DOW (DOW) Financials

$24.84 +0.33 (+1.33%)

As of 03:11 PM Eastern

Annual Income Statements for DOW

This table shows DOW's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,225	6,311	4,582	589	1,116
Consolidated Net Income / (Loss)	1,294	6,405	4,640	660	1,201
Net Income / (Loss) Continuing Operations	1,294	6,405	4,640	660	1,201
Total Pre-Tax Income	2,071	8,145	6,090	656	1,600
Total Operating Income	1,609	7,881	5,584	1,572	1,802
Total Gross Profit	5,196	10,777	8,564	4,880	4,606
Total Revenue	38,542	54,968	56,902	44,622	42,964
Operating Revenue	38,542	54,968	56,902	44,622	42,964
Total Cost of Revenue	33,346	44,191	48,338	39,742	38,358
Operating Cost of Revenue	33,346	44,191	48,338	39,742	38,358
Total Operating Expenses	3,587	2,896	2,980	3,308	2,804
Selling, General & Admin Expense	1,471	1,645	1,675	1,627	1,581
Research & Development Expense	768	857	851	829	810
Amortization Expense	401	388	336	324	310
Restructuring Charge	708	6.00	118	528	103
Total Other Income / (Expense), net	462	264	506	-916	-202
Interest Expense	827	731	662	746	811
Interest & Investment Income	20	1,030	441	110	194
Other Income / (Expense), net	1,269	-35	727	-280	415
Income Tax Expense	777	1,740	1,450	-4.00	399
Net Income / (Loss) Attributable to Noncontrolling Interest	69	94	58	71	85
Basic Earnings per Share	$1.64	$8.44	$6.32	$0.82	$1.57
Weighted Average Basic Shares Outstanding	740.50M	743.60M	721M	705.70M	703.80M
Diluted Earnings per Share	$1.64	$8.38	$6.28	$0.82	$1.57
Weighted Average Diluted Shares Outstanding	742.30M	749M	725.60M	709M	705.10M
Weighted Average Basic & Diluted Shares Outstanding	-	-	704.88M	702.29M	703.83M
Cash Dividends to Common per Share	$0.70	$0.70	$0.70	$0.70	$0.70

This table shows DOW's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	739	613	-93	485	302	-105	516	439	214	-53	-307
Consolidated Net Income / (Loss)	760	647	-73	501	327	-95	538	458	240	-35	-290
Net Income / (Loss) Continuing Operations	760	647	-73	501	327	-95	538	458	240	-35	-290
Total Pre-Tax Income	1,001	865	-120	711	417	-352	449	608	324	219	-374
Total Operating Income	1,104	580	-42	843	480	291	505	661	366	270	-179
Total Gross Profit	1,734	1,203	1,222	1,545	1,138	975	1,277	1,324	1,070	935	671
Total Revenue	14,115	11,859	11,851	11,420	10,730	10,621	10,765	10,915	10,879	10,405	10,431
Operating Revenue	14,115	11,859	11,851	11,420	10,730	10,621	10,765	10,915	10,879	10,405	10,431
Total Cost of Revenue	12,381	10,656	10,629	9,875	9,592	9,646	9,488	9,591	9,809	9,470	9,760
Operating Cost of Revenue	12,381	10,656	10,629	9,875	9,592	9,646	9,488	9,591	9,809	9,470	9,760
Total Operating Expenses	630	623	1,264	702	658	684	772	663	704	665	850
Selling, General & Admin Expense	356	386	428	408	380	411	442	390	396	353	366
Research & Development Expense	191	225	214	205	197	213	204	196	208	202	200
Amortization Expense	83	80	81	81	81	81	81	77	76	76	76
Restructuring Charge	0.00	-68	541	8.00	0.00	-21	45	0.00	24	34	208
Total Other Income / (Expense), net	-103	285	-78	-132	-63	-643	-56	-53	-42	-51	-195
Interest Expense	155	175	185	172	192	197	199	197	199	216	216
Interest & Investment Income	-17	25	28	9.00	37	36	82	68	38	6.00	8.00
Other Income / (Expense), net	69	435	79	31	92	-482	61	76	119	159	13
Income Tax Expense	241	218	-47	210	90	-257	-89	150	84	254	-84
Net Income / (Loss) Attributable to Noncontrolling Interest	21	34	20	16	25	10	22	19	26	18	17
Basic Earnings per Share	$1.03	$0.89	($0.13)	$0.68	$0.43	($0.16)	$0.73	$0.62	$0.30	($0.08)	($0.44)
Weighted Average Basic Shares Outstanding	714.30M	721M	708.20M	707M	704M	705.70M	704.50M	703.80M	702.30M	703.80M	706.90M
Diluted Earnings per Share	$1.02	$0.89	($0.13)	$0.68	$0.42	($0.15)	$0.73	$0.62	$0.30	($0.08)	($0.44)
Weighted Average Diluted Shares Outstanding	718.10M	725.60M	708.20M	709.90M	707.50M	709M	705.50M	705.30M	703.60M	705.10M	706.90M
Weighted Average Basic & Diluted Shares Outstanding	703.76M	704.88M	707.31M	703.07M	701.40M	702.29M	703.21M	700.92M	700.09M	703.83M	706.86M
Cash Dividends to Common per Share	$0.70	-	$0.70	$0.70	$0.70	-	$0.70	$0.70	$0.70	-	$0.70

This table details how cash moves in and out of DOW's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	2,728	-2,075	907	-892	-785
Net Cash From Operating Activities	6,226	7,009	7,475	5,196	2,914
Net Cash From Continuing Operating Activities	6,252	7,069	7,486	5,164	2,903
Net Income / (Loss) Continuing Operations	0.00	6,405	4,640	660	1,201
Consolidated Net Income / (Loss)	-	6,405	4,640	660	1,201
Depreciation Expense	2,874	2,842	2,758	2,611	2,894
Non-Cash Adjustments To Reconcile Net Income	634	-1,009	874	2,047	429
Changes in Operating Assets and Liabilities, net	1,450	-1,169	-786	-154	-1,621
Net Cash From Discontinued Operating Activities	-26	-60	-11	32	11
Net Cash From Investing Activities	-841	-2,914	-2,970	-2,928	-2,368
Net Cash From Continuing Investing Activities	-841	-2,914	-2,970	-2,928	-2,368
Purchase of Property, Plant & Equipment	-1,262	-2,287	-2,020	-2,578	-3,143
Acquisitions	-130	-129	-228	-114	-125
Purchase of Investments	-1,536	-1,366	-1,514	-2,293	-1,837
Divestitures	929	68	43	158	234
Sale and/or Maturity of Investments	1,122	759	747	1,958	2,536
Other Investing Activities, net	36	41	2.00	-59	-33
Net Cash From Financing Activities	-2,764	-6,071	-3,361	-3,115	-1,168
Net Cash From Continuing Financing Activities	-2,764	-6,071	-3,361	-3,133	-1,159
Repayment of Debt	-5,422	-3,486	-791	-697	-359
Repurchase of Common Equity	-125	-1,000	-2,325	-625	-494
Payment of Dividends	-2,133	-2,146	-2,089	-2,061	-2,043
Issuance of Debt	4,835	253	1,667	104	1,610
Issuance of Common Equity	108	320	212	188	166
Other Financing Activities, net	-27	-12	-35	-42	-39
Effect of Exchange Rate Changes	107	-99	-237	-45	-163

