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There is no defensible winner without same-day valuation data. On the latest comparable quarter (ended June 30, 2026), Sherwin-Williams delivered faster adjusted-EPS growth and raised its full-year outlook. PPG produced solid organic sales growth, but adjusted EPS was essentially flat and margins were mixed by segment. Sherwin-Williams is the stronger operating-growth candidate on these results; PPG may suit investors who prefer broader international and industrial exposure. The stock-level choice still depends on each company’s price, earnings estimates, cash flow and dividend yield on the same date.
This comparison uses the companies’ second-quarter releases and 2025 year-end disclosures available through October 16, 2026. Both companies scheduled third-quarter reports for October 27, so an investor acting after that date should replace the second-quarter figures and guidance with the new numbers.
What the latest quarter actually showed
Both companies reported second-quarter 2026 results on July 28, making the quarter ended June 30 the most recent directly comparable period available before their scheduled third-quarter releases on October 27, 2026. The figures below are issuer-reported; adjusted earnings are non-GAAP measures and the companies’ definitions can differ.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →| Metric (Q2 2026) | Sherwin-Williams | PPG |
|---|---|---|
| Net sales | $6.789 billion, up 7.5% year over year | $4.495 billion, up 7% |
| Adjusted EPS | $3.70, up 9.5% | $2.23, versus $2.22 a year earlier (effectively flat) |
| Reported diluted EPS | $3.43, up 14.3% | The release emphasized adjusted EPS for the comparison |
| Full-year 2026 adjusted EPS outlook | $11.80–$12.20, raised from the prior outlook | $7.70–$8.10, reaffirmed |
| Organic-sales detail | Paint Stores Group sales up 5.1%; same-store sales up 4.2% | Organic sales up 4%, with price and volume each contributing 2% |
Sherwin-Williams’ release is available at its Q2 2026 results announcement; PPG’s figures come from its Q2 2026 release.
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These are not perfectly interchangeable earnings statistics. Sherwin-Williams reports both GAAP diluted EPS and an adjusted figure, while PPG’s headline comparison used adjusted EPS. A reader should first decide whether the question is about reported accounting earnings or management’s adjusted view, then apply that choice consistently to both companies.
How the two companies make money
Sherwin-Williams: a channel-controlled paint model
Sherwin-Williams combines a large company-operated paint-store and branch network with consumer and performance-coatings operations. Controlling a substantial portion of the sales channel can support service, product availability and relationships with professional contractors. It also leaves results tied to repaint activity, construction and regional economic conditions. The company describes its operations and distribution system on its investor-information page.
In Q2, Paint Stores Group sales growth came from mid-single-digit price increases and low-single-digit volume growth. That mix indicates that revenue was not dependent on pricing alone, although management still reported soft demand indicators for the second half. Same-store sales rose 4.2%, which helps separate demand at existing locations from growth created by opening additional stores.
The store network can be an operating advantage because professional customers often value local inventory, technical advice and rapid fulfillment. It can also create fixed costs: rent, labor, distribution and inventory must be managed when contractor activity slows. Investors should therefore follow same-store sales, store productivity and segment margins rather than treating the network as an automatic moat.
PPG: broader international and industrial exposure
PPG operates across architectural, performance and industrial coatings and specialty products in international markets. Its mix includes architectural coatings, automotive refinish and original-equipment applications, aerospace, protective and marine and other industrial end markets. The company’s annual-report overview sets out that diversified structure.
Diversification can reduce dependence on a single customer channel, but it also exposes shareholders to more varied cycles. Automotive, transportation, factory output, construction and regional currencies can move in different directions in the same quarter. A weak automotive-refinish period does not necessarily mean architectural demand is weak, but consolidated results can still suffer when a large segment loses margin.
PPG’s international footprint also makes currency translation and regional pricing important. Reported sales, organic sales and volume should be read separately: reported growth can include currency or portfolio effects, while organic growth is intended to show the underlying businesses after those factors.
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Sherwin-Williams
Consolidated sales rose 7.5% and adjusted diluted EPS rose 9.5%. Within Paint Stores Group, same-store sales increased 4.2%, a useful indicator because it excludes the effect of opening or closing stores. Management attributed the increase to mid-single-digit pricing and low-single-digit volume. Price realization can protect revenue when raw-material costs rise, while volume growth is usually a stronger signal of underlying demand; here, both contributed.
