Cash Flow Statement

Operating Cash Flow

+80%

+1%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	78	95	116	128	307	309	318	332	353	369	382	393	425	452	471	463	494	525	553	576	574	592	614	616	582	551	528	477	436	423	421	436	431	455	455	463	498	496	500	442	474	523	578	631	647	677	704	753	752	786	849	866	882	940	989	1 054	1 087	1 115	1 128	1 133	1 207	1 148	1 078	1 728	1 739	1 823	1 861	1 109	1 104	1 171	1 394	1 541	1 618	1 743	1 872	2 030	2 118	2 171	1 967	1 864	1 826	1 755	1 938	2 020	2 127	2 343	2 419	2 389	2 417	2 513	2 558	2 681	2 680	2 545	2 572	2 569
Depreciation & Amortization	140	131	124	116	116	116	116	117	117	117	120	126	133	139	143	144	143	144	144	146	148	152	157	164	167	169	169	166	167	169	170	171	169	165	165	175	179	184	189	181	182	182	178	179	181	183	185	188	190	194	197	199	199	199	198	199	198	199	200	198	200	229	330	492	598	665	661	596	583	580	575	575	576	576	580	581	581	587	580	573	572	566	572	581	592	607	617	623	622	616	616	624	632	641	652	677
Change in Deffered Taxes	0	0	0	20	0	0	0	40	0	0	0	17	0	0	0	(16)	0	0	0	(11)	0	0	0	28	0	0	0	32	0	0	0	(9)	0	0	0	20	0	0	0	17	0	0	0	(10)	0	0	0	28	0	0	0	(19)	0	0	0	5	0	0	0	(68)	0	0	0	(621)	0	(593)	(619)	(143)	(146)	(201)	(188)	(131)	(119)	(95)	(86)	(145)	(181)	(170)	(172)	(80)	(66)	(85)	(165)	(145)	(136)	(148)	(125)	(89)	(103)	(100)	(49)	(75)	(77)	(75)	30	153
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	29	37	45	53	35	37	38	38	41	34	34	34	23	31	32	32	42	43	44	46	48	48	49	49	54	55	56	57	58	62	64	66	65	67	68	69	72	70	72	73	72	74	76	83	90	88	91	84	83	91	94	100	102	99	100	104	96	89	89	88	98	111	112	113	100	95	92	93	116	118	125	126	138	140	144	147	124
Other Non-Cash Items	225	183	185	236	5	14	15	82	25	26	29	109	102	111	117	136	116	126	118	123	122	110	129	137	146	162	146	199	209	200	231	168	164	170	137	125	121	107	125	139	138	152	150	150	155	144	150	121	122	130	136	180	174	178	187	184	215	229	238	235	177	269	364	394	431	342	255	378	419	410	385	793	867	953	1 057	621	629	655	664	659	583	581	592	642	636	671	722	773	779	730	687	612	637	709	712	791
Cash Taxes Paid	147	77	149	103	88	89	55	107	116	122	105	115	111	143	175	164	178	178	203	204	208	187	180	187	180	148	105	109	100	121	133	146	142	144	173	138	151	157	145	196	253	251	258	223	158	160	221	201	201	200	213	310	313	321	372	335	342	363	414	478	463	525	567	420	439	394	253	292	280	321	366	408	410	309	398	437	445	631	560	466	480	424	473	580	582	709	673	817	846	754	891	780	800	857	641	593
