AXTA on NYSE

Axalta Coating Systems

Logo: Axalta Coating Systems, PD, via Wikipedia⁴

Coatings company headquartered in Philadelphia

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Last updated Oct 16, 2026.

Overview

1866Founded¹

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TickerAXTA on NYSE¹
IndustryPaints, Varnishes, Lacquers, Enamels & Allied Prods¹
HeadquartersPhiladelphia¹
Websitewww.axaltacs.com
Incorporated inBermuda⁵
Business address1050 Constitution Avenue, Philadelphia, Pa 19112⁵
Filer categoryLarge accelerated filer⁵

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Axalta Coating Systems Ltd., also known as simply Axalta, is an American company specializing in coatings in a wide variety of industrial applications, materials and sectors, including automotive paints. The company is based in Philadelphia, Pennsylvania, and incorporated in Bermuda. Axalta develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. The firm does business in 130 countries, has nearly 13,000 employees, and has more than 100,000 customers.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.4%Operating margin⁷

7.4%Net margin⁷

-3.0%Revenue growth, 2025⁷

16.1%Return on equity⁷

1.36×Debt to equity⁷

$453.0MFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Performance Coatings brought in 64% of the revenue Axalta Coating Systems broke down this way in fiscal 2025.

Performance Coatings$3.3B⁷64%down 5% from 2024
Mobility Coatings$1.8B⁷36%up 1% from 2024

Business segments by year

Business segments	2023	2024	2025
Performance Coatings	$3.4B	$3.5B	$3.3B
Mobility Coatings	$1.8B	$1.8B	$1.8B

Regions

EMEA brought in 36% of the revenue Axalta Coating Systems broke down this way in fiscal 2025.

EMEA$1.8B⁷36%up 2% from 2024
North America$1.8B⁷34%down 13% from 2024
Asia Pacific$902.0M⁷18%up 5% from 2024
Latin America$630.0M⁷12%up 2% from 2024

Regions by year

Regions	2023	2024	2025
EMEA	$1.8B	$1.8B	$1.8B
North America	$2.0B	$2.0B	$1.8B
Asia Pacific	$781.0M	$862.0M	$902.0M
Latin America	$589.0M	$616.0M	$630.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and admin

Cost of revenue66¢$3.4B
Research and development1¢$71.0M
Selling, general and admin16¢$805.0M
Other costs3¢$165.0M
Interest3¢$176.0M
Income tax3¢$167.0M
Profit7¢$378.0M

Out of $5.1B in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Capital spendingShare buybacksKept or used elsewhere

Capital spending30¢$196.0M
Share buybacks25¢$165.0M
Kept or used elsewhere44¢$288.0M

Out of $649.0M of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$5.1B in 2025+14% since 2019

Operating income⁸⁹¹⁰¹¹⁷$735.0M in 2025+51% since 2019

Net income⁸⁹¹⁰¹¹⁷$378.0M in 2025+52% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net sales	$5.1B	$5.3B	$5.2B
Cost of goods sold	$3.4B	$3.5B	$3.6B
Selling, general and administrative expenses	$805.0M	$847.0M	$840.0M
Other operating charges	$53.0M	$79.0M	$28.0M
Research and development expenses	$71.0M	$74.0M	$74.0M
Amortization of acquired intangibles	$98.0M	$92.0M	$88.0M
Income from operations	$735.0M	$706.0M	$588.0M
Interest expense, net	$176.0M	$205.0M	$213.0M
Other expense, net	$13.0M	$5.0M	$20.0M
Income before income taxes	$546.0M	$496.0M	$355.0M
Provision for income taxes	$167.0M	$105.0M	$86.0M
Net income	$379.0M	$391.0M	$269.0M
Less: Net income attributable to noncontrolling interests	$1.0M	$0	$2.0M
Net income attributable to common shareholders	$378.0M	$391.0M	$267.0M
Basic net income per share (in dollars per share)	$1.75	$1.78	$1.21
Diluted net income per share (in dollars per share)	$1.74	$1.78	$1.21

