PPG · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

PPG Industries

22 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Automotive OEMs

earns fromnamed as a risk

In addition, through the introduction of new technologies, new business models or new methods of travel, such as ridesharing, the number of automotive OEM new-builds may decline, potentially reducing demand for our automotive OEM coatings and related automotive parts.Risk factors (Item 1A)

Also named by LFUS

Aerospace manufacturers

earns fromnamed as a risk

PPG is currently under contract to supply transparencies, coatings and sealants for use on existing and new commercial, general aviation and military aircraft manufactured by many of the largest global and regional aerospace manufacturers.Risk factors (Item 1A)

Partners and platforms

Asian Paints Ltd.

depends on

PPG has an established alliance with Asian Paints Ltd. to serve certain automotive refinish customers in India.Business (Item 1)

Kansai Paints

depends on

•Kansai Paints to serve Japanese-based automotive OEM customers in North America and EuropeBusiness (Item 1)

Other companies

Non-U.S. dollar denominated debt

exposed to its price · $4.1 billionnamed as a risk

As of December 31, 2025 and December 31, 2024, PPG had non-U.S. dollar denominated debt outstanding of $4.1 billion and $3.3 billion, respectively.Market risk (Item 7A)

China–United States trade tensions

named as a risk

Recently, there has been an increase in global geopolitical uncertainty due to a number of factors, including the international impacts of the ongoing war in Ukraine and increasing tensions between China and the United States.Risk factors (Item 1A)

Competitors

The Sherwin-Williams Company

competes with

Global Competitors Akzo Nobel N.V., Hempel A/S, Nippon Paint, the Jotun Group, The Sherwin-Williams CompanyBusiness (Item 1)

Also named by MAS, RPM

Axalta Coating Systems Ltd.

competes with

Global Competitors Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF Corporation, Kansai Paints, Nippon Paint and The Sherwin-Williams CompanyBusiness (Item 1)

Also named by RPM

Akzo Nobel N.V.

competes with

Global Competitors Akzo Nobel N.V., Hempel A/S, Nippon Paint, the Jotun Group, The Sherwin-Williams CompanyBusiness (Item 1)

Nippon Paint

competes with

Global Competitors Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF Corporation, Kansai Paints, Nippon Paint and The Sherwin-Williams CompanyBusiness (Item 1)

Places

Outside the United States

earns from · approximately 70% of the Company’s total net salesnamed as a risk

During 2025, approximately 70% of the Company’s total net sales were recognized outside of the United States.Risk factors (Item 1A)

Also named by APD, ARW, BALL, CCK, COO, GGG, GIS, HPE and 10 more

Europe

earns from

Demand for our architectural coatings in Europe and traffic solutions products in the U.S and Canada is typically the strongest in the second and third quarters due to higher home improvement, maintenance and construction activity during the spring and summer months.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Hazards

Asbestos litigation

named as a risk

Those lawsuits and claims may relate to contract, patent, environmental, product liability, asbestos exposure, antitrust, employment, securities and other matters arising out of the conduct of PPG’s current and past business activities.Risk factors (Item 1A)

Also named by CCK, ESAB, FERG, LECO, ROK, VNT, WTS

Commodities and inputs

Euro

exposed to its price · $375 millionnamed as a risk

PPG had U.S. dollar to euro cross currency swap contracts with a total notional amount of $375 million as of both December 31, 2025 and December 31, 2024.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Crude oil

exposed to its pricenamed as a risk

Prices for certain of our raw materials typically fluctuate with energy prices and global supply and demand changes; however, pricing may be impacted by the fact that the manufacture of our raw materials is several steps downstream from crude oil, natural gas, and other key feedstocks.Business (Item 1)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Resins

depends onnamed as a risk

These initiatives include qualifying multiple and local sources of supply, within Asia and other lower cost regions of the world, diversification of our resin supply, including adding on-site resin production at certain manufacturing locations, and a reduction in the amount of titanium dioxide and certain other raw materials used in our product formulations.Risk factors (Item 1A)

Also named by BAX, BDX, CL, FBIN, ITW, JOUT, KVUE, PG and 2 more

Titanium dioxide

exposed to its pricenamed as a risk

Raw materials include both organic, primarily petroleum-derived, materials and inorganic materials, including titanium dioxide.Risk factors (Item 1A)

Also named by MAS, SHW

Laws and programs

National Priority List (Superfund)

subject to · $206 million currently reserved for environmental remediation effortsnamed as a risk

PPG is negotiating with various government agencies concerning current and former manufacturing sites and offsite waste disposal locations, including certain sites on the National Priority List.Business (Item 1)

Environmental remediation contingencies

subject to · approximately $100 million to $200 millionnamed as a risk

In addition to the $206 million currently reserved for environmental remediation efforts, we may be subject to loss contingencies related to environmental matters estimated to be approximately $100 million to $200 million.Business (Item 1)

OECD Pillar 2 global minimum tax

subject tonamed as a risk

For example, a number of countries have enacted legislation to implement the Organisation for Economic Co-operation and Development’s global minimum tax standards (referred to as Pillar 2), which has caused an increase to our effective tax rate.Risk factors (Item 1A)

Also named by AJG, C, GTLB, GTX, IR, NOW, WELL, ZBH

Tariffs and anti-dumping duties

subject tonamed as a risk

Despite the impact of previously enacted tariffs, anti-dumping duties and significant uncertainty related to global tariff rates and policies throughout 2025, raw material costs were generally stable during the year and did not change significantly compared to 2024.Business (Item 1)

Chemical registration regulations

subject tonamed as a risk

We are subject to existing and evolving standards relating to the regulation and registration of chemicals which could potentially impact the availability and viability of some of the raw materials we use in our production processes.Business (Item 1)