PPG Industries Inc.

04/29/2026 | Press release | Distributed by Public on 04/29/2026 13:03

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and the notes thereto included in the condensed consolidated financial statements in Part I, Item 1, "Financial Statements," of this report and in conjunction with the 2025 Form 10-K.
Highlights
Net sales were approximately $3.9 billion for the three months ended March 31, 2026, an increase of 7% compared to the prior year primarily due to the favorable impact of foreign currency translation and higher selling prices.
Income before income taxes was $517 million for the three months ended March 31, 2026, an increase of $15 million compared to the prior year, primarily due to higher selling prices, the favorable impact of foreign currency translation, and cost-control measures, partially offset by higher net interest costs and higher depreciation expense.
Results of Operations
Three Months Ended
March 31 		Percent Change
($ in millions, except percentages) 2026 2025 2026 vs. 2025
Net sales $3,930 $3,684 6.7 %
Cost of sales, exclusive of depreciation and amortization $2,275 $2,142 6.2 %
Selling, general and administrative $885 $838 5.6 %
Depreciation $105 $89 18.0 %
Amortization $27 $32 (15.6) %
Research and development, net $113 $102 10.8 %
Interest expense $61 $56 8.9 %
Interest income ($37) ($43) (14.0) %
Other income, net ($16) ($34) (52.9) %
Net Sales by Region
Three Months Ended
March 31 		Percent Change
($ in millions, except percentages) 2026 2025 2026 vs. 2025
United States and Canada $1,262 $1,284 (1.7) %
EMEA 1,423 1,272 11.9 %
Asia Pacific 698 647 7.9 %
Latin America 547 481 13.7 %
Total $3,930 $3,684 6.7 %
Three Months Ended March 31, 2026
Net sales increased $246 million due to the following:
● Favorable foreign currency translation (+6%)
● Higher selling prices (+1%)
For specific business results, see the Performance of Reportable Business Segments section within Item 2 of this Form 10-Q.
Cost of sales, exclusive of depreciation and amortization, increased $133 million primarily due to the unfavorable impact of foreign currency translation.
Selling, general and administrative expense increased $47 million primarily due to overhead cost inflation and the unfavorable impact of foreign currency translation, partially offset by cost-control measures.
Depreciation expense increased $16 million primarily due to higher capital spending in 2025.
Other income, net decreased by $18 million primarily due to the absence of a first quarter 2025 gain on an insurance reimbursement related to damages incurred at a southern U.S. factory from a winter storm in 2021, the absence of a first quarter 2025 gain on the sale of the Company's remaining Russia business, and a decrease in income recognized in connection with transition services agreements with the buyer of PPG's U.S. and Canada architectural coatings business.
Effective Tax Rate and Earnings Per Diluted Share
Three Months Ended
March 31 		Percent Change
($ in millions, except percentages and amounts per share) 2026 2025 2026 vs. 2025
Income tax expense $132 $122 8.2 %
Effective tax rate 25.5 % 24.3 % 1.2 %
Adjusted effective tax rate, continuing operations* 25.5 % 24.5 % 1.0 %
Earnings per diluted share, continuing operations $1.70 $1.64 3.7 %
Adjusted earnings per diluted share* $1.83 $1.72 6.4 %
*See Regulation G Reconciliation below
Both Earnings per diluted share, continuing operations and Adjusted earnings per diluted share for the three months ended March 31, 2026 increased year over year due to higher selling prices, the favorable impact of foreign currency translation, cost-control actions and lower adjusted weighted average common shares outstanding due to share repurchases.
Regulation G Reconciliations - Results from Operations
PPG believes investors' understanding of the Company's performance is enhanced by the disclosure of net income from continuing operations, earnings per diluted share from continuing operations, PPG's effective tax rate and segment income adjusted for certain items along with segment income before interest, taxes, depreciation and amortization ("Segment EBITDA"). PPG's management considers this information useful in providing insight into the Company's ongoing performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations. Net income from continuing
operations, earnings per diluted share from continuing operations, the effective tax rate and segment income adjusted for these items along with segment EBITDA are not recognized financial measures determined in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and should not be considered a substitute for net income from continuing operations, earnings per diluted share from continuing operations, the effective tax rate, segment income or other financial measures as computed in accordance with U.S. GAAP. In addition, adjusted net income, adjusted earnings per diluted share, the adjusted effective tax rate and segment EBITDA may not be comparable to similarly titled measures as reported by other companies.
