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

Balance Sheet

Assets, liabilities, and equity

34 accounts · 3 years

Total assets $58.5B

Total liabilities $14.0B

Shareholders equity $16.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$3.8B 74.3%	$2.2B -26.7%	$3.0B
Accounts Receivable	$4.8B 0.1%	$4.8B 0.8%	$4.7B
Inventory	$6.6B 0.8%	$6.5B 7.7%	$6.1B
Prepaid Expenses	$1.0B 2.0%	$993.0M -48.7%	$1.9B
Other Current Assets	$1.0B 2.0%	$993.0M -48.7%	$1.9B
Total Current Assets	$18.1B 8.9%	$16.6B -5.8%	$17.6B
Property,Plant and Equipment	$22.2B 1.1%	$22.0B 4.5%	$21.1B
Operating Lease Assets	$1.4B 6.9%	$1.3B -3.9%	$1.3B
Goodwill	$8.0B -6.9%	$8.6B -0.9%	$8.6B
Intangible Assets	$1.5B -13.7%	$1.7B -16.9%	$2.1B
Long Term Investments	$3.0B -0.5%	$3.0B 10.7%	$2.7B
Deferred Tax Assets	$1.5B 20.2%	$1.3B -15.4%	$1.5B
Other Noncurrent Assets	$1.3B 6.3%	$1.2B -7.2%	$1.3B
Total Assets	$58.5B 2.1%	$57.3B -1.1%	$58.0B
Liabilities
Accounts Payable	$4.2B -14.4%	$4.8B 7.0%	$4.5B
Accrued Liabilities	$2.6B 5.1%	$2.5B -6.8%	$2.7B
Deferred Revenue	$221.0M -9.4%	$244.0M 25.1%	$195.0M
Operating Lease Liabilities	$340.0M 6.9%	$318.0M -3.3%	$329.0M
Other Current Liabilities	$7.2B 8.5%	$6.6B -3.0%	$6.8B
Total Current Liabilities	$9.2B -10.7%	$10.3B 3.3%	$10.0B
Long Term Debt	$17.8B 13.6%	$15.7B 5.4%	$14.9B
Deferred Revenue Noncurrent	$1.7B 16.7%	$1.5B -9.9%	$1.6B
Operating Lease Liabilities Noncurrent	$1.1B 11.5%	$984.0M -4.7%	$1.0B
Deferred Tax Liabilities	$364.0M -7.1%	$392.0M -1.8%	$399.0M
Other Noncurrent Liabilities	$7.2B 8.5%	$6.6B -3.0%	$6.8B
Total Liabilities	$14.0B 3.9%	$13.5B -3.8%	$14.0B
Equity
Common Stock	$5.8B 72278.6%	$8.0M 0.0%	$8.0M
Additional Paid In Capital	$11.1B 20.7%	$9.2B 3.6%	$8.9B
Retained Earnings	$16.8B -19.7%	$20.9B -4.0%	$21.8B
Treasury Stock	$4.2B -9.1%	$4.7B 6.4%	$4.4B
Accumulated Other Comprehensive Income	$-7.7B 5.5%	$-8.1B -5.6%	$-7.7B
Noncontrolling Interest	$1.5B 205.2%	$496.0M -1.0%	$501.0M
Total Stockholders Equity	$16.0B -7.8%	$17.4B -6.7%	$18.6B
Total Liabilitiesand Equity	$58.5B 2.1%	$57.3B -1.1%	$58.0B

