Analyst Consensus ?
ConsensusHold37 ratings
Bullish2054.1%
Neutral1540.5%
Bearish25.4%
PPG Industries, Inc. · PPG · FY2026 Q1 · Calendar Q2 2026
PPG Beats Q1 Estimates as Aerospace Backlog and Pricing Power Offset Cost Inflation
PPG delivered first-quarter fiscal 2026 results above consensus, with adjusted EPS of $1.83 (est. $1.78) and revenue of $3.93B (est. $3.85B), extending five consecutive quarters of organic sales growth. Aerospace remains the primary growth engine with a ~$350M backlog and balanced OEM/aftermarket mix. Pricing actions of up to 20% and AI-driven formulation optimization are being deployed to offset mid-single-digit raw-material cost inflation. Management reaffirmed full-year 2026 EPS guidance of $7.70-$8.10 and announced four European plant closures targeting ~$25M in annual fixed-cost savings and $50M in structural benefits. The initial market reaction was negative (-2.8% abnormal move), but the stock subsequently drifted +7.8%, suggesting investors digested the beat and maintained outlook constructively. At $111.75, the stock trades at a ~16% discount to the analyst consensus target…
Reported After market closeNYSEBasic Materials
$24.94B market cap
100quality score
Company context
Snapshot as of publicationPPG Industries, Inc. operates globally as a manufacturer and distributor of paints, protective coatings, and various specialty materials. Its Performance Coatings division offers an extensive range of products, including paints, solvents, adhesives, sealants, and software, designed for the repair and refurbishment of automotive and commercial vehicles, light industrial applications, and signage. This segment also supplies advanced coatings, sealants, transparent components (such as transparent armor), engineered materials, and chemical management services to the commercial, military, and general aviation aerospace sectors. Furthermore, it develops protective coatings and finishes for metals and large-scale structures, serving metal fabricators, heavy-duty maintenance contractors, and manufacturers of ships, bridges, and rail cars.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.83
Consensus $2
EPS surprise
+2.8%
Reported versus consensus
Reported revenue
$3.93B
Consensus $3.85B
Revenue surprise
+2.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$112.03Current
$110Low
$150.71Average
$194High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| B of A Securities | Buy | Neutral | Upgrade | Jul 17, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 8, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 1, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 10, 2026 |
| UBS | Neutral | Neutral | Maintain | Apr 2, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Feb 18, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 29, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 29, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 29, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | May 12, 2025 |
| Fermium Research | Buy | Hold | Upgrade | May 1, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Mar 5, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Feb 3, 2025 |
| Keybanc | Overweight | Overweight | Maintain | Jul 22, 2024 |
| Baird | Outperform | Outperform | Maintain | Jan 22, 2024 |
| Vertical Research | Buy | Hold | Upgrade | Jan 3, 2024 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 24, 2023 |
| Credit Suisse | Underperform | Underperform | Maintain | Jul 21, 2023 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Jan 23, 2023 |
| Redburn Partners | Buy | Neutral | Upgrade | Sep 6, 2022 |
| Berenberg | Hold | Buy | Downgrade | May 20, 2022 |
| Susquehanna | Positive | Neutral | Upgrade | Jul 26, 2021 |
| Societe Generale | Buy | Buy | Maintain | Jul 1, 2021 |
| Argus Research | Buy | Buy | Maintain | Apr 19, 2021 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jul 20, 2020 |
