PPG Industries (PPG) Financials

$105.90 +0.44 (+0.42%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$102.01 -3.89 (-3.67%)

As of 04:33 AM Eastern

Annual Income Statements for PPG Industries

This table shows PPG Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,102	1,406	873	1,594	1,341	2,486	2,118	2,878	1,026	1,270	1,116
Consolidated Net Income / (Loss)	2,159	1,427	895	1,615	1,358	2,512	2,133	2,899	1,054	1,309	1,149
Net Income / (Loss) Continuing Operations	1,109	1,332	565	1,390	1,340	1,269	1,071	1,441	1,035	1,262	1,377
Total Pre-Tax Income	1,346	1,745	779	2,005	1,693	1,661	1,362	1,815	1,355	1,690	1,852
Total Operating Income	1,800	1,831	878	2,090	1,796	1,761	1,513	1,798	1,402	1,877	1,908
Total Gross Profit	6,443	6,455	6,605	6,539	6,373	6,493	6,057	6,516	5,639	6,564	6,593
Total Revenue	14,791	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845
Operating Revenue	14,791	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845
Total Cost of Revenue	8,348	7,786	7,665	8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252
Operating Cost of Revenue	8,348	7,786	7,665	8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252
Total Operating Expenses	4,643	4,624	5,727	4,449	4,577	4,732	4,544	4,718	4,237	4,687	4,685
Selling, General & Admin Expense	3,913	3,674	3,797	3,628	3,573	3,690	3,389	3,780	3,037	3,401	3,391
Research & Development Expense	483	466	453	451	441	432	379	439	434	424	423
Depreciation Expense	324	314	319	331	354	375	371	389	357	360	360
Amortization Expense	126	132	121	129	143	136	138	172	145	154	132
Other Operating Expenses / (Income)	-215	-110	-127	-150	-	-77	0.00	-83	0.00	190	0.00
Impairment Charge	-	-	-	-	0.00	0.00	93	21	231	160	146
Restructuring Charge	0.00	136	191	0.00	66	176	174	-	33	-2.00	233
Total Other Income / (Expense), net	-454	-86	-99	-85	-103	-100	-151	17	-47	-187	-56
Interest Expense	504	125	125	105	118	132	138	121	167	247	241
Interest & Investment Income	50	39	26	20	23	32	23	26	54	140	177
Other Income / (Expense), net	-	-	-	-	-8.00	-	-36	112	66	-80	8.00
Income Tax Expense	237	413	214	615	353	392	291	374	320	428	475
Net Income / (Loss) Discontinued Operations	1,050	95	330	-	18	0.00	3.00	19	19	47	-228
Net Income / (Loss) Attributable to Noncontrolling Interest	57	21	22	21	17	26	15	21	28	39	33
Basic Earnings per Share	$7.60	$5.18	$3.29	$6.22	$5.50	$5.25	$4.47	$6.06	$4.34	$5.38	$4.77
Weighted Average Basic Shares Outstanding	276.60M	271.40M	265.60M	256.10M	243.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Diluted Earnings per Share	$7.52	$5.14	$3.27	$6.18	$5.47	$5.22	$4.45	$6.01	$4.32	$5.35	$4.75
Weighted Average Diluted Shares Outstanding	276.60M	271.40M	265.60M	256.10M	243.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Weighted Average Basic & Diluted Shares Outstanding	276.60M	271.40M	265.60M	256.10M	243.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Cash Dividends to Common per Share	$1.31	$1.41	$1.56	$1.70	$1.86	$1.98	$2.10	$2.26	$2.42	$2.54	$2.66

This table shows PPG Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	490	426	90	400	528	468	-280	373	450	453	382
Consolidated Net Income / (Loss)	497	436	103	409	537	474	-271	378	458	447	385
Net Income / (Loss) Continuing Operations	497	436	56	414	502	450	-43	380	458	438	385
Total Pre-Tax Income	646	557	134	542	651	578	10	502	598	556	517
Total Operating Income	681	582	227	555	668	597	-11	515	616	579	541
Total Gross Profit	2,006	1,892	882	1,644	1,785	1,651	755	1,542	1,763	1,656	1,655
Total Revenue	4,872	4,644	2,346	3,849	4,235	4,032	2,165	3,684	4,195	4,082	3,930
Operating Revenue	4,872	4,644	2,346	3,849	4,235	4,032	2,165	3,684	4,195	4,082	3,930
Total Cost of Revenue	2,866	2,752	1,464	2,205	2,450	2,381	1,410	2,142	2,432	2,426	2,275
Operating Cost of Revenue	2,866	2,752	1,464	2,205	2,450	2,381	1,410	2,142	2,432	2,426	2,275
Total Operating Expenses	1,325	1,310	655	1,089	1,117	1,054	766	1,027	1,147	1,077	1,114
Selling, General & Admin Expense	1,069	1,047	293	850	858	848	188	838	872	824	885
Research & Development Expense	110	108	102	107	108	102	98	102	106	106	113
Depreciation Expense	93	102	73	95	89	89	62	89	102	106	105
Amortization Expense	40	40	33	35	35	30	26	32	33	32	27
Other Operating Expenses / (Income)	13	13	186	2.00	27	-15	-	-34	34	9.00	-16
Total Other Income / (Expense), net	-35	-25	-93	-13	-17	-19	21	-13	-18	-23	-24
Interest Expense	67	64	57	55	62	67	57	56	62	65	61
Interest & Investment Income	32	39	44	42	45	48	42	43	44	42	37
Income Tax Expense	149	121	78	128	149	128	53	122	140	118	132
Net Income / (Loss) Discontinued Operations	-	-	-	-5.00	35	24	-	-2.00	0.00	9.00	0.00
Other Adjustments to Consolidated Net Income / (Loss)	-	-	-	-	-	-	-	-2.00	0.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	7.00	10	13	9.00	9.00	6.00	9.00	5.00	8.00	-6.00	3.00
Basic Earnings per Share	$2.08	$1.80	$0.38	$1.70	$2.25	$2.01	($1.19)	$1.63	$1.98	$2.01	$1.71
Weighted Average Basic Shares Outstanding	-	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M	225.70M	224.40M	222.90M
Diluted Earnings per Share	$2.06	$1.79	$0.39	$1.69	$2.24	$2.00	($1.18)	$1.63	$1.98	$2.00	$1.70
Weighted Average Diluted Shares Outstanding	-	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M	225.70M	224.40M	222.90M
Weighted Average Basic & Diluted Shares Outstanding	-	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M	225.70M	224.40M	222.90M
Cash Dividends to Common per Share	$0.62	$0.65	-	$0.65	$0.65	$0.68	-	$0.68	$0.68	$0.71	$0.71

