Analysis of Reportable Segments
Sherwin-Williams Co. operates in 3 segments: Paint Stores Group; Consumer Brands Group; and Performance Coatings Group.
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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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Segment Profit Margin
Sherwin-Williams Co., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
Segment profit margins exhibited varied performance across the reporting periods. The Paint Stores Group demonstrated consistent profitability and a generally increasing trend, while the Consumer Brands Group experienced more volatility. The Performance Coatings Group showed substantial improvement followed by a slight decline in the most recent period.
- Paint Stores Group
- The Paint Stores Group maintained the highest profit margins among the three segments throughout the observed timeframe. Profit margin decreased from 20.56% in 2021 to 19.63% in 2022, then increased steadily to 22.50% in 2025. This indicates a strengthening ability to control costs or increase pricing power within this segment.
- Consumer Brands Group
- The Consumer Brands Group experienced the most significant fluctuations in profit margin. A decline was observed from 5.53% in 2021 to 3.65% in 2022, followed by relative stability at 3.60% in 2023. A notable increase to 7.01% occurred in 2024, but this was partially offset by a decrease to 5.96% in 2025. This suggests potential sensitivity to market conditions or promotional activity within this segment.
- Performance Coatings Group
- The Performance Coatings Group showed a marked improvement in profit margin from 7.90% in 2021 to 14.08% in 2023, peaking at 15.00% in 2024. However, a slight decrease to 13.82% was recorded in 2025. While still representing a substantial increase over the 2021 level, the recent decline warrants further investigation to determine its underlying causes.
Overall, the differing trends across segments suggest varying degrees of operational efficiency and market responsiveness. The Paint Stores Group appears to be the most consistently profitable, while the Consumer Brands Group requires closer monitoring due to its volatility. The Performance Coatings Group’s recent performance, while strong, indicates a potential shift that should be analyzed further.
Segment Profit Margin: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Net sales and intersegment transfers | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2025 Calculation
Segment profit margin = 100 × Income before income taxes ÷ Net sales and intersegment transfers
= 100 × ÷ =
The Paint Stores Group demonstrates a generally positive performance trend over the five-year period. Income before income taxes and net sales and intersegment transfers both exhibit consistent growth. However, the segment profit margin, while fluctuating, ultimately shows an overall improvement.
- Income before Income Taxes
- Income before income taxes increased steadily from US$2,182.2 million in 2021 to US$3,061.5 million in 2025. This represents a cumulative increase of approximately 40.3% over the period. The growth was consistent year-over-year, with the largest absolute increase occurring between 2022 and 2023.
- Net Sales and Intersegment Transfers
- Net sales and intersegment transfers also experienced consistent growth, rising from US$10,616.2 million in 2021 to US$13,605.9 million in 2025, a cumulative increase of approximately 28.1%. Similar to income before taxes, the most substantial year-over-year increase in sales occurred between 2022 and 2023.
- Segment Profit Margin
- The segment profit margin initially decreased from 20.56% in 2021 to 19.63% in 2022. However, a significant recovery was observed in 2023, with the margin increasing to 22.28%. The margin remained relatively stable at 22.01% in 2024 before reaching 22.50% in 2025. This indicates improved profitability despite the increase in sales, suggesting effective cost management or pricing strategies.
Overall, the Paint Stores Group demonstrates a strong trajectory with increasing revenues and improving profitability. The temporary dip in profit margin in 2022 appears to have been successfully addressed, and the segment concluded the period with its highest profit margin in the observed timeframe.
Segment Profit Margin: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Net sales and intersegment transfers | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2025 Calculation
Segment profit margin = 100 × Income before income taxes ÷ Net sales and intersegment transfers
= 100 × ÷ =
The Consumer Brands Group experienced fluctuating performance between 2021 and 2025. Income before income taxes and net sales exhibited distinct patterns over the five-year period, directly influencing the segment profit margin.
- Income before Income Taxes
- Income before income taxes decreased from US$415.3 million in 2021 to US$314.2 million in 2022, representing a substantial decline. This trend continued, albeit at a slower pace, with a further decrease to US$309.3 million in 2023. A significant recovery was observed in 2024, with income rising to US$589.9 million. However, this increase was partially offset in 2025, with income before income taxes reported at US$509.6 million.
- Net Sales and Intersegment Transfers
- Net sales increased from US$7.506 billion in 2021 to US$8.603 billion in 2022, indicating growth in revenue. While sales remained relatively stable at US$8.599 billion in 2023, a slight decrease to US$8.412 billion was noted in 2024. Sales rebounded in 2025, reaching US$8.555 billion.
- Segment Profit Margin
- The segment profit margin mirrored the fluctuations in income and sales. It decreased from 5.53% in 2021 to 3.65% in 2022, and further to 3.60% in 2023, reflecting the decline in profitability. A substantial increase was observed in 2024, with the margin reaching 7.01%, driven by the significant rise in income before income taxes. The margin experienced a moderate decrease in 2025, settling at 5.96%, despite an increase in net sales.
