Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Sherwin-Williams Co., consolidated statement of comprehensive income
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Net income demonstrated a generally positive trajectory over the five-year period, increasing from US$1,864.4 million in 2021 to US$2,681.4 million in 2024 before experiencing a slight decrease to US$2,568.5 million in 2025. However, fluctuations in other comprehensive income significantly impacted overall comprehensive income.
- Net Income Trend
- Net income increased consistently from 2021 to 2024, indicating improving profitability. The decline in 2025, while present, leaves net income still above levels seen in 2021 and 2022. This suggests the decrease may be attributable to specific, potentially temporary factors.
- Foreign Currency Translation Adjustments
- Foreign currency translation adjustments exhibited considerable volatility. A negative impact was observed in 2022, increasing in magnitude from 2021. This was followed by a positive adjustment in 2023, only to revert to a substantial negative adjustment in 2024, and then a significant positive adjustment in 2025. These fluctuations suggest substantial exchange rate movements impacting the company’s international operations.
- Accumulated Other Comprehensive Income (AOCI)
- The amounts recognized in AOCI were positive in 2021 and 2022, but diminished significantly in 2023 and remained low in 2024. A slight negative value was recorded in 2025. Amounts reclassified from AOCI were consistently negative, though relatively small, throughout the period, indicating a consistent transfer of gains or losses from AOCI to net income. The combined effect of these movements contributed to the overall volatility in comprehensive income.
- Pension and Postretirement Benefit Adjustments
- Pension and other postretirement benefit adjustments were positive in 2021 and 2022, but turned negative in 2023 and 2025, with a small positive value in 2024. This suggests changes in actuarial assumptions or plan amendments impacting these benefit obligations. The magnitude of these adjustments, while not as large as foreign currency effects, still contributed to the overall fluctuations in other comprehensive income.
- Cash Flow Hedge Adjustments
- Unrealized net gains (losses) on cash flow hedges were consistently negative from 2021 to 2024, indicating losses on hedging instruments. However, a positive value was recorded in 2025, suggesting a reversal of these losses. These adjustments had a relatively consistent, though small, negative impact on other comprehensive income until 2025.
- Other Comprehensive Income (OCI)
- Other comprehensive income (loss), net of tax, demonstrated significant swings. It was positive in 2021 and 2023, but negative in 2022, 2024, and positive again in 2025. The large negative value in 2024, driven primarily by foreign currency translation adjustments, significantly reduced comprehensive income for that year. The substantial positive value in 2025, also largely due to foreign currency translation adjustments, boosted comprehensive income.
- Comprehensive Income Trend
- Comprehensive income generally followed the trend of net income, increasing from 2021 to 2024 and decreasing slightly in 2025. However, the volatility in other comprehensive income resulted in fluctuations in comprehensive income that were more pronounced than those observed in net income alone. The year 2024 experienced a smaller increase in comprehensive income compared to net income due to the negative impact of other comprehensive income, while 2025 saw a larger increase in comprehensive income than might be expected based on the net income decline.