This table details how cash moves in and out of PPG Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-430	625	509	-384	-534	314	610	-821	91	410	-223
Net Cash From Operating Activities	1,528	1,895	1,351	1,568	1,467	2,080	2,130	1,562	963	2,411	1,420
Net Cash From Continuing Operating Activities	1,718	1,759	1,218	1,551	1,487	2,084	2,130	1,562	1,000	2,294	1,391
Net Income / (Loss) Continuing Operations	1,109	1,332	565	1,390	1,340	1,269	1,071	1,441	1,035	1,262	1,377
Depreciation Expense	450	446	440	460	497	511	509	561	502	514	492
Non-Cash Adjustments To Reconcile Net Income	525	325	449	145	176	329	399	-200	139	519	298
Changes in Operating Assets and Liabilities, net	-366	-344	-236	-444	-526	-25	151	-240	-679	-1.00	-776
Net Cash From Discontinued Operating Activities	-190	136	133	17	-20	-4.00	-	-	-37	117	29
Net Cash From Investing Activities	-857	-395	436	-67	-764	-1,009	-1,447	-2,404	-461	-556	107
Net Cash From Continuing Investing Activities	-889	-349	472	-63	-764	-1,009	-1,447	-2,404	-430	-525	-399
Purchase of Property, Plant & Equipment	-564	-430	-380	-360	-411	-413	-304	-371	-486	-516	-721
Acquisitions	-2,113	-320	-349	-325	-378	-643	-1,169	-2,137	-114	-109	-31
Sale of Property, Plant & Equipment	-	-	0.00	0.00	27	0.00	0.00	47	117	36	325
Other Investing Activities, net	28	27	27	26	3.00	47	26	57	53	64	28
Net Cash From Discontinued Investing Activities	32	-46	-36	-4.00	-	-	-	-	-31	-31	506
Net Cash From Financing Activities	-969	-812	-1,210	-1,954	-1,205	-758	-59	93	-409	-1,550	-1,425
Net Cash From Continuing Financing Activities	-929	-812	-1,210	-1,954	-1,205	-758	-59	93	-409	-1,550	-1,425
Repayment of Debt	-1,837	-883	-724	-731	-23	-562	22	147	-765	-1,416	-51
Repurchase of Common Equity	-750	-751	-1,050	-813	-1,721	-325	0.00	-210	-190	-86	-752
Payment of Dividends	-361	-383	-414	-434	-453	-507	-496	-536	-570	-598	-622
Issuance of Debt	2,184	1,210	973	0.00	992	595	415	692	1,116	550	0.00
Net Cash From Discontinued Financing Activities	-40	-	-	-	-	-	-	-	0.00	0.00	0.00
Effect of Exchange Rate Changes	-132	-63	-68	69	-32	1.00	6.00	-72	1.00	110	-325
Cash Interest Paid	218	115	118	100	108	127	153	140	156	213	247
Cash Income Taxes Paid	642	383	349	648	380	348	367	491	436	488	653

This table details how cash moves in and out of PPG Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	-198	-10	291	-325	-50	120	40	560	-269	271	-590
Net Cash From Operating Activities	536	892	898	-60	365	769	346	-18	387	685	33
Net Cash From Continuing Operating Activities	536	892	781	7.00	365	769	317	-16	387	676	33
Net Income / (Loss) Continuing Operations	497	436	56	414	537	474	-43	380	458	438	385
Consolidated Net Income / (Loss)	497	436	-	409	537	474	-	378	458	447	385
Net Income / (Loss) Discontinued Operations	-	-	-	-5.00	-	-	-	-2.00	-	9.00	0.00
Depreciation Expense	133	142	106	130	134	129	88	121	135	138	132
Non-Cash Adjustments To Reconcile Net Income	109	40	118	6.00	-21	16	304	21	137	45	-15
Changes in Operating Assets and Liabilities, net	-203	274	501	-535	-285	150	-32	-538	-343	55	-469
Net Cash From Discontinued Operating Activities	-	-	-	-67	-	-	-	-2.00	-	9.00	0.00
Net Cash From Investing Activities	-226	-109	-157	-239	-131	-141	618	-168	-120	-129	-279
Net Cash From Continuing Investing Activities	-226	-109	-126	-235	-131	-141	112	-168	-120	-129	-279
Purchase of Property, Plant & Equipment	-122	-139	-135	-252	-118	-149	-198	-209	-121	-147	-196
Acquisitions	-	-2.00	-1.00	-10	-	-2.00	-2.00	0.00	-	-	-79
Other Investing Activities, net	-50	12	46	27	4.00	9.00	-2.00	41	1.00	18	-4.00
Net Cash From Financing Activities	-543	-739	-545	-35	-150	-432	-808	698	-661	-306	-334
Net Cash From Continuing Financing Activities	-543	-739	-545	-35	-150	-432	-808	698	-661	-306	-334
Repayment of Debt	-409	-486	-306	-7.00	-2.00	-311	273	-3.00	-361	1.00	-646
Repurchase of Common Equity	-	-	-86	-149	-163	-199	-241	-394	-146	-147	-96
Payment of Dividends	-146	-153	-153	-153	-152	-159	-158	-154	-154	-160	-159
Issuance of Debt	12	-100	-	274	167	237	-682	1,249	-	-	567
Effect of Exchange Rate Changes	35	-54	100	1.00	-134	-76	-116	48	125	21	-10
Cash Interest Paid	57	51	32	66	68	64	49	55	62	55	105
Cash Income Taxes Paid	163	108	110	93	249	138	172	123	107	106	144

This table presents PPG Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	17,076	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
Total Current Assets	6,712	6,574	6,477	5,961	6,170	6,798	6,774	7,173	7,431	6,557	7,959
Cash & Equivalents	1,311	1,820	1,436	902	1,216	1,826	1,005	1,099	1,493	1,270	2,163
Short-Term Investments	144	43	55	61	57	96	67	55	75	88	56
Accounts Receivable	2,709	2,654	2,903	2,845	2,756	2,726	3,152	3,303	3,007	2,985	3,336
Inventories, net	1,659	1,514	1,730	1,783	1,710	1,735	2,171	2,272	1,934	1,846	1,996
Other Current Assets	889	543	353	370	431	415	379	444	922	368	408
Plant, Property, & Equipment, net	2,822	2,608	2,824	2,805	2,983	3,127	3,442	3,328	3,450	3,464	4,005
Total Noncurrent Assets	7,542	6,589	7,237	7,249	8,555	9,631	11,135	10,243	10,766	9,412	10,134
Long-Term Investments	367	179	268	251	258	267	274	244	254	331	332
Goodwill	3,669	3,572	3,942	4,070	4,470	5,102	6,248	6,078	6,115	5,690	6,149
Intangible Assets	2,178	1,983	2,045	1,972	2,131	2,351	2,783	2,414	2,261	1,922	1,971
Noncurrent Deferred & Refundable Income Taxes	711	186	305	229	220	379	197	95	272	303	481
Other Noncurrent Operating Assets	617	669	677	727	1,476	1,532	1,633	1,412	1,864	1,166	1,201
Total Liabilities & Shareholders' Equity	17,076	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
Total Liabilities	12,007	10,856	10,866	11,283	12,305	13,741	14,940	14,035	13,624	12,471	14,001
Total Current Liabilities	4,695	4,253	3,895	4,373	4,375	4,831	4,766	4,721	5,054	5,014	4,900
Short-Term Debt	281	629	12	651	513	578	9.00	313	306	939	706
Accounts Payable	3,419	3,460	3,781	3,623	3,496	3,792	4,392	4,087	4,161	3,731	3,957
Other Current Liabilities	883	100	102	99	366	461	365	321	587	344	237
Total Noncurrent Liabilities	7,312	6,603	6,971	6,910	7,930	8,910	10,174	9,314	8,570	7,457	9,101
Long-Term Debt	4,026	3,787	4,134	4,365	4,539	5,171	6,572	6,503	5,748	4,876	6,602
Noncurrent Deferred & Payable Income Tax Liabilities	460	417	442	429	452	435	646	501	500	405	457
Noncurrent Employee Benefit Liabilities	1,710	1,464	1,428	1,274	1,406	1,678	1,506	1,042	1,038	968	942
Other Noncurrent Operating Liabilities	864	935	967	842	1,533	1,626	1,450	1,268	1,284	1,208	1,100
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,069	4,915	5,672	4,732	5,403	5,815	6,411	6,709	8,023	6,962	8,097
Total Preferred & Common Equity	4,983	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785	7,941
Total Common Equity	4,983	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785	7,941
Common Stock	1,604	1,676	1,725	1,757	1,919	1,977	2,050	2,099	2,171	2,241	2,294
Retained Earnings	15,521	15,980	17,140	18,131	18,906	19,469	20,372	20,828	21,500	21,994	22,942
Treasury Stock	-9,440	-10,472	-11,251	-12,958	-13,191	-13,158	-13,386	-13,525	-13,600	-14,342	-15,119
Accumulated Other Comprehensive Income / (Loss)	-2,702	-2,356	-2,057	-2,300	-2,350	-2,599	-2,750	-2,810	-2,239	-3,108	-2,176
Noncontrolling Interest	86	87	115	102	119	126	125	117	191	177	156

