What it does
The company states that it develops, manufactures, distributes and sells paint, coatings and related products. It organizes its operations into three reportable segments: Paint Stores Group, Consumer Brands Group and Performance Coatings Group. Paint Stores Group serves architectural and industrial paint contractors and do-it-yourself homeowners through company-operated specialty paint stores. Consumer Brands Group manufactures and distributes branded and private-label products through retailers, dealers and distributors. Performance Coatings Group develops and sells industrial coatings, including products for wood finishing, general industrial applications, automotive refinish, protective and marine uses, coil coatings and packaging.
Source: The Sherwin-Williams Company Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company reports segment information according to how management organizes the business to assess performance and allocate resources; the segment table below provides the related revenue detail. The filing describes Paint Stores Group as selling controlled-brand and selected purchased products through its stores. Consumer Brands Group sells products to retailers, dedicated dealers and distributors, and approximately 63% of its 2025 segment sales were intersegment product transfers, primarily for sale through Paint Stores Group. Performance Coatings Group sells through the Paint Stores Group, its branches, direct sales staff, outside sales representatives and third-party distribution channels. The Administrative function reports external leasing revenue.
Source: The Sherwin-Williams Company Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company states that it serves professional, industrial, commercial and retail customers, primarily in North and South America, with additional operations in the Caribbean, Europe, Asia and Australia. Paint Stores Group serves architectural and industrial paint contractors and do-it-yourself homeowners in the United States, Canada and the Caribbean. Consumer Brands Group supplies retailers, including home centers and hardware stores, as well as dedicated dealers and distributors across North America, Latin America and Europe. Its Latin American stores serve contractors and do-it-yourself customers for home, commercial and industrial projects. Performance Coatings Group sells its industrial-coatings offerings worldwide.
Source: The Sherwin-Williams Company Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that the company competes with local, regional, national and international competitors of various sizes, but it does not name individual competitors. For Paint Stores Group, the filing lists competing channels including paint and wallpaper stores, mass merchandisers, home centers, independent hardware stores, hardware chains and manufacturer-operated direct outlets. It identifies product quality, innovation, breadth of product line, technical expertise, service and price as competitive factors. For Consumer Brands Group and Performance Coatings Group, the filing additionally identifies technology and distribution among the key factors. The Administrative function competes with other real estate owners, developers and managers where it owns property.
Source: The Sherwin-Williams Company Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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Adverse changes in general business and economic conditions in the United States and worldwide.
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Unexpected shortages and increases in the cost of raw materials and energy.
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Catastrophic events, adverse weather conditions and natural disasters that disrupt sales, manufacturing and distribution.
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Cybersecurity attacks and incidents involving the company or third parties it relies on or does business with.
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A weakening of global credit markets or changes to credit ratings.
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The consequences of leverage, including dedicating cash flow from operations to debt service and increased vulnerability to adverse conditions.
Source: The Sherwin-Williams Company Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
At December 31, 2025, the company employed 64,249 people worldwide; the filing states that approximately 73% were in the United States. It identifies attracting, retaining, developing and progressing qualified employees as important to executing its strategy. The company states that raw materials and products purchased for resale make up most consolidated cost of goods sold, with materials including resins and latex, pigments, additives, solvents and containers. Sales in the reportable segments traditionally occur primarily in the second and third quarters. To meet that demand, the company usually builds inventories during the first quarter.
Source: The Sherwin-Williams Company Form 10-K for fiscal 2025, Item 1 — sec.gov