PPG Industries Inc (PPG)

PPG showcases aerospace innovations driving long-term organic sales growth, delivering customer productivityJune 9, 2026 4:31 PM
Business Wire PPG (NYSE:PPG) today announced that it recently hosted a deep dive into its Aerospace business for the analyst community, showcasing how innovation is fueling growth. The session spotlighted the Aerospace business’ nearly 100-year legacy of becoming an industry leader in transparencies, coatings and sealants for commercial aviation, military and general aviation customers worldwide. Key takeaways from the event included: Differentiated customer value: Providing a broad range of qualified and highly specialized products and services. Innovation as a strategic advantage: Delivering technology-advantaged solutions both inside the can through advanced chemistries, and outside the can, that transform how customers use and apply PPG products in their operations. Long-term growth: Investing strategically in innovation and capacity expansion to capture strong, multi-year aerospace industry demand. Innovations highlighted at the event included: PPG PRC® Seal Caps, an exceptional quality sealant solution that provides significant productivity and efficiency gains for aircraft manufacturers. PPG ARETM 3D Printed Sealants, an innovative 3D printing technology for applications where efficiency, precision and reduced waste are a top priority. PPG AEROCRON® Electrocoat Primer, an innovative chrome-free electrocoat primer specifically designed for the aerospace industry. “Our Aerospace deep dive was a tremendous opportunity to highlight the business that is powering PPG's organic growth,” said Sam Millikin, PPG senior vice president, Global Aerospace. “We were thrilled to share with our analyst community the strategy, technology offerings, and customer solutions that make PPG’s Aerospace business unique.” The presentation from the event can be found in the events section on the PPG Investor Center at www.ppg.com. PPG: WE PROTECT AND BEAUTIFY THE WORLD® At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we market and sell in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com. ARE is a trademark and PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc. PRC and Aerocron are registered trademarks of PRC-DeSoto International, Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609475697/en/ Media Contact:
Greta Edgar Borza
Corporate Communications
+1 724 316 7552
edgar@ppg.com Investor Contact:
Alex Lopez
Investor Relations
+1 412 434 3466
alejandrolopez@ppg.com
investor.ppg.com Original: PPG showcases aerospace innovations driving long-term organic sales growth, delivering customer productivity

PPG appoints John Smith to vice president, architectural coatings EMEA; Steve Pocock to retireJune 8, 2026 8:41 AM
Business Wire PPG (NYSE:PPG) today announced the appointment of John Smith to vice president, architectural coatings, EMEA, effective July 1, 2026. He will report to Henrik Bergström, senior vice president, global architectural coatings. Smith will succeed Steve Pocock, who has announced his decision to retire effective June 30, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260605894947/en/PPG announced the appointment of John Smith to vice president, architectural coatings, EMEA, effective July 1, 2026. “With more than 25 years of international leadership experience, John brings a strong track record of driving profitable growth across consumer and B2B organizations,” said Bergström. “His deep commercial expertise, global mindset and passion for developing high-performing teams positions him well to lead our architectural coatings EMEA business into its next phase of growth.” Most recently, Smith served as executive vice president and general manager at Signify, where he led the global connected lighting business and had responsibility across strategy, innovation, marketing, sales and operations. Prior to this role, he held senior leadership positions at Philips, where he led global and regional businesses across the consumer health, grooming and home care categories. Pocock joined Sigma Kalon in early 2000, which was later acquired by PPG, as a national accounts controller. He progressed through a number of commercial roles of increasing responsibility before his appointment as general manager, architectural coatings, UK and Ireland, in 2010. Pocock was then appointed general manager, architectural coatings, EMEA north and China, before being named vice president, architectural coatings in 2019. He was then named to his most recent role leading the region’s architectural coatings commercial organization in 2024. “Throughout his career, Steve has been deeply committed to building strong, high-performing and engaged teams,” said Bergström. “His relentless energy, enthusiasm and determination to win have delivered record levels of growth. He has also developed and mentored countless colleagues, leaving a lasting legacy across the organization. His presence, support and leadership will be greatly missed by all who have had the privilege of working with him.” PPG: WE PROTECT AND BEAUTIFY THE WORLD® At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com. The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260605894947/en/ Media Contact:
Greta Edgar Borza
Corporate Communications
+1 724 316 7552
edgar@ppg.com Investor Contact:
Alex Lopez
Investor Relations
+1 412 434 3466
alejandrolopez@ppg.com
investor.ppg.com Original: PPG appoints John Smith to vice president, architectural coatings EMEA; Steve Pocock to retire

