NYSE : DOW
Dow Inc. — Financial statements
Materials · Chemicals · United States
Last price 34.7 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 25.21B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Dow Inc. (DOW) reported revenue of 42.61B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 42.61B | 39.97B | 42.96B | 44.62B | 56.90B | 54.97B |
| Cost of Revenue | 37.92B | 37.48B | 38.28B | 39.56B | 48.34B | 44.26B |
| Gross Profit | 4.69B | 2.49B | 4.68B | 5.06B | 8.56B | 10.71B |
| Selling, General & Admin | 1.95B | 1.57B | 1.32B | 1.91B | 1.34B | 1.31B |
| Research & Development | 741.00M | 752.00M | 810.00M | 829.00M | 851.00M | 857.00M |
| Amortization of Goodwill & Intangibles | 172.00M | 231.00M | 310.00M | 324.00M | 336.00M | 388.00M |
| Operating Expenses | 2.86B | 2.55B | 2.44B | 3.06B | 2.52B | 2.56B |
| Operating Income | 1.83B | -61.00M | 2.24B | 2.00B | 6.04B | 8.15B |
| Interest Expense | -859.00M | -865.00M | -811.00M | -746.00M | -662.00M | -731.00M |
| Interest & Investment Income | 168.00M | 152.00M | 200.00M | 229.00M | 173.00M | 55.00M |
| Earnings From Equity Investments | -373.00M | -240.00M | -6.00M | -119.00M | 268.00M | 975.00M |
| Currency Exchange Gain (Loss) | 90.00M | 39.00M | -45.00M | -340.00M | -117.00M | -8.00M |
| Other Non Operating Income (Expenses) | 69.00M | 120.00M | 100.00M | 125.00M | 31.00M | 10.00M |
| EBT Excluding Unusual Items | 923.00M | -855.00M | 1.68B | 1.15B | 5.73B | 8.45B |
| Merger & Restructuring Charges | -580.00M | -863.00M | -103.00M | -528.00M | -6.00M | |
| Impairment of Goodwill | -690.00M | -690.00M | ||||
| Gain (Loss) on Sale of Investments | 33.00M | 143.00M | 18.00M | -18.00M | ||
| Gain (Loss) on Sale of Assets | 79.00M | 113.00M | 60.00M | 80.00M | 78.00M | 121.00M |
| Asset Writedown | -303.00M | -303.00M | ||||
| Legal Settlements | 156.00M | 42.00M | -55.00M | 401.00M | 121.00M | |
| Other Unusual Items | -43.00M | -98.00M | -57.00M | 31.00M | -122.00M | -544.00M |
| Pretax Income | -425.00M | -2.51B | 1.60B | 656.00M | 6.09B | 8.14B |
| Income Tax Expense | 170.00M | -67.00M | 399.00M | -4.00M | 1.45B | 1.74B |
| Earnings From Continuing Operations | -595.00M | -2.44B | 1.20B | 660.00M | 4.64B | 6.41B |
| Net Income to Company | -595.00M | -2.44B | 1.20B | 660.00M | 4.64B | 6.41B |
| Minority Interest in Earnings | -302.00M | -179.00M | -85.00M | -71.00M | -58.00M | -94.00M |
| Net Income | -897.00M | -2.62B | 1.12B | 589.00M | 4.58B | 6.31B |
| Preferred Dividends & Other Adjustments | 8.00M | 11.00M | 12.00M | 11.00M | 24.00M | 32.00M |
| Net Income to Common | -905.00M | -2.63B | 1.10B | 578.00M | 4.56B | 6.28B |
| Shares Outstanding (Basic) | 722.10M | 711.60M | 703.80M | 705.70M | 721.00M | 743.60M |
| Shares Outstanding (Diluted) | 722.10M | 711.60M | 705.10M | 709.00M | 725.60M | 749.00M |
