PPG工业 2025年季度报告

FORM10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended:September 30, 2025or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______ to _______Commission file number1-1687 PPG INDUSTRIES INC. (Exact name of registrant as specified in its charter)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 25-0730780(I.R.S. Employer Identification No.)Pennsylvania(State or Other Jurisdiction of Incorporation or Organization)One PPG Place,Pittsburgh,Pennsylvania(Address of Principal Executive Offices)15272(Zip Code)(412)434-3131(Registrant’s Telephone Number, Including Area Code)Not Applicable(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days.Yes☑No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrantwas required to submit such files).Yes☑No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☑AcceleratedFiler☐Non-accelerated Filer☐SmallerReportingCompany☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☑As of September 30, 2025,224.4million shares of the Registrant’s common stock, par value $1.66 2/3 per share, were outstanding. PPG INDUSTRIES, INC. AND SUBSIDIARIES INDEX Part I. Financial Information Item1.Financial Statements (Unaudited):Condensed Consolidated Statement of IncomeCondensed Consolidated Statement of Comprehensive IncomeCondensed Consolidated Balance SheetCondensed Consolidated Statement of Shareholders' EquityCondensed Consolidated Statement of Cash FlowsNotes to Condensed Consolidated Financial StatementsItem2.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item3.Quantitative and Qualitative Disclosures About Market Risk39Item4.Controls and Procedures39Part II. Other InformationItem1.Legal Proceedings41Item1A.Risk Factors42Item2.Unregistered Sales of Equity Securities and Use of Proceeds42Item5.Other Information43Item6.Exhibits43Signatures45 PART I. FINANCIAL INFORMATION PPG INDUSTRIES, INC. AND SUBSIDIARIES PPG INDUSTRIES, INC. AND SUBSIDIARIES PPG INDUSTRIES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) 1.Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared following therequirements of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in theUnited States of America ("U.S. GAAP") for interim reporting. Under these rules, certain footnotes and other financialinformation that are normally required for annual financial statements can be condensed or omitted. These statementsinclude all adjustments, consisting only of normal, recurring adjustments, necessary to fairly state the financial positionand shareholders' equity of PPG as of September 30, 2025 and the results of its operations and cash flows for the threeandnine months ended September 30,2025 and 2024. All intercompany balances and transactions have beeneliminated. Material subsequent events are evaluated through the report issuance date and disclosed where applicable.Thesecondensed consolidated financial statements should be read in conjunction with the consolidated financialstatements and notes included in PPG's 2024 Annual Report on Form 10-K (the "2024 Form 10-K"). In December 2024, PPG completed the sale of100% of its architectural coatings business in the U.S. and Canada.Accordingly, the Company’s consolidated results of operations and cash flows have been recast to present the results ofthe architectural coatings business in the U.S. and Canada as discontinued operations for the three and n