Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Total Asset Turnover since 2005
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Sherwin-Williams Co., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2026-06-30), 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).
The cash flow profile exhibits strong operational generation with significant cyclicality, consistent investment in growth, and a disciplined approach to shareholder returns through dividends and share repurchases.
- Operating Cash Flow and Seasonality
- Net operating cash shows a recurring seasonal pattern, with substantial inflows typically peaking in the second and third quarters and contracting significantly in the first quarter. This trend is closely linked to the change in working capital accounts, which frequently records large outflows during the March quarters, suggesting an annual cycle of inventory accumulation or receivables growth. Net income demonstrates a general upward trajectory over the observed period, providing a solid foundation for operational cash flow despite quarterly volatility.
- Investing Activities and Capital Allocation
- Investing activities are consistently negative, reflecting a sustained commitment to capital expenditures and strategic acquisitions. Capital expenditures have generally increased over time, scaling from approximately 64 million in early 2021 to peaks exceeding 300 million in later periods. Acquisition activity has been periodic but significant, most notably a substantial net outflow of over 1 billion in September 2025, indicating a major strategic expansion.
- Financing Strategy and Shareholder Returns
- Financing activities are characterized by consistent and growing returns to shareholders. Dividend payments have increased steadily from approximately 145 million to nearly 200 million per quarter. Treasury stock purchases represent a primary use of cash, though the volume of these repurchases fluctuates based on available liquidity. To support these outflows and fund investments, the organization utilizes a combination of short-term borrowings and periodic long-term debt issuances, with significant debt proceeds observed in December 2021, September 2022, and September 2025.
- Non-Cash Adjustments and Fixed Costs
- Depreciation and amortization expenses remain relatively stable with a modest upward trend, reflecting an expanding asset base. Non-cash lease expenses have experienced a gradual increase, moving from under 100 million to over 120 million per quarter. Stock-based compensation has also trended upward, peaking in December 2024 at over 55 million, indicating a shift in compensation structures or employee growth.
- Liquidity and Cash Position
- The net increase or decrease in cash and cash equivalents fluctuates significantly due to the timing of large debt repayments, major acquisitions, and aggressive share buyback programs. While operating cash is robust, the overall cash position is frequently managed through active financing, ensuring that strategic investments and shareholder obligations are met regardless of the quarterly operational cycle.