The Sherwin-Williams Company stock research
FY2025 Q2
The Sherwin-Williams (SHW) Gross Margin — Quarter Ended Jun 30, 2025
Revenue, cost of revenue, and gross profit all increased compared to the preceding quarter, resulting in an improved gross margin. Versus the same quarter one year earlier, revenue and cost of revenue were broadly stable while gross profit and gross margin were higher.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue, cost of revenue, and gross profit all increased compared to the preceding quarter, resulting in an improved gross margin. Versus the same quarter one year earlier, revenue and cost of revenue were broadly stable while gross profit and gross margin were higher.
- The strongest observable margin driver is the improvement in gross margin relative to both the prior quarter and the year-ago period, reflecting a favorable relationship between revenue and cost of revenue.
- Gross margin improved compared with the immediately preceding quarter and the same quarter one year ago. Revenue and cost of revenue were higher sequentially and stable year-over-year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
49.4%
Gross profit
$3.1B
Revenue
$6.3B
Cost of revenue
$3.2B
Quarter-over-quarter change
+1.2 pts
Year-over-year change
+0.5 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 |
|---|---|---|---|---|
| Sep 30, 2024 | $6.2B | $3.0B | $3.1B | 49.1% |
| Dec 31, 2024 | $5.3B | $2.6B | $2.7B | 48.6% |
| Mar 31, 2025 | $5.3B | $2.6B | $2.7B | 48.2% |
| Jun 30, 2025 | $6.3B | $3.1B | $3.2B | 49.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+1.2 pts
Year-over-year change
Jun 30, 2024
+0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the improvement in gross margin relative to both the prior quarter and the year-ago period, reflecting a favorable relationship between revenue and cost of revenue.
Gross margin improved compared with the immediately preceding quarter and the same quarter one year ago. Revenue and cost of revenue were higher sequentially and stable year-over-year.
Monitor the relationship between revenue growth and cost of revenue changes, as the margin improvement may be influenced by shifts in cost structure.