DOW
Dow Inc. Common StockStock · MaterialsS&P 500 Equal Weight 0.2% · S&P 500 0.03% · MSCI ACWI 0.03% · Russell 1000 0.03% · US Stock Market 0.03% · Russell 3000 0.03% · MSCI World 0.03%$28.73-2.58%
as of market close, Sep 18, 2026
☾ AH — —
Note
Not the Dow Jones stock index — DOW is Dow Inc., the materials-science (chemicals) company spun off from DowDuPont in 2019. Looking for the Dow Jones Industrial Average?
DOW financial statements
The full income statement, balance sheet, and cash-flow statement for Dow Inc. Common Stock (DOW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 700.9M2024-09 700.1M2024-12 703.8M2025-03 706.9M2025-06 708.8M2025-09 710.8M2025-12 717.5M2026-03 720.7M2026-06 722.3M+3.1% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 40.0B-7.0% | 43.0B-3.7% | 44.6B-21.6% | 56.9B+3.5% | 55.0B+42.6% | |
| Cost of revenue | 37.4B-2.4% | 38.4B-3.5% | 39.7B-17.8% | 48.3B+9.4% | 44.2B+32.5% | |
| Research & development | 752M-7.2% | 810M-2.3% | 829M-2.6% | 851M-0.7% | 857M+11.6% | |
| Selling, general & administrative | 1.39B-12.0% | 1.58B-2.8% | 1.63B-2.9% | 1.68B+1.8% | 1.65B+11.8% | |
| Restructuring | — | — | 741M+1752.5% | 40.0M-42.0% | 69.0M-90.4% | |
| Amortization of intangibles | 231M-25.5% | 310M-4.3% | 324M-3.6% | 336M-13.4% | 388M-3.2% | |
| Interest expense | 865M+6.7% | 811M+8.7% | 746M+12.7% | 662M-9.4% | 731M-11.6% | |
| Other non-operating income | 120M+20.0% | 100M-20.0% | 125M+303.2% | 31.0M+210.0% | 10.0M-88.1% | |
| Equity-method income | -240M-3900.0% | -6.00M+95.0% | -119M-144.4% | 268M-72.5% | 975M+5516.7% | |
| Gain (loss) on equity securities | 5.00M+400.0% | 1.00M-85.7% | 7.00M-12.5% | 8.00M-38.5% | 13.0M-59.4% | |
| Pre-tax income | -2.51B-256.9% | 1.60B+143.9% | 656M-89.2% | 6.09B-25.2% | 8.14B+293.3% | |
| Income tax | -67.0M-116.8% | 399M+10075.0% | -4.00M-100.3% | 1.45B-16.7% | 1.74B+123.9% | |
| -2.62B-335.0% | 1.12B+89.5% | 589M-87.3% | 4.64B-27.6% | 6.41B+422.9% | ||
| Income from continuing operations | -2.44B-303.5% | 1.20B+82.0% | 660M-85.8% | 4.64B-27.6% | 6.41B+395.0% | |
| Net income to non-controlling interest | 179M+110.6% | 85.0M+19.7% | 71.0M+22.4% | 58.0M-38.3% | 94.0M+36.2% | |
| Net income to common | -2.62B-335.0% | 1.12B+89.5% | 589M-87.1% | 4.58B-27.4% | 6.31B+415.2% | |
| -$3.70-335.7% | $1.57+91.5% | $0.82-86.9% | $6.28-25.1% | $8.38+411.0% | ||
| EPS (basic) | -$3.70-335.7% | $1.57+91.5% | $0.82-87.0% | $6.32-25.1% | $8.44+414.6% | |
| Weighted-avg shares (basic) | 712M+1.1% | 704M-0.3% | 706M-2.1% | 721M-3.0% | 744M+0.4% | |
| Weighted-avg shares (diluted) | 712M+0.9% | 705M-0.6% | 709M-2.3% | 726M-3.1% | 749M+0.9% | |
| Dividends per share | $2.10-25.0% | $2.80+0.0% | $2.80+0.0% | $2.80+0.0% | $2.80+0.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 18.1B+8.9% | 16.6B-5.8% | 17.6B-14.0% | 20.5B-1.8% | 20.8B+9.2% | ||
| Cash & equivalents | 3.82B+74.3% | 2.19B-26.7% | 2.99B-23.1% | 3.89B+30.1% | 2.99B-41.5% | |
| Accounts receivable | 4.76B+0.1% | 4.76B+0.8% | 4.72B-15.9% | 5.61B-18.0% | 6.84B+34.4% | |
