Analyst Consensus ?
ConsensusBuy36 ratings
Bullish2158.3%
Neutral1438.9%
Bearish12.8%
1 unmapped firm rating excluded from the percentages.
The Sherwin-Williams Company · SHW · FY2026 Q1 · Calendar Q2 2026
SHW Q1 2026: Sales Beat, Margins Expand, but Raw-Material Costs Loom
Sherwin-Williams delivered a first-quarter beat, driven by share-gain initiatives across all three reportable segments and disciplined pricing. Gross margin expanded for the 14th time in 15 quarters despite modest dilution from the Suvenil acquisition. Management maintained full-year guidance even while raising raw-material inflation expectations to low-mid single digits, betting that surgical pricing and cost discipline can absorb the impact. The balance between a credible beat-and-maintain trajectory and mounting cost headwinds from propylene and broader commodity inflation defines the investment debate.
Reported Before market openNYSEBasic Materials
$87.38B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.35
Consensus $2.27
EPS surprise
+3.5%
Reported versus consensus
Reported revenue
$5.67B
Consensus $5.56B
Revenue surprise
+1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.5%
Event window
SPY move
-0.5%
Same window
Abnormal move
-3.0%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
-4.4%
Up to 20 sessions
SHWSPY benchmark
Ask FN2 about SHW FY2026 Q1
Transcript, numbers and history already loaded
Why did SHW fall 3.5% after beating EPS estimates in FY2026 Q1?What changed in SHW's guidance and outlook in FY2026 Q1?Give me the bull and bear case for SHW after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Versus the prior quarter, Sherwin-Williams shifted from a record-setting full-year performance to a start-of-year beat that carried new cost pressure. The raw-material inflation outlook moved from low-single-digit to low-mid-single-digit, with propylene specifically forecast up roughly 50% for the remainder of 2026. The Suvenil acquisition, previously flagged as a growth contributor, was disclosed as mildly dilutive to gross margin in Q1. Volume guidance was lowered to a low-single-digit decline. New product innovation advanced with the launch of Emerald Symmetry, a zero-VOC plant-based interior coating.
Guidance delta
Full-year 2026 guidance for sales, earnings, and SG&A was maintained, unchanged from the prior quarter despite higher raw-material cost expectations. Management characterized this as achievable through surgical pricing and cost-out initiatives. The select commodity inflation qualifier from prior guidance language was removed. Volume guidance was adjusted to a low-single-digit decline.
Key takeaways
- Q1 sales beat expectations, driven by share-gain initiatives across all three reportable segments.
- Gross margin expanded 90 bps, the 14th margin expansion in the last 15 quarters.
- Full-year guidance for sales, earnings, and SG&A remains unchanged despite higher raw-material cost expectations.
- Aggressive store-network strategy: 21 new stores opened, 27 closed, with 80-100 net new stores planned for 2026.
- Robust cash generation funded $773 million in share buybacks and dividends, keeping net debt/EBITDA at 2.5x.
Management priorities
- Open 80-100 new Paint Stores Group locations in 2026.
- Continue aggressive share-gain strategy through new accounts and pricing actions.
- Invest in the new global headquarters and technology center, with a presentation planned for September.
- Expand strategic supplier relationships to mitigate raw-material volatility.
- Roll out additional cost-out initiatives and maintain disciplined capital allocation.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$335.2Current
$260Low
$367.3Average
$420High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 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 | Outperform | Outperform | Maintain | Oct 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 25, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 29, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 29, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 8, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 21, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Mar 23, 2026 |
| Loop Capital | Buy | Buy | Maintain | Jul 23, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Apr 1, 2025 |
| Jefferies | Hold | Buy | Downgrade | Mar 10, 2025 |
| Baird | Neutral | Neutral | Maintain | Oct 23, 2024 |
