Subtext

The Sherwin-Williams Company SHW

SectorMaterials
Transcripts72
Date range2007-07-19 – 2025-04-29
Calls charted72

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Overall: +9.22007 Q3 · Overall: +2.02007 Q4 · Overall: +2.92008 Q1 · Overall: +2.92008 Q2 · Overall: -11.22008 Q3 · Overall: -0.42008 Q4 · Overall: -1.02009 Q1 · Overall: -7.12009 Q2 · Overall: -9.12009 Q3 · Overall: -5.32009 Q4 · Overall: -4.02010 Q1 · Overall: +4.22010 Q2 · Overall: +0.92010 Q3 · Overall: -1.62010 Q4 · Overall: +0.22011 Q1 · Overall: +0.02011 Q2 · Overall: -1.02011 Q3 · Overall: +1.62011 Q4 · Overall: -1.52012 Q1 · Overall: +1.02012 Q2 · Overall: +3.42012 Q3 · Overall: +2.82012 Q4 · Overall: +2.12013 Q1 · Overall: +1.62013 Q2 · Overall: +8.62013 Q3 · Overall: +4.62013 Q4 · Overall: -3.32014 Q1 · Overall: -0.22014 Q2 · Overall: +6.42014 Q3 · Overall: +7.82014 Q4 · Overall: +8.92015 Q1 · Overall: +5.62015 Q2 · Overall: +6.52015 Q3 · Overall: +2.32015 Q4 · Overall: +4.32016 Q1 · Overall: +6.52016 Q2 · Overall: +3.22016 Q3 · Overall: +4.62016 Q4 · Overall: +4.32017 Q1 · Overall: +6.62017 Q2 · Overall: +3.22017 Q3 · Overall: +0.42017 Q4 · Overall: +4.62018 Q1 · Overall: +7.42018 Q2 · Overall: +6.02018 Q3 · Overall: -3.32018 Q4 · Overall: +4.22019 Q1 · Overall: +5.42019 Q2 · Overall: +7.12019 Q3 · Overall: +10.62019 Q4 · Overall: +9.42020 Q1 · Overall: +2.62020 Q2 · Overall: +10.62020 Q3 · Overall: +10.22020 Q4 · Overall: +13.52021 Q1 · Overall: +10.42021 Q2 · Overall: +8.22021 Q3 · Overall: +5.32021 Q4 · Overall: +6.82022 Q1 · Overall: +9.92022 Q2 · Overall: +7.32022 Q3 · Overall: +9.22022 Q4 · Overall: +7.12023 Q1 · Overall: +9.22023 Q2 · Overall: +10.52023 Q3 · Overall: +8.22023 Q4 · Overall: +11.42024 Q1 · Overall: +6.32024 Q2 · Overall: +9.82024 Q3 · Overall: +9.62024 Q4 · Overall: +12.52025 Q1 · Overall: +9.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-32-16+0+16+322007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · CEO: +21.62007 Q3 · CEO: +7.12007 Q4 · CEO: +8.62008 Q2 · CEO: -2.02008 Q3 · CEO: +0.02008 Q4 · CEO: -13.92009 Q1 · CEO: -4.92009 Q2 · CEO: +4.32009 Q3 · CEO: +0.32009 Q4 · CEO: +6.82010 Q1 · CEO: +7.82010 Q2 · CEO: +6.52010 Q3 · CEO: +2.42010 Q4 · CEO: +4.82011 Q1 · CEO: +3.92011 Q2 · CEO: +9.82011 Q3 · CEO: +6.12011 Q4 · CEO: +8.22012 Q1 · CEO: +2.32012 Q2 · CEO: +4.42012 Q3 · CEO: +11.12012 Q4 · CEO: +7.42013 Q1 · CEO: +8.52013 Q2 · CEO: +11.62013 Q3 · CEO: +9.02013 Q4 · CEO: +7.92014 Q1 · CEO: +9.92014 Q2 · CEO: +15.62014 Q3 · CEO: +16.82014 Q4 · CEO: +12.02015 Q3 · CEO: +4.12015 Q4 · CEO: +6.72016 Q3 · CEO: +17.02016 Q4 · CEO: +18.32017 Q1 · CEO: +13.52017 Q2 · CEO: +9.02017 Q3 · CEO: +7.82017 Q4 · CEO: +10.62018 Q1 · CEO: +15.82018 Q2 · CEO: +11.42018 Q3 · CEO: +5.22018 Q4 · CEO: +16.52019 Q1 · CEO: +14.52019 Q2 · CEO: +16.72019 Q3 · CEO: +24.22019 Q4 · CEO: +19.42020 Q1 · CEO: +9.62020 Q2 · CEO: +16.82020 Q3 · CEO: +16.32020 Q4 · CEO: +20.62021 Q1 · CEO: +16.62021 Q2 · CEO: +12.82021 Q3 · CEO: +10.72021 Q4 · CEO: +13.32022 Q1 · CEO: +14.72022 Q2 · CEO: +12.62022 Q3 · CEO: +14.32022 Q4 · CEO: +9.12023 Q1 · CEO: +15.62023 Q2 · CEO: +16.42023 Q3 · CEO: +24.22023 Q4 · CEO: +17.12024 Q1 · CEO: +11.72024 Q2 · CEO: +16.12024 Q3 · CEO: +10.62024 Q4 · CEO: +18.22025 Q1 · CEO: +14.22007 Q2 · CFO: +27.82007 Q4 · CFO: +2.22008 Q2 · CFO: -2.82009 Q1 · CFO: -13.12009 Q2 · CFO: -5.02009 Q3 · CFO: -5.22009 Q4 · CFO: -0.82010 Q3 · CFO: -1.22010 Q4 · CFO: +2.32011 Q1 · CFO: +0.72011 Q2 · CFO: -2.92011 Q3 · CFO: +5.02011 Q4 · CFO: -3.92012 Q1 · CFO: +1.72012 Q2 · CFO: +3.42012 Q3 · CFO: +3.52012 Q4 · CFO: +6.12013 Q1 · CFO: +1.42013 Q2 · CFO: +13.72013 Q3 · CFO: +7.92013 Q4 · CFO: +2.92014 Q1 · CFO: +2.92014 Q2 · CFO: +9.92014 Q3 · CFO: +8.02014 Q4 · CFO: +12.82015 Q3 · CFO: +0.02015 Q4 · CFO: +14.32016 Q3 · CFO: +9.52016 Q4 · CFO: +10.12017 Q1 · CFO: +0.02017 Q2 · CFO: +4.62017 Q3 · CFO: +4.42017 Q4 · CFO: +15.32018 Q1 · CFO: +10.82018 Q2 · CFO: +9.92018 Q3 · CFO: +6.32018 Q4 · CFO: +6.02019 Q1 · CFO: +14.32019 Q2 · CFO: +17.32019 Q3 · CFO: +14.02019 Q4 · CFO: +14.62020 Q1 · CFO: +10.82020 Q2 · CFO: +13.92020 Q3 · CFO: +12.02020 Q4 · CFO: +15.12021 Q1 · CFO: +14.22021 Q2 · CFO: +10.92021 Q3 · CFO: +7.82021 Q4 · CFO: +6.32022 Q1 · CFO: +7.22022 Q2 · CFO: +14.42022 Q3 · CFO: +7.02022 Q4 · CFO: +7.92023 Q1 · CFO: +13.92023 Q2 · CFO: +10.72023 Q3 · CFO: +4.42023 Q4 · CFO: +15.02024 Q1 · CFO: +10.12024 Q2 · CFO: +9.22024 Q3 · CFO: +15.62024 Q4 · CFO: +17.32025 Q1 · CFO: +14.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-27-14+0+14+272007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Prepared remarks: +11.02007 Q3 · Prepared remarks: +5.92007 Q4 · Prepared remarks: +11.12008 Q1 · Prepared remarks: +10.82008 Q2 · Prepared remarks: -14.92008 Q3 · Prepared remarks: -1.62008 Q4 · Prepared remarks: -2.92009 Q1 · Prepared remarks: -15.02009 Q2 · Prepared remarks: -13.32009 Q3 · Prepared remarks: -9.32009 Q4 · Prepared remarks: -7.32010 Q1 · Prepared remarks: +4.42010 Q2 · Prepared remarks: +8.42010 Q3 · Prepared remarks: +3.92010 Q4 · Prepared remarks: -4.32011 Q1 · Prepared remarks: +1.72011 Q2 · Prepared remarks: +3.02011 Q3 · Prepared remarks: +3.12011 Q4 · Prepared remarks: +6.42012 Q1 · Prepared remarks: +0.02012 Q2 · Prepared remarks: +14.62012 Q3 · Prepared remarks: +4.02012 Q4 · Prepared remarks: +2.92013 Q1 · Prepared remarks: -0.52013 Q2 · Prepared remarks: +11.12013 Q3 · Prepared remarks: +12.12013 Q4 · Prepared remarks: -3.62014 Q1 · Prepared remarks: -8.22014 Q2 · Prepared remarks: +10.72014 Q3 · Prepared remarks: +19.02014 Q4 · Prepared remarks: +21.62015 Q1 · Prepared remarks: +8.42015 Q2 · Prepared remarks: +9.32015 Q3 · Prepared remarks: +0.52015 Q4 · Prepared remarks: +1.32016 Q1 · Prepared remarks: +8.52016 Q2 · Prepared remarks: +5.92016 Q3 · Prepared remarks: +3.12016 Q4 · Prepared remarks: +0.42017 Q1 · Prepared remarks: +8.72017 Q2 · Prepared remarks: +2.52017 Q3 · Prepared remarks: -0.92017 Q4 · Prepared