| Inventory | 6.59B+0.8% | 6.54B+7.7% | 6.08B-13.1% | 6.99B-5.2% | 7.37B+29.3% | |
| Other current assets | 1.01B+2.0% | 993M-48.7% | 1.94B+4.8% | 1.85B+97.9% | 934M+5.1% | |
| 58.5B+2.1% | 57.3B-1.1% | 58.0B-4.3% | 60.6B-3.8% | 63.0B+2.5% | ||
| Property, plant & equipment | 22.3B+1.1% | 22.0B+4.5% | 21.1B+3.1% | 20.4B-0.5% | 20.6B+1.6% | |
| Operating lease right-of-use | 1.36B+6.9% | 1.27B-3.9% | 1.32B+7.6% | 1.23B-13.1% | 1.41B-23.9% | |
| Goodwill | 7.98B-6.9% | 8.56B-0.9% | 8.64B-0.0% | 8.64B-1.4% | 8.76B-1.6% | |
| Intangible assets | 1.49B-13.7% | 1.72B-16.9% | 2.07B-15.2% | 2.44B-15.2% | 2.88B-14.1% | |
| Deferred tax assets | 1.51B+20.2% | 1.26B-15.4% | 1.49B+54.8% | 960M-29.3% | 1.36B-38.7% | |
| Other non-current assets | 1.30B+6.3% | 1.23B-7.2% | 1.32B-2.9% | 1.36B-6.4% | 1.46B+16.6% | |
| 9.18B-10.7% | 10.3B+3.3% | 9.96B-12.1% | 11.3B-14.3% | 13.2B+19.1% | ||
| Accounts payable | 4.15B-14.4% | 4.85B+7.0% | 4.53B-8.3% | 4.94B-11.4% | 5.58B+48.2% | |
| Accrued liabilities | 2.65B+5.1% | 2.52B-6.8% | 2.70B-2.4% | 2.77B-20.4% | 3.48B-8.2% | |
| Deferred revenue | 221M-9.4% | 244M+25.1% | 195M-29.1% | 275M+31.6% | 209M-40.1% | |
| Short-term & current debt | 222M-55.3% | 497M+701.6% | 62.0M-82.9% | 362M+124.8% | 161M+3.2% | |
| Current lease liability | 340M+6.9% | 318M-3.3% | 329M+14.6% | 287M-8.6% | 314M-24.5% | |
| Finance lease liability (current) | — | — | — | — | 106M+96.3% | |
| Long-term debt | 17.8B+10.1% | 16.2B+8.7% | 14.9B-1.0% | 15.1B+3.8% | 14.5B-14.4% | |
| Deferred revenue (non-current) | 1.73B+16.7% | 1.48B-9.9% | 1.64B-4.8% | 1.73B-10.4% | 1.93B+0.5% | |
| Non-current lease liability | 1.10B+11.5% | 984M-4.7% | 1.03B+3.5% | 997M-13.2% | 1.15B-24.5% | |
| Operating lease liability (total) | 1.44B+10.4% | 1.30B-4.3% | 1.36B+6.0% | 1.28B-12.2% | 1.46B-24.5% | |
| Finance lease liability (total) | 1.13B+19.9% | 939M+7.6% | 873M+10.5% | 790M-9.1% | 869M+67.8% | |
| Finance lease liability | — | — | — | — | 763M+64.4% | |
| Deferred tax liabilities | 364M-7.1% | 392M-1.8% | 399M-64.1% | 1.11B+119.4% | 506M+24.9% | |
| Other non-current liabilities | 7.20B+8.5% | 6.64B-3.0% | 6.84B+4.4% | 6.55B-0.7% | 6.60B+5.1% | |
| 16.0B-7.8% | 17.4B-6.7% | 18.6B-10.2% | 20.7B+14.1% | 18.2B+46.1% | ||
| Common stock | 8.00M+0.0% | 8.00M+0.0% | 8.00M+0.0% | 8.00M+0.0% | 8.00M+0.0% | |
| Additional paid-in capital | 11.1B+20.7% | 9.20B+3.6% | 8.88B+4.0% | 8.54B+4.8% | 8.15B+7.3% | |
| Retained earnings | 16.8B-19.7% | 20.9B-4.0% | 21.8B-6.1% | 23.2B+12.4% | 20.6B+26.0% | |
| Treasury stock | 4.23B-9.1% | 4.66B+6.4% | 4.37B+13.0% | 3.87B+138.2% | 1.63B+160.0% | |
| Accumulated other comprehensive income | -7.66B+5.5% | -8.11B-5.6% | -7.68B-7.6% | -7.14B+20.5% | -8.98B+17.3% | |
| Non-controlling interest | 1.51B+205.2% | 496M-1.0% | 501M-5.3% | 529M-7.8% | 574M+0.7% | |
| Total equity incl. non-controlling | 17.5B-1.8% | 17.9B-6.6% | 19.1B-10.1% | 21.2B+13.4% | 18.7B+44.1% | |
| Total liabilities & equity | 58.5B+2.1% | 57.3B-1.1% | 58.0B-4.3% | 60.6B-3.8% | 63.0B+2.5% | |
