$PPG

PPG INDUSTRIES INC

CIK:0000079879|SEC Filings

Condensed Consolidated Statement of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 4,495	$ 4,195	$ 8,425	$ 7,879
Cost of sales, exclusive of depreciation and amortization	2,687	2,432	4,962	4,574
Selling, general and administrative	931	872	1,816	1,710
Depreciation	108	102	213	191
Amortization	26	33	53	65
Research and development, net	107	106	220	208
Interest expense	71	62	132	118
Interest income	(42)	(44)	(79)	(87)
Other charges, net	38	34	22	0
Income before income taxes	569	598	1,086	1,100
Income tax expense	127	140	259	262
Income from continuing operations	442	458	827	838
Loss from discontinued operations, net of tax	(2)	0	(2)	(2)
Net income/(loss) attributable to the controlling and noncontrolling interests	440	458	825	836
Net income attributable to noncontrolling interests	3	8	6	13
Net income (attributable to PPG)	437	450	819	823
Income from continuing operations, net of tax	439	450	821	825
Loss from discontinued operations, net of tax	$ (2)	$ 0	$ (2)	$ (2)
Earnings per common share:
Income from continuing operations, net of tax (in dollars per share)	$ 1.97	$ 1.98	$ 3.68	$ 3.63
Loss from discontinued operations, net of tax (in dollars per share)	(0.01)	0	(0.01)	(0.01)
Earnings per common share (attributable to PPG) (in dollars per share)	1.96	1.98	3.67	3.62
Earnings per common share – assuming dilution:
Income from continuing operations, net of tax (in dollars per share)	1.96	1.98	3.66	3.61
Loss from discontinued operations, net of tax (in dollars per share)	(0.01)	0	(0.01)	(0.01)
Earnings per common share (attributable to PPG) - assuming dilution (in dollars per share)	$ 1.95	$ 1.98	$ 3.65	$ 3.60

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income/(loss) attributable to the controlling and noncontrolling interests	$ 825	$ 836
Loss from discontinued operations, net of tax	(2)	(2)
Income from continuing operations	827	838
Adjustments to reconcile net income to cash from operations:
Depreciation and amortization	266	256
Stock-based compensation expense	27	36
Deferred income taxes	(33)	(22)
Cash used for restructuring actions	(28)	(45)
Change in certain asset and liability accounts (net of acquisitions):
Receivables	(623)	(745)
Inventories	(189)	(256)
Other current assets	(112)	3
Accounts payable and accrued liabilities	481	300
Taxes and interest payable	35	(94)
Noncurrent assets and liabilities, net	(56)	(22)
Other	(1)	122
Cash from operating activities - continuing operations	594	371
Cash used for operating activities - discontinued operations	(2)	(2)
Cash from operating activities	592	369
Investing activities:
Capital expenditures	(309)	(330)
Business acquisitions, net of cash balances acquired	(145)	0
Other	(4)	42
Cash used for investing activities	(458)	(288)
Financing activities:
Proceeds from the issuance of debt, net of discounts and fees	403	940
Proceeds from Term Loan, net of fees	0	309
Repayment of long-term debt	(700)	(341)
Purchase of treasury stock	(175)	(540)
Dividends paid on PPG common stock	(317)	(308)
Other	11	(23)
Cash (used for)/from financing activities	(778)	37
Effect of currency exchange rate changes on cash and cash equivalents	1	173
Net (decrease)/increase in cash and cash equivalents	(643)	291
Cash and cash equivalents, beginning of period	2,163	1,270
Cash and cash equivalents, end of period	1,520	1,561
Supplemental disclosures of cash flow information:
Interest paid, net of amount capitalized	167	117
Taxes paid, net of refunds	230	230
Capital expenditures accrued within Accounts payable and accrued liabilities at period-end	59	67
Purchases of treasury stock transacted but not yet settled	$ 4	$ 4

Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,520	$ 2,163
Short-term investments	74	56
Receivables, net	3,912	3,336
Inventories	2,226	1,996
Other current assets	529	408
Total current assets	8,261	7,959
Property, plant and equipment (net of accumulated depreciation of $4,821 and $4,724)	4,024	4,005
Goodwill	6,163	6,149
Identifiable intangible assets, net	1,949	1,971
Deferred income taxes	530	481
Investments	374	332
Operating lease right-of-use assets	590	604
Other assets	643	597
Total assets	22,534	22,098
Current liabilities:
Accounts payable and accrued liabilities	4,307	3,957
Restructuring reserves	96	99
Short-term debt and current portion of long-term debt	691	706
Current portion of operating lease liabilities	135	138
Total current liabilities	5,229	4,900
Long-term debt	6,195	6,602
Operating lease liabilities	438	450
Accrued pensions	549	550
Other postretirement benefits	386	392
Deferred income taxes	506	457
Other liabilities	641	650
Total liabilities	13,944	14,001
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock	969	969
Additional paid-in capital	1,366	1,325
Retained earnings	23,444	22,942
Treasury stock, at cost	(15,280)	(15,119)
Accumulated other comprehensive loss	(2,056)	(2,176)
Total PPG shareholders’ equity	8,443	7,941
Noncontrolling interests	147	156
Total shareholders’ equity	8,590	8,097
Total liabilities and shareholders' equity	$ 22,534	$ 22,098