FirmAtlas

Company handbook · PPG · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

PPG · CIK 79879 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026

PPG INDUSTRIES, INC.

$107.39 −0.42 (−0.39%)

Close, Oct 16, 2026 · 52-week $93–133

↗ ppg.com

Last fiscal year

PPG INDUSTRIES, INC. reported revenue of $15.9B for the year ended Dec 31, 2025 (FY25), up 0.2% from FY24. Net income was $1.6B, operating cash flow $1.9B and free cash flow $1.2B. Source: 10-K filed Feb 19, 2026.

Market cap

$24.0B

P/E

15.1

P/B

3.0

Div yield

2.67%

Revenue 1Y

0.2%/yr

EPS 1Y

46.1%/yr

Shares 1Y

−3%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOTimothy M. Knavish

HQPittsburgh, PA

AuditorPricewaterhouseCoopers LLP

Employees43,500

Year endsDecember

Revenue by segment · FY25

Industrial Coatings41%

Performance Coatings35%

Global Architectural Coatings24%

Compounded growth & averages

10Y

TTM

Share price

1.5%

−7.7%

−6.3%

6.3%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$4.3B deployed

Capex $1.5B 34.7%

Acquisitions $32M 0.7%

Dividends $1.2B 28.9%

Buybacks $1.5B 35.7%

Operating cash flow over the period: $3.4B. Total debt changed by +$1.5B. R&D of $893M is already inside operating costs.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Jul 28, 2026 Quarterly results 8-K Apr 28, 2026 Quarterly results 8-K Apr 28, 2026 Executive or director change 8-K Apr 21, 2026 Executive or director change 8-K Apr 15, 2026 Quarterly results 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

15,845

15,875+0.2%

16,121

YoY

+0.2%

Gross profit

6,593

6,559−0.5%

6,672

Gross margin

41.6%

41.3%−0.3 pp

—

Interest expense

241

241+0.0%

—

Net income

1,116

1,576+41.2%

1,585

YoY

+41.2%

Net margin

7.0%

9.9%+2.9 pp

—

EPS (diluted, $)

4.75

6.94+46.1%

7.02

YoY

+46.1%

Balance sheet

FY24 FY25

TTM

Total assets

19,433

22,098+13.7%

22,150

Cash & short-term investments

1,358

2,219+63.4%

—

Accounts receivable

2,477

2,783+12.4%

—

Inventory

1,846

1,996+8.1%

—

Net PP&E

3,464

4,005+15.6%

—

Other assets

10,288

11,095+7.8%

—

Total liabilities

12,648

14,157+11.9%

14,046

Accounts payable

3,731

3,957+6.1%

—

Total debt

5,808

7,304+25.8%

7,137

Other liabilities

3,109

2,896−6.9%

—

Shareholders’ equity

6,785

7,941+17.0%

8,104

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

1,420

1,941+36.7%

1,992

Net income

1,149

1,592+38.6%

—

Depreciation & amortization

492

528+7.3%

—

Stock-based compensation

46+9.5%

—

Working capital & other

(263)

(225)n/m

—

Cash from investing

107

(700)−754.2%

—

Capex

(721)

(778)n/m

—

Acquisitions

(31)

(1)n/m

—

Other investing

859

79−90.8%

—

Cash from financing

(1,425)

(545)n/m

—

Debt repaid

(300)

(1,039)n/m

—

Dividends

(622)

(628)n/m

—

Buybacks

(752)

(790)n/m

—

Shares issued

20−16.7%

—

Other financing

225

1,892+740.9%

—

Net change in cash

(223)

893n/m

—

Free cash flow (OCF − capex)

699

1,163+66.4%

1,227

Where the cash went

FY24 FY25

TTM

Operating cash flow

1,420

1,941+36.7%

1,992

Reinvested in the business

752

779+3.6%

—

% of operating cash flow

53.0%

40.1%

Capex

721

778+7.9%

765

Acquisitions

1−96.8%

—

R&D (memo, already in costs)

447

446−0.2%

—

Free cash flow

699

1,163+66.4%

1,227

YoY

+66.4%

Returned to shareholders

1,374

1,418+3.2%

—

% of free cash flow

196.6%

121.9%

Dividends

622

628+1.0%

—

Buybacks

752

790+5.1%

—

Change in total debt

—

1,496

—

Cash left over

—

1,240

—

FCF conversion (FCF ÷ net income)

62.6%

73.8%+11.2 pp

—

Owner earnings

—

1,096

—

Owner earnings margin

—

6.9%

—

Buyback yield

2.7%

3.5%+0.7 pp

—

Returns & ratios

FY24 FY25

TTM

Debt / equity

0.86x

0.92x+0.06x

—

Cash conversion cycle (days)

−17

−13+4 d

—

ROE

16.4%

19.8%+3.4 pp

—

ROA

5.7%

7.1%+1.4 pp

—

Invested capital (operating)

4,056

4,827+19.0%

—

Invested capital (all)

11,235

13,026+15.9%

—

Debtor days

64+7 d

—

Inventory days

78+5 d

—

Days payable

147

155+8 d

—

Income

Jun '25

Sep '25

Dec '25

Mar '26

Revenue

4,195

4,082

3,914

3,930

vs year-ago quarter

Gross profit

1,763

1,656

1,598

1,655

Gross margin

42.0%

40.6%

40.8%

42.1%

Operating income

743

689

—

636

Net income

450

453

300

382

vs year-ago quarter

Net margin

10.7%

11.1%

7.7%

9.7%

EPS (diluted, $)

1.98

2.00

1.34

1.70

vs year-ago quarter

Balance sheet

Jun '25

Sep '25

Dec '25

Mar '26

Total assets

22,099

22,144

22,098

22,150

Cash & equivalents

1,561

1,832

2,219

1,573

Total debt

7,326

7,307

7,304

7,137

Shareholders’ equity

7,577

7,800

7,941

8,104

Cash flow

Jun '25

Sep '25

Dec '25

Mar '26

Operating cash flow

387

685

887

Capex

121

147

301

196

Free cash flow

266

538

586

(163)

vs year-ago quarter