Analyst Consensus ?
ConsensusHold37 ratings
Bullish2054.1%
Neutral1540.5%
Bearish25.4%
PPG Industries, Inc. · PPG · FY2026 Q3 · Calendar Q4 2026
PPG raises 2026 EPS outlook after record Q3
PPG's Q3 showed resilient demand across aerospace, architectural, performance and packaging coatings, while pricing execution reached price-cost neutrality ahead of schedule. The raised EPS outlook and planned aerospace investment support the growth case, but automotive production, inflation timing and macro conditions remain important checks.
Reported After market closeNYSEBasic Materials
$25.20B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.25
Consensus $2.12
EPS surprise
+6.1%
Reported versus consensus
Reported revenue
$4.35B
Consensus $4.28B
Revenue surprise
+1.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+4.4%
Event window
SPY move
+0.3%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
PPGSPY benchmark
Ask FN2 about PPG FY2026 Q3
Transcript, numbers and history already loaded
Why did PPG rise 4.4% after beating EPS estimates in FY2026 Q3?What changed in PPG's guidance and outlook in FY2026 Q3?Give me the bull and bear case for PPG after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management raised guidance sentiment from maintained to raised and lifted the full-year EPS outlook to $7.90-$8.10. The company also highlighted price-cost neutrality, more than $500 million of planned aerospace investment, and AI-driven formulation work covering more than 150 formulas.
Guidance delta
Full-year EPS outlook was raised to $7.90-$8.10. Q4 guidance calls for low-single-digit organic sales growth and EBITDA margin expansion.
Key takeaways
- Record Q3 earnings and 7% sales growth were supported by multiple high-margin segments.
- Aerospace remains a core growth engine, with more than $500 million of planned capacity and productivity investment.
- Pricing actions reached price-cost neutrality in six months, ahead of schedule.
- Cash generation supported $150 million of share repurchases and dividend payouts.
Management priorities
- Expand aerospace capacity, including the Huntsville transparency operation.
- Execute the $70 million transparency plant build.
- Complete four Architectural EMEA plant closures for restructuring benefits in 2027.
- Continue AI-enabled formulation optimization and broader R&D investment.
- Pursue selective portfolio optimization and possible M&A opportunities.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$118.44Current
$115Low
$149.15Average
$194High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 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 |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 5, 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 $118.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $136 | $103.71 | +14.8% | Oct 12, 2026 |
| Goldman Sachs | Duffy Fischer | $128 | $104.77 | +8.1% | Oct 9, 2026 |
| UBS | Analyst unavailable | $116 | $105.15 | -2.1% | Oct 5, 2026 |
| Bernstein | James Hooper | $136 | $106.72 | +14.8% | Sep 24, 2026 |
| KeyBanc | Analyst unavailable | $133 | $105.05 | +12.3% | Sep 11, 2026 |
| UBS | Analyst unavailable | $125 | $111.42 | +5.5% | Jul 30, 2026 |
| RBC Capital | Analyst unavailable | $122 | $111.73 | +3.0% | Jul 30, 2026 |
| BMO Capital | Analyst unavailable | $138 | $125.33 | +16.5% | Jul 6, 2026 |
| Mizuho Securities | John Roberts | $135 | $121.23 | +14.0% | Jul 1, 2026 |
| BMO Capital | John McNulty | $140 | $119.34 | +18.2% | Jun 15, 2026 |
| RBC Capital | Analyst unavailable | $119 | $107.72 | +0.5% | Apr 16, 2026 |
| Evercore ISI | Analyst unavailable | $128 | $129.66 | +8.1% | Feb 18, 2026 |
| Bernstein | Analyst unavailable | $130 | $116.51 | +9.8% | Jan 30, 2026 |
| UBS | Joshua Spector | $122 | $114.9 | +3.0% | Jan 29, 2026 |
| RBC Capital | Arun Viswanathan | $115 | $115.15 | -2.9% | Jan 29, 2026 |
| BMO Capital | Analyst unavailable | $135 | $113.96 | +14.0% | Jan 29, 2026 |
| Goldman Sachs | Analyst unavailable | $132 | $113.96 | +11.4% | Jan 29, 2026 |
| UBS | Analyst unavailable | $110 | $99.47 | -7.1% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $116 | $99.13 | -2.1% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $120 | $103.48 | +1.3% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $132 | $99.6 | +11.4% | Oct 10, 2025 |
| UBS | Joshua Spector | $115 | $103.88 | -2.9% | Oct 6, 2025 |
| Mizuho Securities | John Roberts | $125 | $104.52 | +5.5% | Oct 3, 2025 |
| RBC Capital | Arun Viswanathan | $120 | $111.27 | +1.3% | Feb 4, 2025 |