This table presents PPG Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	22,216	21,501	21,647	21,867	21,729	21,858	19,433	21,140	22,099	22,144	22,150
Total Current Assets	8,068	7,552	7,431	7,671	7,784	7,913	6,557	7,901	8,190	8,223	7,970
Cash & Equivalents	1,228	1,218	1,493	1,181	1,131	1,251	1,270	1,830	1,561	1,832	1,573
Short-Term Investments	68	64	75	54	61	71	88	63	64	76	51
Accounts Receivable	3,821	3,612	3,007	3,581	3,845	3,653	2,985	3,429	3,891	3,718	3,676
Inventories, net	2,506	2,217	1,934	2,331	2,299	2,263	1,846	2,115	2,224	2,182	2,162
Other Current Assets	445	441	922	524	448	438	368	464	450	415	508
Plant, Property, & Equipment, net	3,418	3,406	3,450	3,633	3,636	3,611	3,464	3,539	3,684	3,718	3,995
Total Noncurrent Assets	10,730	10,543	10,766	10,563	10,309	10,334	9,412	9,700	10,225	10,203	10,185
Long-Term Investments	262	264	254	275	295	300	331	317	338	342	346
Goodwill	6,294	6,181	6,115	6,140	6,047	6,080	5,690	5,824	6,112	6,116	6,152
Intangible Assets	2,493	2,416	2,261	2,399	2,266	2,203	1,922	1,933	2,025	1,983	1,960
Noncurrent Deferred & Refundable Income Taxes	243	229	272	340	319	366	303	414	522	528	499
Other Noncurrent Operating Assets	1,438	1,453	1,864	1,409	1,382	1,385	1,166	1,212	1,228	1,234	1,228
Total Liabilities & Shareholders' Equity	22,216	21,501	21,647	21,867	21,729	21,858	19,433	21,140	22,099	22,144	22,150
Total Liabilities	14,424	13,566	13,624	13,741	13,784	13,886	12,471	14,048	14,355	14,188	13,896
Total Current Liabilities	5,416	5,100	5,054	4,943	5,225	4,996	5,014	5,837	5,762	5,612	4,953
Short-Term Debt	809	606	306	311	639	339	939	1,688	1,413	1,410	736
Accounts Payable	4,306	4,210	4,161	4,351	4,332	4,342	3,731	3,885	4,061	3,947	4,001
Other Current Liabilities	301	284	587	281	254	242	344	264	288	255	216
Total Noncurrent Liabilities	9,008	8,466	8,570	8,798	8,559	8,890	7,457	8,211	8,593	8,576	8,943
Long-Term Debt	6,099	5,596	5,748	5,940	5,765	6,138	4,876	5,574	5,919	5,904	6,407
Noncurrent Deferred & Payable Income Tax Liabilities	577	566	500	554	509	496	405	464	501	506	496
Noncurrent Employee Benefit Liabilities	1,042	1,030	1,038	1,056	1,023	1,022	968	970	971	968	940
Other Noncurrent Operating Liabilities	1,290	1,274	1,284	1,248	1,262	1,234	1,208	1,203	1,202	1,198	1,100
Commitments & Contingencies	-	-	0.00	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,792	7,935	8,023	8,126	7,945	7,972	6,962	7,092	7,744	7,956	8,254
Total Preferred & Common Equity	7,614	7,751	7,832	7,941	7,767	7,788	6,785	6,927	7,577	7,800	8,104
Total Common Equity	7,614	7,751	7,832	7,941	7,767	7,788	6,785	6,927	7,577	7,800	8,104
Common Stock	2,135	2,162	2,171	2,191	2,204	2,227	2,241	2,266	2,279	2,281	2,323
Retained Earnings	21,290	21,563	21,500	21,747	22,123	22,432	21,994	22,213	22,509	22,802	23,165
Treasury Stock	-13,512	-13,502	-13,600	-13,746	-13,897	-14,091	-14,342	-14,719	-14,869	-15,019	-15,206
Accumulated Other Comprehensive Income / (Loss)	-2,299	-2,472	-2,239	-2,251	-2,663	-2,780	-3,108	-2,833	-2,342	-2,264	-2,178
Noncontrolling Interest	178	184	191	185	178	184	177	165	167	156	150

