Dow (DOW) financial statements
Dow reported revenue of $40.0B in fiscal 2025, down 1.1% a year over 8 years.
Net income was -$2.6B.
Free cash flow was -$1.4B, and the company returned $1.5B in dividends.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Dow's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43.7B | $49.6B | $43.0B | $38.5B | $55.0B | $56.9B | $44.6B | $43.0B | $40.0B |
| Cost of revenue | $36.4B | $41.1B | $36.7B | $33.3B | $44.2B | $48.3B | $39.7B | $38.4B | $37.4B |
| Gross profit | $7.4B | $8.5B | $6.3B | $5.2B | $10.8B | $8.6B | $4.9B | $4.6B | $2.5B |
| Research and development | $803M | $800M | $765M | $768M | $857M | $851M | $829M | $810M | $752M |
| Selling, general and admin | $1.8B | $1.8B | $1.6B | $1.5B | $1.6B | $1.7B | $1.6B | $1.6B | $1.4B |
| Interest expense | $914M | $1.1B | $933M | $827M | $731M | $662M | $746M | $811M | $865M |
| Pre-tax income | $237M | $3.7B | -$1.2B | $2.1B | $8.1B | $6.1B | $656M | $1.6B | -$2.5B |
| Income tax | $1.5B | $809M | $470M | $777M | $1.7B | $1.4B | -$4M | $399M | -$67M |
| Net income | $465M | $4.6B | -$1.4B | $1.2B | $6.3B | $4.6B | $589M | $1.1B | -$2.6B |
| EPS (diluted) | $0.60 | $6.21 | -$1.84 | $1.64 | $8.38 | $6.28 | $0.82 | $1.57 | -$3.70 |
| Diluted shares | 745M | 747M | 742M | 742M | 749M | 726M | 709M | 705M | 712M |
| Gross margin | 16.9% | 17.2% | 14.7% | 13.5% | 19.6% | 15.1% | 10.9% | 10.7% | 6.3% |
| Net margin | 1.1% | 9.4% | -3.2% | 3.2% | 11.5% | 8.1% | 1.3% | 2.6% | -6.6% |
Balance sheet
Fiscal years, from Dow's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.2B | $2.8B | $2.4B | $5.1B | $3.2B | $4.8B | $3.0B | $2.2B | $3.8B |
| Receivables | — | $5.6B | $4.8B | $5.1B | $6.8B | $5.6B | $4.7B | $4.8B | $4.8B |
| Inventory | — | $6.9B | $6.2B | $5.7B | $7.4B | $7.0B | $6.1B | $6.5B | $6.6B |
| Total current assets | — | $39.4B | $16.8B | $19.1B | $20.8B | $20.5B | $17.6B | $16.6B | $18.1B |
| Property, plant and equipment | $21.6B | $21.4B | $21.0B | $20.2B | $20.6B | $20.4B | $21.1B | $22.0B | $22.2B |
| Goodwill | $9.8B | $9.8B | $8.8B | $8.9B | $8.8B | $8.6B | $8.6B | $8.6B | $8.0B |
| Total assets | — | $83.7B | $60.5B | $61.5B | $63.0B | $60.6B | $58.0B | $57.3B | $58.5B |
| Total current liabilities | — | $15.5B | $10.7B | $11.1B | $13.2B | $11.3B | $10.0B | $10.3B | $9.2B |
| Long-term debt | — | $19.3B | $16.0B | $16.5B | $14.3B | $14.7B | $14.9B | $15.7B | $17.8B |
| Total liabilities | — | $50.1B | $46.4B | $48.5B | $44.3B | $39.4B | $38.9B | $39.5B | $41.0B |
| Shareholders' equity | $31.5B | $32.5B | $13.5B | $12.4B | $18.2B | $20.7B | $18.6B | $17.4B | $16.0B |
| Net debt | -$6.2B | $16.5B | $13.6B | $11.4B | $11.3B | $10.8B | $11.9B | $13.5B | $14.0B |
Cash flow
Fiscal years, from Dow's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.9B | $4.3B | $5.9B | $6.2B | $7.0B | $7.5B | $5.2B | $2.9B | $1.0B |
| Capital spending | $2.8B | $2.1B | $2.0B | $1.3B | $1.5B | $1.8B | $2.4B | $2.9B | $2.5B |
| Free cash flow | -$7.7B | $2.2B | $4.0B | $5.0B | $5.5B | $5.7B | $2.8B | -$26M | -$1.4B |
| Stock-based compensation | $310M | $188M | $158M | $171M | $276M | $211M | $212M | $159M | $154M |
| Dividends paid | $1.1B | $3.7B | $535M | $2.1B | $2.1B | $2.0B | $2.0B | $2.0B | $1.5B |
| Share buybacks (net) | $0 | $0 | -$500M | -$125M | -$1.0B | -$2.3B | -$625M | -$494M | $0 |
| Net borrowing | $268M | -$178M | $307M | -$134M | -$259M | -$121M | -$250M | -$83M | -$334M |
| Free cash flow margin | -17.7% | 4.4% | 9.2% | 12.9% | 10.0% | 9.9% | 6.4% | -0.1% | -3.6% |
| Dividends per share | $1.42 | $4.97 | $0.72 | $2.79 | $2.77 | $2.76 | $2.78 | $2.79 | $2.09 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for DOW.
Open DOW in InvestinglyQuestions
What was Dow's revenue in 2025?
$40.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Dow generate?
-$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From Dow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.