Bolvin Wealth Management Group总裁Gina Bolvin表示，道指突破5万点"与其说是庆祝，不如说是一次确 认"。她指出，市场已经适应了更高利率、更慢的增长节奏以及全球不确定性，却仍能继续走高，这表 明投资者信心真实存在，2026年的市场焦点将更多回归企业基本面，而非货币政策。 智通财经APP获悉，周五，美股全面走强，道琼斯工业平均指数大涨逾1200点，涨幅约2.5%，盘中首次 突破5万点整数关口，收报50,115.67点，创下历史新高。 自2025年底以来，美股涨势逐步由科技板块向更广泛领域扩散，这一趋势显著利好道指成分股。尽管道 指同样包含英伟达(NVDA.US)、苹果(AAPL.US)和微软(MSFT.US)等科技巨头，今年推动指数上行的主 力，更多来自传统行业与防御型板块。其中，高盛(GS.US)、卡特彼勒(CAT.US)、安进(AMGN.US)以及 宣伟公司(SHW.US)等表现尤为突出。 由于道指采用价格加权方式计算，这些股价较高的成分股，对指数的影响力明显高于按市值加权的指 数。此外，波音近期股价同样持续走强，也对道指形成支撑。 回顾走势，自2024年5月首次站上4 ...

Adjusted segment margin improved 150 basis points to 19%, driven by new business wins, as well as good control of SG&A, which was down mid-single digits. We also continued our strong cost control efforts within the administrative segment, where SG&A was down a low single-digit percentage in the quarter, including one-time restructuring costs of approximately $2 million. Excluding these restructuring costs and the non-annualized new building operating costs, administrative SG&A was down by a low teens percen ...

Core Insights - Sherwin-Williams Company (SHW) reported fourth-quarter 2025 earnings of $1.92 per share, a 1.1% increase from $1.90 in the same quarter last year, with adjusted earnings of $2.23 per share surpassing the Zacks Consensus Estimate of $2.12 [1][8] - The company achieved revenues of $5,595.9 million, reflecting a year-over-year increase of 5.6%, and exceeded the Zacks Consensus Estimate of $5,546.2 million [1][8] Segment Performance - The Paint Stores Group segment recorded net sales of $3,127.1 million, a 2.7% increase year over year, but fell short of the Zacks Consensus Estimate of $3,151 million, with growth driven by higher selling prices [2] - The Consumer Brands Group saw net sales rise by 24.5% year over year to $824.7 million, surpassing the consensus estimate of $791 million, attributed to the acquisition of Suvinil and favorable foreign currency translation, although profits decreased due to restructuring costs [3] - The Performance Coatings Group's net sales increased by 3.3% year over year to approximately $1,642.1 million, beating the consensus estimate of $1,629 million, driven by acquisitions and favorable currency translation [4] Financial Overview - For the year, the company generated $3.45 billion in net operating cash and returned $2.45 billion to shareholders through dividends and stock repurchases of 4.8 million shares, with authorization to buy back 29.6 million shares of common stock as of December 31, 2025 [5] - For the first quarter and full-year 2026, the company anticipates net sales growth in the mid-single-digit percentage range, with projected net income per share between $10.7 and $11.1, and adjusted net income per share forecasted between $11.5 and $11.9 [6] Stock Performance - Sherwin-Williams shares have declined by 4.4% over the past year, compared to a 1.5% decline in the industry [7]

The Sherwin-Williams Company (NYSE:SHW) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBen Meisenzahl - VP of Investor RelationsGarik Shmois - Managing DirectorHeidi G. Petz - Chair, President, and CEOJim Jaye - Head of Investor Relations and CommunicationsJosh Spector - Executive Director of Chemicals Equity ResearchKevin McCarthy - PartnerConference Call ParticipantsAleksey Yefremov - Managing Director and Equity Research AnalystArun Viswanathan - Senior Equity AnalystChuck Ceranko ...