This table details how cash moves in and out of DOW's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-152	1,623	-510	-447	117	-52	705	-368	-398	-724	-708
Net Cash From Operating Activities	1,940	2,078	535	1,347	1,658	1,656	464	836	800	814	91
Net Cash From Continuing Operating Activities	1,940	2,078	531	1,347	1,658	1,628	460	832	800	811	104
Net Income / (Loss) Continuing Operations	760	647	-73	501	327	-95	538	458	240	-35	-290
Consolidated Net Income / (Loss)	760	647	-73	501	327	-95	538	458	240	-35	-290
Depreciation Expense	668	654	648	649	657	657	720	682	741	751	714
Non-Cash Adjustments To Reconcile Net Income	216	160	877	258	73	839	126	52	151	100	467
Changes in Operating Assets and Liabilities, net	296	617	-921	-61	601	227	-924	-360	-332	-5.00	-787
Net Cash From Discontinued Operating Activities	-	-	4.00	-	-	28	4.00	4.00	-	3.00	-13
Net Cash From Investing Activities	-576	-1,631	-150	-684	-1,012	-1,082	-271	-494	-691	-912	-401
Net Cash From Continuing Investing Activities	-576	-1,631	-150	-684	-1,012	-1,082	-271	-494	-691	-912	-401
Purchase of Property, Plant & Equipment	-508	-657	-497	-631	-650	-800	-766	-767	-797	-813	-715
Purchase of Investments	-203	-1,000	-165	-658	-472	-998	-681	-395	-330	-431	-107
Divestitures	11	16	57	65	7.00	29	2.00	6.00	28	198	3.00
Sale and/or Maturity of Investments	178	151	512	571	161	714	1,173	651	562	150	416
Other Investing Activities, net	-	33	-34	-	-9.00	-16	1.00	11	-33	-12	2.00
Net Cash From Financing Activities	-1,417	1,152	-854	-1,053	-497	-711	566	-695	-594	-445	-521
Net Cash From Continuing Financing Activities	-1,417	1,152	-854	-1,053	-505	-721	562	-691	-594	-436	-521
Repayment of Debt	-139	116	-247	-329	98	-219	-124	-23	-129	-83	-1,013
Repurchase of Common Equity	-800	-125	-125	-250	-125	-125	-200	-200	-94	-	0.00
Payment of Dividends	-513	-536	-509	-516	-507	-529	-507	-524	-492	-520	-516
Issuance of Debt	33	1,585	13	42	21	28	1,388	48	121	53	1,024
Issuance of Common Equity	2.00	113	55	-	8.00	125	42	9.00	-	115	0.00
Other Financing Activities, net	-	-1.00	-41	-	-	-1.00	-37	-1.00	-	-1.00	-16
Effect of Exchange Rate Changes	-99	24	-41	-57	-32	85	-54	-15	87	-181	123

This table presents DOW's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	62,990	60,603	57,967	57,312
Total Current Assets	20,848	20,477	17,614	16,590
Cash & Equivalents	2,988	3,886	2,987	2,189
Accounts Receivable	9,554	7,755	6,614	6,864
Inventories, net	7,372	6,988	6,076	6,544
Other Current Assets	934	1,848	1,937	993
Plant, Property, & Equipment, net	20,555	20,442	21,066	22,004
Plant, Property & Equipment, gross	57,604	58,055	60,203	62,121
Accumulated Depreciation	37,049	37,613	39,137	40,117
Total Noncurrent Assets	21,587	19,684	19,287	18,718
Long-Term Investments	5,238	4,382	4,007	4,299
Noncurrent Note & Lease Receivables	478	666	438	380
Goodwill	8,764	8,644	8,641	8,565
Intangible Assets	2,881	2,442	2,072	1,721
Noncurrent Deferred & Refundable Income Taxes	1,358	960	1,486	1,257
Other Noncurrent Operating Assets	2,868	2,590	2,643	2,496
Total Liabilities & Shareholders' Equity	62,990	60,603	57,967	57,312
Total Liabilities	44,251	39,356	38,859	39,461
Total Current Liabilities	13,226	11,331	9,957	10,288
Short-Term Debt	392	724	179	632
Accounts Payable	8,416	7,216	6,326	6,541
Accrued Expenses	3,481	2,770	2,704	2,521
Current Deferred & Payable Income Tax Liabilities	623	334	419	276
Other Current Liabilities	314	287	329	318
Total Noncurrent Liabilities	31,025	28,025	28,902	29,173
Long-Term Debt	14,280	14,698	14,907	15,711
Capital Lease Obligations	1,149	997	1,032	984
Asset Retirement Reserve & Litigation Obligation	931	857	788	713
Noncurrent Deferred & Payable Income Tax Liabilities	506	1,110	399	392
Noncurrent Employee Benefit Liabilities	7,557	3,808	4,932	4,736
Other Noncurrent Operating Liabilities	6,602	6,555	6,844	6,637
Total Equity & Noncontrolling Interests	18,739	21,247	19,108	17,851
Total Preferred & Common Equity	18,165	20,718	18,607	17,355
Total Common Equity	18,165	20,718	18,607	17,355
Common Stock	8,159	8,548	8,888	9,211
Retained Earnings	20,623	23,180	21,774	20,909
Treasury Stock	-1,625	-3,871	-4,374	-4,655
Accumulated Other Comprehensive Income / (Loss)	-8,977	-7,139	-7,681	-8,110
Noncontrolling Interest	574	529	501	496