PPG’s Alisha Bellezza recognized among finalists for Women Automotive Network Leader of the YearJune 8, 2026 8:29 AM
Business WirePPG (NYSE: PPG) today announced that Alisha Bellezza, PPG senior vice president, Automotive and Packaging Coatings, was recognized as a finalist for Leader of the Year by the Women Automotive Network, recognizing her leadership and impact across the global automotive industry.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260608634979/en/Alisha Bellezza, PPG senior vice president, Automotive and Packaging Coatings, was recognized as a finalist for Leader of the Year by the Women Automotive Network, recognizing her impact across the global automotive industry.The Women Automotive Network’s annual awards, held last week at the organization’s annual Women Automotive Summit Detroit, celebrate individuals driving progress, advancing innovation and championing inclusion across the automotive sector. Bellezza was selected as a finalist due to her leadership in guiding PPG’s automotive business through a period of rapid transformation while maintaining a strong focus on customers, innovation and people.“Being named a finalist reflects the talent and commitment of our global teams and the culture PPG leaders have cultivated within our organization,” said Bellezza. “It was inspiring to be among so many leaders at the summit, including women who are leading and shaping the future of major automotive companies. The automotive industry is evolving quickly, and I am proud to work alongside PPG colleagues who are helping our customers navigate change, drive innovation and deliver on our purpose – We protect and beautify the world – every day.”Bellezza has served in her current role since joining PPG in 2023 and is a member of the company’s operating committee. Before joining PPG, Bellezza served as president, thermal and specialized solutions at Chemours and held multiple leadership roles across sales, operations and finance. She also held positions at FMC Corp. and in finance and banking earlier in her career.The Women Automotive Network awards program brings together industry leaders from around the world and recognizes individuals and organizations making a measurable impact across the automotive value chain.PPG: WE PROTECT AND BEAUTIFY THE WORLD®At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we market and sell in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.View source version on businesswire.com: https://www.businesswire.com/news/home/20260608634979/en/PPG Media Contact:
Mark Silvey
Automotive Coatings
silvey@ppg.com
www.ppg.com Original: PPG’s Alisha Bellezza recognized among finalists for Women Automotive Network Leader of the Year

PPG highlights momentum toward 2030 targets in 2025 Sustainability ReportMay 21, 2026 8:01 AM
Business Wire PPG (NYSE:PPG) today released its 2025 Sustainability Report, showing further progress toward the company’s 2030 sustainability targets. Highlights include strong growth in sales from sustainably advantaged products driven by customer demand, as well as reductions in greenhouse gas (GHG) emissions across operations and the value chain, and investments in innovation, culture and communities. “Sustainability is a core element of our enterprise growth strategy and a critical driver of customer productivity,” said Peter Votruba-Drzal, PPG vice president, global sustainability. “By embedding sustainability into how we innovate and operate, we are delivering measurable value for our customers through high-performing, efficient solutions while strengthening our competitive position and advancing progress toward our 2030 commitments.” Guided by its validated science-based targets, PPG has made progress in decarbonizing its operations and value chain while expanding its portfolio of sustainably advantaged products that help customers reduce energy use, emissions, water consumption and waste. Highlights in PPG’s 2025 Sustainability Report include: 43% of sales from sustainably advantaged products, reflecting strong customer demand for solutions that improve productivity and deliver measurable environmental benefits. Examples include advanced powder and electrocoat technologies that help customers lower energy use and emissions. 25% reduction in GHG emissions from PPG’s own operations (scope 1 and 2) compared to the 2019 baseline, driven by energy efficiency improvements, renewable electricity sourcing and process optimization. 5% reduction in value chain (scope 3) GHG emissions across purchased goods and services, customer processing of sold products and end-of-life treatment, supported by increased supplier engagement and expanded data-quality initiatives. 29% reduction in water intensity at priority sites in water-stressed areas, surpassing PPG’s 2030 target for water stewardship. 100% of key suppliers assessed against sustainability and social responsibility criteria, reinforcing PPG’s commitment to responsible sourcing and human rights across its supply chain. $18.1 million invested in communities in 2025. $15 million commitment to extend PPG’s COLORFUL COMMUNITIES® program through 2035 and support the next decade of community revitalization projects. The report also highlights progress in innovation, including the expanded use of digital tools and AI to accelerate product development and reduce lifecycle impacts, as well as its focus on employee safety, engagement and culture. PPG’s 2025 Sustainability Report is available at ppg.com/sustainability. PPG: WE PROTECT AND BEAUTIFY THE WORLD® At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com. Colorful Communities, the PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521500034/en/ PPG Media Contact:
Tracy Gibson
Corporate Communications
+ 1 412 926 2522
tgibson@ppg.com
www.ppg.com Original: PPG highlights momentum toward 2030 targets in 2025 Sustainability Report

