Dow Inc Financials
Dow Inc (DOW) reported $40.0B in revenue for fiscal year 2025, down 7.0% from the prior fiscal year. 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).
Falling gross spread turned Dow from a cash-generating manufacturer into a debt-supported self-funder of capex and dividends.
From FY2023 to FY2025, gross profit was cut from$4.9B to$2.5B . Depreciation still ran at$2.8B in FY2025, and capital spending stayed at$2.5B . That left routine operations unable to fund reinvestment, pushing free cash flow to-$1.4B and showing the loss was not just an accounting swing.
FY2025 revenue fell to
In FY2025, operating 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 17/100.
Dow Inc has a moderate D/E ratio of 1.11. This balance of debt and equity financing earns a leverage score of 44/100.
Dow Inc's current ratio of 1.97 indicates adequate short-term liquidity, earning a score of 57/100. 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 27/100, 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 $40.0B in revenue in fiscal year 2025. This represents a decrease of 7.0% from the prior year.
Dow Inc reported -$2.4B in net income in fiscal year 2025. This represents a decrease of 303.5% from the prior year.
Dow Inc earned -$3.70 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 335.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Dow Inc recorded an outflow of $1.4B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 5465.4% from the prior year.
Dow Inc held $3.8B in cash against $17.8B in long-term debt as of fiscal year 2025.
Dow Inc paid $2.10 per share in dividends in fiscal year 2025. This represents a decrease of 25.0% from the prior year.
Margins & Returns
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.
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.
Dow Inc's ROE was -15.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Dow Inc invested $752.0M in research and development in fiscal year 2025. This represents a decrease of 7.2% from the prior year.
Dow Inc repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.3B | $40.0B-7.0% | $43.0B-3.7% | $44.6B-21.6% | $56.9B+3.5% | $55.0B+42.6% | $38.5B-10.3% | $43.0B-13.4% | $49.6B+13.4% | $43.7B+20.6% | $36.3B |
| Cost of Revenue | $36.8B | $37.4B-2.4% | $38.4B-3.5% | $39.7B-17.8% | $48.3B+9.4% | $44.2B+32.5% | $33.3B-9.0% | $36.7B-10.8% | $41.1B+13.0% | $36.4B+21.0% | $30.1B |
| Gross Profit | $2.5B | $2.5B-45.0% | $4.6B-5.6% | $4.9B-43.0% | $8.6B-20.5% | $10.8B+107.4% | $5.2B-17.4% | $6.3B-26.2% | $8.5B+15.6% | $7.4B+18.8% | $6.2B |
| R&D Expenses | $733.0M | $752.0M-7.2% | $810.0M-2.3% | $829.0M-2.6% | $851.0M-0.7% | $857.0M+11.6% | $768.0M+0.4% | $765.0M-4.4% | $800.0M-0.4% | $803.0M+7.6% | $746.0M |
| SG&A Expenses | $1.4B | $1.4B-12.0% | $1.6B-2.8% | $1.6B-2.9% | $1.7B+1.8% | $1.6B+11.8% | $1.5B-7.5% | $1.6B-10.8% | $1.8B-0.7% | $1.8B-0.3% | $1.8B |
| Interest Expense | $868.0M | $865.0M+6.7% | $811.0M+8.7% | $746.0M+12.7% | $662.0M-9.4% | $731.0M-11.6% | $827.0M-11.4% | $933.0M-12.2% | $1.1B+16.3% | $914.0M+10.5% | $827.0M |
| Income Tax | $72.0M | -$67.0M-116.8% | $399.0M+10075.0% | -$4.0M-100.3% | $1.4B-16.7% | $1.7B+123.9% | $777.0M+65.3% | $470.0M-41.9% | $809.0M-46.9% | $1.5B+799.1% | -$218.0M |
| Net Income | -$2.7B | -$2.4B-303.5% | $1.2B+82.0% | $660.0M-85.8% | $4.6B-27.6% | $6.4B+395.0% | $1.3B+201.7% | -$1.3B-127.4% | $4.6B+898.1% | $465.0M-89.2% | $4.3B |
| EPS (Diluted) | — | -$3.70-335.7% | $1.57+91.5% | $0.82-86.9% | $6.28-25.1% | $8.38+411.0% | $1.64+189.1% | -$1.84-129.6% | $6.21+935.0% | $0.60-89.5% | $5.73 |
Not reported in any period shown, so not listed: Operating Income.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DOW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $58.5B+2.1% | $57.3B-1.1% | $58.0B-4.3% | $60.6B-3.8% | $63.0B+2.5% | $61.5B+1.6% | $60.5B-27.7% | $83.7B-2.5% | $85.9B | N/A |
