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.

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

US$ in thousands

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income	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)	407,000)	705,800)	595,900)	321,700)
Depreciation	79,900)	80,100)	74,400)	71,800)	71,100)	74,300)	71,900)	75,700)	70,400)	69,200)	64,500)	64,800)	65,500)	63,300)	63,400)	71,000)	65,400)	68,000)	67,400)	66,100)	66,500)
Non-cash lease expense	123,500)	109,200)	121,500)	113,200)	116,600)	119,300)	108,400)	116,000)	109,000)	106,400)	102,100)	98,500)	109,900)	105,700)	100,500)	97,000)	97,500)	105,200)	94,300)	88,000)	93,800)
Amortization of intangible assets	81,000)	81,800)	81,200)	81,500)	82,100)	80,000)	83,500)	83,000)	83,700)	79,300)	81,300)	78,500)	78,000)	76,300)	76,200)	77,800)	79,200)	79,200)	78,700)	77,400)	78,100)
(Gain) loss on divestiture of business	—)	—)	—)	—)	—)	—)	—)	(20,100)	—)	—)	—)	—)	—)	—)	—)	—)	111,900)	—)	—)	—)	—)
Impairment	—)	—)	—)	—)	—)	23,900)	—)	34,000)	—)	15,500)	—)	—)	—)	—)	—)	—)	—)	2,300)	—)	—)	—)
(Gain) loss on extinguishment of debt	—)	—)	—)	—)	—)	12,800)	—)	—)	—)	—)	—)	—)	—)	(1,400)	—)	—)	—)	—)	—)	—)	21,300)
Stock-based compensation expense	26,600)	55,500)	27,900)	30,100)	24,600)	43,100)	26,800)	23,500)	22,500)	19,700)	26,300)	26,900)	26,800)	32,800)	25,900)	25,500)	13,500)	23,000)	26,500)	26,300)	20,100)
Amortization of non-traded investments	28,700)	19,000)	13,600)	22,300)	20,100)	5,100)	20,600)	20,300)	19,400)	6,800)	10,300)	10,800)	10,600)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on sale or disposition of assets	(2,100)	(24,700)	(2,000)	(19,800)	(3,400)	9,000)	12,700)	(16,200)	(4,600)	800)	(13,700)	300)	1,900)	—)	—)	—)	—)	—)	—)	—)	—)
Provisions for environmental-related matters, net	3,100)	6,400)	2,800)	(14,100)	3,600)	28,000)	39,400)	600)	12,700)	(18,200)	6,400)	4,100)	600)	(9,500)	500)	2,500)	2,500)	16,300)	10,100)	8,500)	2,200)
Provisions for restructuring	—)	—)	—)	—)	—)	—)	—)	14,400)	900)	47,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other postretirement benefit plan net cost	(4,200)	1,200)	(6,100)	(6,000)	(6,100)	(2,300)	(4,500)	(4,500)	(4,500)	(1,600)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes	(18,700)	(25,700)	(10,600)	(22,200)	(16,400)	200)	(62,000)	(24,400)	(2,700)	(36,000)	(84,600)	(12,600)	(11,600)	(56,000)	(5,100)	6,800)	(26,000)	(147,400)	(3,800)	(3,600)	9,500)
Other	6,800)	(8,400)	3,700)	9,100)	1,700)	(5,100)	800)	3,800)	7,500)	6,500)	22,100)	7,300)	8,000)	5,200)	15,600)	24,400)	9,100)	76,000)	2,300)	100)	4,900)
Change in working capital accounts, net	(780,400)	328,600)	123,200)	166,400)	(682,100)	372,600)	433,700)	295,100)	(534,200)	105,700)	(150,100)	(169,900)	(498,200)	(132,700)	172,100)	156,900)	(495,000)	285,200)	566,000)	176,300)	(430,100)
Change in operating lease liabilities	(124,100)	(107,300)	(122,200)	(113,400)	(117,800)	(118,200)	(108,800)	(116,800)	(109,600)	(92,500)	(103,400)	(99,000)	(110,400)	(104,200)	(100,500)	(98,700)	(98,000)	(100,800)	(95,600)	(85,900)	(89,100)
Costs incurred for environmental-related matters	(10,200)	(1,000)	(11,700)	(4,700)	(6,700)	(11,200)	(11,700)	(8,000)	(4,400)	(4,500)	(7,300)	(7,000)	(5,000)	(7,300)	(12,700)	(11,900)	(9,400)	(14,800)	(10,200)	(6,100)	(7,900)
Adjustments to reconcile net income to net operating cash	(590,100)	514,700)	295,700)	314,200)	(512,700)	631,500)	610,800)	476,400)	(333,900)	304,400)	(46,100)	2,700)	(323,900)	(27,800)	335,900)	351,300)	(249,300)	392,200)	735,700)	347,100)	(230,700)