PPG IT team named ‘Tech Team of the Year’ by Pittsburgh Technology CouncilApril 30, 2026 9:03 AM
Business Wire
PPG (NYSE:PPG) today announced that its Information Technology (IT) team has received the ‘Tech Team of the Year’ award from the Pittsburgh Technology Council. PPG was selected among five finalists in recognition of its landmark cloud-only IT transformation.


The initiative allowed the company to close eight global company data centers and migrate or retire more than 5,000 workloads, delivering over $4 million in annual savings, lowering environmental impact and accelerating business agility. Through the system’s features, the team increased developer speed and efficiency by up to 80% while strengthening security, compliance and cost transparency.


“Operating as a product-centric organization, our Cloud Platforms and Solutions team empowers PPG’s global businesses to innovate faster, scale responsibly and confidently harness modern cloud and AI technologies,” said Bhaskar Ramachandran, PPG vice president and chief information officer. “Through these efforts and others, we’re positioning PPG as a first-choice coatings partner for its stakeholders globally.”


To learn more about PPG’s IT efforts, visit PPG.com.


PPG: WE PROTECT AND BEAUTIFY THE WORLD®


At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.


The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430895748/en/
PPG Media Contact:

Greta Edgar Borza

Corporate Communications

+ 1 724 316 7552

edgar@ppg.com

www.ppg.com


Original: PPG IT team named ‘Tech Team of the Year’ by Pittsburgh Technology Council

PPG reports first quarter 2026 financial resultsApril 28, 2026 4:05 PM
Business Wire

Net sales of $3.9 billion, an increase of 7% versus prior year



Organic sales increased 1% year over year driven by higher selling prices



First quarter reported earnings per diluted share (EPS) of $1.70 and adjusted EPS of $1.83, an increase of 6% year over year



Segment margin of 16% and segment EBITDA margin of 19%



Share repurchases in the quarter totaled about $100 million



Reaffirms full-year 2026 EPS guidance range of $7.70 to $8.10



PPG (NYSE:PPG) today reported financial results for the first quarter 2026.


First Quarter 2026 Consolidated Results




$ in millions, except EPS






1Q 2026






1Q 2025






YOY change








Net sales






$3,930






$3,684






+7%








Net income (a)






$382






$375






+2%








Adjusted net income (a)(b)






$411






$396






+4%








EPS (a)






$1.70






$1.64






+4%








Adjusted EPS (a)(b)






$1.83






$1.72






+6%








(a) From continuing operations




(b) Reconciliations of reported to adjusted figures are included below







Chairman and CEO Comments


Tim Knavish, PPG chairman and chief executive officer, commented on the quarter:


In the first quarter, PPG delivered organic sales growth of 1%, demonstrating our ability to maintain growth momentum in a challenging environment. We delivered higher selling prices, with further selling price realization targeted to offset any inflationary impact more quickly than prior cycles. Adjusted EPS increased 6% driven by strong results in our differentiated aerospace and architectural coatings Latin America businesses, reflecting the benefits of our technology-advantaged products and strong brand recognition, along with excellent commercial execution.


Our Global Architectural Coatings segment achieved low single-digit percentage organic sales growth and EBITDA margin improvement of 230 basis points driven by strength in Latin America. In Europe, demand remains mixed whereas in Mexico, project-related sales are recovering and retail sales were especially strong.


Performance Coatings segment organic sales grew a low single-digit percentage benefitting from strong demand for aerospace and protective and marine coatings products. Aerospace industry growth is expected to remain robust, and our order backlog positions us well to deliver consistent above-industry growth in this key end market.