Total assets¹⁵⁸⁹¹⁰¹¹⁷$7.6B in 2025+11% since 2019

Total liabilities¹⁵⁸⁹¹⁰¹¹⁷$5.2B in 2025−4% since 2019

Shareholders’ equity¹⁵⁸⁹¹⁰¹¹⁷$2.3B in 2025+73% since 2019

Cash⁸⁹¹⁰¹¹⁷$657.0M in 2025−35% since 2019

Long-term debt¹⁶⁸¹⁰¹¹⁷$3.2B in 2025−18% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$657.0M	$593.0M	$700.0M
Restricted cash	$3.0M	$3.0M	$3.0M
Accounts and notes receivable, net	$1.2B	$1.2B
Inventories	$756.0M	$734.0M
Prepaid expenses and other current assets	$170.0M	$145.0M
Total current assets	$2.8B	$2.7B
Property, plant and equipment, net	$1.3B	$1.2B
Goodwill	$1.8B	$1.6B	$1.6B
Identifiable intangibles, net	$1.1B	$1.1B
Other assets	$543.0M	$556.0M
Total assets	$7.6B	$7.2B
Accounts payable	$637.0M	$659.0M
Current portion of borrowings	$20.0M	$20.0M
Other accrued liabilities	$712.0M	$675.0M
Total current liabilities	$1.4B	$1.4B
Long-term borrowings	$3.2B	$3.4B
Accrued pensions	$238.0M	$220.0M
Deferred income taxes	$171.0M	$151.0M
Other liabilities	$249.0M	$167.0M
Total liabilities	$5.2B	$5.3B
Common shares, $1.00 par, 1,000.0 shares authorized, 255.1 and 254.5 shares issued at December 31, 2025 and 2024, respectively	$255.0M	$255.0M
Capital in excess of par	$1.6B	$1.6B
Retained earnings	$2.1B	$1.7B
Treasury shares, at cost, 41.7 and 36.4 shares at December 31, 2025 and 2024, respectively	-$1.2B	-$1.0B
Accumulated other comprehensive loss	-$383.0M	-$582.0M
Total Axalta shareholders equity	$2.3B	$1.9B
Noncontrolling interests	$47.0M	$44.0M
Total shareholders equity	$2.4B	$2.0B	$1.8B
Total liabilities and shareholders equity	$7.6B	$7.2B

Cash from operations⁸⁹¹⁰¹¹⁷$649.0M in 2025+13% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$196.0M in 2025+74% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$453.0M in 2025−2% since 2019

Share buybacks⁸⁹¹⁰¹¹⁷$165.0M in 2025+57% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$379.0M	$391.0M	$269.0M
Depreciation and amortization	$295.0M	$280.0M	$276.0M
Amortization of deferred financing costs and original issue discount	$8.0M	$7.0M	$9.0M
Debt extinguishment and refinancing-related costs	$2.0M	$5.0M	$10.0M
Deferred income taxes	$45.0M	-$17.0M	-$8.0M
Realized and unrealized foreign exchange losses, net	$31.0M	$11.0M	$21.0M
Stock-based compensation	$25.0M	$28.0M	$26.0M
Impairment charges	$1.0M	$0	$15.0M
Interest income on swaps designated as net investment hedges	-$13.0M	-$15.0M	-$10.0M
Other non-cash, net	$3.0M	$9.0M	$22.0M
Trade accounts and notes receivable	$97.0M	-$7.0M	-$119.0M
Inventories	$33.0M	$12.0M	$103.0M
Prepaid expenses and other assets	-$129.0M	-$130.0M	-$71.0M
Accounts payable	-$77.0M	-$49.0M	$9.0M
Other accrued liabilities	-$64.0M	$36.0M	$29.0M
Other liabilities	$13.0M	$15.0M	-$6.0M
Cash provided by operating activities	$649.0M	$576.0M	$575.0M
Acquisitions, net of cash acquired	-$48.0M	-$301.0M	-$106.0M
Purchase of property, plant and equipment	-$196.0M	-$140.0M	-$138.0M
Interest proceeds on swaps designated as net investment hedges	$13.0M	$15.0M	$10.0M
Settlement proceeds on swaps designated as net investment hedges	$0	$0	$29.0M
Payments for loans to customers	-$10.0M	-$22.0M	-$3.0M
Other investing activities, net	$29.0M	$8.0M	$2.0M
Cash used for investing activities	-$212.0M	-$440.0M	-$206.0M
Proceeds from short-term borrowings	$0	$0	$9.0M
Proceeds from long-term borrowings	$0	$333.0M	$697.0M
Payments on short-term borrowings	$0	-$5.0M	-$50.0M
Payments on long-term borrowings	-$230.0M	-$420.0M	-$904.0M
Financing-related costs	-$1.0M	-$6.0M	-$17.0M
Net cash flows associated with stock-based awards	-$3.0M
Net cash flows associated with stock-based awards		$4.0M	$8.0M
Purchases of common stock	-$165.0M	-$100.0M	-$50.0M
Deferred acquisition-related consideration	-$1.0M	-$6.0M	-$8.0M
Other financing activities, net	-$1.0M	-$1.0M	$0
Cash used for financing activities	-$401.0M	-$201.0M	-$315.0M
Increase (decrease) in cash and cash equivalents	$36.0M	-$65.0M	$54.0M
Effect of exchange rate changes on cash	$28.0M	-$42.0M	-$6.0M
Interest, net of amounts capitalized	$172.0M	$198.0M	$213.0M
Income taxes, net of refunds	$107.0M	$131.0M	$97.0M
Accrued capital expenditures	$26.0M	$18.0M	$13.0M

