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: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Analysis of Debt
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Sherwin-Williams Co., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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 financial data reveals a pattern of significant seasonality in operating cash flows, characterized by substantial outflows in the first quarter of each year followed by strong recoveries in the subsequent periods. Net operating cash exhibits high volatility, frequently swinging from negative values in March to peaks exceeding 1 billion US dollars in the second and third quarters. This cycle is primarily driven by the change in working capital accounts, which consistently records large negative adjustments in the first quarter, suggesting a recurring seasonal build-up of inventory or accounts receivable.
- Operating Cash Flow Dynamics
- Net income shows a general upward trajectory over the analyzed period, though it remains subject to quarterly fluctuations. Non-cash adjustments, including depreciation, amortization of intangible assets, and non-cash lease expenses, remain relatively stable and provide a consistent baseline of add-backs to net income. However, the volatility of the net operating cash position is dominated by working capital shifts, which often exceed the magnitude of net income itself during the first quarter of each fiscal year.
- Investment and Capital Allocation
- Capital expenditures demonstrate a steady long-term increase, growing from approximately 64 million US dollars in early 2021 to a range of 138 million to 230 million US dollars in the 2024-2026 period. Strategic investment activity is marked by sporadic but significant acquisitions of businesses, most notably a substantial outflow of 1.09 billion US dollars in September 2025. These investments are partially offset by occasional proceeds from the divestiture of businesses and the sale of assets.
- Financing and Shareholder Returns
- A consistent commitment to shareholder returns is evident through steady quarterly dividend payments, which increased from approximately 145 million US dollars per quarter to nearly 200 million US dollars by 2026. Treasury stock purchases represent a major use of cash, with significant buyback activity occurring in most quarters, though the intensity varies. To fund these returns and investment activities, the organization frequently utilizes short-term borrowings and periodic issuances of long-term debt, resulting in high volatility within net financing cash flows.
- Liquidity and Cash Position
- The net increase or decrease in cash and cash equivalents remains relatively small relative to the total volume of cash moving through the operating, investing, and financing channels. This suggests an active treasury management strategy where cash inflows from operations and debt issuance are rapidly deployed toward capital expenditures, acquisitions, and shareholder distributions.