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. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Sherwin-Williams Co., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 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 showed a general upward trend from March 2020 through September 2022, increasing from approximately 4.15 billion USD to over 6 billion USD. However, starting in December 2022, net sales became more volatile, with noticeable declines in certain quarters such as December 2022 and December 2023. The sales figures fluctuate around 5.3 to 6.3 billion USD in the most recent periods, showing some instability but overall maintaining a relatively high level compared to early 2020.
- Cost of Goods Sold (COGS)
- The cost of goods sold generally trended upward from 2.25 billion USD in early 2020 to a peak around mid-2022 at approximately 3.45 billion USD. Following this peak, COGS exhibited volatility, with some quarters experiencing decreases, notably in the last two years. Despite these fluctuations, the trend suggests rising costs over the long term, which could reflect inflationary pressures or changes in product mix and input costs.
- Gross Profit
- Gross profit increased steadily until mid-2022, reaching a peak of around 2.6 billion USD. This was followed by some variability, with declines observed in late 2022 and early 2023. Subsequently, gross profit rebounded strongly, achieving new highs approaching 3.1 billion USD in late 2023 and thereafter. The overall pattern indicates resilience in profitability despite cost pressures, suggesting effective pricing strategies or product mix adjustments.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses displayed a generally upward trend throughout the period, rising from approximately 1.39 billion USD in early 2020 to over 2 billion USD in recent quarters. This persistent increase points to rising operating expenses, which may be driven by expanded sales efforts, inflation, or increased administrative costs, potentially impacting operating leverage.
- Other General Income (Expense), Net
- This line item showed high volatility, with values fluctuating significantly from negative amounts early on to positive spikes in mid-2023. The inconsistency suggests non-recurring or irregular income and expenses, which could arise from asset sales, currency effects, or other one-time items affecting the bottom line sporadically.
- Impairment
- Impairment charges were occasional and irregular, appearing in limited quarters such as late 2020, late 2022, and late 2023, with significant negative impacts in those periods. These losses indicate asset write-downs due to diminished value, potentially reflecting operational restructuring or market evaluation adjustments.
- Operating Income
- Operating income trends generally followed gross profit movements, increasing markedly through mid-2022 and peaking around 1.25 billion USD in late 2023. Despite some quarterly dips, operating income remained at elevated levels during the most recent periods, demonstrating operational strength and the ability to generate earnings from core activities.
- Interest Expense and Income
- Interest expense showed a steady increase over time, rising from about 86 million USD in early 2020 to over 110 million USD by late 2023, reflecting higher debt levels or increasing interest rates. Interest income, while much smaller in magnitude, grew considerably from a few hundred thousand USD to multi-million levels, indicating improved returns on invested cash or financial assets.
- Other Income (Expense), Net
- Similar to other general income, this item demonstrated volatility with both negative and positive spikes throughout the period. Large negative swings occurred intermittently, such as in late 2023, which may indicate episodic losses or gains outside normal operations.
- Income Before Income Taxes
- This metric increased from around 392 million USD in early 2020 to above 1 billion USD in several recent quarters, peaking near 1.17 billion USD. The fluctuations reflect the variability in operating income and other income components, but the overall upward trajectory points to strengthening pre-tax profitability.
- Income Taxes
- Income tax expenses displayed variability alongside pre-tax income, with amounts ranging from approximately 49 million USD to over 283 million USD at their highest. Tax expense spikes corresponded to periods of higher profitability, and some quarters showed significantly lower tax burdens, suggesting possible tax management or timing effects.
- Net Income
- Net income followed a similar pattern to income before taxes and operating income, rising substantially from 322 million USD in early 2020 to peaks above 880 million USD in late 2023 and 833 million USD in early 2025. Despite some quarters of declines, net income exhibited a strong overall growth trend, highlighting improved profitability after all expenses and taxes.