| CFRA | Hold | Buy | Downgrade | Apr 28, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Aug 16, 2019 |
| Buckingham Research | Neutral | Neutral | Maintain | Jul 16, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Apr 22, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Jan 17, 2018 |
| Raymond James | Outperform | Outperform | Maintain | Dec 19, 2017 |
| Longbow Research | Buy | Neutral | Upgrade | Jun 23, 2016 |
| CLSA | Outperform | Buy | Maintain | May 6, 2016 |
| Bank oferica | Buy | Buy | Maintain | May 24, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $112.03. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Analyst unavailable | $138 | $125.33 | +23.2% | Jul 6, 2026 |
| Mizuho Securities | John Roberts | $135 | $121.23 | +20.5% | Jul 1, 2026 |
| BMO Capital | John McNulty | $140 | $119.34 | +25.0% | Jun 15, 2026 |
| RBC Capital | Analyst unavailable | $119 | $107.72 | +6.2% | Apr 16, 2026 |
| Evercore ISI | Analyst unavailable | $128 | $129.66 | +14.3% | Feb 18, 2026 |
| Bernstein | Analyst unavailable | $130 | $116.51 | +16.0% | Jan 30, 2026 |
| UBS | Joshua Spector | $122 | $114.9 | +8.9% | Jan 29, 2026 |
| RBC Capital | Arun Viswanathan | $115 | $115.15 | +2.7% | Jan 29, 2026 |
| BMO Capital | Analyst unavailable | $135 | $113.96 | +20.5% | Jan 29, 2026 |
| Goldman Sachs | Analyst unavailable | $132 | $113.96 | +17.8% | Jan 29, 2026 |
| UBS | Analyst unavailable | $110 | $99.47 | -1.8% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $116 | $99.13 | +3.5% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $120 | $103.48 | +7.1% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $132 | $99.6 | +17.8% | Oct 10, 2025 |
| UBS | Joshua Spector | $115 | $103.88 | +2.7% | Oct 6, 2025 |
| Mizuho Securities | John Roberts | $125 | $104.52 | +11.6% | Oct 3, 2025 |
| RBC Capital | Arun Viswanathan | $120 | $111.27 | +7.1% | Feb 4, 2025 |
| Mizuho Securities | John Roberts | $140 | $111.99 | +25.0% | Feb 3, 2025 |
| RBC Capital | Arun Viswanathan | $136 | $128.82 | +21.4% | Oct 22, 2024 |
| BMO Capital | John McNulty | $155 | $129.82 | +38.4% | Oct 21, 2024 |
| BMO Capital | John McNulty | $160 | $129.91 | +42.8% | Oct 17, 2024 |
| Seaport Global | Michael Harrison | $165 | $130.36 | +47.3% | Oct 17, 2024 |
| Mizuho Securities | John Roberts | $150 | $130.36 | +33.9% | Oct 17, 2024 |
| Citigroup | Patrick Cunningham | $144 | $131.32 | +28.5% | Oct 16, 2024 |
| BMO Capital | John McNulty | $161 | $129.05 | +43.7% | Jul 22, 2024 |
| KeyBanc | Aleksey Yefremov | $153 | $128.04 | +36.6% | Jul 22, 2024 |
| Jefferies | Laurence Alexander | $140 | $128.04 | +25.0% | Jul 19, 2024 |
| UBS | Joshua Spector | $140 | $126.32 | +25.0% | Jul 9, 2024 |
| Evercore ISI | Stephen Richardson | $152 | $130.9 | +35.7% | Apr 22, 2024 |
| CFRA | Arun Sundaram | $157 | $130.9 | +40.1% | Apr 19, 2024 |
| Mizuho Securities | John Roberts | $166 | $135.11 | +48.2% | Apr 19, 2024 |
| UBS | Joshua Spector | $150 | $135.11 | +33.9% | Apr 18, 2024 |
| Wells Fargo | Michael Sison | $163 | $137.73 | +45.5% | Apr 10, 2024 |
| BMO Capital | John McNulty | $165 | $144.88 | +47.3% | Jan 18, 2024 |
| Barclays | Duffy Fischer | $160 | $130.28 | +42.8% | Oct 11, 2023 |
| Mizuho Securities | Christopher Parkinson | $152 | $142.31 | +35.7% | Apr 24, 2023 |
| Deutsche Bank | David Begleiter | $160 | $140.55 | +42.8% | Apr 20, 2023 |
| UBS | Analyst unavailable | $150 | $130.21 | +33.9% | Jan 11, 2023 |
| RBC Capital | Analyst unavailable | $129 | $128.87 | +15.1% | Jan 10, 2023 |
| KeyBanc | Aleksey Yefremov | $127 | $113.32 | +13.4% | Oct 17, 2022 |
| Deutsche Bank | Analyst unavailable | $135 | $113.3 | +20.5% | Sep 28, 2022 |
| Wells Fargo | Analyst unavailable | $130 | $116.94 | +16.0% | Sep 16, 2022 |
| Mizuho Securities | Analyst unavailable | $163 | $128.52 | +45.5% | Jul 25, 2022 |
| Wells Fargo | Analyst unavailable | $135 | $126.97 | +20.5% | Jul 25, 2022 |
| Deutsche Bank | Analyst unavailable | $150 | $127.73 | +33.9% | Jul 25, 2022 |
