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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- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Sherwin-Williams Co., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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).
An analysis of the quarterly financial results reveals a consistent pattern of strong seasonality, with peak revenues and profitability occurring in the second and third quarters of each fiscal year, followed by contractions in the fourth and first quarters. Despite this cyclicality, there is a discernible long-term upward trend in both top-line growth and gross margin efficiency over the analyzed period.
- Revenue and Gross Profitability
- Net sales demonstrate a cyclical trajectory, typically peaking in June and September. Peak quarterly sales increased from approximately 5.38 billion USD in June 2021 to 6.36 billion USD by June 2025. Gross profit margins have expanded over time; for instance, the gross profit margin in June 2021 was approximately 44.8%, which rose to approximately 49.4% by June 2025, suggesting improved pricing power or better cost management of raw materials.
- Operating Expenses and Efficiency
- Selling, general, and administrative (SG&A) expenses have shown a steady incremental increase, rising from a range of 1.4 billion to 1.5 billion USD in 2021 to approximately 1.9 billion to 2.0 billion USD by 2025. While these costs have increased in absolute terms, the growth in gross profit has largely offset these expenditures, allowing operating income to reach higher peaks, moving from 901 million USD in June 2021 to a high of 1.25 billion USD in June 2024.
- Operating Income and Impairments
- Operating income is heavily influenced by the sales cycle, with significant dips observed every December and March. Periodic impairment charges have negatively impacted operating results in specific quarters, notably in December 2022, June 2023, December 2023, and December 2025, introducing non-recurring volatility into the operating performance.
- Financial Obligations and Bottom-Line Results
- Interest expenses have trended upward, increasing from roughly 83 million USD per quarter in 2021 to over 131 million USD by early 2026, indicating an increase in the cost of debt or higher leverage. Despite these rising costs and fluctuating tax obligations, net income has grown in its peak periods, with June 2024 recording a net income of 889.9 million USD, compared to 648.6 million USD in June 2021. This indicates that the growth in core operations is sufficient to absorb higher interest costs and maintain an overall upward trajectory in net profitability.