This table displays calculated financial ratios and metrics derived from PPG Industries' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.69%	-3.72%	0.20%	3.35%	4.24%	-1.48%	-8.66%	21.45%	-7.07%	4.02%	-2.44%
EBITDA Growth	22.88%	1.20%	-42.12%	93.48%	-10.39%	-0.57%	-12.59%	24.42%	-20.28%	17.31%	4.20%
EBIT Growth	30.53%	1.72%	-52.05%	138.04%	-14.45%	-1.51%	-16.13%	29.32%	-23.14%	22.41%	6.62%
NOPAT Growth	35.51%	-5.76%	-54.44%	127.53%	-1.89%	-5.36%	-11.57%	19.98%	-24.98%	30.88%	1.21%
Net Income Growth	-35.61%	-33.90%	-37.28%	80.45%	-15.91%	84.98%	-15.09%	35.91%	-63.64%	24.19%	-12.22%
EPS Growth	-35.61%	-31.65%	-36.38%	88.99%	-11.49%	-4.57%	-14.75%	35.06%	-28.12%	23.84%	-11.22%
Operating Cash Flow Growth	-14.68%	24.02%	-28.71%	16.06%	-6.44%	41.79%	2.40%	-26.67%	-38.35%	150.36%	-41.10%
Free Cash Flow Firm Growth	103.58%	367.69%	-31.40%	-21.78%	27.40%	0.94%	-22.68%	-214.18%	169.94%	115.91%	103.01%
Invested Capital Growth	18.36%	0.17%	-4.08%	9.60%	5.89%	4.57%	5.05%	24.22%	4.13%	1.06%	-9.52%
Revenue Q/Q Growth	-2.39%	-2.63%	3.86%	2.77%	-0.24%	0.18%	0.62%	2.65%	-11.57%	-10.17%	-12.12%
EBITDA Q/Q Growth	-3.10%	1.25%	-11.72%	11.65%	-1.00%	1.97%	0.10%	-5.00%	3.96%	-7.37%	-12.79%
EBIT Q/Q Growth	-2.70%	1.72%	-17.79%	13.90%	-1.65%	2.15%	0.75%	-7.46%	10.79%	-8.03%	-13.19%
NOPAT Q/Q Growth	4.70%	-4.95%	-20.42%	4.58%	9.49%	2.25%	4.78%	-9.86%	-0.16%	-7.37%	-14.15%
Net Income Q/Q Growth	-8.21%	19.21%	2.87%	-10.43%	8.38%	104.23%	-8.81%	15.96%	-58.57%	-9.85%	-24.56%
EPS Q/Q Growth	-8.21%	17.89%	1.87%	-11.84%	9.62%	2.96%	-1.98%	1.01%	-4.42%	-10.23%	-24.84%
Operating Cash Flow Q/Q Growth	-1.16%	28.30%	-19.82%	-2.43%	21.95%	0.43%	7.96%	-24.61%	15.75%	14.81%	-27.99%
Free Cash Flow Firm Q/Q Growth	-81.18%	501.77%	265.07%	-55.79%	28.91%	9.71%	-56.69%	43.06%	-46.79%	146.74%	63.59%
Invested Capital Q/Q Growth	26.16%	-2.73%	-12.68%	-0.82%	-1.80%	-2.31%	9.46%	0.14%	4.60%	-2.67%	-12.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.56%	45.33%	46.29%	44.34%	41.45%	42.87%	43.78%	38.78%	36.12%	40.41%	41.61%
EBITDA Margin	15.21%	15.99%	9.24%	17.29%	14.86%	15.00%	14.36%	14.71%	12.62%	14.23%	15.20%
Operating Margin	12.17%	12.86%	6.15%	14.17%	11.68%	11.63%	10.94%	10.70%	8.98%	11.56%	12.04%
EBIT Margin	12.17%	12.86%	6.15%	14.17%	11.63%	11.63%	10.68%	11.37%	9.40%	11.06%	12.09%
Profit (Net Income) Margin	14.60%	10.02%	6.27%	10.95%	8.83%	16.59%	15.42%	17.25%	6.75%	8.06%	7.25%
Tax Burden Percent	160.40%	81.78%	114.89%	80.55%	80.21%	151.23%	156.61%	159.72%	77.79%	77.46%	62.04%
Interest Burden Percent	74.78%	95.30%	88.72%	95.93%	94.69%	94.32%	92.21%	95.03%	92.30%	94.05%	96.66%
Effective Tax Rate	17.61%	23.67%	27.47%	30.67%	20.85%	23.60%	21.37%	20.61%	23.62%	25.33%	25.65%
Return on Invested Capital (ROIC)	21.01%	18.25%	8.48%	18.80%	17.13%	15.41%	13.00%	13.58%	9.01%	11.50%	12.15%
ROIC Less NNEP Spread (ROIC-NNEP)	57.99%	19.42%	18.74%	25.69%	15.08%	47.27%	39.65%	47.04%	8.69%	9.58%	5.70%
Return on Net Nonoperating Assets (RNNOA)	20.26%	9.37%	9.45%	11.71%	8.97%	34.16%	25.02%	33.84%	7.06%	6.27%	3.18%
Return on Equity (ROE)	41.27%	27.62%	17.93%	30.51%	26.11%	49.57%	38.03%	47.42%	16.07%	17.77%	15.34%
Cash Return on Invested Capital (CROIC)	4.19%	18.08%	12.65%	9.64%	11.41%	10.95%	8.07%	-8.03%	4.96%	10.45%	22.15%
Operating Return on Assets (OROA)	10.78%	10.58%	5.35%	12.94%	10.99%	10.44%	7.93%	9.34%	6.97%	8.48%	9.33%
Return on Assets (ROA)	12.93%	8.25%	5.45%	10.00%	8.34%	14.90%	11.45%	14.17%	5.01%	6.18%	5.59%
Return on Common Equity (ROCE)	39.88%	27.16%	17.62%	29.93%	25.56%	48.49%	37.20%	46.45%	15.77%	17.40%	14.96%
Return on Equity Simple (ROE_SIMPLE)	41.68%	28.64%	18.54%	29.06%	29.33%	47.54%	37.49%	46.12%	15.99%	16.71%	16.93%
Net Operating Profit after Tax (NOPAT)	1,483	1,398	637	1,449	1,422	1,345	1,190	1,428	1,071	1,402	1,419
NOPAT Margin	10.03%	9.81%	4.46%	9.82%	9.25%	8.88%	8.60%	8.50%	6.86%	8.63%	8.95%
Net Nonoperating Expense Percent (NNEP)	-36.98%	-1.18%	-10.26%	-6.88%	2.05%	-31.86%	-26.64%	-33.46%	0.32%	1.92%	6.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.92%	9.96%	11.10%
Cost of Revenue to Revenue	56.44%	54.67%	53.71%	55.66%	58.55%	57.13%	56.22%	61.22%	63.89%	59.59%	58.39%
SG&A Expenses to Revenue	26.46%	25.80%	26.61%	24.60%	23.24%	24.36%	24.50%	22.50%	19.45%	20.94%	21.40%
R&D to Revenue	3.27%	3.27%	3.17%	3.06%	2.87%	2.85%	2.74%	2.61%	2.78%	2.61%	2.67%
Operating Expenses to Revenue	31.39%	32.47%	40.13%	30.17%	29.77%	31.24%	32.85%	28.08%	27.14%	28.86%	29.57%
Earnings before Interest and Taxes (EBIT)	1,800	1,831	878	2,090	1,788	1,761	1,477	1,910	1,468	1,797	1,916
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,250	2,277	1,318	2,550	2,285	2,272	1,986	2,471	1,970	2,311	2,408
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.28	4.66	4.60	4.82	4.85	5.57	5.69	6.24	4.31	4.41	4.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.85	1.63	1.55	1.82	1.46	1.94	2.34	2.34	1.82	2.13	1.75
Price to Earnings (P/E)	13.01	16.53	25.42	16.80	16.76	11.83	15.27	13.64	27.69	27.20	24.83
Dividend Yield	1.32%	1.64%	1.86%	1.62%	1.99%	1.59%	1.53%	1.37%	2.00%	1.73%	2.23%
Earnings Yield	7.69%	6.05%	3.93%	5.95%	5.97%	8.45%	6.55%	7.33%	3.61%	3.68%	4.03%
Enterprise Value to Invested Capital (EV/IC)	3.90	3.37	3.35	3.63	3.09	3.70	3.84	3.83	2.80	3.18	2.89
Enterprise Value to Revenue (EV/Rev)	2.02	1.81	1.73	1.99	1.72	2.18	2.60	2.66	2.17	2.40	2.02
Enterprise Value to EBITDA (EV/EBITDA)	13.25	11.33	18.70	11.49	11.54	14.55	18.14	18.05	17.23	16.86	13.30
Enterprise Value to EBIT (EV/EBIT)	16.56	14.09	28.08	14.01	14.75	18.77	24.40	23.36	23.12	21.68	16.71
Enterprise Value to NOPAT (EV/NOPAT)	20.10	18.46	38.71	20.21	18.56	24.57	30.29	31.25	31.70	27.80	22.57
Enterprise Value to Operating Cash Flow (EV/OCF)	19.51	13.62	18.25	18.68	17.98	15.89	16.92	28.56	35.25	16.16	22.55
Enterprise Value to Free Cash Flow (EV/FCFF)	100.71	18.64	25.95	39.42	27.87	34.60	48.78	0.00	57.54	30.59	12.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.85	0.90	0.73	1.06	0.94	0.99	1.03	1.02	0.75	0.84
Long-Term Debt to Equity	0.67	0.79	0.77	0.73	0.92	0.84	0.89	1.03	0.97	0.72	0.70
Financial Leverage	0.35	0.48	0.50	0.46	0.59	0.72	0.63	0.72	0.81	0.66	0.56
Leverage Ratio	3.19	3.35	3.29	3.05	3.13	3.33	3.32	3.35	3.21	2.88	2.74
Compound Leverage Factor	2.39	3.19	2.92	2.93	2.96	3.14	3.06	3.18	2.96	2.71	2.65
