Dow Inc.

Materials Commodity Chemicals Midland, Michigan Last filing Feb 3, 2026 · FY2025

                    Revenue
                    FY2025
                
$40.0B
                    3y CAGR -11.1%
                    
                    P19
                    
                    -7.0%
                    
                    Net income
                    FY2025
                
$-2.4B
                    Net margin -6.1%
                    
                    P15
                    
                    -303.5%
                    
                    Total assets
                    FY2025
                
$58.5B
                    ROA -4.2%
                    
                    P8
                    
                    +2.1%
                    
                    Operating cash flow
                    FY2025
                
$1.0B
                    FCF margin -3.6%
                    
                    P14
                    
                    -64.6%

9 yrs · FY2017–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

34 accounts · 5 years

Total assets $58.5B

Total liabilities $14.0B

Shareholders equity $16.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	6.5%	3.8%	5.2%	6.4%	4.7%
Accounts Receivable	8.1%	8.3%	8.1%	9.3%	10.9%
Inventory	11.3%	11.4%	10.5%	11.5%	11.7%
Prepaid Expenses	1.7%	1.7%	3.3%	3.0%	1.5%
Other Current Assets	1.7%	1.7%	3.3%	3.0%	1.5%
Total Current Assets	30.9%	28.9%	30.4%	33.8%	33.1%
Property,Plant and Equipment	38.0%	38.4%	36.3%	33.7%	32.6%
Operating Lease Assets	2.3%	2.2%	2.3%	2.0%	2.2%
Goodwill	13.6%	14.9%	14.9%	14.3%	13.9%
Intangible Assets	2.5%	3.0%	3.6%	4.0%	4.6%
Long Term Investments	5.2%	5.3%	4.7%	4.6%	5.1%
Deferred Tax Assets	2.6%	2.2%	2.6%	1.6%	2.2%
Other Noncurrent Assets	2.2%	2.1%	2.3%	2.2%	2.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.1%	8.5%	7.8%	8.2%	8.9%
Accrued Liabilities	4.5%	4.4%	4.7%	4.6%	5.5%
Deferred Revenue	0.4%	0.4%	0.3%	0.5%	0.3%
Operating Lease Liabilities	0.6%	0.6%	0.6%	0.5%	0.5%
Other Current Liabilities	12.3%	11.6%	11.8%	10.8%	10.5%
Total Current Liabilities	15.7%	18.0%	17.2%	18.7%	21.0%
Long Term Debt	30.5%	27.4%	25.7%	24.3%	22.7%
Deferred Revenue Noncurrent	3.0%	2.6%	2.8%	2.8%	3.1%
Operating Lease Liabilities Noncurrent	1.9%	1.7%	1.8%	1.6%	1.8%
Deferred Tax Liabilities	0.6%	0.7%	0.7%	1.8%	0.8%
Other Noncurrent Liabilities	12.3%	11.6%	11.8%	10.8%	10.5%
Total Liabilities	23.9%	23.5%	24.1%	22.0%	26.6%
Equity
Common Stock	9.9%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	19.0%	16.1%	15.3%	14.1%	12.9%
Retained Earnings	28.7%	36.5%	37.6%	38.2%	32.7%
Treasury Stock	7.2%	8.1%	7.5%	6.4%	2.6%
Accumulated Other Comprehensive Income	-13.1%	-14.2%	-13.3%	-11.8%	-14.3%
Noncontrolling Interest	2.6%	0.9%	0.9%	0.9%	0.9%
Total Stockholders Equity	27.3%	30.3%	32.1%	34.2%	28.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $40.0B

