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AI核心结论
Sherwin-Williams delivered solid Q1 2026 results with revenue growing 6.8% YoY to $5.67B and net income rising 6.1% to $534.7M, driven by gross margin expansion to 49.1%, though SG&A costs surged 9.8% and the current ratio remains below 1.0x.
营业收入
$5.67B
同比 ++6.81%
每股收益（基本）
$2.18
同比 ++7.92%
毛利率
49.1%
同比 ++0.83%
提交于 · 来源: SEC EDGAR 10-Q 原文
Sherwin Williams (SHW) Q1 FY2026 营收 $5.67B，同比增长 6.8%。 净利润 $534.7M，同比增长 6.1%，稀释每股收益 $2.15。 毛利率 49.1%。
Total revenue increased 6.8% YoY to $5.67B in Q1 2026 from $5.31B in Q1 2025, reflecting continued demand strength across Sherwin-Williams' paint and coatings segments. This top-line growth outpaced the prior-year period and signals resilient end-market demand.
来源: Source: 10-Q Income Statement
Gross margin improved approximately 83 basis points YoY to 49.1% (from 48.2%), with gross profit rising 8.7% to $2.78B. This expansion suggests favorable raw material cost trends or improved pricing power relative to cost of goods sold growth of only 5.1%.
来源: Source: 10-Q Income Statement / Key Ratios
Selling, General & Administrative expenses rose 9.8% YoY to $1.97B, outpacing revenue growth of 6.8%. This elevated cost growth compressed operating leverage and is a key area to monitor for margin sustainability in subsequent quarters.
来源: Source: 10-Q Income Statement
Operating cash flow swung dramatically to $139.1M in Q1 2026 from -$61.1M in Q1 2025, a YoY improvement of $200.2M (+327.7%). This recovery signals improved working capital management and underlying cash generation capability.
来源: Source: 10-Q Cash Flow Statement
Long-term debt stood at $9.32B as of Q1 2026, up 3.8% YoY, while total assets grew 7.1% to $26.38B. The current ratio of 0.86x (below 1.0x) indicates current liabilities exceed current assets, though current liabilities declined 4.3% YoY, showing some improvement in near-term liquidity positioning.
来源: Source: 10-Q Balance Sheet / Key Ratios
SG&A expenses grew 9.8% YoY to $1.97B, significantly faster than revenue growth of 6.8%. If this trend persists, it could erode operating margins and offset the benefits of gross margin expansion. Management will need to demonstrate cost discipline to sustain profitability improvement.
来源: Source: 10-Q Income Statement
Sherwin-Williams' current ratio of 0.86x means current liabilities of $7.53B exceed current assets of $6.50B, indicating potential short-term liquidity pressure. While current liabilities declined 4.3% YoY, the company's cash position of only $216.9M is relatively thin relative to its liability base. This could constrain financial flexibility if operating conditions deteriorate.
来源: Source: 10-Q Balance Sheet / Key Ratios
Long-term debt of $9.32B represents a significant leverage burden, and continued debt growth (up 3.8% YoY) increases interest expense risk, particularly in a higher-for-longer interest rate environment. With ROA at only 2.0%, the company must generate sufficient returns to service this debt load effectively.
来源: Source: 10-Q Balance Sheet / Key Ratios
Cost of revenue grew 5.1% YoY to $2.89B, and while gross margins expanded in Q1 2026, paint and coatings manufacturers remain exposed to fluctuations in petrochemical-derived raw material prices. Any reversal in favorable input cost trends could compress the gross margin gains achieved this quarter.
来源: Source: 10-Q Income Statement
Financing cash flow fell sharply to $47.6M in Q1 2026 from $367.2M in Q1 2025, an 87.0% decline. This may reflect reduced debt issuance or share repurchase activity changes, and limits the company's ability to fund growth or return capital to shareholders through external financing in the near term.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $2.35，分析师一致预期 $2.28，超预期 +3.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $5.67B | $5.31B | +6.81% |
营业成本 | $2.89B | $2.75B | +5.09% |
毛利润 | $2.78B | $2.56B | +8.65% |
净利润 | $534.7M | $503.9M | +6.11% |
每股收益（基本） | $2.18 | $2.02 | +7.92% |
每股收益（稀释） | $2.15 | $2.00 | +7.50% |
销售及管理费用 | $1.97B | $1.79B | +9.80% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $26.38B | $24.64B | +7.07% |
流动资产 | $6.5B | $6.04B | +7.62% |
流动负债 | $7.53B | $7.88B | -4.34% |
股东权益 | $4.43B | $4.13B | +7.29% |
现金及等价物 | $216.9M | $199.8M | +8.56% |
长期债务 | $9.32B | $8.98B | +3.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $139.1M | $-61.1M | +327.66% |
投资活动现金流 | $-170.5M | $-316.2M | +46.08% |
筹资活动现金流 | $47.6M | $367.2M | -87.04% |
股息支出 | $197.1M | $200.4M | -1.65% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 49.1% | 48.2% | +0.83% |
净利率 | 9.4% | — | — |
净资产收益率 | 12.1% | — | — |
总资产收益率 | 2.0% | — | — |
流动比率 | $0.863 | — | — |
Sherwin-Williams reported Q1 2026 revenue of $5.67B, up 6.8% YoY, and net income of $534.7M, up 6.1% YoY. Diluted EPS came in at $2.15, a 7.5% improvement over Q1 2025's $2.00, supported by gross margin expansion to 49.1%.
The key highlights from Sherwin-Williams' Q1 2026 report include strong revenue growth of 6.8%, gross margin expansion of ~83 basis points to 49.1%, and a dramatic recovery in operating cash flow to $139.1M from -$61.1M in Q1 2025. However, SG&A expenses rose 9.8% YoY, outpacing revenue growth, which is a potential concern for operating leverage going forward.
Based on the financial data, key risks include a current ratio below 1.0x (0.86x), indicating near-term liquidity tightness, and long-term debt of $9.32B that creates significant leverage risk. Additionally, SG&A cost growth of 9.8% outpacing revenue growth of 6.8% poses a risk to operating margin sustainability.
Sherwin-Williams' revenue grew 6.8% YoY to $5.67B in Q1 2026, compared to $5.31B in Q1 2025. This growth was accompanied by gross profit rising 8.7% to $2.78B, suggesting the company also improved its cost efficiency relative to sales.
Sherwin-Williams shows mixed financial health: total assets grew 7.1% to $26.38B and stockholders' equity rose 7.3% to $4.43B, but the current ratio of 0.86x and long-term debt of $9.32B highlight ongoing leverage and liquidity considerations. Operating cash flow recovered strongly to $139.1M, which is a positive sign for near-term cash generation.