In our Industrial Coatings segment, we are delivering on previously communicated share gains in automotive original equipment manufacturer (OEM) coatings and packaging coatings, which allowed us to grow above industry levels. However, margins in the first quarter were negatively impacted by regional mix as China automotive production dropped in comparison to a particularly high level in the first quarter of last year. Results for packaging coatings were outstanding as we increased both organic sales and EBITDA margin.


Looking ahead, we expect strong growth in aerospace, architectural coatings in Latin America, protective and marine coatings and packaging coatings. Automotive refinish coatings organic sales are anticipated to improve for PPG in the second half of the year related to the phasing of customer order patterns last year. We are also seeing early signs of demand improvement in the U.S. refinish market as insurance claims begin to normalize to historical levels.


In recent weeks, costs have risen for raw materials, energy, logistics and packaging across the coatings value chain. As a result, PPG has proactively announced price adjustments globally and across the portfolio. Given the scale of our differentiated portfolio, we are able to source raw materials globally, and compared to prior inflation cycles, we have an improved ability to offset inflation by increasing selling prices in step with raw material price increases.


In the second quarter, we expect both organic sales and adjusted earnings per share in the range of flat to growth of a low single-digit percentage. We are maintaining our full-year earnings per share guidance range of $7.70 to $8.10. This guidance reflects confidence in our growth momentum, including share gains and realization of pricing and execution of self-help actions, which will serve to mitigate the raw material inflation impact.


Thank you to our PPG team around the world who make it happen and deliver on our purpose every day: We protect and beautify the world®.


Additional Financial Information



Net sales in the quarter increased 7% year over year, including benefits from higher selling prices of 1% and positive foreign currency translation of 6%.



At quarter end, the company had cash and short-term investments totaling $1.6 billion. Net debt was $5.5 billion, an increase of $150 million from the first quarter 2025.



Cash from operating activities was $33 million, approximately $50 million higher year over year.



The company repaid $700 million of debt which matured in the first quarter.



Corporate expenses were $83 million in the first quarter.



First quarter net interest expense was $24 million.



In the first quarter, the effective tax rate was approximately 25.5%, up about 100 basis points year over year.



First Quarter 2026 Reportable Segment Financial Results


Global Architectural Coatings Segment




$ in millions






1Q 2026






1Q 2025






YOY change








Net sales






$965






$857






+13%








Sales volumes






 






 






—%








Selling prices






 






 






+2%








Foreign currency translation






 






 






+12%








Divestitures






 






 






(1)%








Segment income






$155






$118






+31%








Segment income %






16.1%






13.8%






 








Segment EBITDA (a)






$184






$144






+28%








Segment EBITDA %






19.1%






16.8%






 








(a) Reconciliations of reported to adjusted figures are included below







Global Architectural Coatings segment net sales increased 13% compared to the first quarter 2025 driven by higher selling prices and a benefit from foreign currency translation partially offset by divestitures.


Organic sales for architectural coatings Latin America and Asia Pacific increased by a mid-single-digit percentage compared to the first quarter 2025 driven by growth in Latin America. Organic sales for architectural coatings EMEA declined by a low single-digit percentage year over year, with higher selling prices more than offset by lower sales volumes. In Mexico, retail sales were especially strong in the quarter. Mexican project-related sales continued to recover and the company expects further incremental improvement in the second quarter aided by higher business and governmental project investment.


Segment EBITDA increased 28% and segment EBITDA margin improved 230 basis points compared to the prior year with realization of higher selling prices and cost-control actions.


Performance Coatings Segment




$ in millions






1Q 2026






1Q 2025






YOY change








Net sales






$1,334






$1,265






+5%








Sales volumes






 






 






(2)%








Selling prices






 






 






+3%








Foreign currency translation






 






 






+3%








Acquisitions






 






 






+1%








Segment income






$288






$274






+5%








Segment income %






21.6%






21.7%






 








Segment EBITDA (a)






$326






$307






+6%








Segment EBITDA %






24.4%






24.3%






 








(a) Reconciliations of reported to adjusted figures are included below







Performance Coatings segment net sales increased 5% driven by higher selling prices, foreign currency translation benefit, and acquisitions, partially offset by lower sales volumes.


