Dow Inc Financials

DOW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 34/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Dow Inc's revenue declined 7% year-over-year, from $43.0B to $40.0B. This contraction results in a growth score of 9/100.

Leverage

Dow Inc carries a low D/E ratio of 1.11, meaning only $1.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Dow Inc's current ratio of 1.97 indicates adequate short-term liquidity, earning a score of 59/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Dow Inc generated $1.0B in operating cash flow, capex of $2.5B consumed most of it, leaving -$1.4B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Dow Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.42x

For every $1 of reported earnings, Dow Inc generates $-0.42 in operating cash flow ($1.0B OCF vs -$2.4B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Dow Inc (DOW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$40.0B

YoY-7.0%

5Y CAGR+0.7%

Dow Inc generated $40.0B in revenue in fiscal year 2025. This represents a decrease of 7.0% from the prior year.

EBITDA

N/A

Free Cash Flow

-$1.4B

YoY-5465.4%

Dow Inc generated -$1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 5465.4% from the prior year.

Net Income

-$2.4B

YoY-303.5%

Dow Inc reported -$2.4B in net income in fiscal year 2025. This represents a decrease of 303.5% from the prior year.

EPS (Diluted)

$-3.70

YoY-335.7%

Dow Inc earned $-3.70 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 335.7% from the prior year.

Cash & Debt

$3.8B

YoY+74.3%

5Y CAGR-5.7%

Dow Inc held $3.8B in cash against $17.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.10

YoY-25.0%

5Y CAGR-5.6%

Dow Inc paid $2.10 per share in dividends in fiscal year 2025. This represents a decrease of 25.0% from the prior year.

Shares Outstanding

718M

YoY+1.9%

5Y CAGR-0.7%

Dow Inc had 718M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.

Gross Margin

6.3%

YoY-4.4pp

5Y CAGR-7.1pp

Dow Inc's gross margin was 6.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.4 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-6.1%

YoY-8.9pp

5Y CAGR-9.5pp

Dow Inc's net profit margin was -6.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$752.0M

YoY-7.2%

5Y CAGR-0.4%

Dow Inc invested $752.0M in research and development in fiscal year 2025. This represents a decrease of 7.2% from the prior year.

Share Buybacks

YoY-100.0%

Dow Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$2.5B

YoY-15.7%

5Y CAGR+14.6%

Dow Inc invested $2.5B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 15.7% from the prior year.

DOW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$40.0B-7.0%	$43.0B-3.7%	$44.6B-21.6%	$56.9B+3.5%	$55.0B+42.6%	$38.5B
Cost of Revenue	$37.4B-2.4%	$38.4B-3.5%	$39.7B-17.8%	$48.3B+9.4%	$44.2B+32.5%	$33.3B
Gross Profit	$2.5B-45.0%	$4.6B-5.6%	$4.9B-43.0%	$8.6B-20.5%	$10.8B+107.4%	$5.2B
R&D Expenses	$752.0M-7.2%	$810.0M-2.3%	$829.0M-2.6%	$851.0M-0.7%	$857.0M+11.6%	$768.0M
SG&A Expenses	$1.4B-12.0%	$1.6B-2.8%	$1.6B-2.9%	$1.7B+1.8%	$1.6B+11.8%	$1.5B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$865.0M+6.7%	$811.0M+8.7%	$746.0M+12.7%	$662.0M-9.4%	$731.0M-11.6%	$827.0M
Income Tax	-$67.0M-116.8%	$399.0M+10075.0%	-$4.0M-100.3%	$1.4B-16.7%	$1.7B+123.9%	$777.0M
Net Income	-$2.4B-303.5%	$1.2B+82.0%	$660.0M-85.8%	$4.6B-27.6%	$6.4B+395.0%	$1.3B
EPS (Diluted)	$-3.70-335.7%	$1.57+91.5%	$0.82-86.9%	$6.28-25.1%	$8.38+411.0%	$1.64

