15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 2.8% per year over the past 5 years.
Net income has grown faster than revenue (8.3% vs 2.8% per year).
Free cash flow has declined 8.6% per year over the past 5 years.
Financial health
Total debt ($7.3B) exceeds cash ($2.2B); net debt is $5.1B.
Total debt has grown in line with revenue (4.9% vs 2.8% per year).
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 39.8% of earnings and 54.0% of free cash flow.
The dividend has grown 4.8% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$15.9B
$1.6B
41.3%
0.0%
$1.2B
$7.3B
$2.2B
2024
$15.8B
$1.1B
41.6%
0.0%
$699M
$5.8B
$1.3B
2023
$16.2B
$1.3B
40.4%
16.5%
$1.9B
$6.0B
$1.5B
2022
$15.6B
$1.0B
36.1%
13.1%
$477M
$6.8B
$1.1B
2021
$16.8B
$1.4B
38.8%
12.9%
$1.2B
$6.6B
$1.0B
2020
$13.8B
$1.1B
43.8%
15.2%
$1.8B
$5.7B
$1.8B
2019
$15.1B
$1.2B
42.9%
15.0%
$1.7B
$5.0B
$1.2B
2018
$15.4B
$1.3B
41.5%
13.8%
$1.1B
$5.0B
$902M
2017
$14.7B
$1.6B
44.3%
15.5%
$1.2B
$4.1B
$1.4B
2016
$14.3B
$873M
0.0%
16.7%
$971M
$4.4B
$1.8B
2015
—
$1.4B
—
—
$1.5B
$4.3B
$1.3B
2014
—
$2.1B
—
—
$964M
$4.0B
$686M
2013
—
$3.2B
—
—
$1.3B
$3.9B
$1.1B
2012
—
$941M
—
—
$1.5B
$4.0B
$1.3B
2011
—
$1.1B
—
—
$1.1B
$3.6B
$1.3B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$3.9B
$382M
42.1%
16.2%
-$163M
$7.1B
$1.6B
Dec '25
$3.9B
$300M
40.8%
0.0%
$586M
$7.3B
$2.2B
Sep '25
$4.1B
$453M
40.6%
16.9%
$538M
$7.3B
$1.8B
Jun '25
$4.2B
$450M
42.0%
17.7%
$266M
$7.3B
$1.6B
Mar '25
$3.7B
$373M
41.9%
16.5%
-$227M
$7.3B
$1.8B
Dec '24
$3.7B
-$280M
40.6%
0.0%
$138M
$5.8B
$1.3B
Sep '24
$4.0B
$468M
40.9%
17.1%
$623M
$6.5B
$1.3B
Jun '24
$4.2B
$528M
42.1%
18.8%
$250M
$6.4B
$1.1B
Mar '24
$3.8B
$400M
42.7%
17.3%
-$312M
$6.2B
$1.2B
Dec '23
$2.3B
$90M
37.6%
23.7%
$763M
$6.0B
$1.5B
Sep '23
$4.6B
$426M
40.7%
15.0%
$753M
$6.2B
$1.2B
Jun '23
$4.9B
$490M
41.2%
16.2%
$414M
$6.9B
$1.2B
Mar '23
$4.4B
$264M
40.7%
14.5%
-$35M
$7.3B
$1.4B
Dec '22
$4.2B
$238M
37.3%
10.2%
$437M
$6.8B
$1.1B
Sep '22
$4.5B
$329M
36.9%
12.4%
$408M
$6.8B
$1.0B
Jun '22
$4.7B
$441M
37.0%
12.8%
$98M
$7.1B
$931M
Mar '22
$4.3B
$18M
37.4%
10.7%
-$498M
$7.1B
$960M
Dec '21
$4.2B
$286M
35.8%
8.3%
$305M
$6.6B
$1.0B
Sep '21
$4.4B
$344M
37.5%
12.5%
$447M
$6.8B
$1.2B
Jun '21
$4.4B
$431M
39.7%
14.8%
$542M
$7.1B
$1.2B
Valuation over time
How the market has priced PPG against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 29.0× (Mar '23) to 17.3× (Jun '26).
The price-to-sales ratio has fallen from 1.9× (Mar '23) to 1.7× (Jun '26).
The dividend yield has risen from 1.9% (Mar '23) to 2.3% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is PPG growing its revenue and profit?
Over the past 5 years, PPG Industries's revenue has grown 2.8% per year, and net income grown 8.3% per year. These are computed facts, not advice.
How much debt does PPG have?
As of FY2025, PPG Industries reported $7.3B of total debt against $2.2B of cash.
What is PPG's profit margin?
In FY2025, gross margin was 41.3%, operating margin —, and net margin 9.9%.
What is PPG's P/E ratio?
As of Jun '26, PPG Industries traded at a price-to-earnings ratio of about 17.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.