Research · Sep 3, 2026
[PPG] PPG Industries Thesis 2026: Aerospace Sets Record While Cost Program Protects Margins
PPG Industries FY25 revenue $15.88B (+0%); op income $2.17B (-5%); NI $1.58B (+41%); EPS $6.92; Adj EPS $7.58. FY +2% organic. Q4 +5% net sales / +3% organic. Aerospace at record levels Q4. Protective & marine: 11 consecutive quarters of volume growth. Packaging double-digit organic. Architectural Coatings Q4 +8% / +2% organic. Industrial +3% / +5% organic volume Q4. Operating cash flow $1.9B (+$500M YoY); $1.4B returned to shareholders. FY26 guide: organic flat to LSD positive; EPS flat to LSD H1 / HSD H2; $50M cost reduction; $100M industrial coatings share gains.