PPG Industries Inc
NYSE:PPG
PPG Industries Inc
Founded in 1883 as Pittsburgh Plate Glass, PPG Industries Inc. has evolved into a powerhouse within the coatings industry. Initially focused on glass manufacturing, the company strategically diversified over decades, becoming a leading player in paints, coatings, and specialty materials. Today, PPG operates in more than 70 countries, serving industries including automotive, aerospace, and construction. But what truly sets PPG apart is its commitment to innovation, with a sprawling network of research and development facilities driving advancements in sustainable and eco-friendly coating technologies. This focus not only meets the modern demands for environmentally conscious products but also strengthens its competitive edge in global markets.
At the core of PPG's business model is its ability to provide highly specialized coatings and paints. These products serve a multitude of purposes — from protecting vast industrial installations to enhancing the aesthetics and durability of automobiles. Revenue streams are generated through both direct sales to other businesses and consumer markets, with PPG's products gracing everything from skyscrapers to everyday household items. The company’s robust distribution network and well-established brand reputation amplify its market reach, securing long-term relationships with major players across various sectors. PPG’s dexterous blend of innovation, strategic acquisitions, and focus on sustainability ensures it remains a significant force in the coatings and materials industry.
Founded in 1883 as Pittsburgh Plate Glass, PPG Industries Inc. has evolved into a powerhouse within the coatings industry. Initially focused on glass manufacturing, the company strategically diversified over decades, becoming a leading player in paints, coatings, and specialty materials. Today, PPG operates in more than 70 countries, serving industries including automotive, aerospace, and construction. But what truly sets PPG apart is its commitment to innovation, with a sprawling network of research and development facilities driving advancements in sustainable and eco-friendly coating technologies. This focus not only meets the modern demands for environmentally conscious products but also strengthens its competitive edge in global markets.
At the core of PPG's business model is its ability to provide highly specialized coatings and paints. These products serve a multitude of purposes — from protecting vast industrial installations to enhancing the aesthetics and durability of automobiles. Revenue streams are generated through both direct sales to other businesses and consumer markets, with PPG's products gracing everything from skyscrapers to everyday household items. The company’s robust distribution network and well-established brand reputation amplify its market reach, securing long-term relationships with major players across various sectors. PPG’s dexterous blend of innovation, strategic acquisitions, and focus on sustainability ensures it remains a significant force in the coatings and materials industry.
Strong Organic Growth: PPG delivered 3% organic growth in Q4 and 2% for the full year, outpacing a declining market, with volume and price increases across segments.
Solid Financial Performance: Full-year net sales were $15.9 billion, adjusted EPS was $7.58, and operating cash flow rose to $1.9 billion, supporting strong returns to shareholders.
Aerospace Strength: Aerospace coatings saw record sales and earnings, with double-digit growth in 2025 and high single-digit growth expected in 2026, though the business is currently capacity constrained.
Refinish Headwinds: Automotive refinish sales were down due to industry destocking, impacting margins, but management expects normalization and growth to return in the second half of 2026.
Disciplined Cash Deployment: $1.4 billion was returned to shareholders in 2025, and the balance sheet remains strong with $2.2 billion in cash at year-end.
2026 Outlook: Guidance calls for flat to low single-digit organic sales growth, with EPS growth flat to up low single digits in the first half and high single digits in the second half, supported by share gains, operational excellence, and continued price increases in most segments.