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$9.5B-5.1%	$10.0B-1.3%	$10.1B-3.1%	$10.4B+0.2%	$10.4B-4.4%	$10.9B-0.3%	$10.9B+1.4%	$10.8B
Cost of Revenue	$8.9B-3.6%	$9.2B-2.9%	$9.5B-2.4%	$9.8B+3.1%	$9.5B-3.5%	$9.8B+2.3%	$9.6B+1.1%	$9.5B
Gross Profit	$548.0M-25.0%	$731.0M+25.4%	$583.0M-13.1%	$671.0M-28.2%	$935.0M-12.6%	$1.1B-19.2%	$1.3B+3.7%	$1.3B
R&D Expenses	$173.0M-9.4%	$191.0M+1.6%	$188.0M-6.0%	$200.0M-1.0%	$202.0M-2.9%	$208.0M+6.1%	$196.0M-3.9%	$204.0M
SG&A Expenses	$339.0M-0.3%	$340.0M-2.0%	$347.0M-5.2%	$366.0M+3.7%	$353.0M-10.9%	$396.0M+1.5%	$390.0M-11.8%	$442.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$219.0M-0.9%	$221.0M+5.7%	$209.0M-3.2%	$216.0M0.0%	$216.0M+8.5%	$199.0M+1.0%	$197.0M-1.0%	$199.0M
Income Tax	-$71.0M-31.5%	-$54.0M-138.0%	$142.0M+269.0%	-$84.0M-133.1%	$254.0M+202.4%	$84.0M-44.0%	$150.0M+268.5%	-$89.0M
Net Income	-$1.4B-2300.0%	$62.0M+107.4%	-$835.0M-172.0%	-$307.0M-1059.4%	$32.0M-85.0%	$214.0M-51.3%	$439.0M-14.9%	$516.0M
EPS (Diluted)	$-2.16-2800.0%	$0.08+106.8%	$-1.18-168.2%	$-0.44-450.0%	$-0.08-126.7%	$0.30-51.6%	$0.62-15.1%	$0.73

DOW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$58.5B+2.1%	$57.3B-1.1%	$58.0B-4.3%	$60.6B-3.8%	$63.0B+2.5%	$61.5B
Current Assets	$18.1B+8.9%	$16.6B-5.8%	$17.6B-14.0%	$20.5B-1.8%	$20.8B+9.2%	$19.1B
Cash & Equivalents	$3.8B+74.3%	$2.2B-26.7%	$3.0B-23.1%	$3.9B+30.1%	$3.0B-41.5%	$5.1B
Inventory	$6.6B+0.8%	$6.5B+7.7%	$6.1B-13.1%	$7.0B-5.2%	$7.4B+29.3%	$5.7B
Accounts Receivable	$4.8B+0.1%	$4.8B+0.8%	$4.7B-15.9%	$5.6B-18.0%	$6.8B+34.4%	$5.1B
Goodwill	$8.0B-6.9%	$8.6B-0.9%	$8.6B0.0%	$8.6B-1.4%	$8.8B-1.6%	$8.9B
Total Liabilities	$42.5B+6.4%	$40.0B+1.5%	$39.4B-1.3%	$39.9B-11.0%	$44.8B-8.6%	$49.0B
Current Liabilities	$9.2B-10.7%	$10.3B+3.3%	$10.0B-12.1%	$11.3B-14.3%	$13.2B+19.1%	$11.1B
Long-Term Debt	$17.8B+10.1%	$16.2B+8.7%	$14.9B-1.0%	$15.1B+3.8%	$14.5B-14.4%	$17.0B
Total Equity	$16.0B-7.8%	$17.4B-6.7%	$18.6B-10.2%	$20.7B+14.1%	$18.2B+46.1%	$12.4B
Retained Earnings	$16.8B-19.7%	$20.9B-4.0%	$21.8B-6.1%	$23.2B+12.4%	$20.6B+26.0%	$16.4B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$58.5B-4.0%	$61.0B+3.4%	$59.0B+2.6%	$57.5B+0.3%	$57.3B-3.5%	$59.4B+1.5%	$58.5B-0.5%	$58.8B
Current Assets	$18.1B-8.1%	$19.6B+10.9%	$17.7B+8.5%	$16.3B-1.6%	$16.6B-7.7%	$18.0B-0.4%	$18.1B-2.1%	$18.4B
Cash & Equivalents	$3.8B-17.2%	$4.6B+92.1%	$2.4B+63.8%	$1.5B-33.1%	$2.2B-24.1%	$2.9B-13.7%	$3.3B-10.3%	$3.7B
Inventory	$6.6B-1.2%	$6.7B-0.4%	$6.7B-0.9%	$6.8B+3.4%	$6.5B-2.9%	$6.7B+4.4%	$6.5B+1.3%	$6.4B
Accounts Receivable	$4.8B-5.6%	$5.0B-7.0%	$5.4B+10.4%	$4.9B+3.4%	$4.8B-11.6%	$5.4B+5.5%	$5.1B-2.2%	$5.2B
Goodwill	$8.0B-8.2%	$8.7B-0.1%	$8.7B+0.9%	$8.6B+0.6%	$8.6B-1.4%	$8.7B+1.5%	$8.6B-0.4%	$8.6B
Total Liabilities	$42.5B-2.1%	$43.4B+4.0%	$41.8B+2.6%	$40.7B+1.9%	$40.0B-2.7%	$41.1B+2.2%	$40.2B-0.5%	$40.4B
Current Liabilities	$9.2B-9.1%	$10.1B-3.6%	$10.5B-0.9%	$10.6B+2.9%	$10.3B-5.0%	$10.8B+5.0%	$10.3B+0.6%	$10.2B
Long-Term Debt	$17.8B+0.8%	$17.7B+9.0%	$16.2B+2.0%	$15.9B-1.7%	$16.2B+0.3%	$16.2B+0.9%	$16.0B-1.0%	$16.2B
Total Equity	$16.0B-8.7%	$17.5B+1.8%	$17.2B+2.6%	$16.8B-3.3%	$17.4B-5.2%	$18.3B0.0%	$18.3B-0.6%	$18.4B
Retained Earnings	$16.8B-9.7%	$18.6B-1.0%	$18.8B-6.6%	$20.1B-3.9%	$20.9B-2.6%	$21.5B-1.3%	$21.7B-0.3%	$21.8B