remarks: +15.72018 Q1 · Prepared remarks: +10.92018 Q2 · Prepared remarks: +9.32018 Q3 · Prepared remarks: -5.32018 Q4 · Prepared remarks: +4.92019 Q1 · Prepared remarks: +6.62019 Q2 · Prepared remarks: +1.92019 Q3 · Prepared remarks: +10.22019 Q4 · Prepared remarks: +2.82020 Q1 · Prepared remarks: +1.92020 Q2 · Prepared remarks: +23.82020 Q3 · Prepared remarks: +20.72020 Q4 · Prepared remarks: +18.42021 Q1 · Prepared remarks: +17.62021 Q2 · Prepared remarks: +11.62021 Q3 · Prepared remarks: +6.32021 Q4 · Prepared remarks: +8.02022 Q1 · Prepared remarks: +9.02022 Q2 · Prepared remarks: +4.42022 Q3 · Prepared remarks: +11.02022 Q4 · Prepared remarks: +6.62023 Q1 · Prepared remarks: +7.92023 Q2 · Prepared remarks: +13.32023 Q3 · Prepared remarks: +7.22023 Q4 · Prepared remarks: +17.22024 Q1 · Prepared remarks: +15.62024 Q2 · Prepared remarks: +15.62024 Q3 · Prepared remarks: +4.12024 Q4 · Prepared remarks: +17.92025 Q1 · Prepared remarks: +13.52007 Q2 · Q&A responses: +14.02007 Q3 · Q&A responses: +6.12007 Q4 · Q&A responses: +3.82008 Q1 · Q&A responses: +7.02008 Q2 · Q&A responses: -2.32008 Q3 · Q&A responses: +2.32008 Q4 · Q&A responses: -0.52009 Q1 · Q&A responses: -3.02009 Q2 · Q&A responses: -1.52009 Q3 · Q&A responses: -0.82009 Q4 · Q&A responses: +1.92010 Q1 · Q&A responses: +5.92010 Q2 · Q&A responses: +3.32010 Q3 · Q&A responses: +1.02010 Q4 · Q&A responses: +6.82011 Q1 · Q&A responses: +2.52011 Q2 · Q&A responses: +4.92011 Q3 · Q&A responses: +5.22011 Q4 · Q&A responses: -0.32012 Q1 · Q&A responses: +1.82012 Q2 · Q&A responses: +1.72012 Q3 · Q&A responses: +6.02012 Q4 · Q&A responses: +5.72013 Q1 · Q&A responses: +6.72013 Q2 · Q&A responses: +8.62013 Q3 · Q&A responses: -2.12013 Q4 · Q&A responses: +4.22014 Q1 · Q&A responses: +10.12014 Q2 · Q&A responses: +11.42014 Q3 · Q&A responses: +7.52014 Q4 · Q&A responses: +5.82015 Q1 · Q&A responses: +3.42015 Q2 · Q&A responses: +9.12015 Q3 · Q&A responses: +10.92015 Q4 · Q&A responses: +12.12016 Q1 · Q&A responses: +11.82016 Q2 · Q&A responses: +10.42016 Q3 · Q&A responses: +14.92016 Q4 · Q&A responses: +15.22017 Q1 · Q&A responses: +13.12017 Q2 · Q&A responses: +11.02017 Q3 · Q&A responses: +8.22017 Q4 · Q&A responses: +8.52018 Q1 · Q&A responses: +16.12018 Q2 · Q&A responses: +12.02018 Q3 · Q&A responses: +5.32018 Q4 · Q&A responses: +11.92019 Q1 · Q&A responses: +13.32019 Q2 · Q&A responses: +16.72019 Q3 · Q&A responses: +20.92019 Q4 · Q&A responses: +17.82020 Q1 · Q&A responses: +10.52020 Q2 · Q&A responses: +14.62020 Q3 · Q&A responses: +14.02020 Q4 · Q&A responses: +19.22021 Q1 · Q&A responses: +14.42021 Q2 · Q&A responses: +13.02021 Q3 · Q&A responses: +9.12021 Q4 · Q&A responses: +14.02022 Q1 · Q&A responses: +14.42022 Q2 · Q&A responses: +14.92022 Q3 · Q&A responses: +13.32022 Q4 · Q&A responses: +11.62023 Q1 · Q&A responses: +14.82023 Q2 · Q&A responses: +13.02023 Q3 · Q&A responses: +13.72023 Q4 · Q&A responses: +15.32024 Q1 · Q&A responses: +11.02024 Q2 · Q&A responses: +14.22024 Q3 · Q&A responses: +14.62024 Q4 · Q&A responses: +17.52025 Q1 · Q&A responses: +12.5