Cash Interest Paid	52	48	41	42	39	38	40	39	38	38	38	40	42	47	48	49	46	58	62	67	61	74	70	75	74	53	34	65	74	71	82	41	35	58	58	79	75	50	56	43	43	52	41	42	41	52	51	61	63	64	66	67	66	59	57	49	70	90	130	154	154	119	127	221	248	374	378	368	368	363	369	336	361	326	332	341	331	337	336	339	343	350	367	371	408	413	428	417	411	410	415	407	419	413	428	453
Change in Working Capital	160	213	148	61	111	34	29	(11)	33	80	70	(101)	(128)	(220)	(198)	(10)	(1)	72	92	(18)	(26)	11	(44)	(70)	(20)	(42)	32	3	(19)	56	46	93	101	48	(27)	(76)	(149)	(228)	(159)	(43)	(76)	(43)	(64)	(62)	(21)	(6)	68	(5)	0	(25)	(23)	(144)	(127)	(199)	(251)	6	(64)	60	(59)	(188)	88	(193)	(103)	(109)	(454)	(360)	(101)	4	(93)	163	8	(457)	(530)	(539)	(200)	321	402	293	(145)	(771)	(839)	(1 134)	(1 464)	(1 179)	(1 237)	(899)	(388)	(173)	(339)	(387)	(675)	(689)	(720)	(759)	(673)	(738)
Cash from Operating Activities	618 N/A	637 +3%	588 -8%	559 -5%	558 0%	494 -12%	498 +1%	559 +12%	568 +2%	632 +11%	640 +1%	545 -15%	549 +1%	499 -9%	550 +10%	717 +30%	736 +3%	851 +16%	890 +5%	816 -8%	807 -1%	854 +6%	843 -1%	875 +4%	902 +3%	867 -4%	903 +4%	876 -3%	824 -6%	880 +7%	899 +2%	859 -4%	856 0%	829 -3%	721 -13%	707 -2%	669 -5%	578 -14%	675 +17%	736 +9%	734 0%	830 +13%	859 +4%	888 +3%	952 +7%	988 +4%	1 097 +11%	1 084 -1%	1 092 +1%	1 113 +2%	1 187 +7%	1 082 -9%	1 110 +3%	1 099 -1%	1 103 +0%	1 448 +31%	1 441 0%	1 609 +12%	1 512 -6%	1 309 -13%	1 603 +22%	1 385 -14%	1 601 +16%	1 884 +18%	1 693 -10%	1 877 +11%	2 056 +10%	1 944 -5%	1 867 -4%	2 123 +14%	2 174 +2%	2 321 +7%	2 412 +4%	2 638 +9%	3 224 +22%	3 409 +6%	3 549 +4%	3 535 0%	2 896 -18%	2 245 -22%	2 075 -8%	1 683 -19%	1 473 -12%	1 920 +30%	1 982 +3%	2 575 +30%	3 244 +26%	3 522 +9%	3 375 -4%	3 371 0%	3 137 -7%	3 153 +1%	3 151 0%	3 061 -3%	3 294 +8%	3 452 +5%
Investing Cash Flow
Capital Expenditures	(78)	(91)	(108)	(127)	(141)	(135)	(125)	(117)	(109)	(108)	(105)	(107)	(111)	(123)	(133)	(143)	(154)	(168)	(185)	(210)	(207)	(199)	(183)	(166)	(167)	(154)	(141)	(117)	(100)	(87)	(89)	(91)	(94)	(98)	(104)	(125)	(127)	(147)	(146)	(154)	(160)	(155)	(160)	(157)	(156)	(159)	(163)	(167)	(165)	(162)	(194)	(201)	(214)	(221)	(223)	(234)	(243)	(261)	(249)	(239)	(229)	(209)	(209)	(223)	(224)	(241)	(246)	(251)	(260)	(277)	(310)	(329)	(384)	(343)	(298)	(304)	(262)	(313)	(358)	(372)	(414)	(456)	(535)	(645)	(748)	(825)	(803)	(888)	(962)	(1 007)	(1 090)	(1 070)	(976)	(906)	(867)	(798)