| EPS (Basic) | -1.25 | -3.70 | 1.57 | 0.82 | 6.32 | 8.44 |
| EPS (Diluted) | -1.26 | -3.70 | 1.57 | 0.82 | 6.28 | 8.38 |
| Free Cash Flow | 2.05B | -1.60B | -229.00M | 2.50B | 5.23B | 4.59B |
| Free Cash Flow Per Share | 2.84 | -2.25 | -0.33 | 3.53 | 7.20 | 6.13 |
| Dividend Per Share | 1.40 | 2.10 | 2.80 | 2.80 | 2.80 | 2.80 |
| Gross Margin | 11.01% | 6.23% | 10.90% | 11.33% | 15.05% | 19.48% |
| Operating Margin | 4.29% | -0.15% | 5.22% | 4.47% | 10.62% | 14.83% |
| Profit Margin | -2.12% | -6.59% | 2.57% | 1.29% | 8.01% | 11.42% |
| Free Cash Flow Margin | 4.81% | -4.01% | -0.53% | 5.61% | 9.19% | 8.36% |
| EBITDA | 4.51B | 2.70B | 5.07B | 4.54B | 8.72B | 10.90B |
| EBITDA Margin | 10.60% | 6.76% | 11.80% | 10.17% | 15.32% | 19.84% |
| D&A For EBITDA | 2.69B | 2.76B | 2.83B | 2.54B | 2.68B | 2.75B |
| EBIT | 1.83B | -61.00M | 2.24B | 2.00B | 6.04B | 8.15B |
| EBIT Margin | 4.29% | -0.15% | 5.22% | 4.47% | 10.62% | 14.83% |
| Effective Tax Rate | 24.94% | 23.81% | 21.36% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.88B | 3.82B | 2.19B | 2.99B | 3.89B | 2.99B |
| Short-Term Investments | 610.00M | 454.00M | 383.00M | 1.30B | 939.00M | 245.00M |
| Trading Asset Securities | 1.00M | 105.00M | 1.00M | |||
| Cash & Short-Term Investments | 4.49B | 4.27B | 2.57B | 4.29B | 4.93B | 3.23B |
| Accounts Receivable | 5.89B | 4.76B | 4.76B | 4.73B | 5.66B | 6.88B |
| Other Receivables | 363.00M | 300.00M | 189.00M | 307.00M | 357.00M | |
| Receivables | 7.61B | 6.64B | 6.86B | 6.63B | 7.80B | 9.59B |
| Inventory | 7.02B | 6.59B | 6.54B | 6.08B | 6.99B | 7.37B |
| Restricted Cash | 396.00M | 136.00M | 74.00M | 61.00M | 54.00M | 45.00M |
| Other Current Assets | 664.00M | 423.00M | 536.00M | 562.00M | 702.00M | 609.00M |
| Total Current Assets | 20.18B | 18.06B | 16.59B | 17.61B | 20.48B | 20.85B |
| Property, Plant & Equipment | 23.70B | 23.61B | 23.27B | 22.39B | 21.67B | 21.97B |
| Long-Term Investments | 4.93B | 4.59B | 4.68B | 4.45B | 5.05B | 5.72B |
| Goodwill | 7.95B | 7.98B | 8.56B | 8.64B | 8.64B | 8.76B |
| Other Intangible Assets | 1.32B | 1.49B | 1.72B | 2.07B | 2.44B | 2.88B |
| Long-Term Accounts Receivable | 2.00M | 4.00M | 16.00M | 26.00M | ||
| Long-Term Deferred Tax Assets | 1.55B | 1.51B | 1.26B | 1.49B | 960.00M | 1.36B |
| Long-Term Deferred Charges | 1.32B | 1.30B | 1.22B | 421.00M | 312.00M | 1.40B |
| Other Long-Term Assets | 5.00M | 8.00M | 11.00M | 895.00M | 1.03B | 35.00M |
| Total Assets | 60.95B | 58.54B | 57.31B | 57.97B | 60.60B | 62.99B |
| Accounts Payable | 6.66B | 5.54B | 6.54B | 6.33B | 7.22B | 8.42B |
| Accrued Expenses | 2.69B | 2.19B | 2.11B | 2.34B | 2.40B | 2.63B |
| Short-Term Debt | 16.00M | 90.00M | 135.00M | 62.00M | 362.00M | 161.00M |
| Current Portion of Long-Term Debt | 803.00M | 90.00M | 418.00M | 22.00M | 253.00M | 203.00M |
