financial statements

The full income statement, balance sheet, and cash-flow statement for PPG Industries Inc. (PPG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	15.9B YoY+0.2%	15.8B YoY-2.4%	16.2B YoY+4.0%	15.6B YoY-7.1%	16.8B YoY+21.5%
Cost of revenue	9.32B YoY+0.7%	9.25B YoY-4.4%	9.68B YoY-3.0%	9.97B YoY-3.0%	10.3B YoY+32.3%
Research & development	446M YoY-0.2%	447M YoY+0.2%	446M YoY-2.4%	457M YoY-1.3%	463M YoY+15.5%
Selling, general & administrative	3.44B YoY+1.4%	3.39B YoY-0.3%	3.40B YoY+12.0%	3.04B YoY-19.7%	3.78B YoY+11.5%
Restructuring	6.00M YoY-97.4%	233M YoY+11750.0%	-2.00M YoY-106.1%	33.0M YoY+6.5%	31.0M YoY-82.2%
Amortization of intangibles	125M YoY-5.3%	132M YoY-14.3%	154M YoY+6.2%	145M YoY-15.7%	172M YoY+24.6%
Provision for credit losses	15.0M YoY-11.8%	17.0M YoY+13.3%	15.0M YoY-71.2%	52.0M YoY+173.7%	19.0M YoY+35.7%
Operating income	—	—	2.67B YoY+31.0%	2.04B YoY-5.9%	2.17B YoY+2.9%
Interest expense	241M YoY+0.0%	241M YoY-2.4%	247M YoY+47.9%	167M YoY+38.0%	121M YoY-12.3%
Interest & investment income	153M YoY-13.6%	177M YoY+26.4%	140M YoY+159.3%	54.0M YoY+107.7%	26.0M YoY+13.0%
Net interest income	—	—	-107M YoY+5.3%	-113M YoY-18.9%	-95.0M YoY+17.4%
Other non-operating income	-6.00M YoY-175.0%	8.00M YoY+110.0%	-80.0M YoY-221.2%	66.0M YoY-41.1%	112M YoY+411.1%
Equity-method income	19.0M YoY-5.0%	20.0M YoY-4.8%	21.0M YoY-16.0%	25.0M YoY+66.7%	15.0M YoY+87.5%
Pre-tax income	2.04B YoY+10.4%	1.85B YoY+9.6%	1.69B YoY+24.7%	1.35B YoY-25.3%	1.81B YoY+33.3%
Income tax	458M YoY-3.6%	475M YoY+11.0%	428M YoY+33.8%	320M YoY-14.4%	374M YoY+28.5%
	1.58B YoY+41.2%	1.12B YoY-12.1%	1.27B YoY+23.8%	1.03B YoY-28.7%	1.44B YoY+35.9%
Income from continuing operations	1.57B YoY+16.9%	1.34B YoY+9.9%	1.22B YoY+21.4%	1.01B YoY-29.1%	1.42B YoY+34.5%
Discontinued operations	5.00M YoY+102.2%	-228M YoY-585.1%	47.0M YoY+147.4%	19.0M YoY+0.0%	19.0M YoY+533.3%
Net income to non-controlling interest	16.0M YoY-51.5%	33.0M YoY-15.4%	39.0M YoY+39.3%	28.0M YoY+33.3%	21.0M YoY+40.0%
	$6.94 YoY+46.1%	$4.75 YoY-11.2%	$5.35 YoY+23.8%	$4.32 YoY-28.1%	$6.01 YoY+35.1%
EPS (basic)	$6.96 YoY+45.9%	$4.77 YoY-11.3%	$5.38 YoY+24.0%	$4.34 YoY-28.4%	$6.06 YoY+35.6%
Weighted-avg shares (basic)	226M YoY-3.2%	234M YoY-0.9%	236M YoY-0.0%	236M YoY-0.6%	238M YoY+0.3%
Weighted-avg shares (diluted)	227M YoY-3.3%	235M YoY-1.0%	237M YoY-0.0%	237M YoY-0.9%	239M YoY+0.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	7.96B YoY+21.4%	6.56B YoY-11.8%	7.43B YoY+3.6%	7.17B YoY+5.9%	6.77B YoY-0.4%
Cash & equivalents	2.16B YoY+70.3%	1.27B YoY-14.9%	1.49B YoY+35.9%	1.10B YoY+9.4%	1.00B YoY-45.0%
Short-term investments	56.0M YoY-36.4%	88.0M YoY+17.3%	75.0M YoY+36.4%	55.0M YoY-17.9%	67.0M YoY-30.2%
Accounts receivable	2.78B YoY+12.4%	2.48B YoY-5.5%	2.62B YoY-7.2%	2.82B YoY+5.1%	2.69B YoY+11.4%
