Income Statement
Quarterly Data
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 (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net sales
- Net sales show a generally upward trend with noticeable fluctuations. Starting from approximately 4.15 billion USD in March 2020, sales increased, peaking at over 6.3 billion USD in June 2025. There is a recurring pattern of strong sales in mid-year periods, followed by declines towards year-end quarters, but the overall trajectory over the five years is positive.
- Cost of goods sold (COGS)
- COGS mirrors the pattern of net sales, growing from about 2.26 billion USD in early 2020 to just over 3.19 billion USD by mid-2025. Cost increases are consistent with sales growth, though the rate of change is slightly steadier. Periodic declines toward the end of some years indicate some cost management or seasonality impacts.
- Gross profit
- Gross profit generally increases over the time span, reflecting the rise in net sales outpacing the cost growth. Starting near 1.89 billion USD in March 2020, gross profit reaches approximately 3.12 billion USD by June 2025. The margin fluctuates with sales and cost shifts but overall profitability at the gross level strengthens significantly.
- Selling, general and administrative expenses (SG&A)
- SG&A expenses rise steadily from around 1.39 billion USD in early 2020 to over 2.0 billion USD in 2025. The increase appears proportional to overall growth, though certain quarters exhibit sharper rises, possibly linked to expansion or increased operational activities. The expenses show less volatility compared to sales and gross profit.
- Other general income (expense), net
- This item is relatively volatile with both positive and negative values, ranging from -117.5 million USD in March 2021 to +32.5 million USD in June 2023. There is no clear trend, indicating inconsistent impacts from miscellaneous income or costs unrelated to core operations.
- Impairment
- Recorded impairment charges are sporadic and significant when they occur, such as in December 2022 (-15.5 million USD) and September 2023 (-34 million USD). These suggest occasional write-downs or asset impairments affecting profitability in select quarters without a discernible regular pattern.
- Operating income
- Operating income shows a generally increasing trend with strong fluctuations. It rises from 500 million USD in March 2020 to a peak exceeding 1.25 billion USD in September 2024. Notable dips occur during late 2021 and early 2023, reflecting pressures possibly tied to expense increases or impairments. However, operating profitability improves notably over the timeframe.
- Interest expense and income
- Interest expense gradually increases from about 86 million USD to over 112 million USD, indicating rising debt costs or borrowings. Interest income also trends upward, starting near 600 thousand USD and reaching up to 9.4 million USD during some quarters. The net impact remains a cost but with some offsets from investment returns.
- Other income (expense), net
- This line item demonstrates high volatility with significant negative swings, including a large negative impact of approximately -82.5 million USD in December 2023. Positive spikes appear periodically but lack consistency, reflecting irregular non-operating factors affecting income before taxes.
- Income before income taxes
- Income before taxes generally increases from 392 million USD in early 2020 to over 1.17 billion USD in mid-2024, showing strong growth despite periodic downturns. The pattern correlates with operating income, but is subject to fluctuations due to volatile other income/expense items and interest variations.
- Income taxes
- Income tax expenses also increase in line with pre-tax income, moving from about 70.6 million USD in early 2020 to over 283.5 million USD by mid-2024. The tax burden fluctuates, reflecting changes in profitability as well as potential tax rate or policy influences.
- Net income
- Net income grows significantly from 321.7 million USD in March 2020 to more than 889 million USD in September 2024, exhibiting a strong overall upward trend with cyclical patterns. Some quarters show declines or slower growth periods, largely consistent with variations in operating and pre-tax earnings.