The Sherwin-Williams Company stock research
FY2025 Q3
The Sherwin-Williams (SHW) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin weakened slightly from the prior quarter but improved relative to the year-ago period, as cost of revenue grew at a pace similar to revenue.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin weakened slightly from the prior quarter but improved relative to the year-ago period, as cost of revenue grew at a pace similar to revenue.
- Gross profit rose in line with revenue, keeping the gross margin relatively stable across periods. The year-over-year improvement in gross margin was the most notable directional change.
- Compared to the immediately preceding quarter, gross margin was slightly lower. Compared to the same quarter one year earlier, gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
49.2%
Gross profit
$3.1B
Revenue
$6.4B
Cost of revenue
$3.2B
Quarter-over-quarter change
-0.2 pts
Year-over-year change
+0.0 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $6.4B | $3.1B | $3.2B | 49.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.2 pts
Year-over-year change
Sep 30, 2024
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit rose in line with revenue, keeping the gross margin relatively stable across periods. The year-over-year improvement in gross margin was the most notable directional change.
Compared to the immediately preceding quarter, gross margin was slightly lower. Compared to the same quarter one year earlier, gross margin was higher.
Monitor whether cost of revenue continues to increase at a rate similar to revenue, as this directly affects gross margin stability.