DOW INC. DOW

Healthcare SIC 2821 - Plastic Materials, Synth Resins & Nonvulcan Elastomers NAICS Manufacturing › Chemical Manufacturing › Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing › Resin and Synthetic Rubber Manufacturing › Plastics Material and Resin Manufacturing derived NYSE

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.

Last close 32.61 2026-10-23
Market cap $23.50B 2026-03-31 share count
52-week range 20.93 - 42.74

Valuation FY2025 figures against the last close

P/S0.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield6.3%
Diluted EPS-3.70

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
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 14.7B (36.9%) 37% United States Rest of World, FY2025: 12.7B (31.7%) 32% Rest of World Europe, Middle East, Africa and India, FY2025: 12.6B (31.5%) 31% Europe, Middle East, Africa and India FY2024 United States, FY2024: 15.3B (35.6%) 36% Rest of World, FY2024: 13.7B (31.9%) 32% Europe, Middle East, Africa and India, FY2024: 14B (32.5%) 32% FY2023 United States, FY2023: 15.3B (34.4%) 34% Rest of World, FY2023: 14.8B (33.1%) 33% Europe, Middle East, Africa and India, FY2023: 14.5B (32.6%) 33%
Region FY2025FY2024FY2023
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
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Packaging & Specialty Plastics, FY2025: 20B (50.9%) 51% Packaging & Specialty Plastics Industrial Intermediates & Infrastructure, FY2025: 11.2B (28.4%) 28% Industrial Intermediates & Infrastructure Performance Materials & Coatings, FY2025: 8.1B (20.7%) 21% FY2024 Packaging & Specialty Plastics, FY2024: 21.8B (51.6%) 52% Industrial Intermediates & Infrastructure, FY2024: 11.9B (28.1%) 28% Performance Materials & Coatings, FY2024: 8.6B (20.3%) 20% FY2023 Packaging & Specialty Plastics, FY2023: 23.1B (52.4%) 52% Industrial Intermediates & Infrastructure, FY2023: 12.5B (28.4%) 28% Performance Materials & Coatings, FY2023: 8.5B (19.2%) 19%
Segment FY2025FY2024FY2023
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -3.701.570.826.328.441.64-1.846.210.605.80
EPS, diluted -3.701.570.826.288.381.64-1.846.210.605.73
Shares, diluted (wtd. avg.) 711.6M705.1M709.0M725.6M749.0M742.3M742.5M747.2M744.8M690.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B 0 20B 40B 60B Revenue, FY2016: 36.3B Gross profit, FY2016: 6.2B Net income, FY2016: 4.3B Revenue, FY2017: 43.7B Gross profit, FY2017: 7.4B Net income, FY2017: 595M Revenue, FY2018: 49.6B Gross profit, FY2018: 8.5B Net income, FY2018: 4.8B Revenue, FY2019: 43B Gross profit, FY2019: 6.3B Net income, FY2019: -1.3B Revenue, FY2020: 38.5B Gross profit, FY2020: 5.2B Net income, FY2020: 1.3B Revenue, FY2021: 55B Gross profit, FY2021: 10.8B Net income, FY2021: 6.4B Revenue, FY2022: 56.9B Gross profit, FY2022: 8.6B Net income, FY2022: 4.6B Revenue, FY2023: 44.6B Gross profit, FY2023: 4.9B Net income, FY2023: 660M Revenue, FY2024: 43B Gross profit, FY2024: 4.6B Net income, FY2024: 1.2B Revenue, FY2025: 40B Gross profit, FY2025: 2.5B Net income, FY2025: -2.4B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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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