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The distinction between price and volume matters for the next several quarters. If price increases lead customers to delay projects or switch products, volume may weaken later. Conversely, stable volume after a price increase suggests better retention and a healthier demand environment. Investors should compare future price, volume and mix disclosures with gross-margin performance to see whether higher prices are covering costs or merely masking lower activity.
The company nevertheless cautioned that customer sentiment and leading indicators point to continued softness in the second half. Chief executive Heidi G. Petz said, “While customer sentiment and the leading indicators we track point to continued demand softness in the second half, we remain focused on the actions within our control.” That is management commentary, not an independent forecast. The quotation appears in the Q2 release.
PPG
PPG reported 4% organic sales growth, split evenly between 2% price and 2% volume. That balance is encouraging because it shows customers bought more as well as paid higher prices. However, adjusted EPS of $2.23 was essentially unchanged from $2.22, so sales growth did not yet translate into per-share earnings growth.
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Chief executive Tim Knavish described the result as “PPG’s sixth consecutive quarter of organic sales growth” with equal contributions from volume and selling prices. The statement is management’s characterization in the company release; investors still need to check whether margins and cash conversion improve in subsequent quarters.
Flat EPS despite higher sales can result from input inflation, unfavorable mix, restructuring costs, interest expense, taxes or share-count changes. The Q2 segment data point most clearly to margin pressure in Performance and Industrial Coatings. A durable recovery would require more than another quarter of sales growth; it would require incremental sales to produce better operating profit.
Margins reveal different execution patterns
PPG’s segment divergence
PPG’s Global Architectural Coatings business increased sales 8% and expanded EBITDA margin by 100 basis points. Performance Coatings sales rose 7%, but EBITDA margin fell 300 basis points, with weaker automotive-refinish demand cited as a factor. Industrial Coatings sales increased 7% and volume grew 5%, yet EBITDA margin declined 70 basis points. The combination explains why a healthy top line produced little EPS progress.
The pattern also raises a monitoring question: can architectural strength and cost actions offset continued weakness in automotive and industrial businesses? A single consolidated margin number could hide that answer. Review each segment’s sales, volume, pricing and EBITDA margin, then ask whether improvement comes from sustainable demand, temporary cost relief or portfolio actions.
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PPG’s 2025 Form 10-K reported aggregate segment margins down 60 basis points. That establishes a recent margin-recovery hurdle: 2026 results need to show whether the decline is reversing rather than simply stabilizing. Margin expansion is especially important for valuation because sales growth without operating leverage may not support higher per-share cash generation.
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Sherwin-Williams’ cost pressure
Sherwin-Williams raised its earnings outlook despite noting broad inflation in raw materials, energy, logistics and packaging. That implies management expects pricing, productivity or mix to offset at least part of those costs, but the release does not eliminate the risk that softer demand limits future price increases. Watch gross and operating margins, Paint Stores same-store sales and inventory trends when the next report arrives.
A raised outlook is useful evidence of execution, but it is not a guarantee. If demand softness intensifies, stores may need promotions or customers may reduce project spending. If costs ease, the company could retain more of its pricing benefit; if costs rise again, the same guidance range could become harder to achieve. The important test is whether earnings growth is supported by recurring operating improvement rather than one-time adjustments.
2026 outlook and 2025 operating base
| Measure | Sherwin-Williams | PPG |
|---|---|---|
| 2025 sales | $23.57 billion | $15.9 billion |
| 2025 adjusted diluted EPS | $11.43 | $7.58, down 4% from $7.87 in 2024 |
| 2025 cash or capital-return detail | $3.45 billion net operating cash | $790 million share repurchases and $628 million dividends |
| 2026 management outlook | Adjusted diluted EPS $11.80–$12.20 | Adjusted EPS $7.70–$8.10; organic sales flat to low-single-digit growth |
Sherwin-Williams’ 2025 figures are reported in its year-end results. PPG’s 2025 results, including capital returns and guidance, are in its full-year release.
