Dow Inc. (DOW) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DOW SEC filings page.
Dow Inc. (DOW) reported $39.3B in revenue over the twelve months to Mar 31, 2026, down 7.7% from the prior twelve months. This page shows its 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).
By FY2025, Dow's shrinking sales and collapsed margins left ongoing investment unfunded by operations, while leverage rose.
Gross margin deterioration from19.6% in FY2021 to6.3% in FY2025 shows that weaker economics, not merely lower volume, compressed profitability. In FY2025, operating cash flow of$1.0B fell short of capital spending of$2.5B , leaving free cash flow at-$1.4B despite positive cash generation from operations.
FY2025's net loss of
The current ratio improved to 2.0x in FY2025, yet debt-to-equity reached 1.1x, indicating stronger short-term coverage alongside a heavier long-term financing burden. Positive financing cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Dow Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Dow Inc., and counted as zero in the overall score.
Dow Inc.'s revenue declined 7.0% year-over-year, from $43.0B to $40.0B. This contraction results in a growth score of 15/100.
Dow Inc. has a moderate D/E ratio of 1.11. This balance of debt and equity financing earns a leverage score of 45/100.
Dow Inc.'s current ratio of 1.97 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.
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 24/100, reflecting heavy capital investment rather than weak cash generation.
Not available for Dow Inc., and counted as zero in the overall score.
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.
Dow Inc. reported a net loss of $2.4B while generating $1.0B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Dow Inc. generated $9.8B in revenue in Q1 2026. This represents a decrease of 6.1% from the same quarter a year earlier. Against the prior quarter it is up 3.5%.
Dow Inc. reported -$533.0M in net income in Q1 2026. This represents a decrease of 73.6% from the same quarter a year earlier. Against the prior quarter it is up 60.9%.
Dow Inc. earned -$0.74 per diluted share (EPS) in Q1 2026. This represents a decrease of 68.2% from the same quarter a year earlier. Against the prior quarter it is up 65.9%.
Not reported for Q1 2026.
Cash & Balance Sheet
Dow Inc. generated $621.0M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 204.5% from the same quarter a year earlier. Against the prior quarter it is up 318.7%.
Dow Inc. held $4.1B in cash against $17.3B in long-term debt as of Q1 2026.
Dow Inc. paid $0.35 per share in dividends in Q1 2026. This represents a decrease of 50.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Dow Inc.'s gross margin was 6.5% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Dow Inc.'s net profit margin was -5.4% in Q1 2026, showing the share of revenue converted to profit. This is down 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.0 percentage points.
Dow Inc.'s ROE was -3.5% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.0 percentage points.
Not reported for Q1 2026.
Capital Allocation
Dow Inc. invested $181.0M in research and development in Q1 2026. This represents a decrease of 9.5% from the same quarter a year earlier. Against the prior quarter it is up 4.6%.
Dow Inc. invested $503.0M in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 26.6% from the same quarter a year earlier. Against the prior quarter it is down 11.4%.
Not reported for Q1 2026.
DOW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.8B-6.1% | $9.5B-9.1% | $10.0B-8.3% | $10.1B-7.4% | $10.4B-3.1% | $10.4B-2.0% | $10.9B+1.4% | $10.9B-4.4% |
| Cost of Revenue | $9.2B-6.2% | $8.9B-5.9% | $9.2B-5.8% | $9.5B-0.7% | $9.8B+2.9% | $9.5B-1.8% | $9.8B+2.3% | $9.6B-2.9% |
| Gross Profit | $640.0M-4.6% | $548.0M-41.4% | $731.0M-31.7% | $583.0M-56.0% | $671.0M-47.5% | $935.0M-4.1% | $1.1B-6.0% | $1.3B-14.3% |
| R&D Expenses | $181.0M-9.5% | $173.0M-14.4% | $191.0M-8.2% | $188.0M-4.1% | $200.0M-2.0% | $202.0M-5.2% | $208.0M+5.6% | $196.0M-4.4% |
| SG&A Expenses | $417.0M+13.9% | $339.0M-4.0% | $340.0M-14.1% | $347.0M-11.0% | $366.0M-17.2% | $353.0M-14.1% | $396.0M+4.2% | $390.0M-4.4% |
| Interest Expense | $219.0M+1.4% | $219.0M+1.4% | $221.0M+11.1% | $209.0M+6.1% | $216.0M+8.5% | $216.0M+9.6% | $199.0M+3.6% | $197.0M+14.5% |
| Income Tax | $55.0M+165.5% | -$71.0M-128.0% | -$54.0M-164.3% | $142.0M-5.3% | -$84.0M+5.6% | $254.0M+198.8% | $84.0M-6.7% | $150.0M-28.6% |
| Net Income | -$533.0M-73.6% | -$1.4B-4362.5% | $62.0M-71.0% | -$835.0M-290.2% | -$307.0M-159.5% | $32.0M+194.1% | $214.0M-29.1% | $439.0M-9.5% |
| EPS (Basic) | -$0.74-68.2% | -$2.17-2612.5% | $0.08-73.3% | -$1.18-290.3% | -$0.44-160.3% | -$0.08+46.7% | $0.30-30.2% | $0.62-8.8% |
| EPS (Diluted) | -$0.74-68.2% | -$2.17-2612.5% | $0.08-73.3% | -$1.18-290.3% | -$0.44-160.3% | -$0.08+46.7% | $0.30-28.6% | $0.62-8.8% |
| Diluted Shares (Avg) | 721M+2.0% | N/A | 713M+1.4% | 710M+0.6% | 707M+0.2% | N/A | 704M-0.6% | 705M-0.6% |
Not reported in any period shown, so not listed: Operating Income, EBITDA.
