Company file · PPG

PPG Industries

Performance Coatings was PPG Industries' fastest-growing segment in FY2025, up 5.3%

Revenue rose 0.2% to $15.9B in FY2025, from $15.8B in FY2024. Net income rose 41.2% to $1.6B. Industrial Coatings was the largest segment, at 41% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 19, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Nov 11, 2026

Key facts

PPG Industries (NYSE: PPG) reported revenue of $15.9B for fiscal 2025, the year ended Dec 31, 2025, up 0.2% from fiscal 2024. Net income was $1.6B, up 41.2%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.4B, up 6.6% from the same quarter a year earlier, and net income was $451M. The largest piece by segment was Industrial Coatings, at 41% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$15.9BFY2025 · +0.2% vs FY2024

Net income$1.6BFY2025 · +41.2% vs FY2024

Operating cash flow$1.9BFY2025 · +36.7% vs FY2024

Cash & equivalents$1.6Bat Sep 30, 2026 · −26.4% vs FY2025 end

Total debt$6.8Bat Sep 30, 2026 · −6.4% vs FY2025 end

Diluted shares227MFY2025 avg · −3.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 19, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Industrial Coatings$6.5B41%−2.4%
Performance Coatings$5.5B35%+5.3%
Global Architectural Coatings$3.8B24%−2.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Industrial Coatings (41%), Performance Coatings (35%) and Global Architectural Coatings (24%), as shares of total revenue. Total revenue was $15.9B.

By segment: three-year mixShare of the total each fiscal year

FY2023

44%32%25%

FY2024

42%33%25%

FY2025

41%35%24%

Industrial CoatingsPerformance CoatingsGlobal Architectural Coatings

Source: 10-K FY2025

By region, FY2025

North America$5.4B34%+0.4%

EMEA$5.4B34%−0.3%

Asia Pacific$2.9B19%+0.9%

Latin America$2.2B14%+0.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.4B Q3 2026

$4.1B Q3 2025

6.6% increase

Net income

$451M Q3 2026

$453M Q3 2025

0.4% decrease

Source: PPG Industries 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

Cash & equivalents $1.6B at Sep 30, 2026, vs $2.2B at FY2025 end.
Total debt $6.8B at Sep 30, 2026, vs $7.3B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.2B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 0.2% in FY2025 to $15.9B, from $15.8B a year earlier. 10-K, FY2025
Net income rose 41.2% in FY2025 to $1.6B, from $1.1B. 10-K, FY2025
Operating cash flow rose 36.7% in FY2025 to $1.9B. 10-K, FY2025
Diluted shares fell 3.3% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Total debt rose 25.7% in FY2025 to $7.3B. 10-K, FY2025
Net income in the quarter ended Sep 30, 2026 was $451M, down 0.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Industrial Coatings revenue fell 2.4% in FY2025 to $6.5B. 10-K, FY2025
EMEA revenue fell 0.3% in FY2025 to $5.4B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

PPG Industries is in the specialty chemicals industry, part of the materials sector. The SEC files it under Paints, Varnishes, Lacquers, Enamels & Allied Prods.

PPG Industries reports 3 segments: Industrial Coatings, Performance Coatings and Global Architectural Coatings.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the specialty chemicals industry. They are not a summary of PPG Industries’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$16.2B	$15.8B	$15.9B
Net income	$1.3B	$1.1B	$1.6B
Operating cash flow	$2.4B	$1.4B	$1.9B
Cash & equivalents (year end)	$1.5B	$1.3B	$2.2B
Total debt (year end)	$6.1B	$5.8B	$7.3B
Diluted shares	237M	235M	227M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 28, 2026	Sep 30, 2026
10-Q	Jul 29, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Mar 5, 2026	Apr 16, 2026
10-K	Feb 19, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about PPG Industries

How does PPG Industries make money?

PPG Industries's revenue was $15.9B in fiscal 2025. By segment in FY2025: Industrial Coatings (41%), Performance Coatings (35%) and Global Architectural Coatings (24%), as shares of total revenue. Total revenue was $15.9B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What was PPG Industries's revenue in fiscal 2025?

$15.9B of revenue for the fiscal year ended Dec 31, 2025, up 0.2% from $15.8B in fiscal 2024. Fiscal 2023 was $16.2B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

Is PPG Industries profitable?

PPG Industries reported net income of $1.6B for fiscal 2025, up 41.2% from $1.1B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $451M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What did PPG Industries report in its latest quarterly filing?

Revenue was $4.4B in the quarter ended Sep 30, 2026, up 6.6% from $4.1B a year earlier. Net income was $451M, down 0.4% from $453M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

How much cash and debt does PPG Industries have?

PPG Industries had $1.6B in cash and cash equivalents and $6.8B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.

What are the main risks PPG Industries faces?

PPG Industries's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the specialty chemicals industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these PPG Industries numbers come from?

From PPG Industries's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning PPG Industries

Millennium Management: 460,839 shares, reported value $55.9M at Jun 30, 2026 (+152.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 96,134 shares, reported value $11.7M at Jun 30, 2026 (+54.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 65,687 shares, reported value $8.0M at Jun 30, 2026 (−74.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 11,804 shares, reported value $1.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in PPG: The editor holds no position in PPG Industries (PPG). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell PPG from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold PPG, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
PPG IndustriesPPG	FY2025	$15.9B	+0.2%	$1.6B
EcolabECL	FY2025	$16.1B	+2.2%	$2.1B
Sherwin-WilliamsSHW	FY2025	$23.6B	+2.1%	$2.6B
International Flavors & FragrancesIFF	FY2025	$10.9B	−5.2%	−$359M
LyondellBasellLYB	FY2025	$30.2B	−9.7%	−$738M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.