Sherwin-Williams Company
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.53%.
Did SHW Beat Earnings? Q3 2025 Results
Sherwin-Williams posted a convincing Q3 2025 earnings beat, with adjusted diluted EPS of $3.59 clearing the $3.44 consensus by 4.38% and revenue of $6.36 billion topping estimates by 2.60% as sales grew 3.2% year-over-year, landing at the high end of the company's own guided range. The standout driver was the Paint Stores Group, where a 5.1% revenue gain to $3.84 billion, fueled by low-single-digit price increases and broad volume growth across professional end markets, more than offset continued softness in the Consumer Brands segment, which saw sales slip 2.6% amid weak DIY demand in North America. Adjusted EBITDA rose 6.0% to $1.36 billion, representing 21.4% of net sales, even as CEO Heidi Petz acknowledged that demand "remains softer for longer." The company also returned $864 million to shareholders through buybacks and dividends during the quarter. Analysts have converged on a "Moderate Buy" consensus following the results, and Sherwin-Williams narrowed its full-year 2025 adjusted EPS guidance to $11.25 to $11.45, with Q4 net sales expected to grow at a low-to-mid-single-digit pace.
- Selling price increases in PSG contributing low-single digit percentage revenue growth
- Low-single digit percentage volume growth in PSG
- Double-digit percentage increase in protective and marine end market
- Mid-single digit percentage increase in residential repaint and commercial end markets
- Double-digit percentage growth in Packaging within PCG including acquisition contribution
- Automotive Refinish growth in PCG
- Gross margin expansion to 49.2% from 49.1%
- SG&A growth moderation to low-single digit percentage
- Favorable product mix shift in Consumer Brands Group
“Sherwin-Williams delivered solid third quarter results, as we continued to execute our strategy in a demand environment that remains softer for longer as we have previously described. Throughout the quarter, we continued to serve our customers, invest for success, control our costs, take advantage of a unique competitive environment, and execute on our enterprise priorities.”
Sherwin Williams CEO, on the earnings call
Forward Guidance & Outlook
Sherwin-Williams narrowed its full year 2025 guidance. Consolidated net sales are expected to be up a low-single digit percentage versus 2024. Full year diluted net income per share is guided in the range of $10.16 to $10.36, including $0.77 per share of acquisition-related amortization and $0.32 per share of severance and restructuring expenses. Adjusted diluted net income per share is expected in the range of $11.25 to $11.45, representing approximately 0.2% growth at the midpoint versus $11.33 in 2024. For Q4 2025, net sales are expected to increase by a low to mid-single digit percentage. The full year guidance includes the Suvinil acquisition, which closed October 1 and is expected to add a low-single digit percentage to Q4 consolidated net sales with an immaterial impact to Q4 diluted EPS given one-time transaction closing costs and purchase accounting items. The effective tax rate is expected to be in the low twenty percent range.
SHW YoY Financials
SHW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.