The most pronounced change occurred between 2023 and 2024, with a considerable improvement in both income before income taxes and the segment profit margin. While 2025 showed a slight pullback from the 2024 peak, the segment maintained a profit margin above the levels observed in 2021, 2022, and 2023. The correlation between income before income taxes and segment profit margin is strong, suggesting that profitability is highly sensitive to changes in income.
Segment Profit Margin: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Net sales and intersegment transfers | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2025 Calculation
Segment profit margin = 100 × Income before income taxes ÷ Net sales and intersegment transfers
= 100 × ÷ =
The Performance Coatings Group demonstrated a consistent increase in income before income taxes from 2021 to 2023, followed by a slight decline in 2024 and a more pronounced decrease in 2025. Net sales and intersegment transfers experienced growth between 2021 and 2022, plateaued in 2023, and then decreased in both 2024 and 2025. However, the segment profit margin exhibited a strong upward trajectory over the initial period, before experiencing a modest reduction in the most recent year.
- Segment Profit Margin
- The segment profit margin increased from 7.90% in 2021 to a peak of 15.00% in 2024. This represents a substantial improvement in profitability over the three-year period. The margin then decreased to 13.82% in 2025, indicating a potential erosion of profitability despite continued, albeit slightly lower, sales levels. This suggests that cost management or pricing strategies may have been impacted in the latest year.
- Income Before Income Taxes Trend
- Income before income taxes grew significantly from US$486.2 million in 2021 to US$991.6 million in 2023, demonstrating strong earnings growth. The subsequent decline to US$1,027.9 million in 2024 was minimal, but the further decrease to US$942.7 million in 2025 warrants further investigation. This decrease occurred despite a relatively stable sales volume, suggesting increased costs or reduced pricing power.
- Net Sales and Intersegment Transfers Trend
- Net sales and intersegment transfers increased from US$6,153.5 million in 2021 to US$6,997.2 million in 2022, indicating positive sales momentum. Growth stalled in 2023, remaining relatively flat at US$7,040.9 million. A decrease was then observed in both 2024 (US$6,854.1 million) and 2025 (US$6,821.8 million), suggesting a potential weakening of demand or increased competitive pressures. The consistent decline in sales over the last two years, coupled with the decreasing profit margin, could indicate emerging challenges for the segment.
Overall, the Performance Coatings Group experienced a period of strong profitability improvement, but recent trends suggest potential headwinds. The decrease in both income before income taxes and net sales in 2024 and 2025, combined with the reduction in segment profit margin in 2025, requires further scrutiny to understand the underlying drivers and potential implications for future performance.
Segment Return on Assets (Segment ROA)
Sherwin-Williams Co., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
Segment return on assets exhibited varied performance across the reporting periods. The Paint Stores Group consistently demonstrated the highest returns among the three segments, while the Consumer Brands Group and Performance Coatings Group showed more fluctuation and generally lower returns.
- Paint Stores Group
- The Paint Stores Group experienced a moderate increase in return on assets from 39.67% in 2021 to 39.98% in 2022. A significant jump to 49.79% was observed in 2023, followed by a slight decrease to 49.38% in 2024. The most recent period, 2025, shows a further decline to 48.00%. Despite these fluctuations, the segment maintained a strong return on assets throughout the analyzed timeframe.
- Consumer Brands Group
- The Consumer Brands Group’s return on assets decreased substantially from 7.85% in 2021 to 4.66% in both 2022 and 2023. An improvement was noted in 2024, with the return rising to 8.61%, but this was followed by a decrease to 6.35% in 2025. This segment’s performance was the most volatile of the three.
- Performance Coatings Group
- The Performance Coatings Group showed a consistent upward trend in return on assets from 5.80% in 2021 to 13.10% in 2024. This represents a more than doubling of returns over the period. However, a slight decrease to 11.99% was recorded in 2025, although the return remained considerably higher than in the earlier years of the analysis.
Overall, the Paint Stores Group demonstrated the most stable and highest returns. The Performance Coatings Group exhibited the most significant improvement in returns over the period, while the Consumer Brands Group experienced the most variability and generally the lowest returns. The decline in returns for both the Paint Stores Group and Consumer Brands Group in the latest reporting period warrants further investigation.
Segment ROA: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Identifiable assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2025 Calculation
Segment ROA = 100 × Income before income taxes ÷ Identifiable assets
= 100 × ÷ =
The Paint Stores Group demonstrates a consistently strong return on assets (ROA) over the analyzed period. Income before income taxes and identifiable assets both increased between 2021 and 2025, though not always consistently year-over-year. The segment’s ROA experienced an initial increase followed by a slight decline, remaining at a high level overall.
- Income before income taxes
- Income before income taxes increased from US$2,182.2 million in 2021 to US$3,061.5 million in 2025. Growth was observed from 2021 to 2023, with a slight increase from 2023 to 2024, and a further increase in 2025. This indicates a generally positive trend in the segment’s profitability.
- Identifiable assets
- Identifiable assets increased from US$5,501.3 million in 2021 to US$6,378.6 million in 2025. An increase was seen from 2021 to 2022, followed by a decrease in 2023. Assets then increased again in 2024 and continued to rise in 2025. This suggests a period of asset expansion, with a temporary reduction in 2023.
