Sherwin-Williams stands as a global leader in the paint, coatings, and related products industry, embodying a proactive and disciplined approach known as “Success by Design.” This philosophy drives the company’s mission to help customers succeed through innovative solutions, strategic growth, and operational excellence. With a rich history dating back to 1866 and a robust presence across more than 120 countries, Sherwin-Williams continues to deliver record-breaking results while investing in a future of sustained success.
Business Segments
Sherwin-Williams operates through three distinct business segments, each contributing uniquely to its $23.1 billion net sales in 2024. These segments are strategically designed to cater to diverse customer needs, from professional contractors to industrial clients and retail consumers.
Paint Stores Group (57% Revenue Share)
This segment operates a unique controlled-distribution model with 4,773 Company-owned stores serving as exclusive outlets for Sherwin-Williams® branded paints and related products in the USA, Canada, and the Caribbean. It primarily serves professional architectural paint contractors, supported by thousands of highly trained store managers and field sales representatives. The group also targets do-it-yourself customers, achieving $13.2 billion in sales in 2024, a 2.7% increase driven by volume growth and price realization. The segment’s success is attributed to its focus on residential repaint, protective & marine, new residential, and commercial markets, despite softer demand in property maintenance and do-it-yourself sectors.
Consumer Brands Group (29% Revenue Share)
Selling a premier portfolio of branded architectural paints, stains, and related products, this segment operates through retailers and distributors in North America and Europe. It also manages 334 Company-owned stores, dealers, and retailers in Latin America. Additionally, it oversees the company’s global supply chain, including procurement, manufacturing, and distribution, contributing $6.699 billion to the 2024 net sales. The group’s strength lies in its North American home-center partnerships and targeted initiatives in Latin America and Europe, enhancing its market penetration.
Performance Coatings Group (14% Revenue Share)
This segment serves industrial customers in over 120 countries, offering a broad range of coatings. Large-scale orders are shipped factory-direct, while smaller, customized batches are available through strategically located blending facilities. Selected products are also sold through Company-owned branches and authorized distributors, generating $3.234 billion in 2024 net sales. The group’s record new business wins and high adjusted segment margin reflect its competitive edge in industrial markets.
Products and Services
Sherwin-Williams provides an extensive array of products and services tailored to enhance customer productivity and profitability. The following offerings stand out:
- Gallery Series™ Waterborne Topcoat A hard-wearing, professional-grade coating achieving a factory-like finish on cabinets, trim, and millwork, catering to professional needs.
- Emerald® Rain Refresh® Exterior self-cleaning coatings that keep surfaces cleaner longer, with dirt washing away upon contact with rain or water, ideal for durable exterior applications.
- Sherwin-Williams Color Expert™ App An AI-powered app providing tailored color recommendations for spaces, simplifying design choices for customers.
- Sherwin-Williams PRO+® and Color Visualizer Digital tools designed to streamline business processes and enhance the customer experience through advanced visualization and ordering capabilities.
These innovations, supported by an extensive store network and professional services, enable Sherwin-Williams to meet diverse market demands effectively, driving customer satisfaction and loyalty.
Company History
Founded in 1866 by Henry Sherwin and Edward Williams in Cleveland, Ohio, Sherwin-Williams began as a modest enterprise focused on paint and coatings. The company’s journey spans over 158 years, marked by consistent growth, innovation, and adaptation. From its humble beginnings, it has evolved into a global leader in the development, manufacture, distribution, and sale of paint, coatings, and related products. The milestone of $23.1 billion in net sales in 2024, the 14th consecutive year of sales increases, underscores its enduring success and strategic vision.
Brands
Sherwin-Williams nurtures a portfolio of renowned brands, each contributing to its market dominance. While specific revenue breakups for individual brands are not detailed, the Sherwin-Williams® brand underpins the majority of the Paint Stores Group’s 57% revenue share.
- Sherwin-Williams® The flagship brand, synonymous with quality paints and coatings, exclusively distributed through Company-owned stores, forming the backbone of the company’s retail presence.
- Emerald® Known for innovative self-cleaning coatings like Rain Refresh®, enhancing exterior durability and appealing to both professional and retail customers.
- Gallery Series™ A professional-grade line celebrated for its factory-like finishes, targeting high-end architectural and design projects.