The Sherwin-Williams Company (NYSE:SHW) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBen Meisenzahl - VP of Investor RelationsChris Parkinson - Managing DirectorDavid Begleiter - DirectorGarik Shmois - Managing DirectorGreg Melich - Senior Managing DirectorHeidi G. Petz - Chair, President, and CEOJim Jaye - Head of Investor Relations and CommunicationsJohn Roberts - Managing DirectorJosh Spector - Executive Director of Chemicals Equity ResearchKevin McCarthy - PartnerVincent Andrew ...

Sherwin-Williams (SHW) reported $5.6 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 5.6%. EPS of $2.23 for the same period compares to $2.09 a year ago.The reported revenue represents a surprise of +0.9% over the Zacks Consensus Estimate of $5.55 billion. With the consensus EPS estimate being $2.12, the EPS surprise was +5.1%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determin ...

Financial Data and Key Metrics Changes - Consolidated sales in Q4 2025 increased by a mid-single-digit percentage, with a low single-digit contribution from the Suvinil acquisition [3] - Adjusted diluted net income per share in the quarter increased by 6.7% [3] - Adjusted EBITDA in the quarter grew 13.4% and expanded 100 basis points to 17.7% as a percentage of sales [3] - Free cash flow conversion in the quarter was 90.1% [3] - Full-year net operating cash grew 9.4% to $3.5 billion, or 14.6% of sales [9] - Free cash flow for the year was $2.7 billion, with a conversion rate of 59% [10] - The company ended 2025 with a net debt to adjusted EBITDA ratio of 2.3x [11] Business Segment Data and Key Metrics Changes - Paint Stores Group sales increased by a low single-digit percentage, with high single-digit growth in Protective and Marine [11] - Consumer Brands Group sales grew by a low single-digit percentage, driven by the Suvinil acquisition, while underlying sales decreased by low single digits [12] - Performance Coatings Group sales were flat overall, with strength in packaging and auto refinish, and adjusted segment margin improved by 150 basis points to 19% [5][12] Market Data and Key Metrics Changes - The residential repaint segment remains a significant growth opportunity, despite a challenging demand environment [17] - The new residential market is expected to decline at least in the mid-single-digit range due to negative single-family starts [18] - The Architectural Billings Index has continued its long run of negative readings, indicating a challenging commercial segment [19] Company Strategy and Development Direction - The company focuses on creating opportunities and controlling costs amid a challenging operating environment [9] - Strategic investments continue, including the acquisition of Suvinil and the opening of a new global headquarters [10] - The company aims to outperform the market despite a difficult demand backdrop, emphasizing share gains and customer relationships [21][28] Management's Comments on Operating Environment and Future Outlook - The management anticipates a softer demand environment to persist into 2026, with cautious consumer sentiment providing little support for recovery [16] - The company remains committed to its customer-first strategy and is focused on winning new business and maintaining pricing discipline [28] - Management expressed confidence in the company's ability to navigate challenges and generate growth despite market conditions [27] Other Important Information - The company plans to open 80-100 net new stores in the U.S. and Canada in 2026 [26] - An annual dividend increase of 1.3% to $3.20 per share is recommended, marking the 48th consecutive year of dividend increases [26] Q&A Session Summary Question: Performance Coatings segment margin outperformance - Management attributed the margin outperformance to discipline and focus on SG&A control, with strong new business wins contributing to improved margins [32][34] Question: SG&A outlook for 2026 - SG&A is expected to grow by a low single-digit percentage, factoring in the reinstatement of the 401(k) match and cost control measures [37][40] Question: Impact of severe winter weather on demand trends - Management noted that weather impacts are typical and do not raise concerns for current demand trends [61] Question: Residential Repaint sales performance - Management indicated that while sales were up low single digits, they remain confident in the segment's potential for share gains [74][75] Question: Consumer Brands performance expectations - Management highlighted challenges in the North American DIY market but remains optimistic about the Suvinil acquisition and its integration [78][82]

Q4 and Full Year 2025 Results January 29, 2026 CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may discuss, among other things, anticipated future performance (including sales and earnings) ...

