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PPG Industries Income Statement

Revenue, expenses, and profitability over time

PPG Industries generated $16.1B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $1.6B with a 9.83% net margin. Gross margin stands at 41.39% and operating margin at 16.59%. Diluted EPS is $7.02, which declined 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$16.1BGross Profit (TTM)$6.7BOperating Income$636.0MNet Income (TTM)$1.6BEps Diluted (TTM)$7.02
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$26.4B
P/E Ratio16.63
ROE21.09%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits—$23M$13M-$1M—$11M
Depreciation and amortization$119M$121M$135M$138M$134M$132M
Provision for credit losses—$2M$5M$6M—$1M
Research and development$106M$102M$106M$106M$109M$113M
Selling, general and administrative$835M$838M$872M$824M$905M$885M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from discontinued operations-$282M-$2M$0$9M—$0
Net income attributable to noncontrolling interests—$5M$8M-$6M—$3M
Net income—$373M$450M$453M$300M$382M
Income from continuing operations—$380M$458M$438M—$385M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share—$1.63$1.98$2.01$1.34$1.71
Diluted earnings per share—$1.63$1.98$2.00$1.34$1.70
Continuing operations (in dollars per share)$0$1.6$2$2$1.4$1.7
Continuing operations (in dollars per share)$0$1.6$2$2$1.3$1.7
Discontinued operations (in dollars per share)-$1.2-$0$0$0—$0
Weighted-average shares, basic—228M226.8M225.7M—223.7M
Weighted-average shares, diluted—228.9M227.7M226.5M—224.4M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain (loss) on disposal of assets—$7M————
Interest expense$57M$56M$62M$65M$58M$61M
Interest income$42M$43M$44M$42M$24M$37M
Other income (expense), net—$2M-$124M-$46M—$26M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.5B$1.5B$1.8B$1.7B$1.6B$1.7B
Operating income—$607M$743M$689M—$636M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$81M$502M$598M$556M$389M$517M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$70M$122M$140M$118M$78M$132M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition—-$4M$9M-$1M—-$5M
Additions / (Releases)—$1M———$0
Accounts Receivable, Allowance for Credit Loss, Recovery—$6M$5M$7M—$3M
Amortization of capitalized software and acquired intangible assets$32M$32M$33M$32M$28M$27M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—3M3M3M—3.2M
Impairment and other-related charges, net$146M———$146M—
Capital investments accrued but not yet paid$73M$63M$4M$0$83M$52M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$560M—$271M—-$590M
Net cash provided by operating activities from the Prepaid Business$11M-$2M—$9M—$0
Cash dividend per common share (in dollars per share)—$0.68$0.68$0.71—$0.71
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$648M$941M$531M—$380M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$654M$954M$521M—$377M
Debt instrument, total indebtedness to total capitalization, percentage—50.0%48.0%47.0%—45.0%
Deferred taxes-$31M-$20M-$2M-$20M—$11M
Deferred Tax Expense From Stock Options Exercised—$5M$3M$0—$2M
Depreciation$87M$89M$102M$106M$106M$105M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$48M$125M$21M—-$10M
Effective tax rates—$0.2———$0.3
Environmental Remediation Expense—$0$16M$1M—$0
Equity in undistributed earnings (losses) of subsidiaries—$5M$5M$5M—$6M
Purchase Price Adjustments—————$44M
Translation and other—$134M$288M$4M—-$41M
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent$2M$375M$450M$444M$302M$382M
Income from discontinued operations, net of tax—-$2M$0$9M—$0
Income Taxes Paid, Net—$123M$107M$106M—$144M
Accounts payable and other current liabilities-$211M$202M$98M——$209M
Increase Decrease In In Accrued Interest And Taxes—-$1M$95M——$32M
