Jun 2026 (Q2 FY26) — Jul 29, 2026
PPG Q2 FY26 — Strong Organic Growth and Accelerated Price Realization
Read the full callPPG (PPG) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
PPG earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,930 | +6.7% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 16.2 | −0.3 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 382 | +2.4% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 10 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 adjusted EPS year-over-year growth | flat to a positive low single-digit percentage | Mar 2026 | Adjusted earnings per share of $2.23 was slightly higher year-over-year, driven by strong results in our differentiated aerospace and Architectural Coatings Latin America businesses | Achieved |
| Full-year cash from operations as a percentage of sales | about 10% of sales | Mar 2026 | I don't expect there to be -- anything changed from what was provided for where operating from cash flow, we expect north of 10% on a sales basis. | Revised Up |
| Full-year adjusted EPS | mid-single-digit percentage increase at guidance midpoint ($7.70 to $8.10) | Dec 2025 | We are reaffirming our full year adjusted earnings per share guidance range of $7.70 to $8.10. | On Track |
2 of PPG INDUSTRIES INC's 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Achieved 4% organic sales growth, with equal contributions from sales volumes and selling prices, outperforming the industry by 300 basis points.
- Covered 90% of cost of goods sold inflation with pricing in Q2, one quarter ahead of commitment, aiming for 100% by Q4.
- Aerospace achieved exceptional double-digit percentage sales growth and maintained an order backlog of around $300 million.
- Protective and Marine Coatings organic sales increased by a double-digit percentage, marking its 13th consecutive quarter of volume growth.
- Industrial Coatings segment organic sales increased 5% due to volume growth across all three businesses, including Automotive OEM coatings outpacing global industry production by 500 basis points.
Qualified
- Automotive Refinish Coatings organic sales decreased by a double-digit percentage due to challenging prior-year comparisons and a modest recovery of underlying industry demand.
- Performance Coatings segment EBITDA margin declined 300 basis points year-over-year, primarily driven by the refinish year-over-year comparison.
- Industrial Coatings segment EBITDA margin declined 70 basis points to 15.9%, driven by cost of goods sold inflation.
Price
$107.81 +2.80% · +$2.94
Performance +7.3% 1Y
1Y: $100.5 on 14 Oct 2025 → $107.81. High $131.56 (12 Feb 2026), low $94.34 (19 Nov 2025).
- Previous close
- $104.87
- 52-week range
- $94.34 – $131.56
- One year
- +8.29%
Overview
- Symbol
- PPG
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 10 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 adjusted EPS year-over-year growth | flat to a positive low single-digit percentage | Mar 2026 | Adjusted earnings per share of $2.23 was slightly higher year-over-year, driven by strong results in our differentiated aerospace and Architectural Coatings Latin America businesses | Achieved |
| Full-year cash from operations as a percentage of sales | about 10% of sales | Mar 2026 | I don't expect there to be -- anything changed from what was provided for where operating from cash flow, we expect north of 10% on a sales basis. | Revised Up |
| Full-year adjusted EPS | mid-single-digit percentage increase at guidance midpoint ($7.70 to $8.10) | Dec 2025 | We are reaffirming our full year adjusted earnings per share guidance range of $7.70 to $8.10. | On Track |
Claimed
- Achieved 4% organic sales growth, with equal contributions from sales volumes and selling prices, outperforming the industry by 300 basis points.
- Covered 90% of cost of goods sold inflation with pricing in Q2, one quarter ahead of commitment, aiming for 100% by Q4.
- Aerospace achieved exceptional double-digit percentage sales growth and maintained an order backlog of around $300 million.
- Protective and Marine Coatings organic sales increased by a double-digit percentage, marking its 13th consecutive quarter of volume growth.
- Industrial Coatings segment organic sales increased 5% due to volume growth across all three businesses, including Automotive OEM coatings outpacing global industry production by 500 basis points.
Qualified
- Automotive Refinish Coatings organic sales decreased by a double-digit percentage due to challenging prior-year comparisons and a modest recovery of underlying industry demand.
- Performance Coatings segment EBITDA margin declined 300 basis points year-over-year, primarily driven by the refinish year-over-year comparison.
- Industrial Coatings segment EBITDA margin declined 70 basis points to 15.9%, driven by cost of goods sold inflation.