Income before income taxes from continuing operations is reconciled to adjusted income before income taxes from continuing operations, the effective tax rate from continuing operations is reconciled to the adjusted effective tax rate from continuing operations and net income from continuing operations (attributable to PPG) and earnings per share - assuming dilution (attributable to PPG) are reconciled to adjusted net income from continuing operations (attributable to PPG) and adjusted earnings per share - assuming dilution below.
Three Months Ended March 31, 2026
($ in millions, except percentages and per share amounts) Income Before Income Taxes Income Tax Expense Effective Tax Rate Net Income (attributable to PPG)
Earnings Per Diluted Share(a)
As reported, continuing operations $517 $132 25.5 % $382 $1.70
Adjusted for:
Acquisition-related amortization expense 27 7 24.3 % 20 0.09
Business restructuring-related costs, net(b)
5 1 23.2 % 4 0.02
Portfolio optimization(c)
7 2 25.6 % 5 0.02
Adjusted, continuing operations, excluding certain items $556 $142 25.5 % $411 $1.83
Three Months Ended March 31, 2025
($ in millions, except percentages and per share amounts) Income Before Income Taxes Income Tax Expense Effective Tax Rate Net Income (attributable to PPG)
Earnings Per Diluted Share(a)
As reported, continuing operations $502 $122 24.3 % $375 $1.64
Adjusted for:
Acquisition-related amortization expense 32 8 24.4 % 24 0.10
Business restructuring-related costs, net(b)
9 2 19.7 % 7 0.03
Portfolio optimization(c)
(6) - N/A (6) (0.03)
Insurance recovery(d)
(6) (2) 24.3 % (4) (0.02)
Adjusted, continuing operations, excluding certain items $531 $130 24.5 % $396 $1.72
(a)Earnings per diluted share is calculated based on unrounded numbers. Figures in the table may not recalculate due to rounding.
(b)Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Other income, net on the consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the consolidated statement of income, and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization, Selling, general and administrative and Other income, net on the consolidated statement of income.
(c)Portfolio optimization includes a $6 million charge related to the step-up of acquired inventory in the first quarter 2026. Portfolio optimization also includes a $7 million gain recognized on the sale of a business in the first quarter 2025. There was no tax expense associated with that gain. Portfolio optimization also includes advisory, legal, accounting, valuation, other professional or consulting fees, and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the condensed consolidated statement of income.
(d)In the first quarter 2025, the Company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2021, which is included in Other income, net on the condensed consolidated statement of income.
Performance of Reportable Business Segments
Global Architectural Coatings
Three Months Ended
March 31 		$ Change % Change
($ in millions, except percentages) 2026 2025 2026 vs. 2025 2026 vs. 2025
Net sales $965 $857 $108 12.6 %
Segment income $155 $118 $37 31.4 %
Depreciation and amortization expense $29 $26 $3 11.5 %
Segment income before interest, taxes, depreciation and amortization (EBITDA) $184 $144 $40 27.8 %
Three Months Ended March 31, 2026
Global Architectural Coatings net sales increased due to the following:
● Favorable foreign currency translation (+12%)
● Higher selling prices (+2%)
Partially offset by:
● Divestiture-related sales (-1%)
Architectural coatings - EMEA net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") decreased by a low single-digit percentage compared to the prior year with higher selling prices more than offset by lower sales volumes. Overall demand for architectural coatings in Europe was mixed by country.
Architectural coatings - Latin America and Asia Pacific organic sales increased by a mid-single-digit percentage compared to the prior-year quarter driven by strength in Latin America. In Mexico, retail sales volumes were solid in the quarter, reflecting strong consumer demand, while project-related spending recovered somewhat with increased government and local investment. Economic uncertainty continues to temper foreign direct business investment.
Segment income of $155 million was 31% higher than the prior year. The increase was driven by higher selling prices, favorable foreign currency translation and the positive impact of cost-control actions.
