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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Dave Begleiter	Deutsche Bank	8 questions · 13% challenging
Kevin McCarthy	Vertical Research Partners	7 questions · 29% challenging
Ghansham Panjabi	Robert W. Baird	7 questions · 0% challenging
John Roberts	Mizuho Securities	7 questions · 0% challenging
Chris Parkinson	Wolfe Research	7 questions · 0% challenging
Duffy Fischer	Goldman Sachs	6 questions · 17% challenging
Patrick Cunningham	Citigroup	6 questions · 0% challenging
Vincent Andrews	Morgan Stanley	6 questions · 33% challenging
Josh Spector	UBS	6 questions · 33% challenging
John McNulty	BMO Capital Markets	6 questions · 50% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Deutsche Bank	1 analyst	8 questions · 13% challenging
Vertical Research Partners	1 analyst	7 questions · 29% challenging
Mizuho Securities	1 analyst	7 questions · 0% challenging
Morgan Stanley	2 analysts	7 questions · 29% challenging
Robert W. Baird	1 analyst	7 questions · 0% challenging
UBS	2 analysts	7 questions · 29% challenging
Fermium Research	2 analysts	7 questions · 0% challenging
Wolfe Research	1 analyst	7 questions · 0% challenging

Quarter in detail

· FY2026 Q1

Macro Signals

→Enterprise Spending→Consumer Spending↓Trade & Tariffs↓Inflation

PPG posted Q1 adjusted EPS of $1.83, up 6%, with net sales of $3.9 billion increasing 7% year-over-year on 1% organic growth. Aerospace continued double-digit growth with a $350 million backlog, and Global Architectural segment income surged over 30%. Management reaffirmed FY2026 EPS guidance of $7.70-$8.10 despite geopolitical headwinds, while PMC delivered its twelfth consecutive quarter of volume growth.

Key Themes9

positive📊 company

Fifth Consecutive Quarter Of Organic Growth Despite Challenging Macro

Organic sales growth of positive 1% marking fifth consecutive quarter of higher year-over-year organic sales. Net sales totaled $3.9 billion up 7% year-over-year. Adjusted EPS $1.83 up 6% versus prior year. Segment EBITDA margin over 19%.

Revenue GrowthDemand

positive📊 company

Aerospace Continues Double-Digit Growth With $350M Backlog

Aerospace delivered double-digit organic growth beating internal expectations with backlog remaining at about $350 million despite year-over-year output increase. PPG continues incremental debottlenecking investments of about $150 million plus $380 million new plant commissioning in 2027 time frame. Additional investments being engineered.

Revenue GrowthCapex Investment

positive📊 company

Global Architectural Net Sales Up 13% With Mexico Retail Strong

Global Architectural Coatings first quarter net sales rose 13% to $965 million with positive 2% organic growth. Mexico retail sales especially strong with project-related sales continuing recovery. Latin America and Asia Pacific increased by mid-single-digit percentage. Segment income increased more than 30% with EBITDA margins up 230 basis points.

Revenue GrowthMarginGeographic Expansion

negative🌍 macro

Iran War Driving Mid-Single-Digit COGS Inflation Across Value Chain

Costs have risen for raw materials, energy, logistics and packaging across the coatings value chain due to Iran war. Mid-single-digit percentage COGS inflation expected for remainder of year. PPG announced price increases up to 20% on select products; needs low single-digit realization overall to offset. Expects price-cost neutrality much faster than prior cycles.

Cost PressurePricing

positive📊 company

Refinish Claims Normalizing Faster Than Expected With Distributor Orders Improving

Automotive refinish organic sales decreased by double-digit percentage as expected from H1 2025 order pattern laps. February and March industry claims down only 1% year-over-year making 3 out of last 4 months with low single-digit declines. U.S. distributor fulfillment orders sequentially improving as inventory levels normalize. Volume growth anticipated second half 2026.

DemandInventory

positive📊 company

FY2026 EPS Guidance Reaffirmed At $7.70-$8.10 Despite Geopolitical Headwinds

Reaffirmed full year 2026 EPS guidance range of $7.70 to $8.10. Confident pricing actions and portfolio strengths will offset geopolitical-driven cost impacts. Second quarter expected flat to positive low single-digit organic growth with flat to positive low single-digit EPS growth.

Guidance Reliability

mixed📊 company

Industrial Segment Flat Organically With Packaging Up Double Digits On 2-Year Stack

Industrial Coatings segment net sales grew 4% to $1.6 billion but organic sales were flat. Auto OEM volumes flat outpacing industry decline by about 300 basis points. Packaging coatings organic sales increased double-digit percentage with volumes up over 20% on 2-year stack basis. Industrial Coatings business down low single-digit percentage. Segment EBITDA margin negatively impacted by China auto mix.

Revenue GrowthCompetitive DynamicsMargin

positive📊 company

Four European Plants Closing H2 2026 With $50M Annual Restructuring Savings

Four manufacturing plants will be closed in second half of 2026 resulting in approximately $25 million fixed cost reduction in perpetuity starting 2027. Total structural restructuring benefits of about $50 million in 2026 and another $50 million in 2027 including back-office reductions and formula optimization.

