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PPG Industries (PPG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · PPG Industries (PPG) Q3 2026 earnings results →

Q3 2026 Revenue up 7% year over year to $4.4B · 10¢ of every $1 of revenue kept as net profit · operating margin 17.4%

PPG Industries made $4.4B in Q3 2026 (+7% Y/Y): Industrial Coatings $1.7B, Performance Coatings $1.6B, Global Architectural Coatings $1.1B. Operating margin 17.4%, net earnings $451M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$4.4B
Year over year+7%
Operating margin17.4%
Net earnings$451M
Operating cash flow$566M

Drawing the Sankey…

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PPG Industries Q3 2026 revenue breakdown: Sankey diagram of revenue (Industrial Coatings, Performance Coatings, Global Architectural Coatings), costs, profit and cash flow
PPG Industries Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $4.4B in Q3 2026, up 7% year over year and down 3% from the previous quarter. Industrial Coatings was the largest line at 40% of revenue. Performance Coatings added $0.14B year over year (up 10%), 52% of the total change.

Operating profit was $0.76B, a 17.4% margin (up 0.5 points year over year). Of the extra revenue versus Q3 2025, 25% reached operating profit, above the 17% margin then. Total costs grew 6% against revenue growth of 7%. Net earnings were $0.45B, roughly flat year over year. The effective tax rate was 25.1%.

Operating cash flow was $0.57B (down 17% year over year), 124% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.03B. Capital expenditures of $0.15B left free cash flow of $0.41B.

Quarterly history

PPG Industries revenue by quarterPPG Industries revenue by quarter$3.7BQ1 2025$4.2BQ2 2025$4.1BQ3 2025$3.9BQ4 2025$3.9BQ1 2026$4.5BQ2 2026$4.4BQ3 2026
PPG Industries net earnings by quarterPPG Industries net earnings by quarter$373MQ1 2025$450MQ2 2025$453MQ3 2025$300MQ4 2025$382MQ1 2026$437MQ2 2026$451MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$4.4B+7%17.4%$451M$566M
Q2 202610-QJul 29, 2026$4.5B+7%16.5%$437M$559M
Q1 202610-QApr 29, 2026$3.9B+7%16.2%$382M$33.0M
Q4 202510-KFeb 19, 2026$3.9B+5%9.9%$300M$887M
Q3 202510-QOct 29, 2025$4.1B+1%16.9%$453M$685M
Q2 202510-QJul 30, 2025$4.2B-0.9%17.7%$450M$387M
Q1 202510-QApr 30, 2025$3.7B-4%16.5%$373M−$18.0M

Charts

PPG Industries: revenue growth, year over year and quarter over quarterPPG Industries: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q1 2025-1%+14%Q2 2025+1%-3%Q3 2025+5%-4%Q4 2025+7%+0%Q1 2026+7%+14%Q2 2026+7%-3%Q3 2026
Latest (Q3 2026): Y/Y +7%, Q/Q -3%.
PPG Industries: where the cash came from (+) and went (−), TTM to Q3 2026PPG Industries: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.0BNet borrowing (+) / repaid (−)−$1.4BCapital spending−$765MOther financing$448MBuybacks−$425MCash drawn (+) / kept (−)$239MAcquisitions−$185MExchange rates$27.0MOther investing$14.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
PPG Industries: profit against cash, quarter by quarterPPG Industries: profit against cash, quarter by quarterNet incomeOperating cash flow−$271M$346MQ4 2024$378M−$18.0MQ1 2025$458M$387MQ2 2025$447M$685MQ3 2025$309M$887MQ4 2025$385M$33.0MQ1 2026$440M$559MQ2 2026$456M$566MQ3 2026
Latest (Q3 2026): Net income $456M, Operating cash flow $566M.
PPG Industries: diluted shares by fiscal yearPPG Industries: diluted shares by fiscal year238MFY2020239MFY2021237MFY2022237MFY2023235MFY2024227MFY2025
-4.5% since FY2020: buybacks shrank the count.
PPG Industries: long-term debt falling due (FY2025)PPG Industries: long-term debt falling due (FY2025)$702M2026$702M2027$2.0B2028$1.2B2029$295M2030$2.4BLater
Cash $2.2B, short-term investments $56.0M, long-term debt $7.3B at 2025-12-31.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About PPG Industries

PPG Industries, Inc. manufactures and distributes a broad range of paints, coatings and specialty products. PPG was incorporated in Pennsylvania in 1883. PPG’s vision is to be the first-choice partner to meet our customers’ evolving needs for innovative paints, coatings and surface solutions to protect and beautify the world. PPG has a proud heritage with a demonstrated commitment to innovation, sustainability, community engagement and development of leading-edge paint, coatings and specialty products. Through dedication and industry-leading expertise, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. PPG is a global leader that markets and sells in more than 50 countries.

In its own words, from its 10-K, filed Feb 19, 2026.

PPG Industries against its Paints, Varnishes, Lacquers, Enamels & Allied Prods peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +5%. Operating margin: 17.4% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
PPG PPG IndustriesQ3 2026$4.4B+7%17.4%
RPM RPM InternationalQ1 FY27$2.2B+5%15.2%
AXTA Axalta Coating SystemsQ3 2026$1.3B+2%12.6%

Source: PPG Industries 10-Q on SEC EDGAR · CIK 79879 · Paints, Varnishes, Lacquers, Enamels & Allied Prods

Guidance and outlook

PPG Industries: what its forward-looking statements are about (10-Q filed 2026-07-29)PPG Industries: what its forward-looking statements are about (10-Q filed 2026-07-29)Demand5Other4Margins1Costs1People1
12 statements; tone +0.50 (−1 all cautious, +1 all confident); 0 hedged.
PPG Industries: outlook statements against the filing beforePPG Industries: outlook statements against the filing beforeConfident7Cautious1

13F: who owns PPG and who is buying

Largest holders of PPG (13F)Largest holders of PPG (13F)Vanguard Group$3.0BBlackRock$2.9BVanguard Capital Management LLC$1.8BState Street$1.7BFirst Eagle Investment Management…$1.6BVanguard Portfolio Management LLC$1.6BWellington Management Group LLP$1.0BFranklin Resources$956MPzena Investment Management LLC$811MHotchkis & Wiley Capital Manageme…$768M
Funds' net buying of PPG by quarter (13F)Funds' net buying of PPG by quarter (13F)$85.2M2024-09$306M2024-12$8.1M2025-03$621M2025-06−$225M2025-09$658M2025-12$189M2026-03$548M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PPG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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