Looking Ahead
In the second quarter of 2026, the company expects further year-over-year strengthening in retail sales and a modest recovery of project-related spending in Mexico, while consumer sentiment in Europe is anticipated to remain mixed. Quarterly aggregate organic sales for the segment are expected to be in the range of flat to a positive low single-digit percentage compared to the second quarter 2025.
Performance Coatings
Three Months Ended
March 31 		$ Change % Change
($ in millions, except percentages) 2026 2025 2026 vs. 2025 2026 vs. 2025
Net sales $1,334 $1,265 $69 5.5 %
Segment income $288 $274 $14 5.1 %
Depreciation and amortization expense $38 $33 $5 15.2 %
Segment EBITDA $326 $307 $19 6.2 %
Three Months Ended March 31, 2026
Performance Coatings net sales increased due to the following:
● Higher selling prices (+3%)
● Favorable foreign currency translation (+3%)
● Acquisitions (+1%)
Partially offset by:
● Lower sales volume (-2%)
Automotive refinish coatings organic sales decreased by a double-digit percentage versus the prior year. As expected, results were impacted by lower organic sales, reflecting a difficult comparison to the prior year when customer order patterns were heavily weighted to the first half of 2025. Automotive refinish coatings organic sales are anticipated to improve for PPG in the second half of the year, and we are already seeing early signs of demand improvement in the U.S. refinish market. Automotive insurance claims have been down a low single digit percentage in February and March, which reflects a more normalized level for the industry.
Aerospace coatings organic sales increased by a double-digit percentage compared to the first quarter 2025, led by higher selling prices and sales volumes. Demand is robust, and customer order backlogs remained strong, even with improved manufacturing output stemming from growth-related debottlenecking investments. Global international and domestic air travel improved year over year, and combined are above pre-pandemic levels. As demand for our technology-advantaged products grows, the company is focused on further manufacturing debottlenecking and capacity expansion through greenfield investment to drive additional volume growth in this resilient business.
Protective and marine coatings organic sales increased by a high single-digit percentage compared to the prior-year first quarter driven by higher sales volumes. Increased sales volumes were driven by share gains in both protective and marine, reflecting demand for PPG's sustainably-advantaged products.
First quarter organic sales for the traffic solutions business increased by a high single-digit percentage compared to the prior-year, outpacing the industry. The first quarter was the eighth consecutive quarter with year-over-year sales volume increases. Seasonally, first and fourth quarter sales in the business are typically lower, at about half of the second and third quarter levels, due to the difficulty of applying traffic markings in colder temperatures.
Segment income was $288 million, an increase of 5% versus the prior year, primarily due to higher selling prices, partially offset by the impact of lower automotive refinish sales volumes and higher growth-related investment spending in aerospace coatings and protective and marine coatings.
Looking Ahead
We anticipate continued strength in aerospace coatings as well as protective and marine coatings. While automotive refinish coatings continues to gain share through demand for the company's bundled coatings and digital services business model, we expect lower organic sales year over year in the second quarter due to customer order patterns in 2025. Automotive refinish coatings organic sales are anticipated to improve for PPG in the second half of the year. Traffic solutions is expected to follow typical seasonal trends. Second quarter organic sales for the segment are anticipated to be within the range of flat to a positive low single-digit percentage compared to the second quarter 2025.
Industrial Coatings
Three Months Ended
March 31 		$ Change % Change
($ in millions, except percentages) 2026 2025 2026 vs. 2025 2026 vs. 2025
Net sales $1,631 $1,562 $69 4.4 %
Segment income $193 $215 ($22) (10.2) %
Depreciation and amortization expense $52 $48 $4 8.3 %
Segment EBITDA $245 $263 ($18) (6.8) %
Three Months Ended March 31, 2026
Industrial Coatings segment net sales increased due to the following:
● Favorable foreign currency translation (+4%)
● Higher sales volumes (+1%)
Offset by:
● Lower selling prices (-1%)
Organic sales for automotive OEM coatings decreased by a low single-digit percentage compared to the first quarter 2025 driven by lower indexed-based selling prices. Sales volumes were flat, including share gains, which outpaced the decline in global automotive industry production by about 300 basis points. Margins in the first quarter were negatively impacted by regional mix as China automotive production dropped in comparison to a particularly high level in the first quarter of last year. Global auto industry production in the second quarter is expected to be flat compared to the prior-year quarter with year over year declines in Europe and North America offset by growth in Asia Pacific and Latin America.