Other	25,100)	(60,300)	(27,200)	(1,200)	(51,400)	(69,100)	(63,600)	(63,700)	(55,300)	(49,700)	200)	32,800)	(20,600)	(82,300)	11,300)	5,700)	35,400)	45,600)	47,700)	76,700)	(36,100)
Net operating cash	(61,100)	934,500)	1,074,700)	1,202,900)	(58,900)	918,600)	1,308,700)	1,206,400)	88,200)	641,000)	639,200)	613,400)	26,300)	193,900)	849,400)	1,005,600)	195,700)	844,800)	1,489,200)	1,019,700)	54,900)
Capital expenditures	(189,300)	(300,000)	(235,300)	(250,900)	(283,800)	(319,500)	(152,900)	(206,100)	(209,900)	(233,800)	(174,900)	(129,500)	(106,300)	(123,900)	(96,700)	(87,100)	(64,300)	(110,000)	(51,500)	(35,700)	(106,600)
Acquisition of businesses, net of cash acquired	(82,400)	(78,900)	—)	—)	—)	(241,500)	—)	(22,900)	(300)	(376,300)	(415,000)	(211,400)	(400)	(185,600)	—)	(400)	(24,900)	—)	—)	—)	—)
Proceeds from divestiture of businesses	—)	—)	—)	—)	—)	—)	70,700)	33,000)	—)	—)	—)	—)	—)	—)	6,300)	—)	116,200)	—)	—)	—)	—)
Proceeds from sale of assets	—)	2,300)	—)	9,300)	—)	21,100)	1,800)	47,200)	—)	—)	18,300)	4,100)	10,800)	—)	1,700)	12,200)	900)	21,900)	14,000)	22,500)	2,300)
Other	(44,500)	91,100)	(93,400)	(19,200)	(37,500)	9,600)	(10,700)	(35,700)	(23,200)	53,000)	(5,000)	58,500)	(99,700)	59,800)	(65,500)	9,200)	(34,300)	(57,700)	7,700)	(35,700)	6,400)
Net investing cash	(316,200)	(285,500)	(328,700)	(260,800)	(321,300)	(530,300)	(91,100)	(184,500)	(233,400)	(557,100)	(576,600)	(278,300)	(195,600)	(249,700)	(154,200)	(66,100)	(6,400)	(145,800)	(29,800)	(48,900)	(97,900)
Net increase (decrease) in short-term borrowings	1,135,800)	(252,800)	(443,300)	102,200)	882,500)	35,300)	(467,600)	(674,600)	503,000)	29,900)	(1,064,000)	276,300)	972,200)	56,000)	(54,000)	(56,100)	818,000)	(100)	(559,500)	(494,700)	849,700)
Proceeds from long-term debt	—)	—)	848,700)	—)	—)	—)	—)	—)	—)	—)	999,700)	—)	—)	994,800)	—)	—)	—)	—)	—)	—)	999,000)
Payments of long-term debt	(250,000)	—)	(600,000)	(500,000)	—)	(135,800)	(600)	—)	—)	—)	(100)	(260,200)	—)	(398,300)	(24,600)	—)	—)	—)	—)	(433,500)	(771,200)
Payments for credit facility and debt issuance costs	—)	—)	(8,600)	—)	—)	—)	—)	—)	—)	—)	(7,300)	—)	—)	(9,800)	—)	(1,700)	—)	—)	—)	—)	(10,000)
Payments of cash dividends	(200,400)	(179,800)	(182,500)	(178,600)	(182,500)	(155,300)	(155,600)	(156,300)	(156,500)	(155,600)	(155,800)	(156,200)	(150,900)	(144,200)	(145,200)	(145,900)	(151,800)	(120,200)	(122,200)	(122,700)	(122,900)
Proceeds from stock options exercised	26,200)	47,200)	102,300)	14,300)	78,200)	45,400)	30,900)	23,900)	11,400)	28,400)	12,600)	14,700)	11,600)	71,500)	53,100)	29,800)	38,400)	47,000)	58,100)	47,600)	30,000)
Treasury stock purchased	(351,700)	(310,200)	(448,700)	(434,400)	(545,500)	(486,000)	(410,100)	(234,200)	(301,700)	(132,100)	(47,600)	(296,400)	(407,100)	(675,800)	(431,000)	(870,100)	(775,400)	(1,151,600)	(404,400)	—)	(890,300)
Proceeds from treasury stock issued	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	22,000)	—)	—)	11,700)	—)	125,000)	—)	—)	57,400)
Proceeds from real estate financing transactions	40,700)	32,300)	50,400)	84,500)	77,000)	78,900)	87,400)	73,700)	66,500)	207,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	(33,400)	(7,500)	(36,800)	(5,400)	(20,100)	(22,000)	100)	(200)	(24,600)	3,300)	6,900)	(1,900)	(32,100)	9,500)	(10,700)	1,800)	(24,000)	(4,000)	(2,100)	1,500)	(26,000)
Net financing cash	367,200)	(670,800)	(718,500)	(917,400)	289,600)	(639,500)	(915,500)	(967,700)	98,100)	(18,800)	(255,600)	(423,700)	415,700)	(96,300)	(612,400)	(1,030,500)	(94,800)	(1,103,900)	(1,030,100)	(1,001,800)	115,700)
