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SHW · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Outgrowing a flat paint market — sales up 7.5% (helped by the Suvinil acquisition) with adjusted EBITDA margin up 60 bp to 21.5% and guidance raised, even as raw-material inflation nicked gross margin and interest costs jumped 21%.
Net Income
$844M
up 11.8% y/y
Net Sales
$6,789M
up 7.5% y/y
Gross Profit
$3,338M
up 7.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Paint Stores Group | $3,890 · +5.1% · Same-store +4.2% |
| Performance Coatings | $1,914 · +6.3% |
| Consumer Brands | $984 · +21.5% · Suvinil acquisition |
| Net Sales | $6,789 · +7.5% |
| Cost of Goods Sold | $3,451 · +8.0% · Raw-material inflation |
| Gross Profit | $3,338 · +7.0% · 49.2% margin · -20 bp |
| SG&A | $2,104 · +4.6% · 31.0% of sales (was 31.9%) |
| Interest & Other, net | $122 · +2% · Interest exp $136 less interest & other income |
| Pretax Income | $1,113 · +12.9% · 16.4% of sales |
| Income Taxes | $269 · ETR 24.2% |
| Net Income | $844 · +11.8% · Diluted EPS $3.43 · adjusted $3.70 |
Verdict: outgrowing a flat paint market — sales up 7.5% (helped by the Suvinil acquisition) with adjusted EBITDA margin up 60 bp to 21.5% and guidance raised, even as raw-material inflation nicked gross margin and interest costs jumped 21%.
Adjusted EPS $3.70 (+9.5%) · EBITDA $1,435M (21.1% of sales, +13.8%) · $1.46B returned via dividends and buybacks · FY26 adjusted EPS guidance raised to $11.80–12.20.
Source and notation
* marks non-cash / ≈ estimated. Source: Sherwin-Williams press release, 8-K EX-99 (SEC EDGAR).
Open as an image: SHW, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “SHW Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/shw/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/shw/q2-2026"><img src="https://whoreportstoday.com/t/shw/q2-2026/sankey.png" alt="SHW Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/shw/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/shw/q2-2026">SHW Q2 2026 earnings chart (Who Reports Today)</a>
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- Management calls the demand backdrop unimproved — growth came from share gains: Paint Stores same-store sales +4.2% (mid-single-digit pricing, low-single-digit volume), led by double-digit protective & marine.
- Consumer Brands +21.5% is mostly the October 2025 Suvinil (Brazil) acquisition plus 1.6% FX — the organic consumer business grew modestly.
- Gross margin slipped 20 bp to 49.2% on raw-material inflation; pricing actions were implemented during the quarter to offset it — the adjusted EBITDA margin still expanded 60 bp to 21.5%.
- Interest expense jumped 21% to $136M on higher short-term borrowings and long-term debt (Suvinil funding and the new global headquarters).
- EPS carries $0.20 of Valspar acquisition amortization and $0.07 of restructuring — adjusted EPS of $3.70 grew 9.5% vs GAAP +14.3% (GAAP helped by smaller restructuring than last year).
- SG&A grew slower than sales (+4.6% vs +7.5%), falling to 31.0% of sales from 31.9% — cost control funding growth investments in reps and stores.
- $1.46B returned to shareholders in the quarter; free cash flow conversion was 86% and guidance for the full year was raised.
What distorts the picture in this report and what to watch beyond the headlines.
SHW — Sherwin-Williams is a US-based company specializing in the manufacture, distribution, and sale of paints, coatings, and related products.
It operates retail stores across North America and serves professional, industrial, and consumer markets.
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