The outlook ranges should be treated as management scenarios, not analyst guarantees. Sherwin-Williams’ range of $11.80 to $12.20 is above its $11.43 adjusted diluted EPS in 2025, while PPG’s $7.70 to $8.10 range brackets a modest improvement over its $7.58 2025 result. The absolute EPS levels are not a measure of relative cheapness because the companies have different share prices, share counts and capital structures.
PPG’s 2025 Form 10-K reported aggregate segment margins down 60 basis points; the filing is available from the SEC. That decline is an important starting point for judging whether 2026 margin recovery is occurring or merely being promised.
Dividends and capital allocation
A long dividend record is evidence of consistency, not a current yield or guarantee of safety. Through 2025, Sherwin-Williams reported 47 consecutive annual dividend increases. PPG reported 54 consecutive annual per-share increases and 126 successive years of annual dividend payments. Those histories are documented in the companies’ year-end releases cited above.
To compare income, use the annualized dividend divided by the share price on one specific date. Also examine payout ratio, operating cash flow, debt maturities and the cash left after capital spending. PPG returned $790 million through repurchases and paid $628 million in dividends during 2025. Sherwin-Williams reported $3.45 billion of 2025 net operating cash, but the figures are not directly interchangeable without matching free-cash-flow definitions and capital expenditures.
Buybacks can increase per-share earnings when shares are repurchased below intrinsic value, but they can destroy value when made at excessive prices or funded with additional debt. Dividends are more visible, yet a rising dividend can still be less attractive than debt reduction or reinvestment if operating conditions are weak. Compare total cash returned with leverage, interest costs and the companies’ stated priorities.
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Valuation is the missing piece of the stock decision
The operating comparison does not establish which shares are cheaper. No verified same-date market price, trailing or forward P/E, enterprise-value multiple, free-cash-flow yield or dividend yield is established here. Those inputs change daily and must be refreshed immediately before publication or purchase.
Use one date and one earnings basis
- Record both closing share prices on the same market date.
- Calculate trailing P/E from the most recent four quarters of GAAP diluted EPS, and label it trailing.
- Calculate forward P/E using a clearly identified consensus or management-based estimate; do not mix Sherwin-Williams’ adjusted EPS with PPG’s GAAP EPS.
- For EV/EBITDA, use the same definition of debt, cash, minority interest and trailing or forecast EBITDA for both companies.
- Compute free-cash-flow yield as the selected period’s free cash flow divided by equity value, explaining whether free cash flow is company-reported or calculated.
- Compute dividend yield from the annualized regular dividend and that same-date share price.
Because adjusted EPS is non-GAAP, the companies’ add-backs may differ. A lower adjusted P/E is not automatically a lower valuation if one company excludes more recurring costs. Reconcile adjusted figures to GAAP before drawing a conclusion.
Use a range rather than a single-point forecast when uncertainty is high. For example, test each stock against the low and high ends of management’s 2026 EPS guidance, then consider what P/E the market price implies in each case. This does not predict the share price; it shows how sensitive the investment case is to execution.
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Which investor might prefer each stock?
Sherwin-Williams may fit when
- You value the potential benefits of a company-operated store and branch network.
- You want the latest quarter’s faster adjusted-EPS growth and a raised 2026 outlook.
- You accept exposure to repaint, contractor, construction and U.S.-centered demand cycles.
- Your valuation work shows the premium, if any, is supported by durable volume, margins and cash flow.
PPG may fit when
- You prefer wider international and industrial end-market diversification.
- You want to participate in a business where Q2 organic growth was balanced between price and volume.
- You can tolerate uneven results, including automotive-refinish weakness and recent margin pressure in Performance and Industrial Coatings.
- The shares trade at a valuation that compensates for slower current EPS growth and greater segment cyclicality.
Neither profile is inherently superior. A channel-focused compounder can be the worse investment if purchased at an excessive multiple; a temporarily pressured diversified company can be attractive if cash generation and margins recover at a reasonable price.
Risk tolerance matters as much as style. An investor relying on dividends may focus on coverage, debt and recession resilience. A growth investor may accept a lower current yield for faster EPS expansion. A globally diversified portfolio may value PPG’s geographic and end-market mix, while an investor seeking a more focused professional-paint thesis may prefer Sherwin-Williams. These are portfolio decisions, not conclusions supplied by dividend streaks alone.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Risks that can change the comparison
- Demand: Home improvement, construction, industrial production and transportation activity affect both companies, but not equally or at the same time.
