Dow Inc. (DOW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	-$0.29	-$0.14	+51.7%	—	$9.8B	—
Q4 25	-$0.51	-$0.34	+33.3%	—	$9.5B	—
Q2 25	-$0.17	-$0.42	-147.1%	—	$10.1B	—
Q1 25	-$0.01	$0.02	+300.0%	—	$10.4B	—
Q3 24	$0.47	$0.47	0.0%	—	$10.9B	—
Q2 24	$0.72	$0.68	-5.6%	—	$10.9B	—
Q1 24	$0.45	$0.56	+24.4%	—	$10.8B	—
Q4 23	$0.4	$0.43	+7.5%	—	$10.6B	—
Q3 23	$0.45	$0.48	+6.7%	—	$10.7B	—
Q2 23	$0.71	$0.75	+5.6%	—	$11.4B	—
Q1 23	$0.37	$0.58	+56.8%	—	$11.9B	—
Q4 22	$0.57	$0.46	-19.3%	—	$11.9B	—
Q3 22	$1.15	$1.11	-3.5%	—	$14.1B	—
Q2 22	$2.14	$2.31	+7.9%	—	$15.7B	—
Q1 22	$2.05	$2.34	+14.1%	—	$15.3B	—
Q4 21	$2.03	$2.15	+5.9%	—	$14.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$3.7	—	—	$40B	—
FY24	—	$1.57	—	—	$43B	—
FY23	—	$0.82	—	—	$44.6B	—
FY22	—	$6.32	—	—	$56.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$48.2B	$43.7B	$49.6B	$43B	$38.5B	$55B	$56.9B	$44.6B	$43B	$40B
YoY change	—	-9.19%	+13.4%	-13.4%	-10.3%	+42.6%	+3.52%	-21.6%	-3.72%	-6.97%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	48.2B	43.7B	49.6B	43B	38.5B	55B	56.9B	44.6B	43B	40B
Cost of revenue	37.7B	36.4B	41.1B	36.7B	33.3B	44.2B	48.3B	39.7B	38.4B	37.4B
Gross profit	10.5B	7.4B	8.5B	6.3B	5.2B	10.8B	8.6B	4.9B	4.6B	2.5B
Gross margin	21.8%	16.9%	17.2%	14.7%	13.5%	19.6%	15.1%	10.9%	10.7%	6.34%
Research & development	1.6B	803M	800M	765M	768M	857M	851M	829M	810M	752M
Selling, general & administrative	4.1B	1.8B	1.8B	1.6B	1.5B	1.6B	1.7B	1.6B	1.6B	1.4B
Operating expenses	5.7B	2.6B	2.6B	2.4B	2.2B	2.5B	2.5B	2.5B	2.4B	2.1B
Operating income	4.3B	4.4B	5.5B	3.5B	2.6B	7.9B	5.7B	2.1B	1.9B	158M
Operating margin	8.9%	10%	11%	8.2%	6.63%	14.3%	10%	4.71%	4.43%	0.4%
Non-operating income, net	877M	-3.3B	-749M	-3.9B	304M	934M	877M	-927M	306M	-2B
Pretax income	4.4B	237M	3.7B	-1.2B	2.1B	8.1B	6.1B	656M	1.6B	-2.5B
Income tax	9M	1.5B	809M	470M	777M	1.7B	1.4B	-4M	399M	-67M
Net income	4.4B	595M	4.8B	-1.3B	1.3B	6.4B	4.6B	660M	1.2B	-2.4B
Net margin	9.14%	1.36%	9.63%	-2.96%	3.36%	11.7%	8.15%	1.48%	2.8%	-6.11%
EBITDA	7.8B	6.9B	9.3B	6.9B	6.2B	12.1B	9.7B	4.8B	5.4B	2.8B
EPS	5.3	0.6	6.19	-1.84	1.64	8.44	6.32	0.82	1.57	-3.7
Diluted EPS	5.3	0.6	6.19	-1.84	1.64	8.38	6.28	0.82	1.57	-3.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	10.7B	10.6B	10.8B	10.9B	10.9B	10.4B	10.4B	10.1B	10B	9.5B	9.8B	12.1B
Cost of revenue	9.6B	9.6B	9.5B	9.6B	9.8B	9.5B	9.8B	9.5B	9.2B	8.9B	9.2B	9.9B
Gross profit	1.1B	975M	1.3B	1.3B	1.1B	935M	671M	583M	731M	548M	640M	2.2B
Gross margin	10.6%	9.18%	11.9%	12.1%	9.84%	8.99%	6.43%	5.77%	7.33%	5.79%	6.53%	17.9%
Research & development	197M	213M	204M	196M	208M	202M	200M	188M	191M	173M	181M	207M
Selling, general & administrative	380M	411M	442M	390M	396M	353M	366M	347M	340M	339M	417M	535M
Operating expenses	577M	624M	646M	586M	604M	555M	566M	535M	531M	512M	598M	742M
Operating income	480M	270M	550M	661M	390M	304M	29M	-15M	154M	-10M	-4M	1.4B
Operating margin	4.47%	2.54%	5.11%	6.06%	3.58%	2.92%	0.28%	-0.15%	1.54%	-0.11%	-0.04%	11.5%
Non-operating income, net	85M	-468M	33M	102M	97M	74M	-215M	-474M	90M	-1.4B	-209M	-342M
Pretax income	417M	-352M	449M	608M	324M	219M	-374M	-659M	70M	-1.5B	-390M	871M
Income tax	90M	-257M	-89M	150M	84M	254M	-84M	142M	-54M	-71M	55M	69M
Net income	327M	-95M	538M	458M	240M	-35M	-290M	-801M	124M	-1.5B	-445M	802M
Net margin	3.05%	-0.89%	5%	4.2%	2.21%	-0.34%	-2.78%	-7.93%	1.24%	-15.6%	-4.54%	6.63%
EBITDA	1.3B	565M	1.4B	1.5B	1.3B	1.2B	820M	777M	896M	354M	499M	2.2B
EPS	0.43	-0.15	0.73	0.62	0.3	-0.08	-0.44	-1.18	0.08	-2.15	-0.74	0.99
Diluted EPS	0.42	-0.15	0.73	0.62	0.3	-0.08	-0.44	-1.18	0.08	-2.15	-0.74	0.99

