SHW (Sherwin-Williams Co) Operating Income: $3,845 Mil (TTM As of Mar. 2026)

What is Sherwin-Williams Co Operating Income?

Sherwin-Williams Co SHW +0.59% 87 Operating Income is $3,845 Mil as of Mar. 2026. GuruFocus rates SHW with a GF Score™ of 87/100 and a GF Value™ of $355.74 (Fairly Valued).

Sherwin-Williams Co's Operating Income for the three months ended in Mar. 2026 was $803 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $3,845 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Sherwin-Williams Co's Operating Income for the three months ended in Mar. 2026 was $803 Mil. Sherwin-Williams Co's Revenue for the three months ended in Mar. 2026 was $5,667 Mil. Therefore, Sherwin-Williams Co's Operating Margin % for the quarter that ended in Mar. 2026 was 14.16%.

Good Sign:

Sherwin-Williams Co operating margin is expanding. Margin expansion is usually a good sign.

Sherwin-Williams Co's 5-Year average Growth Rate for Operating Margin % was 2.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Sherwin-Williams Co's annualized ROC % for the quarter that ended in Mar. 2026 was 11.31%. Sherwin-Williams Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 43.67%.

Sherwin-Williams Co (NYSE:SHW) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Sherwin-Williams Co's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	3210.8 * ( 1 - 21.34% )	/	( (21924.7	+	22740.4)	/ 2 )
=	2525.61528	/	22332.55
=	11.31 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	25901.7	-	4889.9	-	( 207.2	-	max(0, 6920.3	-	6007.4	+	207.2	))
=	21924.7

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	26378.7	-	4673.2	-	( 216.9	-	max(0, 7534.6	-	6499.7	+	216.9	))
=	22740.4

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Sherwin-Williams Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	3245.6	/	( ( (6132.6 + max(910.3, 0))	+	(6213.3 + max(1609.6, 0)) )	/	2 )
=	3245.6	/	( ( 7042.9	+	7822.9 )	/	2 )
=	3245.6	/	7432.9
=	43.67 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2791.2	+	2318.2	+	690.8)	-	(4889.9	+	0	+	9.0949470177293E-13)
=	910.3

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3192.1	+	2473.2	+	617.5)	-	(4673.2	+	0	+	0)
=	1609.6

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Sherwin-Williams Co's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	802.7	/	5666.9
	=	14.16 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Sherwin-Williams Co Operating Income Related Terms

Sherwin-Williams Co Operating Income Historical Data

* Premium members only.

The historical data trend for Sherwin-Williams Co's Operating Income can be seen below:

Sherwin-Williams Co Operating Income Chart

Sherwin-Williams Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

Get a 7-Day Free Trial

2,664.70

3,000.60

3,606.40

3,761.90

3,796.70

Sherwin-Williams Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															754.30	1,099.10	1,153.60	789.70	802.70

87GF Score

Sherwin-Williams Co SHW

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Sherwin-Williams Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $3,845 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $3,845 Mil mean?

Sherwin-Williams Co (SHW) has a Operating Income of $3,845 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Sherwin-Williams Co and its competitors.

Is Sherwin-Williams Co's Operating Income too high?

Sherwin-Williams Co's current Operating Income is $3,845 Mil. Overall, Sherwin-Williams Co has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Sherwin-Williams Co's Operating Income compare to ECL and APD?

Sherwin-Williams Co's Operating Income of $3,845 Mil can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Chemicals company?

A good Operating Income depends on the Chemicals industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Sherwin-Williams Co and its competitors. Sherwin-Williams Co's current Operating Income is $3,845 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sherwin-Williams Co stock overvalued right now?

Based on GuruFocus' analysis, Sherwin-Williams Co (SHW) is currently considered Fairly Valued. The stock's GF Value™ is $355.74, compared to a current price of $333.99 — trading 6.1% below its estimated fair value. The current Operating Income is $3,845 Mil. Sherwin-Williams Co's overall GF Score™ is 87/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Sherwin-Williams Co (SHW), the current Operating Income is $3,845 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Sherwin-Williams Co (SHW) Overvalued in 2026?

Based on GuruFocus' analysis, Sherwin-Williams Co stock appears to be undervalued. The current stock price of $333.99 is trading 6.1% below its estimated GF Value™ of $355.74. GuruFocus considers Sherwin-Williams Co to be Fairly Valued.

Key valuation signals for SHW:

Operating Income: $3,845 Mil
GF Value™: $355.74 vs. price of $333.99 (6.1% below fair value)
GF Score™: 87/100

No single metric tells the full story. See the SHW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sherwin-Williams Co Business Description

Industry Basic Materials Chemicals

Comparable Companies ECL APD PPG IFF DD LYB ALB RPM SOLS ESI LIN XPAR:AI SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309 SHSE:688146 OCSE:NSIS B BOM:500820

Other Exchanges SHW:Mexico 1SHW:Italy 0L5V:UK SJ3:Germany S1HW34:Brazil SHWW:Austria

Address 1 Sherwin Way, Cleveland, OH, USA, 44113-2206

Website https://www.sherwin-williams.com

Sherwin-Williams is the largest global manufacturer of paints and coatings. The company focuses on the development, manufacturing, and distribution of paint, coatings, and related products to customers ranging from professional painters and contractors to industrial manufacturers to do-it-yourself consumers. Sherwin organizes its operations into three primary segments: the paint stores group is the largest segment and includes the company's network of over 4,800 company-owned stores; the consumer brands group sells branded architectural paints through big-box retailers such as Lowe's, and the performance coatings group provides specialized coatings for industrial applications, such as automotive refinishing, packaging, and industrial wood.

87GF Score

Get the complete analysis for SHW

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$333.99

Price

$355.74

GF Value

View SHW Analysis

See Operating Income data for all stocks →