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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Sherwin-Williams Co. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Sherwin-Williams Co., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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 provided financial information details cash flow activity over a period spanning from March 31, 2021, to December 31, 2025. Analysis reveals significant fluctuations in cash flows from operating, investing, and financing activities. Net income demonstrates variability, with peaks in June 2021, June 2022, and September 2025, and troughs in December 2021 and December 2023. Non-cash adjustments to net income, including depreciation, lease expense, and stock-based compensation, consistently contribute to a higher net operating cash flow figure.
- Operating Activities
- Net operating cash flow exhibits substantial volatility. A peak is observed in June 2021, followed by a decline and subsequent recovery. The period from September 2023 through December 2025 shows consistently strong operating cash flow, exceeding levels seen in earlier periods. Changes in working capital accounts demonstrate a significant impact on operating cash flow, often offsetting or amplifying the effects of net income and non-cash adjustments. Specifically, a large decrease in working capital is observed in March 2021 and March 2024, contributing positively to cash flow, while increases in working capital negatively impact cash flow in other periods.
- Investing Activities
- Cash flow from investing activities is consistently negative throughout the observed period, primarily driven by capital expenditures and acquisitions of businesses. Capital expenditures remain relatively stable, ranging from approximately $64,000 to $319,000 in thousands of US dollars. However, acquisitions of businesses introduce significant negative cash flow in certain quarters, notably in December 2021, September 2022, and December 2025. Proceeds from the sale of assets and divestitures provide some offsetting cash inflows, but these are generally insufficient to offset the outflows related to investments.
- Financing Activities
- Cash flow from financing activities is highly variable and significantly influenced by borrowing and debt repayment, dividend payments, and treasury stock transactions. A substantial increase in short-term borrowings is noted in March 2021 and March 2022, followed by decreases in subsequent periods. Dividend payments consistently represent a significant cash outflow. Treasury stock purchases are a major use of cash, particularly in the periods ending March 2021, June 2021, and March 2024. Proceeds from long-term debt are observed in December 2021 and September 2022, providing substantial cash inflows. The net effect of these financing activities results in considerable fluctuations in overall cash flow.
Overall, the company demonstrates a complex cash flow profile. While net income fluctuates, consistent non-cash adjustments bolster net operating cash flow. Investing activities consistently require significant cash outlays, and financing activities are heavily influenced by debt management and shareholder returns. The substantial changes in short-term borrowings and treasury stock purchases warrant further investigation to understand the underlying strategic decisions driving these movements.