ppg-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 10-Q

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☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 1-1687

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PPG INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

25-0730780

(I.R.S. Employer Identification No.)

Pennsylvania

(State or Other Jurisdiction of Incorporation or Organization)

One PPG Place, Pittsburgh, Pennsylvania

(Address of Principal Executive Offices)

15272

(Zip Code)

(412) 434-3131

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.66 2/3

PPG

New York Stock Exchange

1.400% Notes due 2027

PPG 27

New York Stock Exchange

2.750% Notes due 2029

PPG 29A

New York Stock Exchange

3.250% Notes due 2032

PPG 32

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☑	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of March 31, 2026, 222.9 million shares of the Registrant’s common stock, par value $1.66 2/3 per share, were outstanding.

PPG INDUSTRIES, INC. AND SUBSIDIARIES

INDEX


		PAGE
Part I. Financial Information
Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statement of Income	2
	Condensed Consolidated Statement of Comprehensive Income	3
	Condensed Consolidated Balance Sheet	4
	Condensed Consolidated Statement of Shareholders' Equity	5
	Condensed Consolidated Statement of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34
Part II. Other Information
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
Signatures		39

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PPG INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Income (Unaudited)


	Three Months Ended March 31
($ in millions, except per share amounts)	2026	2025
Net sales	$3,930	$3,684
Cost of sales, exclusive of depreciation and amortization	2,275	2,142
Selling, general and administrative	885	838
Depreciation	105	89
Amortization	27	32
Research and development, net	113	102
Interest expense	61	56
Interest income	(37)	(43)
Other income, net	(16)	(34)
Income before income taxes	$517	$502
Income tax expense	132	122
Income from continuing operations	$385	$380
Loss from discontinued operations, net of tax	—	(2)
Net income attributable to controlling and noncontrolling interests	$385	$378
Net income attributable to noncontrolling interests	(3)	(5)
Net income (attributable to PPG)	$382	$373
Amounts attributable to PPG:
Income from continuing operations, net of tax	$382	$375
Loss from discontinued operations, net of tax	—	(2)
Net income (attributable to PPG)	$382	$373

Earnings per common share:
Income from continuing operations, net of tax	$1.71	$1.64
Loss from discontinued operations, net of tax	—	(0.01)
Earnings per common share (attributable to PPG)	$1.71	$1.63

Earnings per common share – assuming dilution:
Income from continuing operations, net of tax	$1.70	$1.64
Loss from discontinued operations, net of tax	—	(0.01)
Earnings per common share (attributable to PPG) - assuming dilution	$1.70	$1.63

The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement.

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PPG INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Comprehensive Income (Unaudited)


	Three Months Ended March 31
($ in millions)	2026	2025
Net income attributable to controlling and noncontrolling interests	$385	$378
Other comprehensive (loss)/income, net of tax:
Defined benefit pension and other postretirement benefits	(2)	(5)
Unrealized foreign currency translation adjustments	(6)	281

Other comprehensive (loss)/income, net of tax:	($8)	$276
Total comprehensive income	$377	$654
Less: amounts attributable to noncontrolling interests:
Net income	(3)	(5)
Unrealized foreign currency translation adjustments	6	(1)
Comprehensive income attributable to PPG	$380	$648

The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement.

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PPG INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheet (Unaudited)


($ in millions)	March 31, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$1,573	$2,163
Short-term investments	51	56
Receivables, net	3,676	3,336
Inventories	2,162	1,996
Other current assets	508	408
Total current assets	$7,970	$7,959
Property, plant and equipment (net of accumulated depreciation of $4,777 and $4,724)	3,995	4,005
Goodwill	6,152	6,149
Identifiable intangible assets, net	1,960	1,971
Deferred income taxes	499	481
Investments	346	332
Operating lease right-of-use assets	603	604
Other assets	625	597
Total assets	$22,150	$22,098
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$4,001	$3,957
Restructuring reserves	78	99
Short-term debt and current portion of long-term debt	736	706
Current portion of operating lease liabilities	138	138

Total current liabilities	$4,953	$4,900
Long-term debt	6,407	6,602
Operating lease liabilities	449	450
Accrued pensions	550	550
Other postretirement benefits	390	392
Deferred income taxes	496	457
Other liabilities	651	650
Total liabilities	$13,896	$14,001
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:
Common stock	$969	$969
Additional paid-in capital	1,354	1,325
Retained earnings	23,165	22,942
Treasury stock, at cost	(15,206)	(15,119)
Accumulated other comprehensive loss	(2,178)	(2,176)
Total PPG shareholders’ equity	$8,104	$7,941
Noncontrolling interests	150	156
Total shareholders’ equity	$8,254	$8,097
Total liabilities and shareholders' equity	$22,150	$22,098

The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement.

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PPG INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Shareholders' Equity (Unaudited)


($ in millions)	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total PPG	Non-controlling Interests	Total
January 1, 2026	$969	$1,325	$22,942	($15,119)	($2,176)	$7,941	$156	$8,097
Net income attributable to controlling and noncontrolling interests	—	—	382	—	—	382	3	385
Other comprehensive loss, net of tax	—	—	—	—	(2)	(2)	(6)	(8)
Cash dividends	—	—	(159)	—	—	(159)	—	(159)
Purchase of treasury stock	—	—	—	(101)	—	(101)	—	(101)
Issuance of treasury stock	—	34	—	14	—	48	—	48
Stock-based compensation activity	—	(5)	—

SEC Form 10-Q filed by PPG Industries Inc.