Financials

PPG Industries Inc. financials

PPG Chemicals

PPG Industries Inc., founded in 1883 and headquartered in Pittsburgh, Pennsylvania, United States, is a global supplier of paints, coatings, and specialty materials. The company generates revenue from a diversified portfolio that includes flagship products like PPG Paints and Sigma coatings across architectural, industrial, and automotive segments. Under the leadership of CEO Michael H. McGarry since 2013, PPG has established a strong competitive position globally. Its forward-looking strategy emphasizes sustainability, digital transformation, and continuous innovation to drive long-term growth.

Snapshot

PPG Industries Inc. reported $15.88B in revenue in fiscal 2025, up 0.2% year over year, with an operating margin of 13.4%.

Revenue (FY2025): $15.88B
YoY growth: +0.2%
Operating margin: 13.4%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	15,875,000	15,845,000	16,242,000	15,614,000
Cost of Sales	9,316,000	9,252,000	9,678,000	9,975,000
Gross Profit	6,559,000	6,593,000	6,564,000	5,639,000
Selling, General & Administrative Expenses	3,439,000	3,391,000	3,401,000	3,037,000
Depreciation & Amortization Expenses	528,000	492,000	514,000	502,000
Research & Development Expenses	423,000	423,000	424,000	434,000
Other Operating Expenses	36,000	371,000	428,000	198,000
Operating Profit	2,133,000	1,916,000	1,797,000	1,468,000
Interest and Investment Income	153,000	177,000	140,000	54,000
Interest Expense	(241,000)	(241,000)	(247,000)	(167,000)
Total Non-Operating Income	(88,000)	(64,000)	(107,000)	(113,000)
Income Before Provision for Income Taxes	2,045,000	1,852,000	1,690,000	1,355,000
Provision for Income Taxes	458,000	475,000	428,000	320,000
Consolidated Net Income	1,587,000	1,377,000	1,262,000	1,035,000
Net Income Attributable to Minority Interests and Other	16,000	33,000	39,000	28,000
Net Income Attributable to Discontinued Operations	5,000	(228,000)	47,000	19,000
Net Income Attributable to Common Shareholders	1,576,000	1,116,000	1,270,000	1,026,000
Basic EPS	6.96	4.77	5.38	4.26
Diluted EPS	6.94	4.75	5.35	4.24
Basic Weighted Average Shares Outstanding	226,300	233,800	236,000	236,100
Diluted Weighted Average Shares Outstanding	227,100	234,900	237,200	237,300
Shares Outstanding	223,427	229,928	235,211	235,074

