Analyst Consensus ?
ConsensusHold37 ratings
Bullish2054.1%
Neutral1540.5%
Bearish25.4%
PPG Industries, Inc. · PPG · FY2026 Q2 · Calendar Q3 2026
PPG: Pricing and Aerospace Support Continued Organic Growth
The latest call supports a constructive but conditional view: continued organic growth, pricing execution, aerospace demand, and productivity initiatives strengthen the operating trajectory, while refinish normalization and cost volatility remain important tests.
Reported After market closeNYSEBasic Materials
$23.96B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.23
Consensus $2.25
EPS surprise
-0.9%
Reported versus consensus
Reported revenue
$4.50B
Consensus $4.37B
Revenue surprise
+3.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-6.0%
Event window
SPY move
-1.5%
Same window
Abnormal move
-4.5%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+2.3%
Up to 20 sessions
PPGSPY benchmark
Ask FN2 about PPG FY2026 Q2
Transcript, numbers and history already loaded
Why did PPG fall 6.0% after missing EPS estimates in FY2026 Q2?What changed in PPG's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PPG after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Versus the prior quarter, management highlighted pricing coverage reaching about 90% of inflation ahead of schedule, continued growth across all three segments, and a $0.5 billion aerospace capacity and technology plan. The company also expects automotive-refinish volumes to recover in Q3 and Q4.
Guidance delta
Maintained: management reaffirmed FY2026 adjusted EPS guidance of $7.70-$8.10 and expects low- to mid-single-digit organic growth in Q3.
Key takeaways
- PPG reported a sixth straight quarter of organic sales growth.
- Pricing covered about 90% of cost inflation, ahead of schedule.
- Aerospace remains a key growth engine, supported by planned capacity and technology investment.
Management priorities
- Execute pricing to reach full inflation coverage by Q4.
- Invest $0.5 billion in aerospace capacity and technology projects.
- Improve automotive-refinish productivity while pursuing selective bolt-on acquisitions.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$107.2Current
$115Low
$150.72Average
$194High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 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 |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Jul 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 30, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 30, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Jul 17, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 10, 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 $107.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| KeyBanc | Analyst unavailable | $133 | $105.05 | +24.1% | Sep 11, 2026 |
| UBS | Analyst unavailable | $125 | $111.42 | +16.6% | Jul 30, 2026 |
| RBC Capital | Analyst unavailable | $122 | $111.73 | +13.8% | Jul 30, 2026 |
| BMO Capital | Analyst unavailable | $138 | $125.33 | +28.7% | Jul 6, 2026 |
| Mizuho Securities | John Roberts | $135 | $121.23 | +25.9% | Jul 1, 2026 |
| BMO Capital | John McNulty | $140 | $119.34 | +30.6% | Jun 15, 2026 |
| RBC Capital | Analyst unavailable | $119 | $107.72 | +11.0% | Apr 16, 2026 |
| Evercore ISI | Analyst unavailable | $128 | $129.66 | +19.4% | Feb 18, 2026 |
| Bernstein | Analyst unavailable | $130 | $116.51 | +21.3% | Jan 30, 2026 |
| UBS | Joshua Spector | $122 | $114.9 | +13.8% | Jan 29, 2026 |
| RBC Capital | Arun Viswanathan | $115 | $115.15 | +7.3% | Jan 29, 2026 |
| BMO Capital | Analyst unavailable | $135 | $113.96 | +25.9% | Jan 29, 2026 |
| Goldman Sachs | Analyst unavailable | $132 | $113.96 | +23.1% | Jan 29, 2026 |
| UBS | Analyst unavailable | $110 | $99.47 | +2.6% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $116 | $99.13 | +8.2% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $120 | $103.48 | +11.9% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $132 | $99.6 | +23.1% | Oct 10, 2025 |
| UBS | Joshua Spector | $115 | $103.88 | +7.3% | Oct 6, 2025 |
| Mizuho Securities | John Roberts | $125 | $104.52 | +16.6% | Oct 3, 2025 |
| RBC Capital | Arun Viswanathan | $120 | $111.27 | +11.9% | Feb 4, 2025 |
