Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity 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: 2025-03-31), 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
- The cost of goods sold (COGS) as a percentage of net sales showed considerable fluctuation throughout the periods. Starting around -54.43% in early 2020, there was a downward trend reaching a low point near -60.53% in late 2021, indicating rising costs relative to sales. Subsequently, COGS improved steadily through 2023 and into early 2024, settling in the low -50% range by the first quarter of 2025, suggesting better cost management or improved pricing power.
- Gross Profit
- Gross profit margins mirrored the inverse of COGS trends. Initially, margins were around 45.57% in early 2020, rising above 47% in mid-2020, then declining to below 40% by the end of 2021. Following that, gross profit improved continuously, climbing back to approximately 48% by late 2023 and maintaining near this level into early 2025. This pattern highlights recovery and enhancement in profitability at the gross margin level after a period of margin compression.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net sales declined notably from above -33% in early 2020 to lows near -26% in mid-2022, reflecting improved operational efficiency or cost controls. However, volatility increased in late 2022 and 2023, with SG&A expense percentages ranging between -28% and -35%. This variability suggests either increased spending or fluctuations in expense management during this time.
- Other General Income (Expense), Net
- This item generally remained near zero with small positive or negative fluctuations, except for a significant negative dip to -2.52% in early 2021. Subsequent periods showed smaller fluctuations around zero, indicating limited impact on overall profitability from this line in most quarters.
- Impairment
- Recognized impairments appeared sporadically and at low levels relative to net sales, specifically in late 2020, mid-2023, and late 2023. These charges, though infrequent, indicate occasional asset write-downs impacting profitability in those quarters.
- Operating Income
- Operating income percentages were volatile, rising from approximately 12% in early 2020 to near 19% in mid-2020, before dropping sharply below 8% at the end of 2021. Following that low, operating income rebounded and stabilized between 13% and 20% from 2022 through early 2025, reflecting recovery and periods of strong operating performance.
- Interest Expense and Income
- Interest expense as a percentage of net sales remained relatively stable, fluctuating mostly between -1.5% and -2.0% throughout the entire timeframe. Interest income was minimal but showed a slight upward trend from near zero in 2020 to marginally higher but still modest levels in 2023 and 2024.
- Other Income (Expense), Net
- This line showed minor fluctuations with some quarters exhibiting small positive or negative effects. Notably, there was a steep negative impact in late 2023 (-1.57%), which is an outlier compared to other periods where the figure was generally close to zero.
- Income Before Income Taxes
- Income before taxes followed a pattern similar to operating income, with percentages ranging from just above 6% to nearly 19%. The lowest point was observed at the end of 2021. Subsequent improvements through 2022 and 2023 brought this metric back above prior highs, indicating stronger pre-tax profitability.
- Income Taxes
- Income tax rates as a percentage of net sales varied noticeably but tended to stay within approximately -0.1% to -4.5%. There were periods of lower tax impact, such as near zero in late 2021, and higher tax burdens in mid-2023 and late 2023, suggesting fluctuations in effective tax rates or tax strategies.
- Net Income
- Net income margins exhibited variations aligned with operating and pre-tax income trends. Margins ranged from a low near 6.4% to highs exceeding 14%. The weakest performance was late 2021, with marked recovery and relative strength seen through 2022 and 2023, achieving and maintaining double-digit net income percentages into early 2025. This indicates overall profitability resilience and recovery after periods of pressure.