宣伟公布二季度业绩超预期并上调全年调整后EPS指引

CLEVELAND
,
July 28, 2026
/PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the second quarter of the prior year, unless otherwise noted.
SUMMARY
Consolidated Net sales increased 7.5% to $6.79 billion in the quarter
Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 4.2% in the quarter
Diluted net income per share increased 14.3% to $3.43 per share in the quarter compared to $3.00 per share in the second quarter of 2025
Adjusted diluted net income per share increased 9.5% to $3.70 per share in the quarter compared to $3.38 per share in the second quarter of 2025
Net income increased 11.8% in the quarter to $843.6 million, or 12.4% of Net sales
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the quarter increased 13.8% to $1.43 billion, or 21.1% of Net sales
Increasing full year 2026 diluted net income per share guidance in the range of $10.92 to $11.32 per share, including Valspar acquisition-related amortization expense of $0.81 per share and severance and other restructuring expenses of $0.07 per share
Increasing full year 2026 adjusted diluted net income per share guidance in the range of $11.80 to $12.20 per share
CEO REMARKS
"Sherwin-Williams delivered strong second quarter results and continued to outperform the market despite ongoing global uncertainty and no meaningful improvement in demand," said Chair, President and Chief Executive Officer, Heidi G. Petz. "Sales improvement was driven by continued growth investments, new account wins and increased share of
wallet
, and exceeded guidance on a consolidated basis and across all three reportable segments. We also implemented pricing actions to offset raw material inflation that pressured our gross margin in the quarter. Adjusted EBITDA and diluted earnings per share rose approximately 10% year over year, and adjusted EBITDA margin grew 60 basis points to 21.5%. Net operating cash improved by 21% in the quarter, and free cash flow conversion in the quarter was 86%. We returned $1.46 billion to shareholders through dividends and share repurchases. Our team remains focused on executing our customer-centered strategy while controlling what we can control amidst a challenging macro-economic backdrop."
SECOND QUARTER CONSOLIDATED RESULTS
(in millions, except per share data)
Three Months Ended June 30,
2026
2025
$ Change
% Change
Net sales
$       6,789.3
$      6,314.5
$          474.8
7.5 %
Income before income taxes
$       1,112.5
$         985.7
$          126.8
12.9 %
Percent to Net sales
16.4 %
15.6 %
Net income per share - diluted
$           3.43
$           3.00
$            0.43
14.3 %
Adjusted net income per share - diluted
$           3.70
$           3.38
$            0.32
9.5 %
Consolidated Net sales increased primarily due to higher Net sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil.
Income before income taxes increased primarily due to higher Net sales, partially offset by a moderate rise in raw material costs, an increase in employee-related costs, incremental selling, general and administrative (SG&A) expenses associated with Suvinil, higher costs in the Administrative function related to the new global headquarters and technology center and additional interest expense attributable to an increase in short-term borrowings and long-term debt.
Diluted net income per share included a charge of $0.20 per share for Valspar acquisition-related amortization expense in the second quarter of 2026 and 2025. In the second quarter of 2026 and 2025, diluted net income per share also included a charge of $0.07 and $0.18 per share, respectively, related to severance and other restructuring expenses.
SECOND QUARTER SEGMENT RESULTS
(in millions)
Paint Stores Group (PSG)
Three Months Ended June 30,
2026
2025
$ Change
% Change
Net sales
$        3,890.0
$        3,702.2
$          187.8
5.1 %
Same-store sales
(1)
4.2 %
0.8 %
Segment profit
$          957.6
$          916.5
$            41.1
4.5 %
Reported segment margin
24.6 %
24.8 %
(1)
Same-store sales represents Net sales from stores open more than twelve calendar months.
Net sales in PSG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, as well as low-single digit percentage sales volume growth. Net sales increased in all professional customer end markets, led by a double-digit percentage increase in protective and marine, a high-single digit percentage increase in commercial and a mid-single digit percentage increase in residential repaint. Segment profit increased primarily due to higher Net sales, partially offset by a moderate rise in raw material costs and increased costs to support higher sales, including investments in additional sales reps and stores.
Consumer Brands Group (CBG)
Three Months Ended June 30,
2026
2025
$ Change
% Change
Net sales
$          983.5
$          809.4
$          174.1
21.5 %
Segment profit
$          212.9
$          164.2
$            48.7
29.7 %
Reported segment margin
21.6 %
20.3 %
Adjusted segment profit
(1)
$          241.4
$          181.4
$            60.0
33.1 %
Adjusted segment margin
24.5 %
22.4 %
(1)
Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In CBG, Valspar acquisition-related amortization expense was $15.6 million and $15.5 million in the second quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $12.9 million and $1.7 million in the second quarter of 2026 and 2025, respectively.
Net sales in CBG increased primarily as a result of the acquisition of Suvinil, increased Net sales in North America and a 1.6% impact from favorable foreign currency translation. Segment profit increased primarily due to higher Net sales, favorable mix, supply chain efficiencies and benefits from foreign currency transaction gains and losses, partially offset by a moderate rise in raw material costs and incremental SG&A expenses associated with the Suvinil acquisition. Adjusted segment profit increased for these same reasons, including an increase in the expenses associated with targeted restructuring actions in the second quarter of 2026.
Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 160 and 190 basis points in the second quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 130 and 20 basis points in the second quarter of 2026 and 2025, respectively.
Performance Coatings Group (PCG)
Three Months Ended June 30,
2026
2025
$ Change
% Change
Net sales
$        1,913.8
$        1,801.1
$          112.7
6.3 %
Segment profit
$          273.3
$          245.1
$            28.2
11.5 %
Reported segment margin
14.3 %
13.6 %
Adjusted segment profit
(1)
$          332.0
$          302.3
$            29.7
9.8 %
Adjusted segment margin
17.3 %
16.8 %
(1)
Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In PCG, Valspar acquisition-related amortization expense was $49.9 million and $49.0 million in the second quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $8.8 million and $8.2 million in the second quarter of 2026 and 2025, respectively.
Net sales in PCG increased primarily due to selling price increases, mainly attributable to product mix, which impacted Net sales by a low-single digit percentage, low-single digit percentage sales volume growth and a 2.0% impact from favorable foreign currency translation. Net sales increased in all businesses, led by General Industrial and Automotive Refinish, which each incre