First quarter industrial coatings organic sales declined by a low single-digit percentage compared to the prior year driven by higher selling prices which were more than offset by lower sales volumes, mostly in the U.S. Sales in some product categories were above prior-year levels, including growth in heavy duty equipment and coil. The most pronounced weakness was in kitchen and bakeware, consumer electronics and appliances.
First quarter organic sales in packaging coatings increased by a double-digit percentage compared to the prior year, with higher sales volumes partially offset by lower index-based prices. Results reflect the positive momentum from share gains in the U.S. and Canada, Asia Pacific and Europe, aided by expanding European regulations. Globally, beverage and food packaging demand is solid, and PPG sales volume growth is expected to outpace the market.
Segment income was $193 million, a decrease of 10% versus the prior year, driven by lower index-based selling prices and unfavorable sales mix, partially offset by the impact of cost-control actions.
Looking Ahead
Our share gains in automotive OEM coatings and packaging coatings are yielding benefits, and we expect to outperform the respective markets again in the second quarter. As a result, aggregate organic sales for the segment are anticipated to be in the range of flat to a positive low single-digit percentage compared to the second quarter 2025 driven by flat selling prices and higher sales volumes.
Tariff Impact and Mitigation
PPG is impacted by the economic and political conditions in the markets we serve, which includes effects related to the imposition and magnitude of tariffs. The current global macroeconomic environment is highly dynamic, and we continue to monitor changes to tariffs and the corresponding impacts on our business. PPG did not experience a significant decrease in customer demand, significant increase in raw material costs, or other significant adverse impacts related to tariffs during the first three months of 2026. The Company continues to monitor overall economic demand and customer order patterns and is prepared to take actions intended to mitigate adverse impacts, as necessary, through supply chain contingency plans, pricing actions, and/or cost reduction actions.
Middle East Conflict and Price Increases
In the first quarter 2026, a military conflict commenced in the Middle East involving the United States, Israel and Iran. Although we do not have material operations in the Middle East, we continue to assess the impact of the conflict. In recent weeks, the global petrochemical, energy and transportation markets have experienced significant
volatility and supply constraints, driven by factors outside the control of individual suppliers or manufacturers. This is resulting in higher costs for raw materials, energy, logistics and packaging across the coatings value chain. Considering our capabilities and assuming a macro environment with petrochemical feedstock prices at the spot price during April and May, the impact to PPG is expected to be a mid-single-digit percentage increase in the cost of goods sold for the remainder of the year. To ensure continuity of supply and service for customers worldwide, PPG has begun implementing a price increase of up to 20% across all product lines and services on a customer-by-customer basis or as existing contracts allow. Certain product categories, technologies and regions may require higher price adjustments to fully offset current cost inflation, and additional price increases may occur in the future as market conditions continue to evolve.
Liquidity and Capital Resources
PPG had cash and short-term investments totaling $1.6 billion and $2.2 billion at March 31, 2026 and December 31, 2025, respectively.
The Company continues to believe that cash on hand and short-term investments, cash from operations and the Company's ability to access the capital markets will be sufficient to fund our operating activities, capital spending, acquisitions, dividend payments, debt service, share repurchases, contributions to pension plans and contractual obligations.
Cash from operating activities
Cash from operating activities for the three months ended March 31, 2026 was $33 million and cash used for operating activities for the three months ended March 31, 2025 was $18 million. The $51 million increase was primarily due to higher income from continuing operations and lower increases in working capital compared to the prior year.
Operating Working Capital
Operating working capital is a subset of total working capital and represents (1) trade receivables - net of the allowance for doubtful accounts (2) FIFO inventories and (3) trade liabilities. We believe operating working capital represents the key components of working capital under the operating control of our businesses. A key metric we use to measure our working capital management is operating working capital as a percentage of sales (current quarter sales annualized).
