Sherwin-Williams filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $24.9 billion, a rise of 7.0% on the year before. That growth rate was up 1.3 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY24 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY23 Q4 | 4.1% | 18.1% | 11.4% |
| FY24 Q1 | 1.7% | 18.3% | 10.5% |
| FY24 Q2 | 0.2% | 19.1% | 10.3% |
| FY24 Q3 | 0.1% | 19.1% | 8.9% |
What stands out
Net income rose 4.1% over the year while free cash flow rose 26.8%, indicating that reported profit and cash are moving at different speeds.
What the company earns
Profit and cash tell different stories, with cash flow growing far faster. The trailing gross margin was 48.6%. The trailing net margin was 10.7%. Net income over the twelve months was $2.7 billion, which rose 4.1% on the year before.
Cash flow
Today’s cash margin sits near the top of the company’s own record. Operating cash flow over the twelve months was $3.7 billion, up 11.8% on the year before. Capital spending was $605.8 million, or 2.4% of revenue. Free cash flow, defined as operating cash flow less capital spending, was $3.1 billion, up 26.8% on the year before. The free-cash-flow margin stood at 12.4% of revenue, up 1.9 percentage points from a year earlier.
The share base
The average diluted share count fell 1.9% over the year.
How today compares
Today’s twelve-month revenue growth rate of 7.0% is higher than 55% of past readings (−8.3% to 37.2%).
Guidance
The company raised its full year 2026 guidance for diluted net income per share to a range of $10.92 to $11.32.
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 29.3%, and 5 percentage points higher would raise it by 38.2%. A free-cash-flow margin 1 percentage point lower would lower it by 8.4%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
