PPG PPG INDUSTRIES INC

Overview and Growth

Fiscal 2025 results for PPG INDUSTRIES INC combined $15.88B of revenue with net income of $1.58B and an operating cash inflow of $1.94B. The $15.88B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $15.85B in fiscal 2024, revenue recorded a 0.2% year-over-year increase. Diluted earnings per share were $6.94, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $4.75 in fiscal 2024, the current result was 46.1% higher. The revenue-to-assets relationship was 0.72x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $6.56B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 41.3% of revenue, quantifying the portion retained before operating expenses were recognized. The bottom-line result was net income of $1.58B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 9.9% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $2.04B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 12.9%, relating income before taxes directly to revenue. Income tax expense totaled $458.00M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 22.4%, without assuming a statutory-rate comparison. Return on period-end equity was 19.5%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 7.1%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $22.10B, supported by $14.00B of liabilities and $8.10B of shareholder equity. Current assets were $7.96B against $4.90B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.62x, leaving a positive buffer for near-term obligations. The company held $2.16B in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 44.1%, excluding receivables and other current assets. The company carried $7.31B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.9x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 33.1%, comparing borrowing with the total asset balance. Liabilities represented 63.4% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 9.8%, comparing reported cash and equivalents with the full positive asset balance. Compared with $19.43B in fiscal 2024, the current asset base moved 13.7% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.94B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.23x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $778.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 40.1% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $1.16B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 7.3%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 5.3%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.