Sherwin-Williams experienced a strong year in 2024 with record earnings growth and significant cash generation, alongside strategic expansions and shareholder returns. However, the company faces a challenging demand environment, particularly in consumer brands and industrial segments, with expected cost pressures from raw materials and interest expenses in 2025.

Company Guidance

During Sherwin-Williams' call reviewing the Fourth Quarter and Full Year 2024 results, the company outlined its guidance for 2025, expecting consolidated sales to increase by a low single-digit percentage. The diluted net income per share is projected to be between $10.70 and $11.10, excluding certain expenses, with adjusted diluted net income per share expected to range from $11.65 to $12.05, reflecting a mid-single-digit percentage increase from 2024's adjusted earnings of $11.33 per share. The company plans to open 80 to 100 new stores in the U.S. and Canada, invest in its new headquarters and R&D center, and implement targeted price increases. It anticipates raw material costs to rise by a low single-digit percentage and expects to maintain a net debt-to-adjusted EBITDA ratio of 2x to 2.5x. Despite a challenging demand environment, Sherwin-Williams remains focused on gaining market share and delivering shareholder value.

Record Earnings Growth

Adjusted earnings per share grew by a near double-digit percentage, reaching $11.33 per share for fiscal year 2024.

Strong Cash Generation

Sherwin-Williams generated $3.2 billion in cash, which was 13.7% of sales.

Shareholder Returns

Returned $2.5 billion to shareholders through share repurchases and dividends in 2024.

Margin Expansion

Adjusted margins expanded year-over-year in all three operating segments.

New Store Expansion

Plans to open 80 to 100 new stores in the U.S. and Canada in 2025.

Dividend Increase

A proposed annual dividend increase of 10.5% to $3.16 per share, marking the 47th consecutive year of dividend increases.

Packaging Segment Recovery

Packaging returned to growth by winning new accounts and recapturing lost share.

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Sherwin-Williams Company (SHW) Earnings, Revenues Date & History

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SHW Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2025	2025 (Q1)	2.21 / -	2.17	―	―	―
Jan 30, 2025	2024 (Q4)	2.06 / 2.09	1.81	15.47% (+0.28)
Oct 22, 2024	2024 (Q3)	3.55 / 3.37	3.2	5.31% (+0.17)
Jul 23, 2024	2024 (Q2)	3.49 / 3.70	3.29	12.46% (+0.41)
Apr 23, 2024	2024 (Q1)	2.22 / 2.17	2.04	6.37% (+0.13)
Jan 25, 2024	2023 (Q4)	1.80 / 1.81	1.89	-4.23% (-0.08)
Oct 24, 2023	2023 (Q3)	2.78 / 3.20	2.83	13.07% (+0.37)
Jul 25, 2023	2023 (Q2)	2.70 / 3.29	2.41	36.51% (+0.88)
Apr 25, 2023	2023 (Q1)	1.79 / 2.04	1.61	26.71% (+0.43)
Jan 26, 2023	2022 (Q4)	1.86 / 1.89	1.35	40.00% (+0.54)

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

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SHW Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 30, 2025	$360.41	$365.55	+1.43%
Oct 22, 2024	$381.05	$360.71	-5.34%
Jul 23, 2024	$321.11	$343.18	+6.87%
Apr 23, 2024	$307.38	$300.52	-2.23%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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