Guidance
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FY2025 Q4
예상 부합
The Sherwin-Williams Company 실적 발표
Buzzberg 분석
2026 guidance assumes soft demand, benefits from price increases
Sherwin-Williams delivered a solid Q4 2025 with earnings growth driven by cost discipline, despite a challenging demand environment. Management provided a cautious 2026 outlook, expecting a 'softer for longer' market, with growth to be driven by share gains and pricing discipline rather than market recovery. Q4 2025 results beat expectations, with adjusted EPS up 6.7% and EBITDA margin expanding 120 bps.
Buzzberg 분석 2026 guidance assumes soft demand, benefits from price increases Sherwin-Williams delivered a solid Q4 2025 with earnings growth driven by cost discipline, despite a challenging demand environment. Management provided a cautious 2026 outlook, expecting a 'softer for longer' market, with growth to be driven by share gains and pricing discipline rather than market recovery. Q4 2025 results beat expectations, with adjusted EPS up 6.7% and EBITDA margin expanding 120 bps. 전체 분석 보기분석 접기
Sherwin-Williams delivered a solid Q4 2025 with earnings growth driven by cost discipline, despite a challenging demand environment. Management provided a cautious 2026 outlook, expecting a 'softer for longer' market, with growth to be driven by share gains and pricing discipline rather than market recovery. Q4 2025 results beat expectations, with adjusted EPS up 6.7% and EBITDA margin expanding 120 bps.
- 2026 guidance expects low-single-digit revenue growth and adjusted EPS of $11.50-$11.90, implying mid-point growth of 2.4%.
- Management anticipates a challenging demand environment to persist well into 2026, with no meaningful market recovery expected.
- Company is prioritizing volume and share gains, rather than aggressive price realization, in a 'jump ball' competitive environment.
매출$5.5959B보고값
주당순이익(EPS)$2.23보고값
매출총이익률48.84%보고값
영업이익률13.92%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Pricing
Paint Stores Group implemented 7% price increase effective January 1
Demand
Residential repaint remains top growth opportunity, outperforming market
핵심 내용 3개 더 보기
Market Share
New non-BPA coatings driving packaging share gains
Employee Costs
401(k) match reinstated and retroactively restored
Outlook
Expects third year of market outperformance despite weak demand
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $5.5959B | 보고값 |
| 주당순이익(EPS) | $2.23 | 보고값 |
| 매출총이익률 | 48.84% | 보고값 |
| 영업이익률 | 13.92% | 보고값 |
| 잉여현금흐름 | $0.8621B | 보고값 |
| 자본지출 | $0.2304B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $11.50–$11.90 | $11.70 | 신규 제시 |
| 매출총이익률 | FY2026 | 0% | 0% | 신규 제시 |
| 매출PAINT_STORES | FY2026 | -1%–1% | 0% | 신규 제시 |
| 매출PAINT_STORES | FY2026 | $1B | $1B | 신규 제시 |
| 매출CONSUMER_BRANDS | FY2026 Q1 | 14%–16% | 15% | 신규 제시 |
| 매출CONSUMER_BRANDS | FY2026 | 7%–10% | 8.5% | 신규 제시 |
| 매출PERFORMANCE_COATINGS | FY2026 | 0%–2% | 1% | 신규 제시 |
| 매출 | FY2026 | 2%–4% | 3% | 신규 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Cautiously Confident
The tone is measured and realistic about a challenging demand environment, but confident in the company's ability to outperform the market through share gains and disciplined cost control.
투자 및 생산능력
Management discussed continued strategic CapEx investments, including the new global headquarters and global technology center, which opened at the end of the year. They also expect to open 80 to 100 net new stores in the U.S. and Canada in 2026, with continued investments in sales reps, territories, innovation, and digital capabilities.
아래에 언급된 기업 2개 모두 표시
기업발표 이후 수익률
공급망
공급망
Heidi Petz
The 7% price increase on Jan 1 is expected to realize Low-single-digit given management's willingness to sacrifice price for volume in a 'jump ball' competitive environment. — Indicates a price war in the paint industry, with Sherwin-Williams prioritizing market share over price realization, which will pressure competitors like PPG to defend their share.
근거
“I would frame it more as a jump ball environment, to be honest with you. And so we're going to continue to be, as you would expect, extremely aggressive as it relates to chasing volume right now.”
공급망
Heidi Petz
Sherwin-Williams is aggressively pursuing new accounts in Performance Coatings Group (PCG) despite weak industrial demand, with strong wins in industrial wood and general industrial. — Demonstrates that Sherwin-Williams is taking market share from competitors like Axalta in the industrial coatings space, even in a flat market.
근거
“Our industrial wood and general industrial divisions had the strongest new account growth in the group last year, We expect these wins to drive low single-digit growth in both of these divisions, even as core demand remains very weak.”
외부 신호
공급망 알파 · 3발표 이후 수익률
The 7% price increase on Jan 1 is expected to realize Low-single-digit given management's willingness to sacrifice price for volume in a 'jump ball' competitive environment.
Packaging coatings conversion to non-BPA technology is still in early innings in Asia and Latin America, while North America and Europe are ahead, implying a multi-year growth runway.
근거
“In terms of how much is left to go, I would say that in Asia and Latin, there's still quite a bit to go. North America, and as Heidi just pointed out, Europe are farther ahead on that.”
Sherwin-Williams is aggressively pursuing new accounts in Performance Coatings Group (PCG) despite weak industrial demand, with strong wins in industrial wood and general industrial.
방법론 및 범위
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