Organic sales improved 1% compared to the prior year driven by aerospace, protective and marine coatings, and traffic solutions, partially offset by expected year-over-year sales volume declines in automotive refinish coatings. Aerospace achieved exceptional quarterly sales with double-digit percentage organic sales growth while our order backlog remained at about $315 million. Organic sales in automotive refinish coatings decreased by a double-digit percentage as sales volumes were lower, reflecting a difficult comparison to the prior year when customer order patterns were heavily weighted to the first half of 2025. Protective and marine coatings organic sales increased by a high single-digit percentage compared to the prior year, achieving its 12th consecutive quarter of sales volume growth, including above-market marine sales volume growth in Asia Pacific. Organic sales in traffic solutions increased a high single-digit percentage driven by strong demand across the U.S. and Canada.


Compared to the first quarter 2025, segment EBITDA increased by 6% and segment EBITDA margin improved slightly, driven by higher selling prices partially offset by lower automotive refinish coatings sales volumes and higher growth-related investment spending in aerospace and protective and marine coatings.


Industrial Coatings Segment




$ in millions






1Q 2026






1Q 2025






YOY change








Net sales






$1,631






$1,562






+4%








Sales volumes






 






 






+1%








Selling prices






 






 






(1)%








Foreign currency translation






 






 






+4%








Segment income






$193






$215






(10)%








Segment income %






11.8%






13.8%






 








Segment EBITDA (a)






$245






$263






(7)%








Segment EBITDA %






15.0%






16.8%






 








(a) Reconciliations of reported to adjusted figures are included below







Industrial Coatings segment net sales increased 4% compared to the first quarter 2025 driven by foreign currency translation. Organic sales were flat, including sales volumes growth of 1%, reflecting the benefits from share gains offset by the impact of lower selling prices from certain index-based customer contracts.


Automotive OEM coatings organic sales decreased a low single-digit percentage, with flat sales volumes, including share gains, resulting in the business outpacing the decline in global automotive industry production by about 300 basis points. Industrial coatings organic sales declined a low single-digit percentage driven by soft demand in the United States which offset growth in other regions. Packaging coatings organic sales increased by a double-digit percentage versus the prior year period and sales volumes are up over 20 percent on a two-year stacked basis, driven by share gains, as customers adopt our leading technologies.


Segment EBITDA decreased 7% and segment EBITDA margin declined 180 basis points compared to the first quarter 2025. This was driven by regional mix and lower selling prices due to index-based contracts.


Outlook


The company expects both second quarter organic sales and adjusted earnings per share in the range of flat to growth of a low single-digit percentage. We are maintaining our full-year earnings per share guidance range of $7.70 to $8.10. This reflects the momentum of share gains and self-help actions, along with an updated view of current global economic activity, foreign exchange rates as well as regional and business mix.


Additional information related to 2026 financial projections is posted within the slides and prepared commentary associated with the first quarter earnings documents on the Investors section of PPG.com.


The term organic sales as used in this press release is defined as net sales excluding the impact of currency, acquisitions and divestitures.


PPG: WE PROTECT AND BEAUTIFY THE WORLD®


At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty products that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we market and sell in more than 50 countries and reported net sales of $15.9 billion in 2025. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.


The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.


Additional Information


PPG will provide detailed commentary regarding its financial performance, including presentation-slide content, on the PPG Investor Center at www.ppg.com at about 4:30 p.m. ET today, April 28. The company will hold a conference call to review its first quarter 2026 financial performance on April 29, at 8:00 a.m. ET. Participants can pre-register for the conference by navigating to https://events.q4inc.com/analyst/616458242?pwd=9U5JS1Tl. The conference call also will be available in listen-only mode via Internet broadcast from the PPG Investor Center at www.ppg.com. A web replay will be available shortly after the call on the PPG Investor Center at www.ppg.com, and will remain through Tuesday, April 28, 2027.