分组1 - Sherwin-Williams reported quarterly earnings of $2.23 per share, exceeding the Zacks Consensus Estimate of $2.12 per share, and showing an increase from $2.09 per share a year ago, resulting in an earnings surprise of +5.10% [1] - The company achieved revenues of $5.6 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.90%, and up from $5.3 billion year-over-year [2] - Sherwin-Williams shares have increased approximately 7.9% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] 分组2 - The earnings outlook for Sherwin-Williams is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Sherwin-Williams was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $2.46 on revenues of $5.57 billion, and for the current fiscal year, it is $12.33 on revenues of $24.52 billion [7] 分组3 - The Chemical - Specialty industry, to which Sherwin-Williams belongs, is currently ranked in the bottom 21% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - Consolidated Net sales increased 2.1% year-over-year to $23.57 billion, with Paint Stores Group sales growth led by protective & marine, residential repaint, and commercial segments [6]. - Adjusted diluted net income per share increased by 0.9% to $11.43, while diluted net income per share decreased by 2.7% to $10.26 for the full year 2025 [6]. - Net income for the year ended December 31, 2025, was $2,568.5 million, compared to $2,681.4 million in 2024, reflecting a decrease of 4.2% [29]. - The company reported a diluted net income per share of $10.26 for the year ended December 31, 2025, down from $10.55 in 2024 [29]. - Diluted net income per share for the year ended December 31, 2025, is projected to be between $10.70 and $11.10, with an adjusted diluted net income per share of $11.50 to $11.90 [38]. - The company reported a total EBITDA of $4,480.1 million for the year ended December 31, 2025, with an adjusted EBITDA of $4,608.9 million [40]. Sales and Revenue Growth - The Paint Stores Group reported net sales of $3.127 billion, a 2.7% increase, with same-store sales change of 1.0% [11]. - Consumer Brands Group net sales increased by 24.5% to $824.7 million, driven by the Suvinil acquisition and favorable foreign currency translation [12]. - Performance Coatings Group net sales increased by 3.3% to $1.642 billion, with segment profit rising by 6.8% [14]. - Net sales for Q4 2025 reached $5,595.9 million, a 5.6% increase from $5,297.2 million in Q4 2024 [29]. - The Paint Stores Group generated $3,127.1 million in net sales for Q4 2025, up from $3,044.9 million in Q4 2024 [31]. - The Consumer Brands Group's net sales for Q4 2025 were $824.7 million, a significant increase from $662.2 million in Q4 2024 [31]. Cash Flow and Shareholder Returns - Free cash flow conversion in the fourth quarter was 90.1%, with net operating cash growing 9% to $3.5 billion, representing 14.6% of net sales [4][6]. - The company returned $2.4 billion to shareholders through share repurchases and dividends, marking the 47th consecutive year of dividend increases [8]. - The company declared cash dividends of $789.8 million for the year ended December 31, 2025, compared to $723.4 million in 2024 [42]. Assets and Liabilities - Total assets increased to $25,901.7 million in 2025 from $23,632.6 million in 2024, marking a 9.6% growth [34]. - Current liabilities rose to $6,920.3 million in 2025, compared to $6,808.7 million in 2024 [34]. - Long-term debt increased to $9,320.7 million in 2025 from $8,176.8 million in 2024, indicating a 14.0% rise [34]. Store Expansion and Restructuring - The Paint Stores Group added 80 net new stores in 2025, bringing the total to 4,853 stores [42]. - The Consumer Brands Group experienced a net loss of 27 stores in 2025, maintaining a total of 307 stores [42]. - The Performance Coatings Group had a net loss of 7 branches, resulting in a total of 317 branches [42]. - The company incurred $111.0 million in severance and other restructuring expenses for the year ended December 31, 2025 [40]. Future Outlook - For 2026, the company expects diluted net income per share guidance in the range of $10.70 to $11.10, including acquisition-related amortization expense of $0.80 per share [6][20]. - The company anticipates a continuation of softer demand conditions into the second half of 2026, while aiming to outperform the market through innovative solutions [20].