Dow
DOW · NYSEPlastic Materials, Synth Resins & Nonvulcan Elastomers · Fiscal year ends Dec 31
Dow reported revenue of $40B in the fiscal year ended Dec 2025, down 7.0% from the year before. Net income was −$2.4B. Operating cash flow of $1B less capital expenditure of $2.5B left free cash flow of −$1.4B. Net debt was $14B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $55B | $56.9B | $44.6B | $43B | $40B |
| Cost of revenue | $44.2B | $48.3B | $39.7B | $38.4B | $37.4B |
| Gross profit | $10.8B | $8.6B | $4.9B | $4.6B | $2.5B |
| Selling, general & admin | $1.6B | $1.7B | $1.6B | $1.6B | $1.4B |
| Interest expense | $731M | $662M | $746M | $811M | $865M |
| Pre-tax income | $8.1B | $6.1B | $656M | $1.6B | −$2.5B |
| Income tax | $1.7B | $1.5B | −$4M | $399M | −$67M |
| Net income | $6.4B | $4.6B | $660M | $1.2B | −$2.4B |
| Diluted EPS | 8.38 | 6.28 | 0.82 | 1.57 | −3.70 |
| Diluted shares | 749M | 726M | 709M | 705M | 712M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3B | $3.9B | $3B | $2.2B | $3.8B |
| Receivables | $6.8B | $5.6B | $4.7B | $4.8B | $4.8B |
| Inventory | $7.4B | $7B | $6.1B | $6.5B | $6.6B |
| Current assets | $20.8B | $20.5B | $17.6B | $16.6B | $18.1B |
| Net PP&E | $20.6B | $20.4B | $21.1B | $22B | $22.3B |
| Goodwill | $8.8B | $8.6B | $8.6B | $8.6B | $8B |
| Total assets | $63B | $60.6B | $58B | $57.3B | $58.5B |
| Deferred revenue | $209M | $275M | $195M | $244M | $221M |
| Current liabilities | $13.2B | $11.3B | $10B | $10.3B | $9.2B |
| Short-term debt | $161M | $362M | $62M | – | – |
| Long-term debt | $14.5B | $15.1B | $14.9B | $16.2B | $17.8B |
| Shareholders' equity | $18.2B | $20.7B | $18.6B | $17.4B | $16B |
| Backlog (remaining obligations) | $829M | $840M | $744M | $759M | $617M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7B | $7.5B | $5.2B | $2.9B | $1B |
| Capital expenditure | $1.5B | $1.8B | $2.4B | $2.9B | $2.5B |
| Free cash flow | $5.5B | $5.7B | $2.8B | −$26M | −$1.4B |
| Depreciation & amortisation | $2.8B | $2.8B | $2.6B | $2.9B | $2.8B |
| Stock-based compensation | $276M | $211M | $212M | $159M | $154M |
| Acquisitions | $129M | $228M | $114M | $125M | $0 |
| Share buybacks | $1B | $2.3B | $625M | $494M | $0 |
| Dividends paid | $2.1B | $2B | $2B | $2B | $1.5B |
| Dividend per share | 2.80 | 2.80 | 2.80 | 2.80 | 2.10 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.5% | −21.6% | −3.7% | −7.0% |
| EPS growth (YoY) | – | −25.1% | −86.9% | 91.5% | −335.7% |
| Gross margin | 19.6% | 15.1% | 10.9% | 10.7% | 6.3% |
| Net margin | 11.7% | 8.2% | 1.5% | 2.8% | −6.1% |
| Return on equityBlank when equity is negative | 35.3% | 22.4% | 3.5% | 6.9% | −15.3% |
| Free cash flow margin | 10.0% | 9.9% | 6.4% | −0.1% | −3.6% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.61x | 7.87x | 2.43x | −0.42x |
| Receivable days | 45 | 36 | 39 | 40 | 43 |
| Inventory days | 61 | 53 | 56 | 62 | 64 |
| Debt ÷ equity | 0.81x | 0.74x | 0.80x | 0.93x | 1.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.7B | $11.5B | $12B | $14B | $14B |
| Current ratio | 1.58x | 1.81x | 1.77x | 1.61x | 1.97x |
Recent filings
More in Plastic Materials, Synth Resins & Nonvulcan Elastomers
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.