AddedRisk Factors
against major currencies, could adversely or positively affect our financial condition and results of operations which are expressed in U.S. dollars.
PPGPPG Industries
PPG Industries, Inc. manufactures and distributes a broad range of paints, coatings and specialty products. 10-K, Item 1
- Employees
- 43,500
- Headquarters
- Pittsburgh, PA
- Next results
- around Jan 26, 2027
10-K 0000079879-26-000046 (2026-02-19) vs 10-K 0000079879-25-000034 (2025-02-20)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 3,748 | 13.3% |
| MD&A | Item 7 | 7,115 | 35.8% |
| Legal Proceedings | Item 3 | 2,058 | 12.7% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 2,978 | 7.2% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 172 words changed in this paragraph; it is 34% similar to last year's version.
Demand for PPG products was mixed by end-use market and geographic region during 2024. 2025. Demand for aerospace coatings, which coatings and protective and marine coatings was strong with double-digit percentage organic sales growth year over year. Automotive refinish coatings demand was impacted by mobility restrictions lower collision claims in 2020 and 2021, continues to recover. the U.S. which drove volume declines in the second half of 2025. Global automotive OEM manufacturers’ production decreased increased by about 1% 4% versus 2023 due to 2024 with higher demand in the Asia-Pacific and Latin America regions more than offsetting lower demand and extended maintenance periods in the U.S. United States and Europe. Despite the lower demand, PPG outperformed the market in both Latin America the third and Asia Pacific. In the U.S. and Canada, demand was strong for aerospace coatings, packaging coatings and traffic solutions but declined for most other businesses. In Latin America, demand was solid throughout the year with steady demand for architectural products and growth in automotive OEM products and packaging coatings. The PPG Comex business made strong contributions, supported fourth quarters of 2025 driven by a focus on its omnichannel sales approach. Demand was soft in Europe with the largest impact on the automotive OEM coatings business and the architectural coatings business. In Asia, demand was strong share gains.
Source: Item 7, 10-K 0000079879-26-000046 vs Item 7, 10-K 0000079879-25-000034
Risk Factors 168 words changed in this paragraph; it is 39% similar to last year's version.
Numerous and evolving information security threats, including advanced persistent threats and ransomware, pose a risk to the security of our systems, networks and services, as well as to the confidentiality, availability and integrity of our data and of our critical business operations. The techniques, tools and tactics used in cyber-attacks evolve rapidly, including from emerging technologies such as advanced automation or artificial intelligence and may be difficult to detect for periods of time. As a result we may face difficulties in anticipating and implementing adequate preventative measures or fully mitigating harms after such an attack. Our information technology systems, networks and services have been, and will likely continue to be, subject to cybersecurity attacks. We have implemented and operate a cybersecurity program designed to protect and preserve the confidentiality, integrity and availability of our networks and systems as well as information that we own or is in our care. Notwithstanding our cybersecurity preparedness activities, we cannot guarantee that our security efforts or the security efforts of our third-party service providers will prevent all cybersecurity events. A material cybersecurity event could result in negative publicity, theft or other financial loss, modification or destruction of proprietary information or key information, manufacture of defective products, theft of personally identifiable information, and/or production downtimes and operational disruptions, which could adversely affect our results of operations.
Source: Item 1A, 10-K 0000079879-26-000046 vs Item 1A, 10-K 0000079879-25-000034
Legal Proceedings 94 words changed in this paragraph; it is 65% similar to last year's version.