| Current Portion of Leases | 341.00M | 476.00M | 424.00M | 446.00M | 396.00M | 420.00M |
| Current Income Taxes Payable | 367.00M | 337.00M | 276.00M | 419.00M | 334.00M | 623.00M |
| Current Unearned Revenue | 199.00M | 221.00M | 244.00M | 195.00M | 275.00M | 209.00M |
| Other Current Liabilities | 409.00M | 234.00M | 140.00M | 144.00M | 91.00M | 562.00M |
| Total Current Liabilities | 11.49B | 9.18B | 10.29B | 9.96B | 11.33B | 13.23B |
| Long-Term Debt | 15.73B | 16.86B | 14.88B | 14.15B | 14.02B | 13.58B |
| Long-Term Leases | 2.07B | 2.09B | 1.82B | 1.79B | 1.68B | 1.91B |
| Long-Term Unearned Revenue | 1.74B | 1.73B | 1.48B | 1.64B | 1.73B | 1.93B |
| Pension & Post-Retirement Benefits | 4.32B | 4.69B | 4.74B | 4.93B | 3.81B | 7.56B |
| Long-Term Deferred Tax Liabilities | 368.00M | 364.00M | 392.00M | 399.00M | 1.11B | 506.00M |
| Other Long-Term Liabilities | 7.59B | 6.10B | 5.87B | 5.99B | 5.69B | 5.55B |
| Total Liabilities | 43.32B | 41.02B | 39.46B | 38.86B | 39.36B | 44.25B |
| Common Stock | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M |
| Additional Paid-In Capital | 11.06B | 11.11B | 9.20B | 8.88B | 8.54B | 8.15B |
| Retained Earnings | 16.66B | 16.78B | 20.91B | 21.77B | 23.18B | 20.62B |
| Treasury Stock | -3.92B | -4.23B | -4.66B | -4.37B | -3.87B | -1.62B |
| Comprehensive Income & Other | -7.65B | -7.66B | -8.11B | -7.68B | -7.14B | -8.99B |
| Total Common Equity | 16.15B | 16.01B | 17.36B | 18.61B | 20.72B | 18.16B |
| Minority Interest | 1.48B | 1.51B | 496.00M | 501.00M | 529.00M | 574.00M |
| Shareholders' Equity | 17.63B | 17.52B | 17.85B | 19.11B | 21.25B | 18.74B |
| Total Liabilities & Equity | 60.95B | 58.54B | 57.31B | 57.97B | 60.60B | 62.99B |
| Total Debt | 18.97B | 19.60B | 17.67B | 16.47B | 16.71B | 16.27B |
| Net Cash (Debt) | -14.48B | -15.33B | -15.10B | -12.18B | -11.78B | -13.04B |
| Net Cash Per Share | -20.05 | -21.55 | -21.42 | -17.18 | -16.23 | -17.41 |
| Filing Date Shares Outstanding | 723.88M | 717.53M | 703.83M | 702.29M | 704.88M | 731.25M |
| Total Common Shares Outstanding | 723.88M | 717.22M | 703.61M | 702.29M | 704.88M | 730.72M |
| Working Capital | 8.68B | 8.88B | 6.30B | 7.66B | 9.15B | 7.62B |
| Book Value Per Share | 22.31 | 22.32 | 24.67 | 26.49 | 29.39 | 24.86 |
| Tangible Book Value | 6.89B | 6.54B | 7.07B | 7.89B | 9.63B | 6.52B |
| Tangible Book Value Per Share | 9.52 | 9.12 | 10.05 | 11.24 | 13.66 | 8.92 |
| Land | 2.44B | 2.25B | 2.22B | 2.13B | 2.04B | |
| Buildings | 5.53B | 5.14B | 5.22B | 5.04B | 5.11B | |
| Machinery | 47.08B | 44.05B | 43.34B | 42.13B | 42.63B | |
| Construction In Progress | 2.91B | 3.43B | 2.56B | 2.13B | 1.54B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -897.00M | -2.62B | 1.12B | 589.00M | 4.58B | 6.31B |
| Depreciation & Amortization | 2.69B | 2.76B | 2.83B | 2.54B | 2.68B | 2.75B |
