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There is no clear winner from operating results alone. Sherwin-Williams was larger and generated more operating cash in fiscal 2025; PPG has a substantial mix of performance and industrial coatings alongside architectural paint. Neither company’s results settle which stock is the better buy: the available figures do not establish current valuations, share prices, or matched returns through October 7, 2026.
What the companies do—and why the distinction matters
Sherwin-Williams (NYSE: SHW) develops, manufactures, distributes, and sells paints, coatings, and related products to professional, industrial, commercial, and retail customers. Its 2025 Form 10-K describes operations primarily in North and South America, with additional operations in the Caribbean, Europe, Asia, and Australia. It reports three segments:
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- Paint Stores Group: a dedicated paint-store business.
- Consumer Brands Group: consumer-facing brands and products.
- Performance Coatings Group: coatings serving performance-focused markets.
PPG Industries (NYSE: PPG) says it markets and sells in more than 50 countries, serving construction, consumer products, industrial, and transportation markets and aftermarkets. Its three reportable segments are Global Architectural Coatings, Performance Coatings, and Industrial Coatings, according to its company overview and 2025 Form 10-K.
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These segment labels are not a like-for-like map. Sherwin-Williams explicitly reports retail-facing paint stores and consumer brands; PPG’s reporting separates global architectural coatings from performance and industrial coatings. Comparing them as if both were simply residential-paint businesses obscures meaningful differences in customer and end-market exposure.
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How the companies compared in fiscal 2025
The figures below are company-reported full-year results for the fiscal year ended December 31, 2025. Adjusted EPS is non-GAAP and company-defined; the two companies’ adjusted figures should not be assumed to use identical definitions.
| Measure | Sherwin-Williams | PPG Industries |
|---|---|---|
| Net sales | $23.574 billion | $15.875 billion |
| Reported diluted EPS | $10.26 | $6.92 |
| Adjusted EPS | $11.43 adjusted diluted EPS | $7.58 adjusted EPS |
| Operating cash flow | $3.452 billion net operating cash | $1.9 billion operating cash flow |
Sources: The Sherwin-Williams Company’s 2025 results release and 2025 Form 10-K; PPG Industries’ 2025 results release and 2025 Form 10-K. These are company-wide sales and cash-flow figures, not market capitalization, valuation, or expected shareholder returns.
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Growth and earnings quality point in different directions
Sherwin-Williams: sales increased, but reported and adjusted EPS diverged
Sherwin-Williams reported that 2025 net sales rose 2.1%. Diluted EPS declined 2.7% from 2024 to $10.26, while adjusted diluted EPS increased 0.9% to $11.43. The difference matters: reported earnings include items excluded from the company’s adjusted measure, so the adjusted increase is not a substitute for the reported decline.
Chair, President and Chief Executive Officer Heidi G. Petz described the quarter as follows in the company’s January 29, 2026 results release: “Sherwin-Williams delivered strong fourth quarter results driven by solid core performance amid continued demand choppiness, and inclusive of the first full quarter of the Suvinil acquisition,”. Her statement identifies both underlying operating conditions and the acquisition’s contribution as relevant context; it is management commentary, not an independent assessment.
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PPG: organic growth did not translate into higher adjusted EPS
PPG reported 2025 net sales of $15.875 billion, essentially flat against 2024, alongside 2% organic sales growth. Reported EPS increased from $5.72 to $6.92, while adjusted EPS fell 4%, from $7.87 to $7.58. PPG also reported that total segment income decreased 3% and aggregate segment margins declined 60 basis points.
PPG’s annual growth was uneven across markets. Its results release and 2025 Form 10-K attributed strength to aerospace coatings and share gains in packaging and protective and marine coatings; aerospace and protective and marine coatings each had double-digit organic growth. Those gains were partly offset by declines in automotive refinish, industrial coatings, and architectural coatings in Europe, the Middle East, and Africa (EMEA).
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For the fourth quarter, PPG reported 3% organic sales growth, with higher prices and volume growth in all regions. Chairman and Chief Executive Officer Tim Knavish said on January 27, 2026: “In the fourth quarter, we accelerated our growth momentum by delivering 3% growth in organic sales, our highest performance in any quarter this year, with contributions from sales volume and selling prices, and all regions delivering sales volume growth.” PPG’s 2025 Form 10-K describes mixed end-market demand and divergent segment performance, while management’s outlook cited mixed European demand and softer global industrial conditions. The CEO’s account and outlook are company statements, not independent forecasts.
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The following outlooks were issued with the companies’ January 2026 results. They are forecasts, not realized 2026 results, and their EPS measures are not directly equivalent.
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| Company and guidance date | EPS outlook | Sales outlook |
|---|---|---|
| Sherwin-Williams, January 29, 2026 | Diluted EPS of $10.70–$11.10; adjusted diluted EPS of $11.50–$11.90 | Not stated in the cited 2026 guidance |
| PPG, January 27, 2026 | Adjusted EPS of $7.70–$8.10 | Organic sales growth from flat to low single digits |
Sherwin-Williams said its diluted EPS guidance included $0.80 per share of acquisition-related amortization expense. PPG’s cited EPS range is adjusted EPS. Keep that distinction in view rather than comparing the two companies’ headline ranges as though they were the same accounting measure.
Which company might fit a particular portfolio?
The operating evidence can help identify the exposure you are buying, but it cannot establish which stock is suitable without a valuation and your investment constraints.
- Consider the business mix you want. Sherwin-Williams’ reported structure includes dedicated paint stores and consumer brands. PPG’s reported structure includes global architectural, performance, and industrial coatings, with meaningful exposure to businesses such as aerospace, protective and marine, and packaging coatings.
- Look beyond total sales growth. PPG reported 2% organic sales growth while total sales were essentially flat; Sherwin-Williams reported 2.1% sales growth, with the first full quarter of the Suvinil acquisition included in its CEO’s account. Organic growth, acquisitions, pricing, and volume describe different sources of change.
- Separate reported from adjusted earnings. Compare reported EPS with reported EPS, and scrutinize each company’s reconciliation and definition before using adjusted EPS. A company-defined adjusted figure is not automatically comparable with a competitor’s.
- Assess cash in context. Sherwin-Williams reported more operating cash in 2025, but the raw totals also reflect different business sizes. Cash generation needs to be weighed against debt, capital investment, and capital returns. The cited figures do not provide a complete, matched capital-structure comparison.
- Set a valuation and portfolio frame. A decision also depends on the share price, valuation multiples, expected return assumptions, time horizon, risk tolerance, income needs, and concentration in related industries. The available company results do not establish those inputs or an investor-specific expected return.
What these results cannot tell you
Fiscal 2025 results describe the year ended December 31, 2025; they do not show whether either stock is attractively priced on October 7, 2026. The available sources also do not establish current share prices, forward valuation multiples, or relative stock returns through that date. Without those data, a claim that SHW or PPG is the better buy would go beyond the evidence.
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The comparison is also limited by different segment definitions, customer mixes, and company-defined adjusted earnings measures. Treat management guidance as conditional and forward-looking, rather than as a promise. For an investment decision, pair the company filings and results with current market data and your own portfolio objectives.
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