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 revenue.

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	9.5%	5.1%	6.7%
Accounts Receivable	11.9%	11.1%	10.6%
Inventory	16.5%	15.2%	13.6%
Prepaid Expenses	2.5%	2.3%	4.3%
Other Current Assets	2.5%	2.3%	4.3%
Total Current Assets	45.2%	38.6%	39.5%
Property,Plant and Equipment	55.7%	51.2%	47.2%
Operating Lease Assets	3.4%	3.0%	3.0%
Goodwill	20.0%	19.9%	19.4%
Intangible Assets	3.7%	4.0%	4.6%
Long Term Investments	7.5%	7.1%	6.1%
Deferred Tax Assets	3.8%	2.9%	3.3%
Other Noncurrent Assets	3.3%	2.9%	3.0%
Total Assets	146.5%	133.4%	129.9%
Liabilities
Accounts Payable	10.4%	11.3%	10.1%
Accrued Liabilities	6.6%	5.9%	6.1%
Deferred Revenue	0.6%	0.6%	0.4%
Operating Lease Liabilities	0.9%	0.7%	0.7%
Other Current Liabilities	18.0%	15.4%	15.3%
Total Current Liabilities	23.0%	23.9%	22.3%
Long Term Debt	44.7%	36.6%	33.4%
Deferred Revenue Noncurrent	4.3%	3.4%	3.7%
Operating Lease Liabilities Noncurrent	2.7%	2.3%	2.3%
Deferred Tax Liabilities	0.9%	0.9%	0.9%
Other Noncurrent Liabilities	18.0%	15.4%	15.3%
Total Liabilities	35.0%	31.3%	31.4%
Equity
Common Stock	14.5%	0.0%	0.0%
Additional Paid In Capital	27.8%	21.4%	19.9%
Retained Earnings	42.0%	48.7%	48.8%
Treasury Stock	10.6%	10.8%	9.8%
Accumulated Other Comprehensive Income	-19.2%	-18.9%	-17.2%
Noncontrolling Interest	3.8%	1.2%	1.1%
Total Stockholders Equity	40.1%	40.4%	41.7%
Total Liabilitiesand Equity	146.5%	133.4%	129.9%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	93.7%	89.3%	89.1%
Expenses Research and Development	1.9%	1.9%	1.9%
Expenses Selling,General and Administrative	3.5%	3.7%	3.6%
Expenses Depreciation and Amortization	7.1%	6.7%	5.9%
Expenses Share Based Compensation	0.4%	0.4%	0.5%
Expenses Restructuring and Asset Impairment	4.6%	0.2%	1.7%
Other Income Expense Operating Income	-6.1%	2.8%	1.5%
Other Income Expense Interest Income	0.4%	0.5%	0.5%
Other Income Expense Interest Expense	2.2%	1.9%	1.7%
Other Income Expense Other Income/expense	0.3%	0.2%	0.3%
Other Income Expense Income Before Tax	-6.3%	3.7%	1.5%
Income Tax Income Tax Expense	-0.2%	0.9%	-0.0%
net Income net Income	-6.1%	2.8%	1.5%
net Income Comprehensive Income	-5.4%	1.6%	0.1%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.8%	1.6%	1.6%
Earnings Per Share Weighted Average Shares Diluted	1.8%	1.6%	1.6%

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	-6.1%	2.8%	1.5%
Operating Activities Depreciation and Amortization	7.1%	6.7%	5.9%
Operating Activities Stock Based Compensation	0.4%	0.4%	0.5%
Operating Activities Deferred Income Taxes	-0.9%	0.3%	-2.7%
Operating Activities Changes In Operating Assets and Liabilities	-2.4%	1.9%	-3.5%
Operating Activities net Cash From Operating Activities	2.6%	6.8%	11.6%
Investing Activities Capital Expenditures	6.2%	6.8%	5.3%
Investing Activities Business Acquisitions	0.0%	0.3%	0.3%
Investing Activities Purchases of Investments	2.2%	4.2%	5.1%
Investing Activities Other Investing Activities	-0.1%	0.1%	0.1%
Investing Activities net Cash From Investing Activities	-5.3%	-5.5%	-6.6%
Financing Activities Repayment of Debt	3.7%	0.6%	1.0%
Financing Activities Repurchase of Common Stock	0.0%	1.1%	1.4%
Financing Activities Dividends Paid	3.7%	4.6%	4.4%
Financing Activities Proceeds From Stock Issuance	0.2%	0.4%	0.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	6.3%	-2.7%	-7.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.7%	-0.4%	-0.1%
Cash Reconciliation net Change In Cash	4.2%	-1.8%	-2.0%
Cash Reconciliation Cash At Beginning of Period	9.9%	5.3%	6.8%
Cash Reconciliation Cash At End of Period	9.9%	5.3%	6.8%

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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