DOW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $59.8B+4.0% | $58.5B+2.1% | $61.0B+2.7% | $59.0B+0.8% | $57.5B-2.2% | $57.3B-1.1% | $59.4B+1.9% | $58.5B+0.4% |
| Current Assets | $19.5B+19.2% | $18.1B+8.9% | $19.6B+9.3% | $17.7B-1.9% | $16.3B-11.5% | $16.6B-5.8% | $18.0B-1.8% | $18.1B-2.7% |
| Cash & Equivalents | $4.1B+180.5% | $3.8B+74.3% | $4.6B+59.9% | $2.4B-28.2% | $1.5B-60.7% | $2.2B-26.7% | $2.9B-6.4% | $3.3B+14.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $6.8B+0.1% | $6.6B+0.8% | $6.7B-1.0% | $6.7B+3.7% | $6.8B+6.2% | $6.5B+7.7% | $6.7B+8.5% | $6.5B-0.4% |
| Accounts Receivable | $5.2B+5.5% | $4.8B+0.1% | $5.0B-6.2% | $5.4B+6.4% | $4.9B-5.7% | $4.8B+0.8% | $5.4B+0.7% | $5.1B-8.0% |
| Long-Term Investments | $3.0B+7.0% | $3.0B-0.5% | $2.8B-1.5% | $2.8B-2.0% | $2.8B-0.7% | $3.0B+10.7% | $2.9B-1.7% | $2.8B+0.7% |
| Goodwill | $7.9B-7.8% | $8.0B-6.9% | $8.7B+0.1% | $8.7B+1.6% | $8.6B+0.3% | $8.6B-0.9% | $8.7B+1.2% | $8.6B-0.7% |
| Total Liabilities | $44.5B+9.4% | $42.5B+6.4% | $43.4B+5.8% | $41.8B+3.9% | $40.7B+0.8% | $40.0B+1.5% | $41.1B+6.1% | $40.2B+5.0% |
| Current Liabilities | $10.5B-0.5% | $9.2B-10.7% | $10.1B-6.7% | $10.5B+1.7% | $10.6B+3.3% | $10.3B+3.3% | $10.8B+5.6% | $10.3B+6.8% |
| Non-Current Liabilities | $34.0B+12.8% | $33.3B+12.4% | $33.3B+10.2% | $31.3B+4.6% | $30.1B-0.1% | $29.7B+0.9% | $30.3B+6.2% | $29.9B+4.4% |
| Long-Term Debt | $17.3B+8.3% | $17.8B+13.6% | $17.7B+9.6% | $16.2B+1.4% | $15.9B-1.5% | $15.7B+5.4% | $16.2B+10.8% | $16.0B+8.7% |
| Total Equity | $15.2B-9.2% | $16.0B-7.8% | $17.5B-4.2% | $17.2B-5.9% | $16.8B-8.9% | $17.4B-6.7% | $18.3B-6.4% | $18.3B-8.4% |
| Retained Earnings | $16.0B-20.4% | $16.8B-19.7% | $18.6B-13.4% | $18.8B-13.7% | $20.1B-7.8% | $20.9B-4.0% | $21.5B-4.1% | $21.7B-3.7% |
DOW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B+1135.2% | $284.0M-65.1% | $1.1B+40.9% | -$470.0M-156.2% | $91.0M-80.4% | $814.0M-50.8% | $800.0M-51.7% | $836.0M-37.9% |
| Depreciation & Amortization | $719.0M+0.7% | $708.0M-5.7% | $688.0M-7.2% | $724.0M+6.2% | $714.0M-0.8% | $751.0M+14.3% | $741.0M+25.4% | $682.0M+15.6% |
| Capital Expenditures | $503.0M-26.6% | $568.0M-25.9% | $564.0M-23.4% | $662.0M-8.4% | $685.0M-4.1% | $767.0M | $736.0M | $723.0M |
| Free Cash Flow | $621.0M+204.5% | -$284.0M-704.3% | $563.0M+779.7% | -$1.1B-1101.8% | -$594.0M-137.6% | $47.0M | $64.0M | $113.0M |
| Investing Cash Flow | -$448.0M-11.7% | -$669.0M+26.6% | -$495.0M+28.4% | -$561.0M-13.6% | -$401.0M-48.0% | -$912.0M+15.7% | -$691.0M+31.7% | -$494.0M+27.8% |
| Financing Cash Flow | -$320.0M+38.6% | -$433.0M+2.7% | $1.6B+369.4% | $1.9B+367.9% | -$521.0M-192.0% | -$445.0M+37.4% | -$594.0M-19.5% | -$695.0M+34.0% |
| Dividends Paid | $252.0M-49.0% | $251.0M-49.0% | $249.0M-49.2% | $496.0M+1.0% | $494.0M+0.2% | $492.0M+0.2% | $490.0M-0.4% | $491.0M-0.4% |
| Share Buybacks | N/A | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $94.0M-24.8% | $200.0M-20.0% |
Not reported in any period shown, so not listed: Stock-Based Compensation.