Forward-Looking Statements


Statements contained herein relating to matters that are not historical facts are forward-looking statements reflecting PPG’s current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG’s operations, as discussed in the company’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the forward-looking statements contained herein. Such factors include statements related to earnings guidance, global economic conditions, geopolitical issues, the amount of future share repurchases, increasing price and product competition by our competitors, fluctuations in cost and availability of raw materials, energy, labor and logistics, the ability to achieve selling price increases, margins, share gains, customer inventory levels, PPG inventory levels, the ability to maintain favorable supplier relationships and arrangements, the timing of realization of anticipated cost savings from restructuring and other initiatives, the ability to identify additional cost savings opportunities, the timing and expected benefits of potential future and completed acquisitions, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the imposition and magnitude of tariffs, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, global human health issues, the unpredictability of existing and possible future litigation, including asbestos litigation, and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and in our 2025 Annual Report on Form 10-K are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, results of operations or liquidity.


All information in this release speaks only as of April 28, 2026, and any distribution of this release after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.


Regulation G Reconciliation


PPG believes investors’ understanding of the company’s performance is enhanced by the disclosure of net income, earnings per diluted share from continuing operations, PPG’s effective tax rate adjusted for certain items, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted EBITDA margin, and segment EBITDA. PPG’s management considers this information useful in providing insight into the company’s ongoing performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations. Net income, earnings per diluted share from continuing operations and the effective tax rate adjusted for these items, EBITDA, adjusted EBITDA, adjusted EBITDA margin, and segment EBITDA are not recognized financial measures determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should not be considered a substitute for net income, earnings per diluted share, the effective tax rate, segment income or other financial measures as computed in accordance with U.S. GAAP. In addition, adjusted net income, adjusted earnings per diluted share, the adjusted effective tax rate, EBITDA, adjusted EBITDA, adjusted EBITDA margin and segment EBITDA may not be comparable to similarly titled measures as reported by other companies. PPG is not able to provide a reconciliation of second quarter 2026 or full-year 2026 expected adjusted earnings per diluted share to the most directly comparable GAAP financial measure without unreasonable effort because certain items that impact such measure are uncertain or cannot be reasonably predicted at this time.




 




Regulation G Reconciliation - Net Income, Earnings per Diluted Share, Effective Tax Rate and Segment Income




($ in millions, except per-share amounts and percentages)




 








 






First Quarter




2026






 






First Quarter




2025








 






$






 






EPS(a)






 






$






 






EPS (a)








Reported net income from continuing operations






$382







 






$1.70







 






$375






 






 






$1.64






 








Acquisition-related amortization expense






20






 






 






0.09






 






 






24






 






 






0.10






 








Business restructuring-related costs, net(b)






4






 






 






0.02






 






 






7






 






 






0.03






 








Portfolio optimization(c)






5






 






 






0.02






 






 






(6






)






 






(0.03






)








Insurance recovery(d)






—






 






 






—






 






 






(4






)






 






(0.02






)








Adjusted net income from continuing operations, excluding certain items






$411






 






 






$1.83






 






 






$396






 






 






$1.72






 









 






First Quarter




2026






 






First Quarter




2025








 






Income Before Income Taxes






 






Tax Expense






 






Effective Tax Rate






 






Income Before Income Taxes






 






Tax Expense






 






Effective Tax Rate








Effective tax rate, continuing operations






$517







 






$132







 






25.5






%






 






$502






 






 






$122






 






 






24.3






%








Acquisition-related amortization expense






27






 






 






7






 






 






24.3






%






 






32






 






 






8






 






 






24.4






%








Business restructuring-related costs, net(b)






5






 






 






1






 






 






23.2






%






 






9






 






 






2






 






 






19.7






%








Portfolio optimization(c)






7






 






 






2






 






 






25.6






%






 






(6






)






 






—






 






 






N/A






 








Insurance recovery(d)






—






 






 






—






 






 






—






%






 






(6






)






 






(2






)






 






24.3






%








Adjusted effective tax rate, continuing operations, excluding certain items






$556






 






 






$142






 






 






25.5






%






 






$531






 






 






$130






 






 






24.5






%









(a)






Earnings per diluted share is calculated based on unrounded numbers. Figures in the table may not recalculate due to rounding.








(b)






Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Other income, net on the condensed consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the condensed consolidated statement of income and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization, Selling, general and administrative and Other income, net on the condensed consolidated statement of income.








(c)






Portfolio optimization includes a $6 million charge related to the step-up of acquired inventory in the first quarter 2026. Portfolio optimization also includes a $7 million gain recognized on the sale of a business in the first quarter 2025. There was no tax expense associated with that gain. Portfolio optimization also includes advisory, legal, accounting, valuation, other professional or consulting fees, and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the condensed consolidated statement of income.