- Segment ROA
- Segment ROA began at 39.67% in 2021 and rose to 39.98% in 2022. A substantial increase was then recorded in 2023, reaching 49.79%. The ROA experienced a slight decrease to 49.38% in 2024, and a further decrease to 48.00% in 2025. Despite these minor declines in the latter years, the ROA remained significantly higher in 2024 and 2025 than in the earlier years of the period, indicating improved efficiency in asset utilization. The initial increase in ROA suggests effective management of assets to generate income, while the subsequent leveling off indicates a stabilization of performance at a high level.
Overall, the Paint Stores Group demonstrates strong and consistent financial performance, as evidenced by its high and relatively stable ROA. While asset growth has not been linear, the segment has consistently generated substantial income from its asset base.
Segment ROA: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Identifiable assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2025 Calculation
Segment ROA = 100 × Income before income taxes ÷ Identifiable assets
= 100 × ÷ =
The Consumer Brands Group experienced fluctuating performance between 2021 and 2025. Income before income taxes and identifiable assets both exhibited changes over the period, impacting the segment’s Return on Assets (ROA).
- Income before income taxes
- Income before income taxes decreased from US$415.3 million in 2021 to US$314.2 million in 2022, representing a significant decline. This was followed by a slight decrease to US$309.3 million in 2023. A substantial increase was then observed in 2024, reaching US$589.9 million, before moderating to US$509.6 million in 2025. The 2024 peak suggests a period of strong operational performance or favorable market conditions, while the 2025 figure indicates a potential stabilization or slight pullback.
- Identifiable assets
- Identifiable assets increased considerably from US$5.288 billion in 2021 to US$6.750 billion in 2022. This growth slowed in subsequent years, with assets reaching US$6.632 billion in 2023 and US$6.855 billion in 2024. A more substantial increase was noted in 2025, with identifiable assets rising to US$8.026 billion. The consistent asset growth suggests ongoing investment within the segment, potentially supporting future revenue expansion.
- Segment ROA
- Segment ROA began at 7.85% in 2021. It then declined to 4.66% in both 2022 and 2023, coinciding with the decrease in income before income taxes. A significant improvement occurred in 2024, with ROA reaching 8.61%, driven by the substantial increase in income before income taxes. In 2025, ROA decreased to 6.35%, despite continued asset growth, indicating that the increase in income did not keep pace with the expansion of the asset base. The fluctuations in ROA demonstrate a sensitivity to changes in profitability relative to the level of assets employed.
Overall, the Consumer Brands Group demonstrated a volatile performance pattern. While asset growth was generally positive, profitability varied considerably, directly influencing the segment’s ROA. The strong performance in 2024 was not sustained into 2025, suggesting potential challenges in maintaining high levels of profitability as the asset base expands.
Segment ROA: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Identifiable assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2025 Calculation
Segment ROA = 100 × Income before income taxes ÷ Identifiable assets
= 100 × ÷ =
The Performance Coatings Group demonstrates a positive trend in profitability as measured by Segment Return on Assets (ROA) over the analyzed period, although recent performance indicates a potential stabilization or slight decline. Income before income taxes and identifiable assets both experienced fluctuations, but the ROA consistently increased through 2023 before leveling off in subsequent years.
- Income before Income Taxes
- Income before income taxes increased significantly from US$486.2 million in 2021 to US$991.6 million in 2023, representing substantial growth. This growth slowed in 2024, reaching US$1,027.9 million, and then decreased to US$942.7 million in 2025. The 2025 figure represents the lowest income before income taxes within the observed timeframe.
- Identifiable Assets
- Identifiable assets exhibited a slight decrease from US$8,388.6 million in 2021 to US$8,266.6 million in 2023. A more noticeable decrease occurred between 2023 and 2024, falling to US$7,847.4 million. The asset base remained relatively stable in 2025 at US$7,859.5 million, indicating a potential bottoming out of asset reduction.
- Segment ROA
- Segment ROA increased steadily from 5.80% in 2021 to a peak of 13.10% in 2024. This indicates improving efficiency in generating profit from the asset base. However, ROA experienced a slight decrease in 2025, settling at 11.99%. While still a strong performance level, this suggests a potential moderation of the upward trend observed in prior years. The ROA in 2025 remains significantly higher than the 2021 value.
The combination of increasing income before income taxes and decreasing identifiable assets contributed to the ROA improvement from 2021 to 2024. The stabilization of assets and the decline in income before income taxes in 2025 resulted in a slight decrease in ROA, suggesting a potential shift in the group’s performance dynamics. Further investigation may be warranted to understand the drivers behind the recent changes in income and asset levels.
Segment Asset Turnover
Sherwin-Williams Co., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
Segment asset turnover ratios reveal distinct performance patterns across the reporting groups between 2021 and 2025. The Paint Stores Group demonstrates consistent, albeit moderating, efficiency in asset utilization, while the Consumer Brands Group exhibits a declining trend. The Performance Coatings Group maintains a relatively stable, but lower, asset turnover throughout the period.
