Research · Sep 3, 2026
[SHW] Sherwin-Williams Thesis 2026: Pro Cycle Softness Pauses Buybacks, Awaiting Turn
Sherwin-Williams FY25 (Dec 31, 2025) at $23.57B revenue (+2.1%). OpInc $3.80B (+1.1%); margin 16.1%. Net income $2.57B (-4.2%); Diluted EPS $10.27. OCF $3.45B; Capex $798M; FCF $2.65B (+27%). $0 buybacks FY25 (vs $1.74B FY24, $1.43B FY23). Div $790M (+9%). Total debt $14.5B (+$2.6B). Wells Fargo downgraded OW→EW (Apr 10, $410→$365); Mizuho $410→$371; UBS $420→$380; Citi $410→$385.