Sherwin-Williams Reports Record Net Sales of $23.099 Billion for Fiscal Year 2024

The Sherwin-Williams Company reported a record net sales of $23.099 billion for the fiscal year ending December 31, 2024, marking a slight increase of 0.2% compared to $23.052 billion in 2023. The Paint Stores Group was the primary driver of this growth, with sales rising by 2.7% to $13.188 billion, attributed to both increased sales volume and higher selling prices. In contrast, the Consumer Brands Group experienced a decline in sales of 7.7%, totaling $3.108 billion, largely due to decreased demand in the DIY segment and unfavorable foreign currency impacts. The Performance Coatings Group also saw a minor decrease of 0.7%, with sales of $6.797 billion, impacted by selling price reductions and currency translation losses.

Profitability metrics showed positive trends, with diluted net income per share increasing by 14.1% to $10.55, up from $9.25 in the previous year. Adjusted diluted net income per share rose by 9.5% to $11.33. The company generated net operating cash of $3.153 billion, representing 13.7% of net sales, and achieved an Adjusted EBITDA of $4.492 billion, or 19.4% of net sales, reflecting a 6.0% increase from the prior year.

Strategically, Sherwin-Williams continued to expand its operations, opening 79 net new stores in the Paint Stores Group, bringing the total to 4,773 locations across North America and the Caribbean. The Consumer Brands Group also opened 16 new stores in Latin America, increasing its total to 334. The Performance Coatings Group added 2 new branches, totaling 324. The company is actively pursuing growth opportunities, with plans to open an additional 80 to 100 new stores in 2025 and evaluate acquisitions that align with its long-term strategy.

The company’s workforce stood at 63,890 employees as of December 31, 2024, with approximately 75% based in the United States. Sherwin-Williams is focused on enhancing employee engagement and retention through various initiatives, including talent acquisition programs and a commitment to occupational health and safety. The company also reported a total debt of approximately $9.888 billion, a slight increase from the previous year, and maintained a strong liquidity position with $210.4 million in cash and $3.274 billion in unused credit capacity.

Looking ahead, Sherwin-Williams anticipates continued economic pressures affecting consumer behavior in both North America and Europe in 2025. Despite expected demand softness in several end markets, the company remains confident in its growth strategy, "Success by Design," which emphasizes innovation and operational efficiency. The company plans to manage rising raw material and employee-related costs through simplification efforts and productivity improvements while continuing to invest in its growth initiatives.