- Paint Stores Group
- The Paint Stores Group’s asset turnover ratio increased from 1.93 in 2021 to 2.23 in 2023, indicating improving efficiency in generating sales from its asset base. The ratio remained relatively stable at 2.24 in 2024 before decreasing slightly to 2.13 in 2025. This suggests a peak in operational efficiency around 2023-2024, followed by a minor reduction, potentially due to increased asset investment or slower sales growth.
- Consumer Brands Group
- The Consumer Brands Group experienced a consistent downward trend in asset turnover. Starting at 1.42 in 2021, the ratio decreased to 1.07 by 2025. This indicates a diminishing ability to generate sales from its assets, potentially stemming from factors such as increased inventory levels, declining sales, or investments in less productive assets. The decline is particularly noticeable between 2022 and 2025.
- Performance Coatings Group
- The Performance Coatings Group’s asset turnover ratio remained relatively stable throughout the analyzed period, fluctuating between 0.73 and 0.87. The ratio showed a modest increase from 0.73 in 2021 to 0.87 in 2024, holding steady at 0.87 in 2025. This suggests consistent, but comparatively lower, efficiency in asset utilization compared to the other two groups. The stability may indicate a consistent business model or limited significant changes in asset deployment.
Overall, the differing trends suggest varying levels of operational efficiency and asset management effectiveness across the segments. The Consumer Brands Group warrants further investigation due to its declining asset turnover, while the Paint Stores Group demonstrates strong and consistent performance. The Performance Coatings Group’s stable ratio indicates a consistent, but less dynamic, asset utilization profile.
Segment Asset Turnover: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales and intersegment transfers | |||||
| Identifiable assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2025 Calculation
Segment asset turnover = Net sales and intersegment transfers ÷ Identifiable assets
= ÷ =
The Paint Stores Group demonstrates a generally positive trend in asset utilization from 2021 to 2023, followed by a slight decline in the most recent periods. Net sales and intersegment transfers increased consistently throughout the analyzed timeframe, while identifiable assets exhibited more fluctuation.
- Net Sales and Intersegment Transfers
- Net sales and intersegment transfers for the Paint Stores Group increased from US$10.62 billion in 2021 to US$13.61 billion in 2025. This represents a cumulative growth of approximately 28.1% over the five-year period. The growth was relatively consistent year-over-year, with the largest increase occurring between 2021 and 2022 (12.7%).
- Identifiable Assets
- Identifiable assets within the Paint Stores Group showed a less consistent pattern. They increased from US$5.50 billion in 2021 to US$5.87 billion in 2022, then decreased to US$5.75 billion in 2023. A subsequent increase to US$5.88 billion occurred in 2024, followed by a more substantial rise to US$6.38 billion in 2025. Overall, identifiable assets increased by approximately 16.0% from 2021 to 2025.
- Segment Asset Turnover
- The segment asset turnover ratio, a measure of how efficiently assets are used to generate sales, increased from 1.93 in 2021 to 2.23 in 2023. This indicates improving efficiency in asset utilization. The ratio remained relatively stable at 2.24 in 2024 before decreasing slightly to 2.13 in 2025. While the 2025 value remains above the 2021 level, the recent decline suggests a potential moderation in the efficiency of asset use. The increase in identifiable assets in 2025, coupled with a smaller increase in net sales, likely contributed to this decrease.
In summary, the Paint Stores Group has generally improved its asset turnover ratio over the period, demonstrating an increasing ability to generate sales from its asset base. However, the most recent year shows a slight decrease in this ratio, which warrants further investigation to determine if this is a temporary fluctuation or the beginning of a more sustained trend.
Segment Asset Turnover: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales and intersegment transfers | |||||
| Identifiable assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2025 Calculation
Segment asset turnover = Net sales and intersegment transfers ÷ Identifiable assets
= ÷ =
The Consumer Brands Group experienced fluctuating performance in asset turnover from 2021 to 2025. While net sales demonstrated an overall increase during the period, the segment’s asset turnover ratio exhibited a declining trend, warranting further investigation.
- Net Sales and Intersegment Transfers
- Net sales and intersegment transfers for the Consumer Brands Group increased from US$7.51 billion in 2021 to US$8.60 billion in 2022. A slight decrease to US$8.60 billion was observed in 2022, followed by a further decline to US$8.41 billion in 2024. Sales recovered somewhat in 2025, reaching US$8.55 billion. This suggests a period of growth initially, followed by stabilization and a minor recovery.
- Identifiable Assets
- Identifiable assets within the Consumer Brands Group increased consistently from US$5.29 billion in 2021 to US$8.03 billion in 2025. The largest increase occurred between 2021 and 2022, rising to US$6.75 billion. Growth continued, albeit at a slower pace, through 2024 before a more substantial increase in 2025. This indicates a significant investment in assets within the segment over the five-year period.
- Segment Asset Turnover
- The segment asset turnover ratio began at 1.42 in 2021, indicating that for every dollar of assets, the segment generated US$1.42 in sales. This ratio decreased to 1.27 in 2022 and remained relatively stable at 1.30 in 2023. A further decline to 1.23 was noted in 2024, and a more pronounced decrease to 1.07 occurred in 2025. This downward trend suggests a decreasing efficiency in utilizing assets to generate sales within the Consumer Brands Group. The increasing asset base, coupled with relatively flat or declining sales in later years, likely contributed to this reduction in turnover.
The combination of increasing assets and a declining asset turnover ratio suggests potential inefficiencies in asset management within the Consumer Brands Group. Management should investigate the reasons for the increasing asset base and evaluate whether these investments are translating into proportional sales growth. Further analysis is recommended to determine if specific asset categories are contributing disproportionately to the decline in turnover.
Segment Asset Turnover: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales and intersegment transfers | |||||
| Identifiable assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2025 Calculation
Segment asset turnover = Net sales and intersegment transfers ÷ Identifiable assets
= ÷ =
The Performance Coatings Group demonstrates a generally positive trend in asset turnover from 2021 to 2025. Net sales and intersegment transfers experienced initial growth followed by a slight decline, while identifiable assets decreased over the period. The segment asset turnover ratio, however, consistently increased, indicating improved efficiency in utilizing assets to generate sales.
- Net Sales and Intersegment Transfers
- Net sales and intersegment transfers increased from US$6,153.5 million in 2021 to US$6,997.2 million in 2022, representing a substantial gain. This growth slowed in 2023 with a marginal increase to US$7,040.9 million. A subsequent decrease was observed in 2024, falling to US$6,854.1 million, and continued modestly in 2025 to US$6,821.8 million. Despite the initial growth, sales ultimately stabilized and slightly declined over the five-year period.
- Identifiable Assets
- Identifiable assets for the Performance Coatings Group decreased from US$8,388.6 million in 2021 to US$8,296.8 million in 2022. This downward trend continued through 2024, reaching US$7,847.4 million. A slight increase to US$7,859.5 million was noted in 2025, but the overall trend remains a reduction in asset base.
- Segment Asset Turnover
- The segment asset turnover ratio increased steadily from 0.73 in 2021 to 0.84 in 2022, and further to 0.85 in 2023. This positive trend continued with increases to 0.87 in both 2024 and 2025. This indicates that the Performance Coatings Group became increasingly efficient in generating sales revenue from its asset base over the analyzed period. The consistent improvement suggests effective asset management strategies despite fluctuations in net sales and a decreasing asset base.
The combination of relatively stable sales and decreasing assets resulted in a notable improvement in asset turnover. This suggests the group is optimizing its asset utilization, potentially through improved inventory management, more efficient production processes, or strategic asset disposals.
Segment Capital Expenditures to Depreciation
Sherwin-Williams Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
An examination of segment capital expenditures relative to depreciation reveals differing investment patterns across the reporting groups between 2021 and 2025. The Paint Stores Group demonstrates a generally increasing ratio, while the Consumer Brands Group shows initial expansion followed by contraction, and the Performance Coatings Group exhibits more volatility.
- Paint Stores Group
- The ratio for the Paint Stores Group increased from 1.09 in 2021 to 1.57 in 2024, indicating a growing investment in capital assets relative to depreciation. This suggests an expansion or modernization of the store network. A slight decrease to 1.33 is observed in 2025, potentially representing a stabilization of investment after the prior growth period.
- Consumer Brands Group
- The Consumer Brands Group experienced a substantial increase in the ratio, rising from 1.41 in 2021 to 2.34 in 2022. This suggests significant capital investment relative to depreciation within this segment. However, the ratio then decreased to 1.58 by 2025, potentially indicating a slowdown in capital spending or an increase in depreciation expense. The initial surge followed by a decline warrants further investigation to understand the drivers behind these changes.
- Performance Coatings Group
- The Performance Coatings Group’s ratio remained relatively stable between 2021 and 2023, fluctuating around 1.3. A notable decrease to 0.84 is observed in 2024, suggesting a period where depreciation expense exceeded capital expenditures. The ratio then rebounded sharply to 1.91 in 2025, indicating a renewed focus on capital investment. This segment’s ratio demonstrates the most significant year-over-year variation, potentially reflecting project-based investments or cyclical demand patterns.
Overall, the variations in these ratios suggest that capital allocation strategies differ across segments. The Paint Stores Group appears to be consistently investing in its network, the Consumer Brands Group experienced a period of high investment followed by a moderation, and the Performance Coatings Group’s investment pattern is more dynamic and potentially tied to specific projects or market conditions.
Segment Capital Expenditures to Depreciation: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =
The Paint Stores Group experienced increasing capital expenditures and depreciation from 2021 through 2024, followed by a decrease in capital expenditures in 2025 while depreciation remained relatively stable. This resulted in a fluctuating ratio of segment capital expenditures to depreciation over the analyzed period.
- Capital Expenditures
- Capital expenditures for the Paint Stores Group demonstrated an upward trend from $77.6 million in 2021 to $141.3 million in 2024, representing an 82.2% increase over the four-year period. However, capital expenditures decreased to $120.2 million in 2025, a 15.0% decline from 2024. This suggests a potential shift in investment strategy or project completion within the segment.
