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.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	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 YoY-7.0%	43.0B YoY-3.7%	44.6B YoY-21.6%	56.9B YoY+3.5%	55.0B YoY+42.6%
Cost of revenue	37.4B YoY-2.4%	38.4B YoY-3.5%	39.7B YoY-17.8%	48.3B YoY+9.4%	44.2B YoY+32.5%
Research & development	752M YoY-7.2%	810M YoY-2.3%	829M YoY-2.6%	851M YoY-0.7%	857M YoY+11.6%
Selling, general & administrative	1.39B YoY-12.0%	1.58B YoY-2.8%	1.63B YoY-2.9%	1.68B YoY+1.8%	1.65B YoY+11.8%
Restructuring	—	—	741M YoY+1752.5%	40.0M YoY-42.0%	69.0M YoY-90.4%
Amortization of intangibles	231M YoY-25.5%	310M YoY-4.3%	324M YoY-3.6%	336M YoY-13.4%	388M YoY-3.2%
Other non-operating income	120M YoY+20.0%	100M YoY-20.0%	125M YoY+303.2%	31.0M YoY+210.0%	10.0M YoY-88.1%
Equity-method income	-240M YoY-3900.0%	-6.00M YoY+95.0%	-119M YoY-144.4%	268M YoY-72.5%	975M YoY+5516.7%
Pre-tax income	-2.51B YoY-256.9%	1.60B YoY+143.9%	656M YoY-89.2%	6.09B YoY-25.2%	8.14B YoY+293.3%
Income tax	-67.0M YoY-116.8%	399M YoY+10075.0%	-4.00M YoY-100.3%	1.45B YoY-16.7%	1.74B YoY+123.9%
	-2.44B YoY-303.5%	1.20B YoY+82.0%	660M YoY-85.8%	4.64B YoY-27.6%	6.41B YoY+395.0%
Income from continuing operations	-2.44B YoY-303.5%	1.20B YoY+82.0%	660M YoY-85.8%	4.64B YoY-27.6%	6.41B YoY+395.0%
Net income to non-controlling interest	179M YoY+110.6%	85.0M YoY+19.7%	71.0M YoY+22.4%	58.0M YoY-38.3%	94.0M YoY+36.2%
Net income to common	-2.62B YoY-335.0%	1.12B YoY+89.5%	589M YoY-87.1%	4.58B YoY-27.4%	6.31B YoY+415.2%
	-$3.70 YoY-335.7%	$1.57 YoY+91.5%	$0.82 YoY-86.9%	$6.28 YoY-25.1%	$8.38 YoY+411.0%
EPS (basic)	-$3.70 YoY-335.7%	$1.57 YoY+91.5%	$0.82 YoY-87.0%	$6.32 YoY-25.1%	$8.44 YoY+414.6%
Weighted-avg shares (basic)	712M YoY+1.1%	704M YoY-0.3%	706M YoY-2.1%	721M YoY-3.0%	744M YoY+0.4%
Weighted-avg shares (diluted)	712M YoY+0.9%	705M YoY-0.6%	709M YoY-2.3%	726M YoY-3.1%	749M YoY+0.9%
Dividends per share	$2.10 YoY-25.0%	$2.80 YoY+0.0%	$2.80 YoY+0.0%	$2.80 YoY+0.0%	$2.80 YoY+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 YoY+8.9%	16.6B YoY-5.8%	17.6B YoY-14.0%	20.5B YoY-1.8%	20.8B YoY+9.2%
Cash & equivalents	3.82B YoY+74.3%	2.19B YoY-26.7%	2.99B YoY-23.1%	3.89B YoY+30.1%	2.99B YoY-41.5%
Short-term investments	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Accounts receivable	4.76B YoY+0.1%	4.76B YoY+0.8%	4.72B YoY-15.9%	5.61B YoY-18.0%	6.84B YoY+34.4%