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.19$7.88$13.562007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: $2.972014 Q2: $3.152014 Q3: $3.402014 Q4: $3.652015 Q1: $3.882015 Q2: $4.082015 Q3: $4.152015 Q4: $4.262016 Q1: $4.312016 Q2: $4.472016 Q3: $4.562016 Q4: $4.562017 Q1: $4.742017 Q2: $5.122017 Q3: $5.722017 Q4: $6.032018 Q1: $6.612018 Q2: $6.792018 Q3: $7.202018 Q4: $7.342019 Q1: $7.322019 Q2: $7.542019 Q3: $7.792019 Q4: $8.102020 Q1: $7.942020 Q2: $7.212020 Q3: $8.162020 Q4: $8.902021 Q1: $9.252021 Q2: $9.962021 Q3: $10.232021 Q4: $10.182022 Q1: $9.852022 Q2: $10.242022 Q3: $9.972022 Q4: $10.232023 Q1: $8.892023 Q2: $9.322023 Q3: $10.562023 Q4: $11.242024 Q1: $11.762024 Q2: $12.082024 Q3: $12.532024 Q4: $12.78

Forward P/E

15.5625.4435.312007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: 22.682014 Q2: 21.522014 Q3: 21.312014 Q4: 23.042015 Q1: 24.312015 Q2: 22.872015 Q3: 20.132015 Q4: 21.092016 Q1: 22.212016 Q2: 21.672016 Q3: 20.142016 Q4: 19.482017 Q1: 21.982017 Q2: 22.942017 Q3: 20.232017 Q4: 22.412018 Q1: 20.642018 Q2: 19.452018 Q3: 22.012018 Q4: 17.272019 Q1: 19.382019 Q2: 20.542019 Q3: 23.222019 Q4: 23.562020 Q1: 16.922020 Q2: 26.912020 Q3: 29.222020 Q4: 27.062021 Q1: 25.682021 Q2: 26.972021 Q3: 29.262021 Q4: 33.952022 Q1: 24.802022 Q2: 22.362022 Q3: 22.662022 Q4: 24.312023 Q1: 24.362023 Q2: 26.362023 Q3: 25.422023 Q4: 26.992024 Q1: 28.652024 Q2: 24.852024 Q3: 29.962024 Q4: 27.28

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↓ -3.3 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -4.3 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -3.2 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -3.5 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.8 fwd EPS ↑ +0.59 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -9.3 fwd EPS ↑ +0.41 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +8.1 fwd EPS ↓ -0.73 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -3.1 fwd EPS ↑ +0.35 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -2.3 fwd EPS ↑ +0.71 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -2.8 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↑ +3.1 fwd EPS ↓ -0.33 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↓ -2.6 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -2.1 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +2.0 fwd EPS ↓ -1.34 Tone rose while the forward EPS estimate was cut.
  • 2023 Q3 tone ↓ -2.3 fwd EPS ↑ +1.24 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -5.1 fwd EPS ↑ +0.52 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-29+9.3——View →
2024 Q42025-01-30+12.5$12.7827.3View →
2024 Q32024-10-22+9.6$12.5330.0View →
2024 Q22024-07-23+9.8$12.0824.9View →
2024 Q12024-04-23+6.3$11.7628.6View →
2023 Q42024-01-25+11.4$11.2427.0View →
2023 Q32023-10-24+8.2$10.5625.4View →
2023 Q22023-07-25+10.5$9.3226.4View →