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	40.6B	41.1B	42.2B	36.3B	38.7B	28.2B	16.6B	20.1B
Enterprise value	—	—	—	57.4B	55B	55.3B	49.2B	52.2B	43.7B	32.4B	36.9B
Shares outstanding	750M	750M	750M	742.5M	740.5M	743.6M	721M	705.7M	703.8M	711.6M	711.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	31.8	6.59	7.83	58.6	23.5	—	75.9
P/S	—	—	—	0.95	1.07	0.77	0.64	0.87	0.66	0.42	0.49
P/B	—	—	—	2.88	3.16	2.25	1.71	2.03	1.58	0.95	1.27
EV/EBITDA	—	—	—	8.26	8.93	4.57	5.08	10.9	8.16	11.4	9.32
EV/Sales	—	—	—	1.34	1.43	1.01	0.86	1.17	1.02	0.81	0.89
Earnings yield	—	—	—	—	3.15%	15.2%	12.8%	1.71%	4.25%	—	1.32%
FCF yield	—	—	—	9.74%	11.8%	11.1%	14.9%	7.03%	-0.53%	-8.7%	1.18%
PEG	—	—	—	—	—	—	—	—	—	—	-0.41

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	21.8%	16.9%	17.2%	14.7%	13.5%	19.6%	15.1%	10.9%	10.7%	6.34%	17.9%
Operating margin	8.9%	10%	11%	8.2%	6.63%	14.3%	10%	4.71%	4.43%	0.4%	11.6%
Net margin	9.14%	1.36%	9.63%	-2.96%	3.36%	11.7%	8.15%	1.48%	2.8%	-6.11%	-3.13%
ROE	—	2.2%	14.2%	-9.03%	9.95%	34.2%	21.8%	3.45%	6.73%	-13.9%	-5.54%
ROA	—	0.74%	5.7%	-2.1%	2.11%	10.2%	7.66%	1.14%	2.1%	-4.18%	1.3%
ROIC	—	0%	8.48%	11.4%	5.93%	19.5%	12.8%	6.45%	4.29%	0.47%	4.61%
Return on tangible assets	—	1.45%	8.59%	-3.59%	3.5%	16.1%	12.1%	1.81%	3.27%	-6.17%	-2.32%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.89	2.53	1.57	1.72	1.58	1.81	1.77	1.61	1.97	1.75
Quick ratio	—	1.31	2.09	0.99	1.2	1.02	1.19	1.16	0.98	1.25	1.14
Debt / equity	—	0.78	0.59	1.36	1.46	0.86	0.79	0.86	0.99	1.12	1.12
Debt / assets	—	0.26	0.24	0.32	0.31	0.26	0.28	0.28	0.31	0.33	0.32
Net debt / EBITDA	—	2.13	1.84	2.41	2.26	1.09	1.33	2.81	2.89	5.54	4.01
Interest coverage	6.14	1.26	4.53	-0.34	3.5	12.1	10.2	1.88	2.97	-1.9	-0.15
Effective tax rate	0.2%	100%	21.6%	0%	37.5%	21.4%	23.8%	0%	24.9%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	64.2	58.3	66.1	57.8	52	73.9	78.9	63.2	61	56.2	57.5
EPS (basic)	5.3	0.6	6.19	-1.84	1.64	8.44	6.32	0.82	1.57	-3.7	-3.7
EPS (diluted)	5.3	0.6	6.19	-1.84	1.64	8.38	6.28	0.82	1.57	-3.7	-1.83
Book value per share	—	36	44.8	19	17.6	25.2	29.5	27.1	25.4	24.6	22
FCF per share	-9.26	-10.6	2.82	5.33	6.53	6.3	7.51	3.85	-0.21	-2.03	2.21
Cash per share	—	8.26	3.77	3.22	6.89	4.02	5.39	4.23	3.11	5.36	5.86
Capex per share	0.13	0.51	0	0.1	1.07	1.02	0.28	0.04	0.15	3.48	3.13

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.2%	0.87%	0%	0.17%	2.06%	1.37%	0.36%	0.06%	0.25%	6.2%	5.49%
Capex / operating cash flow	-32.2%	-6.78%	0.02%	1.56%	12%	8.38%	2.89%	0.59%	3.69%	240.2%	58.6%
Payout ratio	55.9%	543.7%	77.7%	-163.9%	160%	32.4%	43.2%	298.8%	163.7%	-61%	700%
Dividend yield	—	—	—	5.13%	5.04%	4.92%	5.52%	5.1%	6.96%	8.96%	5.02%

Yield

5.02%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.35

ex-dividend Aug 31, 2026

Payout ratio

700%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$0.35
May 29, 2026	$0.35
Feb 27, 2026	$0.35
Nov 28, 2025	$0.35
Aug 29, 2025	$0.35
May 30, 2025	$0.70
Feb 28, 2025	$0.70
Nov 29, 2024	$0.70