| Other Amortization | 70.00M | 70.00M | 67.00M | 70.00M | 80.00M | 90.00M |
| Loss (Gain) From Sale of Assets | 383.00M | 220.00M | 174.00M | 726.00M | -19.00M | -105.00M |
| Asset Writedown & Restructuring Costs | 1.55B | 1.86B | 103.00M | 528.00M | 6.00M | |
| Loss (Gain) on Equity Investments | 661.00M | 439.00M | 348.00M | 387.00M | 696.00M | -651.00M |
| Other Operating Activities | -203.00M | -466.00M | -111.00M | -745.00M | 255.00M | 113.00M |
| Change in Accounts Receivable | -741.00M | 73.00M | -224.00M | 1.16B | 1.19B | -2.13B |
| Change in Inventory | -349.00M | -52.00M | -529.00M | 844.00M | 347.00M | -1.77B |
| Change in Accounts Payable | 507.00M | -999.00M | 278.00M | -734.00M | -1.25B | 2.46B |
| Change in Other Net Operating Assets | 919.00M | -220.00M | -1.15B | -203.00M | -1.06B | -5.00M |
| Operating Cash Flow | 4.58B | 1.03B | 2.91B | 5.20B | 7.47B | 7.01B |
| Capital Expenditures | -2.52B | -2.64B | -3.14B | -2.69B | -2.25B | -2.42B |
| Sale of Property, Plant & Equipment | -61.00M | 14.00M | 119.00M | 95.00M | 32.00M | 68.00M |
| Cash Acquisitions | -125.00M | |||||
| Divestitures | 125.00M | 125.00M | 115.00M | |||
| Investment in Securities | -606.00M | 234.00M | 699.00M | -270.00M | -704.00M | -556.00M |
| Other Investing Activities | 106.00M | 137.00M | -33.00M | -61.00M | -50.00M | -10.00M |
| Investing Cash Flow | -2.96B | -2.13B | -2.37B | -2.93B | -2.97B | -2.91B |
| Short-Term Debt Issued | 64.00M | 143.00M | 253.00M | 144.00M | ||
| Long-Term Debt Issued | 2.78B | 1.47B | 104.00M | 1.67B | 109.00M | |
| Total Debt Issued | 225.00M | 2.84B | 1.61B | 104.00M | 1.92B | 253.00M |
| Short-Term Debt Repaid | -68.00M | -78.00M | -249.00M | -14.00M | -178.00M | |
| Long-Term Debt Repaid | -1.46B | -267.00M | -446.00M | -1.01B | -2.77B | |
| Total Debt Repaid | -945.00M | -1.53B | -345.00M | -695.00M | -1.02B | -2.95B |
| Net Debt Issued (Repaid) | -720.00M | 1.31B | 1.26B | -591.00M | 900.00M | -2.70B |
| Issuance of Common Stock | 85.00M | 85.00M | 166.00M | 188.00M | 212.00M | 320.00M |
| Repurchase of Common Stock | -17.00M | -18.00M | -533.00M | -667.00M | -2.36B | -1.01B |
| Common Dividends Paid | -1.01B | -1.49B | -1.97B | -1.97B | -2.01B | -2.07B |
| Other Financing Activities | -377.00M | 2.62B | -100.00M | -73.00M | -107.00M | -610.00M |
| Financing Cash Flow | -2.04B | 2.51B | -1.17B | -3.12B | -3.36B | -6.07B |
| Foreign Exchange Rate Adjustments | -60.00M | 275.00M | -163.00M | -45.00M | -237.00M | -99.00M |
| Miscellaneous Cash Flow Adjustments | -121.00M | -136.00M | -74.00M | -61.00M | -54.00M | -45.00M |
| Net Cash Flow | -603.00M | 1.55B | -859.00M | -953.00M | 853.00M | -2.12B |
| Free Cash Flow | 2.05B | -1.60B | -229.00M | 2.50B | 5.23B | 4.59B |
| Free Cash Flow Margin | 4.81% | -4.01% | -0.53% | 5.61% | 9.19% | 8.36% |
