Stock Analysis on Net
Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Common-Size Income Statement

Sherwin-Williams Co., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net sales 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -53.33 -57.90 -57.17 -52.71 -55.11
Gross profit 46.67% 42.10% 42.83% 47.29% 44.89%
Selling, general and administrative expenses -30.65 -28.59 -29.49 -31.54 -31.21
Provisions for environmental matters, net -0.35 0.03 0.02 -0.20 -0.13
Gain (loss) on divestiture of businesses 0.09 0.00 -0.56 0.00 0.00
Gain (loss) on sale or disposition of assets 0.00 0.08 0.03 0.05 -0.09
Other -0.02 0.00 0.00 0.00 0.00
Other general income (expense), net -0.29% 0.11% -0.51% -0.15% -0.22%
Impairment -0.25 -0.07 0.00 -0.01 -0.68
Operating income 15.48% 13.56% 12.83% 15.58% 12.78%
Interest expense -1.81 -1.76 -1.68 -1.85 -1.95
Interest income 0.11 0.04 0.02 0.02 0.14
Investment gains (losses) 0.10 -0.04 0.15 0.09 0.07
Gain (loss) on extinguishment of debt -0.06 0.00 0.01 -0.12 -0.08
Net expense from banking activities -0.07 -0.06 -0.05 -0.06 -0.06
Foreign currency transaction related losses, net -0.35 -0.15 -0.06 -0.04 -0.11
Domestic pension plan settlement expense 0.00 0.00 0.00 0.00 -0.18
Miscellaneous pension and benefit income (expense) 0.09 -0.02 -0.02 -0.03 -0.04
Indirect tax credits 0.00 0.00 0.00 0.00 0.22
California litigation expense 0.00 0.00 0.00 0.00 0.19
Other income 0.21 0.18 0.15 0.24 0.18
Other expense -0.22 -0.12 -0.07 -0.12 -0.08
Other income (expense), net -0.28% -0.21% 0.10% -0.03% 0.10%
Income before income taxes 13.49% 11.62% 11.27% 13.72% 11.07%
Income tax expense -3.13 -2.50 -1.93 -2.66 -2.46
Net income 10.36% 9.12% 9.35% 11.06% 8.61%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Sherwin-Williams Co. operating income as a percentage of net sales increased from 2021 to 2022 and from 2022 to 2023.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Sherwin-Williams Co. income before income taxes as a percentage of net sales increased from 2021 to 2022 and from 2022 to 2023.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Sherwin-Williams Co. net income as a percentage of net sales decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.