Inventory	2.00B YoY+8.1%	1.85B YoY-4.6%	1.93B YoY-14.9%	2.27B YoY+4.7%	2.17B YoY+25.1%
Other current assets	408M YoY+10.9%	368M YoY-60.1%	922M YoY+107.7%	444M YoY+17.2%	379M YoY-8.7%
	22.1B YoY+13.7%	19.4B YoY-10.2%	21.6B YoY+4.4%	20.7B YoY-2.8%	21.4B YoY+9.2%
Property, plant & equipment	4.00B YoY+15.6%	3.46B YoY+0.4%	3.45B YoY+3.7%	3.33B YoY-3.3%	3.44B YoY+10.1%
Operating lease right-of-use	604M YoY+1.2%	597M YoY+4.6%	571M YoY-31.1%	829M YoY-7.0%	891M YoY+5.2%
Goodwill	6.15B YoY+8.1%	5.69B YoY-7.0%	6.12B YoY+2.0%	5.99B YoY-4.1%	6.25B YoY+22.5%
Intangible assets	1.97B YoY+2.5%	1.92B YoY-15.0%	2.26B YoY-6.3%	2.41B YoY-13.3%	2.78B YoY+18.4%
Long-term investments	332M YoY+0.3%	331M YoY+30.3%	254M YoY+4.1%	244M YoY-10.9%	274M YoY+2.6%
Deferred tax assets	481M YoY+58.7%	303M YoY+11.4%	272M YoY+186.3%	95.0M YoY-51.8%	197M YoY-48.0%
Other non-current assets	597M YoY+4.9%	569M YoY-56.0%	1.29B YoY+121.8%	583M YoY-21.4%	742M YoY+8.3%
	4.90B YoY-2.3%	5.01B YoY-0.8%	5.05B YoY+7.1%	4.72B YoY-0.9%	4.77B YoY-1.3%
Accounts payable	2.21B YoY+2.4%	2.16B YoY-11.4%	2.44B YoY-3.9%	2.54B YoY-7.2%	2.73B YoY+21.0%
Accrued liabilities	3.96B YoY+6.1%	3.73B YoY-10.3%	4.16B YoY+1.8%	4.09B YoY-6.9%	4.39B YoY+15.8%
Short-term & current debt	702M YoY-24.7%	932M YoY+208.6%	302M YoY-0.3%	303M YoY+10000.0%	3.00M YoY-98.3%
Current lease liability	138M YoY+9.5%	126M YoY-1.6%	128M YoY-30.1%	183M YoY-4.7%	192M YoY+6.7%
Other current liabilities	0.00 YoY-100.0%	90.0M YoY-76.0%	375M	—	—
	14.0B YoY+12.3%	12.5B YoY-8.5%	13.6B YoY-2.9%	14.0B YoY-6.1%	14.9B YoY+8.7%
Long-term debt	6.60B YoY+35.4%	4.88B YoY-15.2%	5.75B YoY-11.6%	6.50B YoY-1.0%	6.57B YoY+27.1%
Non-current lease liability	450M YoY-0.9%	454M YoY+8.9%	417M YoY-34.4%	636M YoY-8.2%	693M YoY+2.4%
Deferred tax liabilities	457M YoY+12.8%	405M YoY-19.0%	500M YoY-0.2%	501M YoY-22.4%	646M YoY+48.5%
Other non-current liabilities	650M YoY-13.8%	754M YoY-13.0%	867M YoY+37.2%	632M YoY-16.5%	757M YoY-20.2%
	7.94B YoY+17.0%	6.79B YoY-13.4%	7.83B YoY+18.8%	6.59B YoY+4.9%	6.29B YoY+10.5%
Common stock	969M YoY+0.0%	969M YoY+0.0%	969M YoY+0.0%	969M YoY+0.0%	969M YoY+0.0%
Additional paid-in capital	1.32B YoY+4.2%	1.27B YoY+5.8%	1.20B YoY+6.4%	1.13B YoY+4.5%	1.08B YoY+7.2%
Retained earnings	22.9B YoY+4.3%	22.0B YoY+2.3%	21.5B YoY+3.2%	20.8B YoY+2.2%	20.4B YoY+4.6%
Treasury stock	15.1B YoY+5.4%	14.3B YoY+5.5%	13.6B YoY+0.6%	13.5B YoY+1.0%	13.4B YoY+1.7%
Accumulated other comprehensive income	-2.18B YoY+30.0%	-3.11B YoY-38.8%	-2.24B YoY+20.3%	-2.81B YoY-2.2%	-2.75B YoY-5.8%
Non-controlling interest	156M YoY-11.9%	177M YoY-7.3%	191M YoY+63.2%	117M YoY-6.4%	125M YoY-0.8%
Total equity incl. non-controlling	8.10B YoY+16.3%	6.96B YoY-13.2%	8.02B YoY+19.6%	6.71B YoY+4.6%	6.41B YoY+10.2%
Total liabilities & equity	22.1B YoY+13.7%	19.4B YoY-10.2%	21.6B YoY+4.4%	20.7B YoY-2.8%	21.4B YoY+9.2%
