FirmAtlas

Company handbook · DOW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

DOW · CIK 1751788 · LATEST FILING: 10-Q JUN '26 · FILED JUL 24, 2026

Dow Inc.

$29.93 +0.27 (+0.91%)

Close, Oct 16, 2026 · 52-week $21–43

↗ dow.com

Last fiscal year

Dow Inc. reported revenue of $40.0B for the year ended Dec 31, 2025 (FY25), down 7.0% from FY24. Net loss was $2.6B, operating cash flow $1.0B and free cash flow −$1.4B. Source: 10-K filed Feb 3, 2026.

Market cap

$21.3B

P/B

1.4

Div yield

4.68%

Revenue 1Y

−7.0%/yr

EPS 1Y

n/m

Shares 1Y

+0.9%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOKaren S. Carter

HQMidland, MI

AuditorDeloitte & Touche LLP

Year endsDecember

Revenue by segment · FY25

Packaging Specialty Plastics50%

Industrial Intermediates Infrastructure28%

Performance Materials Coatings20%

Corporate2%

Compounded growth & averages

10Y

TTM

Share price

—

−12.7%

−15.8%

36.7%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$9.5B deployed

Capex $5.4B 57.1%

Acquisitions $125M 1.3%

Dividends $3.5B 36.4%

Buybacks $494M 5.2%

Operating cash flow over the period: $3.9B. Total debt changed by +$2.1B. R&D of $1.6B is already inside operating costs.

Capex was more than operating cash flow in FY25.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Jul 23, 2026 Quarterly results 8-K Jul 10, 2026 Other announcement 8-K Apr 23, 2026 Quarterly results 8-K Apr 14, 2026 Executive or director change 8-K Feb 2, 2026 Other announcement 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

42,964

39,968−7.0%

39,331

YoY

−7.0%

Interest expense

811

865+6.7%

—

Net income

1,116

(2,623)−335.0%

(2,849)

YoY

−335.0%

Net margin

2.6%

−6.6%−9.2 pp

—

EPS (diluted, $)

1.57

−3.70−335.7%

−4.01

YoY

−335.7%

Balance sheet

FY24 FY25

TTM

Total assets

57,312

58,538+2.1%

59,780

Cash & short-term investments

2,263

3,952+74.6%

—

Accounts receivable

4,756

4,762+0.1%

—

Inventory

6,544

6,595+0.8%

—

Net PP&E

22,004

22,250+1.1%

—

Other assets

21,745

20,979−3.5%

—

Total liabilities

39,957

42,530+6.4%

44,531

Total debt

15,711

17,849+13.6%

17,254

Other liabilities

24,246

24,681+1.8%

—

Shareholders’ equity

17,355

16,008−7.8%

15,249

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

2,914

1,032−64.6%

2,065

Net income

1,201

(2,444)−303.5%

—

Depreciation & amortization

2,894

2,834−2.1%

—

Stock-based compensation

159

154−3.1%

—

Working capital & other

(1,340)

488n/m

—

Cash from investing

(2,368)

(2,126)n/m

—

Capex

(2,940)

(2,479)n/m

—

Acquisitions

(125)

0n/m

—

Investments bought

(1,809)

(881)n/m

—

Other investing

2,506

1,234−50.8%

—

Cash from financing

(1,168)

2,508n/m

—

Debt repaid

(83)

(334)n/m

—

Dividends

(1,966)

(1,490)n/m

—

Buybacks

(494)

0n/m

—

Shares issued

166

85−48.8%

—

Other financing

1,209

4,247+251.3%

—

Net change in cash

(785)

1,689n/m

—

Free cash flow (OCF − capex)

(26)

(1,447)n/m

(232)

Where the cash went

FY24 FY25

TTM

Operating cash flow

2,914

1,032−64.6%

2,065

Reinvested in the business

3,065

2,479−19.1%

—

% of operating cash flow

105.2%

240.2%

Capex

2,940

2,479−15.7%

2,297

Acquisitions

125

0−100.0%

—

R&D (memo, already in costs)

810

752−7.2%

—

Free cash flow

(26)

(1,447)n/m

(232)

YoY

n/m

Returned to shareholders

2,460

1,490−39.4%

—

% of free cash flow

—

Dividends

1,966

1,490−24.2%

—

Buybacks

494

0−100.0%

—

Change in total debt

—

2,138

—

Cash left over

—

(799)

—

FCF conversion (FCF ÷ net income)

−2.3%

—

Owner earnings

—

(2,325)

—

Owner earnings margin

—

−5.8%

—

Buyback yield

1.7%

—

Returns & ratios

FY24 FY25

TTM

Debt / equity

0.91x

1.12x+0.21x

—

ROE

6.4%

−16.4%−22.8 pp

—

ROA

1.9%

−4.5%−6.4 pp

—

Invested capital (operating)

33,304

33,607+0.9%

—

Invested capital (all)

30,803

29,905−2.9%

—

Debtor days

43+3 d

—

Inventory days

60+5 d

—

Income

Jun '25

Sep '25

Dec '25

Mar '26

Revenue

10,104

9,973

9,460

9,794

vs year-ago quarter

Gross profit

583

731

548

640

Gross margin

5.8%

7.3%

5.8%

6.5%

Net income

(835)

(1,543)

(533)

vs year-ago quarter

Net margin

−8.3%

0.6%

−16.3%

−5.4%

EPS (diluted, $)

−1.18

0.08

−2.17

−0.74

vs year-ago quarter

Balance sheet

Jun '25

Sep '25

Dec '25

Mar '26

Total assets

58,991

60,990

58,538

59,780

Cash & equivalents

2,516

4,754

3,952

4,235

Total debt

16,247

17,709

17,849

17,254

Shareholders’ equity

17,231

17,541

16,008

15,249

Cash flow

Jun '25

Sep '25

Dec '25

Mar '26

Operating cash flow

(470)

1,127

284

1,124

Capex

662

564

568

503

Free cash flow

(1,132)

563

(284)

621

vs year-ago quarter