| Mizuho Securities | John Roberts | $140 | $111.99 | +30.6% | Feb 3, 2025 |
| RBC Capital | Arun Viswanathan | $136 | $128.82 | +26.9% | Oct 22, 2024 |
| BMO Capital | John McNulty | $155 | $129.82 | +44.6% | Oct 21, 2024 |
| BMO Capital | John McNulty | $160 | $129.91 | +49.3% | Oct 17, 2024 |
| Seaport Global | Michael Harrison | $165 | $130.36 | +53.9% | Oct 17, 2024 |
| Mizuho Securities | John Roberts | $150 | $130.36 | +39.9% | Oct 17, 2024 |
| Citigroup | Patrick Cunningham | $144 | $131.32 | +34.3% | Oct 16, 2024 |
| BMO Capital | John McNulty | $161 | $129.05 | +50.2% | Jul 22, 2024 |
| KeyBanc | Aleksey Yefremov | $153 | $128.04 | +42.7% | Jul 22, 2024 |
| Jefferies | Laurence Alexander | $140 | $128.04 | +30.6% | Jul 19, 2024 |
| UBS | Joshua Spector | $140 | $126.32 | +30.6% | Jul 9, 2024 |
| Evercore ISI | Stephen Richardson | $152 | $130.9 | +41.8% | Apr 22, 2024 |
| CFRA | Arun Sundaram | $157 | $130.9 | +46.5% | Apr 19, 2024 |
| Mizuho Securities | John Roberts | $166 | $135.11 | +54.9% | Apr 19, 2024 |
| UBS | Joshua Spector | $150 | $135.11 | +39.9% | Apr 18, 2024 |
| Wells Fargo | Michael Sison | $163 | $137.73 | +52.1% | Apr 10, 2024 |
| BMO Capital | John McNulty | $165 | $144.88 | +53.9% | Jan 18, 2024 |
| Barclays | Duffy Fischer | $160 | $130.28 | +49.3% | Oct 11, 2023 |
| Mizuho Securities | Christopher Parkinson | $152 | $142.31 | +41.8% | Apr 24, 2023 |
| Deutsche Bank | David Begleiter | $160 | $140.55 | +49.3% | Apr 20, 2023 |
| UBS | Analyst unavailable | $150 | $130.21 | +39.9% | Jan 11, 2023 |
| RBC Capital | Analyst unavailable | $129 | $128.87 | +20.3% | Jan 10, 2023 |
| KeyBanc | Aleksey Yefremov | $127 | $113.32 | +18.5% | Oct 17, 2022 |
| Deutsche Bank | Analyst unavailable | $135 | $113.3 | +25.9% | Sep 28, 2022 |
| Wells Fargo | Analyst unavailable | $130 | $116.94 | +21.3% | Sep 16, 2022 |
| Mizuho Securities | Analyst unavailable | $163 | $128.52 | +52.1% | Jul 25, 2022 |
| Wells Fargo | Analyst unavailable | $135 | $126.97 | +25.9% | Jul 25, 2022 |
| Deutsche Bank | Analyst unavailable | $150 | $127.73 | +39.9% | Jul 25, 2022 |
| Wells Fargo | Analyst unavailable | $126 | $117.22 | +17.5% | Jul 18, 2022 |
| Mizuho Securities | Analyst unavailable | $162 | $115.71 | +51.1% | Jul 14, 2022 |
| UBS | Analyst unavailable | $161 | $113.01 | +50.2% | Jul 13, 2022 |
| Barclays | Michael Leithead | $150 | $127.99 | +39.9% | May 2, 2022 |
| Fermium Research | Analyst unavailable | $140 | $127.71 | +30.6% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $127.68 | +39.9% | Apr 25, 2022 |
| Evercore ISI | Stephen Richardson | $170 | $132.85 | +58.6% | Apr 22, 2022 |
| Evercore ISI | Stephen Richardson | $190 | $154.14 | +77.2% | Jan 21, 2022 |
| Citigroup | PJ Juvekar | $172 | $168.15 | +60.4% | Jan 11, 2022 |
| Vertical Research | Kevin McCarthy | $176 | $170.58 | +64.2% | Jan 4, 2022 |
| J.P. Morgan | Jeffrey Zekauskas | $165 | $160.51 | +53.9% | Oct 22, 2021 |
| Berenberg Bank | Anthony Manning | $180 | $163.76 | +67.9% | Oct 21, 2021 |
| Goldman Sachs | Robert Koort | $194 | $149.27 | +81.0% | Sep 7, 2021 |
| Susquehanna | Don Carson | $190 | $163.11 | +77.2% | Jul 26, 2021 |
| Societe Generale | Peter Clark | $192 | $168.11 | +79.1% | Jul 1, 2021 |
| Morgan Stanley | Vincent Andrews | $175 | $170.7 | +63.2% | Apr 26, 2021 |
| Argus Research | Bill Selesky | $193 | $166.41 | +80.0% | Apr 19, 2021 |
Track every rating change on PPG the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All PPG earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| HMY Harmony Gold Mining Company Limited | FY2026 Q4 · Calendar Q3 2026 | 0.0% | -6.2% | Harmony Gold posts record FY2026 while Eva Copper risks remain |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
Get the PPG recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-29T20:07:04.362979+00:00
- FN2 earnings calendar · 2026-09-02T01:23:14.593608+00:00
- Polygon adjusted daily market bars · 2026-09-23T19:00:55.074486+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T19:00:55.071534+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 · As of 2026-09-23. For educational purposes only; not investment advice.