| Keybanc | Overweight | Downgrade | Oct 7, 2024 | |
| Goldman Sachs | Buy | Buy | Maintain | Jul 24, 2024 |
| Seaport Global | Neutral | Buy | Downgrade | Jan 8, 2024 |
| Northcoast Research | Neutral | Buy | Downgrade | Jan 2, 2024 |
| Argus Research | Buy | Buy | Maintain | Dec 21, 2023 |
| Berenberg | Hold | Hold | Maintain | Sep 29, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 18, 2023 |
| Credit Suisse | Underperform | Underperform | Maintain | Jul 28, 2022 |
| Susquehanna | Neutral | Positive | Downgrade | Feb 5, 2020 |
| CFRA | Hold | Buy | Downgrade | Jan 30, 2020 |
| Edward Jones | Hold | Buy | Downgrade | Nov 20, 2019 |
| Buckingham Research | Neutral | Neutral | Maintain | Oct 23, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Oct 23, 2019 |
| Bank of America | Buy | Buy | Maintain | Jul 25, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Zelman | Buy | Hold | Upgrade | Oct 18, 2017 |
| Longbow Research | Buy | Neutral | Upgrade | Jun 13, 2017 |
| CLSA | Buy | Outperform | Maintain | Jul 22, 2016 |
| Sterne Agee CRT | Buy | Neutral | Upgrade | Aug 25, 2015 |
| Sterne Agee | Buy | Neutral | Upgrade | Aug 25, 2015 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 23, 2015 |
| Nomura | Buy | Neutral | Upgrade | Apr 15, 2013 |
| Credit Agricole | Outperform | Underperform | Upgrade | Nov 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $335.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $348 | $320.21 | +3.8% | Oct 12, 2026 |
| RBC Capital | Arun Viswanathan | $392 | $318.54 | +16.9% | Oct 9, 2026 |
| Melius Research | Michael Rehaut | $367 | $318.46 | +9.5% | Oct 6, 2026 |
| UBS | Analyst unavailable | $363 | $319.51 | +8.3% | Oct 5, 2026 |
| Wells Fargo | Analyst unavailable | $340 | $320.4 | +1.4% | Sep 25, 2026 |
| Mizuho Securities | John Roberts | $396 | $326.46 | +18.1% | Sep 24, 2026 |
| D.A. Davidson | Analyst unavailable | $400 | $346.73 | +19.3% | Aug 24, 2026 |
| Guggenheim | Analyst unavailable | $400 | $340.85 | +19.3% | Aug 3, 2026 |
| Goldman Sachs | Duffy Fischer | $420 | $343.88 | +25.3% | Jul 29, 2026 |
| BMO Capital | Analyst unavailable | $405 | $341.42 | +20.8% | Jul 29, 2026 |
| UBS | Joshua Spector | $390 | $341.57 | +16.3% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $360 | $354.27 | +7.4% | Jul 29, 2026 |
| Morgan Stanley | Vicent Andrews | $395 | $354.27 | +17.8% | Jul 29, 2026 |
| Jefferies | Laurence Alexander | $375 | $354.27 | +11.9% | Jul 28, 2026 |
| Berenberg Bank | Aron Ceccarelli | $380 | $305.3 | +13.4% | Jun 8, 2026 |
| BMO Capital | Analyst unavailable | $355 | $297.49 | +5.9% | Jun 3, 2026 |
| UBS | Analyst unavailable | $330 | $294.86 | -1.6% | Jun 2, 2026 |
| Evercore ISI | Analyst unavailable | $390 | $317.6 | +16.3% | Apr 29, 2026 |
| Wells Fargo | Analyst unavailable | $365 | $335.59 | +8.9% | Apr 10, 2026 |
| Mizuho Securities | Analyst unavailable | $410 | $368.89 | +22.3% | Feb 17, 2026 |
| UBS | Analyst unavailable | $420 | $355.36 | +25.3% | Jan 30, 2026 |
| RBC Capital | Analyst unavailable | $390 | $354.58 | +16.3% | Jan 30, 2026 |
| Deutsche Bank | Analyst unavailable | $380 | $350.63 | +13.4% | Jan 22, 2026 |
| UBS | Joshua Spector | $415 | $356.34 | +23.8% | Jan 12, 2026 |
| Vertical Research | Analyst unavailable | $371 | $340.09 | +10.7% | Jan 7, 2026 |
| Mizuho Securities | Analyst unavailable | $390 | $327.95 | +16.3% | Dec 18, 2025 |
| Mizuho Securities | Analyst unavailable | $400 | $351.2 | +19.3% | Oct 29, 2025 |
| RBC Capital | Analyst unavailable | $405 | $354.45 | +20.8% | Oct 29, 2025 |
| UBS | Analyst unavailable | $422 | $351.2 | +25.9% | Oct 29, 2025 |
| Wells Fargo | Michael Sison | $410 | $354.45 | +22.3% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $395 | $333.22 | +17.8% | Oct 10, 2025 |
| UBS | Analyst unavailable | $400 | $338.31 | +19.3% | Oct 6, 2025 |
| Mizuho Securities | John Roberts | $395 | $336.77 | +17.8% | Apr 15, 2025 |
| Jefferies | Laurence Alexander | $380 | $363.62 | +13.4% | Mar 10, 2025 |
| Robert W. Baird | Ghansham Panjabi | $370 | $358.16 | +10.4% | Jan 31, 2025 |
| RBC Capital | Arun Viswanathan | $438 | $334.4 | +30.7% | Jan 14, 2025 |
| Mizuho Securities | John Roberts | $408 | $334.4 | +21.7% | Jan 7, 2025 |
| Jefferies | Laurence Alexander | $423 | $345.47 | +26.2% | Jan 2, 2025 |
| RBC Capital | Arun Viswanathan | $446 | $362.72 | +33.1% | Oct 24, 2024 |
| Robert W. Baird | Ghansham Panjabi | $360 | $361.38 | +7.4% | Oct 23, 2024 |
