Common-Size Income Statement
Quarterly Data
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Sherwin-Williams Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cost of Goods Sold and Gross Profit
- The cost of goods sold (COGS) as a percentage of net sales exhibited notable variability over the reported periods. It showed a declining trend from March 2020 (-54.43%) to June 2020 (-52.02%), signifying improved cost control or product mix changes initially. However, from mid-2020 through late 2021, COGS increased significantly, peaking at -60.53% in December 2021, indicating rising production or procurement costs. Since early 2022, COGS percentages began a gradual decline, improving consistently through to June 2025 (-50.62%), suggesting better cost management or pricing adjustments over recent periods.
- Correspondingly, gross profit as a percentage of net sales declined most sharply during late 2021, reaching its minimum value of 39.47% in December 2021, inversely mirroring the heightened COGS. Thereafter, gross profit margins recovered steadily, reaching a peak near 49.38% by June 2025, reflecting enhanced profitability at the gross level supported by effective cost containment or increased sales prices.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net sales fluctuated throughout the timeline. From a high of -33.42% in March 2020, the ratio generally improved through mid-2022, lowering to around -26.62% in September 2022, indicating possible operational efficiencies or expense management initiatives. However, starting late 2022, these expenses increased again, reaching approximately -35.55% in March 2025, signaling higher overhead costs relative to sales potentially due to expanded operations or inflationary pressures.
- Operating Income
- Operating income showed considerable volatility. Initial quarters of 2020 displayed moderate margins around 12%, then a rise to nearly 19% by September 2020, followed by a decline to 7.83% by December 2021 amidst rising COGS and SG&A costs. Post-2021, operating income recovered with some variation, peaking at 19.95% in June 2024 before settling around 17.43% in December 2025. This pattern suggests the presence of external factors impacting profitability but with eventual adaptation and improved operating leverage.
- Interest and Other Income/Expense
- Interest expense remained relatively stable as a percentage of sales, fluctuating narrowly between -2.08% and -1.55%, with no clear directional trend. Interest income was minimal but showed a slight increase in later periods, reaching up to 0.18%. Other income and expense items exhibited more variability without a persistent trend, occasionally contributing positively or negatively but generally with small magnitudes relative to net sales.
- Income Before Income Taxes and Income Taxes
- Income before income taxes mirrored operating income patterns but at a slightly lower level, reflecting the impact of non-operating items. It peaked near 18.7% in mid-2024 before moderating slightly. Income tax expense as a percentage of net sales fluctuated notably, ranging mostly between -4.52% and -0.1%, without a steady trend, indicating variability in tax rates or deferred tax impacts.
- Net Income
- Net income margins followed similar patterns to operating income and pre-tax income, with initial recovery after a low in early 2020, reaching near 13.78% in September 2020, then dipping to a low of 6.38% by December 2021. From 2022 forward, net income margins improved consistently, peaking above 14% by June 2024 and stabilizing around 11.95% in the later periods. This reflects overall improvements in profitability despite fluctuations in expenses and cost structures over time.
- Impairment
- Impairment charges were sporadic and relatively minor, noted mainly in 2020 and intermittently thereafter, with no recurring significant impact on the overall profitability metrics.