宣伟 2025年度报告

BY DESIGN 2025 Annual Report Success by Designis a proactive anddisciplined approach that starts and endswith helping our customers succeed. SUCCESS BY DESIGN We start by aligning on our desired outcomes, then develop a roadmap to get us there andfinally, execute with precision and speed. We have a clear and consistent strategy, and weare continuously assessing and adapting to find areas where we can create more value andfurther differentiate ourselves from competitors. Our enterprise strategic priorities reflect ourSuccess by Designapproach, and they reinforce each other with the common goal of drivingabove-market growth and profitability. The Company was founded by Henry Sherwin and Edward Williams in 1866. Today, we are aglobal leader in the development, manufacture, distribution and sale of paint, coatings andrelated products to professional, industrial, commercial and retail customers. 120+employees across countries We providedifferentiated solutionsthat drive customer productivity and profitability. ConsumerBrands Group Paint StoresGroup PerformanceCoatings Group sells a broad range of coatings toindustrial customers in more than120countries. Large-scale ordersare shipped factory-direct, withsmaller, customized batchesavailable through strategicallylocated blending facilities. Selectedproducts are also sold throughCompany-owned branchesand authorized distributors. operates a unique controlled-distribution model including4,853Company-owned stores thatserve as the exclusive outlets forSherwin-Williams®branded paintsand related products in the USA,Canada and the Caribbean. TheGroup primarily serves professionalarchitectural paint contractors whoare supported by thousands of highlytrained store managers and fieldsales reps. The Group also servestargeted do-it-yourself customers. sells a premier portfolio of brandedarchitectural paints, stains andrelated products through retailersand distributors in North Americaand Europe. The Group also sellsarchitectural paints and relatedproducts in Latin America through307Company-owned stores,dealers and retailers. Additionally,the Group operates the Company’sglobal supply chain includingprocurement, manufacturingand distribution. Sherwin-Williams delivered record sales and adjusteddiluted net income per share amid another year ofeconomic uncertainty and weak global demand. LETTERTO SHAREHOLDERS Sherwin-Williams delivered record sales and adjusted diluted net income pershare in 2025, along with strong EBITDA and net operating cash. We generatedthese results amid another year of highly uncertain demand across our globalend markets. Elevated interest rates, weak new and existing home sales, cautiousconsumers, limited industrial spending, and changing economic policy allcontributed to a difficult operating environment. Sherwin-Williams was notdeterred by these obstacles. Instead, we executed aggressive and deliberatecommercial and operational actions and made targeted investments whileremaining laser-focused on our time-tested strategy:we provide differentiatedsolutions to customers that drive their productivity and profitability and forwhich they are willing to pay. I could not be more proud or thankful for the efforts of our 64,000 employees, whocontinued to execute this strategy every day. It is because of our employees and ourculture that we are able to deliver sustainable results through all types of cycles. Together,this remarkable team accomplished the following in 2025 while also positioning us forsuccess in the years ahead: •Consolidated Net sales increased 2.1%, to $23.6 billion. It was the 15thconsecutive yearsales increased. •Gross profit increased 2.9% to $11.5 billion. Gross margin increased 30 basis pointsto 48.8% of Net sales. •GAAP diluted net income per share decreased 2.7% to $10.26 per share. Adjusteddiluted net income per share1, which helps illustrate our underlying performance byexcluding Valspar acquisition-related amortization expense and severance and otherrestructuring expenses and trademark impairment, increased 0.9% to $11.43 per share. Allen J. Mistysyn, Senior Vice President – Finance and Chief Financial Officer,Heidi G. Petz, Chair, President and Chief Executive Officer, andBenjamin E. Meisenzahl, Senior Vice President - Finance. business wins to offset softness in core accounts and keepsales flat. Adjusted segment margin remained in our targetrange for the third straight year driven by pricing discipline,effective cost control and simplification initiatives. •Net operating cash for the year increased to $3.5 billion, or14.6% of Net sales. Free Cash Flow conversion was 59.2%. •We returned approximately $2.4 billion to our shareholdersthrough dividends and share repurchases. Additional performance highlights from each of these groupsare described later in this report. •We completed construction of our new Companyheadquarters and global R&D innovation center to drivesolutions for our customers, retain and attract