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PPG and Sherwin-Williams released financial results for the first quarter of 2026 with both reporting strong growth despite economic and global pressures impacting in the first three months of the year.
Sherwin-Williams
The Sherwin-Williams Company reported a 6.8% consolidated net sales increase in the quarter, reaching $5.67 billion. Net income for the quarter increased 6.1% to $534.7 million, representing 9.4% of net sales. EBITDA in the quarter increased 8.8% to $998.2 million, or 17.6% of net sales.
“Sherwin-Williams delivered strong sales in a quarter characterized by heightened global uncertainty and continued demand softness in most end markets,” says chair, president and chief executive officer, Heidi Petz. “Our growth investments and relentless focus on new accounts and share of wallet continued to yield results, as sales exceeded guidance on a consolidated basis and in all three reportable segments. Gross margin expanded, inclusive of the dilutive impact of the Suvinil acquisition. Against a challenging prior year comparison, SG&A increased by a mid-single digit percentage, excluding the expected headwinds from Suvinil, non-annualized operating costs and depreciation related to our new buildings and foreign currency translation. Our expectation of a low-single digit percentage increase in SG&A for the full year remains unchanged. Net income, adjusted earnings per share and EBITDA all increased over the prior year quarter. Our global team continues to execute our strategy, delivering reliability and consistency for our customers while focusing on what we can control.”
The company also commented on its outlook for the year, reaffirming the full year 2026 diluted net income per share guidance in the range of $10.70 to $11.10 per share. Adjusted diluted net income per share was also reaffirmed for the year in the range of $11.50 to $11.90 per share.
“For the second quarter of 2026, we expect consolidated net sales will be up a mid-single digit percentage compared to the second quarter of 2025,” Petz says. “For the full year 2026, we are reaffirming our previous guidance. We expect consolidated net sales to be up by a low to mid-single digit percentage compared to 2025, and we expect adjusted diluted net income per share to be in the range of $11.50 to $11.90 per share, an increase of 2.4% at the midpoint compared to 2025. We expect to provide an update on our full year guidance when we report our second quarter results in July.”
PPG
PPG recently released its financial results for the first quarter of 2026, reporting net sales of $3.9 billion, a 7% increase year over year. Net income in the first quarter was $382 million, up 2% from Q1 2025. The first quarter also saw earnings per diluted share (EPS) of $1.70 and adjusted EPS of $1.83, an increase of 6% year over year.
“In the first quarter, PPG delivered organic sales growth of 1%, demonstrating our ability to maintain growth momentum in a challenging environment,” says Tim Knavish, PPG chairman and chief executive officer. “We delivered higher selling prices, with further selling price realization targeted to offset any inflationary impact more quickly than prior cycles. Adjusted EPS increased 6% driven by strong results in our differentiated aerospace and architectural coatings Latin America businesses, reflecting the benefits of our technology-advantaged products and strong brand recognition, along with excellent commercial execution.”
PPG also reaffirmed its full-year 2026 guidance.
“In the second quarter, we expect both organic sales and adjusted earnings per share in the range of flat to growth of a low single-digit percentage,” Knavish says. “We are maintaining our full-year earnings per share guidance range of $7.70 to $8.10. This guidance reflects confidence in our growth momentum, including share gains and realization of pricing and execution of self-help actions, which will serve to mitigate the raw material inflation impact.”