Operating income $-2.4B

Net income $-2.4B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	68.3%	75.0%	77.0%	93.9%	87.3%
Expenses Cost of Revenue	63.9%	66.9%	68.6%	79.8%	70.2%
Expenses Research and Development	1.3%	1.4%	1.4%	1.4%	1.4%
Expenses Selling,General and Administrative	2.4%	2.8%	2.8%	2.8%	2.6%
Expenses Depreciation and Amortization	4.8%	5.0%	4.5%	4.6%	4.5%
Expenses Share Based Compensation	0.3%	0.3%	0.4%	0.3%	0.4%
Expenses Restructuring and Asset Impairment	3.2%	0.2%	1.3%	0.1%	0.1%
Other Income Expense Operating Income	-4.2%	2.1%	1.1%	7.7%	10.2%
Other Income Expense Interest Income	0.3%	0.3%	0.4%	0.3%	0.1%
Other Income Expense Interest Expense	1.5%	1.4%	1.3%	1.1%	1.2%
Other Income Expense Other Income/expense	0.2%	0.2%	0.2%	0.1%	0.0%
Other Income Expense Income Before Tax	-4.3%	2.8%	1.1%	10.0%	12.9%
Income Tax Income Tax Expense	-0.1%	0.7%	-0.0%	2.4%	2.8%
net Income net Income	-4.2%	2.1%	1.1%	7.7%	10.2%
net Income Comprehensive Income	-3.7%	1.2%	0.1%	10.6%	13.0%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.2%	1.2%	1.2%	1.2%	1.2%
Earnings Per Share Weighted Average Shares Diluted	1.2%	1.2%	1.2%	1.2%	1.2%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $1.0B

Investing cash flow $-2.1B

Financing cash flow $2.5B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	-4.2%	2.1%	1.1%	7.7%	10.2%
Operating Activities Depreciation and Amortization	4.8%	5.0%	4.5%	4.6%	4.5%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.4%	0.3%	0.4%
Operating Activities Deferred Income Taxes	-0.6%	0.2%	-2.1%	0.1%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	-1.6%	1.4%	-2.7%	-2.6%	6.7%
Operating Activities net Cash From Operating Activities	1.8%	5.1%	9.0%	12.3%	11.1%
Investing Activities Capital Expenditures	4.2%	5.1%	4.1%	3.0%	2.4%
Investing Activities Business Acquisitions	0.0%	0.2%	0.2%	0.4%	0.2%
Investing Activities Purchases of Investments	1.5%	3.2%	3.9%	2.3%	2.2%
Investing Activities Other Investing Activities	-0.1%	0.1%	0.1%	0.1%	0.0%
Investing Activities net Cash From Investing Activities	-3.6%	-4.1%	-5.1%	-4.9%	-4.6%
Financing Activities Repayment of Debt	2.5%	0.5%	0.8%	1.7%	4.4%
Financing Activities Repurchase of Common Stock	0.0%	0.9%	1.1%	3.8%	1.6%
Financing Activities Dividends Paid	2.5%	3.4%	3.4%	3.3%	3.3%
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.3%	0.3%	0.5%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.1%	0.1%	0.1%	0.0%
Financing Activities Other Financing Activities	-0.0%	0.0%	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	4.3%	-2.0%	-5.4%	-5.5%	-9.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.5%	-0.3%	-0.1%	-0.4%	-0.2%
Cash Reconciliation net Change In Cash	2.9%	-1.4%	-1.5%	1.5%	-3.3%
Cash Reconciliation Cash At Beginning of Period	6.8%	3.9%	5.3%	6.5%	4.8%
Cash Reconciliation Cash At End of Period	6.8%	3.9%	5.3%	6.5%	4.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+6.3%	+10.7%	+10.9%	+15.1%	+19.6%
Operating margin	-6.1%	+2.8%	+1.5%	+8.2%	+11.7%
Net margin	-6.1%	+2.8%	+1.5%	+8.2%	+11.7%
FCF margin	-3.6%	-0.1%	+6.4%	+9.9%	+10.0%
Growth
Revenue CAGR (3y)	-11.1%	-7.9%	+5.0%	+9.8%	+3.5%
Returns
ROE	-15.3%	+6.9%	+3.5%	+22.4%	+35.3%
ROA	-4.2%	+2.1%	+1.1%	+7.7%	+10.2%
ROIC	-8.1%	+2.9%	+2.2%	+11.1%	+11.5%
Liquidity
Current ratio	1.97x	1.61x	1.77x	1.81x	1.58x
Quick ratio	0.93x	0.68x	0.77x	0.84x	0.74x
Leverage
D/E	0.87x	0.78x	0.75x	0.64x	0.92x
Interest coverage	-2.83x	1.48x	0.88x	7.01x	8.76x
Efficiency
Asset turnover	0.68x	0.75x	0.77x	0.94x	0.87x
Cash conversion cycle	+67d	+57d	+53d	+51d	+60d

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Dow Inc.

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