2023, and again between 2023 and 2024, but remained positive. This group represents the primary driver of overall revenue growth.
- Consumer Brands Group Revenue
- Revenue from the Consumer Brands Group showed initial growth from 2021 to 2022, increasing from US$3,322.4 million to US$3,388.4 million. However, this was followed by a slight decrease in 2023 to US$3,365.6 million, and a more noticeable decline in 2024 to US$3,108.0 million. A modest recovery occurred in 2025, reaching US$3,166.4 million, but the group’s revenue remains below the 2022 peak. This suggests potential challenges within this segment.
- Performance Coatings Group Revenue
- The Performance Coatings Group demonstrated relative stability in revenue. It increased from US$6,003.8 million in 2021 to US$6,793.5 million in 2022, then experienced minimal fluctuation between US$6,793.5 million and US$6,843.1 million from 2022 to 2023. Revenue decreased slightly in 2024 to US$6,797.3 million and remained nearly unchanged in 2025 at US$6,795.2 million. This indicates a mature segment with limited growth potential during this period.
- Administrative Revenue
- Administrative revenue increased consistently throughout the period, albeit from a relatively small base. It rose from US$2.2 million in 2021 to US$6.8 million in 2025. This increase may reflect expanding operational complexity or increased administrative costs.
- Net External Sales Trend
- Net external sales increased from US$19,944.6 million in 2021 to US$23,574.3 million in 2025. The most significant growth occurred between 2021 and 2023, with growth slowing in 2024 and 2025. The overall trend remains positive, driven primarily by the Paint Stores Group, despite the fluctuating performance of the Consumer Brands Group.