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The story

The firm's first products were developed in Germany in 1866 to protect carriages from the gravel of dirt roads. In 1920, the company created a quick-drying, multi-color lacquer line for automotive painting. Operating as Herberts Gmbh, the company grew under Kurt Herberts, introducing the popular automobile finish Standox in 1955.

In 1999 Herberts merged with DuPont Automotive Finishes, a transport coating systems technology company that had been started in 1922 in Wilmington, Delaware, to form DPC. In 2012, the private equity firm The Carlyle Group announced its plans to purchase and discontinue DPC. The Carlyle Group completed the sale in February 2013 and founded Axalta. On November 12, 2014, the firm completed its IPO on the New York Stock Exchange (NYSE: AXTA).

On January 21, 2015, Axalta and Chinese industrial coatings firm Shanghai Kinlita Chemical formed a partnership to operate in China. In April 2015, Berkshire Hathaway invested $560 million in Axalta Coating Systems. In July 2016, the firm acquired United Paint and Chemical Corp.'s automotive interior coatings business.

The company currently operates in North America, South America, Asia, Europe, the Middle East, and Africa. The activities for Europe, the Middle East, and Africa region (EMEA) are based in Basel, Switzerland. On November 7, 2018, the company held its grand opening of a new research and development center located at the Philadelphia Naval Shipyard known as the Global Innovation Center. Axalta's Global Innovation Center is the largest coatings research and development (R&D) center in the world.

In 1953 Axalta predecessor DuPont published the first annual Color Popularity Report, the first in the industry to have extensive global data in one report. The firm developed L,a,b color equations, an important component of modern color science. It introduced the first waterborne electrical steel coating in the industry in the 1960s.

In October 2017, AkzoNobel approached competitor Axalta Coating Systems over a potential combination. Nippon Paint Holdings Co. attempted to buy the company in November 2017, but the deal failed to reach an agreement.

In July 2021, Axalta acquired U-POL, a Northamptonshire based manufacturer and distributor of fillers, coatings and aerosols, from Graphite Capital.

On August 17, 2021 Berkshire Hathaway sold its entire stake in Axalta Coating Systems.

Read the full text

In November 2025 it was announced that Axalta would merge with AkzoNobel. In August 2026, shareholders for both Axalta and AkzoNobel approved the companies’ proposed all-stock merger. Completion remains subject to regulatory approvals, with closing expected in late 2026 or early 2027.

From Wikipedia’s article on Axalta, shared under CC BY-SA 4.0.⁶

Products and brands

Among Axalta's oldest products are Standox and Spies Hecker. Cromax, a water-based product, and the industrial paints Nap-Gard, a powder coating for oil and gas pipeline companies, and Voltatex for electrical insulation, were introduced in the 1990s. Other products made by Axalta include Abcite, Alesta, AquaEC, Audurra, Centari, Challenger, Harmonized Coating Technologies, Imron, and Nason.