EarningsQ2 2026 Earnings Report
MX:SHW Q2 2026 EPS Results
Actual EPS$67.26
Consensus EPS$64.01
Beat/MissBeat by +$3.25
One Year Ago EPS$61.44
MX:SHW Q2 2026 Revenue Results
Actual Revenue$123.42B
Expected Revenue$120.01B
Beat/MissBeat by +$3.40B
YoY Revenue Growth+7.52%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:SHW Upcoming Earnings
Sherwin-Williams Company's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SHW Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a largely positive operational and financial story: broad-based sales outperformance across all three reportable segments, strong adjusted EBITDA growth (+10.5%), improved cash generation (+21% net operating cash, 86% FCF conversion), substantial shareholder returns ($1.5B), and raised full-year sales and EPS guidance. Management is executing targeted pricing, cost and productivity actions and integrating Suvinil successfully. Offsetting this are near-term challenges: raw material inflation and volatility, some margin dilution from the acquisition, muted DIY and new residential demand, European destocking, and timing of price realization (some benefits may extend into 2027). Overall, the positives materially outweigh the negatives, but management remains cautious about macro demand and inflation risks.Company Guidance
Consolidated Sales Growth and Raised Guidance
Consolidated sales grew by a high single digit percentage (inclusive of a low single digit contribution from the Suvinil acquisition). Management raised full-year consolidated sales guidance to mid-to-high single digit growth and increased adjusted diluted net income per share guidance to $11.80–$12.20.
Strong Adjusted EBITDA and Margin Expansion
Adjusted EBITDA grew 10.5% to $1.5 billion and adjusted EBITDA margin expanded 60 basis points to 21.5% of sales.
Improved Cash Generation and Capital Return
Net operating cash improved 21% (an increase of $235 million) in the quarter; free cash flow conversion was 86%. The company returned $1.5 billion to shareholders via dividends and accelerated share repurchases.
Balance Sheet Strength
Net debt to adjusted EBITDA ratio was 2.4x at quarter end, supporting continued capital return and strategic flexibility.
Paint Stores Group Outperformance
Paint Stores Group grew by a mid single digit percentage with price/mix at the low end of mid single digits and volume up low single digits. Segment profit grew mid single digits and segment margin was 24.6%. The company opened 45 new stores year-to-date and completed planned optimization (57 closures) to improve returns.
Protective & Marine Momentum
Protective & Marine sales increased by a mid-teens percentage (versus a high single digit comparison); this marked the eighth consecutive quarter of at least high single digit growth, driven by data centers, semiconductor infrastructure and manufacturing onshoring.
Consumer Brands Group Strength (Including Suvinil)
Consumer Brands exceeded expectations with a mid-teens contribution from the Suvinil acquisition. Excluding Suvinil, legacy Consumer Brands sales grew mid single digits; legacy Latin America (ex-Suvinil) grew low double digits. Adjusted segment margin improved 210 basis points to 24.5%.
Performance Coatings Broad-Based Growth
Performance Coatings delivered growth across every division and region: price/mix and volume both grew low single digits. General industrial and automotive refinish grew high single digits; packaging, coil and wood grew mid single digits; Asia Pacific posted strong double digit growth. Adjusted segment margin increased 50 basis points with strong incremental margin (~26.4%).
Disciplined Pricing and Cost Actions
Announced an 8% architectural price increase effective September 1 to offset raw material inflation; targeted restructuring actions expected to yield approximately $17 million of annual savings (about half realized in the remainder of the year). Reported SG&A rose mid single digits but decreased ~90 basis points as a percent of sales.
Successful Integration of Suvinil
Suvinil contributed meaningfully in the quarter (mid-teens sales contribution) and management reported positive integration progress, identified additional synergies and customer growth opportunities; integration expected to be an immaterial tailwind to EPS for the year.
MX:SHW 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