Common-Size Income Statement
Quarterly Data
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Sherwin-Williams Co. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Sherwin-Williams Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 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).
- Gross Profit and Cost of Goods Sold
- Gross profit as a percentage of net sales shows a fluctuating pattern over the reported periods. It initially declined from around 45.57% to its lowest point near 39.47%, then gradually improved, reaching levels close to 49% in the most recent periods. This improvement corresponds with a general reduction in the cost of goods sold (COGS) percentage, which decreased from a peak exceeding -60% to values near -50%. This indicates an enhanced efficiency in production or procurement costs over time.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net sales have demonstrated variability, ranging between approximately -35% and -26%. Periods of lower SG&A percentages often coincide with improved gross profit margins, while higher SG&A values tend to coincide with softer gross profits. Notably, there was a distinct rise in SG&A expenses around the end of 2023 reaching above -35%, followed by some improvement toward the end of the dataset.
- Operating Income
- Operating income margins experienced significant fluctuations, starting at around 12%, peaking above 18%, dropping to lows near 7.8%, and recovering again to approach levels around 18% more recently. These swings reflect the combined effects of changing gross profit margins and SG&A expenses. The highest operating margin periods similarly align with times of reduced COGS and controlled SG&A spending.
- Interest and Other Income/Expense
- Interest expense as a percentage of net sales remained relatively stable, hovering between about -2.1% and -1.5%, with slight downward and upward movements but no dramatic changes. Interest income rates are minimal but showed slight gradual increases over time. Other income and expense items fluctuated around the zero mark, occasionally producing modest positive or negative impacts on overall profitability.
- Income Before Taxes and Net Income
- Income before income taxes followed a pattern similar to operating income, showing peaks above 18% and dips below 7%. Net income as a percentage of net sales also followed this cyclical trend but consistently maintained positive values throughout. Net income margins fluctuated between approximately 6% and 14%, with higher margins generally aligning with quarters exhibiting stronger operating performance and controlled tax expenses. The tax expense percentage varied notably but did not disrupt the positive net income trend.
- Impairment and Other Non-Recurring Items
- Impairment charges appeared sporadically and had a small negative impact on earnings, occurring in isolated periods with deductions less than 1% of net sales. These events contributed to some temporary dips in profitability but were not frequent enough to materially alter the overall positive earnings trend.
- Overall Trend and Insights
- The financial data exhibits cyclical behavior marked by periods of profitability improvement followed by temporary contractions. The key drivers appear to be fluctuations in cost management, particularly in COGS and SG&A expenses, and stable but material interest expenses. The company demonstrates resilience through consistent net income generation despite episodic impairment charges and variable tax impacts. As of the latest periods, the improvement in gross margins combined with moderate SG&A expenses supports higher operating and net income margins, suggesting enhanced operational efficiency and profitability moving forward.