DOW INC. DOW
Dow Inc. was incorporated on August 30, 2018, under Delaware law, to serve as a holding company for The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). Dow Inc. operates all of its businesses through TDCC, a wholly owned subsidiary, which was incorporated in 1947 under Delaware law and is the successor to a Michigan corporation, of the same name, organized in 1897. The Company's principal executive offices are located at 2211 H.H. Dow Way, Midland, Michigan 48674.
The Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are available free of charge at www.dow.com/investors, as soon as reasonably practicable after the reports are electronically filed or furnished with the U.S. Securities and Exchange Commission ("SEC"). The SEC maintains a website that contains these reports as well as proxy statements and other information regarding issuers that file electronically. The SEC's website is www.sec.gov. Dow's website and its content are not deemed incorporated by reference into this report.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Rest of World
- Europe, Middle East, Africa and India
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $14.73B | $15.30B | $15.33B |
| Rest of World | $12.65B | $13.70B | $14.76B |
| Europe, Middle East, Africa and India | $12.59B | $13.96B | $14.54B |
As the company reported it, from the “SEGMENTS AND GEOGRAPHIC REGIONS Geographic Region Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- Packaging & Specialty Plastics
- Industrial Intermediates & Infrastructure
- Performance Materials & Coatings
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Packaging & Specialty Plastics | $19.97B | $21.78B | $23.15B |
| Industrial Intermediates & Infrastructure | $11.16B | $11.87B | $12.54B |
| Performance Materials & Coatings | $8.13B | $8.57B | $8.50B |
As the company reported it, from the “SEGMENTS AND GEOGRAPHIC REGIONS Segment Reporting Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.97B | $42.96B | $44.62B | $56.90B | $54.97B | $38.54B | $42.95B | $49.60B | $43.73B | $36.26B |
| Cost of revenue | $37.44B | $38.36B | $39.74B | $48.34B | $44.19B | $33.35B | $36.66B | $41.07B | $36.35B | $30.05B |
| Gross profit | $2.53B | $4.61B | $4.88B | $8.56B | $10.78B | $5.20B | $6.29B | $8.53B | $7.38B | $6.21B |
| SG&A | $1.39B | $1.58B | $1.63B | $1.68B | $1.65B | $1.47B | $1.59B | $1.78B | $1.79B | $1.80B |
| Pre-tax income | -$2.51B | $1.60B | $656.0M | $6.09B | $8.14B | $2.07B | -$1.25B | $3.75B | $237.0M | $1.26B |
| Income tax | $67.0M | $399.0M | $4.0M | $1.45B | $1.74B | $777.0M | $470.0M | $809.0M | $1.52B | $218.0M |
| Net income | -$2.44B | $1.20B | $660.0M | $4.64B | $6.41B | $1.29B | -$1.27B | $4.78B | $595.0M | $4.32B |
| EPS, basic | -3.70 | 1.57 | 0.82 | 6.32 | 8.44 | 1.64 | -1.84 | 6.21 | 0.60 | 5.80 |
| EPS, diluted | -3.70 | 1.57 | 0.82 | 6.28 | 8.38 | 1.64 | -1.84 | 6.21 | 0.60 | 5.73 |
| Shares, diluted (wtd. avg.) | 711.6M | 705.1M | 709.0M | 725.6M | 749.0M | 742.3M | 742.5M | 747.2M | 744.8M | 690.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.82B | $2.19B | $2.99B | $3.94B | $3.03B | $5.11B | $2.38B | $2.76B | $6.21B | $6.62B |
| Short-term investments | — | — | — | — | — | — | $21.0M | $100.0M | $4.0M | — |
| Receivables | $4.76B | $4.76B | $4.72B | $5.61B | $6.84B | $5.09B | $4.84B | $5.65B | $5.39B | — |
| Inventory | $6.59B | $6.54B | $6.08B | $6.99B | $7.37B | $5.70B | $6.21B | $6.90B | $6.04B | — |
| Total current assets | $18.06B | $16.59B | $17.61B | $20.48B | $20.85B | $19.08B | $16.82B | $39.37B | $27.89B | — |
| Property, plant and equipment | $22.25B | $22.00B | $21.07B | $20.44B | $20.55B | $20.24B | $21.00B | $21.42B | $21.58B | $20.16B |
| Goodwill | $7.98B | $8.56B | $8.64B | $8.64B | $8.76B | $8.91B | $8.80B | $9.85B | $9.83B | $7.54B |
| Other intangibles | $1.49B | $1.72B | $2.07B | $2.44B | $2.88B | $3.35B | $3.76B | $4.22B | $4.73B | — |
| Total assets | $58.54B | $57.31B | $57.97B | $60.60B | $62.99B | $61.47B | $60.52B | $83.70B | $85.85B | — |
| Short-term debt | — | — | $62.0M | $362.0M | $161.0M | $156.0M | $586.0M | $298.0M | $481.0M | — |
| Total current liabilities | $9.18B | $10.29B | $9.96B | $11.33B | $13.23B | $11.11B | $10.68B | $15.55B | $14.58B | — |
| Long-term debt | — | — | — | $15.06B | $14.51B | $16.95B | $16.41B | $19.59B | $20.50B | — |
| Retained earnings | $16.78B | $20.91B | $21.77B | $23.18B | $20.62B | $16.36B | $17.05B | $35.46B | $33.74B | — |
| Total equity | $16.01B | $17.36B | $18.61B | $20.72B | $18.16B | $12.44B | $13.54B | $32.48B | $31.52B | $25.99B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.03B | $2.91B | $5.20B | $7.47B | $7.01B | $6.23B | $5.93B | $4.25B | -$4.93B | -$2.96B |
| Depreciation and amortisation | $2.83B | $2.89B | $2.61B | $2.76B | $2.84B | $2.87B | $2.94B | $2.91B | $2.55B | $2.23B |
| Capital expenditure | $2.48B | $2.94B | $2.36B | $1.82B | $1.50B | $1.25B | $1.96B | $2.09B | $2.81B | $3.49B |
| Investing cash flow | -$2.13B | -$2.37B | -$2.93B | -$2.97B | -$2.91B | -$841.0M | -$2.19B | -$2.19B | $7.52B | $5.09B |
| Financing cash flow | $2.51B | -$1.17B | -$3.12B | -$3.36B | -$6.07B | -$2.76B | -$4.09B | -$5.40B | -$3.33B | -$4.01B |
| Dividends paid | $1.49B | $1.97B | $1.97B | $2.01B | $2.07B | $2.07B | $1.55B | $0 | $1.06B | $0 |
| Buybacks | $0 | $494.0M | $625.0M | $2.33B | $1.00B | $125.0M | $500.0M | $0 | $0 | $916.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001751788-26-000018.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.26B | $43.73B | $49.60B | $42.95B | $38.54B | $54.97B | $56.90B | $44.62B | $42.96B | $39.97B |
| Gross profit | $6.21B | $7.38B | $8.53B | $6.29B | $5.20B | $10.78B | $8.56B | $4.88B | $4.61B | $2.53B |
| Net income | $4.32B | $595.0M | $4.78B | -$1.27B | $1.29B | $6.41B | $4.64B | $660.0M | $1.20B | -$2.44B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Other event Item 8.01
- Results announced Item 2.02
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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