Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Sherwin-Williams Co., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net sales	23,098,500)	23,051,900)	22,148,900)	19,944,600)	18,361,700)
Cost of goods sold	(11,903,400)	(12,293,800)	(12,823,800)	(11,401,900)	(9,679,100)
Gross profit	11,195,100)	10,758,100)	9,325,100)	8,542,700)	8,682,600)
Selling, general and administrative expenses	(7,422,100)	(7,065,400)	(6,331,600)	(5,882,000)	(5,791,300)
Provisions for environmental matters, net	1,300)	(80,700)	7,100)	4,000)	(37,100)
Gain (loss) on divestiture of business	—)	20,100)	—)	(111,900)	—)
Gain (loss) on sale or disposition of assets	49,900)	(900)	17,800)	6,100)	9,400)
Other	(12,400)	(5,600)	—)	—)	—)
Other general income (expense), net	38,800)	(67,100)	24,900)	(101,800)	(27,700)
Impairment	—)	(57,900)	(15,500)	—)	(2,300)
Operating income	3,811,800)	3,567,700)	3,002,900)	2,558,900)	2,861,300)
Interest expense	(415,700)	(417,500)	(390,800)	(334,700)	(340,400)
Interest income	11,000)	25,200)	8,000)	4,900)	3,600)
Investment gains (losses)	16,900)	22,900)	(9,700)	30,400)	16,400)
Gain (loss) on extinguishment of debt	—)	(12,800)	—)	1,400)	(21,300)
Net expense from banking activities	(15,700)	(15,000)	(12,200)	(10,300)	(10,400)
Foreign currency transaction related losses, net	(3,900)	(80,500)	(33,600)	(12,000)	(7,200)
Miscellaneous pension and benefit income (expense)	13,100)	21,100)	(4,000)	(4,400)	(4,900)
Other income	69,800)	48,500)	39,600)	29,000)	44,700)
Other expense	(35,500)	(49,700)	(27,100)	(14,600)	(22,600)
Other income (expense), net	44,700)	(65,500)	(47,000)	19,500)	(5,300)
Income before income taxes	3,451,800)	3,109,900)	2,573,100)	2,248,600)	2,519,200)
Income taxes	(770,400)	(721,100)	(553,000)	(384,200)	(488,800)
Net income	2,681,400)	2,388,800)	2,020,100)	1,864,400)	2,030,400)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Net Sales: Net sales exhibited a consistent upward trajectory over the analyzed period, increasing from approximately 18.36 billion US dollars in 2020 to nearly 23.10 billion US dollars in 2024, indicating steady revenue growth.
Cost of Goods Sold: The cost of goods sold also rose over time, reaching a peak in 2022 at about 12.82 billion US dollars. However, it declined in the subsequent years to approximately 11.90 billion US dollars in 2024, suggesting improved cost management or changes in sales mix.
Gross Profit: Gross profit showed fluctuations with an initial dip in 2021 but then recovered strongly, growing from 8.68 billion US dollars in 2020 to nearly 11.20 billion US dollars in 2024. This improvement reflects higher profitability at the gross margin level.
Selling, General and Administrative Expenses (SG&A): SG&A expenses steadily increased throughout the period, rising from 5.79 billion US dollars in 2020 to 7.42 billion US dollars in 2024. Despite rising costs, the growth in SG&A was proportionate to sales growth.
Provisions for Environmental Matters, Net: This item showed variability without a clear trend, fluctuating between small positive and negative values, indicating non-recurring or irregular charges and benefits over the years.
Gain (Loss) on Divestiture of Business: This category recorded only a few entries with a notable loss in 2021 and a gain in 2023, suggesting occasional gains or losses from business disposals.
Gain (Loss) on Sale or Disposition of Assets: Generally minor gains or losses are recorded here, with a significant gain in 2024 (approximately 49.9 million US dollars), which may have favorably influenced the income in that year.
Other Income (Expense), Net: Other income (expense), net evidenced volatility, with negative impacts in most years but a notable positive reversal in 2024, adding 44.7 million US dollars to the income.
Operating Income: Operating income fluctuated but showed an overall increasing trend, rising from about 2.86 billion US dollars in 2020 to 3.81 billion US dollars in 2024. The steady improvement underscores operational efficiency gains.
Interest Expense and Income: Interest expense remained relatively stable around the 400 million US dollars mark annually, while interest income increased notably in 2023, suggesting enhanced cash or investment positions.
Investment Gains (Losses): Investment results varied, showing gains in most years except for a loss in 2022, indicating fluctuating returns on investment activities.
Other Financial Items: Several other financial expenses and gains, such as gain on extinguishment of debt, net banking expenses, foreign currency transaction losses, pension income, and other miscellaneous items, exhibited variability without any consistent patterns, likely reflecting external and one-time factors.
Income Before Income Taxes: Income before income taxes followed an increasing trend with fluctuations, rising from about 2.52 billion US dollars in 2020 to approximately 3.45 billion US dollars in 2024, demonstrating improved profitability before tax considerations.
Income Taxes: Income tax expenses increased from 488.8 million US dollars in 2020 to 770.4 million US dollars in 2024, consistent with higher pre-tax income but indicating a relatively stable effective tax rate over the period.
Net Income: Net income experienced some fluctuations but demonstrated a gradual increase overall, moving from 2.03 billion US dollars in 2020 to 2.68 billion US dollars in 2024, reflecting strengthened bottom-line performance in line with revenue and operating profit growth.

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Sherwin-Williams Co. (NYSE:SHW)

Income Statement