DOW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.5%+0.1pp | 5.8%-3.2pp | 7.3%-2.5pp | 5.8%-6.4pp | 6.4%-5.4pp | 9.0%-0.2pp | 9.8%-0.8pp | 12.1%-1.4pp |
| Net Margin | -5.4%-2.5pp | -14.4%-14.7pp | 0.6%-1.3pp | -8.3%-12.3pp | -2.9%-7.7pp | 0.3%+0.6pp | 2.0%-0.8pp | 4.0%-0.2pp |
| Return on Equity | -3.5%-1.7pp | -8.5%-8.7pp | 0.4%-0.8pp | -4.9%-7.3pp | -1.8%-4.6pp | 0.2%+0.4pp | 1.2%-0.4pp | 2.4%0.0pp |
| Return on Assets | -0.9%-0.4pp | -2.3%-2.4pp | 0.1%-0.3pp | -1.4%-2.2pp | -0.5%-1.4pp | 0.1%+0.1pp | 0.4%-0.2pp | 0.8%-0.1pp |
| Current Ratio | 1.85+0.3x | 1.97+0.4x | 1.94+0.3x | 1.69-0.1x | 1.54-0.3x | 1.61-0.2x | 1.66-0.1x | 1.75-0.2x |
| Debt-to-Equity | 1.13+0.2x | 1.11+0.2x | 1.01+0.1x | 0.94+0.1x | 0.95+0.1x | 0.91+0.1x | 0.88+0.1x | 0.87+0.1x |
| Asset Turnover | 0.160.0x | 0.160.0x | 0.160.0x | 0.170.0x | 0.180.0x | 0.180.0x | 0.180.0x | 0.190.0x |
| FCF Margin | 6.3%+12.0pp | -3.0%-3.4pp | 5.7%+5.1pp | -11.2%-12.2pp | -5.7%-3.4pp | 0.4% | 0.6% | 1.0% |
Not reported in any period shown, so not listed: Operating Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Dow Inc. DOW | FY2025 | $40.0B | -$2.4B | -6.1% | $20.3B | 24/100 |
| Celanese Corporation CE | FY2025 | $9.5B | -$1.2B | -12.2% | $4.9B | 32/100 |
| Olin Corp. OLN | FY2025 | $6.8B | -$101.1M | -1.5% | $1.7B | 34/100 |
| Methanex Corp MEOH | FY2025 | $3.6B | $144.8M | 4.0% | $4.8B | 41/100 |
| LyondellBasell Industries N.V. LYB | FY2025 | $30.2B | -$738.0M | -2.5% | $19.4B | 33/100 |
| International Flavors & Fragrances Inc. IFF | FY2025 | $10.9B | -$359.0M | -3.3% | $21.6B | 27/100 |
Where Dow Inc. Ranks
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 7.0% 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%.
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 return on equity (ROE)?
Dow Inc. (DOW) has a return on equity of -15.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Dow Inc.'s free cash flow?
Dow Inc. (DOW) recorded an outflow of $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.
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 P/E ratio?
Dow Inc. (DOW) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $20.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Dow Inc.'s price-to-sales ratio?
Dow Inc. (DOW) trades at 0.5x sales, its market capitalization divided by revenue of $39.3B revenue, trailing 12 months to March 31, 2026. The market capitalization is $20.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 to 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) reported a net loss of $2.4B while generating $1.0B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 24 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.