These brands collectively reinforce Sherwin-Williams’ reputation for quality and innovation across its market segments.
Geographical Presence
With operations spanning more than 120 countries, Sherwin-Williams maintains a strong global footprint. The geographical distribution of its 4,773 paint stores, branches, and facilities reflects its strategic market coverage:
- United States Hosts 4,428 paint stores and 228 branches & facilities, including the corporate headquarters. This region likely contributes the largest revenue share due to the extensive store network and market demand.
- Canada Operates 259 paint stores and 22 branches & facilities, supporting North American market growth and serving professional and retail customers effectively.
- Caribbean Manages 86 paint stores and 2 facilities, expanding regional presence and catering to local construction needs.
- Latin America / South America Includes 334 paint stores and 24 branches & facilities, with significant growth driven by the Consumer Brands Group’s retail and distribution network.
- EMEAI (Europe, Middle East, Africa, India) Features 23 facilities and 60 branches & facilities, enhancing industrial and retail reach across diverse markets.
- Asia-Pacific Comprises 7 branches & facilities and 10 facilities, supporting the Performance Coatings Group’s industrial customer base.
While exact revenue breakups by region are not specified, the United States’ concentration of stores suggests it dominates the company’s financial performance.
Financials
Sherwin-Williams’ financial strength is evident in its consolidated profit and loss statement, balance sheet highlights, and cash flow statement, reflecting robust growth and disciplined investment.
Consolidated Profit & Loss Statement (in millions of dollars)
| Year | Net Sales | Net Income* | Diluted Net Income Per Share* |
|---|---|---|---|
| 2022 | $22,148.9 | $2,020.1 | $7.72 |
| 2023 | $23,051.9 | $2,388.8 | $9.25 |
| 2024 | $23,098.5 | $2,681.4 | $10.55 |
*Note: 2024 includes after-tax acquisition-related amortization expense of $199.0 million; 2023 includes $202.4 million, a $41.8 million loss from Argentine peso devaluation, $22.6 million restructuring expense, and $19.0 million impairment charge; 2022 includes $211.1 million and $53.4 million restructuring expense.
Cash Flow Statement (in millions of dollars)
| Year | Net Operating Cash | Capital Expenditures | Dividends & Share Repurchases |
|---|---|---|---|
| 2022 | $1,919.9 | Not Specified | Not Specified |
| 2023 | $3,521.9 | Not Specified | Not Specified |
| 2024 | $3,153.2 | $1,100.0 | $2,500.0 |
The company’s financial highlights include a gross margin increase to 48.5%, an EBITDA of $4.5 billion (up 8.2%), and a strong balance sheet with a net debt to EBITDA ratio of 2.2x, showcasing its ability to generate cash and invest in growth.
Physical Properties
Sherwin-Williams maintains an extensive network of physical assets, supporting its global operations and customer service:
- Corporate Headquarters Located in the United States, with a new global headquarters and R&D center under construction, expected to be occupied in 2025, symbolizing the company’s commitment to innovation.
- Paint Stores 4,773 Company-owned stores across the USA, Canada, and the Caribbean, serving as the backbone of the Paint Stores Group.
- Branches & Facilities
- United States: 228
- Canada: 22
- Caribbean: 2
- Latin America / South America: 24
- EMEAI: 60
- Asia-Pacific: 7
- Facilities
- United States: 63
- Canada: 4
- Caribbean: 2
- Latin America / South America: 4
- EMEAI: 23
- Asia-Pacific: 10
- Manufacturing and Blending Facilities Strategically located for supply chain responsiveness, with recent expansions in Statesville, NC, Waco, TX, Orlando, FL, and Tournus, France, enhancing production capacity.
These properties underscore the company’s extensive infrastructure, supporting its global supply chain and customer-centric approach.
Founders Details
- Henry Sherwin Co-founded Sherwin-Williams in 1866, bringing entrepreneurial vision and expertise in paint manufacturing, laying the foundation for its industry leadership.
- Edward Williams Partnered with Henry Sherwin in 1866, contributing business acumen and partnership that drove the company’s early growth and stability.
