Stock Analysis on Net
Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

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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.

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Sherwin-Williams Co., consolidated income statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Provisions for environmental matters, net
Gain (loss) on divestiture of business
Gain (loss) on sale or disposition of assets
Other
Other general income (expense), net
Impairment
Operating income
Interest expense
Interest income
Investment gains (losses)
Gain (loss) on extinguishment of debt
Net expense from banking activities
Foreign currency transaction related losses, net
Miscellaneous pension and benefit income (expense)
Other income
Other expense
Other income (expense), net
Income before income taxes
Income taxes
Net income

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.