DOW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.0B-64.6%	$2.9B-43.9%	$5.2B-30.5%	$7.5B+6.6%	$7.0B+12.6%	$6.2B
Capital Expenditures	$2.5B-15.7%	$2.9B+24.8%	$2.4B+29.2%	$1.8B+21.5%	$1.5B+19.9%	$1.3B
Free Cash Flow	-$1.4B-5465.4%	-$26.0M-100.9%	$2.8B-49.8%	$5.7B+2.6%	$5.5B+10.7%	$5.0B
Investing Cash Flow	-$2.1B+10.2%	-$2.4B+19.1%	-$2.9B+1.4%	-$3.0B-1.9%	-$2.9B-246.5%	-$841.0M
Financing Cash Flow	$2.5B+314.7%	-$1.2B+62.5%	-$3.1B+7.3%	-$3.4B+44.6%	-$6.1B-119.6%	-$2.8B
Dividends Paid	$1.5B-24.2%	$2.0B-0.3%	$2.0B-1.7%	$2.0B-3.2%	$2.1B+0.1%	$2.1B
Share Buybacks	$0-100.0%	$494.0M-21.0%	$625.0M-73.1%	$2.3B+132.5%	$1.0B+700.0%	$125.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$284.0M-74.8%	$1.1B+339.8%	-$470.0M-616.5%	$91.0M-88.8%	$814.0M+1.8%	$800.0M-4.3%	$836.0M+80.2%	$464.0M
Capital Expenditures	$568.0M+0.7%	$564.0M-14.8%	$662.0M-3.4%	$685.0M-10.7%	$767.0M+4.2%	$736.0M+1.8%	$723.0M+1.3%	$714.0M
Free Cash Flow	-$284.0M-150.4%	$563.0M+149.7%	-$1.1B-90.6%	-$594.0M-1363.8%	$47.0M-26.6%	$64.0M-43.4%	$113.0M+145.2%	-$250.0M
Investing Cash Flow	-$669.0M-35.2%	-$495.0M+11.8%	-$561.0M-39.9%	-$401.0M+56.0%	-$912.0M-32.0%	-$691.0M-39.9%	-$494.0M-82.3%	-$271.0M
Financing Cash Flow	-$433.0M-127.1%	$1.6B-14.1%	$1.9B+457.4%	-$521.0M-17.1%	-$445.0M+25.1%	-$594.0M+14.5%	-$695.0M-222.8%	$566.0M
Dividends Paid	$251.0M+0.8%	$249.0M-49.8%	$496.0M+0.4%	$494.0M+0.4%	$492.0M+0.4%	$490.0M-0.2%	$491.0M-0.4%	$493.0M
Share Buybacks	$0	$0	$0	$0	$0-100.0%	$94.0M-53.0%	$200.0M0.0%	$200.0M

