PPG Industries, Inc. (PPG) Earnings Call Transcripts
PPG Industries, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of 2026, PPG Industries reported net sales of $4.5 billion, reflecting a 7% year-over-year increase, and adjusted earnings per share (EPS) of $2.23, slightly higher than the previous year. The company achieved its sixth consecutive quarter of organic sales growth, up 4%, driven by strong performance in aerospace and architectural coatings, while facing challenges in automotive refinish. Management reaffirmed full-year adjusted EPS guidance of $7.70 to $8.10, indicating confidence in continued growth despite inflationary pressures.
Reported metrics
| Metric | Value |
|---|---|
| Net Sales | $4.5B (beat) |
| Adjusted EPS | $2.23 (inline) |
| Organic Sales Growth | 4% (beat) |
| Adjusted EBITDA Margin | 17% (inline) |
| Cash from Operating Activities | $600M (positive) |
| Share Repurchases | $75M (positive) |
Guidance from management
Management reaffirmed full-year adjusted EPS guidance of $7.70 to $8.10, indicating confidence in ongoing growth despite inflationary pressures. They expect third-quarter organic sales growth in the range of low single digits to mid-single digits.
What management said
Matt, this is Alex. And just to add some color to your third question sequentially. The topping margin on that segment. Let's remember, price net inflation in Q1 was positive. Price and inflation in Q2 on that segment is neutral. It covered inflation, but we -- it was positive in Q1, flat in Q2.
Yes. And then on refinish, Chris, you'll recall in October, we told everyone on this call and we told the world that we recognize we were going to be subject to a significant destocking until the middle of '26. We're now in the middle of '26, and that's significant destocking is behind us. And so now the path forward here is net-net, Body Shop wins, which we typically do very well at. So again, we feel great about th...
What analysts pressed on
Analysts expressed concerns regarding the significant drop in automotive refinish sales and the sustainability of growth in that segment. There were also questions about the impact of rising raw material costs and how PPG plans to maintain pricing power amidst these challenges.
Main topics on the call
- Organic Sales Growth — PPG achieved organic sales growth of 4% in Q2 2026, with contributions from both sales volumes and pricing. Management noted, "We outpaced the industry by 300 basis points, achieving organic growth in all 3 segments and ...
- Aerospace Performance — The aerospace segment saw double-digit sales growth, contributing significantly to overall performance. Management highlighted, "Aerospace achieved exceptional quarterly sales with double-digit percentage growth," indica...
- Challenges in Automotive Refinish — Automotive refinish sales volumes decreased by a double-digit percentage, primarily due to challenging year-over-year comparisons. Management stated, "The drop in sales was entirely refinish year-over-year comps," but ex...
- Pricing Power and Inflation Management — PPG covered about 90% of cost of goods sold inflation through pricing actions, with management stating, "This represents a faster rate of price realization than we achieved during the previous cycles." They expect to rea...
Read the full PPG Industries, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About PPG Industries, Inc.
PPG Industries, Inc. (PPG) is a publicly listed company in the Chemicals industry, within the Materials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 37 calls on record spanning January 16, 2020 to July 29, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 37 PPG Industries, Inc. earnings call transcripts on record, spanning January 16, 2020 to July 29, 2026. Based on this history, PPG Industries, Inc. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.