The full ledger
Open PPG INDUSTRIES INC’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
PPG Q1 FY26 — Solid Organic Growth and Reaffirmed Full-Year EPS Guidance
Read the full callEvery analysed call
PPG earnings calls (PPG)
Financials
What the filings say
Net profit, year on year: +2% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,235 | 4,032 | 2,165 | 3,684 | 4,195 | 4,082 | 3,914 | 3,930 |
| Operating profit | 796 | 689 | — | 607 | 743 | 689 | — | 636 |
| Operating margin | 18.8% | 17.1% | — | 16.5% | 17.7% | 16.9% | — | 16.2% |
| Interest | 62 | 67 | 57 | 56 | 62 | 65 | 58 | 61 |
| Profit before tax | 651 | 578 | 10 | 502 | 598 | 556 | 389 | 517 |
| Tax rate | 22.9% | 22.1% | 530.0% | 24.3% | 23.4% | 21.2% | 20.1% | 25.5% |
| Net profit | 528 | 468 | -280 | 373 | 450 | 453 | 300 | 382 |
| EPS ($ per share) | 2.25 | 2.01 | — | 1.63 | 1.98 | 2.01 | — | 1.71 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 969 | 969 | 969 | 969 | 969 | 969 | 969 | 969 |
| Reserves | 18,131 | 18,906 | 19,469 | 20,372 | 20,828 | 21,500 | 21,994 | 22,942 |
| Total liabilities | 11,283 | 12,305 | 13,741 | 14,940 | 14,035 | 13,624 | 12,471 | 14,001 |
| Fixed assets | 2,805 | 2,983 | 3,127 | 3,442 | 3,328 | 3,450 | 3,464 | 4,005 |
| Investments | 61 | 57 | 96 | 67 | 55 | 75 | 88 | 56 |
| Total assets | 16,015 | 17,708 | 19,556 | 21,351 | 20,744 | 21,647 | 19,433 | 22,098 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,467 | 2,080 | 2,130 | 1,562 | 963 | 2,411 | 1,420 | 1,941 |
| Cash from investing | -764 | -1,009 | -1,447 | -2,404 | -461 | -556 | 107 | -700 |
| Cash from financing | -1,205 | -758 | -59 | 93 | -409 | -1,550 | -1,425 | -545 |
| Net cash flow | -534 | 314 | 610 | -821 | 91 | 410 | -223 | 893 |
| Capital expenditure | -411 | -413 | -304 | -371 | -486 | -516 | -721 | -778 |
| Free cash flow | 1,056 | 1,667 | 1,826 | 1,191 | 477 | 1,895 | 699 | 1,163 |
PPG revenue by segment
Performance Coatings shrank from 64% to 36% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Industrial Coatings | 36% | — | 42% | 40% | 41% | — | 42% | 40% | +6.8% |
| Performance Coatings | 64% | — | 34% | 36% | 35% | — | 34% | 36% | +7.1% |
| Global Architectural Coatings | — | — | 23% | 24% | 25% | — | 25% | 24% | +7.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- EMEA 34% ↑ 5 pt
- North America 34% ↓ 8 pt
- Asia Pacific 18% ↑ 2 pt
- Latin America 14% ↑ 2 pt
As PPG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
35 filings between Nov 11, 2025 and Sep 11, 2026.
Open market
decisions to buy or sellPurchases
$2.8K
4 purchases by 1 insider
Sales
$15.22M
8 sales by 3 insiders
38% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 2
- Award — granted as compensation
- 9
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 code i.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Morales Vincent J | — | $14.51M | Feb 13, 2026 |
| Foulkes Anne M. | — | $447.8K | Feb 20, 2026 |
| Hagerty Chancey E. | — | $260.1K | Jan 29, 2026 |
| Hefel Juliane M. | $2.8K | — | Sep 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 11, 2026 | Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod | Purchase | 10 | $1.1K |
| Sep 11, 2026 | Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod | Purchase | 3 | $358 |
| Jun 12, 2026 | Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod | Purchase | 3 | $342 |
| Jun 12, 2026 | Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod | Purchase | 9 | $1.0K |
| Apr 15, 2026 | Smith Cathy R Director | Option exercise | 1,849 | $0 |
| Apr 15, 2026 | Smith Cathy R Director | Tax withheld | 6 | $646 |
| Apr 15, 2026 | Schneider Todd M. Director | Option exercise | 432 | $0 |
| Apr 15, 2026 | Schneider Todd M. Director | Tax withheld | 2 | $215 |
