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Dow vs Hexcel: revenue, profit, margins and growth compared

Dow brought in $40B of revenue in fiscal 2025, Hexcel $1.9B in fiscal 2025. Revenue changed by -7.0% at Dow and -0.5% at Hexcel on the year before, so Hexcel grew faster. Dow kept -6.6% of its revenue as net profit, Hexcel 5.8%. Free cash flow was -$1.4B at Dow and $157.2M at Hexcel.

Side by side, latest fiscal year

DOWHXL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$40B$1.9B
Revenue growth-7.0%-0.5%
Net income-$2.6B$109.4M
Net margin-6.6%5.8%
Free cash flow-$1.4B$157.2M
Free cash flow margin-3.6%8.3%
Earnings per share (diluted)-$3.70n/a
Cash$3.8B$71M
Debt$18.1B$993M
Price to earningsn/an/a
Market value$20.2B$6.5B
Dividend yield7.49%82.69%
Rank by revenue in sector#14 of 451 · Industrials#220 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: $40BHXL FY2018: $2.2BHXL FY2019: $2.4BHXL FY2020: $1.5BHXL FY2021: $1.3BHXL FY2022: $1.6BHXL FY2023: $1.8BHXL FY2024: $1.9BHXL FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
DOW $40BHXL $1.9B
Net income
DOW FY2019: $4.6BDOW FY2019: -$1.4BDOW FY2020: $1.2BDOW FY2021: $6.3BDOW FY2022: $4.6BDOW FY2023: $589MDOW FY2024: $1.1BDOW FY2025: -$2.6BHXL FY2018: $276.6MHXL FY2019: $306.6MHXL FY2020: $31.7MHXL FY2021: $16.1MHXL FY2022: $126.3MHXL FY2023: $105.7MHXL FY2024: $132.1MHXL FY2025: $109.4MFY18FY19FY20FY21FY22FY23FY24FY25
DOW -$2.6BHXL $109.4M
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%HXL FY2018: 12.6%HXL FY2019: 13.0%HXL FY2020: 2.1%HXL FY2021: 1.2%HXL FY2022: 8.0%HXL FY2023: 5.9%HXL FY2024: 6.9%HXL FY2025: 5.8%FY18FY19FY20FY21FY22FY23FY24FY25
DOW -6.6%HXL 5.8%
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%HXL FY2019: +7.6%HXL FY2020: -36.2%HXL FY2021: -11.8%HXL FY2022: +19.1%HXL FY2023: +13.4%HXL FY2024: +6.4%HXL FY2025: -0.5%FY19FY20FY21FY22FY23FY24FY25
DOW -7.0%HXL -0.5%
Free cash flow
DOW FY2019: $2.2BDOW FY2019: $4BDOW FY2020: $5BDOW FY2021: $5.5BDOW FY2022: $5.7BDOW FY2023: $2.8BDOW FY2024: -$26MDOW FY2025: -$1.4BHXL FY2018: $237.3MHXL FY2019: $287MHXL FY2020: $213.7MHXL FY2021: $123.8MHXL FY2022: $96.8MHXL FY2023: $148.9MHXL FY2024: $202.9MHXL FY2025: $157.2MFY18FY19FY20FY21FY22FY23FY24FY25
DOW -$1.4BHXL $157.2M

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

Questions about Dow and Hexcel

Which is bigger by revenue, Dow or Hexcel?

Dow is bigger by revenue: $40B in fiscal 2025, against $1.9B for Hexcel in fiscal 2025.

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

Dow had a net margin of -6.6% in fiscal 2025; Hexcel had 5.8% in fiscal 2025.

Which grew revenue faster, Dow or Hexcel?

In their latest fiscal years revenue changed by -7.0% at Dow and -0.5% at Hexcel.

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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