- Input costs: Raw materials, energy, logistics and packaging inflation can compress margins when pricing power weakens.
- Mix and geography: Currency movements, regional demand and end-market mix can make reported sales diverge from underlying organic performance.
- Acquisitions and adjustments: Purchase accounting, amortization, restructuring and other non-GAAP exclusions complicate year-over-year EPS comparisons.
- Execution: PPG’s Q2 results show that strong sales in one segment can coexist with falling margins elsewhere; Sherwin-Williams’ outlook depends on navigating expected second-half softness.
Investors should also watch working capital and cash conversion. Rising sales can consume cash if inventories or receivables grow faster than revenue. Conversely, a quarter with strong operating cash flow can be helped by temporary working-capital releases. Compare operating cash over several periods and reconcile it to capital spending before calling either company a superior cash compounder.
What to check after October 27, 2026
Sherwin-Williams scheduled a pre-market third-quarter release, while PPG scheduled an after-market release. The scheduling announcement is available from Sherwin-Williams. As of October 16, 2026, those results were not available in the information used for this comparison.
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- Replace the Q2 sales and EPS figures with each company’s Q3 results and identify any restatements.
- Check whether Sherwin-Williams maintained its $11.80–$12.20 adjusted-EPS range and whether PPG maintained $7.70–$8.10.
- Compare organic volume, price, currency and acquisition effects rather than relying on reported sales alone.
- Review segment margins, especially PPG Performance and Industrial Coatings and Sherwin-Williams Paint Stores.
- Refresh share prices, analyst estimates, enterprise values, free-cash-flow yields and dividend yields on one common date.
Also read the conference-call commentary for changes in customer sentiment, raw-material inflation, pricing actions, inventory and capital allocation. A guidance change may matter more than a single quarter’s EPS beat or miss, particularly when the companies use different adjusted measures.
Bottom line
Based on Q2 2026 operations alone, Sherwin-Williams has the clearer momentum case: 9.5% adjusted-EPS growth, 7.5% sales growth and raised guidance. PPG’s 4% organic growth, with equal price and volume contributions, is constructive, but flat adjusted EPS and mixed segment margins make the recovery less complete. The better investment is whichever company offers the stronger risk-adjusted earnings and cash-flow outlook at the valuation you verify. Without that same-date valuation work, calling either stock the outright winner would be speculation.
Frequently Asked Questions
Which company had better Q2 2026 earnings growth?
Sherwin-Williams reported adjusted diluted EPS of $3.70, up 9.5% year over year. PPG reported adjusted EPS of $2.23 versus $2.22, which was essentially flat.
Did PPG grow sales faster than Sherwin-Williams?
Reported sales rose 7.5% at Sherwin-Williams and 7% at PPG. PPG also reported 4% organic sales growth, split evenly between 2% price and 2% volume.
Which company has the better dividend history?
Both have unusually long records. Sherwin-Williams reported 47 consecutive annual increases through 2025. PPG reported 54 consecutive annual per-share increases and 126 successive years of annual dividend payments. A current yield and payout comparison still requires same-date prices and dividend data.
Is Sherwin-Williams or PPG cheaper?
The operating figures alone do not answer that question. Use same-date share prices, consistent GAAP or adjusted earnings, enterprise value, free cash flow and dividend calculations before making a valuation judgment.
What is the main risk for Sherwin-Williams?
Management cited expected second-half demand softness and inflation in raw materials, energy, logistics and packaging. Investors should test whether pricing, productivity and mix can offset those pressures.
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PPG’s businesses are diversified but uneven. In Q2, Performance Coatings EBITDA margin fell 300 basis points and Industrial Coatings margin fell 70 basis points, even as sales increased. Automotive-refinish demand was a cited weakness.
The Bottom Line
Sherwin-Williams currently has the stronger Q2 operating momentum, while PPG offers broader international and industrial exposure. Neither is demonstrably the better stock until same-date valuation, cash flow, balance-sheet and dividend data are compared consistently.
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