PPG's annual revenue remained flat at $15.9 billion last year, while net profit surged 17% to $1.6 billion.

Aerospace Coatings: Aerospace coatings set a record in Q4 2025, with organic sales up by a double-digit percentage versus Q4 2024, driven by higher selling prices and increased volume. Demand remains robust, with customer backlog standing at approximately $315 million—unchanged despite improvements in production and other operational efficiencies. Global international and domestic air travel improved year-on-year, and passenger air traffic is projected to grow 5% in 2026. As demand for PPG’s technologically leading products continues to rise, the company remains committed to resolving bottlenecks and further expanding production capacity to drive additional output and earnings growth. Automotive Refinish Coatings: Organic sales of automotive refinish coatings declined by a high single-digit percentage in Q4 2025 compared to the prior year. This result was driven by a decline in organic sales in the U.S., where demand was affected by lower collision claims and dealer management of PPG product orders during the first half of 2025. Collision claims in the U.S. declined by a high single-digit percentage in Q4—improved from the double-digit decline seen in the first half. During the quarter, PPG increased both PPGLINQ™ subscription counts and PPGMoonwalk™ installations, bringing the total to over 3,200—further supporting customer productivity and related market share gains. Protective & Marine Coatings: Organic sales of protective and marine coatings rose by a double-digit percentage versus Q4 2024, driven by substantial volume increases in Europe and Asia Pacific. Q4 marked the 11th consecutive quarter of year-over-year volume growth. This volume growth reflects gains in market share for both protective and marine products, underscoring strong demand for PPG’s sustainably advantaged offerings. Transportation Solutions: Organic sales for the Transportation Solutions business declined by a low single-digit percentage in Q4 2025 versus Q4 2024. Seasonally, this business typically records lower sales in Q1 and Q4—approximately half the level of Q2 and Q3—due to difficulties applying traffic markings in colder temperatures. Looking ahead, PPG expects the aerospace coatings market to remain strong. Protective and marine coatings are expected to extend last year’s robust growth momentum, bringing their growth rate closer to that of the broader industry. In automotive refinish coatings, organic sales are expected to decline due to customer ordering patterns and industry demand trends, though partially offset by price increases. Transportation Solutions is expected to follow its typical seasonal pattern. PPG anticipates low single-digit percentage declines—or flat performance—in both operating profit and organic sales for this segment, relative to Q1 2025. PPG stated that its core competitive positioning will support long-term growth in the aerospace industry. The aerospace business is a key growth engine for the company, fueled by industry expansion and strong demand for PPG’s highly specialized, high-quality products. This business serves both original equipment manufacturers (OEMs) and aftermarket customers, contributes positively to the overall profitability of the reporting segment, and holds significant influence across commercial, military, and general aviation sectors.

Coating Report | PPG’s H1 2026 revenue totaled $8.425 billion, up 7% year-on-year; profit reached $821 million, essentially flat.

As China’s coating industry grapples with structural adjustment anxiety and price-driven competition amid the opening year of the “15th Five-Year Plan,” global coating giant PPG delivered a semi-annual report showing “steady revenue growth and modest profit adjustment”—a compelling demonstration of how to navigate economic cycles. On July 28, PPG released its Q2 and first-half 2026 financial results: net sales reached $8.425 billion (approx. RMB 61 billion), up 7% year-on-year; net income attributable to PPG amounted to $821 million (approx. RMB 5.94 billion), with a net profit margin of 9.74%. Although adjusted net income for Q2 declined 1% year-on-year to $500 million, beneath this “temperature differential” between revenue growth and profit pressure lies the strategic intent of this century-old enterprise—to proactively restructure and shift growth engines. Against a backdrop of complex and volatile global macroeconomic conditions, PPG achieved 4% organic growth in H1—outperforming industry benchmarks by 300 basis points—and delivered a transformational case study of exceptional reference value. NO.1 “Two Hot, One Cold”: Divergence Hides Transformation Breaking down PPG’s three major business segments reveals a clear “two-up, one-down” growth picture—highlighting a visible shift in growth drivers. Architectural Coatings: Latin America Leads; Pricing Power Realized. Global architectural coatings led all segments with an 8% increase in net sales and 2% organic growth. Strong performance in Latin America and modest recovery in the EMEA region formed a “dual pillar” of support, while a 3% increase in selling prices lifted EBITDA margin by 100 basis points to 19.4%. This marks accelerating synergy between cost pass-through and expense control. Industrial Coatings: Market Share Capture; The “Stealth Champion” Emerges. This was the most impressive segment this quarter. A 5% volume increase made industrial coatings the undisputed “growth ballast.” Among subsegments, automotive OEM coatings outperformed global auto production by approximately 500 basis points on market share gains; packaging coatings achieved over 20% growth on top of cumulative two-year volume gains—proving that the “technology-for-market” strategy is moving from blueprint to reality: when customers actively embrace leading technologies, market share gains no longer hinge on price wars. High-Performance Coatings: Aerospace Shines Alone; Refinish Drags Profitability. This segment posted 3% organic growth, with aerospace continuing to lead with double-digit growth and order backlog holding near the $300 million mark—serving as PPG’s “profit moat.” However, segment margin slipped from 25.7% to 22.7%, primarily dragged down by automotive refinish coatings—mainly due to slower-than-expected recovery in insurance claims, resulting in a double-digit volume decline. This contrast reveals an industry “cold fact”: the pace of recovery along end-service chains can sometimes be harder to predict than fluctuations in manufacturing demand. NO.2 China: From “World Factory” to “Innovation Source” PPG’s footprint in China has long transcended simple capacity expansion. Through strategic moves and publicly available information, its deeper logic—“leveraging technology to win markets, and letting local innovation define global standards”—is becoming increasingly clear. Tying into the new-energy vehicle (NEV) sector: evolving from a “coating supplier” to a “color definition partner.” The “Digital Color Lab” jointly established with Chery has entered substantive operation; in 2025, PPG partnered with Xiaomi Auto as the inaugural collaborator for its “design 100 colors in 3 years” initiative—deeply integrating color science with AI technologies, transforming coatings from mere “surface layers” into “gateways to user experience.”

BMO Raises PPG Industries Stock Price Target on Aerospace Growth

Jun 15, 2026

BMO Capital increased PPG Industries' price target to $140, driven by confidence in its aerospace segment. The coatings firm is viewed as undervalued with strong exposure to commercial and military aerospace markets.

Investing.com Canada

BMO Lifts PPG Industries Price Target to $140 on Aerospace Momentum

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