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Sherwin-Williams Co. (NYSE:SHW)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Sherwin-Williams Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Short-term borrowings 8.73 8.34 9.01 4.63 7.05 6.73 7.30 2.80 3.82 5.72 5.36 1.63 1.47 3.48 6.40 4.33 4.25 9.12 8.01 3.69 3.42 3.71 4.00
Accounts payable 10.74 10.49 9.87 9.09 9.32 10.13 10.20 9.53 10.59 10.51 10.47 10.09 10.54 10.75 10.87 10.78 12.62 13.57 13.16 11.63 12.90 12.20 10.85
Compensation and taxes withheld 3.03 2.85 2.24 3.24 2.71 2.72 2.30 3.57 3.03 2.99 2.39 3.76 3.34 3.02 2.28 3.47 2.92 2.66 2.63 3.47 3.34 2.89 2.70
Accrued taxes 1.11 1.50 1.03 0.72 0.97 1.01 0.92 0.74 0.89 1.46 1.02 0.86 1.65 1.33 1.36 0.87 0.92 0.84 0.82 0.78 0.87 1.12 1.38
Current portion of long-term debt 5.56 5.56 0.00 1.35 1.34 4.54 4.67 4.44 4.38 3.58 5.76 4.79 4.77 2.16 0.00 0.00 0.00 0.00 1.20 1.26 3.19 3.35 2.10
Current portion of operating lease liabilities 1.81 1.81 1.84 1.85 1.83 1.90 1.91 1.97 1.93 1.93 1.94 1.96 1.92 1.88 1.86 1.88 1.88 1.90 1.91 1.98 1.92 1.92 1.89
Other accruals 5.55 5.18 4.57 5.83 5.31 5.30 4.68 5.76 5.48 5.27 4.99 5.79 5.10 4.74 4.48 5.04 4.80 4.54 4.26 4.87 5.59 4.99 4.74
Current liabilities 36.53% 35.72% 28.56% 26.72% 28.52% 32.32% 31.97% 28.81% 30.12% 31.46% 31.94% 28.87% 28.79% 27.36% 27.26% 26.38% 27.40% 32.64% 32.00% 27.67% 31.24% 30.17% 27.66%
Long-term debt, excluding current portion 29.46 30.90 35.34 35.98 35.56 30.87 31.77 34.60 34.11 34.26 34.70 36.50 36.95 39.26 41.47 42.45 43.10 38.97 39.54 41.57 36.67 37.06 38.48
Postretirement benefits other than pensions 0.50 0.49 0.50 0.50 0.46 0.48 0.49 0.51 0.56 0.56 0.57 0.58 0.61 0.60 0.60 0.62 1.15 1.17 1.19 1.26 1.31 1.33 1.34
Deferred income taxes 2.75 2.81 2.90 2.95 2.51 2.21 2.38 2.57 2.64 2.70 2.84 2.98 2.82 3.07 3.20 3.02 3.11 3.42 3.50 3.72 3.87 3.92 3.90
Long-term operating lease liabilities, excluding current portion 6.30 6.15 6.07 6.14 6.04 6.32 6.39 6.59 6.24 6.33 6.38 6.58 6.53 6.49 6.46 6.70 6.71 6.73 6.82 7.12 6.91 6.97 6.87
Other long-term liabilities 9.71 9.63 9.82 9.94 10.03 10.46 10.24 9.77 9.00 8.88 8.61 8.31 7.87 7.54 7.31 7.11 6.84 6.99 6.68 6.87 7.02 6.72 6.69
Long-term liabilities 48.72% 49.98% 54.64% 55.53% 54.60% 50.33% 51.26% 54.05% 52.54% 52.73% 53.10% 54.94% 54.78% 56.96% 59.05% 59.89% 60.92% 57.27% 57.72% 60.53% 55.78% 55.99% 57.28%
Total liabilities 85.25% 85.70% 83.20% 82.25% 83.11% 82.65% 83.24% 82.86% 82.66% 84.19% 85.04% 83.81% 83.57% 84.33% 86.31% 86.27% 88.32% 89.91% 89.72% 88.21% 87.03% 86.16% 84.93%
Common stock, $0.33-1/3 par value 0.31 0.31 0.32 0.32 0.35 0.37 0.38 0.39 0.39 0.39 0.39 0.40 0.40 0.39 0.39 0.40 0.41 0.41 0.42 0.44 0.44 0.44 0.44
Other capital 16.17 16.04 16.21 16.23 18.04 18.45 18.76 19.36 18.66 18.29 18.35 18.27 17.84 17.46 17.28 17.54 17.62 17.60 17.68 18.35 17.79 17.58 17.34
Retained earnings 9.79 7.47 5.18 3.97 33.37 31.96 30.65 30.66 28.98 26.64 23.95 23.04 22.11 19.35 16.62 15.59 14.80 12.53 10.78 10.27 9.46 7.82 5.39
Treasury stock, at cost -9.24 -7.31 -2.68 -0.33 -32.62 -31.07 -29.88 -29.57 -27.86 -26.24 -24.73 -22.80 -20.63 -18.71 -17.73 -16.71 -16.38 -16.30 -15.18 -13.89 -10.92 -8.59 -4.37
Accumulated other comprehensive loss -2.29 -2.20 -2.22 -2.45 -2.25 -2.36 -3.14 -3.70 -2.82 -3.27 -3.01 -2.72 -3.29 -2.81 -2.88 -3.10 -4.78 -4.15 -3.41 -3.38 -3.79 -3.42 -3.74
Shareholders’ equity 14.75% 14.30% 16.80% 17.75% 16.89% 17.35% 16.76% 17.14% 17.34% 15.81% 14.96% 16.19% 16.43% 15.67% 13.69% 13.73% 11.68% 10.09% 10.28% 11.79% 12.97% 13.84% 15.07%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 capital structure is characterized by a high reliance on liabilities, which consistently comprise between 82% and 90% of the total balance sheet. While total liabilities peaked at 89.91% in June 2022, a gradual stabilization occurred, with the ratio fluctuating between 82% and 86% through late 2026.

Long-Term Debt and Liability Composition
A significant downward trend is observed in long-term debt, excluding the current portion, which decreased from a high of 42.45% in December 2022 to 29.46% by September 2026. This reduction in long-term leverage is partially offset by a steady increase in other long-term liabilities, which rose from 6.69% in March 2021 to 9.71% in September 2026.
Current Liability Volatility
Current liabilities exhibit cyclical volatility, ranging from a low of 26.38% in December 2022 to a peak of 36.53% in September 2026. This fluctuation is primarily driven by short-term borrowings, which show sharp spikes, notably reaching 9.12% in June 2022 and 9.01% in March 2026. Accounts payable remain relatively stable, generally oscillating between 9% and 13% of the total structure.
Shareholders' Equity and Capital Restructuring
Shareholders' equity remains a small portion of the total balance sheet, typically between 10% and 17%. Retained earnings showed a strong upward trajectory from 5.39% in March 2021 to a peak of 33.37% in September 2025. However, a substantial adjustment occurred in December 2025, where retained earnings dropped to 3.97% and treasury stock shifted from -32.62% to -0.33%, suggesting a significant capital restructuring event or a large-scale return of capital to shareholders.
Other Equity Components
Other capital has remained relatively consistent, maintaining a range between 16% and 19% throughout the period. Accumulated other comprehensive loss has gradually narrowed from a peak negative of -4.78% in September 2022 to -2.29% by September 2026, indicating a modest improvement in the valuation of other comprehensive income items.

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