EarningsQ2 2026 Earnings Report
MX:PPG Q2 2026 EPS Results
Actual EPS$38.65
Consensus EPS$39.05
Beat/MissMissed by -$0.40
One Year Ago EPS$38.47
MX:PPG Q2 2026 Revenue Results
Actual Revenue$77.90B
Expected Revenue$75.65B
Beat/MissBeat by +$2.25B
YoY Revenue Growth+7.15%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:PPG Upcoming Earnings
PPG Industries's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PPG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrayed strong operational momentum and multiple areas of durable outperformance: sixth consecutive quarter of organic growth, top-line (net sales +7% to $4.5B), improved cash flow and balance sheet metrics, meaningful segment-level wins (Aerospace, Packaging, Industrial share gains), and faster-than-expected price realization (covered ~90% of COGS inflation and aiming for 100% by Q4). These positives were tempered by a sizable drag from Automotive Refinish (double-digit organic decline and a major contributor to the Performance segment EBITDA margin contraction of ~300 bps), ongoing raw-material inflation risk (mid- to high-single-digit COGS inflation expected Q2–Q4), and near-term margin pressure (Q3 EBITDA margin guided to be flat to down 100 bps). Overall, the company emphasized confidence in pricing execution, share gains, and the reaffirmed full-year EPS range, with clear plans to offset inflation and return to margin expansion in H2.Company Guidance
Consecutive Organic Growth
Sixth consecutive quarter of organic sales growth: organic sales +4% (equal contributions from volumes and selling prices); company outpaced the industry by 300 basis points and achieved organic growth in all 3 segments and 8 of 9 businesses.
Strong Top-Line Results
Second quarter net sales totaled $4.5 billion, up 7% year-over-year.
Earnings and Margin Performance
Adjusted EPS of $2.23, slightly higher year-over-year; total company adjusted EBITDA margin above 17%.
Pricing and Inflation Recovery
Covered ~90% of cost-of-goods-sold inflation with pricing in Q2; net selling price improvement of ~2% in the quarter with a June exit run rate of ~3%; company expects to reach 100% coverage by Q4 and accelerated price realization one quarter ahead of plan.
Improved Balance Sheet and Cash Flow
Cash and short-term investments of $1.6 billion; net debt decreased by more than $400 million year-over-year to 1.9x adjusted EBITDA; year-to-date cash from operating activities ~ $600 million, ~ $220 million higher year-over-year.
Shareholder Returns and Capital Deployment
Repurchased $75 million of shares in Q2 and $175 million year-to-date in repurchases; returned approximately $235 million to shareholders during the quarter (dividends + repurchases); continued disciplined buybacks alongside selective bolt-on M&A (~$65 million deal closed).
Architectural Coatings Strength
Global Architectural Coatings net sales +8% to $1.1 billion; organic sales +2%; segment EBITDA +14% and EBITDA margin improved ~100 basis points to 19.4% driven by higher prices and cost control.
Performance Coatings Growth Engines
Performance Coatings net sales +7% to $1.6 billion with organic +3%; Aerospace delivered double-digit growth and backlog around $300 million; Protective & Marine Coatings posted double-digit organic growth (13th consecutive quarter of volume growth); Traffic Solutions grew mid-single digits.
Industrial & Packaging Momentum
Industrial Coatings net sales +7% to $1.8 billion; organic +5% led by volume growth and share gains. Packaging Coatings organic sales increased double-digits with sales volumes up over 20% on a two-year stacked basis. Automotive OEM coatings share outperformance: ~500 basis points ahead of global production.
Guidance and Confidence
Company expects Q3 organic sales growth in a low-single to mid-single-digit range and reaffirms full-year adjusted EPS guidance of $7.70 to $8.10; management expects EBITDA margin expansion in Performance Coatings in H2 driven by pricing and Refinish stabilization.
MX:PPG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed