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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)

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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 8.34 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 10.49 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 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 1.50 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 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 1.84 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 5.18 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 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 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 0.49 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 2.81 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 6.15 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 9.63 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 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 85.70% 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 0.32 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 16.04 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 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 -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 -2.20 -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 14.30% 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%

Based on: 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 the total liabilities ratio peaked in mid-2022 at approximately 89.9%, a gradual trend toward deleveraging is observed through 2025, before a slight increase to 85.7% by June 2026.

Long-Term Debt Trends
Long-term debt, excluding the current portion, represents the largest single component of the balance sheet. This item peaked at 43.10% in September 2022 and exhibited a general downward trajectory over the subsequent years, reaching 30.90% by June 2026. This indicates a strategic reduction in long-term leverage relative to total assets.
Current Liability Dynamics
Current liabilities fluctuate between 26% and 36% of total liabilities and shareholders' equity. Short-term borrowings exhibit significant volatility, ranging from a low of 1.47% in September 2023 to a high of 9.01% in March 2026. Accounts payable remain relatively stable, generally hovering between 9% and 13%, suggesting consistent management of trade credit. The current portion of long-term debt shows irregular patterns, with periods of zero balance interspersed with peaks as high as 5.76%.
Equity and Capital Management
Shareholders' equity experienced a period of contraction, reaching a minimum of 10.09% in June 2022, followed by a recovery trend that peaked at 17.75% in September 2025. A notable shift occurs between September 2025 and December 2025, where retained earnings dropped precipitously from 33.37% to 3.97%, and treasury stock shifted from -32.62% to -0.33%. This suggests a significant corporate action, such as a major recapitalization or a substantial distribution to shareholders, during the fourth quarter of 2025.
Other Liability Components
Other long-term liabilities demonstrate a steady upward trend, increasing from 6.69% in March 2021 to 9.63% by June 2026. Conversely, deferred income taxes and postretirement benefits have seen a gradual decline in their proportion of the total balance sheet. Long-term operating lease liabilities have remained remarkably stable, fluctuating minimally around the 6% to 7% range.

Overall, the financial profile reveals a transition from peak leverage in 2022 toward a more diversified liability structure. The most significant volatility is observed in the equity accounts and short-term financing, while the long-term debt burden has been systematically reduced as a percentage of the total capital base.

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