- Depreciation
- Depreciation expense consistently increased from $71.3 million in 2021 to $89.9 million in 2024, reflecting the accumulation of depreciable assets. In 2025, depreciation remained nearly constant at $90.2 million, indicating a stabilization of the asset base’s depreciation schedule.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation increased steadily from 1.09 in 2021 to 1.57 in 2024. This indicates that capital investments were growing at a faster rate than depreciation expense, suggesting a focus on expanding the asset base. The ratio decreased to 1.33 in 2025, coinciding with the decline in capital expenditures, and indicating a moderation in the pace of asset expansion relative to depreciation.
The observed trends suggest a period of significant investment in the Paint Stores Group between 2021 and 2024, followed by a potential recalibration of capital spending in 2025. The consistent increase in depreciation expense throughout the period confirms the ongoing utilization of these assets.
Segment Capital Expenditures to Depreciation: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =
The Consumer Brands Group experienced significant fluctuations in capital expenditures and depreciation between 2021 and 2025. Analysis of the segment capital expenditures to depreciation ratio reveals a distinct pattern of initial increase followed by a decline.
- Capital Expenditures
- Capital expenditures increased substantially from US$125.5 million in 2021 to US$295.0 million in 2022. This represents a more than doubling of investment. Subsequent years saw more moderate fluctuations, with expenditures reaching US$309.6 million in 2023, decreasing to US$290.3 million in 2024, and slightly increasing to US$293.1 million in 2025. Overall, capital expenditure remained elevated compared to the 2021 level.
- Depreciation
- Depreciation followed an upward trend throughout the analyzed period. It rose from US$88.8 million in 2021 to US$126.2 million in 2022, continuing to increase to US$151.4 million in 2023, US$162.7 million in 2024, and reaching US$185.3 million in 2025. This consistent increase suggests a growing asset base subject to depreciation within the segment.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio initially increased from 1.41 in 2021 to a peak of 2.34 in 2022, indicating that capital investments significantly outpaced depreciation during that year. The ratio then decreased to 2.04 in 2023, further declining to 1.78 in 2024, and finally to 1.58 in 2025. This downward trend suggests that while capital expenditures remained substantial, depreciation began to catch up, potentially due to the increased asset base becoming fully operational and subject to depreciation, or a shift in investment strategy towards more efficient asset utilization. The ratio in 2025, while lower than in 2022 and 2023, remains above the 2021 level.
The observed patterns suggest a period of significant investment in the Consumer Brands Group, followed by a stabilization and a gradual shift towards a more balanced relationship between capital expenditures and depreciation. Continued monitoring of these trends will be important to assess the long-term impact of these investments on the segment’s performance.
Segment Capital Expenditures to Depreciation: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =
The Performance Coatings Group exhibited fluctuating capital expenditure patterns relative to depreciation over the five-year period. Initial values were relatively high, followed by a period of decline, and then a significant increase in the final year presented.
- Capital Expenditures
- Capital expenditures decreased substantially from 2021 to 2022, falling from US$90.8 million to US$38.7 million. This decline continued, albeit at a slower pace, to US$32.6 million in 2023. A further reduction occurred in 2024, reaching US$15.2 million, representing the lowest expenditure level within the observed timeframe. However, capital expenditures rebounded notably in 2025, increasing to US$36.2 million.
- Depreciation
- Depreciation followed a similar decreasing trend to capital expenditures. From US$66.2 million in 2021, depreciation decreased to US$29.1 million in 2022, and further to US$26.0 million in 2023. The decline continued in 2024, reaching US$18.0 million. A modest increase was observed in 2025, with depreciation rising to US$19.0 million, but remaining below levels seen in earlier years.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation began at 1.37 in 2021 and decreased to 1.25 in 2023, indicating a slowing rate of capital investment relative to the depreciation of existing assets. A more pronounced decrease occurred in 2024, with the ratio falling to 0.84, suggesting that depreciation exceeded capital expenditures for that year. The ratio experienced a substantial increase in 2025, reaching 1.91, driven by the increase in capital expenditures and a smaller increase in depreciation. This suggests a renewed focus on capital investment relative to the existing asset base.
The observed fluctuations suggest potential shifts in investment strategy, project timing, or operational needs within the Performance Coatings Group. The significant increase in the capital expenditures to depreciation ratio in 2025 warrants further investigation to understand the nature and expected return on these investments.
Net sales and intersegment transfers
Sherwin-Williams Co., net sales and intersegment transfers by reportable segment
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
The reporting segments demonstrate varying performance trends over the five-year period. Overall, consolidated net sales exhibit a consistent upward trajectory, though the rate of growth fluctuates. A detailed examination of individual segments reveals differing contributions to this overall trend.
- Paint Stores Group
- The Paint Stores Group consistently represents the largest portion of net sales. This segment demonstrates a steady increase in net sales from US$10.616 billion in 2021 to US$13.606 billion in 2025. While growth remains positive throughout the period, the rate of increase decelerates, moving from approximately 12.7% between 2021 and 2022 to roughly 5.7% between 2023 and 2025.
- Consumer Brands Group
- The Consumer Brands Group shows initial growth from US$7.506 billion in 2021 to US$8.603 billion in 2022. However, subsequent years reveal a more volatile pattern. Net sales decreased to US$8.599 billion in 2023 and further to US$8.412 billion in 2024 before a slight recovery to US$8.555 billion in 2025. This segment’s performance contrasts with the consistent growth observed in the Paint Stores Group.