This table presents DOW's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	59,557	60,603	97,672	58,294	58,288	57,967	58,817	58,526	59,389	57,312	57,499
Total Current Assets	19,777	20,477	19,356	18,549	18,298	17,614	18,448	18,053	17,977	16,590	16,328
Cash & Equivalents	2,216	3,886	3,319	2,924	3,080	2,987	3,723	3,341	2,883	2,189	1,465
Accounts Receivable	8,530	7,755	7,812	7,658	7,382	6,614	7,069	7,079	7,316	6,864	7,184
Inventories, net	7,571	6,988	6,825	6,487	6,211	6,076	6,373	6,459	6,741	6,544	6,765
Other Current Assets	1,460	1,848	1,400	1,480	1,625	1,937	1,283	1,174	1,037	993	914
Plant, Property, & Equipment, net	20,032	20,442	20,323	20,402	20,560	21,066	21,261	21,590	22,093	22,004	22,330
Plant, Property & Equipment, gross	56,931	58,055	58,679	59,145	59,525	60,203	60,662	61,369	62,642	62,121	63,242
Accumulated Depreciation	36,899	37,613	-	38,743	38,965	39,137	39,401	39,779	40,549	40,117	40,912
Total Noncurrent Assets	19,748	19,684	19,637	19,343	19,430	19,287	19,108	18,883	19,319	18,718	18,841
Long-Term Investments	4,517	4,382	4,323	4,158	4,193	4,007	4,071	4,083	4,157	4,299	4,087
Noncurrent Note & Lease Receivables	499	666	627	561	555	438	382	461	525	380	418
Goodwill	8,524	8,644	8,653	8,615	8,580	8,641	8,590	8,559	8,684	8,565	8,619
Intangible Assets	2,483	2,442	2,336	2,231	2,132	2,072	1,967	1,875	1,840	1,721	1,652
Noncurrent Deferred & Refundable Income Taxes	1,136	960	995	1,075	1,248	1,486	1,402	1,342	1,526	1,257	1,460
Other Noncurrent Operating Assets	2,589	2,590	2,703	2,703	2,722	2,643	2,696	2,563	2,587	2,496	2,605
Total Liabilities & Shareholders' Equity	59,557	60,603	59,316	58,294	58,288	57,967	58,817	58,526	59,389	57,312	57,499
Total Liabilities	40,928	39,356	38,601	37,785	38,208	38,859	39,900	39,726	40,548	39,461	40,204
Total Current Liabilities	12,315	11,331	10,489	9,649	10,248	9,957	10,249	10,308	10,827	10,288	10,586
Short-Term Debt	549	724	525	209	333	179	173	352	407	632	638
Accounts Payable	7,607	7,216	6,560	6,165	6,318	6,326	6,787	6,969	7,048	6,541	6,616
Accrued Expenses	3,303	2,770	2,765	2,619	2,879	2,704	2,517	2,357	2,799	2,521	2,698
Current Deferred & Payable Income Tax Liabilities	579	334	335	339	393	419	448	309	257	276	304
Other Current Liabilities	277	287	304	317	325	329	324	321	316	318	330
Total Noncurrent Liabilities	28,613	28,025	28,112	28,136	27,960	28,902	29,651	29,418	29,721	29,173	29,618
Long-Term Debt	12,921	14,698	14,739	14,735	14,592	14,907	16,170	16,016	16,164	15,711	15,932
Capital Lease Obligations	1,012	997	-	1,036	1,020	1,032	1,071	1,032	1,023	984	1,021
Asset Retirement Reserve & Litigation Obligation	868	857	844	819	804	788	761	744	727	713	688
Noncurrent Deferred & Payable Income Tax Liabilities	716	1,110	744	671	668	399	383	372	397	392	407
Noncurrent Employee Benefit Liabilities	6,541	3,808	3,799	3,735	3,617	4,932	4,800	4,675	4,689	4,736	4,700
Other Noncurrent Operating Liabilities	6,555	6,555	7,986	7,140	7,259	6,844	6,466	6,579	6,721	6,637	6,870
Total Equity & Noncontrolling Interests	18,629	21,247	20,715	20,509	20,080	19,108	18,917	18,800	18,841	17,851	17,295
Total Preferred & Common Equity	18,117	20,718	20,181	19,997	19,567	18,607	18,425	18,318	18,311	17,355	16,788
Total Common Equity	18,117	20,718	20,181	19,997	19,567	18,607	18,425	18,318	18,311	17,355	16,788
Common Stock	8,404	8,548	8,615	8,669	8,730	8,888	8,950	9,020	9,063	9,211	9,203
Retained Earnings	23,068	23,180	22,584	22,570	22,376	21,774	21,796	21,739	21,459	20,909	20,101
Treasury Stock	-3,773	-3,871	-3,953	-4,175	-4,278	-4,374	-4,507	-4,656	-4,708	-4,655	-4,560
Accumulated Other Comprehensive Income / (Loss)	-9,582	-7,139	-7,065	-7,067	-7,261	-7,681	-7,814	-7,785	-7,503	-8,110	-7,956
Noncontrolling Interest	512	529	534	512	513	501	492	482	530	496	507

