• The Coca-Cola of paint.
• The Nike of paint.

• Paints: A comprehensive range of architectural paints for interior and exterior applications in residential, commercial, and industrial markets.
• Stains: Products designed to color, seal, and protect wood surfaces for both interior and exterior use.
• Protective & Marine Coatings: High-performance coatings offering corrosion protection and durability for industrial assets, infrastructure, and marine environments.
• Automotive Coatings: Specialized paint and finish systems developed for vehicle manufacturers and the automotive refinish industry.
• Wood Finishes: Advanced coatings, lacquers, and stains tailored for the woodworking and furniture manufacturing industries.
• Painting Supplies: A variety of essential tools and accessories, including brushes, rollers, and surface preparation products, to support painting projects.

Sherwin-Williams (SHW) primarily sells its products and services to other companies, serving a highly fragmented and diversified customer base across various industries. Due to the broad and diverse nature of its customer base, Sherwin-Williams does not have a small number of identifiable "major customer companies" (in the sense of a few named public companies accounting for a significant portion of revenue) that it supplies. Instead, its primary customer segments consist of numerous businesses in the following categories:

• Professional Painting Contractors: This segment comprises a vast number of small to medium-sized businesses that purchase paint, coatings, and related products for residential repaint, new residential construction, commercial projects, and property management and maintenance. These contractors are the core customers for Sherwin-Williams' "The Americas Group" retail stores.
• Industrial Manufacturers and Original Equipment Manufacturers (OEMs): These are companies across various sectors that integrate Sherwin-Williams' specialized coatings, paints, and finishes into their manufacturing processes. Industries served include automotive, aerospace, heavy equipment, marine, packaging, coil, wood, and general industrial goods. This customer group is primarily served by the "Performance Coatings Group."
• Large Retailers: Through its "Consumer Brands Group," Sherwin-Williams supplies its portfolio of consumer brands (such as Valspar, Minwax, Cabot, Thompson's WaterSeal) to other large retail chains. These retailers (e.g., Lowe's, Home Depot, Walmart) then sell these products to Do-It-Yourself (DIY) consumers and smaller contractors. While these retailers are direct customers for this segment, no single retailer constitutes a "major customer" for the entire Sherwin-Williams company.

• The Chemours Company (CC)
• Tronox Holdings plc (TROX)
• Kronos Worldwide, Inc. (KRO)
• Dow Inc. (DOW)
• BASF SE (BASFY)

Heidi G. Petz, Chair, President and Chief Executive Officer

Heidi G. Petz became the Chair of the Board effective January 1, 2025, and has served as President and Chief Executive Officer of Sherwin-Williams since January 1, 2024. She joined the company in 2017 as part of the Valspar acquisition. Prior to her current role, she held positions of increasing responsibility, including President of the Consumer Brands Group, President of The Americas Group, and President and Chief Operating Officer. Before joining Sherwin-Williams and Valspar, Ms. Petz held various leadership roles at Newell Rubbermaid, Target Corporation, and PricewaterhouseCoopers.

Allen J. Mistysyn, Senior Vice President – Finance and Chief Financial Officer

Allen J. Mistysyn is the Senior Vice President – Finance and Chief Financial Officer of Sherwin-Williams. He began his career with the company in 1990 and has held a variety of operational and corporate finance leadership positions, including Vice President, Corporate Controller, and Senior Vice President, Corporate Controller. Mr. Mistysyn assumed the CFO role effective January 1, 2017. His tenure as CFO included overseeing the integration of the Valspar acquisition, navigating the company through a global pandemic and industry-wide supply chain challenges, and the construction of new headquarters. Mr. Mistysyn will transition to a short-term non-officer role before retiring after 35 years of service, with Benjamin E. Meisenzahl succeeding him as CFO on January 1, 2026.

Benjamin E. Meisenzahl, Chief Financial Officer (Effective January 1, 2026)

Benjamin E. Meisenzahl will become the Chief Financial Officer of Sherwin-Williams effective January 1, 2026. He has been with Sherwin-Williams for over 22 years, most recently serving as Senior Vice President – Finance for the past two and a half years. His experience at the company includes roles such as Senior Vice President – Finance Transformation, Senior Vice President – Financial Excellence Initiatives, Performance Coatings Group, and Vice President – Finance, Industrial Wood Division, Performance Coatings Group. He started his career at Sherwin-Williams as an internal auditor.

Justin T. Binns, President, Global Architectural

Justin T. Binns is the President, Global Architectural for Sherwin-Williams. He joined the company in 1997 as an Assistant Store Manager in The Paint Stores Group. Throughout his career at Sherwin-Williams, he has held numerous positions of increasing responsibility, including Store Manager, Sales Representative, District Manager, Vice President of Sales, President and General Manager of the Eastern Division, The Americas Group, and President of the Performance Coatings Group.

Colin M. Davie, President & General Manager, Global Supply Chain Division, Consumer Brands Group

Colin M. Davie serves as the President & General Manager, Global Supply Chain Division, Consumer Brands Group at Sherwin-Williams. He has an extensive background in the chemical industry, with previous experience at companies such as Valspar, Sun Chemical, DuPont, and BASF before joining Sherwin-Williams. He has held various leadership roles, including President, Senior Vice President, Chief Procurement Officer, Vice President, and Industry Manager.

Mary L. Garceau, Senior Vice President - Chief Legal Officer and Secretary

Mary L. Garceau is the Senior Vice President - Chief Legal Officer and Secretary at Sherwin-Williams. She joined the company in 2014. Prior to Sherwin-Williams, Ms. Garceau served as General Counsel of Thirty-One Gifts LLC for two years and as Vice President, General Counsel and Corporate Secretary of Bob Evans Farms Inc. for five years. Before her in-house legal career, she was a partner at the law firm Vorys, Sater, Seymour and Pease LLP. She played a key role in leading the company's legal team through the acquisition and integration of Valspar.

Widespread adoption of advanced self-cleaning, self-healing, or extremely durable "smart" coatings and surface materials that significantly extend the lifespan of surfaces, reducing the frequency of repainting or even eliminating the need for traditional paint applications in certain segments.

Sherwin-Williams (symbol: SHW) operates across three primary business segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group, offering a diverse range of products including architectural paints and coatings, industrial coatings, protective and marine coatings, wood coatings, and automotive refinishes.

The addressable markets for their main products and services are sized as follows:

• Global Paints and Coatings Market: This market was valued at approximately USD 207.03 billion in 2024 and is projected to reach around USD 283.55 billion by 2032.

• U.S. Architectural Paints and Coatings Market: The U.S. architectural paint market was valued at USD 15.54 billion in 2024, is estimated to reach USD 16.07 billion in 2025, and is projected to reach USD 21.01 billion by 2033. Another estimate places the U.S. architectural coatings market size at USD 18.66 billion in 2024, projected to reach USD 28.37 billion by 2033.

• Global Industrial Coatings Market: The global industrial coatings market was valued at USD 112.04 billion in 2024 and is projected to reach USD 142.35 billion by 2030.

• Global Protective & Marine Coatings Market: This market was valued at USD 21.02 billion in 2024 and is expected to reach USD 30.92 billion by 2033. Specifically, the global marine coatings market was valued at USD 4.10 billion in 2023 and is projected to grow to USD 5.74 billion by 2031.

• Global Wood Coatings Market: The global wood coatings market size was valued at USD 11.0 billion in 2024 and is expected to reach USD 17.3 billion by 2033.

Expected Drivers of Future Revenue Growth for Sherwin-Williams (SHW)

Sherwin-Williams (SHW) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

1. Strategic Price Increases: The company has consistently implemented price adjustments and plans further increases. For instance, a 7% price increase for the Paint Stores Group is set to become effective on January 1, 2026. Earlier, a 5% price increase for the Paint Stores Group was enacted from February 1, 2024, contributing to revenue growth through improved pricing realization.
2. Expansion of Paint Stores Group Network: Sherwin-Williams continues to expand its physical footprint, particularly within its Paint Stores Group. The company opened 76 new stores in 2023 and had plans to open an additional 80 to 100 stores in 2024. Analyst projections suggest the addition of 20 new stores for the Paint Stores Group in Q3 2025, contributing to an overall increase in the total number of stores. This expansion helps reach new customers and enhance market penetration.
3. Robust Demand in Professional and Repaint Markets: Strong demand from professional contractors, alongside growth in commercial and residential repaint markets, is a significant driver. This has been a key factor for the Paint Stores Group. The recovery in housing activity also supports demand for Sherwin-Williams' paints and coatings, especially from professional contractors and homeowners undertaking renovations and maintenance.
4. Accelerated Strategic Investments: Sherwin-Williams is making deliberate and accelerated investments to foster above-market growth. These investments encompass enhancements in stores, an increase in sales and technical representatives, the introduction of incremental services, and advancements in digital capabilities. Furthermore, the company invested approximately $205 million in 2023 for new R&D lab projects, which are expected to be operational by the end of 2024, aiming to drive innovation.
5. Strategic Acquisitions and International Market Penetration: The company utilizes strategic acquisitions to bolster its market position, such as the Suvinil acquisition which closed on October 1, 2025, strengthening its presence in Latin America. Sherwin-Williams has also reported sales growth in international regions, particularly in Europe and Latin America within its Consumer Brands and Performance Coatings Groups, which helps offset softness experienced in other markets.

Share Repurchases

• Sherwin-Williams returned $2.13 billion to shareholders through dividends and share repurchases in the first nine months of 2025.
• In 2024, the company returned $2.46 billion to shareholders via dividends and repurchases of 5.2 million shares of its common stock.
• As of February 17, 2021, the Board of Directors authorized the purchase of an additional 45 million shares of the company's stock for treasury purposes, with 48,575,000 shares remaining authorized at December 31, 2021, and no specified expiration date for the program.

Share Issuance

• In 2020, 275,000 shares of treasury stock were issued, often associated with employee equity compensation plans.

Outbound Investments

• In February 2025, Sherwin-Williams announced a definitive agreement to acquire BASF's Brazilian architectural paints business, Suvinil, for $1.15 billion in an all-cash transaction, which was completed in October 2025.
• The company made a total of 18 acquisitions, with peak activity in 2022 (8 acquisitions) and 2025 (2 acquisitions), spanning sectors like Paints and Coatings and Building Materials across various countries.
• Notable recent acquisitions include Shingels (March 2025), Klumpp Coatings, Oskar Nolte, and ICA Group (all in 2022).

Capital Expenditures

• Capital expenditures have shown a significant increase, rising from a 5-year low of $303.8 million in December 2020 to a peak of $1.07 billion in December 2024.
• For 2025, the company expects capital expenditures to be approximately $730 million, a reduction from an earlier estimate of $900 million, including about $300 million for building projects.
• The primary focus of capital expenditures has been on the construction of a new global headquarters and R&D center (expected to be completed in 2025), manufacturing capacity expansion, operational efficiencies, maintenance projects in its Consumer Brands and Performance Coatings Groups, and the opening of new paint stores and renovations of existing ones in the Paint Stores Group.