Effect of exchange rate changes on cash	(500)	(6,000)	10,700)	(4,600)	(6,300)	24,600)	(8,100)	3,800)	(300)	3,200)	10,900)	100)	(11,000)	4,500)	10,900)	(4,100)	(6,400)	11,600)	2,500)	(19,400)	4,000)
Net increase (decrease) in cash and cash equivalents	(10,600)	(27,800)	38,200)	20,100)	(96,900)	(226,600)	294,000)	58,000)	(47,400)	68,300)	(182,100)	(88,500)	235,400)	(147,600)	93,700)	(95,100)	88,100)	(393,300)	431,800)	(50,400)	76,700)

Net income: Net income shows a fluctuating pattern over the periods with peaks notably in Jun 2020, Sep 2020, Jun 2023, and Jun 2024. The highest reported net income occurred in Jun 2024 at approximately $889.9 million, followed by a decline in the subsequent quarter. Periods of lower net income are observed primarily in Dec quarters, indicating potential seasonality or cyclical impacts.
Depreciation: Depreciation expenses remain relatively stable throughout the periods, ranging mostly between $63 million and $80 million, with a gradual increase observed towards the latter periods, indicating ongoing asset usage and capital expenditure continuity.
Non-cash lease expense: This expense remains consistent, fluctuating slightly around $95 million to $123 million. The stable pattern suggests steady lease commitments with minor adjustments.
Amortization of intangible assets: Amortization of intangible assets remains steady between $76 million and $84 million over time, indicating stable intangible asset amortization without significant changes in portfolio or impairment.
(Gain) loss on divestiture of business: This item is sporadically reported, with a notable gain of $111.9 million in Dec 2020 but followed by a loss in Dec 2022, indicating isolated divestiture events impacting earnings sporadically.
Impairment: Impairment charges appear infrequently but significantly, with items reported in Dec 2020, Dec 2022, and Sep 2023, peaking at $34 million in Sep 2023, indicating occasional asset write-downs possibly due to reassessments of asset values amid market changes.
Stock-based compensation expense: This expense exhibits fluctuations but shows a general upward trend over the periods, reaching peaks above $55.5 million in Dec 2024, reflecting potentially increasing compensation costs or more stock-based awards issued.
Amortization of non-traded investments: First reported starting Dec 2021, this expense fluctuates with a peak of $28.7 million in Dec 2024, indicating increasing amortization related to investment holdings.
(Gain) loss on sale or disposition of assets: These gains and losses are irregular and volatile, with both positive and negative values. Large gains occur in Sep 2023 and Dec 2021, while significant losses are present in Sep 2022 and Dec 2024, suggesting sporadic asset sales impacting financial results variably.
Provisions for environmental-related matters, net: This provision shows volatility, with considerable negative provisions (recoveries) in Dec 2021 and Dec 2022 followed by sizeable positive provisions in Sep 2023 and Dec 2023. This indicates fluctuating environmental liabilities and possible resolution or accruals of related costs.
Change in working capital accounts, net: The change in working capital exhibits high volatility with large negative swings in several quarters (notably Mar 2021, Mar 2022, Mar 2024, and Mar 2025) and substantial positive spikes in other quarters such as Jun 2020, Sep 2020, and Sep 2023. Such fluctuations indicate variability in operational cash flow efficiency and management of inventories, receivables, and payables.