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$10.7B	$10.6B	$10.8B	$10.9B	$10.9B	$10.4B	$10.4B	$10.1B	$10B	$9.5B	$9.8B	$12.1B
YoY change	-24%	-10.4%	-9.16%	-4.42%	+1.39%	-2.03%	-3.1%	-7.43%	-8.33%	-9.08%	-6.11%	+19.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	6.2B	2.8B	2.4B	5.1B	3B	3.9B	3B	2.2B	3.8B
Receivables	7.3B	5.6B	4.8B	5.1B	6.8B	5.6B	4.7B	4.8B	4.8B
Inventory	8.4B	6.9B	6.2B	5.7B	7.4B	7B	6.1B	6.5B	6.6B
Total current assets	27.2B	39.4B	16.8B	19.1B	20.8B	20.5B	17.6B	16.6B	18.1B
Property, plant & equipment	17.9B	16.7B	18.3B	17.1B	16.9B	16.6B	17.2B	18.1B	18.1B
Goodwill & intangibles	39B	28.1B	25.1B	24.5B	23.3B	22.2B	21.4B	20.6B	18.9B
Total assets	79.9B	83.7B	60.5B	61.5B	63B	60.6B	58B	57.3B	58.5B
Accounts payable	5.4B	4.5B	3.9B	3.8B	5.6B	4.9B	4.5B	4.8B	4.2B
Short-term debt	1.2B	636M	1.4B	1B	706M	1B	508M	950M	652M
Total current liabilities	14.4B	15.5B	10.7B	11.1B	13.2B	11.3B	10B	10.3B	9.2B
Long-term debt	19.8B	19.3B	17.7B	18B	15.4B	15.7B	15.9B	16.7B	18.9B
Total liabilities	52.9B	50.1B	46.4B	48.5B	44.3B	39.4B	38.9B	39.5B	41B
Shareholders' equity	27B	33.6B	14.1B	13B	18.7B	21.2B	19.1B	17.9B	17.5B
Total debt	21B	19.9B	19.2B	19B	16.1B	16.7B	16.4B	17.6B	19.6B
Net debt	14.8B	17.2B	16.8B	13.9B	13.1B	12.8B	13.5B	15.5B	15.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	4.6B	3.8B	3.9B	3.7B
Receivables	—	—	—	—	—	—	—	—	5B	4.8B	5.2B	6.4B
Inventory	—	—	—	—	—	—	—	—	6.7B	6.6B	6.8B	7.2B
Total current assets	—	—	—	—	—	—	—	—	19.6B	18.1B	19.5B	20.9B
Property, plant & equipment	—	—	—	—	—	—	—	—	23.9B	18.1B	23.5B	23.6B
Goodwill & intangibles	—	—	—	—	—	—	—	—	20.5B	18.9B	18.7B	18.6B
Total assets	—	—	—	—	—	—	—	—	61B	58.5B	59.8B	61.6B
Accounts payable	—	—	—	—	—	—	—	—	4.5B	4.2B	4.8B	5.4B
Short-term debt	—	508M	—	—	723M	—	968M	—	870M	652M	1.2B	1.2B
Total current liabilities	—	—	—	—	—	—	—	—	10.1B	9.2B	10.5B	11.9B
Long-term debt	—	—	—	—	—	—	—	—	18.8B	18.9B	18.4B	18.2B
Total liabilities	—	—	—	—	—	—	—	—	41.9B	41B	43B	44.2B
Shareholders' equity	—	—	—	—	—	—	—	—	19.1B	17.5B	16.8B	17.4B