- Performance Coatings Group
- The Performance Coatings Group exhibits moderate growth between 2021 and 2023, increasing from US$6.154 billion to US$7.041 billion. However, net sales then decline slightly in 2024 and 2025, reaching US$6.822 billion. The segment’s growth appears to have plateaued, followed by a minor contraction.
- Administrative
- The Administrative segment consistently reports negative net sales, representing an allocation of costs. The absolute value of these costs increases steadily from US$4.331 billion in 2021 to US$5.408 billion in 2025. This indicates a growing allocation of administrative expenses over the period.
- Consolidated Totals & Segment Contribution
- Consolidated net sales increased from US$19.945 billion in 2021 to US$23.574 billion in 2025. The Paint Stores Group consistently contributes the largest share to consolidated sales, with its proportion remaining relatively stable around 50-55% of the total. The Consumer Brands Group contributes approximately 35-38% of consolidated sales, while the Performance Coatings Group contributes around 25-30%. The Administrative segment’s negative impact is consistently around 20-22% of consolidated sales.
In summary, the Paint Stores Group drives the overall growth in consolidated net sales. The Consumer Brands Group demonstrates inconsistent performance, while the Performance Coatings Group shows signs of plateauing. The increasing administrative costs represent a growing expense allocation that offsets some of the revenue gains.
Income before income taxes
Sherwin-Williams Co., income before income taxes by reportable segment
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
The reportable segments demonstrate varying performance in income before income taxes over the five-year period. The Paint Stores Group consistently contributes the largest portion of income, exhibiting a general upward trend. The Consumer Brands Group and Performance Coatings Group show more volatility, while the Administrative segment consistently reports a negative income contribution.
- Paint Stores Group
- Income before income taxes for the Paint Stores Group increased from US$2,182.2 million in 2021 to US$3,061.5 million in 2025. Growth was most pronounced between 2021 and 2023, with a more moderate increase observed in subsequent years. This segment demonstrates consistent profitability and expansion.
- Consumer Brands Group
- The Consumer Brands Group experienced a decline in income from US$415.3 million in 2021 to US$309.3 million in 2023. A significant recovery occurred in 2024, reaching US$589.9 million, followed by a decrease to US$509.6 million in 2025. This segment’s performance is characterized by substantial fluctuations.
- Performance Coatings Group
- Income before income taxes for the Performance Coatings Group increased substantially from US$486.2 million in 2021 to US$991.6 million in 2023, before moderating to US$942.7 million in 2025. The growth between 2021 and 2023 suggests a period of strong expansion, while the subsequent decline indicates potential stabilization or market pressures.
- Administrative
- The Administrative segment consistently reports a negative income before income taxes, representing an expense allocation. The magnitude of this expense increased steadily from -US$824.1 million in 2022 to -US$1,175.6 million in 2025, indicating rising administrative costs or allocated expenses. No value is reported for 2021.
- Consolidated Totals
- Consolidated income before income taxes decreased from US$3,083.7 million in 2021 to US$2,573.1 million in 2022, then recovered to US$3,451.8 million in 2024 before decreasing slightly to US$3,338.2 million in 2025. The overall trend suggests a recovery from the 2022 dip, but with limited growth in the most recent year. The Paint Stores Group’s consistent performance appears to be a key driver of the consolidated results.
The interplay between the segments, particularly the growth in the Paint Stores Group offsetting fluctuations in the Consumer Brands and Performance Coatings Groups, significantly influences the consolidated income. The increasing administrative expenses represent a consistent drag on overall profitability.
Identifiable assets
Sherwin-Williams Co., identifiable assets by reportable segment
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
The identifiable assets of the reportable segments demonstrate varying trends over the five-year period. Overall, consolidated identifiable assets increased from US$20.67 billion in 2021 to US$25.90 billion in 2025, representing a cumulative growth of approximately 25.2%. However, the composition of these assets shifted significantly across the individual segments.
- Paint Stores Group
- Identifiable assets within the Paint Stores Group exhibited initial growth, increasing from US$5.50 billion in 2021 to US$5.87 billion in 2022. Following this, a slight decrease to US$5.75 billion was observed in 2023, before recovering to US$5.88 billion in 2024. The segment concluded the period with a more substantial increase, reaching US$6.38 billion in 2025. This suggests a period of stabilization followed by renewed investment or asset acquisition within this group.
- Consumer Brands Group
- The Consumer Brands Group experienced the most significant proportional growth among the reportable segments. Assets increased substantially from US$5.29 billion in 2021 to US$6.75 billion in 2022. While growth moderated in subsequent years, remaining relatively stable between US$6.63 billion and US$6.85 billion from 2023 to 2024, a considerable jump to US$8.03 billion was recorded in 2025. This indicates a potentially strategic focus on expanding the Consumer Brands Group, possibly through acquisitions or significant capital expenditures.