This table displays calculated financial ratios and metrics derived from DOW's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	42.62%	3.52%	-21.58%	-3.72%
EBITDA Growth	0.00%	85.81%	-15.15%	-56.96%	30.95%
EBIT Growth	0.00%	172.62%	-19.56%	-79.53%	71.59%
NOPAT Growth	0.00%	516.45%	-31.35%	-62.83%	-14.48%
Net Income Growth	0.00%	394.98%	-27.56%	-85.78%	81.97%
EPS Growth	0.00%	410.98%	-25.06%	-86.94%	91.46%
Operating Cash Flow Growth	0.00%	12.58%	6.65%	-30.49%	-43.92%
Free Cash Flow Firm Growth	0.00%	0.00%	105.91%	130.80%	-67.44%
Invested Capital Growth	0.00%	0.00%	11.64%	-3.97%	1.62%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-2.70%	-0.50%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-23.56%	16.24%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-48.28%	38.82%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	13.54%	-33.09%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-52.92%	5.26%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-55.91%	4.67%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-6.23%	-7.51%	-22.42%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-35.10%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-1.81%	-2.40%
Profitability Metrics	-	-	-	-	-
Gross Margin	13.48%	19.61%	15.05%	10.94%	10.72%
EBITDA Margin	14.92%	19.44%	15.94%	8.75%	11.90%
Operating Margin	4.17%	14.34%	9.81%	3.52%	4.19%
EBIT Margin	7.47%	14.27%	11.09%	2.90%	5.16%
Profit (Net Income) Margin	3.36%	11.65%	8.15%	1.48%	2.80%
Tax Burden Percent	62.48%	78.64%	76.19%	100.61%	75.06%
Interest Burden Percent	71.96%	103.81%	96.50%	50.77%	72.17%
Effective Tax Rate	37.52%	21.36%	23.81%	-0.61%	24.94%
Return on Invested Capital (ROIC)	0.00%	47.07%	15.27%	5.49%	4.75%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	52.53%	20.16%	-5.18%	3.23%
Return on Net Nonoperating Assets (RNNOA)	0.00%	21.29%	7.94%	-2.22%	1.75%
Return on Equity (ROE)	0.00%	68.36%	23.21%	3.27%	6.50%
Cash Return on Invested Capital (CROIC)	0.00%	-152.93%	4.27%	9.54%	3.14%
Operating Return on Assets (OROA)	0.00%	12.46%	10.21%	2.18%	3.85%
Return on Assets (ROA)	0.00%	10.17%	7.51%	1.11%	2.08%
Return on Common Equity (ROCE)	0.00%	66.27%	22.57%	3.19%	6.32%
Return on Equity Simple (ROE_SIMPLE)	0.00%	35.26%	22.40%	3.55%	6.92%
Net Operating Profit after Tax (NOPAT)	1,005	6,197	4,254	1,582	1,353
NOPAT Margin	2.61%	11.27%	7.48%	3.54%	3.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	-5.47%	-4.90%	10.67%	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	11.30%	4.49%	3.85%
Cost of Revenue to Revenue	86.52%	80.39%	84.95%	89.06%	89.28%
SG&A Expenses to Revenue	3.82%	2.99%	2.94%	3.65%	3.68%
R&D to Revenue	1.99%	1.56%	1.50%	1.86%	1.89%
Operating Expenses to Revenue	9.31%	5.27%	5.24%	7.41%	6.53%
Earnings before Interest and Taxes (EBIT)	2,878	7,846	6,311	1,292	2,217
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,752	10,688	9,069	3,903	5,111
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.54	1.96	1.62
Price to Tangible Book Value (P/TBV)	0.00	0.00	3.31	4.62	3.97
Price to Revenue (P/Rev)	0.00	0.00	0.56	0.82	0.65
Price to Earnings (P/E)	0.00	0.00	6.96	61.89	25.17
Dividend Yield	5.99%	5.60%	6.18%	5.39%	6.98%
Earnings Yield	0.00%	0.00%	14.37%	1.62%	3.97%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.38	1.63	1.37
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.71	1.03	0.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	4.47	11.81	7.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	6.43	35.67	17.79
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	9.54	29.13	29.15
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	5.43	8.87	13.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	34.08	16.77	44.07
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.84	0.77	0.84	0.97
Long-Term Debt to Equity	0.00	0.82	0.74	0.83	0.94
Financial Leverage	0.00	0.41	0.39	0.43	0.54
Leverage Ratio	0.00	3.36	3.09	2.94	3.12
Compound Leverage Factor	0.00	3.49	2.98	1.49	2.25
Debt to Total Capital	0.00%	45.78%	43.59%	45.76%	49.26%
Short-Term Debt to Total Capital	0.00%	1.13%	1.92%	0.51%	1.80%
Long-Term Debt to Total Capital	0.00%	44.64%	41.67%	45.25%	47.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.66%	1.40%	1.42%	1.41%
Common Equity to Total Capital	0.00%	52.56%	55.00%	52.82%	49.33%
Debt to EBITDA	0.00	1.48	1.81	4.13	3.39
Net Debt to EBITDA	0.00	0.71	0.90	2.34	2.12
Long-Term Debt to EBITDA	0.00	1.44	1.73	4.08	3.27
Debt to NOPAT	0.00	2.55	3.86	10.19	12.81
Net Debt to NOPAT	0.00	1.23	1.92	5.77	8.01
Long-Term Debt to NOPAT	0.00	2.49	3.69	10.08	12.34
Altman Z-Score	0.00	0.00	2.49	2.09	1.95
Noncontrolling Interest Sharing Ratio	0.00%	3.06%	2.76%	2.55%	2.70%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	1.58	1.81	1.77	1.61
Quick Ratio	0.00	0.95	1.03	0.96	0.88
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-20,137	1,190	2,748	895
Operating Cash Flow to CapEx	493.34%	306.47%	370.05%	201.55%	92.71%
Free Cash Flow to Firm to Interest Expense	0.00	-27.55	1.80	3.68	1.10
Operating Cash Flow to Interest Expense	7.53	9.59	11.29	6.97	3.59
Operating Cash Flow Less CapEx to Interest Expense	6.00	6.46	8.24	3.51	-0.28
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.87	0.92	0.75	0.75
Accounts Receivable Turnover	0.00	5.75	6.57	6.21	6.38
Inventory Turnover	0.00	5.99	6.73	6.08	6.08
Fixed Asset Turnover	0.00	2.67	2.78	2.15	2.00
Accounts Payable Turnover	0.00	5.25	6.18	5.87	5.96
Days Sales Outstanding (DSO)	0.00	63.44	55.51	58.77	57.25
Days Inventory Outstanding (DIO)	0.00	60.89	54.22	59.99	60.04
Days Payable Outstanding (DPO)	0.00	69.51	59.02	62.19	61.22
Cash Conversion Cycle (CCC)	0.00	54.82	50.71	56.57	56.08
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	26,334	29,398	28,232	28,690
Invested Capital Turnover	0.00	4.17	2.04	1.55	1.51
Increase / (Decrease) in Invested Capital	0.00	26,334	3,064	-1,166	458
Enterprise Value (EV)	0.00	0.00	40,568	46,079	39,430
Market Capitalization	0.00	0.00	31,888	36,454	28,095
Book Value per Share	$0.00	$24.43	$29.44	$26.53	$24.79
Tangible Book Value per Share	$0.00	$8.77	$13.69	$11.25	$10.10
Total Capital	0.00	34,560	37,666	35,226	35,178
Total Debt	0.00	15,821	16,419	16,118	17,327
Total Long-Term Debt	0.00	15,429	15,695	15,939	16,695
Net Debt	0.00	7,595	8,151	9,124	10,839
Capital Expenditures (CapEx)	1,262	2,287	2,020	2,578	3,143
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	5,026	5,984	4,849	4,745
Debt-free Net Working Capital (DFNWC)	0.00	8,014	9,870	7,836	6,934
Net Working Capital (NWC)	0.00	7,622	9,146	7,657	6,302
Net Nonoperating Expense (NNE)	-289	-208	-386	922	152
Net Nonoperating Obligations (NNO)	0.00	7,595	8,151	9,124	10,839
Total Depreciation and Amortization (D&A)	2,874	2,842	2,758	2,611	2,894
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	9.14%	10.52%	10.87%	11.04%
Debt-free Net Working Capital to Revenue	0.00%	14.58%	17.35%	17.56%	16.14%
Net Working Capital to Revenue	0.00%	13.87%	16.07%	17.16%	14.67%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$6.32	$0.82	$1.57
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	721M	705.70M	703.80M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$6.28	$0.82	$1.57
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	725.60M	709M	705.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	704.88M	702.29M	703.83M
Normalized Net Operating Profit after Tax (NOPAT)	1,448	6,202	4,344	1,470	1,430
Normalized NOPAT Margin	3.76%	11.28%	7.63%	3.29%	3.33%
Pre Tax Income Margin	5.37%	14.82%	10.70%	1.47%	3.72%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	3.48	10.73	9.53	1.73	2.73
NOPAT to Interest Expense	1.22	8.48	6.43	2.12	1.67
EBIT Less CapEx to Interest Expense	1.95	7.60	6.48	-1.72	-1.14
NOPAT Less CapEx to Interest Expense	-0.31	5.35	3.38	-1.34	-2.21
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	164.84%	33.51%	45.02%	312.27%	170.11%
Augmented Payout Ratio	174.50%	49.12%	95.13%	406.97%	211.24%

