PPG Industries

PPG is one of the largest makers of paints and coatings in the world, based in Pittsburgh. It has three segments. Global Architectural Coatings sells paint for homes and buildings, mainly in Europe, Latin America and Asia.

Performance Coatings makes coatings for aircraft, car repair shops (automotive refinish), ships, industrial structures and roads. Industrial Coatings makes coatings for new cars, appliances and other industrial products, and for metal packaging such as cans. Net sales were $4.5 billion in Q2 2026.

The market prices PPG for weak volumes in some end markets and for higher costs. In Q2 2026, sales volumes grew only 2%, and automotive refinish volumes fell by a double-digit percentage because the recovery of insurance claims was slower than expected. Costs for raw materials, energy, logistics and packaging rose, and price increases covered about 90% of this inflation in Q2 2026. Adjusted EPS was flat from a year earlier.

For the gap to close, PPG must cover 100% of cost inflation with prices by Q4 2026, as it expects. Automotive refinish sales must grow in the second half of 2026, and aerospace and packaging must keep their growth. PPG must also reach its 2026 adjusted EPS guidance of $7.70 to $8.10. PPG reports Q3 2026 results on October 27, 2026, which is the next test.

If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a longer period of weak industrial demand and high raw material costs, which would hold margins down.

1. Oct 27, 2026Pending

   Q3 2026 earnings: pricing and refinishOrganic sales growth in the low to mid single digits with prices that cover cost inflation passes; a cut to the $7.70 to $8.10 guidance fails.
2. Jan 2027 · est.Pending

   Q4 2026 results and the 2027 guidanceFull price recovery of cost inflation in Q4 and guidance for higher adjusted EPS in 2027 pass; lower margins or a weak 2027 outlook fail.

Every passed and failed checkpoint across all picks

PPG funds itself with bonds in US dollars, euros and Swiss francs and with a euro term loan. At June 30, 2026, total debt was $6.89 billion: long-term debt of $6.20 billion and short-term debt and current maturities of $691 million. Read more

• Costs for raw materials, energy and logistics rose in 2026. If price increases do not cover this inflation by Q4 2026, as PPG expects, margins fall.
• Automotive refinish demand recovered more slowly than expected in Q2 2026. A longer weak period lowers the margin of Performance Coatings, which was the most profitable segment.
• Weak demand in Europe and new tariffs can lower volumes in architectural and industrial coatings.
• PPG has legacy asbestos and environmental lawsuits. New claims or higher settlement costs can lower cash flow.

• September 28, 2026PPG said that it will report Q3 2026 results after the market closes on October 27, 2026, with a conference call on October 28.
• July 28, 2026PPG reported Q2 2026 results. Net sales were $4.5 billion, up 7%, and organic sales grew 4%, with growth in eight of nine businesses. EPS was $1.96, and adjusted EPS was $2.23, about flat. PPG kept its 2026 adjusted EPS guidance of $7.70 to $8.10. It said that prices covered about 90% of cost inflation in Q2 and that it expects to cover 100% by Q4 2026.
• July 28, 2026In Q2 2026, the Performance Coatings EBITDA margin fell 300 basis points because of lower automotive refinish volumes, while aerospace sales grew by a double-digit percentage with a backlog near $300 million. Industrial Coatings volumes grew 5% from share gains. For Q3 2026, PPG expects organic sales growth in the low to mid single digits.