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.

Sherwin-Williams Co., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	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
Net sales	5,595,900)	6,358,200)	6,314,500)	5,305,700)	5,297,200)	6,162,500)	6,271,500)	5,367,300)	5,252,200)	6,116,700)	6,240,600)	5,442,400)	5,230,500)	6,047,400)	5,872,300)	4,998,700)	4,762,100)	5,146,700)	5,379,800)	4,656,000)
Cost of goods sold	(2,883,300)	(3,232,700)	(3,196,200)	(2,746,600)	(2,724,000)	(3,135,000)	(3,208,100)	(2,836,300)	(2,703,500)	(3,200,500)	(3,368,300)	(3,021,500)	(2,996,700)	(3,458,000)	(3,423,300)	(2,945,800)	(2,882,400)	(3,007,100)	(2,968,400)	(2,544,000)
Gross profit	2,712,600)	3,125,500)	3,118,300)	2,559,100)	2,573,200)	3,027,500)	3,063,400)	2,531,000)	2,548,700)	2,916,200)	2,872,300)	2,420,900)	2,233,800)	2,589,400)	2,449,000)	2,052,900)	1,879,700)	2,139,600)	2,411,400)	2,112,000)
Selling, general and administrative expenses	(1,936,800)	(1,952,800)	(2,011,600)	(1,793,800)	(1,882,900)	(1,893,700)	(1,845,700)	(1,799,800)	(1,855,900)	(1,756,500)	(1,760,000)	(1,693,000)	(1,638,600)	(1,609,900)	(1,597,600)	(1,485,500)	(1,516,200)	(1,445,100)	(1,515,600)	(1,405,100)
Other general income (expense), net	20,700)	4,700)	(6,300)	(8,900)	7,900)	(700)	33,600)	(2,000)	(27,200)	(61,900)	32,500)	(10,500)	17,400)	14,400)	(4,400)	(2,500)	9,400)	1,100)	5,200)	(117,500)
Impairment	(17,800)	—)	—)	—)	—)	—)	—)	—)	(23,900)	—)	(34,000)	—)	(15,500)	—)	—)	—)	—)	—)	—)	—)
Operating income	778,700)	1,177,400)	1,100,400)	756,400)	698,200)	1,133,100)	1,251,300)	729,200)	641,700)	1,097,800)	1,110,800)	717,400)	597,100)	993,900)	847,000)	564,900)	372,900)	695,600)	901,000)	589,400)
Interest expense	(131,600)	(117,200)	(112,400)	(103,800)	(98,500)	(103,400)	(110,800)	(103,000)	(94,600)	(101,900)	(111,700)	(109,300)	(108,300)	(101,200)	(92,900)	(88,400)	(84,900)	(83,100)	(83,500)	(83,200)
Interest income	2,900)	2,600)	2,400)	3,300)	1,400)	2,600)	900)	6,100)	9,400)	5,100)	7,200)	3,500)	3,200)	2,600)	1,300)	900)	3,000)	700)	600)	600)
Other income (expense), net	(11,000)	(2,300)	(4,700)	(2,900)	14,500)	(9,500)	32,000)	7,700)	(82,500)	8,000)	5,800)	3,200)	2,900)	(18,100)	(15,500)	(16,300)	17,900)	(1,700)	1,100)	2,200)
Income before income taxes	639,000)	1,060,500)	985,700)	653,000)	615,600)	1,022,800)	1,173,400)	640,000)	474,000)	1,009,000)	1,012,100)	614,800)	494,900)	877,200)	739,900)	461,100)	308,900)	611,500)	819,200)	509,000)
Income taxes	(162,200)	(227,400)	(231,000)	(149,100)	(135,500)	(216,600)	(283,500)	(134,800)	(117,800)	(247,500)	(218,400)	(137,400)	(108,600)	(192,100)	(162,000)	(90,300)	(4,900)	(109,300)	(170,600)	(99,400)
Net income	476,800)	833,100)	754,700)	503,900)	480,100)	806,200)	889,900)	505,200)	356,200)	761,500)	793,700)	477,400)	386,300)	685,100)	577,900)	370,800)	304,000)	502,200)	648,600)	409,600)

The financial performance presented demonstrates considerable fluctuation over the observed period. Net sales exhibit a pattern of seasonal variation, peaking in the June quarters and experiencing declines in the December quarters, though the magnitude of these fluctuations changes over time. Gross profit generally follows the trend of net sales, with similar seasonal patterns. Operating income mirrors this pattern, though it is also influenced by changes in operating expenses.

Revenue Trends: Net sales increased from $4.66 billion in March 2021 to a high of $6.358 billion in September 2025. However, this growth was not linear. Significant increases were observed between March 2021 and June 2022, followed by a decline in the latter half of 2022. A recovery and further growth occurred through June 2025, before a decrease in the final reported quarter. This suggests potential sensitivity to external economic factors or company-specific initiatives.
Profitability Analysis: Gross profit margins, calculated as gross profit divided by net sales, remained relatively stable, generally ranging between 45% and 48% throughout the period. However, there were slight decreases observed in the latter half of the observed period. Operating income also showed variability, with a peak in June 2022 and a subsequent decline. The impact of impairment charges in December 2022 and December 2025 significantly reduced operating income in those quarters.
Expense Management: Selling, general, and administrative expenses consistently represented a substantial portion of net sales, typically between 30% and 33%. These expenses generally increased over time, contributing to fluctuations in operating income. Other general income (expense), net, was relatively small but exhibited considerable volatility, swinging between positive and negative values. Interest expense steadily increased throughout the period, while interest income remained comparatively low.
Net Income Performance: Net income followed the trends observed in operating income, with peaks and valleys corresponding to periods of strong and weak operating performance. The impact of income taxes varied, but generally represented a significant deduction from income before taxes. Net income increased from $409.6 million in March 2021 to $833.1 million in September 2025, but decreased to $476.8 million in December 2025.

Overall, the financial results indicate a company subject to seasonal influences and external pressures. While revenue and net income generally increased over the period, fluctuations and the impact of non-recurring items, such as impairment charges, demonstrate the need for careful monitoring of expense management and strategic planning to maintain consistent profitability.

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Sherwin-Williams Co. (NYSE:SHW)

Income Statement Quarterly Data

Income Statement
Quarterly Data