PPG Industries, Inc. stock research
FY2025 Q4
PPG Industries (PPG) Gross Margin — Quarter Ended Dec 31, 2025
Revenue was lower than the prior quarter but higher than the same quarter last year. Gross margin improved slightly compared with both periods, as the relationship between revenue and cost of revenue shifted in a more favorable direction.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue was lower than the prior quarter but higher than the same quarter last year. Gross margin improved slightly compared with both periods, as the relationship between revenue and cost of revenue shifted in a more favorable direction.
- The most observable margin driver is the steady improvement in gross margin, which edged higher sequentially and year over year despite differing revenue trends.
- Compared with the immediately preceding quarter, revenue was lower but gross margin was higher. Versus the same quarter one year earlier, both revenue and gross margin were higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.8%
Gross profit
$1.6B
Revenue
$3.9B
Cost of revenue
$2.3B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+0.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $3.7B | $1.5B | $2.1B | 41.9% |
| Jun 30, 2025 | $4.2B | $1.8B | $2.4B | 42.0% |
| Sep 30, 2025 | $4.1B | $1.7B | $2.4B | 40.6% |
| Dec 31, 2025 | $3.9B | $1.6B | $2.3B | 40.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+0.3 pts
Year-over-year change
Dec 31, 2024
+0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable margin driver is the steady improvement in gross margin, which edged higher sequentially and year over year despite differing revenue trends.
Compared with the immediately preceding quarter, revenue was lower but gross margin was higher. Versus the same quarter one year earlier, both revenue and gross margin were higher.
Monitor the trajectory of revenue, as the sequential decline combined with a modest margin improvement warrants attention to whether the cost-revenue relationship can be sustained.