Debt to Total Capital	43.26%	45.94%	47.33%	42.23%	51.46%	48.32%	49.71%	50.65%	50.40%	43.01%	45.51%
Short-Term Debt to Total Capital	5.18%	3.00%	6.74%	0.12%	6.68%	4.91%	5.00%	0.07%	2.31%	2.17%	7.35%
Long-Term Debt to Total Capital	38.08%	42.94%	40.59%	42.11%	44.78%	43.41%	44.72%	50.59%	48.08%	40.83%	38.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.92%	0.92%	0.93%	1.17%	1.05%	1.14%	1.09%	0.96%	0.87%	1.36%	1.39%
Common Equity to Total Capital	55.83%	53.15%	51.74%	56.60%	47.50%	50.54%	49.20%	48.38%	48.74%	55.64%	53.10%
Debt to EBITDA	1.78	1.89	3.35	1.63	2.20	2.22	2.89	2.66	3.46	2.62	2.41
Net Debt to EBITDA	1.06	1.09	1.80	0.94	1.66	1.55	1.79	2.12	2.75	1.83	1.71
Long-Term Debt to EBITDA	1.57	1.77	2.87	1.62	1.91	2.00	2.60	2.66	3.30	2.49	2.02
Debt to NOPAT	2.71	3.08	6.93	2.86	3.53	3.76	4.83	4.61	6.36	4.32	4.10
Net Debt to NOPAT	1.61	1.78	3.73	1.65	2.67	2.62	2.99	3.67	5.06	3.02	2.91
Long-Term Debt to NOPAT	2.38	2.88	5.95	2.85	3.07	3.37	4.35	4.60	6.07	4.10	3.44
Altman Z-Score	3.78	3.76	3.91	4.43	4.23	4.23	3.88	4.11	3.75	4.07	4.15
Noncontrolling Interest Sharing Ratio	3.35%	1.65%	1.73%	1.91%	2.09%	2.18%	2.18%	2.05%	1.84%	2.09%	2.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.43	1.55	1.66	1.36	1.41	1.41	1.42	1.52	1.47	1.31
Quick Ratio	0.82	0.89	1.06	1.13	0.87	0.92	0.96	0.89	0.94	0.91	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	296	1,385	950	743	947	955	739	-843	590	1,274	2,586
Operating Cash Flow to CapEx	270.92%	440.70%	355.53%	435.56%	382.03%	503.63%	700.66%	482.10%	260.98%	502.29%	358.59%
Free Cash Flow to Firm to Interest Expense	0.59	11.08	7.60	7.08	8.02	7.24	5.35	-6.97	3.53	5.16	10.73
Operating Cash Flow to Interest Expense	3.03	15.16	10.81	14.93	12.43	15.76	15.43	12.91	5.77	9.76	5.89
Operating Cash Flow Less CapEx to Interest Expense	1.91	11.72	7.77	11.50	9.18	12.63	13.23	10.23	3.56	7.82	4.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.82	0.87	0.91	0.94	0.90	0.74	0.82	0.74	0.77	0.77
Accounts Receivable Turnover	5.33	5.16	5.32	5.31	5.35	5.41	5.05	5.72	4.84	5.15	5.29
Inventory Turnover	4.58	4.47	4.83	5.06	5.12	4.95	4.51	5.27	4.49	4.60	4.90
Fixed Asset Turnover	4.96	4.82	5.26	5.43	5.46	5.23	4.53	5.12	4.61	4.79	4.58
Accounts Payable Turnover	2.45	2.24	2.23	2.27	2.43	2.43	2.13	2.51	2.35	2.35	2.34
Days Sales Outstanding (DSO)	68.49	70.79	68.59	68.77	68.23	67.49	72.32	63.85	75.45	70.90	69.01
Days Inventory Outstanding (DIO)	79.77	81.66	75.55	72.12	71.23	73.67	80.84	69.30	81.29	79.31	74.56
Days Payable Outstanding (DPO)	148.92	163.28	163.79	160.98	150.12	150.15	171.02	145.21	155.13	155.53	155.67
Cash Conversion Cycle (CCC)	-0.66	-10.83	-19.65	-20.09	-10.66	-8.99	-17.86	-12.06	1.61	-5.32	-12.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,653	7,666	7,353	8,059	8,534	8,924	9,375	11,646	12,127	12,255	11,088
Invested Capital Turnover	2.10	1.86	1.90	1.91	1.85	1.74	1.51	1.60	1.31	1.33	1.36
Increase / (Decrease) in Invested Capital	1,187	13	-313	706	475	390	451	2,271	481	128	-1,167
Enterprise Value (EV)	29,816	25,807	24,650	29,289	26,378	33,061	36,036	44,609	33,944	38,966	32,015
Market Capitalization	27,343	23,236	22,189	26,787	22,474	29,421	32,350	39,249	28,409	34,543	27,712
Book Value per Share	$37.75	$18.51	$18.29	$21.84	$19.30	$22.35	$24.09	$26.48	$28.05	$33.21	$29.25
Tangible Book Value per Share	($7.52)	($3.21)	($2.75)	($1.69)	($5.89)	($5.57)	($7.47)	($11.56)	($8.08)	($2.31)	($3.56)
Total Capital	9,279	9,376	9,331	9,818	9,748	10,455	11,564	12,992	13,525	14,077	12,777
Total Debt	4,014	4,307	4,416	4,146	5,016	5,052	5,749	6,581	6,816	6,054	5,815
Total Long-Term Debt	3,533	4,026	3,787	4,134	4,365	4,539	5,171	6,572	6,503	5,748	4,876
Net Debt	2,388	2,485	2,374	2,387	3,802	3,521	3,560	5,235	5,418	4,232	4,126
Capital Expenditures (CapEx)	564	430	380	360	384	413	304	324	369	480	396
Debt-free, Cash-free Net Working Capital (DFCFNWC)	866	843	1,087	1,103	1,276	1,035	623	945	1,611	1,115	1,124
Debt-free Net Working Capital (DFNWC)	2,049	2,298	2,950	2,594	2,239	2,308	2,545	2,017	2,765	2,683	2,482
Net Working Capital (NWC)	1,568	2,017	2,321	2,582	1,588	1,795	1,967	2,008	2,452	2,377	1,543
Net Nonoperating Expense (NNE)	-676	-29	-258	-166	64	-1,167	-943	-1,471	17	93	270
Net Nonoperating Obligations (NNO)	2,388	2,597	2,438	2,387	3,802	3,521	3,560	5,235	5,418	4,232	4,126
Total Depreciation and Amortization (D&A)	450	446	440	460	497	511	509	561	502	514	492
Debt-free, Cash-free Net Working Capital to Revenue	5.85%	5.92%	7.62%	7.48%	8.30%	6.83%	4.50%	5.62%	10.32%	6.86%	7.09%
Debt-free Net Working Capital to Revenue	13.85%	16.14%	20.67%	17.59%	14.56%	15.24%	18.40%	12.00%	17.71%	16.52%	15.66%
Net Working Capital to Revenue	10.60%	14.16%	16.26%	17.51%	10.33%	11.85%	14.22%	11.95%	15.70%	14.63%	9.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.60	$5.18	$3.30	$6.21	$5.50	$5.25	$4.47	$6.06	$4.34	$5.38	$4.77
Adjusted Weighted Average Basic Shares Outstanding	272.10M	266.77M	257.09M	249.88M	235.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Adjusted Diluted Earnings per Share	$7.52	$5.14	$3.28	$6.17	$5.47	$5.22	$4.45	$6.01	$4.32	$5.35	$4.75
Adjusted Weighted Average Diluted Shares Outstanding	272.10M	266.77M	257.09M	249.88M	235.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	272.10M	266.77M	257.09M	249.88M	235.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Normalized Net Operating Profit after Tax (NOPAT)	1,493	1,511	1,481	1,491	1,474	1,480	1,400	1,444	1,273	1,520	1,700
Normalized NOPAT Margin	10.09%	10.61%	10.38%	10.11%	9.59%	9.77%	10.12%	8.60%	8.15%	9.36%	10.73%
Pre Tax Income Margin	9.10%	12.25%	5.46%	13.60%	11.01%	10.97%	9.85%	10.80%	8.68%	10.41%	11.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.57	14.65	7.02	19.90	15.15	13.34	10.70	15.79	8.79	7.28	7.95
NOPAT to Interest Expense	2.94	11.18	5.09	13.80	12.05	10.19	8.62	11.80	6.41	5.67	5.89
EBIT Less CapEx to Interest Expense	2.45	11.21	3.98	16.48	11.90	10.21	8.50	13.11	6.58	5.33	6.31
NOPAT Less CapEx to Interest Expense	1.82	7.74	2.05	10.37	8.79	7.06	6.42	9.12	4.20	3.73	4.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.72%	26.84%	46.26%	26.87%	33.36%	20.18%	23.25%	18.49%	54.08%	45.68%	54.13%
Augmented Payout Ratio	51.46%	79.47%	163.58%	77.21%	160.09%	33.12%	23.25%	25.73%	72.11%	52.25%	119.58%