Board of Directors
The report highlights a collaborative and experienced board, with key leaders driving strategic direction:
- Heidi G. Petz Chair, President, and Chief Executive Officer, leading with a determined and experienced senior leadership team, fostering a culture of continuous improvement.
- Allen J. Mistysyn Senior Vice President – Finance and Chief Financial Officer, overseeing financial strategy and ensuring alignment with enterprise priorities.
While other directors are not named, the board’s wisdom and collaboration are emphasized as critical to the company’s success.
Future Investment Plans
Sherwin-Williams is poised for future growth with targeted investments designed to enhance capabilities and market position:
- New Global Headquarters and R&D Center A $1.1 billion investment in 2024, with occupancy expected in 2025, aimed at fostering innovation and growth initiatives.
- Capacity Expansions Ongoing expansions in Statesville, NC, Waco, TX, Orlando, FL, and Tournus, France, to enhance supply chain responsiveness and meet anticipated robust demand.
- Talent Development Continued hiring of over 1,500 management trainees and 100 sales reps in 2024, with plans to sustain long-term success through talent acquisition and training.
FAQs About Sherwin-Williams
What is Sherwin-Williams’ business philosophy?
Sherwin-Williams operates on a “Success by Design” philosophy, a proactive and disciplined approach that starts and ends with helping customers succeed. It involves aligning on desired outcomes, developing a roadmap, and executing with alignment and speed to drive above-market growth and profitability.
What are the main business segments of Sherwin-Williams?
Sherwin-Williams has three key segments: Paint Stores Group (57% revenue), Consumer Brands Group (29% revenue), and Performance Coatings Group (14% revenue). The Paint Stores Group operates 4,773 stores, the Consumer Brands Group manages global supply chains, and the Performance Coatings Group serves industrial clients worldwide.
What products and services does Sherwin-Williams offer?
Sherwin-Williams offers products like Gallery Series™ Waterborne Topcoat, Emerald® Rain Refresh® self-cleaning coatings, and the Sherwin-Williams Color Expert™ App. Services include digital tools like Sherwin-Williams PRO+® and Color Visualizer, enhancing customer productivity and profitability.
When was Sherwin-Williams founded and by whom?
Sherwin-Williams was founded in 1866 by Henry Sherwin and Edward Williams in Cleveland, Ohio, starting as a modest paint and coatings enterprise that has grown into a global leader.
Where is Sherwin-Williams geographically present?
Sherwin-Williams operates in over 120 countries, with significant presence in the United States (4,428 stores), Canada (259 stores), the Caribbean (86 stores), Latin America/South America (334 stores), EMEAI (23 facilities, 60 branches), and Asia-Pacific (7 branches, 10 facilities).
What were Sherwin-Williams’ financial highlights in 2024?
In 2024, Sherwin-Williams reported record net sales of $23.1 billion, net income of $2.681 billion, diluted net income per share of $10.55, and net operating cash of $3.153 billion, marking 14 consecutive years of sales growth.
Does Sherwin-Williams have subsidiaries or associates?
The company operates all 4,773 paint stores and facilities as Company-owned entities, indicating a fully integrated structure with no specific subsidiaries or associates detailed.
What physical properties does Sherwin-Williams own?
Sherwin-Williams owns 4,773 paint stores, corporate headquarters, and various branches and facilities across regions like the U.S. (228 branches, 63 facilities), Canada (22 branches, 4 facilities), and more, including new expansions in Statesville, NC, and Tournus, France.
Who are the key members of Sherwin-Williams’ board of directors?
Key members include Heidi G. Petz (Chair, President, and CEO) and Allen J. Mistysyn (Senior Vice President – Finance and CFO), supported by a wise and collaborative board driving strategic success.
What are the shareholding details for Sherwin-Williams?
Sherwin-Williams has repurchased 56.3 million shares in the last decade, maintained 46 consecutive years of dividend increases ($2.86 per share in 2024), and achieved a 16% average annual return over the decade.
Does Sherwin-Williams have a parent company?
No, Sherwin-Williams operates as an independent entity with no parent company.
What are Sherwin-Williams’ investment plans?
The company invested $1.1 billion in 2024 for a new global headquarters and R&D center (occupancy in 2025), plus capacity expansions in Statesville, NC, Waco, TX, Orlando, FL, and Tournus, France, to enhance future growth.