| Free Cash Flow Per Share | 2.84 | -2.25 | -0.33 | 3.53 | 7.20 | 6.13 |
| Levered Free Cash Flow | 897.62M | -784.75M | -2.38M | 2.24B | 4.06B | 4.11B |
| Unlevered Free Cash Flow | 1.43B | -244.12M | 504.50M | 2.71B | 4.47B | 4.57B |
| Cash Interest Paid | 948.00M | 948.00M | 887.00M | 800.00M | 675.00M | 801.00M |
| Cash Income Tax Paid | 256.00M | 256.00M | 827.00M | 735.00M | 793.00M | 731.00M |
| Change in Working Capital | 336.00M | -1.20B | -1.62B | 1.07B | -786.00M | -1.45B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 25.21B | 16.62B | 28.19B | 38.46B | 35.46B | 41.95B |
| Enterprise Value | 39.69B | 32.62B | 43.35B | 51.47B | 48.17B | 56.08B |
| Last Close Price | 34.70 | 22.61 | 36.11 | 46.77 | 40.77 | 43.68 |
| PE Ratio | 25.54 | 66.55 | 7.78 | 6.68 | ||
| Forward PE | 16.56 | 227.56 | 16.91 | 20.09 | 14.24 | 8.41 |
| PS Ratio | 0.59 | 0.42 | 0.66 | 0.86 | 0.62 | 0.76 |
| PB Ratio | 1.56 | 0.95 | 1.58 | 2.01 | 1.67 | 2.24 |
| P/TBV Ratio | 3.66 | 2.54 | 3.99 | 4.87 | 3.68 | 6.43 |
| P/FCF Ratio | 12.29 | 15.36 | 6.78 | 9.13 | ||
| P/OCF Ratio | 5.51 | 16.10 | 9.67 | 7.40 | 4.74 | 5.99 |
| PEG Ratio | 290.28 | 0.81 | 3.73 | 15.69 | 0.15 | |
| EV/Sales Ratio | 0.93 | 0.82 | 1.01 | 1.15 | 0.85 | 1.02 |
| EV/EBITDA Ratio | 8.79 | 12.07 | 8.55 | 11.34 | 5.53 | 5.14 |
| EV/EBIT Ratio | 21.71 | 19.32 | 25.78 | 7.97 | 6.88 | |
| EV/FCF Ratio | 19.34 | 20.56 | 9.22 | 12.21 | ||
| Debt / Equity Ratio | 1.08 | 1.12 | 0.99 | 0.86 | 0.79 | 0.87 |
| Debt / EBITDA Ratio | 3.17 | 4.78 | 2.74 | 2.88 | 1.74 | 1.36 |
| Debt / FCF Ratio | 9.24 | 6.58 | 3.20 | 3.54 | ||
| Net Debt / Equity Ratio | 0.82 | 0.88 | 0.85 | 0.64 | 0.55 | 0.70 |
| Net Debt / EBITDA Ratio | 3.21 | 5.67 | 2.98 | 2.68 | 1.35 | 1.20 |
| Net Debt / FCF Ratio | 7.06 | -9.56 | -65.94 | 4.87 | 2.25 | 2.84 |
| Asset Turnover | 0.70 | 0.69 | 0.74 | 0.75 | 0.92 | 0.88 |
| Inventory Turnover | 5.54 | 5.71 | 6.07 | 6.06 | 6.73 | 6.77 |
| Quick Ratio | 0.90 | 1.02 | 0.74 | 0.93 | 0.96 | 0.79 |
| Current Ratio | 1.76 | 1.97 | 1.61 | 1.77 | 1.81 | 1.58 |
| Return on Equity (ROE) | -3.24% | -13.82% | 6.50% | 3.27% | 23.21% | 40.35% |
| Return on Assets (ROA) | 1.87% | -0.07% | 2.43% | 2.10% | 6.11% | 8.19% |
| Return on Invested Capital (ROIC) | 5.65% | -0.18% | 5.24% | 6.21% | 14.20% | 21.78% |
| Return on Capital Employed (ROCE) | 3.70% | -0.10% | 4.80% | 4.20% | 12.30% | 16.40% |
| Earnings Yield | -3.63% | -15.78% | 3.96% | 1.53% | 12.92% | 15.04% |
| FCF Yield | 8.14% | -9.65% | -0.81% | 6.51% | 14.74% | 10.95% |
| Dividend Yield | 4.04% | 9.06% | 6.99% | 5.11% | 5.57% | 4.88% |
| Payout Ratio | 176.16% | 334.81% | 43.78% | 32.85% | ||
| Buyback Yield / Dilution | -1.96% | -0.92% | 0.55% | 2.29% | 3.12% | -0.90% |
| Total Shareholder Return | 2.08% | 8.14% | 7.54% | 7.40% | 8.69% | 3.97% |