| Feb 20, 2026 | Foulkes Anne M. Sr. VP, Legal & Spl. Projects | Sale | 3,594 | $447.8K |
| Feb 18, 2026 | Foulkes Anne M. Sr. VP, Legal & Spl. Projects | Tax withheld | 1,424 | $182.6K |
| Feb 18, 2026 | Gette Joseph R. Sr. VP, GC and Secretary | Tax withheld | 378 | $48.5K |
| Feb 18, 2026 | Hagerty Chancey E. Sr. VP, Auto. Refinish Ctgs. | Tax withheld | 546 | $70.0K |
| Feb 18, 2026 | Morales Vincent J Senior VP & CFO | Tax withheld | 4,372 | $560.7K |
| Feb 18, 2026 | Williams Brian Richard Vice President and Controller | Tax withheld | 255 | $32.7K |
| Feb 18, 2026 | Ericson Amy R. Sr. VP, P&M Coatings | Tax withheld | 875 | $112.2K |
| Feb 18, 2026 | Braun Kevin D. Sr VP, Operations | Tax withheld | 565 | $72.5K |
| Feb 18, 2026 | KNAVISH TIMOTHY M Chairman and CEO | Tax withheld | 9,886 | $1.27M |
| Feb 18, 2026 | Bergstrom Karl Henrik Sr.VP, Global Arch Coatings | Award | 1,986 | $0 |
| Feb 18, 2026 | KNAVISH TIMOTHY M Chairman and CEO | Award | 25,408 | $0 |
| Feb 13, 2026 | Morales Vincent J Senior VP & CFO | Sale | 28,439 | $3.72M |
| Feb 13, 2026 | Morales Vincent J Senior VP & CFO | Sale | 19,259 | $2.52M |
| Feb 13, 2026 | Morales Vincent J Senior VP & CFO | Sale | 30,397 | $3.98M |
| Feb 13, 2026 | Morales Vincent J Senior VP & CFO | Code I | 8,845 | $1.16M |
| Feb 13, 2026 | Morales Vincent J Senior VP & CFO | Option exercise | 19,259 | $2.11M |
| Feb 13, 2026 | Morales Vincent J Senior VP & CFO | Option exercise | 30,397 | $3.63M |
| Feb 4, 2026 | Morales Vincent J Senior VP & CFO | Option exercise 10b5-1 plan | 17,072 | $1.99M |
| Feb 4, 2026 | Morales Vincent J Senior VP & CFO | Sale 10b5-1 plan | 17,072 | $2.13M |
| Feb 4, 2026 | Morales Vincent J Senior VP & CFO | Option exercise 10b5-1 plan | 12,600 | $1.28M |
| Feb 4, 2026 | Morales Vincent J Senior VP & CFO | Sale 10b5-1 plan | 12,600 | $1.57M |
| Jan 29, 2026 | Hagerty Chancey E. Sr. VP, Auto. Refinish Ctgs. | Sale | 2,250 | $260.1K |
| Jan 29, 2026 | Hagerty Chancey E. Sr. VP, Auto. Refinish Ctgs. | Option exercise | 2,250 | $213.8K |
| Jan 15, 2026 | Morales Vincent J Senior VP & CFO | Option exercise 10b5-1 plan | 5,200 | $494.0K |
| Jan 15, 2026 | Morales Vincent J Senior VP & CFO | Sale 10b5-1 plan | 5,200 | $572.0K |
| Nov 11, 2025 | Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod | Option exercise | 1,538 | $0 |
| Nov 11, 2025 | Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod | Tax withheld | 439 | $42.1K |
| May 13, 2025 | Bergstrom Karl Henrik Sr.VP, Global Arch Coatings | Option exercise | 1,635 | $0 |
| Apr 16, 2025 | Smith Cathy R Director | Option exercise | 1,368 | $0 |
| Apr 16, 2025 | Smith Cathy R Director | Tax withheld | 5 | $492 |
| Apr 16, 2025 | RICHENHAGEN MARTIN Director | Tax withheld | 5 | $492 |
| Apr 16, 2025 | RICHENHAGEN MARTIN Director | Option exercise | 1,368 | $0 |
| Feb 19, 2025 | Braun Kevin D. Sr VP, Operations | Award | 1,056 | $0 |
| Feb 19, 2025 | Ericson Amy R. Sr. VP, P&M Coatings | Award | 2,496 | $0 |
| Feb 19, 2025 | Ericson Amy R. Sr. VP, P&M Coatings | Tax withheld | 756 | $88.3K |
| Feb 19, 2025 | Foulkes Anne M. Sr. VP and General Counsel | Award | 3,328 | $0 |
| Feb 19, 2025 | Foulkes Anne M. Sr. VP and General Counsel | Tax withheld | 988 | $115.4K |
| Feb 19, 2025 | Hagerty Chancey E. Sr. VP, Auto. Refinish Ctgs. | Award | 1,056 | $0 |
| Feb 19, 2025 | Hagerty Chancey E. Sr. VP, Auto. Refinish Ctgs. | Tax withheld | 346 | $40.4K |
| Feb 19, 2025 | KNAVISH TIMOTHY M Chairman and CEO | Award | 7,766 | $0 |
| Feb 19, 2025 | KNAVISH TIMOTHY M Chairman and CEO | Tax withheld | 2,216 | $258.8K |
| Feb 19, 2025 | Williams Brian Richard Vice President and Controller | Award | 552 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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