(d)






In the first quarter 2025, the Company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2021, which is included in Other income, net on the condensed consolidated statement of income.









 




First Quarter








 






2026






 






2025








Global Architectural Coatings






 






 






 








Net sales






$965






 






 






$857






 








Segment income






$155






 






 






$118






 








Segment depreciation and amortization






29






 






 






26






 








Segment EBITDA






$184






 






 






$144






 








Segment EBITDA %






19.1






%






 






16.8






%








Performance Coatings






 






 






 








Net sales






$1,334






 






 






$1,265






 








Segment income






$288






 






 






$274






 








Segment depreciation and amortization






38






 






 






33






 








Segment EBITDA






$326






 






 






$307






 








Segment EBITDA %






24.4






%






 






24.3






%








Industrial Coatings






 






 






 








Net sales






$1,631






 






 






$1,562






 








Segment income






$193






 






 






$215






 








Segment depreciation and amortization






52






 






 






48






 








Segment EBITDA






$245






 






 






$263






 








Segment EBITDA %






15.0






%






 






16.8






%








Total Segment EBITDA






 






 






 








Net sales






$3,930






 






 






$3,684






 








Segment income






$636






 






 






$607






 








Segment depreciation and amortization






119






 






 






107






 








Segment EBITDA






$755






 






 






$714






 








Segment EBITDA %






19.2






%






 






19.4






%












PPG INDUSTRIES, INC. AND SUBSIDIARIES








CONDENSED CONSOLIDATED STATEMENT OF INCOME (unaudited)








(All amounts in millions except per-share data)








 






Three Months Ended









March 31








 






2026






 






2025








Net sales






$3,930






 






 






$3,684






 








Cost of sales, exclusive of depreciation and amortization






2,275






 






 






2,142






 








Selling, general and administrative






885






 






 






838






 








Depreciation






105






 






 






89






 








Amortization






27






 






 






32






 








Research and development, net






113






 






 






102






 








Interest expense






61






 






 






56






 








Interest income






(37






)






 






(43






)








Other income, net






(16






)






 






(34






)








Income before income taxes






$517






 






 






$502






 








Income tax expense






132






 






 






122






 








Income from continuing operations






$385






 






 






$380






 








Loss from discontinued operations, net of tax






—






 






 






(2






)








Net income attributable to controlling and noncontrolling interests






$385






 






 






$378






 








Net income attributable to noncontrolling interests






(3






)






 






(5






)








Net income (attributable to PPG)






$382






 






 






$373






 








 






 






 






 








Amounts attributable to PPG:






 






 






 








Income from continuing operations, net of tax






$382






 






 






$375






 








Loss from discontinued operations, net of tax






—






 






 






(2






)








Net income (attributable to PPG)






$382






 






 






$373






 








 






 






 






 








Earnings per common share:






 






 






 








Income from continuing operations, net of tax






$1.71






 






 






$1.64






 








Loss from discontinued operations, net of tax






—






 






 






(0.01






)








Earnings per common share (attributable to PPG)






$1.71






 






 






$1.63






 








 






 






 






 








Earnings per common share – assuming dilution:






 






 






 








Income from continuing operations, net of tax






$1.70






 






 






$1.64






 








Loss from discontinued operations, net of tax






—






 






 






(0.01






)








Earnings per common share (attributable to PPG) - assuming dilution






$1.70






 






 






$1.63






 








 






 






 






 








Average shares outstanding






223.7






 






 






228.0






 








 






 






 






 








Average shares outstanding - assuming dilution






224.4






 






 






228.9






 












PPG INDUSTRIES, INC. AND SUBSIDIARIES








CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS HIGHLIGHTS (unaudited)








($ in millions)








 






Three Months Ended









March 31








 






2026






 






2025








Cash from/(used for) operating activities:






 






 






 








Cash from/(used for) operating activities - continuing operations






$33







 






($16






)








Cash used for operating activities - discontinued operations






$—






 






 






($2






)








Cash from/(used for) operating activities






$33






 






 






($18






)








Cash used for investing activities - continuing operations:






 






 






 








Capital expenditures






$196






 






 






$209






 








Cash used for financing activities - continuing operations:






 






 






 








