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SHAREHOLDERS’ EQUITY | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Capital Stock At December 31, 2025, there were 900,000,000 shares of common stock and 30,000,000 shares of serial preferred stock authorized for issuance. Of the authorized serial preferred stock, 3,000,000 shares are designated as cumulative redeemable serial preferred stock. There we no shares of serial preferred stock issued during 2025, 2024 or 2023. Effective April 16, 2025, the Company’s shareholders approved The Sherwin-Williams Company 2025 Equity and Incentive Compensation Plan (2025 Plan). The 2025 Plan replaces The Sherwin-Williams Company 2006 Equity and Performance Incentive Plan (2006 Plan) (Amended and Restated as of October 13, 2023), The Sherwin-Williams Company 2006 Stock Plan for Nonemployee Directors and The Sherwin-Williams Company 2007 Executive Annual Performance Bonus Plan (Amended and Restated as of October 13, 2023). The number of shares of common stock authorized for issuance under the 2025 Plan is 21,969,555. An aggregate of 28,832,770, 13,603,814 and 15,830,386 shares of common stock at December 31, 2025, 2024 and 2023, respectively, were reserved for the exercise and future grants of option rights and future grants of restricted stock and restricted stock units collectively under the 2025 Plan and 2006 Plan. See Note 14 for further information related to stock-based compensation. Shares outstanding shown in the following table included 1,426,883 shares of common stock held in a revocable trust at December 31, 2025, 2024 and 2023. The revocable trust is used to accumulate assets for the purpose of funding the ultimate obligation of certain non-qualified benefit plans. Transactions between the Company and the trust are accounted for in accordance with the Deferred Compensation – Rabbi Trusts Subtopic of the Compensation Topic of the ASC, which requires the assets held by the trust be consolidated with the Company’s accounts.
| Shares in Treasury |  | Shares Outstanding
Balance at January 1, 2023 | 14,717,347 |  |  | 258,875,999 |
Shares issued for exercise of option rights | — |  |  | 1,081,815 |
Shares tendered as payment for option rights exercised | 10,467 |  |  | (10,467) |
Shares issued for vesting of restricted stock units | — |  |  | 302,713 |
Shares tendered in connection with vesting of restricted stock units | 106,770 |  |  | (106,770) |
Treasury stock purchased | 5,600,000 |  |  | (5,600,000) |
Balance at December 31, 2023 | 20,434,584 |  |  | 254,543,290 |
Shares issued for exercise of option rights | — |  |  | 1,879,285 |
Shares tendered as payment for option rights exercised | 11,884 |  |  | (11,884) |
Shares issued for vesting of restricted stock units | — |  |  | 122,276 |
Shares tendered in connection with vesting of restricted stock units | 41,867 |  |  | (41,867) |
Treasury stock purchased | 5,200,000 |  |  | (5,200,000) |
Balance at December 31, 2024 | 25,688,335 |  |  | 251,291,100 |
Shares issued for exercise of option rights | — |  |  | 1,103,257 |
Shares tendered as payment for option rights exercised | 7,885 |  |  | (7,885) |
Shares issued for vesting of restricted stock units | — |  |  | 176,018 |
Shares tendered in connection with vesting of restricted stock units | 61,027 |  |  | (61,027) |
Treasury stock purchased | 4,800,000 |  |  | (4,800,000) |
Treasury stock retired | (29,491,963) |  |  | — |
Balance at December 31, 2025 | 1,065,284 |  |  | 247,701,463 |
Treasury Stock The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program. As of December 31, 2025, the Company had remaining authorization from its Board of Directors to purchase 29.6 million shares of its common stock. The table below summarizes the Company’s share repurchase activity:
| 2025 |  | 2024 |  | 2023
Treasury stock purchases (in millions) | $ | 1,656.4 |  |  | $ | 1,738.8 |  |  | $ | 1,432.0 |
Treasury stock purchases (in shares) | 4,800,000 |  |  | 5,200,000 |  |  | 5,600,000 |
Average price per share | $ | 345.09 |  |  | $ | 334.38 |  |  | $ | 255.72 |
Other Capital During the year ended December 31, 2025, $58.9 million was recorded to Other capital related to settlements associated with accelerated treasury stock repurchase agreements. Dividends The following table summarizes the dividends declared and paid on common stock:
| 2025 |  | 2024 |  | 2023
Cash dividend per share | $ | 3.16 |  |  | $ | 2.86 |  |  | $ | 2.42 |
Total dividends (in millions) | 789.8 |  |  | 723.4 |  |  | 623.7 |

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