| Current Assets | $18.1B+8.9% | $16.6B-5.8% | $17.6B-14.0% | $20.5B-1.8% | $20.8B+9.2% | $19.1B+13.5% | $16.8B-57.3% | $39.4B+41.2% | $27.9B | N/A |
| Cash & Equivalents | $3.8B+74.3% | $2.2B-26.7% | $3.0B-23.1% | $3.9B+30.1% | $3.0B-41.5% | $5.1B+115.6% | $2.4B-13.1% | $2.7B-56.0% | $6.2B-6.3% | $6.6B |
| Inventory | $6.6B+0.8% | $6.5B+7.7% | $6.1B-13.1% | $7.0B-5.2% | $7.4B+29.3% | $5.7B-8.3% | $6.2B-9.9% | $6.9B+14.1% | $6.0B | N/A |
| Accounts Receivable | $4.8B+0.1% | $4.8B+0.8% | $4.7B-15.9% | $5.6B-18.0% | $6.8B+34.4% | $5.1B+5.1% | $4.8B-14.2% | $5.6B+4.8% | $5.4B | N/A |
| Goodwill | $8.0B-6.9% | $8.6B-0.9% | $8.6B0.0% | $8.6B-1.4% | $8.8B-1.6% | $8.9B+1.3% | $8.8B-10.7% | $9.8B+0.1% | $9.8B+30.4% | $7.5B |
| Total Liabilities | $42.5B+6.4% | $40.0B+1.5% | $39.4B-1.3% | $39.9B-11.0% | $44.8B-8.6% | $49.0B+4.4% | $47.0B-8.3% | $51.2B-5.7% | $54.3B | N/A |
| Current Liabilities | $9.2B-10.7% | $10.3B+3.3% | $10.0B-12.1% | $11.3B-14.3% | $13.2B+19.1% | $11.1B+4.0% | $10.7B-31.3% | $15.5B+6.6% | $14.6B | N/A |
| Long-Term Debt | $17.8B+13.6% | $15.7B+5.4% | $14.9B+1.4% | $14.7B+2.9% | $14.3B-13.4% | $16.5B+3.2% | $16.0B-17.0% | $19.3B-2.6% | $19.8B | N/A |
| Total Equity | $16.0B-7.8% | $17.4B-6.7% | $18.6B-10.2% | $20.7B+14.1% | $18.2B+46.1% | $12.4B-8.2% | $13.5B-58.3% | $32.5B+3.1% | $31.5B+21.3% | $26.0B |
| Retained Earnings | $16.8B-19.7% | $20.9B-4.0% | $21.8B-6.1% | $23.2B+12.4% | $20.6B+26.0% | $16.4B-4.0% | $17.0B-51.9% | $35.5B+5.1% | $33.7B | N/A |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.1B | $1.0B-64.6% | $2.9B-43.9% | $5.2B-30.5% | $7.5B+6.6% | $7.0B+12.6% | $6.2B+5.0% | $5.9B+39.4% | $4.3B+186.3% | -$4.9B-66.7% | -$3.0B |
| Capital Expenditures | $2.3B | $2.5B-15.7% | $2.9B+24.8% | $2.4B+29.2% | $1.8B+21.5% | $1.5B+19.9% | $1.3B-36.2% | $2.0B-6.2% | $2.1B-25.5% | $2.8B-19.5% | $3.5B |
| Free Cash Flow | -$232.0M | -$1.4B-5465.4% | -$26.0M-100.9% | $2.8B-49.8% | $5.7B+2.6% | $5.5B+10.7% | $5.0B+25.3% | $4.0B+83.5% | $2.2B+128.0% | -$7.7B-20.0% | -$6.4B |
| Investing Cash Flow | -$2.2B | -$2.1B+10.2% | -$2.4B+19.1% | -$2.9B+1.4% | -$3.0B-1.9% | -$2.9B-246.5% | -$841.0M+61.6% | -$2.2B+0.1% | -$2.2B-129.2% | $7.5B+47.6% | $5.1B |
| Financing Cash Flow | $2.7B | $2.5B+314.7% | -$1.2B+62.5% | -$3.1B+7.3% | -$3.4B+44.6% | -$6.1B-119.6% | -$2.8B+32.5% | -$4.1B+24.2% | -$5.4B-62.5% | -$3.3B+17.2% | -$4.0B |
| Dividends Paid | $1.2B | $1.5B-24.2% | $2.0B-0.3% | $2.0B-1.7% | $2.0B-3.2% | $2.1B+0.1% | $2.1B+287.1% | $535.0M-85.6% | $3.7B+251.4% | $1.1B | $0 |
| Share Buybacks | N/A | $0-100.0% | $494.0M-21.0% | $625.0M-73.1% | $2.3B+132.5% | $1.0B+700.0% | $125.0M-75.0% | $500.0M | $0 | $0-100.0% | $916.0M |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DOW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.3%-4.4pp | 10.7%-0.2pp | 10.9%-4.1pp | 15.0%-4.6pp | 19.6%+6.1pp | 13.5%-1.2pp | 14.6%-2.5pp | 17.2%+0.3pp | 16.9%-0.3pp | 17.1% |
| Net Margin | -6.1%-8.9pp | 2.8%+1.3pp | 1.5%-6.7pp | 8.2%-3.5pp | 11.7%+8.3pp | 3.4%+6.3pp | -3.0%-12.3pp | 9.4%+8.3pp | 1.1%-10.8pp | 11.9% |
| Return on Equity | -15.3%-22.2pp | 6.9%+3.4pp | 3.5%-18.9pp | 22.4%-12.9pp | 35.3%+24.9pp | 10.4%+19.8pp | -9.4%-23.7pp | 14.3%+12.8pp | 1.5%-15.1pp | 16.6% |
| 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%+4.2pp | -2.1%-7.6pp | 5.5%+5.0pp | 0.5% | N/A |
| Current Ratio | 1.97+0.4x | 1.61-0.2x | 1.770.0x | 1.81+0.2x | 1.58-0.1x | 1.72+0.1x | 1.57-1.0x | 2.53+0.6x | 1.91 | N/A |
| Debt-to-Equity | 1.11+0.2x | 0.91+0.1x | 0.80+0.1x | 0.71-0.1x | 0.79-0.5x | 1.33+0.1x | 1.18+0.6x | 0.590.0x | 0.63 | N/A |
| FCF Margin | -3.6%-3.6pp | -0.1%-6.4pp | 6.4%-3.6pp | 9.9%-0.1pp | 10.0%-2.9pp | 12.9%+3.7pp | 9.2%+4.9pp | 4.4%+22.1pp | -17.7%+0.1pp | -17.8% |
Not reported in any period shown, so not listed: Operating Margin.
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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 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.