This table displays calculated financial ratios and metrics derived from PPG Industries' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	222,900,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	222,900,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.71
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.86%	3.94%	9.27%	-1.58%	-1.60%	-1.49%	-7.72%	-4.29%	-0.94%	1.24%	6.68%
EBITDA Growth	10.90%	23.76%	4.06%	33.08%	3.69%	4.83%	-76.88%	-7.15%	-5.18%	0.14%	5.82%
EBIT Growth	14.84%	29.33%	-5.02%	42.38%	4.26%	8.25%	-104.85%	-7.21%	-7.78%	-3.02%	5.05%
NOPAT Growth	11.62%	19.26%	-48.31%	39.96%	9.15%	7.28%	-50.14%	-8.04%	-8.41%	-1.87%	3.34%
Net Income Growth	11.44%	28.61%	-58.13%	49.82%	8.05%	8.72%	-363.11%	-7.58%	-14.71%	-5.70%	1.85%
EPS Growth	11.35%	28.78%	-61.00%	52.25%	8.74%	11.73%	-402.56%	-3.55%	-11.61%	0.00%	4.29%
Operating Cash Flow Growth	219.05%	74.22%	52.98%	-170.59%	-31.90%	-13.79%	-61.47%	70.00%	6.03%	-10.92%	283.33%
Free Cash Flow Firm Growth	3,816.22%	-229.53%	88.86%	205.66%	-197.05%	176.97%	3,764.78%	59.22%	101.79%	-74.77%	-179.09%
Invested Capital Growth	0.00%	8.60%	1.06%	-2.09%	0.00%	0.57%	-9.52%	-5.62%	1.95%	2.82%	10.56%
Revenue Q/Q Growth	11.23%	-4.68%	-49.48%	0.00%	11.20%	-4.57%	-52.68%	70.16%	13.87%	-2.69%	0.00%
EBITDA Q/Q Growth	56.54%	-11.06%	-54.01%	0.00%	21.97%	-10.07%	-89.86%	725.97%	18.08%	-4.53%	0.00%
EBIT Q/Q Growth	75.97%	-14.54%	-61.00%	0.00%	28.86%	-11.27%	-101.75%	4,781.82%	19.61%	-6.01%	0.00%
NOPAT Q/Q Growth	75.05%	-13.05%	-79.18%	0.00%	36.52%	-14.54%	-90.32%	724.19%	21.02%	-3.32%	0.00%
Net Income Q/Q Growth	82.05%	-12.27%	-76.38%	0.00%	31.30%	-11.73%	-157.17%	239.48%	21.16%	-2.40%	0.00%
EPS Q/Q Growth	85.59%	-13.11%	-78.21%	0.00%	32.54%	-10.71%	-159.00%	238.14%	21.47%	1.01%	0.00%
Operating Cash Flow Q/Q Growth	530.59%	66.42%	0.67%	-106.68%	708.33%	110.68%	-55.01%	-105.20%	2,250.00%	77.00%	0.00%
Free Cash Flow Firm Q/Q Growth	2,028.40%	-104.28%	93.88%	0.00%	-1,871.21%	103.39%	191.38%	-8.36%	-80.16%	-55.11%	0.00%
Invested Capital Q/Q Growth	-100.00%	0.00%	-2.67%	0.00%	-0.04%	-1.55%	-12.44%	9.52%	7.98%	-0.71%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.17%	40.74%	37.60%	43.28%	42.97%	41.79%	34.87%	41.86%	42.03%	40.57%	42.11%
EBITDA Margin	16.71%	15.59%	14.19%	16.05%	17.61%	16.59%	3.56%	17.26%	17.90%	17.56%	17.12%
Operating Margin	13.98%	12.53%	9.68%	12.78%	15.39%	13.77%	-0.51%	13.98%	14.68%	14.18%	13.77%
EBIT Margin	13.98%	12.53%	9.68%	12.78%	14.81%	13.77%	-0.51%	13.98%	14.68%	14.18%	13.77%
Profit (Net Income) Margin	10.20%	9.39%	4.39%	9.49%	11.20%	10.36%	-12.52%	10.26%	10.92%	10.95%	9.80%
Tax Burden Percent	76.94%	78.28%	76.87%	76.02%	77.49%	77.58%	-2,710.00%	75.30%	76.59%	80.40%	74.47%
Interest Burden Percent	94.86%	95.70%	59.03%	97.64%	97.61%	96.98%	-90.91%	97.48%	97.08%	96.03%	95.56%
Effective Tax Rate	23.07%	21.72%	58.21%	23.98%	22.51%	22.42%	530.00%	24.30%	23.41%	21.22%	25.53%
Return on Invested Capital (ROIC)	0.00%	14.67%	5.39%	13.58%	33.57%	15.25%	2.97%	13.27%	13.54%	13.65%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	14.28%	5.56%	13.39%	32.15%	14.94%	-4.65%	13.03%	13.28%	13.47%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	10.25%	3.64%	8.49%	19.90%	8.78%	-2.59%	8.38%	8.70%	8.25%	0.00%
Return on Equity (ROE)	0.00%	24.92%	9.03%	22.07%	53.47%	24.03%	0.37%	21.65%	22.25%	21.90%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	4.27%	10.45%	14.20%	-174.82%	12.52%	22.15%	16.85%	8.39%	7.59%	-10.03%
Operating Return on Assets (OROA)	0.00%	10.70%	7.41%	10.54%	12.34%	11.45%	-0.39%	10.19%	10.48%	10.12%	0.00%
Return on Assets (ROA)	0.00%	8.01%	3.36%	7.82%	9.33%	8.62%	-9.66%	7.48%	7.79%	7.81%	0.00%
Return on Common Equity (ROCE)	0.00%	24.40%	8.84%	21.56%	52.27%	23.48%	0.36%	21.15%	21.76%	21.43%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.73%	0.00%	18.20%	19.12%	19.56%	0.00%	16.14%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	524	456	95	419	572	489	47	390	472	456	403
NOPAT Margin	10.75%	9.81%	4.04%	9.72%	11.93%	10.68%	2.18%	10.58%	11.25%	11.17%	10.25%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.39%	-0.17%	0.20%	1.42%	0.32%	7.62%	0.24%	0.27%	0.19%	0.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.67%	-	-	-	0.37%	2.72%	3.13%	2.99%	2.62%
Cost of Revenue to Revenue	58.83%	59.26%	62.40%	56.72%	57.03%	58.21%	65.13%	58.14%	57.97%	59.43%	57.89%
SG&A Expenses to Revenue	21.94%	22.55%	12.49%	24.68%	22.47%	23.21%	8.68%	22.75%	20.79%	20.19%	22.52%
R&D to Revenue	2.26%	2.33%	4.35%	2.53%	2.32%	2.30%	4.53%	2.77%	2.53%	2.60%	2.88%
Operating Expenses to Revenue	27.20%	28.21%	27.92%	30.50%	27.58%	28.02%	35.38%	27.88%	27.34%	26.38%	28.35%
Earnings before Interest and Taxes (EBIT)	681	582	227	551	710	630	-11	515	616	579	541
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	814	724	333	692	844	759	77	636	751	717	673
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	3.86	4.41	4.30	3.80	3.97	4.08	3.58	3.41	3.04	2.96
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.91	1.66	2.13	1.88	1.63	1.71	1.75	1.58	1.65	1.51	0.00
Price to Earnings (P/E)	25.93	21.13	27.20	24.30	20.44	20.80	24.83	22.79	25.54	23.82	0.00
Dividend Yield	1.70%	1.97%	1.73%	1.77%	2.07%	1.99%	2.23%	2.46%	2.39%	2.62%	2.63%
Earnings Yield	3.86%	4.73%	3.68%	4.12%	4.89%	4.81%	4.03%	4.39%	3.92%	4.20%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.76	3.18	3.04	2.69	2.84	2.89	2.47	2.39	2.22	2.18
Enterprise Value to Revenue (EV/Rev)	0.00	1.92	2.40	2.15	1.91	1.99	2.02	1.92	2.00	1.84	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.95	16.86	14.65	12.70	13.02	13.30	12.78	13.57	12.52	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	17.81	21.68	18.60	16.03	16.29	16.71	16.08	17.27	16.10	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	23.00	27.80	24.88	21.38	21.75	22.57	21.69	23.38	21.73	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	16.57	16.16	17.25	16.52	18.23	22.55	20.54	21.13	20.67	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	67.41	30.59	21.17	0.00	22.74	12.38	14.25	28.77	29.68	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.78	0.75	0.77	0.81	0.81	0.84	1.02	0.95	0.92	0.87
Long-Term Debt to Equity	0.00	0.71	0.72	0.73	0.73	0.77	0.70	0.79	0.76	0.74	0.78
Financial Leverage	0.00	0.72	0.66	0.63	0.62	0.59	0.56	0.64	0.66	0.61	0.67
