PPG and Sherwin-Williams released financial results for the second quarter of 2025, both reporting a significant increase in net sales for the quarter and an adjusted outlook for the remainder of the year.
PPG reported net sales of $4.5 billion in the second quarter, up 7% from the same period in 2025. Net income in Q2 was $439 for the company, down 2% from Q2 2025. Diluted earnings per share (EPS) were $1.96, down 1% from last year and adjusted EPS were $2.23, unchanged year over year.
“I am proud to announce that PPG delivered its sixth consecutive quarter of organic sales growth, a solid increase of 4%, with equal contributions from sales volumes and selling prices,” says Tim Knavish, PPG chairman and chief executive officer. “We outpaced the industry by 300 basis points, achieving organic growth in all three segments and in eight of our nine businesses, demonstrating our ability to accelerate momentum in a complex and evolving environment. Adjusted EPS of $2.23 was slightly higher year over year driven by strong results in our differentiated aerospace and architectural coatings Latin America businesses, offsetting lower sales volumes in automotive refinish coatings.”
The company also commented on its outlook for the third quarter, expecting organic sales growth in the range of a low single-digit to a mid-single-digit percentage, and reaffirmed its full-year adjusted earnings per share guidance range of $7.70 to $8.10.
Sherwin-Williams also released its second quarter financial results, reporting a consolidated net sales increase of 7.5% to $6.79 billion. Net income increased 11.8% in the quarter to $843.6 million. Consolidated net sales increased in the quarter primarily due higher net sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil.
“Sherwin-Williams delivered strong second quarter results and continued to outperform the market despite ongoing global uncertainty and no meaningful improvement in demand,” said Chair, President and Chief Executive Officer, Heidi G. Petz. “Sales improvement was driven by continued growth investments, new account wins and increased share of wallet, and exceeded guidance on a consolidated basis and across all three reportable segments. We also implemented pricing actions to offset raw material inflation that pressured our gross margin in the quarter. Adjusted EBITDA and diluted earnings per share rose approximately 10% year over year, and adjusted EBITDA margin grew 60 basis points to 21.5%. Net operating cash improved by 21% in the quarter, and free cash flow conversion in the quarter was 86%. We returned $1.46 billion to shareholders through dividends and share repurchases. Our team remains focused on executing our customer-centered strategy while controlling what we can control amidst a challenging macro-economic backdrop.”
The company also released an updated outlook for the third quarter of 2026 and the full year, expecting a mid to high-single digit increase in net sales for both.
“We are pleased with our first-half performance and the momentum we are carrying into the second half of the year,” Petz says. “Our updated outlook remains appropriately disciplined given the uncertain environment, but our confidence is grounded in the strength of our team, our customer relationships, our differentiated model and our proven ability to deliver.”