This table displays calculated financial ratios and metrics derived from DOW's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.87%	0.00%	-22.36%	-27.09%	-23.98%	-10.44%	-9.16%	-4.42%	1.39%	-2.03%	-3.10%
EBITDA Growth	-18.65%	0.00%	-75.29%	-45.35%	-33.24%	-72.08%	87.74%	-6.83%	-0.24%	153.22%	-57.39%
EBIT Growth	-45.77%	0.00%	-98.17%	-58.44%	-51.24%	-118.82%	1,429.73%	-15.68%	-15.21%	324.61%	-129.33%
NOPAT Growth	-56.05%	0.00%	-102.08%	-62.21%	-55.09%	-53.05%	2,158.16%	-16.18%	-27.97%	-121.18%	-120.71%
Net Income Growth	-55.45%	0.00%	-104.70%	-70.20%	-56.97%	-114.68%	836.99%	-8.58%	-26.61%	63.16%	-153.90%
EPS Growth	-54.26%	0.00%	-106.16%	-69.91%	-58.82%	-116.85%	661.54%	-8.82%	-28.57%	46.67%	-160.27%
Operating Cash Flow Growth	0.00%	-19.30%	-66.63%	-27.35%	-14.54%	-20.31%	-13.27%	-37.94%	-51.75%	-50.85%	-80.39%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	92.18%	0.00%	101.43%	103.92%	81.38%	-136.59%	-327.67%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	9.00%	-3.97%	0.71%	-2.15%	2.24%	1.62%	2.79%
Revenue Q/Q Growth	-9.89%	-15.98%	-0.07%	-3.64%	-6.04%	-1.02%	1.36%	1.39%	-0.33%	-4.36%	0.25%
EBITDA Q/Q Growth	-33.94%	-9.34%	-58.96%	122.34%	-19.30%	-62.08%	175.97%	10.34%	-13.60%	-3.75%	-53.56%
EBIT Q/Q Growth	-44.22%	-13.47%	-96.35%	2,262.16%	-34.55%	-133.39%	396.34%	30.21%	-34.19%	-11.55%	-138.69%
NOPAT Q/Q Growth	-46.67%	-48.24%	-106.78%	2,120.45%	-36.63%	-45.88%	197.05%	-17.71%	-45.55%	-115.92%	-190.38%
Net Income Q/Q Growth	-54.79%	-14.87%	-111.28%	786.30%	-34.73%	-129.05%	666.32%	-14.87%	-47.60%	-114.58%	-728.57%
EPS Q/Q Growth	-54.87%	-12.75%	-114.61%	623.08%	-38.24%	-135.71%	586.67%	-15.07%	-51.61%	-126.67%	-450.00%
Operating Cash Flow Q/Q Growth	4.64%	7.11%	-74.25%	151.78%	23.09%	-0.12%	-71.98%	80.17%	-4.31%	1.75%	-88.82%
Free Cash Flow Firm Q/Q Growth	0.00%	100.00%	0.00%	-1.57%	93.07%	168.57%	-70.42%	178.68%	-132.94%	-34.76%	-84.04%
Invested Capital Q/Q Growth	0.00%	11.45%	-3.61%	3.78%	-2.23%	-1.81%	1.08%	0.84%	2.15%	-2.40%	2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.28%	10.14%	10.31%	13.53%	10.61%	9.18%	11.86%	12.13%	9.84%	8.99%	6.43%
EBITDA Margin	13.04%	14.07%	5.78%	13.34%	11.45%	4.39%	11.95%	13.00%	11.27%	11.34%	5.25%
Operating Margin	7.82%	4.89%	-0.35%	7.38%	4.47%	2.74%	4.69%	6.06%	3.36%	2.59%	-1.72%
EBIT Margin	8.31%	8.56%	0.31%	7.65%	5.33%	-1.80%	5.26%	6.75%	4.46%	4.12%	-1.59%
Profit (Net Income) Margin	5.38%	5.46%	-0.62%	4.39%	3.05%	-0.89%	5.00%	4.20%	2.21%	-0.34%	-2.78%
Tax Burden Percent	75.92%	74.80%	60.83%	70.46%	78.42%	26.99%	119.82%	75.33%	74.07%	-15.98%	77.54%
Interest Burden Percent	85.34%	85.22%	-324.32%	81.35%	72.90%	184.29%	79.33%	82.50%	66.80%	51.05%	225.30%
Effective Tax Rate	24.08%	25.20%	0.00%	29.54%	21.58%	0.00%	-19.82%	24.67%	25.93%	115.98%	0.00%
Return on Invested Capital (ROIC)	0.00%	7.08%	-0.94%	17.42%	5.84%	2.97%	8.61%	6.75%	3.70%	-0.63%	-1.77%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	9.70%	-2.08%	15.33%	5.23%	-0.49%	7.83%	6.32%	3.38%	-0.54%	-3.29%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3.72%	-0.77%	6.65%	2.22%	-0.21%	3.41%	3.04%	1.67%	-0.29%	-1.97%
Return on Equity (ROE)	0.00%	10.80%	-1.70%	24.07%	8.06%	2.76%	12.01%	9.78%	5.37%	-0.92%	-3.74%
Cash Return on Invested Capital (CROIC)	0.00%	4.05%	0.00%	0.00%	0.00%	9.54%	7.03%	9.46%	4.74%	3.14%	-0.90%
Operating Return on Assets (OROA)	0.00%	7.88%	0.17%	6.47%	4.15%	-1.35%	2.93%	4.97%	3.27%	3.07%	-1.17%
Return on Assets (ROA)	0.00%	5.02%	-0.34%	3.71%	2.37%	-0.67%	2.78%	3.09%	1.62%	-0.25%	-2.04%
Return on Common Equity (ROCE)	0.00%	10.50%	-1.66%	23.47%	7.84%	2.69%	11.70%	9.54%	5.23%	-0.90%	-3.63%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	14.94%	9.18%	7.17%	0.00%	6.90%	6.70%	6.23%	0.00%	2.22%
Net Operating Profit after Tax (NOPAT)	838	434	-29	594	376	204	605	498	271	-43	-125
NOPAT Margin	5.94%	3.66%	-0.25%	5.20%	3.51%	1.92%	5.62%	4.56%	2.49%	-0.41%	-1.20%
Net Nonoperating Expense Percent (NNEP)	2.02%	-2.62%	1.14%	2.09%	0.60%	3.46%	0.78%	0.42%	0.32%	-0.08%	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	1.15%	-	-	-	0.58%	-	-	-	-0.12%	-0.36%
Cost of Revenue to Revenue	87.72%	89.86%	89.69%	86.47%	89.39%	90.82%	88.14%	87.87%	90.16%	91.01%	93.57%
