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Dow vs Eastman Chemical: revenue, profit, margins and growth compared

Dow brought in $40B of revenue in fiscal 2025, Eastman Chemical $8.8B in fiscal 2025. Revenue changed by -7.0% at Dow and -6.7% at Eastman Chemical on the year before, so Eastman Chemical grew faster. Dow kept -6.6% of its revenue as net profit, Eastman Chemical 5.4%. Free cash flow was -$1.4B at Dow and $424M at Eastman Chemical.

Side by side, latest fiscal year

DOWEMN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$40B$8.8B
Revenue growth-7.0%-6.7%
Net income-$2.6B$474M
Net margin-6.6%5.4%
Free cash flow-$1.4B$424M
Free cash flow margin-3.6%4.8%
Earnings per share (diluted)-$3.70$4.10
Cash$3.8B$566M
Debt$18.1B$4.2B
Price to earningsn/a16.3
Market value$20.2B$7.7B
Dividend yield7.49%4.97%
Rank by revenue in sector#14 of 451 · Industrials#74 of 451 · Industrials

Over the years

Revenue
DOW FY2019: $49.6BDOW FY2019: $43BDOW FY2020: $38.5BDOW FY2021: $55BDOW FY2022: $56.9BDOW FY2023: $44.6BDOW FY2024: $43BDOW FY2025: $40BEMN FY2018: $10.2BEMN FY2019: $9.3BEMN FY2020: $8.5BEMN FY2021: $10.5BEMN FY2022: $10.6BEMN FY2023: $9.2BEMN FY2024: $9.4BEMN FY2025: $8.8BFY18FY19FY20FY21FY22FY23FY24FY25
DOW $40BEMN $8.8B
Net income
DOW FY2019: $4.6BDOW FY2019: -$1.4BDOW FY2020: $1.2BDOW FY2021: $6.3BDOW FY2022: $4.6BDOW FY2023: $589MDOW FY2024: $1.1BDOW FY2025: -$2.6BEMN FY2018: $1.1BEMN FY2019: $759MEMN FY2020: $478MEMN FY2021: $857MEMN FY2022: $793MEMN FY2023: $894MEMN FY2024: $905MEMN FY2025: $474MFY18FY19FY20FY21FY22FY23FY24FY25
DOW -$2.6BEMN $474M
Net margin
DOW FY2019: 9.4%DOW FY2019: -3.2%DOW FY2020: 3.2%DOW FY2021: 11.5%DOW FY2022: 8.1%DOW FY2023: 1.3%DOW FY2024: 2.6%DOW FY2025: -6.6%EMN FY2018: 10.6%EMN FY2019: 8.2%EMN FY2020: 5.6%EMN FY2021: 8.2%EMN FY2022: 7.5%EMN FY2023: 9.7%EMN FY2024: 9.6%EMN FY2025: 5.4%FY18FY19FY20FY21FY22FY23FY24FY25
DOW -6.6%EMN 5.4%
Revenue growth
DOW FY2019: -13.4%DOW FY2020: -10.3%DOW FY2021: +42.6%DOW FY2022: +3.5%DOW FY2023: -21.6%DOW FY2024: -3.7%DOW FY2025: -7.0%EMN FY2019: -8.6%EMN FY2020: -8.6%EMN FY2021: +23.6%EMN FY2022: +1.0%EMN FY2023: -12.9%EMN FY2024: +1.9%EMN FY2025: -6.7%FY19FY20FY21FY22FY23FY24FY25
DOW -7.0%EMN -6.7%
Free cash flow
DOW FY2019: $2.2BDOW FY2019: $4BDOW FY2020: $5BDOW FY2021: $5.5BDOW FY2022: $5.7BDOW FY2023: $2.8BDOW FY2024: -$26MDOW FY2025: -$1.4BEMN FY2018: $1BEMN FY2019: $1.1BEMN FY2020: $1.1BEMN FY2021: $1.1BEMN FY2022: $364MEMN FY2023: $546MEMN FY2024: $688MEMN FY2025: $424MFY18FY19FY20FY21FY22FY23FY24FY25
DOW -$1.4BEMN $424M

Fiscal years as each company reports them; the two may end in different months.

Questions about Dow and Eastman Chemical

Which is bigger by revenue, Dow or Eastman Chemical?

Dow is bigger by revenue: $40B in fiscal 2025, against $8.8B for Eastman Chemical in fiscal 2025.

Which keeps more of its revenue as profit, Dow or Eastman Chemical?

Dow had a net margin of -6.6% in fiscal 2025; Eastman Chemical had 5.4% in fiscal 2025.

Which grew revenue faster, Dow or Eastman Chemical?

In their latest fiscal years revenue changed by -7.0% at Dow and -6.7% at Eastman Chemical.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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