($ in millions, except percentages) March 31, 2026 December 31, 2025 March 31, 2025
Trade receivables, net $3,195 $2,783 $2,917
Inventories, FIFO 2,344 2,177 2,288
Trade creditors' liabilities 2,401 2,212 2,362
Operating working capital $3,138 $2,748 $2,843
Operating working capital as a % of sales 20.0 % 17.6 % 19.3 %
Days sales outstanding 65 59 64
Environmental
Three Months Ended
March 31
($ in millions) 2026 2025
Cash outlays for environmental remediation activities $11 $3
($ in millions) Remainder of
2026 		Annually
2027 - 2030
Projected future cash outlays for environmental remediation activities $30 - $50 $20 - $60
Cash used for investing activities
Cash used for investing activities for the three months ended March 31, 2026 and 2025 was $279 million and $168 million, respectively. The $111 million increase in cash used for investing activities was primarily due to business acquisitions in the current year.
Total capital spending is expected to be approximately $650 million to $700 million in 2026 in support of future organic growth opportunities.
Cash used for financing activities
Cash used for financing activities for the three months ended March 31, 2026 was $334 million and cash from financing activities for the three months ended March 31, 2025 was $698 million. The $1,032 million increase in cash used for financing activities was primarily due to net debt activity, including the repayment of the $700 million 1.2% notes, which matured in the quarter.
Credit Agreements
In April 2023, PPG entered into a €500 million term loan credit agreement (the "Term Loan"). The Term Loan contains covenants that are consistent with those in the Credit Agreement discussed below and that are usual and customary restrictive covenants for facilities of its type, which include, with specified exceptions, limitations on the Company's ability to create liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers or transfers of all or substantially all of its assets. In April 2023, PPG borrowed €500 million under the Term Loan. In December 2023, PPG obtained lender commitments sufficient to increase the size of the Term Loan by €250 million. In January 2024, PPG borrowed the additional €250 million. In December 2024, PPG obtained lender commitments sufficient to increase the size of the Term Loan by €300 million. In January 2025, PPG borrowed the additional €300 million. In January 2026, the Term Loan was amended to extend its maturity. Based on this amendment, the Term Loan terminates and all amounts outstanding are payable in January 2029.
In October 2025, PPG amended its five-year credit agreement (the "Credit Agreement") dated as of August 30, 2019 to extend its maturity. The amended Credit Agreement provides for a $2.3 billion unsecured revolving credit facility, of which $2,148 million of the total commitment has a term through July 2029 and $152 million of the total commitment has a term through July 2028. The Company has the ability to increase the size of the Credit Agreement by up to an additional $750 million, subject to the receipt of lender commitments and other conditions precedent. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement. There were no amounts outstanding under the Credit Agreement as of March 31, 2026 and December 31, 2025.
The Term Loan and the Credit Agreement require the Company to maintain a ratio of Total Indebtedness to Total Capitalization, as defined in the Term Loan and the Credit Agreement, of 60% or less; provided, that for any fiscal quarter in which the Company has made an acquisition for consideration in excess of $1 billion and for the next five fiscal quarters thereafter, the ratio of Total Indebtedness to Total Capitalization may not exceed 65% at any time. As of March 31, 2026, Total Indebtedness to Total Capitalization as defined under the Credit Agreement was 45%.
The Credit Agreement also supports the Company's commercial paper borrowings which are classified as long-term based on PPG's intent and ability to refinance these borrowings on a long-term basis. Commercial paper borrowings outstanding under the Credit Agreement were $567 million as of March 31, 2026 and zero as of December 31, 2025.
Other Debt Issued and Repaid
In March 2026, PPG's $700 million 1.2% notes matured, and the Company repaid this obligation using cash on hand.
In March 2025, PPG completed a public offering of €900 million 3.250% Notes due 2032. Refer to Note 6, "Borrowings" in Part I, Item 1 of this Form 10-Q for additional information.
Other Liquidity Information
Restructuring
Aggregate restructuring savings were approximately $20 million in the first quarter 2026. Total restructuring savings are expected to be approximately $60 million in 2026. In addition, the Company continues to review its cost structure to identify additional cost savings opportunities. Refer to Note 5, "Business Restructuring" in Part I, Item 1 of this Form 10-Q for further details on the Company's business restructuring programs. We expect cash outlays related to restructuring actions of approximately $80 million to $100 million in 2026.
Currency
Comparing spot exchange rates at March 31, 2026 and at December 31, 2025, the U.S. dollar was relatively stable against the currencies of many countries within the regions PPG operates, resulting in no impact to consolidated net assets at March 31, 2026 compared to December 31, 2025.
