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Sherwin Williams cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$976M in Q3 2026 · $3.1B over twelve months

Operating cash flow$1.1B
Capital spending−$129M
Free cash flow+$976M
Cash / net income1.3×
Cash conversion cycle40 days

Analysis

In Q3 2026, Sherwin Williams generated $1.1B of operating cash flow and spent $129M on capital projects, leaving free cash flow of $976M. That is $135M less than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.7B; the largest uses were buybacks ($2.5B), acquisitions ($1.2B), dividends ($785M); besides operations, cash came from other investing ($1.0B), net borrowing (+) / repaid (−) ($277M); the cash balance rose by $22.7M.

Operating cash flow was $1.1B against net income of $821M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$188M, stock-based pay +$27.7M, deferred taxes −$19.7M.

Its cash conversion cycle was 40 days (receivables 48 + inventory 65 − payables 73).

Free cash flow

Sherwin Williams: free cash flow by quarterSherwin Williams: free cash flow by quarter$634MQ4 2024−$250MQ1 2025$931MQ2 2025$1.1BQ3 2025$862MQ4 2025$800KQ1 2026$1.2BQ2 2026$976MQ3 2026
Operating cash flow less capital spending.
Sherwin Williams: operating cash flow against capital spendingSherwin Williams: operating cash flow against capital spendingOperating cash flowCapital spending$934M$300MQ4 2024−$61.1M$189MQ1 2025$1.1B$182MQ2 2025$1.3B$196MQ3 2025$1.1B$230MQ4 2025$139M$138MQ1 2026$1.3B$108MQ2 2026$1.1B$129MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $129M.

Capital allocation, year by year

Sherwin Williams: where the cash came from (up) and went (down), by fiscal yearSherwin Williams: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $2.1BFY2021: Shares issued $204MFY2021: Asset sales $137MFY2021: Capital spending −$372MFY2021: Acquisitions −$211MFY2021: Buybacks −$2.8BFY2021: Dividends −$587M$4.7BFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing $1.2BFY2022: Shares issued $89.3MFY2022: Asset sales $33.2MFY2022: Capital spending −$644MFY2022: Acquisitions −$1.0BFY2022: Buybacks −$883MFY2022: Dividends −$618M$3.2BFY2022FY2023: Operating cash flow $3.5BFY2023: Net borrowing −$740MFY2023: Shares issued $112MFY2023: Asset sales $174MFY2023: Capital spending −$888MFY2023: Acquisitions −$265MFY2023: Buybacks −$1.4BFY2023: Dividends −$624M$3.8BFY2023FY2024: Operating cash flow $3.2BFY2024: Net borrowing $37.1MFY2024: Shares issued $242MFY2024: Asset sales $11.6MFY2024: Capital spending −$1.1BFY2024: Acquisitions −$78.9MFY2024: Buybacks −$1.7BFY2024: Dividends −$723M$3.4BFY2024FY2025: Operating cash flow $3.5BFY2025: Net borrowing $986MFY2025: Shares issued $141MFY2025: Asset sales $10.7MFY2025: Capital spending −$798MFY2025: Acquisitions −$1.2BFY2025: Buybacks −$1.7BFY2025: Dividends −$790M$4.6BFY2025
Over these 5 years operating cash flow totalled $14.3B; the largest uses were buybacks ($8.5B) and capital spending ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$264M
Debt$11.8B
Net debt$11.5B
Due within a year$350M

Sherwin Williams funds itself: free cash flow was $3.1B over the last twelve months, and $264M of cash and investments stands against $11.8B of debt ($350M due within a year, 0.8× covered by cash).

Sherwin Williams: debt maturities by year (FY2025)Sherwin Williams: debt maturities by year (FY2025)$350MYear 1$1.5BYear 2$900MYear 3$800MYear 4$1.0BYear 5
Principal due in each year as disclosed in the annual report, against $264M of cash and investments now.

Where the cash came from and went

Sherwin Williams: sources (+) and uses (−) of cash, Q3 2026Sherwin Williams: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.1BBuybacks−$520MNet borrowing (+) / repaid (−)−$280MDividends−$194MCapital spending−$129MShares issued$43.9MCash drawn (+) / kept (−)$29.3MOther financing−$27.3MOther investing−$22.4MExchange rates−$4.1MAcquisitions−$800K
Sherwin Williams: sources (+) and uses (−) of cash, TTM to Q3 2026Sherwin Williams: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.7BBuybacks−$2.5BAcquisitions−$1.2BOther investing$1.0BDividends−$785MCapital spending−$606MNet borrowing (+) / repaid (−)$277MShares issued$132MOther financing−$85.6MExchange rates−$22.7MCash drawn (+) / kept (−)−$22.7MAsset & business sales$16.3M

From profit to cash

Sherwin Williams: net income to operating cash flow, Q3 2026Sherwin Williams: net income to operating cash flow, Q3 2026Net income$821MDepreciation & amortization$188MStock-based pay$27.7MDeferred taxes−$19.7MGains on disposals$2.4MOther non-cash$3.8MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202648657340
Q2 202645667240
Q1 202648757745
Q4 202549737745
Q3 202545687142
Q2 202543717242
Q1 202544797845
Q4 202447778143

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$129M−$800K−$520M−$194M−$280M$43.9M$29.3M$976M
Q2 2026$1.3B−$108M−$64.9M−$1.3B−$198M−$127M$18.0M−$76.6M$1.2B
Q1 2026$139M−$138M—−$576M−$197M$831M$47.6M−$9.7M$800K
Q4 2025$1.1B−$230M−$1.1B−$118M−$196M−$647M$22.1M$34.3M$862M
Q3 2025$1.3B−$196M$2.1M−$668M−$196M$840M$67.9M$28.3M$1.1B
Q2 2025$1.1B−$182M−$39.0M−$518M−$198M−$92.0M$24.4M−$70.0M$931M
Q1 2025−$61.1M−$189M−$82.4M−$352M−$200M$886M$26.2M$10.6M−$250M
Q4 2024$934M−$300M−$78.9M−$310M−$180M−$253M$47.2M$27.8M$634M

Sherwin Williams: income statement and cash flow

Sherwin Williams, Q3 2026: revenue $6.9B (+8% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

Sherwin Williams: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.