| Goldman Sachs | Duffy Fischer | $410 | $361.38 | +22.3% | Oct 23, 2024 |
| Evercore ISI | Greg Melich | $400 | $361.38 | +19.3% | Oct 23, 2024 |
| Barclays | Michael Leithead | $370 | $361.38 | +10.4% | Oct 23, 2024 |
| Jefferies | Laurence Alexander | $445 | $388.36 | +32.8% | Oct 21, 2024 |
| BMO Capital | John McNulty | $400 | $363.75 | +19.3% | Sep 3, 2024 |
| Jefferies | Laurence Alexander | $415 | $358.73 | +23.8% | Aug 26, 2024 |
| Berenberg Bank | Aron Ceccarelli | $312 | $352.55 | -6.9% | Jul 30, 2024 |
| Deutsche Bank | David Begleiter | $385 | $340 | +14.9% | Jul 24, 2024 |
| Robert W. Baird | Ghansham Panjabi | $325 | $344.5 | -3.0% | Jul 24, 2024 |
| Barclays | Michael Leithead | $355 | $344.5 | +5.9% | Jul 24, 2024 |
| UBS | Joshua Spector | $355 | $298.95 | +5.9% | Jul 9, 2024 |
| BMO Capital | John McNulty | $360 | $296 | +7.4% | Jun 11, 2024 |
| Jefferies | Laurence Alexander | $370 | $301.73 | +10.4% | May 29, 2024 |
| RBC Capital | Arun Viswanathan | $370 | $303.73 | +10.4% | Apr 25, 2024 |
| KeyBanc | Kenneth Zener | $400 | $303.73 | +19.3% | Apr 25, 2024 |
| Morgan Stanley | Vicent Andrews | $338 | $302.03 | +0.8% | Apr 23, 2024 |
| Mizuho Securities | John Roberts | $334 | $296.76 | -0.4% | Apr 23, 2024 |
| Goldman Sachs | Duffy Fischer | $348 | $296.76 | +3.8% | Apr 23, 2024 |
| BMO Capital | John McNulty | $385 | $296.76 | +14.9% | Apr 23, 2024 |
| Deutsche Bank | David Begleiter | $350 | $296.76 | +4.4% | Apr 23, 2024 |
| Evercore ISI | Greg Melich | $350 | $309.38 | +4.4% | Apr 19, 2024 |
| UBS | Analyst unavailable | $255 | $241.82 | -23.9% | Jan 11, 2023 |
| Wells Fargo | Analyst unavailable | $220 | $240.04 | -34.4% | Jan 9, 2023 |
| J.P. Morgan | Analyst unavailable | $260 | $251.24 | -22.4% | Dec 2, 2022 |
| Mizuho Securities | Analyst unavailable | $294 | $245.72 | -12.3% | Jul 14, 2022 |
| Barclays | Michael Leithead | $303 | $272.32 | -9.6% | May 2, 2022 |
| RBC Capital | Analyst unavailable | $342 | $277.21 | +2.0% | Apr 28, 2022 |
| Wells Fargo | Analyst unavailable | $285 | $279.52 | -15.0% | Apr 27, 2022 |
| Wells Fargo | Truman Patterson | $275 | $244.92 | -18.0% | Apr 24, 2022 |
| Loop Capital Markets | Garik Shmois | $300 | $261.1 | -10.5% | Apr 11, 2022 |
| Jefferies | Laurence Alexander | $275 | $244.38 | -18.0% | Mar 16, 2022 |
| Robert W. Baird | Ghansham Panjabi | $350 | $287.03 | +4.4% | Jan 28, 2022 |
| Mizuho Securities | Chris Parkinson | $350 | $287.03 | +4.4% | Jan 28, 2022 |
| BMO Capital | John McNulty | $310 | $287.03 | -7.5% | Jan 28, 2022 |
| Barclays | Duffy Fischer | $345 | $292.85 | +2.9% | Jan 22, 2022 |
| Wells Fargo | Michael Sison | $335 | $305.51 | -0.1% | Jan 18, 2022 |
| Citigroup | PJ Juvekar | $358 | $323.75 | +6.8% | Jan 11, 2022 |
| Morgan Stanley | Vincent Andrews | $375 | $323.75 | +11.9% | Jan 11, 2022 |
| Goldman Sachs | Robert Koort | $320 | $344.84 | -4.5% | Dec 15, 2021 |
| Berenberg Bank | Anthony Manning | $310 | $316.12 | -7.5% | Oct 27, 2021 |
| Wolfe Research | Truman Patterson | $325 | $285.88 | -3.0% | Jul 28, 2021 |
| Argus Research | Bill Selesky | $325 | $281.31 | -3.0% | May 4, 2021 |
Track every rating change on SHW the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Sherwin-Williams Company engages in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial and retail customers. The company operates through three segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group. The Paint Stores Group segment offers architectural paint and coatings; protective and marine products; and OEM product finishes and related products for architectural and industrial paint contractors, and do-it-yourself homeowners under the Sherwin-Williams brand.…
Historical context
All SHW earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AA Alcoa Corporation | FY2026 Q3 · Calendar Q4 2026 | +20.5% | +7.2% | Alcoa: Strong Q3 execution, with safety and transaction risks ahead |
Latest beats and misses
Who reports nextBeat on EPS
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Get the SHW recap when the next report posts
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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 · 2026-07-29T09:31:57.753565+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T09:31:57.750846+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 2026-07-29. For educational purposes only; not investment advice.