Common shares issued	223M YoY-2.8%	230M YoY-2.2%	235M YoY+0.1%	235M	—
Common shares outstanding	223M YoY-2.8%	230M YoY-2.2%	235M YoY+0.1%	235M YoY-0.4%	236M YoY-0.3%
Shares outstanding (cover)	224M YoY-3.3%	232M YoY-1.6%	236M YoY+0.3%	235M YoY-1.0%	237M YoY+0.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.94B YoY+36.7%	1.42B YoY-41.1%	2.41B YoY+150.4%	963M YoY-38.3%	1.56B YoY-26.7%
Depreciation & amortization	528M YoY+7.3%	492M YoY-4.3%	514M YoY+2.4%	502M YoY-10.5%	561M YoY+10.2%
Share-based compensation	46.0M YoY+9.5%	42.0M YoY-25.0%	56.0M YoY+64.7%	34.0M YoY-40.4%	57.0M YoY+29.5%
Deferred income taxes	-27.0M YoY+72.2%	-97.0M YoY+48.1%	-187M YoY-23.8%	-151M YoY-531.4%	35.0M YoY+174.5%
Change in inventory	35.0M YoY+29.6%	27.0M YoY+118.6%	-145M YoY-181.9%	177M YoY-36.6%	279M YoY+351.4%
	-700M YoY-754.2%	107M YoY+119.2%	-556M YoY-20.6%	-461M YoY+80.8%	-2.40B YoY-66.1%
Capital expenditure	778M YoY+7.9%	721M YoY+39.7%	516M YoY+6.2%	486M YoY+31.0%	371M YoY+22.0%
Acquisitions	1.00M YoY-96.8%	31.0M YoY-71.6%	109M YoY-4.4%	114M YoY-94.7%	2.14B YoY+82.8%
Other investing activities	-36.0M YoY-28.6%	-28.0M YoY+56.3%	-64.0M YoY-20.8%	-53.0M YoY+7.0%	-57.0M YoY-119.2%
	-545M YoY+61.8%	-1.43B YoY+8.1%	-1.55B YoY-279.0%	-409M YoY-539.8%	93.0M YoY+257.6%
Common stock repurchased	790M YoY+5.1%	752M YoY+774.4%	86.0M YoY-54.7%	190M YoY-9.5%	210M
Dividends paid	628M YoY+1.0%	622M YoY+4.0%	598M YoY+4.9%	570M YoY+6.3%	536M YoY+8.1%
Other financing activities	-30.0M YoY-20.0%	-25.0M YoY-56.3%	-16.0M YoY+38.5%	-26.0M YoY-316.7%	12.0M YoY+200.0%
FX effect on cash	197M YoY+160.6%	-325M YoY-395.5%	110M YoY+10900.0%	1.00M YoY+101.4%	-72.0M YoY-1300.0%
Net change in cash	893M YoY+500.4%	-223M YoY-154.4%	410M YoY+350.5%	91.0M YoY+111.1%	-821M YoY-234.6%
Interest paid	210M YoY-15.0%	247M YoY+16.0%	213M YoY+36.5%	156M YoY+11.4%	140M YoY-8.5%
Income taxes paid	438M YoY-32.9%	653M YoY+33.8%	488M YoY+11.9%	436M YoY-11.2%	491M YoY+33.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	23.0B YoY-17.0%	27.7B YoY-21.4%	35.3B YoY+19.3%	29.6B YoY-27.8%	40.9B YoY+20.2%
P/E	14.6× YoY-41.2%	24.8× YoY-0.1%	24.9× YoY-9.6%	27.5× YoY-3.3%	28.4× YoY-11.6%
P/S	1.4× YoY-17.2%	1.7× YoY-20.4%	2.2× YoY+31.3%	1.7× YoY-31.3%	2.4× YoY-1.1%
P/B	2.9× YoY-29.1%	4.1× YoY-10.2%	4.5× YoY-7.1%	4.9× YoY-24.8%	6.5× YoY+8.8%
P/FCF	19.8× YoY-50.1%	39.6× YoY+80.0%	22.0× YoY-76.7%	94.4× YoY+174.7%	34.4× YoY+84.2%
Earnings yield	6.9% YoY+70.2%	4.0% YoY+0.1%	4.0% YoY+10.6%	3.6% YoY+3.4%	3.5% YoY+13.1%
FCF yield	5.1% YoY+100.5%	2.5% YoY-44.4%	4.5% YoY+328.7%	1.1% YoY-63.6%	2.9% YoY-45.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PPG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PPG filings on SEC EDGAR → Not investment advice.

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