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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The common-size income statement reveals a period of significant margin recovery and stabilization between early 2021 and early 2026. A primary driver of this trend is the optimization of cost of goods sold, which heavily impacted profitability during 2021 before improving steadily over the subsequent years.
- Gross Profitability Trends
- Gross profit margins experienced a notable contraction in late 2021, reaching a low of 39.47% in December 2021 as cost of goods sold peaked at 60.53%. Following this trough, a consistent upward trajectory was observed, with gross margins expanding to peak at 49.38% by June 2025. This expansion suggests a successful reduction in direct production costs or an effective strategy for increasing pricing relative to input costs.
- Operating Expense Analysis
- Selling, general, and administrative (SG&A) expenses exhibit a recurring seasonal pattern, with expenses as a percentage of net sales consistently rising during the fourth quarter of each year. Notable peaks occurred in December 2021 (31.84%), December 2023 (35.34%), and December 2024 (35.55%). Outside of these year-end spikes, SG&A expenses typically moderated to a range between 26% and 30%, indicating a cyclical nature to operating expenditures.
- Operating Income Performance
- Operating income margins reflect the intersection of expanding gross margins and volatile SG&A spending. After reaching a low of 7.83% in December 2021, operating margins shifted upward, reaching a high of 19.95% in June 2024. While quarterly fluctuations persist due to the aforementioned seasonality in SG&A, the overall baseline for operating profitability has shifted higher over the five-year period.
- Financial Costs and Net Profitability
- Interest expenses as a percentage of sales remained relatively stable for most of the period, generally fluctuating between 1.5% and 2.1%, although a slight increase to 2.32% is observed by March 2026. Net income margins closely mirror operating income trends, fluctuating between a low of 6.38% in December 2021 and a peak of 14.19% in June 2024. This correlation confirms that net profitability is primarily driven by operational efficiency and cost management rather than non-operating financial items.