Leverage Ratio	0.00	3.01	2.88	2.77	2.73	2.73	2.74	2.83	2.79	2.76	2.82
Compound Leverage Factor	0.00	2.88	1.70	2.70	2.67	2.64	-2.49	2.75	2.71	2.65	2.70
Debt to Total Capital	0.00%	43.87%	43.01%	43.48%	44.63%	44.83%	45.51%	50.59%	48.63%	47.90%	46.39%
Short-Term Debt to Total Capital	0.00%	4.29%	2.17%	2.16%	4.45%	2.35%	7.35%	11.76%	9.37%	9.23%	4.78%
Long-Term Debt to Total Capital	0.00%	39.58%	40.83%	41.32%	40.18%	42.48%	38.16%	38.83%	39.26%	38.66%	41.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.30%	1.36%	1.29%	1.24%	1.27%	1.39%	1.15%	1.11%	1.02%	0.97%
Common Equity to Total Capital	0.00%	54.83%	55.64%	55.23%	54.13%	53.90%	53.10%	48.26%	50.26%	51.08%	52.63%
Debt to EBITDA	0.00	2.49	2.62	2.34	2.35	2.35	2.41	3.09	3.17	3.16	0.00
Net Debt to EBITDA	0.00	1.87	1.83	1.78	1.80	1.76	1.71	2.15	2.32	2.19	0.00
Long-Term Debt to EBITDA	0.00	2.24	2.49	2.23	2.11	2.22	2.02	2.37	2.56	2.55	0.00
Debt to NOPAT	0.00	4.10	4.32	3.98	3.95	3.92	4.10	5.25	5.47	5.49	0.00
Net Debt to NOPAT	0.00	3.08	3.02	3.02	3.04	2.94	2.91	3.65	4.00	3.80	0.00
Long-Term Debt to NOPAT	0.00	3.70	4.10	3.78	3.56	3.71	3.44	4.03	4.41	4.43	0.00
Altman Z-Score	0.00	3.80	3.83	3.95	3.79	3.85	3.83	3.47	3.44	3.38	2.74
Noncontrolling Interest Sharing Ratio	0.00%	2.09%	2.09%	2.28%	2.24%	2.31%	2.46%	2.30%	2.20%	2.13%	2.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.48	1.47	1.55	1.49	1.58	1.31	1.35	1.42	1.47	1.61
Quick Ratio	0.00	0.96	0.91	0.97	0.96	1.00	0.87	0.91	0.96	1.00	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12,664	-541	-33	694	-12,290	417	1,214	1,113	221	99	-880
Operating Cash Flow to CapEx	439.34%	641.73%	724.19%	-23.44%	309.32%	516.11%	0.00%	-8.61%	319.83%	465.99%	16.84%
Free Cash Flow to Firm to Interest Expense	189.01	-8.46	-0.58	12.62	-198.23	6.22	21.30	19.87	3.56	1.52	-14.43
Operating Cash Flow to Interest Expense	8.00	13.94	15.75	-1.09	5.89	11.48	6.07	-0.32	6.24	10.54	0.54
Operating Cash Flow Less CapEx to Interest Expense	6.18	11.77	13.58	-5.75	3.98	9.25	8.30	-4.05	4.29	8.28	-2.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.85	0.77	0.82	0.83	0.83	0.77	0.73	0.71	0.71	0.00
Accounts Receivable Turnover	0.00	5.06	5.15	4.91	4.71	4.96	5.29	4.47	4.04	4.26	0.00
Inventory Turnover	0.00	4.68	4.60	4.38	4.55	4.63	4.90	4.13	4.06	4.15	0.00
Fixed Asset Turnover	0.00	5.52	4.79	5.16	4.98	5.14	4.58	4.37	4.27	4.28	0.00
Accounts Payable Turnover	0.00	2.55	2.35	2.45	2.42	2.43	2.34	2.23	2.19	2.22	0.00
Days Sales Outstanding (DSO)	0.00	72.20	70.90	74.32	77.54	73.54	69.01	81.59	90.27	85.74	0.00
Days Inventory Outstanding (DIO)	0.00	77.94	79.31	83.33	80.21	78.82	74.56	88.30	90.01	88.02	0.00
Days Payable Outstanding (DPO)	0.00	143.30	155.53	149.13	151.14	150.46	155.67	163.57	167.02	164.14	0.00
Cash Conversion Cycle (CCC)	0.00	6.84	-5.32	8.51	6.61	1.89	-12.10	6.32	13.26	9.62	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	12,591	12,255	12,867	12,862	12,663	11,088	12,144	13,113	13,020	13,427
Invested Capital Turnover	0.00	1.50	1.33	1.40	2.81	1.43	1.36	1.25	1.20	1.22	0.00
Increase / (Decrease) in Invested Capital	-12,140	997	128	-275	12,862	72	-1,167	-723	251	357	1,283
Enterprise Value (EV)	0.00	34,796	38,966	39,093	34,616	35,942	32,015	30,034	31,357	28,943	29,307
Market Capitalization	34,251	29,956	34,543	34,167	29,521	30,903	27,712	24,817	25,821	23,723	23,984
Book Value per Share	$0.00	$32.91	$33.21	$33.86	$33.12	$33.38	$29.25	$30.52	$33.38	$34.56	$36.36
Tangible Book Value per Share	$0.00	($3.59)	($2.31)	($2.55)	($2.33)	($2.12)	($3.56)	($3.66)	($2.47)	($1.32)	($0.04)
Total Capital	0.00	14,137	14,077	14,377	14,349	14,449	12,777	14,354	15,076	15,270	15,397
Total Debt	0.00	6,202	6,054	6,251	6,404	6,477	5,815	7,262	7,332	7,314	7,143
Total Long-Term Debt	0.00	5,596	5,748	5,940	5,765	6,138	4,876	5,574	5,919	5,904	6,407
Net Debt	0.00	4,656	4,232	4,741	4,917	4,855	4,126	5,052	5,369	5,064	5,173
Capital Expenditures (CapEx)	122	139	124	256	118	149	-127	209	121	147	196
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	1,776	1,115	1,804	2,006	1,934	1,124	1,859	2,216	2,113	2,129
Debt-free Net Working Capital (DFNWC)	0.00	3,058	2,683	3,039	3,198	3,256	2,482	3,752	3,841	4,021	3,753
Net Working Capital (NWC)	0.00	2,452	2,377	2,728	2,559	2,917	1,543	2,064	2,428	2,611	3,017
Net Nonoperating Expense (NNE)	27	20	-8.13	9.88	35	15	318	12	14	9.12	18
Net Nonoperating Obligations (NNO)	0.00	4,656	4,232	4,741	4,917	4,691	4,126	5,052	5,369	5,064	5,173
Total Depreciation and Amortization (D&A)	133	142	106	141	134	129	88	121	135	138	132
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	9.82%	6.86%	9.92%	11.08%	10.73%	7.09%	11.86%	14.17%	13.47%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	16.91%	16.52%	16.72%	17.67%	18.06%	15.66%	23.93%	24.56%	25.63%	0.00%
Net Working Capital to Revenue	0.00%	13.56%	14.63%	15.01%	14.14%	16.18%	9.74%	13.16%	15.52%	16.64%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.80	$0.38	$1.70	$2.25	$2.01	($1.19)	$1.63	$1.98	$2.01	$1.71
Adjusted Weighted Average Basic Shares Outstanding	0.00	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M	225.70M	224.40M	222.90M
Adjusted Diluted Earnings per Share	$0.00	$1.79	$0.39	$1.69	$2.24	$2.00	($1.18)	$1.63	$1.98	$2.00	$1.70
Adjusted Weighted Average Diluted Shares Outstanding	0.00	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M	225.70M	224.40M	222.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M	225.70M	224.40M	222.90M
Normalized Net Operating Profit after Tax (NOPAT)	524	456	159	419	572	489	-7.70	390	472	456	403
Normalized NOPAT Margin	10.75%	9.81%	6.77%	9.72%	11.93%	10.68%	-0.36%	10.58%	11.25%	11.17%	10.25%
Pre Tax Income Margin	13.26%	11.99%	5.71%	12.48%	14.46%	13.36%	0.46%	13.63%	14.26%	13.62%	13.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.16	9.09	3.98	10.02	11.45	9.40	-0.19	9.20	9.94	8.91	8.87
NOPAT to Interest Expense	7.82	7.12	1.66	7.62	9.22	7.29	0.83	6.96	7.61	7.02	6.60
EBIT Less CapEx to Interest Expense	8.34	6.92	1.81	5.36	9.55	7.18	2.04	5.46	7.98	6.65	5.66
NOPAT Less CapEx to Interest Expense	6.00	4.95	-0.51	2.96	7.32	5.07	3.06	3.23	5.66	4.76	3.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.03%	40.70%	45.68%	41.87%	41.14%	40.51%	54.13%	55.72%	60.15%	61.86%	0.00%
Augmented Payout Ratio	44.13%	40.70%	52.25%	58.13%	67.95%	79.71%	119.58%	144.90%	154.48%	153.56%	0.00%