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	2,163,000	1,270,000	1,493,000	1,099,000
Short-Term Investments	56,000	88,000	75,000	55,000
Total Cash and Cash Equivalents	2,219,000	1,358,000	1,568,000	1,154,000
Accounts Receivable	3,336,000	2,985,000	3,007,000	3,303,000
Total Trade Receivables	3,336,000	2,985,000	3,007,000	3,303,000
Inventories	1,996,000	1,846,000	1,934,000	2,272,000
Other Current Assets	408,000	368,000	922,000	444,000
Total Current Assets	7,959,000	6,557,000	7,431,000	7,173,000
Net Property, Plant & Equipment	4,609,000	4,061,000	4,021,000	4,157,000
Net Intangible Assets	1,971,000	1,922,000	2,261,000	2,414,000
Goodwill	6,149,000	5,690,000	6,115,000	6,078,000
Long-Term Investments	332,000	331,000	254,000	244,000
Other Long-Term Assets	1,078,000	872,000	1,565,000	678,000
Total Assets	22,098,000	19,433,000	21,647,000	20,744,000
Accounts Payable	3,957,000	3,731,000	4,161,000	4,087,000
Short-Term Debt	706,000	939,000	306,000	313,000
Current Portion of Leases	138,000	126,000	128,000	183,000
Other Current Liabilities	99,000	128,000	459,000	138,000
Total Current Liabilities	4,900,000	5,014,000	5,054,000	4,721,000
Long-Term Debt	6,602,000	4,876,000	5,748,000	6,503,000
Leases	450,000	454,000	417,000	636,000
Other Long-Term Liabilities	2,049,000	2,127,000	2,405,000	2,175,000
Total Long-Term Liabilities	9,101,000	7,457,000	8,570,000	9,314,000
Total Liabilities	14,001,000	12,471,000	13,624,000	14,035,000
Common Stock	969,000	969,000	969,000	969,000
Treasury Stock	(15,119,000)	(14,342,000)	(13,600,000)	(13,525,000)
Additional Paid-in Capital	1,325,000	1,272,000	1,202,000	1,130,000
Accumulated Other Comprehensive Income	(2,176,000)	(3,108,000)	(2,239,000)	(2,810,000)
Retained Earnings	22,942,000	21,994,000	21,500,000	20,828,000
Total Common Shareholders' Equity	7,941,000	6,785,000	7,832,000	6,592,000
Minority Interests and Other	156,000	177,000	191,000	117,000
Total Shareholders' Equity	8,097,000	6,962,000	8,023,000	6,709,000
Total Liabilities and Shareholders' Equity	22,098,000	19,433,000	21,647,000	20,744,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	3,184,000	2,298,000	2,618,000	2,108,000
Depreciation & Amortization	528,000	492,000	514,000	502,000
Share-Based Compensation Expense	46,000	42,000	56,000	34,000
Other Adjustments	3,000	472,000	(29,000)	113,000
Changes in Trade Receivables	(190,000)	(181,000)	12,000	(248,000)
Changes in Inventories	(35,000)	(27,000)	145,000	(177,000)
Changes in Accounts Payable	67,000	(259,000)	151,000	21,000
Changes in Income Taxes Payable	(105,000)	(31,000)	71,000	143,000
Changes in Other Operating Activities	35,000	(304,000)	(78,000)	(423,000)
Cash from Operating Activities	1,941,000	1,420,000	2,411,000	963,000
Capital Expenditure	(778,000)	(721,000)	(516,000)	(486,000)
Payments for Business Acquisitions	(1,000)	(31,000)	(109,000)	(114,000)
Proceeds from Business Divestments	43,000	325,000	36,000	117,000
Other Investing Activities	36,000	28,000	59,000	50,000
Cash from Investing Activities	(700,000)	107,000	(556,000)	(461,000)
Issuance of Short-Term Debt	—	—	—	(439,000)
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	(439,000)
Issuance of Long-Term Debt	1,942,000	274,000	550,000	1,116,000
Repayments of Long-Term Debt	(1,039,000)	(1,400,000)	(300,000)	(300,000)
Net Issuance / (Repayments) of Long-Term Debt	903,000	(1,126,000)	250,000	816,000
Repurchases of Common Shares	(790,000)	(752,000)	(86,000)	(190,000)
Net Issuance / (Repurchases) of Common Shares	(790,000)	(752,000)	(86,000)	(190,000)
Common Share Dividends Paid	(628,000)	(622,000)	(598,000)	(570,000)
Other Financing Activities	(30,000)	(25,000)	(16,000)	(26,000)
Cash from Financing Activities	(545,000)	(1,425,000)	(1,550,000)	(409,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	197,000	(325,000)	105,000	(2,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	893,000	(223,000)	410,000	91,000

Key metrics

$22.89B

Market Cap

14.76x

P/E

1.44x

P/S

10.79x

EV/EBITDA

21.1%

Return on Equity

10.9%

Return on Invested Capital

1.62x

Current Ratio

2.7%

Dividend Yield

7.3%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$3.93B	+6.7%	13.8%	$541M
Q4 2025	$3.91B	+5.0%	11.6%	$453M
Q3 2025	$4.08B	+1.2%	14.2%	$579M
Q2 2025	$4.20B	+-0.9%	14.7%	$616M
Q1 2025	$3.68B	—	14.0%	$515M
Q4 2024	$3.73B	—	12.7%	$475M
Q3 2024	$4.03B	—	14.8%	$597M
Q2 2024	$4.24B	—	15.8%	$668M

Margins

41.3%

Gross margin

13.4%

Operating margin

10.0%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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