SG&A Expenses to Revenue	2.52%	3.25%	3.61%	3.57%	3.54%	3.87%	4.11%	3.57%	3.64%	3.39%	3.51%
R&D to Revenue	1.35%	1.90%	1.81%	1.80%	1.84%	2.01%	1.90%	1.80%	1.91%	1.94%	1.92%
Operating Expenses to Revenue	4.46%	5.25%	10.67%	6.15%	6.13%	6.44%	7.17%	6.07%	6.47%	6.39%	8.15%
Earnings before Interest and Taxes (EBIT)	1,173	1,015	37	874	572	-191	566	737	485	429	-166
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,841	1,669	685	1,523	1,229	466	1,286	1,419	1,226	1,180	548
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.54	1.79	1.79	1.76	1.96	2.18	2.04	2.09	1.62	1.46
Price to Tangible Book Value (P/TBV)	0.00	3.31	3.94	3.91	3.89	4.62	5.10	4.73	4.92	3.97	3.77
Price to Revenue (P/Rev)	0.00	0.56	0.68	0.73	0.75	0.82	0.92	0.87	0.89	0.65	0.58
Price to Earnings (P/E)	0.00	6.96	12.40	20.52	26.34	61.89	33.50	32.38	35.99	25.17	83.88
Dividend Yield	6.98%	6.18%	5.45%	5.53%	5.72%	5.39%	4.89%	5.28%	5.13%	6.98%	8.02%
Earnings Yield	0.00%	14.37%	8.07%	4.87%	3.80%	1.62%	2.98%	3.09%	2.78%	3.97%	1.19%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.38	1.57	1.54	1.52	1.63	1.76	1.66	1.68	1.37	1.27
Enterprise Value to Revenue (EV/Rev)	0.00	0.71	0.83	0.92	0.95	1.03	1.15	1.11	1.14	0.92	0.87
Enterprise Value to EBITDA (EV/EBITDA)	0.00	4.47	6.35	7.91	8.54	11.81	11.16	10.86	11.23	7.71	8.49
Enterprise Value to EBIT (EV/EBIT)	0.00	6.43	10.25	14.59	17.46	35.67	27.59	28.36	30.92	17.79	25.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	9.54	15.70	24.36	31.31	29.13	22.86	22.53	24.43	29.15	69.17
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	5.43	6.92	7.66	7.76	8.87	9.80	10.35	13.15	13.53	14.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	16.77	25.14	17.36	35.82	44.07	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.78	0.77	0.74	0.78	0.79	0.84	0.92	0.93	0.93	0.97	1.02
Long-Term Debt to Equity	0.75	0.74	0.71	0.77	0.78	0.83	0.91	0.91	0.91	0.94	0.98
Financial Leverage	0.42	0.38	0.37	0.43	0.42	0.43	0.44	0.48	0.49	0.54	0.60
Leverage Ratio	3.20	3.09	4.72	2.84	3.04	2.94	3.95	2.97	3.02	3.12	3.21
Compound Leverage Factor	2.73	2.63	-15.29	2.31	2.22	5.41	3.13	2.45	2.02	1.59	7.24
Debt to Total Capital	43.74%	43.59%	42.42%	43.79%	44.26%	45.76%	47.93%	48.07%	48.29%	49.26%	50.42%
Short-Term Debt to Total Capital	1.66%	1.92%	1.46%	0.57%	0.92%	0.51%	0.48%	0.97%	1.12%	1.80%	1.83%
Long-Term Debt to Total Capital	42.08%	41.67%	40.97%	43.22%	43.34%	45.25%	47.46%	47.09%	47.17%	47.46%	48.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.55%	1.40%	1.48%	1.40%	1.42%	1.42%	1.35%	1.33%	1.45%	1.41%	1.45%
Common Equity to Total Capital	54.72%	55.00%	56.09%	54.80%	54.32%	52.82%	50.71%	50.60%	50.26%	49.33%	48.12%
Debt to EBITDA	0.00	1.81	2.19	2.79	3.12	4.13	3.87	3.95	4.00	3.39	4.02
Net Debt to EBITDA	0.00	0.90	1.09	1.56	1.70	2.34	2.14	2.27	2.40	2.12	2.75
Long-Term Debt to EBITDA	0.00	1.73	2.11	2.76	3.06	4.08	3.83	3.87	3.91	3.27	3.88
Debt to NOPAT	0.00	3.86	5.40	8.61	11.45	10.19	7.92	8.21	8.70	12.81	32.78
Net Debt to NOPAT	0.00	1.92	2.70	4.79	6.23	5.77	4.38	4.71	5.22	8.01	22.43
Long-Term Debt to NOPAT	0.00	3.69	5.21	8.50	11.21	10.08	7.84	8.04	8.50	12.34	31.59
Altman Z-Score	0.00	2.20	1.54	2.19	2.06	2.01	2.06	2.02	1.97	1.84	1.71
Noncontrolling Interest Sharing Ratio	0.00%	2.76%	2.58%	2.50%	2.65%	2.55%	2.59%	2.53%	2.68%	2.70%	2.76%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	1.81	1.85	1.92	1.79	1.77	1.80	1.75	1.66	1.61	1.54
Quick Ratio	0.87	1.03	1.06	1.10	1.02	0.96	1.05	1.01	0.94	0.88	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-25,540	0.00	-28,366	-28,813	-1,998	1,370	405	1,129	-372	-501	-922
Operating Cash Flow to CapEx	381.89%	316.29%	107.65%	213.47%	255.08%	207.00%	60.57%	109.00%	100.38%	100.12%	12.73%
Free Cash Flow to Firm to Interest Expense	-164.77	0.00	-153.33	-167.52	-10.40	6.95	2.04	5.73	-1.87	-2.32	-4.27
Operating Cash Flow to Interest Expense	12.52	11.87	2.89	7.83	8.64	8.41	2.33	4.24	4.02	3.77	0.42
Operating Cash Flow Less CapEx to Interest Expense	9.24	8.12	0.21	4.16	5.25	4.35	-1.52	0.35	0.02	0.00	-2.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.92	0.55	0.84	0.78	0.75	0.56	0.74	0.73	0.75	0.73
Accounts Receivable Turnover	0.00	6.57	6.85	6.43	5.76	6.21	5.85	5.84	5.88	6.38	5.98