Comparing average exchange rates during the first three months of 2026 to those of the first three months of 2025, the U.S. dollar weakened against the currencies of many countries where PPG operates, including the Mexican peso, partially offset by strengthening against the euro. This had an favorable impact on Income before income taxes for the three months ended March 31, 2026 of $29 million from the translation of these foreign earnings into U.S. dollars.
New Accounting Standards
Refer to Note 2, "New Accounting Standards" in Part I, Item 1 of this Form 10-Q for further details on recently issued accounting guidance.
Commitments and Contingent Liabilities, including Environmental Matters
PPG is involved in a number of lawsuits and claims, both actual and potential, including some that it has asserted against others, in which substantial monetary damages are sought. See Part II, Item 1, "Legal Proceedings" of this Form 10-Q and Note 13, "Commitments and Contingent Liabilities" in Part I, Item 1 of this Form 10-Q for a description of certain of these lawsuits.
As discussed in Part II, Item 1 and Note 13, although the result of any future litigation of such lawsuits and claims is inherently unpredictable, management believes that, in the aggregate, the outcome of all lawsuits and claims involving PPG, including asbestos-related claims, will not have a material effect on PPG's consolidated financial position or liquidity; however, any such outcome may be material to the results of operations of any particular period in which costs, if any, are recognized.
As also discussed in Note 13, PPG has significant reserves for environmental contingencies. Refer to the Environmental Matters section of Note 13 for details of these reserves. It is PPG's policy to accrue expenses for contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Reserves for environmental contingencies are exclusive of claims against third parties and are generally not discounted. In management's opinion, the Company operates in an environmentally sound manner and the outcome of the Company's environmental contingencies will not have a material effect on PPG's financial position or liquidity; however, any such outcome may be material to the results of operations of any particular period in which costs, if any, are recognized. Management anticipates that the resolution of the Company's environmental contingencies will occur over an extended period of time.
Critical Accounting Estimates
Management has evaluated the accounting policies used in the preparation of the financial statements and related notes presented in this Form 10-Q and believes those policies to be reasonable and appropriate. We believe that the most critical accounting estimates made in the preparation of our financial statements are those related to accounting for contingencies, under which we accrue a loss when it is probable that a liability has been incurred and the amount can be reasonably estimated, and to accounting for pensions, other postretirement benefits, business combinations, goodwill and other identifiable intangible assets with indefinite lives because of the importance of management judgment in making the estimates necessary to apply these policies.
For a comprehensive discussion of the Company's critical accounting estimates, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2025 Form 10-K. There were no material changes in the Company's critical accounting estimates from the 2025 Form 10-K.
Forward-Looking Statements
Management's Discussion and Analysis and other sections of this Quarterly Report contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do not relate strictly to current or historic facts. Forward-looking statements are identified by the use of the words "aim," "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast" and other expressions that indicate future events and trends. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our reports to the SEC. Also, note the following cautionary statements.
Many factors could cause actual results to differ materially from the Company's forward-looking statements. Such factors include statements related to earnings guidance, global economic conditions, geopolitical issues, increasing price and product competition by our competitors, fluctuations in cost and availability of raw materials, energy, labor and logistics, the ability to achieve selling price increases, margins, share gains, customer inventory levels, PPG inventory levels, our ability to maintain favorable supplier relationships and arrangements, the timing of and the
realization of anticipated cost savings from restructuring initiatives, the ability to identify additional cost savings opportunities, the timing and expected benefits of our acquisitions, difficulties in integrating acquired businesses and achieving expected synergies therefrom, the amount of future share repurchases, economic and political conditions in the markets we serve, the imposition and magnitude of tariffs, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, cybersecurity events, global human health issues, the unpredictability of existing and possible future litigation, including asbestos litigation, and government investigations. However, it is not possible to predict or identify all such factors.
Consequently, while the list of factors presented here and in the 2025 Form 10-K under Item 1A is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
Consequences of material differences in the results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or income, business disruption, operational problems, financial loss, legal liability to third parties, other factors set forth in Item 1A of the 2025 Form 10-K and similar risks, any of which could have a material adverse effect on the Company's consolidated financial condition, results of operations or liquidity.
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