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# Sherwin-Williams Has $3.85 Billion Of Borrowings Due Within A Year After $2.36 Billion In Buybacks
- URL: https://www.bullished.co/sherwin-williams-has-3-85-billion-of-borrowings-due-within-a-year-after-2-36-billion-in-3cde15bd/
- Published: 2026-10-27T18:26:03.000Z
- Updated: 2026-10-27T18:26:03.000Z
- Description: The paint maker's current ratio slipped to 0.71 as short-term debt grew alongside nine months of heavy share repurchases.
- Author: Matteo Parrino
- Tags: SEC Filings, SHW, Industry: Materials

[Sherwin-Williams](https://www.bullished.co/tag/shw/), which makes and sells paint and coatings through more than 4,800 company-run stores, now owes [$3.852 billion](https://www.sec.gov/Archives/edgar/data/0000089800/000008980026000056/shw-20260930.htm?ref=bullished.co) in borrowings due within a year, its 10-Q filed Tuesday shows. That is $2.354 billion of short-term borrowings plus a $1.499 billion current slice of long-term debt, and it arrives after the company spent $2.357 billion on buybacks in nine months.

## A deficit that keeps widening

A year earlier, the same two lines were $1.847 billion and $350.5 million. Total current liabilities reached $9.849 billion at September 30, against $7.474 billion a year before and current assets of $7.027 billion.

The current ratio, current assets divided by current liabilities, fell to 0.71 from 0.82 at September 30, 2025\. Net working capital is a deficit of $2.822 billion, against $1.327 billion a year earlier; the [prior quarter's 10-Q](https://www.sec.gov/Archives/edgar/data/0000089800/000008980026000049/shw-20260630.htm?ref=bullished.co) showed a ratio of 0.73.

Cash was $264.2 million. Total debt stood at $11.795 billion, versus $10.871 billion at the end of 2025.

## Short loans, big repurchases

In September the company signed a 364-day, $750.0 million term loan and a 364-day, €100.0 million loan. The filing says the dollar loan paid off two delayed-draw term loans and covered general corporate purposes; the euro loan carries two six-month extension options. Commercial paper, short-term IOUs, stood at $1.604 billion.

Treasury stock purchases were $2.357 billion for the first nine months, versus $1.538 billion a year earlier, for 7.1 million shares at an average $331.99\. Operating cash was $2.591 billion and dividends $588.9 million. Shareholders' equity fell to $3.977 billion from $4.598 billion at year-end 2025.

The company says it has $2.322 billion of unused credit capacity, expects to stay within its financial covenants, and describes its liquidity as strong.

## Margins squeezed by costs and Suvinil

Third-quarter sales rose 7.9% to [$6.860 billion](https://finance.yahoo.com/markets/stocks/articles/sherwin-williams-q3-earnings-snapshot-110827106.html?ref=bullished.co), helped by the October 2025 purchase of Suvinil, a Brazilian decorative paint business. Gross margin fell to 47.8% from 49.2%, which the company ties to raw-material and supply-chain costs and Suvinil's dilution. Interest expense rose $22.1 million in the quarter on higher debt.

Net income for the nine months rose 5.1% to $2.199 billion. In its [earnings release](https://www.marketwatch.com/story/sherwin-williams-reports-lower-3q-profit-narrows-outlook-166fa951?ref=bullished.co), CEO Heidi G. Petz said customer sentiment and leading indicators "point to muted demand over the remainder of the year and into 2027." Shares traded at $328.72 in Tuesday trading, down 1.92%, for a market value of $81.4 billion.

The next 10-Q will show whether the two 364-day loans are extended, refinanced or repaid.

### Sources

- [10-Q Filing — Sherwin-Williams (SHW)](https://www.sec.gov/Archives/edgar/data/0000089800/000008980026000056/shw-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Sherwin-Williams (SHW), Q2 FY2026 filed 2026-07-28 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000089800/000008980026000049/shw-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, shwearningsrelease3q2026.htm) — Sherwin-Williams, filed 2026-10-27](https://www.sec.gov/Archives/edgar/data/0000089800/000008980026000054/shwearningsrelease3q2026.htm?ref=bullished.co) — SEC EDGAR
- [Sherwin Williams reports mixed Q3 results; updates FY26 outlook (NYSE:SHW) | Seeking Alpha](https://seekingalpha.com/news/4657748-sherwin-williams-reports-mixed-q3-results-updates-fy26-outlook?ref=bullished.co) — seekingalpha.com
- [Sherwin-Williams Reports Lower 3Q Profit, Narrows Outlook](https://www.marketwatch.com/story/sherwin-williams-reports-lower-3q-profit-narrows-outlook-166fa951?ref=bullished.co) — MarketWatch
- [Sherwin-Williams: Q3 Earnings Snapshot](https://finance.yahoo.com/markets/stocks/articles/sherwin-williams-q3-earnings-snapshot-110827106.html?ref=bullished.co) — Associated Press
- [Sherwin-Williams stock drops on earnings miss; costs pressure margins (SHW:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4657778-sherwin-williams-stock-drops-on-earnings-miss-costs-pressure-margins?ref=bullished.co) — seekingalpha.com
- [Earnings Growth Outlook Might Change The Case For Investing In Sherwin Williams (SHW)](https://finance.yahoo.com/markets/stocks/articles/earnings-growth-outlook-might-change-021448263.html?ref=bullished.co) — Yahoo Finance

### More on Sherwin-Williams

- [Sherwin-Williams CEO Says Profit Conversion Fell 'Below Our Standards' As 2027 Savings Target Hits $75 Million](https://www.bullished.co/sherwin-williams-ceo-says-profit-conversion-fell-below-our-standards-as-2027-savings-700dbeec/)
- [Sherwin-Williams Sales Climb 7.9% To $6.86 Billion, But Net Income Slips 1.5% On Costs](https://www.bullished.co/sherwin-williams-sales-climb-7-9-to-6-86-billion-but-net-income-slips-1-5-on-costs-41031cd4/)

[All Sherwin-Williams (SHW) coverage →](https://www.bullished.co/tag/shw/)