PPG's revenue remained flat year-on-year at $15.9 billion in the previous year, while its net profit surged 17% to $1.6 billion.

For the full year 2025, the Group achieved an EBITDA of $2.631 billion, up 9.26% year-on-year. Operating profit totaled $1.587 billion, up 15.25% year-on-year. Net profit reached $1.571 billion, up 17% year-on-year. The net profit margin increased from 8.5% in the prior year to 9.9%. Adjusted net profit amounted to $1.722 billion, down 7.0% year-on-year. Amid a challenging macroeconomic environment, the Company achieved earnings per share (EPS) of $6.92 for the full year 2025, with adjusted EPS at $7.58—down 4% year-on-year. The EBITDA margin across all business segments stood at 19%. These results reflect strong sales performance driven by our technologically advanced products and powerful brands, delivering record achievements across multiple business areas—including aerospace coatings, protective & marine coatings, and packaging coatings. In 2025, demonstrating remarkable adaptability amid a challenging macroeconomic backdrop, the Company achieved growth in both sales volume and selling prices across all four quarters, resulting in 2% organic sales growth. It generated $1.9 billion in operating cash flow, with a free cash flow yield of 5%. During the year, the Company repurchased approximately $790 million worth of shares—about 3% of its outstanding shares. Including dividends, the Company returned $1.4 billion to shareholders in 2025. PPG Industrial’s Q4 2025 Factors Impacting Operating Performance PPG reported net sales of $3.914 billion for the fourth quarter of 2025, up 5.0% year-on-year. Organic sales rose 3% year-on-year—the highest quarterly performance of the year—driven by broad-based growth across all three business segments. Overall selling prices increased 1% year-on-year, though structural price increases were partially offset by declines in index-based customer contract pricing. Overall sales volume grew 2% compared to Q4 2024. Net sales also included a 4% benefit from foreign exchange translation and a 2% reduction due to business divestitures. Sales growth was primarily driven by aerospace coatings, protective & marine coatings, and architectural coatings in Mexico; meanwhile, market share gains in the industrial coatings segment offset declines in automotive refinish coatings and architectural coatings in Europe, the Middle East, and Africa (EMEA). Net sales of automotive OEM coatings rose 6%, marking the second consecutive quarter of outperformance relative to industry-wide automotive production levels. In aerospace coatings, both Q4 net sales and segment income reached new highs. Adjusted diluted EPS for Q4 2025 was $1.51, versus reported diluted EPS of $1.34. Across all business segments, PPG achieved an operating profit margin of 18%, down 40 basis points year-on-year—primarily attributable to margin improvements in industrial coatings and global architectural coatings, partially offset by a decline in the high-performance coatings segment. Net profit totaled $302 million, up 15-fold year-on-year. Adjusted net profit amounted to $341 million, down 9.0% year-on-year.

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

As China’s coating industry, at the outset of the 15th Five-Year Plan, broadly grapples with structural adjustment anxieties and price-driven competition, global coating giant PPG has presented a mid-year report characterized by 'stable revenue growth and modest profit adjustments'—demonstrating an alternative approach to navigating economic cycles. On July 28, PPG released its financial results for Q2 and the first half of 2026: net sales for H1 totaled $8.425 billion (approximately RMB 61 billion), up 7% year-on-year; net income attributable to shareholders amounted to $821 million (approximately RMB 5.94 billion), with a net profit margin of 9.74%. Although adjusted net profit for Q2 declined 1% year-on-year to $500 million, beneath the 'temperature differential' between revenue growth and profit pressure lies the strategic intent of this century-old enterprise—to proactively restructure its business and shift its growth engine. Amid a complex and volatile global macroeconomic environment, PPG delivered 4% organic growth in H1—outperforming industry benchmarks by 300 basis points—delivering a transformational case study of exceptional reference value. NO.1 'Two Hot, One Cold': Divergence Conceals Structural Shifts Breaking down PPG’s three major business segments reveals a clear 'two-up, one-down' growth pattern—highlighting a visible transition in growth drivers. Architectural Coatings: Latin America Leads; Pricing Power Realized. Global architectural coatings posted the strongest net sales growth—up 8% overall—with 2% organic growth. Robust performance in Latin America and a modest recovery in the EMEA region formed a 'dual pillar' of support. Combined with a 3% increase in selling prices, EBITDA margin improved by 100 basis points to 19.4%. This signals accelerating synergy between cost pass-through and expense control. Industrial Coatings: Market Share Capture; the 'Stealth Champion' Emerges. This segment delivered the most impressive performance this quarter. A 5% volume increase cemented industrial coatings as the undisputed 'growth anchor'. Automotive OEM coatings outperformed global auto production by approximately 500 basis points, driven by market share gains. Packaging coatings achieved over 20% growth on top of cumulative two-year volume gains—evidence that the 'technology-for-market-share' strategy is moving from blueprint to reality: when customers actively embrace leading-edge technologies, market share gains no longer hinge on price wars. High-Performance Coatings: Aerospace Leads, Refinish Drags Margins. This segment posted 3% organic growth, with aerospace business continuing to lead with double-digit growth. Order backlog remains near $300 million—a true 'profit moat' for PPG. Yet 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 processing, resulting in double-digit volume declines. This contrast reveals an industry insight: the pace of recovery along end-user service chains can sometimes be harder to forecast 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 initiatives and publicly disclosed information, its deeper logic—'leveraging technology to win markets, and defining global standards through local innovation'—is becoming increasingly evident. Betting on New Energy Vehicles: Evolving from 'Coating Supplier' to 'Color Definer'. The 'Digital Color Lab' jointly established with Chery has entered substantive operational phase; 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'.

PPG Industries Reports Q2 2026 Revenue of $4.5 Billion

Jul 29, 2026

PPG Industries reported Q2 2026 revenue of $4.5 billion, up 7.2% year-over-year, driven by pricing and volume gains. Net income fell 3.9% despite strong performance in aerospace and packaging segments.

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