Increase (Decrease) in Inventories—$230M$26M——$156M
Increase (Decrease) in Other Current Assets—$34M-$37M-$26M$30M$103M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net—$43M—$20M—$39M
Increase Decrease In Receivables—$396M$349M——$343M
Other stock compensation plans—800K800K700K—600K
Add - Incremental shares under stock-based compensation plans (in shares)—$100K$100K$100K—$100K
Interest Paid, Excluding Capitalized Interest, Operating Activity$49M$55M$62M$55M$38M$105M
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders—$3M$11M$1M—$3M
Minority Interest Decrease From Redemptions—$15M————
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$808M$698M-$661M-$306M-$276M-$334M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$618M-$168M-$120M-$129M-$283M-$279M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$346M-$18M$387M$685M$887M$33M
Net Cash Provided By Used In Operating Activities Continuing Operations$335M-$16M$387M$676M$889M$33M
Net Income Loss Attributable To Noncontrolling Interest—$5M$8M-$6M—$3M
Number of operating segments—————3.00
Number of reportable segments—3.00———3.00
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest—$1M$5M-$4M—-$6M
AOCI before reclass, net of taxes—$132M$487M$73M—-$7M
Foreign currency translation gains (losses)—$281M$498M$72M—-$6M
Other comprehensive income (loss)—$276M$496M$74M—-$8M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—$5M$2M-$2M—$2M
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax—-$2M-$1M-$1M—-$1M
Membership and other income—$34M-$34M-$9M—$16M
Other Noncash Income (Expense)$95M$2M-$124M-$46M-$19M$26M
Other income, net (Note 6)$2M-$1.5M-$1.5M-$1.5M-$1.5M—
Payments for Environmental Liabilities—$3M$7M$8M—$11M
Payment for (Proceeds from) Other Investing Activity—-$41M-$1M-$18M—$4M
Payments for Repurchase of Common Stock$241M$394M$146M$147M$103M$96M
Payments for Restructuring$15M$18M$27M$17M$20M$16M
Payments of Ordinary Dividends, Common Stock—$154M$154M$160M—$159M
Payments to Acquire Businesses, Net of Cash Acquired$2M$0$0$0$1M$79M
Payments to Acquire Property, Plant, and Equipment$208M$209M$121M$147M$301M$196M
Expenditures for property, plant and equipment (including business acquisitions)—$209M$121M$147M—$275M
Principal pension plans – net (Note 13)$0$0$0$0$0—
Proceeds from long-term lines of credit—$309M———$0
Proceeds From Other Debt—$940M———$0
Proceeds from other short-term debt—$0$0$0—$567M
Financing — other-$1M-$3M-$20M$0-$8M$54M
Net additions (releases) charged to costs and expenses—$2M$5M$6M—$1M
Reclassified net gains (losses) from AOCI into earnings—$143M$4M$5M—$5M
Repayments of Debt$0$0$341M$0$698M$700M
Research and development expense$106M$102M$106M$106M$109M$113M
Restructuring Reserve Accrual Adjustment1—-$13M-$11M-$3M—-$1M
Restructuring Reserve Translation Adjustment—$8M$20M——-$4M
Revenue From Contract With Customer Excluding Assessed Tax$3.7B$3.7B$4.2B$4.1B$3.9B$3.9B
Stock-based compensation$12M$23M$13M-$1M$11M$11M
Expected volatility—29.4%———27.2%
Weighted-average grant date fair value of stock options (in dollars per share)—$32.93———$32.75
Risk-free rate—4.2%———3.8%
Options granted (in shares)—541.3K———278.9K
Weighted-average dividend yield—1.8%———1.9%
Issuance of common stock and reissuance of treasury stock under equity incentive plans, net of forfeitures, value—$37M$5M$5M—$48M
Tax cost related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets—$60M-$99M-$34M—-$16M
Purchases of treasury stock transacted but not yet settled—$0———$8M
Treasury stock, value, acquired—$385M$151M$152M—$101M
Add: dilutive effect of potential common shares (in shares)—$900K$900K$800K—$700K

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$2.2B$2.1B$2.4B$2.4B$2.3B$2.3B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$3.7B$3.7B$4.2B$4.1B$3.9B$3.9B