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

Industrial Coatings: Organic sales for industrial coatings in Q4 2025 were flat year-on-year; volume increased, but this gain was offset by a decline in index-based pricing. Industrial production performance was mixed: strong growth in the Asia-Pacific region, modest year-on-year growth in the U.S. and Europe, and a decline in Latin America. PPG’s volumes rose primarily in Europe and Asia-Pacific, but declined in the U.S. and Latin America—partially offsetting the overall gain. Sales across multiple product categories exceeded prior-year levels, including notable growth in transportation, heavy equipment, and extrusion products. The most pronounced weakness appeared in consumer electronics and kitchen & bakeware applications. Packaging Coatings: Organic sales for packaging coatings in Q4 2025 grew by a double-digit percentage year-on-year; although volumes increased, this was slightly offset by lower index-based pricing. These results reflect positive momentum driven by market share gains in the U.S., Asia-Pacific, and Europe—bolstered by expanded regulatory policies in Europe. Globally, demand for beverage packaging remained stable, and PPG’s volume growth outpaced the broader market. Looking ahead, global industrial production is expected to remain relatively low in Q1, with modest improvements anticipated in the U.S., Europe, and Asia-Pacific—offset by declining demand in Latin America. Global automotive production is projected to decline by a low-single-digit percentage versus the strong prior-year comparison, with year-on-year declines in Asia, the U.S., and Europe, partially offset by growth in Latin America. We anticipate that lower volumes this quarter will pressure margins; however, we expect to outperform automotive production growth across all regions through further market share gains. Packaging coatings are also expected to deliver robust growth, supported by continued market share expansion. Consequently, organic sales for this business segment are projected to decline by a low-single-digit percentage to remain flat sequentially in Q1 2025. 5 Outlook At quarter-end, total cash and short-term investments stood at $2.2 billion, while total net debt amounted to $5.1 billion—approximately $630 million higher than the prior-year level. Operating cash flow for 2025 totaled $1.9 billion, up approximately $500 million year-on-year. PPG Industries expects continued challenges in demand across European and global industrial end markets. Despite macroeconomic uncertainty, PPG anticipates organic sales growth—driven by aerospace coatings and architectural coatings in Mexico, as well as market share gains within its industrial coatings segment—resulting in overall organic sales growth ranging from flat to low-single-digit positive. This reflects the strength of our focused organizational structure and optimized portfolio of technologically differentiated products and services. Our decisive cost-reduction initiatives—including global structural cost reductions and consolidation of European manufacturing operations—are expected to generate an additional $50 million in pre-tax savings in 2026. The combination of organic sales growth and cost-saving measures aims to improve gross margin across the entire segment by approximately 100 basis points year-on-year.

"Stagnant growth" for Sherwin-Williams / PPG / AkzoNobel! Is the 2024 coatings industry truly difficult?

"Although demand across most of our end markets remains volatile, our Q4 performance was strong," said Heidi G. Petz, Chairman, President, and CEO of Sherwin-Williams, expressing satisfaction with the company’s results and adding candidly, "We have full confidence in our differentiated strategy and remain committed to delivering innovative and efficient solutions to our customers." Yet compared to 2023, Sherwin-Williams’ record-setting $23.1 billion in net sales last year grew only 0.2%—a marginal increase effectively negligible. Based on performance data across Sherwin-Williams’ three business segments: its Paint Stores Group (PSG) achieved $3.0449 billion in net sales in Q4 2024, up 3.4%, driving corresponding profit growth. However, the Consumer Brands Group (CBG) saw net sales decline 4.3% to $662.2 million, while the Performance Coatings Group (PCG) posted a 1.6% decline, with net sales of $1.589 billion. By divesting its silica products business and architectural coatings businesses in the U.S. and Canada, PPG increased its net profit by 10% to $1.344 billion last year, simultaneously strengthening its financial position—including raising its adjusted EBITDA margin to 18.1%—enabling sustainable organic growth. Additionally, emerging markets such as Mexico and India delivered above-expectations contributions. Aerospace coatings, protective & marine coatings, packaging coatings, and transportation solutions emerged as new growth engines for PPG—fueling a 6% increase in adjusted earnings per share. Nonetheless, slightly lower sales volumes, adverse foreign exchange impacts, and the effects of asset divestitures caused PPG’s annual revenue to decline 2% to $15.845 billion—the only one among the three industry giants to post a revenue decline last year. Moreover, PPG’s global architectural coatings segment reported Q4 net sales of $881 million—a 7% decline year-on-year—with segment profit down 10% to $118 million. Its industrial coatings segment recorded Q4 net sales of $1.586 billion—a 9% decline year-on-year—with segment profit at $185 million, down 20%. Tim Knavish, Chairman and CEO of PPG, commented on the company’s annual and quarterly performance: "Throughout 2024, we demonstrated resilience amid a challenging macroeconomic environment—delivering value to shareholders through a 6% increase in adjusted EPS, improved total segment margin, and $1.4 billion in operating cash flow." Over the past year, AkzoNobel’s net profit rose 22.6% to €542 million (approximately $563 million), though its revenue remained essentially flat—reaching €10.711 billion (approximately $11.126 billion). In Q4 2024, AkzoNobel reported sales of €2.619 billion, up 4% year-on-year. Organic sales grew 1% due to price increases.

Royal Bank of Canada Issues Pessimistic Forecast for PPG Industries Stock Price

Oct 9, 2026

Royal Bank of Canada lowered its price target for PPG Industries to $115, citing mixed analyst sentiment, despite the company reporting a 7.2% year-over-year revenue increase.

MarketBeat

2026-06-07

RBC Capital Maintains Hold Rating on PPG Industries (PPG)

2026-07-03

RBC Capital Remains a Buy on Chemours Company (CC)

2026-07-08

RBC Capital Raises PPG Industries Price Target to $129 From $119, Maintains Sector Perform Rating

2026-07-30

RBC Trims Price Target on PPG Industries to $122 From $129, Keeps Sector Perform Rating

2026-08-09

PensionDanmark Pensionsforsikringsaktieselskab Boosts Position in PPG Industries, Inc.