Total debt	—	508M	—	—	723M	—	968M	—	19.6B	19.6B	19.6B	19.4B
Net debt	—	—	—	—	—	—	—	—	15B	15.8B	15.8B	15.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.4B	595M	4.8B	-1.3B	1.3B	6.4B	4.6B	660M	1.2B	-2.4B
Depreciation & amortization	2.9B	2.5B	2.9B	2.9B	2.9B	2.8B	2.8B	2.6B	2.9B	2.8B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-8.4B	-11.5B	-1.7B	387M	1.2B	-1.4B	-786M	1.1B	-1.6B	-1.2B
Operating cash flow	-301M	-5.6B	4.4B	4.8B	6.6B	9B	7B	4.4B	3B	1B
Capital expenditure	97M	382M	1M	75M	794M	-755M	-203M	-26M	109M	-2.5B
Investing cash flow	8.8B	9.5B	210M	-295M	404M	-1.5B	-1.2B	-574M	572M	-2.3B
Dividends paid	-2.5B	-3.2B	-3.7B	-2.1B	-2.1B	-2.1B	-2B	-2B	-2B	-1.5B
Share repurchases	-916M	0	0	-500M	-125M	-1B	-2.3B	-625M	-494M	0
Financing cash flow	-4B	-3.3B	-5.5B	-4.1B	-3.4B	-6.2B	-3.4B	-3.4B	-1.2B	2.4B
Net change in cash	4.4B	619M	-921M	425M	3.7B	1.3B	2.4B	503M	2.3B	1.2B
Free cash flow	-6.9B	-7.9B	2.1B	4B	4.8B	4.7B	5.4B	2.7B	-151M	-1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	327M	-95M	538M	458M	240M	-35M	-290M	-801M	124M	-1.5B	-445M	802M
Depreciation & amortization	657M	657M	720M	682M	741M	751M	714M	724M	688M	708M	719M	664M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	829M	632M	-924M	-388M	-170M	-139M	-610M	-867M	422M	-143M	436M	-547M
Operating cash flow	1.7B	976M	478M	836M	850M	787M	30M	-388M	1.1B	284M	1.1B	1.3B
Capital expenditure	-44M	16M	2M	6M	-93M	194M	3M	128M	-564M	-568M	-503M	-632M
Investing cash flow	-416M	-324M	443M	229M	45M	-145M	284M	101M	-499M	-673M	-452M	-1B
Dividends paid	-492M	-491M	-493M	-491M	-490M	-492M	-494M	-496M	-249M	-251M	-252M	-253M
Share repurchases	-125M	-125M	-200M	-200M	-94M	0	0	0	0	0	—	—
Financing cash flow	-364M	-838M	546M	-675M	-661M	-456M	-528M	1.8B	1.6B	-455M	-324M	-517M
Net change in cash	901M	-186M	1.5B	390M	234M	186M	-214M	1.5B	2.2B	-844M	348M	-212M
Free cash flow	1B	885M	-250M	113M	-57M	43M	-594M	-1.1B	563M	-284M	621M	699M

Dow Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement