DOW INC. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data DOW INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	43,730	49,604	42,951	38,542	54,968	56,902	44,622	42,964	39,968
Cost of revenue	36,350	41,074	36,657	33,346	44,191	48,338	39,742	38,358	37,435
Gross profit	7,380	8,530	6,294	5,196	10,777	8,564	4,880	4,606	2,533
Research and development	803	800	765	768	857	851	829	810	752
Selling, general and administrative	1,795	1,782	1,590	1,471	1,645	1,675	1,627	1,581	1,392
Interest expense	914	1,063	933	827	731	662	746	811	865
Interest income	66	82	81	38	55	173	229	200	152
Other non-operating income	-154	96	461	1,269	-35	727	-280	415	140
Pre-tax income	237	3,749	-1,247	2,071	8,145	6,090	656	1,600	-2,511
Income tax	1,524	809	470	777	1,740	1,450	-4	399	-67
Income from continuing operations	-1,287	2,940	-1,717	1,294	6,405	4,640	660	1,201	-2,444
Net income to minority interests	130	134	87	69	94	58	71	85	179
Net income	465	4,641	-1,359	1,225	6,311	4,582	589	1,116	-2,623
EPS, basic	0.60	6.21	-1.84	1.64	8.44	6.32	0.82	1.57	-3.70
EPS, diluted	0.60	6.21	-1.84	1.64	8.38	6.28	0.82	1.57	-3.70
Shares, basic (weighted)	745	747	743	741	744	721	706	704	712
Shares, diluted (weighted)	745	747	743	742	749	726	709	705	712
Dividend per share	1.38	0.00	2.10	2.80	2.80	2.80	2.80	2.80	2.10

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6,189	2,724	2,367	5,104	2,988	3,886	2,987	2,189	3,816
Short-term investments		100	21	45	245	939
Receivables		5,646	4,844	5,090	6,841	5,611	4,718	4,756	4,762
Inventory		6,899	6,214	5,701	7,372	6,988	6,076	6,544	6,595
Other current assets		712	679	889	934	1,848	1,937	993	1,013
Total current assets		39,370	16,815	19,084	20,848	20,477	17,614	16,590	18,062
Property, plant and equipment	21,584	21,418	20,996	20,239	20,555	20,442	21,066	22,004	22,250
Lease right-of-use assets		0	2,072	1,856	1,412	1,227	1,320	1,268	1,356
Goodwill	9,833	9,846	8,796	8,908	8,764	8,644	8,641	8,565	7,978
Intangible assets		4,225	3,759	3,352	2,881	2,442	2,072	1,721	1,486
Other non-current assets		735	818	1,249	1,456	1,363	1,323	1,228	1,305
Total assets		83,699	60,524	61,470	62,990	60,603	57,967	57,312	58,538
Accounts payable		4,456	3,889	3,763	5,577	4,940	4,529	4,847	4,151
Accrued liabilities		2,931	2,762	3,790	3,481	2,770	2,704	2,521	2,649
Deferred revenue		134	193	349	209	275	195	244	221
Short-term debt		338	435	460	231	362	117	497	222
Total current liabilities		15,547	10,679	11,108	13,226	11,331	9,957	10,288	9,183
Long-term debt		19,253	15,975	16,491	14,280	14,698	14,907	15,711	17,849
Lease liabilities		0	1,739	1,521	1,149	997	1,032	984	1,097
Other non-current liabilities		4,709	6,547	6,279	6,602	6,555	6,844	6,637	7,201
Total liabilities		50,078	46,430	48,465	44,251	39,356	38,859	39,461	41,016
Total debt		19,591	16,410	16,951	14,511	15,060	15,024	16,208	18,071
Paid-in capital		7,042	7,325	7,595	8,151	8,540	8,880	9,203	11,112
Retained earnings		35,460	17,045	16,361	20,623	23,180	21,774	20,909	16,781
Treasury stock		0	-500	-625	-1,625	-3,871	-4,374	-4,655	-4,233
Other comprehensive income	-8,591	-9,885	-10,246	-10,855	-8,977	-7,139	-7,681	-8,110	-7,660
Shareholders' equity	31,515	32,483	13,541	12,435	18,165	20,718	18,607	17,355	16,008
Minority interests	1,186	1,138	553	570	574	529	501	496	1,514
Total equity	32,701	33,621	14,094	13,005	18,739	21,247	19,108	17,851	17,522
Total liabilities and equity		83,699	60,524	61,470	62,990	60,603	57,967	57,312	58,538

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	595	4,775	-1,272	1,294	6,405	4,640	660	1,201	-2,444
Depreciation and amortization	2,546	2,909	2,938	2,874	2,842	2,758	2,611	2,894	2,834
Stock-based compensation	310	188	158	171	276	211	212	159	154
Deferred income tax	1,413	-429	-228	258	278	79	-1,222	135	-341
Change in inventory	-891	-859	668	515	-1,768	347	844	-529	-52
Change in payables	1,081	787	-948	-84	2,458	-1,255	-734	278	-999
Cash from operations	-4,929	4,254	5,930	6,226	7,009	7,475	5,196	2,914	1,032
Capital expenditures	-2,807	-2,091	-1,961	-1,252	-1,501	-1,823	-2,356	-2,940	-2,479
Acquisitions	47	-20	0	-130	-129	-228	-114	-125	0
Purchases of investments	-642	-1,530	-899	-1,203	-1,366	-1,366	-2,288	-1,809	-881
Sales and maturities of investments	245	1,053	1,138	837	424	543	985	1,821	606
Cash from investing	7,518	-2,195	-2,192	-841	-2,914	-2,970	-2,928	-2,368	-2,126
Debt repaid				-134	-259	-121	-250	-83	-334
Stock issued	66	112	93	108	320	212	188	166	85
Share buybacks	0	0	-500	-125	-1,000	-2,325	-625	-494	0
Dividends paid	-2,179	0	-1,550	-2,071	-2,073	-2,006	-1,972	-1,966	-1,490
Cash from financing	-3,325	-5,404	-4,095	-2,764	-6,071	-3,361	-3,115	-1,168	2,508
Exchange rate effect	320	-99	-27	107	-99	-237	-45	-163	275
Net change in cash	-416	-3,444	-384	2,728	-2,075	907	-892	-785	1,689
Free cash flow	-7,736	2,163	3,969	4,974	5,508	5,652	2,840	-26	-1,447
Interest paid	1,115	1,143	993	842	801	675	800	887	948
Income taxes paid	1,259	1,193	881	518	731	793	735	827	256

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $28.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	6.4%	Gross profit / revenue.
Pre-tax margin	-6.4%	Pre-tax income / revenue.
Net margin	-7.2%	Net income / revenue.
FCF margin	-0.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Return on equity (ROE)	-18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.8%	Net income / average total assets.
R&D / revenue	1.9%	Research and development expense / revenue.
SG&A / revenue	3.7%	Selling, general and administrative expense / revenue.
Capex / revenue	5.8%	Capital expenditures / revenue.
D&A / revenue	7.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-45.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-33.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-13.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-335.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-335.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-64.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-48.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-30.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-25.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-9.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-5.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.85x	Current assets / current liabilities.
Quick ratio	0.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.2%	Total debt / total assets.
Liabilities / assets	72.0%	Total liabilities / total assets.
Net debt	$13.94B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$8.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.88B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	1.78x	Revenue / average property, plant and equipment.
Inventory turnover	5.44x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Receivables turnover	7.59x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	68 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	111.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$54.54	Revenue / diluted weighted shares.
FCF per share	-$0.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.86	Cash from operations / diluted weighted shares.
Book value per share	$21.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.15	Tangible book value / shares outstanding.
Cash per share	$5.70	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$20.24B	Share price x shares outstanding.
Enterprise value	$34.18B	Market cap + total debt - cash - short-term investments.
P/S	0.51x	Market cap / revenue.
P/B	1.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.44x	Market cap / tangible book value, when positive.
P/OCF	9.80x	Market cap / cash from operations, when positive.
EV/Sales	0.87x	Enterprise value / revenue.
FCF yield	-1.1%	Free cash flow / market cap.
Earnings yield	-14.1%	Net income / market cap (the inverse of P/E).
Dividend yield	6.2%	Dividends paid over the period / market cap.
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was DOW INC.'s revenue in fiscal 2025?

DOW INC. reported revenue of $39.97B for fiscal 2025, 7% lower than the year before.

Was DOW INC. profitable in fiscal 2025?

No. It reported a net loss of $2.62B.

How much free cash flow did DOW INC. generate in fiscal 2025?

Cash from operations of $1.03B minus capital expenditures of $2.48B left free cash flow of -$1.45B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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