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $40.0B

Operating income $-2.4B

Net income $-2.4B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$40.0B -7.0%	$43.0B -3.7%	$44.6B
Expenses Cost of Revenue	$37.4B -2.4%	$38.4B -3.5%	$39.7B
Expenses Research and Development	$752.0M -7.2%	$810.0M -2.3%	$829.0M
Expenses Selling,General and Administrative	$1.4B -12.0%	$1.6B -2.8%	$1.6B
Expenses Depreciation and Amortization	$2.8B -2.1%	$2.9B 10.8%	$2.6B
Expenses Share Based Compensation	$154.0M -3.1%	$159.0M -25.0%	$212.0M
Expenses Restructuring and Asset Impairment	$1.9B 1701.9%	$103.0M -86.1%	$741.0M
Other Income Expense Operating Income	$-2.4B -303.5%	$1.2B 82.0%	$660.0M
Other Income Expense Interest Income	$152.0M -24.0%	$200.0M -12.7%	$229.0M
Other Income Expense Interest Expense	$865.0M 6.7%	$811.0M 8.7%	$746.0M
Other Income Expense Other Income/expense	$120.0M 20.0%	$100.0M -20.0%	$125.0M
Other Income Expense Income Before Tax	$-2.5B -256.9%	$1.6B 143.9%	$656.0M
Income Tax Income Tax Expense	$-67.0M -116.8%	$399.0M 10075.0%	$-4.0M
net Income net Income	$-2.4B -303.5%	$1.2B 82.0%	$660.0M
net Income Comprehensive Income	$-2.2B -416.3%	$687.0M 1361.7%	$47.0M
Earnings Per Share Basic Eps	$-4 -335.7%	$2 91.5%	$1
Earnings Per Share Diluted Eps	$-4 -335.7%	$2 91.5%	$1
Earnings Per Share Weighted Average Shares Basic	$711.6M 1.1%	$703.8M -0.3%	$705.7M
Earnings Per Share Weighted Average Shares Diluted	$711.6M 0.9%	$705.1M -0.6%	$709.0M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $1.0B

Investing cash flow $-2.1B

Financing cash flow $2.5B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$-2.4B -303.5%	$1.2B 82.0%	$660.0M
Operating Activities Depreciation and Amortization	$2.8B -2.1%	$2.9B 10.8%	$2.6B
Operating Activities Stock Based Compensation	$154.0M -3.1%	$159.0M -25.0%	$212.0M
Operating Activities Deferred Income Taxes	$-341.0M -352.6%	$135.0M 111.0%	$-1.2B
Operating Activities Changes In Operating Assets and Liabilities	$-947.0M -217.3%	$807.0M 151.1%	$-1.6B
Operating Activities net Cash From Operating Activities	$1.0B -64.6%	$2.9B -43.9%	$5.2B
Investing Activities Capital Expenditures	$2.5B -15.7%	$2.9B 24.8%	$2.4B
Investing Activities Business Acquisitions	$0 -100.0%	$125.0M 9.6%	$114.0M
Investing Activities Purchases of Investments	$881.0M -51.3%	$1.8B -20.9%	$2.3B
Investing Activities Other Investing Activities	$-32.0M -197.0%	$33.0M -45.9%	$61.0M
Investing Activities net Cash From Investing Activities	$-2.1B 10.2%	$-2.4B 19.1%	$-2.9B
Financing Activities Repayment of Debt	$1.5B 447.2%	$267.0M -40.1%	$446.0M
Financing Activities Repurchase of Common Stock	$0 -100.0%	$494.0M -21.0%	$625.0M
Financing Activities Dividends Paid	$1.5B -24.2%	$2.0B -0.3%	$2.0B
Financing Activities Proceeds From Stock Issuance	$85.0M -48.8%	$166.0M -11.7%	$188.0M
Financing Activities Tax Withholding On Stock Based Compensation	$18.0M -53.8%	$39.0M -7.1%	$42.0M
Financing Activities Other Financing Activities	$-6.0M	$0	$0
Financing Activities net Cash From Financing Activities	$2.5B 314.7%	$-1.2B 62.5%	$-3.1B
Cash Reconciliation Effect of Exchange Rate On Cash	$275.0M 268.7%	$-163.0M -262.2%	$-45.0M
Cash Reconciliation net Change In Cash	$1.7B 315.2%	$-785.0M 12.0%	$-892.0M
Cash Reconciliation Cash At Beginning of Period	$4.0B 74.6%	$2.3B -25.8%	$3.0B
Cash Reconciliation Cash At End of Period	$4.0B 74.6%	$2.3B -25.8%	$3.0B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+6.3%	+10.7%	+10.9%
Operating margin	-6.1%	+2.8%	+1.5%
Net margin	-6.1%	+2.8%	+1.5%
FCF margin	-3.6%	-0.1%	+6.4%
Growth
Revenue CAGR (3y)	-11.1%	-7.9%	+5.0%
Returns
ROE	-15.3%	+6.9%	+3.5%
ROA	-4.2%	+2.1%	+1.1%
ROIC	-8.1%	+2.9%	+2.2%
Liquidity
Current ratio	1.97x	1.61x	1.77x
Quick ratio	0.93x	0.68x	0.77x
Leverage
D/E	0.87x	0.78x	0.75x
Interest coverage	-2.83x	1.48x	0.88x
Efficiency
Asset turnover	0.68x	0.75x	0.77x
Cash conversion cycle	+67d	+57d	+53d

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Dow Inc.

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