Inventory Turnover	0.00	6.73	6.82	6.71	5.91	6.08	5.85	5.92	5.95	6.08	5.88
Fixed Asset Turnover	0.00	2.78	2.63	2.41	2.26	2.15	2.09	2.05	2.02	2.00	1.96
Accounts Payable Turnover	0.00	6.18	7.10	7.06	5.85	5.87	5.78	5.83	5.77	5.96	5.76
Days Sales Outstanding (DSO)	0.00	55.51	53.31	56.76	63.32	58.77	62.38	62.50	62.12	57.25	61.02
Days Inventory Outstanding (DIO)	0.00	54.22	53.50	54.38	61.72	59.99	62.40	61.66	61.34	60.04	62.07
Days Payable Outstanding (DPO)	0.00	59.02	51.42	51.68	62.36	62.19	63.10	62.56	63.30	61.22	63.32
Cash Conversion Cycle (CCC)	0.00	50.71	55.39	59.46	62.68	56.57	61.68	61.61	60.16	56.08	59.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	26,378	29,398	28,337	29,407	28,752	28,232	28,537	28,776	29,395	28,690	29,334
Invested Capital Turnover	0.00	1.94	3.78	3.35	1.66	1.55	1.53	1.48	1.49	1.51	1.47
Increase / (Decrease) in Invested Capital	26,378	0.00	28,337	29,407	2,374	-1,166	200	-631	643	458	797
Enterprise Value (EV)	0.00	40,568	44,359	45,202	43,616	46,079	50,248	47,763	49,375	39,430	37,124
Market Capitalization	0.00	31,888	36,203	35,792	34,431	36,454	40,136	37,305	38,291	28,095	24,578
Book Value per Share	$25.36	$29.44	$28.63	$28.27	$27.83	$26.53	$26.15	$26.05	$26.12	$24.79	$23.85
Tangible Book Value per Share	$9.95	$13.69	$13.04	$12.94	$12.59	$11.25	$11.17	$11.21	$11.11	$10.10	$9.26
Total Capital	33,111	37,666	35,979	36,489	36,025	35,226	36,331	36,200	36,435	35,178	34,886
Total Debt	14,482	16,419	15,264	15,980	15,945	16,118	17,414	17,400	17,594	17,327	17,591
Total Long-Term Debt	13,933	15,695	14,739	15,771	15,612	15,939	17,241	17,048	17,187	16,695	16,953
Net Debt	7,749	8,151	7,622	8,898	8,672	9,124	9,620	9,976	10,554	10,839	12,039
Capital Expenditures (CapEx)	508	657	497	631	650	800	766	767	797	813	715
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5,795	5,984	6,073	6,185	5,303	4,849	4,649	4,756	4,674	4,745	4,915
Debt-free Net Working Capital (DFNWC)	8,011	9,870	9,392	9,109	8,383	7,836	8,372	8,097	7,557	6,934	6,380
Net Working Capital (NWC)	7,462	9,146	8,867	8,900	8,050	7,657	8,199	7,745	7,150	6,302	5,742
Net Nonoperating Expense (NNE)	78	-213	44	93	49	299	67	40	31	-8.15	165
Net Nonoperating Obligations (NNO)	7,749	8,151	7,622	8,898	8,672	9,124	9,620	9,976	10,554	10,839	12,039
Total Depreciation and Amortization (D&A)	668	654	648	649	657	657	720	682	741	751	714
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	10.52%	11.35%	12.56%	11.56%	10.87%	10.68%	11.05%	10.82%	11.04%	11.53%
Debt-free Net Working Capital to Revenue	0.00%	17.35%	17.56%	18.50%	18.28%	17.56%	19.23%	18.82%	17.50%	16.14%	14.97%
Net Working Capital to Revenue	0.00%	16.07%	16.58%	18.07%	17.55%	17.16%	18.83%	18.00%	16.56%	14.67%	13.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.03	$0.89	($0.13)	$0.68	$0.43	($0.16)	$0.73	$0.62	$0.30	($0.08)	($0.44)
Adjusted Weighted Average Basic Shares Outstanding	714.30M	721M	708.20M	707M	704M	705.70M	704.50M	703.80M	702.30M	703.80M	706.90M
Adjusted Diluted Earnings per Share	$1.02	$0.89	($0.13)	$0.68	$0.42	($0.15)	$0.73	$0.62	$0.30	($0.08)	($0.44)
Adjusted Weighted Average Diluted Shares Outstanding	718.10M	725.60M	708.20M	709.90M	707.50M	709M	705.50M	705.30M	703.60M	705.10M	706.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	703.76M	704.88M	707.31M	703.07M	701.40M	702.29M	703.21M	700.92M	700.09M	703.83M	706.86M
Normalized Net Operating Profit after Tax (NOPAT)	838	383	349	600	376	189	385	498	289	213	20
Normalized NOPAT Margin	5.94%	3.23%	2.95%	5.25%	3.51%	1.78%	3.58%	4.56%	2.66%	2.05%	0.19%
Pre Tax Income Margin	7.09%	7.29%	-1.01%	6.23%	3.89%	-3.31%	4.17%	5.57%	2.98%	2.10%	-3.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.57	5.80	0.20	5.08	2.98	-0.97	2.84	3.74	2.44	1.99	-0.77
NOPAT to Interest Expense	5.41	2.48	-0.16	3.45	1.96	1.03	3.04	2.53	1.36	-0.20	-0.58
EBIT Less CapEx to Interest Expense	4.29	2.05	-2.49	1.41	-0.41	-5.03	-1.01	-0.15	-1.57	-1.78	-4.08
NOPAT Less CapEx to Interest Expense	2.13	-1.28	-2.85	-0.22	-1.43	-3.03	-0.81	-1.37	-2.64	-3.96	-3.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	45.02%	69.12%	113.02%	147.50%	312.27%	162.00%	168.32%	179.84%	170.11%	550.13%
Augmented Payout Ratio	0.00%	95.13%	130.48%	183.87%	192.08%	406.97%	217.07%	221.25%	234.09%	211.24%	628.95%