DOW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	6.3%-4.4pp	10.7%-0.2pp	10.9%-4.1pp	15.0%-4.6pp	19.6%+6.1pp	13.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-6.1%-8.9pp	2.8%+1.3pp	1.5%-6.7pp	8.2%-3.5pp	11.7%+8.3pp	3.4%
Return on Equity	N/A	6.9%+3.4pp	3.5%-18.9pp	22.4%-12.9pp	35.3%+24.9pp	10.4%
Return on Assets	-4.2%-6.3pp	2.1%+1.0pp	1.1%-6.5pp	7.7%-2.5pp	10.2%+8.1pp	2.1%
Current Ratio	1.97+0.4	1.61-0.2	1.77-0.0	1.81+0.2	1.58-0.1	1.72
Debt-to-Equity	1.11+0.2	0.93+0.1	0.80+0.1	0.73-0.1	0.80-0.6	1.36
FCF Margin	-3.6%-3.6pp	-0.1%-6.4pp	6.4%-3.6pp	9.9%-0.1pp	10.0%-2.9pp	12.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	5.8%-1.5pp	7.3%+1.6pp	5.8%-0.7pp	6.4%-2.6pp	9.0%-0.9pp	9.8%-2.3pp	12.1%+0.3pp	11.9%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-14.4%-15.0pp	0.6%+8.9pp	-8.3%-5.3pp	-2.9%-3.3pp	0.3%-1.7pp	2.0%-2.1pp	4.0%-0.8pp	4.8%
Return on Equity	N/A	0.4%	N/A	N/A	0.2%-1.0pp	1.2%-1.2pp	2.4%-0.4pp	2.8%
Return on Assets	-2.3%-2.4pp	0.1%+1.5pp	-1.4%-0.9pp	-0.5%-0.6pp	0.1%-0.3pp	0.4%-0.4pp	0.8%-0.1pp	0.9%
Current Ratio	1.97+0.0	1.94+0.3	1.69+0.1	1.54-0.1	1.61-0.0	1.66-0.1	1.75-0.0	1.80
Debt-to-Equity	1.11+0.1	1.01+0.1	0.940.0	0.95+0.0	0.93+0.1	0.880.0	0.870.0	0.88
FCF Margin	-3.0%-8.6pp	5.7%+16.9pp	-11.2%-5.5pp	-5.7%-6.1pp	0.4%-0.1pp	0.6%-0.4pp	1.0%+3.4pp	-2.3%

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Frequently Asked Questions

What is Dow Inc's annual revenue?

Dow Inc (DOW) reported $40.0B in total revenue for fiscal year 2025. This represents a -7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Dow Inc's revenue growing?

Dow Inc (DOW) revenue declined by 7% year-over-year, from $43.0B to $40.0B in fiscal year 2025.

Is Dow Inc profitable?

No, Dow Inc (DOW) reported a net income of -$2.4B in fiscal year 2025, with a net profit margin of -6.1%.

What is Dow Inc's earnings per share (EPS)?

Dow Inc (DOW) reported diluted earnings per share of $-3.70 for fiscal year 2025. This represents a -335.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Dow Inc have?

As of fiscal year 2025, Dow Inc (DOW) had $3.8B in cash and equivalents against $17.8B in long-term debt.

What is Dow Inc's gross margin?

Dow Inc (DOW) had a gross margin of 6.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Dow Inc's net profit margin?

Dow Inc (DOW) had a net profit margin of -6.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Dow Inc pay dividends?

Yes, Dow Inc (DOW) paid $2.10 per share in dividends during fiscal year 2025.

What is Dow Inc's free cash flow?

Dow Inc (DOW) generated -$1.4B in free cash flow during fiscal year 2025. This represents a -5465.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Dow Inc's operating cash flow?

Dow Inc (DOW) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Dow Inc's total assets?

Dow Inc (DOW) had $58.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Dow Inc's capital expenditures?

Dow Inc (DOW) invested $2.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Dow Inc spend on research and development?

Dow Inc (DOW) invested $752.0M in research and development during fiscal year 2025.

How many shares does Dow Inc have outstanding?

Dow Inc (DOW) had 718M shares outstanding as of fiscal year 2025.

What is Dow Inc's current ratio?

Dow Inc (DOW) had a current ratio of 1.97 as of fiscal year 2025, which is generally considered healthy.

What is Dow Inc's debt-to-equity ratio?

Dow Inc (DOW) had a debt-to-equity ratio of 1.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Dow Inc's return on assets (ROA)?

Dow Inc (DOW) had a return on assets of -4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Dow Inc's Piotroski F-Score?

Dow Inc (DOW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Dow Inc's earnings high quality?

Dow Inc (DOW) has an earnings quality ratio of -0.42x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Dow Inc?

Dow Inc (DOW) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.