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PPG · Q2 2026

PPG INDUSTRIES INC

Reported 2026-07-28
IN-LINE
37EarnIQ signal
↘

Confidence falling

Mild quarter-over-quarter shift

Solid organic growth and proactive pricing offset weakness in automotive refinish, sustaining full-year guidance.

  • ✓Guidance was maintained, with high specificity.
  • ✓Management tone registered as confident (80/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Mixed evidence

The headline and management signals do not point in one direction (confidence falling).

EPS: reported vs expected-2.1%$2.23 vs $2.28
Revenue: reported vs expected+2.0%$4.5B vs $4.4B
Guidance specificityHighMaintained
Market expectations supplied by Finnhub · Reported vs consensus estimate

We outpaced the industry by 300 basis points, achieving organic growth in all three segments and in eight of our nine businesses.

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“I am proud to announce that PPG delivered its sixth consecutive quarter of organic sales growth, a solid increase of 4%, with equal contributions from sales volumes and selling prices.”
“Our ability to outpace industry growth is driven by technology leadership, investment in product innovation, and commercial excellence.”
“This demonstrates our confidence in our earnings trajectory given our positive momentum, realization of pricing, and execution of self-help actions.”
Guidance specificity
80/100

High specificity

Reaffirming full-year 2026 adjusted EPS guidance range of $7.70 to $8.10, with third quarter organic sales growth expected in the low-to-mid single-digit percentage range.

Pressure point
!

Weaker automotive refinish coatings demand

0 potential deflections detected in management communication.

Narrative break

What changed

No material narrative break was detected this quarter.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • Sixth consecutive quarter of organic sales growth, increasing 4% year over year with gains in 8 of 9 businesses.
  • Exceptional aerospace performance with double-digit percentage organic sales growth and an order backlog near $300 million.
  • Faster rate of price realization, covering about 90% of COGS inflation in the second quarter and expecting 100% by the fourth quarter.
Key risks
  • Weaker automotive refinish coatings demand due to slower recovery of insurance claims and challenging prior-year comparisons.
  • Cost of goods sold inflation affecting segment EBITDA margins despite ongoing pricing actions.
  • Timing of index-based pricing leading to expected EBITDA margin compression in the Industrial Coatings segment in the second half of 2026.
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+17
Eps Beat+0
Guidance+12
New Signal+0
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0