Financials Breakdown Chart

Key Financial Trends

DOW Inc. has experienced notable changes in its financial performance and position over the past year, showing both strengths and challenges as we analyze the most recent quarters from Q2 2023 to Q1 2025.

Positive factors supporting the company’s outlook:

Revenue stability: Operating revenue has remained around $10.4 billion in Q1 2025, consistent with Q4 2024 levels, indicating steady sales in a potentially volatile market.
Strong depreciation and amortization adjustments: Non-cash expenses like depreciation (~$714 million in Q1 2025) and amortization support cash flows despite lower earnings.
Solid operating cash flow: Despite a net loss in Q1 2025, DOW reported positive net cash from continuing operating activities of $104 million, highlighting operational cash generation capacity.
Reduced restructuring charges in recent quarters: While Q1 2025 recorded restructuring charges at $208 million, compared with $541 million in early 2023, this suggests efforts to control costs and streamline operations.
Stable dividend payments: Quarterly cash dividends per share remained steady at $0.70 through the periods analyzed, reflecting management’s commitment to shareholder returns.
Deleveraging efforts: Q1 2025 saw repayment of $1.013 billion in debt, helping to manage leverage and potentially reduce interest expenses over time.
Investments in assets: Capital expenditures on property, plant, and equipment (approx. $715 million in Q1 2025) indicate ongoing investment to sustain or grow production capacity.

Neutral factors reflecting steady conditions or typical business variability:

Fluctuating net income: The company experienced net losses in early 2025 (-$290 million in Q1), contrasting with prior quarters’ profitability, reflecting cyclical or one-time impacts.
Other income/expenses volatility: The “Other Income / (Expense), net” line swung from significant gains to losses quarter-over-quarter, contributing to overall earnings unpredictability.
Effects of currency exchange: $123 million positive impact in Q1 2025 from exchange rates, compared to negative impacts in prior periods, indicating exposure to foreign currency fluctuations but manageable levels.

Negative factors that could pressure the company’s financial health:

Operating income turned negative in Q1 2025 (-$179 million), a decline from positive operating profits in prior quarters, showing increased challenges in core operations.
Heavy interest expenses: Interest expense remained elevated (around $216 million in Q1 2025), reducing net profitability and pointing to persistent debt servicing costs.
Significant net losses in Q1 2025: Consolidated net loss attributable to common shareholders was -$307 million, a notable decline after quarters of modest net income, signaling potential operational or market headwinds.
Large negative net change in cash and equivalents (-$708 million in Q1 2025), driven primarily by investing and financing activities, could constrain liquidity if trends continue.
Increasing liabilities: From Q1 2023 to Q1 2025, total liabilities increased moderately, nearing $40 billion in Q1 2025 with long-term debt near $16 billion, suggesting leverage maintenance that could limit financial flexibility.
Accumulated other comprehensive loss increased, reflected in equity declines, indicating exposure to market or accounting adjustments impacting shareholder equity negatively.

Summary: DOW has maintained stable revenues and operational cash flow, supported by investments in assets and ongoing dividend payments, which are positives for shareholders. However, recent quarters show pressure on earnings and operating income, compounded by high restructuring costs and sizeable interest expenses. Debt repayment activities indicate management’s focus on strengthening the balance sheet, but liabilities remain high, indicating ongoing leverage. Investors should monitor upcoming quarters to see if earnings and operating income recover and how the company manages cash flow and debt levels amidst economic fluctuations.

10/24/25 01:05 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About DOW's Financials

When does DOW's fiscal year end?

According to the most recent income statement we have on file, DOW's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has DOW's net income changed over the last 4 years?

DOW's net income appears to be on a downward trend, with a most recent value of $1.20 billion in 2024, falling from $1.29 billion in 2020. The previous period was $660 million in 2023. View DOW's forecast to see where analysts expect DOW to go next.

What is DOW's operating income?

DOW's total operating income in 2024 was $1.80 billion, based on the following breakdown:

Total Gross Profit: $4.61 billion
Total Operating Expenses: $2.80 billion

How has DOW's revenue changed over the last 4 years?

Over the last 4 years, DOW's total revenue changed from $38.54 billion in 2020 to $42.96 billion in 2024, a change of 11.5%.

How much debt does DOW have?

DOW's total liabilities were at $39.46 billion at the end of 2024, a 1.5% increase from 2023, and a 10.8% decrease since 2021.

How much cash does DOW have?

In the past 3 years, DOW's cash and equivalents has ranged from $2.19 billion in 2024 to $3.89 billion in 2022, and is currently $2.19 billion as of their latest financial filing in 2024.

How has DOW's book value per share changed over the last 4 years?

Over the last 4 years, DOW's book value per share changed from 0.00 in 2020 to 24.79 in 2024, a change of 2,479.0%.

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This page (NYSE:DOW) was last updated on 10/24/2025 by MarketBeat.com Staff

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DOW (DOW) Financials

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DOW (DOW) Financials

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