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
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.
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