Cost PressureRestructuring

positive📊 company

PMC Delivers 12th Consecutive Quarter Of Volume Growth

Protective and marine coatings delivered high single-digit organic growth marking 12th consecutive quarter of positive volume growth. Strength driven by Asia marine newbuild and aftermarket. Launched comprehensive end-to-end data center offering. Infrastructure and data center demand relatively unaffected by macro headwinds.

Revenue GrowthDemand

Q&A Topicsfrequency by quarter

	Demand	Competitive Dynamics	Margin	Revenue Growth	Capital Allocation	Guidance Reliability	Geographic Expansion	Pricing
2024Q4	4	2	2	4	2	3	3	2
2025Q1	12	5	3	4	1	4	2	2
2025Q2	8	5	5	5	2	1	2
2025Q3	5	3	3	2	4	1	2	1
2025Q4	6	4	3	3	2	3	2	1
2026Q1	6	2	4	1	2		1	5

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Demand	4	12	8	5	6	6
Competitive Dynamics	2	5	5	3	4	2
Margin	2	3	5	3	3	4
Revenue Growth	4	4	5	2	3	1
Capital Allocation	2	1	2	4	2	2
Guidance Reliability	3	4	1	1	3
Geographic Expansion	3	2	2	2	2	1
Pricing	2	2		1	1	5

Analyst Q&A16 analysts · 16 questions · 25% challenge

Chris ParkinsonWolfe Research

perhaps you could just give us kind of the puts and takes. Obviously, you've been very proactive in pricing in terms of those dynamics, which is helpful in terms of to contemplate

View in transcript →

Dave BegleiterDeutsche Bank

on the 20% -- on the price increases you've announced, how should we think about the realizations that you will realize

View in transcript →

View Basic Materials sector trends →View Chemicals - Specialty industry trends →

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Op margin	Net margin	FCF
FY2024 Q4	$2.17B	-4.7%	$-1.20	-415.8%	17.6%	-12.9%	$148M
FY2025 Q1	$3.68B	-4.0%	$1.63	-3.6%	13.1%	10.1%	$-227M
FY2025 Q2	$4.20B	-0.9%	$1.98	-11.6%	15.5%	10.7%	$266M
FY2025 Q3	$4.08B	+1.0%	$2.00	0.0%	10.7%	11.1%	$538M
FY2025 Q4	$3.91B	+5.0%	$1.33	+210.8%	11.5%	7.7%	$586M
FY2026 Q1Selected	$3.93B	+6.7%	$1.70	+4.3%	13.4%	9.7%	$-163M
FY2026 Q2	$4.50B	+7.2%	$1.95	-1.5%	14.1%	9.7%	$472M

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “adjusted earnings per share of $1.83 and an increase of 6% versus the prior year”
Revenue: “Net sales totaled $3.9 billion, up 7% year-over-year with organic sales growth of positive 1%”
Guidance: “reaffirming our full year 2026 EPS guidance range of $7.70 to $8.10”
Key metric: “segment EBITDA margin was over 19%; Global Architectural segment income increased more than 30%; Performance Coatings segment EBITDA strong at 24%; aerospace backlog remains at about $350 million”

Industry Peersas of Q1 2026

Chemicals - Specialty

Company	Score	Rev YoY	Headline
PPG PPG Industries	6	+6.7%	Fifth consecutive quarter of organic growth despite challenging macro
ALB Albemarle Corporation	9	+32.7%	Revenue surges 33% with adjusted EBITDA more than doubling
APD Air Products	9	+8.8%	Air Products delivered Q2 EPS of $3.20 growing 19% as sales rose 9% driven by volume-led growth across the core industrial gas portfolio, the strongest top-line performance in several quarters
DD DuPont	6	-45.2%	Strong Start to 2026 with Beat and Raise
ECL Ecolab	7	+10.0%	Adjusted EPS grows 13% with accelerating organic momentum
IFF International Flavors & Fragrances	6	-3.6%	Solid 3% CCN growth with all segments contributing
LIN Linde plc	9	+8.3%	Sales surged 8% to $8.8 billion with EPS of $4.33 up 10%, or 5% excluding favorable currency translation, as margin expansion tracked at the upper end of the range
LYB LyondellBasell	4	-6.3%	Middle East conflict disrupts >20% of global PE/PP capacity
SHW The Sherwin-Williams Company	6	+6.8%	Aggressive share gains across all segments

Shared themes this quarter

PPALAPDDECIFLILYSH

Demand

PPALAPDDECIFLILYSH

Macro signal alignment

Consumer spending

PPG ALB↑ DD IFF LYB

Supply chain

ALB APD↓ LIN↓ LYB↓ SHW

Trade & tariffs

↓ PPG↓ APD↓ DD↓ IFF LYB

Top analysts & firms

Most active analysts

Most active firms

Corporate events

Quarter in detail

Q&A Topicsfrequency by quarter

PPG Industries PPG

Score details · FY2026 Q1

Share price · trailing year

Key financials

As stated by management