Other Items	(38)	(33)	(17)	(46)	(25)	(33)	(23)	(20)	(15)	(36)	(581)	(575)	(601)	(584)	(35)	(57)	(31)	(33)	(40)	(110)	(101)	(236)	(345)	(291)	(312)	(182)	(102)	(120)	(128)	(136)	(98)	(39)	(28)	(95)	(327)	(365)	(350)	(274)	(118)	(124)	(115)	(128)	(112)	(185)	(209)	(220)	(259)	(172)	(170)	(133)	(56)	(110)	(88)	(86)	(84)	(54)	(70)	(96)	(114)	(65)	(44)	(8 810)	(8 768)	(8 825)	(8 835)	(49)	(6)	(1)	(23)	(45)	(115)	(134)	(104)	(89)	(53)	(19)	31	65	(14)	(104)	(252)	(421)	(766)	(963)	(897)	(727)	(263)	(151)	(165)	(196)	(352)	(126)	(216)	(265)	(1 313)	(1 269)
Cash from Investing Activities	(116) N/A	(124) -7%	(125) -1%	(173) -38%	(166) +4%	(168) -1%	(148) +12%	(136) +8%	(125) +8%	(143) -15%	(687) -380%	(682) +1%	(712) -4%	(707) +1%	(169) +76%	(200) -18%	(185) +7%	(201) -9%	(225) -12%	(320) -42%	(308) +4%	(435) -41%	(527) -21%	(457) +13%	(480) -5%	(336) +30%	(243) +28%	(237) +2%	(228) +4%	(224) +2%	(187) +16%	(130) +30%	(122) +6%	(193) -58%	(431) -123%	(490) -14%	(476) +3%	(421) +12%	(264) +37%	(278) -5%	(275) +1%	(283) -3%	(272) +4%	(343) -26%	(365) -6%	(380) -4%	(421) -11%	(338) +20%	(335) +1%	(295) +12%	(250) +15%	(310) -24%	(301) +3%	(307) -2%	(306) +0%	(289) +6%	(314) -9%	(357) -14%	(364) -2%	(304) +16%	(272) +10%	(9 019) -3 213%	(8 978) +0%	(9 047) -1%	(9 058) 0%	(290) +97%	(252) +13%	(252) +0%	(283) -13%	(322) -14%	(425) -32%	(463) -9%	(488) -6%	(432) +11%	(351) +19%	(322) +8%	(231) +28%	(248) -7%	(373) -50%	(476) -28%	(666) -40%	(878) -32%	(1 300) -48%	(1 608) -24%	(1 645) -2%	(1 552) +6%	(1 066) +31%	(1 039) +3%	(1 127) -8%	(1 204) -7%	(1 441) -20%	(1 196) +17%	(1 191) +0%	(1 172) +2%	(2 180) -86%	(2 066) +5%
Financing Cash Flow
Net Issuance of Common Stock	(144)	(127)	(138)	(153)	(186)	(175)	(155)	(191)	(157)	(176)	(208)	(179)	(246)	(229)	(259)	(298)	(181)	(195)	(169)	(213)	(411)	(447)	(740)	(792)	(821)	(856)	(530)	(356)	(157)	(73)	(251)	(494)	(484)	(570)	(426)	(274)	(335)	(255)	(380)	(298)	(344)	(478)	(281)	(337)	(283)	(254)	(509)	(700)	(847)	(1 114)	(1 277)	(1 389)	(1 758)	(1 405)	(1 060)	(945)	(348)	(280)	(187)	87	109	122	114	144	(118)	(236)	(244)	(523)	(583)	(607)	(695)	(624)	(1 147)	(995)	(1 259)	(2 081)	(2 015)	(2 892)	(2 923)	(2 548)	(2 184)	(1 637)	(1 295)	(794)	(711)	(639)	(984)	(1 320)	(1 497)	(1 707)	(1 674)	(1 497)	(1 355)	(1 429)	(1 683)	(1 516)
Net Issuance of Debt	(250)	(297)	(186)	(95)	(119)	(51)	(5)	(8)	(107)	(5)	293	158	417	321	(94)	(114)	217	(111)	1	252	(180)	(45)	163	72	294	472	61	(123)	(261)	(431)	(313)	(23)	(43)	107	340	213	272	286	103	(53)	(9)	32	(202)	701	375	433	954	21	11	7	(242)	92	833	610	292	167	(479)	(302)	10	(2)	(87)	7 739	7 197	6 779	7 067	(1 105)	(1 255)	(1 154)	(946)	(906)	(759)	(666)	(85)	(636)	(642)	(410)	(670)	202	683	1 336	1 490	1 562	1 576	954	485	(206)	(610)	(740)	(361)	(84)	190	37	41	346	1 381	987