Name Age Title Timothy M. Knavish (a) 59 60 Chairman and Chief Executive Officer since October 2023 Anne M. Foulkes Joseph R. Gette (b) 62 53 Senior Vice President and President, General Counsel and Secretary since September 2018 January 2026 Vincent J. Morales (c) 59 60 Senior Vice President and Chief Financial Officer since March 2017 Alisha E. Bellezza (d) 50 Senior Vice President, Automotive Coatings since March 2024 K. Henrik Bergström (d) 52 (e) 53 Senior Vice President, Global Architectural Coatings, Latin America, EMEA and Asia Pacific Coatings since May 2023 Kevin D. Braun (e) 56 (f) 57 Senior Vice President, Operations since October 2024 Amy R. Ericson (f) 59 (g) 60 Senior Vice President, Protective and Marine Coatings since January 2023 Anne M. Foulkes (h) 63 Senior Vice President, Law and Special Projects since January 2026 Chancey E. Hagerty (g) 51 (i) 52 Senior Vice President, Automotive Refinish Coatings since May 2023 Juliane M. Hefel (j) 50 Senior Vice President, Industrial Coatings and Specialty Products since January 2025 Robert L. Massy (k) 48 Senior Vice President and Chief Human Resources Officer since March 2024
Source: Item 3, 10-K 0000079879-26-000046 vs Item 3, 10-K 0000079879-25-000034
Accounting Policies 48 words changed in this paragraph; it is 73% similar to last year's version.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000079879-26-000046 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000079879-25-000034
Every change, by type
Sentences and paragraphs of PPG's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Numerous and evolving information security threats, including advanced persistent threats and ransomware, pose a risk to the security of our systems, networks and services, as well as to the confidentiality, availability and integrity of our data and of our critical business operations. The techniques, tools and tactics used in cyber-attacks evolve rapidly, including
AddedRisk Factors
We are incorporating artificial intelligence technologies into our research, products, services and processes. These technologies may present business, operational, compliance and reputational risks.
AddedRisk Factors
Artificial intelligence (“AI”) and machine-learning technology continue to advance rapidly, presenting both opportunities and risks. If we cannot incorporate these rapidly advancing technologies as quickly or effectively as other companies, our competitive position and business results may suffer. Incorporation of these new technologies into our processes may result in new or expanded risks, including risks related to regulatory compliance, litigation, ethical concerns, confidentiality or cybersecurity, among other factors that could potentially adversely impact our business, reputation and financial results. The use of AI in the development of our products and services could increase the risk of loss or theft of our intellectual property and could subject us to incremental risks related to data privacy and cybersecurity. The use of AI can lead to unintended consequences, including generating content that appears correct but is factually inaccurate, misleading or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our stakeholders, our reputation and our business. Additionally, we face risks of competitive disadvantage if our competitors are able to more effectively use AI to create products or services at a lower cost or higher quality compared to PPG’s competing products or services.
RemovedRisk Factors
RewordedRisk Factors
However, fluctuations in foreign currency exchange rates, particularly the strengthening or weakening of the U.S. dollar against major currencies, could adversely or positively affect our financial condition and results of operations which are expressed in U.S. dollars.
RewordedRisk Factors
For example, a number of countries have enacted legislation to implement the Organisation for Economic Co-operation and Development has proposed modernizing international tax rules, including Development’s global minimum tax standards (referred to as Pillar 2), which has caused an increase to our effective tax rate.
RewordedRisk Factors
There is a high level of uncertainty surrounding future global economic conditions due to a number of factors, including the impact of higher fluctuating interest rates, geopolitical uncertainty, including the international impacts of the ongoing wars in Ukraine and Israel and increasing tensions between China and the United States, commodity market volatility, potential changes to international trade agreements, the imposition of tariffs and the threat of additional tariffs, and labor shortages in certain regions of the world.
RewordedRisk Factors
Additionally, the cost of raw materials fluctuates due to a number of factors, including changes in supplier feedstock costs and inventories, changes in the production capacity of suppliers, global industry activity levels, foreign currency exchange rates, government regulation, tariffs, export constraints and global supply and demand factors, any of which could drive an increase in raw material costs.
RewordedRisk Factors
If raw material costs increase and we are unable to offset these higher costs in a timely manner, this would adversely impact our Income from continuing operations and Cash from operating activities. activities would be adversely impacted.
RewordedRisk Factors
Vehicle manufacturers continue to develop new safety features such as collision avoidance technology and self-driving vehicles that may reduce vehicle collisions in the future, potentially lowering demand for our automotive refinish coatings.