| Common shares issued | 790M+0.7% | 784M+0.8% | 779M+0.9% | 772M+1.0% | 764M+1.1% | |
| Shares outstanding (cover) | 718M+1.9% | 704M+0.2% | 702M-0.4% | 705M-4.2% | 736M-1.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.03B-64.6% | 2.91B-43.9% | 5.20B-30.5% | 7.47B+6.6% | 7.01B+12.6% | ||
| Depreciation & amortization | 2.83B-2.1% | 2.89B+10.8% | 2.61B-5.3% | 2.76B-3.0% | 2.84B-1.1% | |
| Intangible amortization | 231M-25.5% | 310M-4.3% | 324M-3.6% | 336M-13.4% | 388M-3.2% | |
| Deferred income taxes | -341M-352.6% | 135M+111.0% | -1.22B-1646.8% | 79.0M-71.6% | 278M+7.8% | |
| Change in inventory | 52.0M-90.2% | 529M+162.7% | -844M-143.2% | -347M-119.6% | 1.77B+443.3% | |
| Change in payables | -999M-459.4% | 278M+137.9% | -734M+41.5% | -1.25B-151.1% | 2.46B+3026.2% | |
| -2.13B+10.2% | -2.37B+19.1% | -2.93B+1.4% | -2.97B-1.9% | -2.91B-246.5% | ||
| Capital expenditure | 2.48B-15.7% | 2.94B+24.8% | 2.36B+29.2% | 1.82B+21.5% | 1.50B+19.9% | |
| Free cash flow | -1.45B-5465.4% | -26.0M-100.9% | 2.84B-49.8% | 5.65B+2.6% | 5.51B+10.7% | |
| Acquisitions | 0.00-100.0% | 125M+9.6% | 114M-50.0% | 228M+76.7% | 129M-0.8% | |
| Purchases of investments | 881M-51.3% | 1.81B-20.9% | 2.29B+67.5% | 1.37B+0.0% | 1.37B+13.5% | |
| Other investing activities | -32.0M-197.0% | 33.0M-45.9% | 61.0M+22.0% | 50.0M+400.0% | 10.0M+134.5% | |
| 2.51B+314.7% | -1.17B+62.5% | -3.12B+7.3% | -3.36B+44.6% | -6.07B-119.6% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 334M+302.4% | 83.0M-66.8% | 250M+106.6% | 121M-53.3% | 259M+93.3% | |
| Common stock issued | 85.0M-48.8% | 166M-11.7% | 188M-11.3% | 212M-33.8% | 320M+196.3% | |
| Common stock repurchased | 0.00-100.0% | 494M-21.0% | 625M-73.1% | 2.33B+132.5% | 1.00B+700.0% | |
| Dividends paid | 1.49B-24.2% | 1.97B-0.3% | 1.97B-1.7% | 2.01B-3.2% | 2.07B+0.1% | |
| Other financing activities | -6.00M | 0.00 | 0.00 | — | — | |
| FX effect on cash | 275M+268.7% | -163M-262.2% | -45.0M+81.0% | -237M-139.4% | -99.0M-192.5% | |
| Net change in cash | 1.69B+315.2% | -785M+12.0% | -892M-198.3% | 907M+143.7% | -2.08B-176.1% | |
| Interest paid | 948M+6.9% | 887M+10.9% | 800M+18.5% | 675M-15.7% | 801M-4.9% | |
| Income taxes paid | 256M-69.0% | 827M+12.5% | 735M-7.3% | 793M+8.5% | 731M+41.1% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 16.8B-40.6% | 28.2B-26.6% | 38.5B+8.5% | 35.5B-15.0% | 41.7B+1.1% | |
| P/E | — | 25.3×+205.3% | 8.3×+49.7% | 5.5×-15.0% | 6.5×-80.7% | |
| P/S | 0.4×-36.2% | 0.7×-21.6% | 0.8×+40.5% | 0.6×-21.4% | 0.8×-29.1% | |
| P/B | 1.0×-35.6% | 1.6×-17.2% | 2.0×+0.4% | 2.0×-14.8% | 2.3×-30.8% | |
| P/FCF | — | — | 6.8×+5.7% | 6.4×-15.0% | 7.6×-8.7% | |
| Earnings yield | — | 4.0%-67.2% | 12.1%-33.2% | 18.1%+17.7% | 15.3%+417.3% | |
| FCF yield | — | — | 14.7%-5.4% | 15.5%+17.7% | 13.2%+9.6% | |
| Dividend yield | 9.0%+28.7% | 7.0%+36.7% | 5.1%-8.1% | 5.6%+12.6% | 4.9%-2.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: DOW’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all DOW filings on SEC EDGAR → Not investment advice.