Financials Breakdown Chart

Key Financial Trends

PPG Industries (NYSE: PPG) has shown a pattern of solid top-line performance with improving cash generation in 2024–2026, while maintaining a high but steady leverage profile. Over the four-year span, quarterly results fluctuated with some quarters showing stronger operating cash flow and earnings, and others reflecting seasonality and capital allocation activity. Here’s a concise, investor-focused read on the trends you should know.

Revenue remained robust in the 2025–2026 period, with quarterly operating revenue typically in the $4.0B range (example: Q2 2025 ≈ $4.20B, Q3 2025 ≈ $4.08B; Q1 2026 ≈ $3.93B).
Earnings per share and net income for common shareholders trended higher through 2025 into 2026, e.g., Q1 2026 basic EPS of $1.71 and diluted $1.70, with multi-quarter 2025 results showing solid per-share profitability.
Cash flow from operations strengthened in 2024–2025, posting notable CFOs such as around $676M in Q3 2025 and $317M+ in late-2024 quarters, reflecting improving cash-generation quality.
Liquidity remains solid, with cash and equivalents around $1.5B and a total current asset base near $7.6B–$8.0B against current liabilities around $5.0B, yielding a reasonable current ratio (about 1.6x at 2026 Q1).
Total equity has trended higher over the period (peaking near $8.0B–$8.1B by 2026 Q1), driven by retained earnings and ongoing equity issuance/retention; this supports a stronger balance-sheet base.
Capital allocation activity (dividends, modest buybacks, occasional debt issuance) has been active but varied by quarter, with some quarters showing notable share repurchases and new debt issuance as part of financing decisions.
The company carries a meaningful leverage load, with long-term debt typically in the $5.6B–$6.5B range and total liabilities around $13.6B–$14.4B, which influences interest costs and coverage considerations.
Gross margins and operating margins have remained relatively steady around mid-40s percent on revenue, with quarterly fluctuations driven by cost of goods, SG&A/R&D spend, and other operating items.
Net cash from financing activities has been negative in several quarters (for example Q1 2026 approx. -$334M; Q3 2025 approx. -$306M; Q2 2025 approx. -$661M), indicating ongoing debt activity and/or shareholder returns that reduce cash from financing.
Occasional quarter-specific profitability softness exists, such as Q4 2024 continuing operations posting a negative result and other periods tracing through modest declines in quarterly net income, underscoring persisting near-term volatility in quarterly performance.

Bottom line: PPG’s longer-term trajectory shows healthy revenue scale and improving cash-generation capability, supported by a strong balance sheet and steady dividend policy. However, the company remains leverage-intensive, with persistent financing activity and occasional quarterly earnings variability that investors should watch closely as part of the risk-reward profile.

05/15/26 04:37 AM ETAI Generated. May Contain Errors.

PPG Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PPG Industries' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

PPG Industries' net income for the last 5 years looks like this:

2020: $2.13 billion
2021: $2.90 billion
2022: $1.05 billion
2023: $1.31 billion
2024: $1.15 billion

Check out PPG Industries' forecast to explore projected trends and price targets.

PPG Industries' total operating income in 2024 was $1.91 billion, based on the following breakdown:

Total Gross Profit: $6.59 billion
Total Operating Expenses: $4.69 billion

Over the last 10 years, PPG Industries' total revenue changed from $14.79 billion in 2014 to $15.85 billion in 2024, a change of 7.1%.

PPG Industries' total liabilities were at $14.00 billion at the end of 2025, a 12.3% increase from 2024, and a 16.6% increase since 2015.

In the past 10 years, PPG Industries' cash and equivalents has ranged from $902 million in 2018 to $2.16 billion in 2025, and is currently $2.16 billion as of their latest financial filing in 2025.

Over the last 10 years, PPG Industries' book value per share changed from 37.75 in 2014 to 29.25 in 2024, a change of -22.5%.

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Financial statements for NYSE:PPG last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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PPG Industries (PPG) Financials

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PPG Industries (PPG) Financials

Annual Income Statements for PPG Industries

Quarterly Income Statements for PPG Industries

Annual Cash Flow Statements for PPG Industries

Quarterly Cash Flow Statements for PPG Industries

Annual Balance Sheets for PPG Industries

Quarterly Balance Sheets for PPG Industries

Annual Metrics And Ratios for PPG Industries

Quarterly Metrics And Ratios for PPG Industries

Financials Breakdown Chart

Key Financial Trends

PPG Industries Financials - Frequently Asked Questions

When does PPG Industries' financial year end?

How has PPG Industries' net income changed over the last 10 years?

What is PPG Industries' operating income?

How has PPG Industries' revenue changed over the last 10 years?

How much debt does PPG Industries have?

How much cash does PPG Industries have?

How has PPG Industries' book value per share changed over the last 10 years?

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