Quiet changesRisk Factors
If we fail to meet production targets and commitments, or encounter difficulty or unexpected costs in meeting such levels, it could have a material an adverse effect on our reputation, business, operating results, or financial condition.
AddedMD&A
Net sales of approximately $15.9 billion in 2025 were flat compared to 2024, with higher selling prices, sales volume growth and favorable foreign currency translation offset by the impact of divestitures.
AddedMD&A
% Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Interest expense $241 $241 —% Interest income ($153) ($177) (13.6)% Business restructuring, net $6 $233 (97.4)% Impairment and other related charges, net $24 $146 (83.6)% Other charges/(income), net $6 ($8) N/A
AddedMD&A
Refer to the Regulation G Reconciliations - Results from Operations for additional information.
AddedMD&A
share from continuing operations was $6.92, compared to $5.72 in the prior year. Adjusted earnings per diluted share was $7.58, a decrease of 4% compared to $7.87 in 2024. Total segment income decreased by 3%. Aggregate segment margins were 60 basis points lower than the prior year, driven by a decline in industry project-related spending on architectural coatings in Mexico in the first half of 2025 and a decline in automotive refinish coatings sales volumes in the second half of the year.
AddedMD&A
Demand for PPG products was mixed by end-use market and geographic region during 2025. Demand for aerospace coatings and protective and marine coatings was strong with double-digit percentage organic sales growth year over year. Automotive refinish coatings demand was impacted by lower collision claims in the U.S. which drove volume declines in the second half of 2025. Global automotive OEM manufacturers’ production increased by about 4% versus 2024 with higher demand in the Asia-Pacific and Latin America regions more than offsetting lower demand in the United States and Europe. PPG outperformed the market in the third and fourth quarters of 2025 driven by share gains.
AddedMD&A
In 2026, we anticipate demand in Europe and in global industrial end-use markets to remain challenged. Despite the macroeconomic environment, we expect growth will be driven by aerospace coatings and architectural coatings in Mexico as well as share gains in our Industrial Coatings segment, resulting in organic sales growth in the range of flat to a positive low single-digit percentage. This reflects the strength of our focused organization and our sharpened portfolio of technology-advantaged products and services.
AddedMD&A
(4)In the fourth quarter 2025, the Company settled a legal matter related to a legacy business that it no longer operates. The related gain is included in Other charges/(income), net on the consolidated statement of income.
AddedMD&A
(5)In the fourth quarter 2025, the Company recorded a net charge related to the anticipated resolution of an outstanding tax matter. The Company expects to pay incremental income taxes and non-income taxes in the impacted taxing jurisdiction related to the matter. The portion of the charge related to non-income taxes is included in Other charges/(income), net on the consolidated statement of income. In connection with this matter, the Company reduced its provision for uncertain tax positions, the impact of which is included in income tax expense on the consolidated statement of income.
AddedMD&A
Automotive refinish coatings organic sales decreased by a mid-single-digit percentage with lower sales volumes partially offset by higher selling prices. Organic sales in the United States were lower as demand was suppressed by lower collision claims and as distributors managed their order patterns for PPG products toward the first half of 2025. The Company continues to grow the number of PPG LINQ™ subscriptions and PPG Moonwalk™ installations, further supporting customer productivity and related share gains.
AddedMD&A
(1)As of December 31, 2025, the Term Loan was due in 2028. In January 2026, the Term Loan was amended to extend its maturity to January 2029.
AddedMD&A
(1)As of December 31, 2025, the Term Loan with an outstanding balance of $1,233 million was due in 2028. The Term Loan is shown as due in 2028 within this table. In January 2026, the Term Loan was amended to extend its maturity to January 2029.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Comparing average exchange rates during 2023 2025 to those of 2022, 2024, the U.S. dollar weakened strengthened against the currencies of certain countries where PPG operates, including the Mexican peso and the euro, during the first half of 2025, but the U.S. dollar weakened in the second half of the year, resulting in a net unfavorable impact to Income before taxes in the first half of the year partially offset by strengthening against a net favorable impact in the Chinese yuan and Argentine peso. second half of 2025.