| Mizuho Securities | John Roberts | $140 | $111.99 | +18.2% | Feb 3, 2025 |
| RBC Capital | Arun Viswanathan | $136 | $128.82 | +14.8% | Oct 22, 2024 |
| BMO Capital | John McNulty | $155 | $129.82 | +30.9% | Oct 21, 2024 |
| BMO Capital | John McNulty | $160 | $129.91 | +35.1% | Oct 17, 2024 |
| Seaport Global | Michael Harrison | $165 | $130.36 | +39.3% | Oct 17, 2024 |
| Mizuho Securities | John Roberts | $150 | $130.36 | +26.6% | Oct 17, 2024 |
| Citigroup | Patrick Cunningham | $144 | $131.32 | +21.6% | Oct 16, 2024 |
| BMO Capital | John McNulty | $161 | $129.05 | +35.9% | Jul 22, 2024 |
| KeyBanc | Aleksey Yefremov | $153 | $128.04 | +29.2% | Jul 22, 2024 |
| Jefferies | Laurence Alexander | $140 | $128.04 | +18.2% | Jul 19, 2024 |
| UBS | Joshua Spector | $140 | $126.32 | +18.2% | Jul 9, 2024 |
| Evercore ISI | Stephen Richardson | $152 | $130.9 | +28.3% | Apr 22, 2024 |
| CFRA | Arun Sundaram | $157 | $130.9 | +32.6% | Apr 19, 2024 |
| Mizuho Securities | John Roberts | $166 | $135.11 | +40.2% | Apr 19, 2024 |
| UBS | Joshua Spector | $150 | $135.11 | +26.6% | Apr 18, 2024 |
| Wells Fargo | Michael Sison | $163 | $137.73 | +37.6% | Apr 10, 2024 |
| BMO Capital | John McNulty | $165 | $144.88 | +39.3% | Jan 18, 2024 |
| Barclays | Duffy Fischer | $160 | $130.28 | +35.1% | Oct 11, 2023 |
| Mizuho Securities | Christopher Parkinson | $152 | $142.31 | +28.3% | Apr 24, 2023 |
| Deutsche Bank | David Begleiter | $160 | $140.55 | +35.1% | Apr 20, 2023 |
| UBS | Analyst unavailable | $150 | $130.21 | +26.6% | Jan 11, 2023 |
| RBC Capital | Analyst unavailable | $129 | $128.87 | +8.9% | Jan 10, 2023 |
| KeyBanc | Aleksey Yefremov | $127 | $113.32 | +7.2% | Oct 17, 2022 |
| Deutsche Bank | Analyst unavailable | $135 | $113.3 | +14.0% | Sep 28, 2022 |
| Wells Fargo | Analyst unavailable | $130 | $116.94 | +9.8% | Sep 16, 2022 |
| Mizuho Securities | Analyst unavailable | $163 | $128.52 | +37.6% | Jul 25, 2022 |
| Wells Fargo | Analyst unavailable | $135 | $126.97 | +14.0% | Jul 25, 2022 |
| Deutsche Bank | Analyst unavailable | $150 | $127.73 | +26.6% | Jul 25, 2022 |
| Wells Fargo | Analyst unavailable | $126 | $117.22 | +6.4% | Jul 18, 2022 |
| Mizuho Securities | Analyst unavailable | $162 | $115.71 | +36.8% | Jul 14, 2022 |
| UBS | Analyst unavailable | $161 | $113.01 | +35.9% | Jul 13, 2022 |
| Barclays | Michael Leithead | $150 | $127.99 | +26.6% | May 2, 2022 |
| Fermium Research | Analyst unavailable | $140 | $127.71 | +18.2% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $127.68 | +26.6% | Apr 25, 2022 |
| Evercore ISI | Stephen Richardson | $170 | $132.85 | +43.5% | Apr 22, 2022 |
| Evercore ISI | Stephen Richardson | $190 | $154.14 | +60.4% | Jan 21, 2022 |
| Citigroup | PJ Juvekar | $172 | $168.15 | +45.2% | Jan 11, 2022 |
| Vertical Research | Kevin McCarthy | $176 | $170.58 | +48.6% | Jan 4, 2022 |
| J.P. Morgan | Jeffrey Zekauskas | $165 | $160.51 | +39.3% | Oct 22, 2021 |
| Berenberg Bank | Anthony Manning | $180 | $163.76 | +52.0% | Oct 21, 2021 |
| Goldman Sachs | Robert Koort | $194 | $149.27 | +63.8% | Sep 7, 2021 |
| Susquehanna | Don Carson | $190 | $163.11 | +60.4% | Jul 26, 2021 |
| Societe Generale | Peter Clark | $192 | $168.11 | +62.1% | Jul 1, 2021 |
| Morgan Stanley | Vincent Andrews | $175 | $170.7 | +47.8% | Apr 26, 2021 |
| Argus Research | Bill Selesky | $193 | $166.41 | +63.0% | 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 |
|---|---|---|---|---|
| IP International Paper Company | FY2026 Q3 · Calendar Q4 2026 | — | +3.3% | IP: Q3 EBITDA improved, but inflation lowered 2026 outlook |
| MAS Masco Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +2.4% | Masco raises 2026 outlook as plumbing leads growth |
| JCI Johnson Controls International plc | FY2026 Q4 · Calendar Q4 2026 | +4.4% | +5.7% | JCI reports strong FY2026, plans higher FY2027 investment |
Latest beats and misses
Who reports nextBeat on EPS
- UMBFFY2026 Q3 · October 27, 2026+10.6% EPS-1.1% move
- UHSFY2026 Q3 · October 27, 2026+0.6% EPS-2.9% move
- ACGLNFY2026 Q3 · October 27, 2026+15.6% EPS-0.9% move
- RNRFY2026 Q3 · October 27, 2026+20.4% EPS-2.6% move
- RNR-PGFY2026 Q3 · October 27, 2026+20.4% EPS— move
- ESSFY2026 Q3 · October 27, 2026+3.4% EPS-4.0% 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 · 2026-10-28T16:07:38.910770+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T22:40:41.103450+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T22:40:41.100735+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 2026-10-28. For educational purposes only; not investment advice.