Cash Paid for Dividends	(91)	(91)	(91)	(91)	(91)	(91)	(91)	(91)	(92)	(94)	(95)	(97)	(101)	(105)	(110)	(114)	(119)	(125)	(130)	(135)	(143)	(150)	(157)	(162)	(163)	(163)	(163)	(165)	(165)	(165)	(166)	(163)	(160)	(158)	(156)	(156)	(156)	(155)	(154)	(154)	(155)	(156)	(158)	(161)	(172)	(184)	(195)	(205)	(208)	(211)	(213)	(215)	(223)	(232)	(240)	(250)	(265)	(280)	(296)	(312)	(314)	(315)	(317)	(319)	(321)	(322)	(323)	(323)	(347)	(371)	(395)	(421)	(439)	(457)	(474)	(488)	(517)	(540)	(563)	(587)	(586)	(597)	(607)	(619)	(624)	(624)	(624)	(624)	(650)	(672)	(699)	(723)	(741)	(761)	(774)	(790)
Other	(1)	(3)	(3)	(5)	(5)	(4)	(4)	(1)	(1)	(7)	(1)	(5)	(6)	(2)	12	(4)	7	12	(0)	33	48	40	36	16	(14)	(2)	(5)	7	8	4	7	(3)	(3)	(17)	(18)	(7)	1	16	15	29	27	30	67	83	84	91	58	30	44	35	40	45	46	61	57	47	(24)	(65)	(72)	(81)	(52)	(78)	(76)	(89)	(81)	56	20	252	208	69	86	(136)	(112)	(60)	(46)	(41)	(29)	(30)	(39)	(35)	(43)	(45)	(35)	176	250	326	414	260	275	280	198	166	116	11	(31)	(60)
Cash from Financing Activities	(485) N/A	(517) -7%	(417) +19%	(344) +18%	(401) -17%	(321) +20%	(254) +21%	(291) -14%	(358) -23%	(282) +21%	(11) +96%	(123) -1 022%	64 N/A	(15) N/A	(452) -2 951%	(530) -17%	(76) +86%	(418) -453%	(299) +28%	(64) +79%	(685) -977%	(603) +12%	(697) -16%	(867) -24%	(704) +19%	(548) +22%	(638) -16%	(638) 0%	(575) +10%	(666) -16%	(723) -9%	(683) +5%	(690) -1%	(638) +8%	(260) +59%	(224) +14%	(218) +3%	(108) +50%	(416) -285%	(475) -14%	(481) -1%	(573) -19%	(575) 0%	287 N/A	3 -99%	86 +2 421%	309 +260%	(853) N/A	(1 000) -17%	(1 282) -28%	(1 692) -32%	(1 467) +13%	(1 102) +25%	(966) +12%	(952) +1%	(980) -3%	(1 115) -14%	(927) +17%	(545) +41%	(307) +44%	(344) -12%	7 467 N/A	6 918 -7%	6 514 -6%	6 547 +1%	(1 606) N/A	(1 802) -12%	(1 747) +3%	(1 668) +5%	(1 815) -9%	(1 763) +3%	(1 846) -5%	(1 782) +3%	(2 148) -21%	(2 421) -13%	(3 020) -25%	(3 231) -7%	(3 259) -1%	(2 842) +13%	(1 834) +35%	(1 324) +28%	(717) +46%	(360) +50%	(282) +22%	(600) -112%	(1 144) -91%	(1 804) -58%	(2 425) -34%	(2 233) +8%	(2 183) +2%	(1 986) +9%	(2 017) -2%	(1 940) +4%	(1 832) +6%	(1 107) +40%	(1 379) -25%
Change in Cash
