SHW · 10-Q · 2026Q1 · Full report

Manufacturing Capacity & Capex

SHERWIN WILLIAMS CO · 2026-04-28 · Importance 58 · Surprise 42

Net property, plant and equipment increased $68.5 million in Q1 2026 and $542.5 million over the twelve months since March 31, 2025, reflecting $118.7 million of capital expenditures in the quarter plus purchase accounting adjustments related to Suvinil. Buildings increased materially as the new global headquarters and technology center were placed into service, and capital expenditures included manufacturing capacity expansion, operational-efficiency projects in Consumer Brands and Performance Coatings, and new store openings/renovations in Paint Stores. Management expects 2026 core capital expenditures to be targeted at approximately 2% of Net sales, funding productivity and maintenance investments across manufacturing, distribution and technology facilities. The company signaled lower total 2026 capex versus 2025 and intends to fund through operating cash generation.

Key facts

• Buildings within Property, plant and equipment, net increased $52.5 million in the first three months of 2026 and $1,523.0 million in the twelve months since March 31, 2025, primarily due to the new global headquarters and technology center becoming placed into service during 2025 and related capital expenditures.
• Capital expenditures in 2026 included expenditures related to manufacturing capacity expansion, operational efficiencies and maintenance projects in the Consumer Brands and Performance Coatings Groups and the opening of new stores and renovation and improvements in existing stores in the Paint Stores Group.

Impact estimates