| Wells Fargo | Analyst unavailable | $126 | $117.22 | +12.5% | Jul 18, 2022 |
| Mizuho Securities | Analyst unavailable | $162 | $115.71 | +44.6% | Jul 14, 2022 |
| UBS | Analyst unavailable | $161 | $113.01 | +43.7% | Jul 13, 2022 |
| Barclays | Michael Leithead | $150 | $127.99 | +33.9% | May 2, 2022 |
| Fermium Research | Analyst unavailable | $140 | $127.71 | +25.0% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $127.68 | +33.9% | Apr 25, 2022 |
| Evercore ISI | Stephen Richardson | $170 | $132.85 | +51.7% | Apr 22, 2022 |
| Evercore ISI | Stephen Richardson | $190 | $154.14 | +69.6% | Jan 21, 2022 |
| Citigroup | PJ Juvekar | $172 | $168.15 | +53.5% | Jan 11, 2022 |
| Vertical Research | Kevin McCarthy | $176 | $170.58 | +57.1% | Jan 4, 2022 |
| J.P. Morgan | Jeffrey Zekauskas | $165 | $160.51 | +47.3% | Oct 22, 2021 |
| Berenberg Bank | Anthony Manning | $180 | $163.76 | +60.7% | Oct 21, 2021 |
| Goldman Sachs | Robert Koort | $194 | $149.27 | +73.2% | Sep 7, 2021 |
| Susquehanna | Don Carson | $190 | $163.11 | +69.6% | Jul 26, 2021 |
| Societe Generale | Peter Clark | $192 | $168.11 | +71.4% | Jul 1, 2021 |
| Morgan Stanley | Vincent Andrews | $175 | $170.7 | +56.2% | Apr 26, 2021 |
| Argus Research | Bill Selesky | $193 | $166.41 | +72.3% | Apr 19, 2021 |
Track every rating change on PPG the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-2.8%
Event window
SPY move
-0.0%
Same window
Abnormal move
-2.8%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
+7.8%
Up to 20 sessions
PPGSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Versus the prior quarter (Q4 FY2025), organic sales growth extended to five straight quarters. Aerospace capacity investment expanded from $120M in debottlenecking to $150M plus a new $380M plant. AI formulation moved from early product optimization to a broader cost-mitigation strategy targeting raw-material inflation. A new initiative to close four European plants in H2 2026 was announced, targeting ~$25M in annual fixed-cost savings and $50M in structural benefits. Refinish destocking, the primary margin headwind flagged in Q4, was not highlighted as a top concern, though refinish volume outlook remains an analyst focus. Two bolt-on acquisitions were disclosed: Ozark (traffic solutions) and Allied Products (industrial refinish).
Guidance delta
Full-year 2026 EPS guidance of $7.70-$8.10 was reaffirmed, consistent with the maintained guidance sentiment from Q4 FY2025. Capex outlook remains increasing, with $150M in aerospace capacity improvements and a new $380M aerospace plant announced. No change to the organic sales growth outlook of flat to low-single-digit.
Key takeaways
- Adjusted EPS of $1.83 beat the $1.78 consensus estimate by 2.8%; revenue of $3.93B beat by 2.0%.
- Organic sales grew 1% YoY, extending five straight quarters of growth.
- Aerospace backlog remains ~$350M with balanced OEM and aftermarket demand.
- Pricing actions up to 20% are designed to offset mid-single-digit raw-material cost inflation.
- Full-year 2026 EPS guidance of $7.70-$8.10 was reaffirmed.
- Four European plant closures in H2 2026 target ~$25M annual fixed-cost savings and $50M structural benefits.
Management priorities
- Continue aggressive pricing actions and cost pass-through to protect margins.
- Invest $150M in aerospace capacity improvements and build a new $380M aerospace plant.
- Close four European manufacturing plants and pursue fixed-cost reduction programs.
- Expand AI-driven formulation and optimization to offset raw-material cost inflation.
- Launch additional share-gain initiatives across the industrial segment through 2027.
- Scale packaging coatings growth, which delivered double-digit gains.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T18:01:49.483013+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T18:01:49.480043+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.