PPG Industries Inc., founded in 1883 and headquartered in Pittsburgh, Pennsylvania, United States, is a global supplier of paints, coatings, and specialty materials. The company generates revenue from a diversified portfolio that includes flagship products like PPG Paints and Sigma coatings across architectural, industrial, and automotive segments. Under the leadership of CEO Michael H. McGarry since 2013, PPG has established a strong competitive position globally. Its forward-looking strategy emphasizes sustainability, digital transformation, and continuous innovation to drive long-term growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
15,875,000
15,845,000
16,242,000
15,614,000
Cost of Sales
9,316,000
9,252,000
9,678,000
9,975,000
Gross Profit
6,559,000
6,593,000
6,564,000
5,639,000
Selling, General & Administrative Expenses
3,439,000
3,391,000
3,401,000
3,037,000
Depreciation & Amortization Expenses
528,000
492,000
514,000
502,000
Research & Development Expenses
423,000
423,000
424,000
434,000
Other Operating Expenses
36,000
371,000
428,000
198,000
Operating Profit
2,133,000
1,916,000
1,797,000
1,468,000
Interest and Investment Income
153,000
177,000
140,000
54,000
Interest Expense
(241,000)
(241,000)
(247,000)
(167,000)
Total Non-Operating Income
(88,000)
(64,000)
(107,000)
(113,000)
Income Before Provision for Income Taxes
2,045,000
1,852,000
1,690,000
1,355,000
Provision for Income Taxes
458,000
475,000
428,000
320,000
Consolidated Net Income
1,587,000
1,377,000
1,262,000
1,035,000
Net Income Attributable to Minority Interests and Other
16,000
33,000
39,000
28,000
Net Income Attributable to Discontinued Operations
5,000
(228,000)
47,000
19,000
Net Income Attributable to Common Shareholders
1,576,000
1,116,000
1,270,000
1,026,000
Basic EPS
6.96
4.77
5.38
4.26
Diluted EPS
6.94
4.75
5.35
4.24
Basic Weighted Average Shares Outstanding
226,300
233,800
236,000
236,100
Diluted Weighted Average Shares Outstanding
227,100
234,900
237,200
237,300
Shares Outstanding
223,427
229,928
235,211
235,074
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
2,163,000
1,270,000
1,493,000
1,099,000
Short-Term Investments
56,000
88,000
75,000
55,000
Total Cash and Cash Equivalents
2,219,000
1,358,000
1,568,000
1,154,000
Accounts Receivable
3,336,000
2,985,000
3,007,000
3,303,000
Total Trade Receivables
3,336,000
2,985,000
3,007,000
3,303,000
Inventories
1,996,000
1,846,000
1,934,000
2,272,000
Other Current Assets
408,000
368,000
922,000
444,000
Total Current Assets
7,959,000
6,557,000
7,431,000
7,173,000
Net Property, Plant & Equipment
4,609,000
4,061,000
4,021,000
4,157,000
Net Intangible Assets
1,971,000
1,922,000
2,261,000
2,414,000
Goodwill
6,149,000
5,690,000
6,115,000
6,078,000
Long-Term Investments
332,000
331,000
254,000
244,000
Other Long-Term Assets
1,078,000
872,000
1,565,000
678,000
Total Assets
22,098,000
19,433,000
21,647,000
20,744,000
Accounts Payable
3,957,000
3,731,000
4,161,000
4,087,000
Short-Term Debt
706,000
939,000
306,000
313,000
Current Portion of Leases
138,000
126,000
128,000
183,000
Other Current Liabilities
99,000
128,000
459,000
138,000
Total Current Liabilities
4,900,000
5,014,000
5,054,000
4,721,000
Long-Term Debt
6,602,000
4,876,000
5,748,000
6,503,000
Leases
450,000
454,000
417,000
636,000
Other Long-Term Liabilities
2,049,000
2,127,000
2,405,000
2,175,000
Total Long-Term Liabilities
9,101,000
7,457,000
8,570,000
9,314,000
Total Liabilities
14,001,000
12,471,000
13,624,000
14,035,000
Common Stock
969,000
969,000
969,000
969,000
Treasury Stock
(15,119,000)
(14,342,000)
(13,600,000)
(13,525,000)
Additional Paid-in Capital
1,325,000
1,272,000
1,202,000
1,130,000
Accumulated Other Comprehensive Income
(2,176,000)
(3,108,000)
(2,239,000)
(2,810,000)
Retained Earnings
22,942,000
21,994,000
21,500,000
20,828,000
Total Common Shareholders' Equity
7,941,000
6,785,000
7,832,000
6,592,000
Minority Interests and Other
156,000
177,000
191,000
117,000
Total Shareholders' Equity
8,097,000
6,962,000
8,023,000
6,709,000
Total Liabilities and Shareholders' Equity
22,098,000
19,433,000
21,647,000
20,744,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
3,184,000
2,298,000
2,618,000
2,108,000
Depreciation & Amortization
528,000
492,000
514,000
502,000
Share-Based Compensation Expense
46,000
42,000
56,000
34,000
Other Adjustments
3,000
472,000
(29,000)
113,000
Changes in Trade Receivables
(190,000)
(181,000)
12,000
(248,000)
Changes in Inventories
(35,000)
(27,000)
145,000
(177,000)
Changes in Accounts Payable
67,000
(259,000)
151,000
21,000
Changes in Income Taxes Payable
(105,000)
(31,000)
71,000
143,000
Changes in Other Operating Activities
35,000
(304,000)
(78,000)
(423,000)
Cash from Operating Activities
1,941,000
1,420,000
2,411,000
963,000
Capital Expenditure
(778,000)
(721,000)
(516,000)
(486,000)
Payments for Business Acquisitions
(1,000)
(31,000)
(109,000)
(114,000)
Proceeds from Business Divestments
43,000
325,000
36,000
117,000
Other Investing Activities
36,000
28,000
59,000
50,000
Cash from Investing Activities
(700,000)
107,000
(556,000)
(461,000)
Issuance of Short-Term Debt
—
—
—
(439,000)
Net Issuance / (Repayments) of Short-Term Debt
—
—
—
(439,000)
Issuance of Long-Term Debt
1,942,000
274,000
550,000
1,116,000
Repayments of Long-Term Debt
(1,039,000)
(1,400,000)
(300,000)
(300,000)
Net Issuance / (Repayments) of Long-Term Debt
903,000
(1,126,000)
250,000
816,000
Repurchases of Common Shares
(790,000)
(752,000)
(86,000)
(190,000)
Net Issuance / (Repurchases) of Common Shares
(790,000)
(752,000)
(86,000)
(190,000)
Common Share Dividends Paid
(628,000)
(622,000)
(598,000)
(570,000)
Other Financing Activities
(30,000)
(25,000)
(16,000)
(26,000)
Cash from Financing Activities
(545,000)
(1,425,000)
(1,550,000)
(409,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
197,000
(325,000)
105,000
(2,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash