Revenue flow

Margins

Stage	SHW	% of rev	PPG	% of rev	Gap · A − B
Revenue	$6.9B	100.00%	$4.4B	100.00%	SHW ×1.58
Gross profit	$3.3B	47.77%	$1.8B	40.52%	SHW +7.2pp
Operating income	$1.2B	17.53%	$653M	15.00%	SHW +2.5pp
Pre-tax income	$1.1B	15.50%	$631M	14.50%	SHW +1.0pp
Net income	$821M	11.97%	$456M	10.48%	SHW +1.5pp

Stage	SHW	PPG	Gap · A − B
Revenue	$6.9B100.00%	$4.4B100.00%	SHW ×1.58
Gross profit	47.77%$3.3B	40.52%$1.8B	SHW +7.2pp
Operating income	17.53%$1.2B	15.00%$653M	SHW +2.5pp
Pre-tax income	15.50%$1.1B	14.50%$631M	SHW +1.0pp
Net income