- Performance Coatings Group
- In contrast to the other segments, the Performance Coatings Group demonstrated a consistent, albeit gradual, decline in identifiable assets. Beginning at US$8.39 billion in 2021, assets decreased to US$8.27 billion in 2023 and further to US$7.85 billion in 2025. This downward trend could be attributable to asset sales, depreciation exceeding new investments, or a shift in business strategy away from asset-intensive operations within this group.
- Administrative
- Identifiable assets allocated to the Administrative segment increased steadily throughout the period. Starting at US$1.49 billion in 2021, assets grew to US$3.64 billion by 2025. This increase suggests expanding administrative infrastructure, potentially supporting the growth of other segments, or a centralization of assets within the administrative function. The rate of increase accelerated in 2024 and 2025.
The consolidated totals reflect the combined trends of the individual segments. The growth in the Consumer Brands Group and Paint Stores Group, coupled with the increase in Administrative assets, largely offset the decline in the Performance Coatings Group, resulting in overall asset growth. The significant asset increase in the Consumer Brands Group and Administrative segments in the final year of the period warrants further investigation to understand the underlying drivers.
Capital expenditures
Sherwin-Williams Co., capital expenditures by reportable segment
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
Capital expenditures exhibited significant fluctuations across reportable segments between 2021 and 2025. Consolidated capital expenditures increased substantially over the period, though with considerable volatility, peaking in 2024 before declining in 2025.
- Paint Stores Group
- Capital expenditures for the Paint Stores Group demonstrated a consistent upward trend from 2021 to 2023, increasing from US$77.6 million to US$111.4 million. This growth accelerated in 2024, reaching US$141.3 million, before decreasing to US$120.2 million in 2025. This suggests a period of rapid expansion followed by a potential stabilization or reallocation of investment.
- Consumer Brands Group
- The Consumer Brands Group experienced a dramatic increase in capital expenditures from US$125.5 million in 2021 to US$295.0 million in 2022. Expenditures remained relatively stable at approximately US$300 million through 2023 and 2024, before a slight increase to US$293.1 million in 2025. This indicates a substantial initial investment followed by a period of sustained, though comparatively moderate, capital allocation.
- Performance Coatings Group
- Capital expenditures within the Performance Coatings Group decreased consistently from US$90.8 million in 2021 to US$15.2 million in 2024. A modest recovery was observed in 2025, with expenditures rising to US$36.2 million. This pattern suggests a strategic reduction in investment within this segment, potentially due to restructuring or a shift in focus, followed by a limited reinvestment.
- Administrative
- Capital expenditures allocated to the Administrative segment showed the most substantial increase over the analyzed period. Starting at US$78.1 million in 2021, expenditures rose sharply to US$223.5 million in 2022 and continued to escalate, reaching US$623.2 million in 2024. A significant decrease was then recorded in 2025, falling to US$348.1 million. This suggests substantial investment in administrative infrastructure, potentially related to supporting overall growth, followed by a reduction in spending, possibly indicating project completion or efficiency gains.
The consolidated totals reflect the combined trends of the individual segments. The peak in consolidated capital expenditures in 2024, at US$1,070.0 million, was largely driven by significant investment in the Administrative and Paint Stores Groups. The subsequent decline in 2025, to US$797.6 million, reflects decreased spending in both of those areas, partially offset by a slight increase in the Consumer Brands Group and a recovery in the Performance Coatings Group.
Depreciation
Sherwin-Williams Co., depreciation by reportable segment
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
Depreciation expense exhibited varied trends across reportable segments between 2021 and 2025. Overall, consolidated depreciation increased from US$263.1 million in 2021 to US$340.3 million in 2025, indicating a general upward trajectory. However, this increase was not consistent across all segments.
- Paint Stores Group
- Depreciation within the Paint Stores Group demonstrated a consistent increase from US$71.3 million in 2021 to US$90.2 million in 2025. The rate of increase appeared to accelerate between 2022 and 2024, before stabilizing in 2025. This suggests continued investment in property, plant, and equipment within this segment.
- Consumer Brands Group
- The Consumer Brands Group experienced the most significant increase in depreciation expense, rising from US$88.8 million in 2021 to US$185.3 million in 2025. This represents a more than doubling of depreciation over the five-year period. The increase was particularly pronounced between 2021 and 2023, potentially reflecting substantial capital expenditures related to manufacturing or distribution capacity expansion.
- Performance Coatings Group
- In contrast to the other segments, the Performance Coatings Group showed a substantial decrease in depreciation expense. Starting at US$66.2 million in 2021, depreciation fell to US$19.0 million by 2025. This decline could be attributed to asset disposals, a slowdown in capital investment, or a shift towards assets with longer useful lives. The most significant decrease occurred between 2021 and 2022.
- Administrative
- Depreciation for the Administrative segment fluctuated over the period. It decreased from US$36.8 million in 2021 to US$26.8 million in 2024, before increasing significantly to US$45.8 million in 2025. This final increase may be related to investments in administrative facilities or technology infrastructure.
The consolidated totals reflect the combined effect of these segment-level trends. The substantial increases in the Paint Stores and Consumer Brands Groups were partially offset by the decline in the Performance Coatings Group, resulting in an overall increase in consolidated depreciation expense. The increase in depreciation expense across most segments suggests ongoing investment in long-lived assets, which could support future revenue growth.