Dividends paid on PPG common stock






$159






 






 






$154






 








Purchase of treasury stock






$96






 






 






$394






 












PPG INDUSTRIES, INC. AND SUBSIDIARIES








CONDENSED CONSOLIDATED BALANCE SHEET HIGHLIGHTS (unaudited)








($ in millions)








 






March 31






 






December 31






 






March 31








 






2026






 






2025






 






2025








Current assets:






 






 






 






 






 








Cash and cash equivalents






$1,573






 






 






$2,163






 






 






$1,830






 








Short-term investments






51






 






 






56






 






 






63






 








Receivables, net






3,676






 






 






3,336






 






 






3,429






 








Inventories






2,162






 






 






1,996






 






 






2,115






 








Other current assets






508






 






 






408






 






 






464






 








Total current assets






$7,970






 






 






$7,959






 






 






$7,901






 








 






 






 






 






 






 








Current liabilities:






 






 






 






 






 








Short-term debt and current portion of long-term debt






$736






 






 






$706






 






 






$1,688






 








Accounts payable and accrued liabilities






4,001






 






 






3,957






 






 






3,885






 








Current portion of operating lease liabilities






138






 






 






138






 






 






134






 








Restructuring reserves






78






 






 






99






 






 






130






 








Total current liabilities






$4,953






 






 






$4,900






 






 






$5,837






 








 






 






 






 






 






 








Long-term debt






$6,407






 






 






$6,602






 






 






$5,574






 








 






 






 






 






 






 








 






 






 






 






 






 








PPG OPERATING METRICS (unaudited)






 






 






 






 






 








($ in millions)






 






 






 






 






 








 






March 31






 






December 31






 






March 31








 






2026






 






2025






 






2025








Operating Working Capital(a)






$3,138






 






 






$2,748






 






 






$2,843






 








As a percent of quarter sales, annualized






20.0






%






 






17.6






%






 






19.3






%








 






 






 






 






 






 








(a) Operating working capital includes: (1) receivables from customers, net of allowance for doubtful accounts, (2) FIFO inventories and (3) trade liabilities.












PPG INDUSTRIES, INC. AND SUBSIDIARIES








CONSOLIDATED BUSINESS SEGMENT INFORMATION (unaudited)








($ in millions)








 






Three Months Ended









March 31








 






2026






 






2025








Net sales






 






 






 








Global Architectural Coatings






$965






 






 






$857






 








Performance Coatings






1,334






 






 






1,265






 








Industrial Coatings






1,631






 






 






1,562






 








Total






$3,930






 






 






$3,684






 








 






 






 






 








Segment income






 






 






 








Global Architectural Coatings






$155






 






 






$118






 








Performance Coatings






288






 






 






274






 








Industrial Coatings






193






 






 






215






 








Total






$636






 






 






$607






 








 






 






 






 








Items not allocated to segments






 






 






 








Corporate / non-segment unallocated, exclusive of depreciation and amortization






(74






)






 






(81






)








Corporate / non-segment unallocated depreciation and amortization






(9






)






 






(14






)








Interest expense, net of interest income






(24






)






 






(13






)








Business restructuring-related costs, net (a)






(5






)






 






(9






)








Portfolio optimization (b)






(7






)






 






6






 








Insurance recovery (c)






—






 






 






6






 








Income before income taxes






$517






 






 






$502






 









(a)






Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Other income, net on the consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the consolidated statement of income, and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization, Selling, general and administrative and Other income, net on the consolidated statement of income.








(b)






Portfolio optimization includes a $6 million charge related to the step-up of acquired inventory in the first quarter 2026. Portfolio optimization also includes a $7 million gain recognized on the sale of a business in the first quarter 2025. There was no tax expense associated with that gain. Portfolio optimization also includes advisory, legal, accounting, valuation, other professional or consulting fees, and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the condensed consolidated statement of income.








(c)






In the first quarter 2025, the Company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2021, which is included in Other income, net on the condensed consolidated statement of income.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428148185/en/
Media Contact:

Greta Edgar Borza

Corporate Communications

+1-724-316-7552

edgar@ppg.com


Investor Contact:

Alex Lopez

Investor Relations

+1-412-434-3466

alejandrolopez@ppg.com

investor.ppg.com


Original: PPG reports first quarter 2026 financial results