RewordedMD&A
Earnings per diluted share from continuing operations for the year ended December 31, 2024 2025 increased year over year primarily due to lower overhead costs, business restructuring cost and impairment and other related charges, higher selling prices, improved manufacturing productivity, restructuring savings and moderating raw material costs, the lower effective tax rate, partially offset by lower the unfavorable impact of sales volumes. mix and overhead and other cost inflation.
RewordedMD&A
The effective tax rate on continuing operations for the year ended December 31, 2023 2025 was 25.3%, an increase 22.4%, a decrease of 1.7% 3.2% compared to the prior year year, primarily due in part to the goodwill absence of the 2024 impairment charge, which had no associated income tax benefit, and a reduction in the provision for which there was no uncertain tax benefit. positions.
RewordedMD&A
RewordedMD&A
(3)Portfolio optimization includes gains and losses related to the sale of certain assets, which are included in Other (income)/charges, charges/(income), net on the consolidated statement of income, including the gain of $129 million on the sale of the Company's company's silicas products business in the fourth quarter 2024, and the losses loss on the sales sale of the Company's company's traffic solutions business in Argentina in the second quarter 2024, the Company's European and Australian Traffic Solutions businesses in the fourth quarter 2023 and the Company's legacy industrial Russian operations in the third quarter 2023. 2024.
RewordedMD&A
The $1,294 $545 million increase in Cash from operating activities - continuing operations was primarily due to higher net income driven by and higher selling prices accounts payable and moderating raw material costs and favorable changes accrued liabilities, including the impact of lower incentive-based compensation payouts in working capital compared to the prior year. 2025 versus 2024.
RewordedMD&A
Segment income increased $5 decreased $18 million year over year primarily due to higher lower index-based selling prices and moderating raw material costs, partially offset by wage and other cost inflation inflation, partially offset by increased manufacturing productivity, higher sales volumes, and lower sales volumes. restructuring and other cost savings.
RewordedMD&A
Net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") decreased 1% increased 2% during the year with continued strong growth in our aerospace coatings business and share gains in both the packaging coatings business and the protective and marine business, which was more than were partially offset by declines in the automotive refinish coatings, industrial coatings and automotive OEM architectural coatings EMEA businesses.
RewordedMD&A
Segment income increased $5 decreased $79 million year over year primarily due to higher selling prices and moderating raw material costs, partially offset by wage and other cost inflation and lower sales volumes. volumes, partially offset by higher selling prices and cost reductions, including restructuring savings.
RewordedMD&A
($ in millions, except percentages) 2025 2024 2023 Trade receivables, net $2,783 $2,477 $2,622 Inventories, FIFO 2,177 2,015 2,117 Trade Less: trade creditors’ liabilities 2,212 2,161 2,438 Operating working capital $2,748 $2,331 $2,301 Operating working capital as a % of fourth quarter sales, annualized 17.6 % 15.6 % 14.7 % Trade receivables, net as a % of fourth quarter sales, annualized 17.8 % 16.6 % 16.8 % Days sales outstanding 59 51 55 Inventories, FIFO as a % of fourth quarter sales, annualized 13.5 13.9 % 13.5 % Inventory turnover 4.4 4.5 4.2
RewordedMD&A
Results were supported by the breadth and diversity of the business portfolio, as the Company benefited from higher prices and sales volumes in several businesses which was more than offset by unfavorable and favorable foreign currency translation, which was offset by the impact of divestitures and lower sales volumes. completed in 2024.
RewordedMD&A
The $126 $301 million decrease increase in cash used for investing activities - continuing operations was primarily due to higher capital expenditures and the absence of proceeds from the sale divestiture of our silicas products business, partially offset by higher capital expenditures. business that occurred in 2024.
Work on PPG in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PPG/export.csv") into a cell.