Q1 26 EPS
$2.35
Q1 26 Revenue
$5.67B
vs S&P Since Q1 26
-8.1%
TRAILING MARKET
SHW -6.9% vs S&P +1.3%
Market Reaction
Did SHW Beat Earnings? Q1 2026 Results
Sherwin-Williams opened 2026 on solid footing, posting first-quarter earnings of $2.35 per share and beating the $2.28 consensus estimate by 3.07%, while revenue climbed 6.8% year-over-year to $5.67 billion, helped in large part by the October 2025 a… Read more Sherwin-Williams opened 2026 on solid footing, posting first-quarter earnings of $2.35 per share and beating the $2.28 consensus estimate by 3.07%, while revenue climbed 6.8% year-over-year to $5.67 billion, helped in large part by the October 2025 acquisition of Suvinil and favorable foreign currency translation. The paint and coatings giant delivered results that exceeded its own guidance across all three reportable segments, even as CEO Heidi G. Petz acknowledged "heightened global uncertainty and continued demand softness in most end markets." Gross margin expanded 90 basis points to 49.1%, reflecting moderating raw material costs, though rising SG&A expenses and higher interest costs tied to acquisition financing partially offset those gains. Looking ahead, management reaffirmed full-year 2026 adjusted EPS guidance of $11.50 to $11.90, while flagging potential inflation headwinds from tariffs on raw materials and logistics; the company is responding with targeted price increases and accelerated cost reductions, with a guidance update expected alongside second-quarter results in July.
Key Takeaways
- • Suvinil acquisition contributed to Consumer Brands Group revenue growth
- • Favorable foreign currency translation of 1.7% consolidated, 2.4% in CBG, 4.1% in PCG
- • Selling price increases contributed low-single digit percentage to PSG net sales
- • Low-single digit percentage sales volume growth in PSG and PCG
- • Moderating raw material costs supported gross margin expansion of 90 basis points to 49.1%
- • Protective and marine end market increased by double-digit percentage in PSG
- • Automotive Refinish increased by double-digit percentage in PCG
- • General Industrial and Packaging increased by high-single digit percentages in PCG
- • Global supply chain efficiencies and foreign currency transaction gains benefited CBG
SHW Forward Guidance & Outlook
The company reaffirmed full-year 2026 guidance: consolidated net sales up low to mid-single digit percentage versus 2025, GAAP diluted EPS of $10.70 to $11.10, and adjusted diluted EPS of $11.50 to $11.90 (excluding $0.80/share Valspar acquisition-related amortization). For Q2 2026, consolidated net sales are expected to be up a mid-single digit percentage year-over-year. Management expects little to no recovery in most end markets this year and flagged geopolitical uncertainty and potential inflation from tariffs on raw materials, energy, logistics, and packaging. Targeted price increases are being implemented by end market and geography, with consolidated price/mix now expected at the high end of prior low-single digit guidance. The company is accelerating cost reduction actions and is prepared to implement additional price increases if necessary. An update on full-year guidance is expected with Q2 results in July.
SHW YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
SHW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Sherwin-Williams delivered strong sales in a quarter characterized by heightened global uncertainty and continued demand softness in most end markets. Our growth investments and relentless focus on new accounts and share of wallet continued to yield results, as sales exceeded guidance on a consolidated basis and in all three reportable segments. Gross margin expanded, inclusive of the dilutive impact of the Suvinil acquisition. Against a challenging prior year comparison, SG&A increased by a mid-single digit percentage, excluding the expected headwinds from Suvinil, non-annualized operating costs and depreciation related to our new buildings and foreign currency translation. Our expectation of a low-single digit percentage increase in SG&A for the full year remains unchanged. Net income, adjusted earnings per share and EBITDA all increased over the prior year quarter. Our global team continues to execute our strategy, delivering reliability and consistency for our customers while focusing on what we can control.”
— Heidi G. Petz, Q1 2026 Earnings Press Release
SHW Earnings Trends
SHW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SHW EPS Trend
Earnings per share: estimate vs actual
SHW Revenue Trend
Quarterly revenue: estimate vs actual
SHW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.35 | — | $5.67B | — |
| Q4 25 BEAT FY | $2.16 | $2.23 | +3.24% | $5.60B | +0.83% |
| FY Full Year | $11.37 | $11.43 | +0.49% | $23.57B | +0.20% |
| Q3 25 BEAT | $3.44 | $3.59 | +4.38% | $6.36B | +2.60% |
| Q2 25 MISS | $3.81 | $3.38 | -11.38% | $6.31B | +0.19% |
| Q1 25 BEAT | $2.16 | $2.25 | +4.12% | $5.31B | -1.85% |