Effect of Foreign Exchange Rates	1	2	2	3	2	3	3	7	6	7	6	4	3	1	3	3	12	4	4	1	(9)	(7)	2	7	2	5	(3)	(3)	0	13	2	(3)	6	1	2	(4)	(12)	(26)	(14)	(9)	(7)	0	(3)	(2)	(2)	1	(3)	(10)	(4)	(10)	(19)	(9)	(9)	(19)	(15)	(14)	(5)	3	8	(13)	(39)	(26)	(36)	(36)	(41)	(36)	(30)	6	20	4	22	(6)	2	(15)	(22)	(1)	(12)	4	12	5	0	5	5	3	14	18	(1)	20	14	6	24	(6)	(0)	13	(3)	(10)
Net Change in Cash	18 N/A	(2) N/A	47 N/A	45 -4%	(7) N/A	8 N/A	99 +1 076%	139 +40%	91 -35%	213 +135%	(52) N/A	(257) -399%	(96) +63%	(221) -130%	(67) +70%	(10) +85%	487 N/A	236 -51%	371 +57%	433 +17%	(194) N/A	(191) +2%	(379) -98%	(442) -17%	(280) +37%	(12) +96%	20 N/A	(1) N/A	22 N/A	4 -84%	(8) N/A	43 N/A	49 +14%	(1) N/A	32 N/A	(11) N/A	(37) -249%	23 N/A	(19) N/A	(26) -37%	(28) -9%	(25) +12%	9 N/A	830 +8 921%	588 -29%	694 +18%	980 +41%	(118) N/A	(247) -110%	(474) -92%	(774) -63%	(704) +9%	(303) +57%	(192) +36%	(171) +11%	165 N/A	7 -96%	328 +4 864%	612 +87%	684 +12%	947 +38%	(193) N/A	(495) -157%	(686) -39%	(859) -25%	(55) +94%	(27) +52%	(49) -83%	(64) -32%	(9) +85%	8 N/A	6 -23%	144 +2 187%	43 -71%	430 +912%	65 -85%	76 +18%	32 -59%	(307) N/A	(61) +80%	86 N/A	93 +8%	(183) N/A	33 N/A	(250) N/A	(103) +59%	373 N/A	78 -79%	29 -63%	(9) N/A	(265) -2 721%	(66) +75%	20 N/A	70 +251%	3 -95%	(3) N/A
Free Cash Flow
Free Cash Flow	540 N/A	546 +1%	479 -12%	432 -10%	417 -3%	359 -14%	373 +4%	442 +18%	458 +4%	524 +14%	535 +2%	438 -18%	438 0%	376 -14%	417 +11%	574 +38%	582 +1%	683 +17%	706 +3%	606 -14%	600 -1%	655 +9%	660 +1%	709 +7%	735 +4%	713 -3%	763 +7%	759 0%	725 -5%	793 +9%	810 +2%	768 -5%	761 -1%	731 -4%	617 -16%	581 -6%	542 -7%	432 -20%	529 +23%	582 +10%	575 -1%	675 +17%	699 +4%	731 +5%	796 +9%	829 +4%	934 +13%	917 -2%	927 +1%	952 +3%	993 +4%	881 -11%	896 +2%	878 -2%	880 +0%	1 213 +38%	1 197 -1%	1 348 +13%	1 262 -6%	1 070 -15%	1 374 +28%	1 176 -14%	1 392 +18%	1 661 +19%	1 469 -12%	1 636 +11%	1 811 +11%	1 693 -7%	1 607 -5%	1 846 +15%	1 864 +1%	1 992 +7%	2 028 +2%	2 295 +13%	2 926 +28%	3 105 +6%	3 288 +6%	3 222 -2%	2 537 -21%	1 873 -26%	1 661 -11%	1 227 -26%	938 -24%	1 275 +36%	1 234 -3%	1 750 +42%	2 442 +40%	2 634 +8%	2 413 -8%	2 364 -2%	2 048 -13%	2 083 +2%	2 176 +4%	2 155 -1%	2 426 +13%	2 654 +9%

Income Statement Balance Sheet Cash Flow Statement

Sherwin-Williams Co
NYSE:SHW

Cash Flow Statement

Cash Flow Statement
Sherwin-Williams Co

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Sherwin-Williams Co NYSE:SHW

Cash Flow Statement

Cash Flow Statement Sherwin-Williams Co

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Sherwin-Williams Co
NYSE:SHW

Cash Flow Statement
Sherwin-Williams Co