Change in operating lease liabilities: Operating lease liabilities consistently increase over the periods, reflected by negative values that tend to deepen slightly from 2020 through 2025, suggesting ongoing lease commitments and possibly new lease contracts or less lease terminations.
Costs incurred for environmental-related matters: These costs vary each quarter but tend to decrease over time, with some notable higher expenditures in early periods (2020-2021) compared to reduced levels in latter periods, suggesting a declining trend in environmental-related cash outlays.
Adjustments to reconcile net income to net operating cash: These adjustments show considerable variability with large positive and negative values. Notably, sharp negative adjustments appear in Mar 2021, Mar 2023, and Mar 2025, indicating significant non-cash or timing impacts on operating cash flow reconciliation.
Net operating cash: Net operating cash follows a fluctuating pattern with significant positive peaks in Jun 2020, Sep 2020, Jun 2021, Jun 2023, and Sep 2023. There are also periods with negative values such as Dec 2024 and Mar 2025. Overall, this suggests operational cash flow is subject to cyclical or seasonal variability.
Capital expenditures: Capital expenditures indicate an increasing trend in absolute terms over the periods. Starting from $106.6 million in Mar 2020 to peaks such as $319.5 million in Dec 2023, with fluctuations, this reflects ongoing investment in property, plant, and equipment with occasional spikes potentially linked to expansion or maintenance activities.
Acquisition of businesses, net of cash acquired: Acquisition activity occurs irregularly with significant outlays in some quarters, notably Dec 2021 to Dec 2023. Large acquisition payments suggest active growth or consolidation through business combinations in these periods.
Proceeds from divestiture of businesses: Divestiture proceeds show isolated inflows especially in Dec 2020 and periods post-2022, indicating occasional sales of business units providing cash inflows.
Proceeds from sale of assets: Reported sporadically, these proceeds vary widely, with significant inflows reported in Dec 2022 and Sep 2023. This implies periodic asset sales contributing to investing cash flow.
Net investing cash: Investing cash flows are generally negative and increasingly so over time, reflecting sustained capital expenditure and acquisition activities exceeding asset sales and divestitures. Notably large net investing cash outflows occur in the latter periods, reflecting substantial capital deployment.
Net increase (decrease) in short-term borrowings: Short-term borrowings fluctuate extensively, with large increases in borrowing such as Mar 2020, Mar 2021, and Mar 2024, and large repayments or decreases in other quarters. This indicates active management of short-term financing to balance cash needs.
Proceeds from long-term debt: Long-term debt proceeds appear sporadically with significant amounts in Mar 2020, Dec 2021, and Jun 2024, indicating periodic long-term financing activities to support capital or operating needs.
Payments of long-term debt: Payments show variability with major repayments in later years (2022 to 2024), suggesting debt reduction efforts following borrowing peaks.
Payments for credit facility and debt issuance costs: These costs are irregular, with relatively small amounts compared to other financing cash flows, indicating occasional debt-related transaction costs.
Payments of cash dividends: Dividend payments steadily increased over time, from approximately $122 million in early 2020 to over $200 million by early 2025, reflecting consistent shareholder distributions and incremental dividend growth.
Proceeds from stock options exercised: Stock option exercises fluctuate but generally increase over time, with peaks in Dec 2024 and Jun 2020, illustrating the exercising of employee stock compensation programs providing modest cash inflows.
Treasury stock purchased: Treasury stock purchases are characterized by large, irregular negative cash flows with multiple peaks, particularly in 2020 and 2021, indicating aggressive share repurchase activity in those periods, followed by somewhat reduced activity in subsequent years.
Net financing cash: Net financing cash flows show significant volatility with large negative outflows in most quarters after early 2020, punctuated by positive inflows notably in Mar 2022 and Mar 2025. This reflects active financing management involving repayments, borrowings, and stock-related transactions.
Effect of exchange rate changes on cash: Exchange rate effects on cash balances are inconsistent, fluctuating between positive and negative values without a clear trend, indicating varying foreign currency impacts on cash balances.
Net increase (decrease) in cash and cash equivalents: Cash and equivalents exhibit considerable volatility with periods of increase interspersed with declines. Positive increases are noted in Sep 2020, Mar 2022, Sep 2023, among others, while significant decreases happen in Dec 2020, Dec 2023, and Mar 2025, highlighting variable cash flow dynamics and external factors influencing liquidity.

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Sherwin-Williams Co. (NYSE:SHW)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data