Inventory	6.59B YoY+0.8%	6.54B YoY+7.7%	6.08B YoY-13.1%	6.99B YoY-5.2%	7.37B YoY+29.3%
Other current assets	1.01B YoY+2.0%	993M YoY-48.7%	1.94B YoY+4.8%	1.85B YoY+97.9%	934M YoY+5.1%
	58.5B YoY+2.1%	57.3B YoY-1.1%	58.0B YoY-4.3%	60.6B YoY-3.8%	63.0B YoY+2.5%
Property, plant & equipment	22.3B YoY+1.1%	22.0B YoY+4.5%	21.1B YoY+3.1%	20.4B YoY-0.5%	20.6B YoY+1.6%
Operating lease right-of-use	1.36B YoY+6.9%	1.27B YoY-3.9%	1.32B YoY+7.6%	1.23B YoY-13.1%	1.41B YoY-23.9%
Goodwill	7.98B YoY-6.9%	8.56B YoY-0.9%	8.64B YoY-0.0%	8.64B YoY-1.4%	8.76B YoY-1.6%
Intangible assets	1.49B YoY-13.7%	1.72B YoY-16.9%	2.07B YoY-15.2%	2.44B YoY-15.2%	2.88B YoY-14.1%
Deferred tax assets	1.51B YoY+20.2%	1.26B YoY-15.4%	1.49B YoY+54.8%	960M YoY-29.3%	1.36B YoY-38.7%
Other non-current assets	1.30B YoY+6.3%	1.23B YoY-7.2%	1.32B YoY-2.9%	1.36B YoY-6.4%	1.46B YoY+16.6%
	9.18B YoY-10.7%	10.3B YoY+3.3%	9.96B YoY-12.1%	11.3B YoY-14.3%	13.2B YoY+19.1%
Accounts payable	4.15B YoY-14.4%	4.85B YoY+7.0%	4.53B YoY-8.3%	4.94B YoY-11.4%	5.58B YoY+48.2%
Accrued liabilities	2.65B YoY+5.1%	2.52B YoY-6.8%	2.70B YoY-2.4%	2.77B YoY-20.4%	3.48B YoY-8.2%
Deferred revenue	221M YoY-9.4%	244M YoY+25.1%	195M YoY-29.1%	275M YoY+31.6%	209M YoY-40.1%
Short-term & current debt	62.0M YoY+0.0%	62.0M YoY+0.0%	62.0M YoY-82.9%	362M YoY+124.8%	161M YoY+3.2%
Current lease liability	340M YoY+6.9%	318M YoY-3.3%	329M YoY+14.6%	287M YoY-8.6%	314M YoY-24.5%
Long-term debt	16.2B YoY+0.0%	16.2B YoY+8.2%	15.0B YoY-0.5%	15.1B YoY+3.8%	14.5B YoY-14.4%
Deferred revenue (non-current)	1.73B YoY+16.7%	1.48B YoY-9.9%	1.64B YoY-4.8%	1.73B YoY-10.4%	1.93B YoY+0.5%
Non-current lease liability	1.10B YoY+11.5%	984M YoY-4.7%	1.03B YoY+3.5%	997M YoY-13.2%	1.15B YoY-24.5%
Deferred tax liabilities	364M YoY-7.1%	392M YoY-1.8%	399M YoY-64.1%	1.11B YoY+119.4%	506M YoY+24.9%
Other non-current liabilities	7.20B YoY+8.5%	6.64B YoY-3.0%	6.84B YoY+4.4%	6.55B YoY-0.7%	6.60B YoY+5.1%
	16.0B YoY-7.8%	17.4B YoY-6.7%	18.6B YoY-10.2%	20.7B YoY+14.1%	18.2B YoY+46.1%
Common stock	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%
Additional paid-in capital	11.1B YoY+20.7%	9.20B YoY+3.6%	8.88B YoY+4.0%	8.54B YoY+4.8%	8.15B YoY+7.3%
Retained earnings	16.8B YoY-19.7%	20.9B YoY-4.0%	21.8B YoY-6.1%	23.2B YoY+12.4%	20.6B YoY+26.0%
Treasury stock	4.23B YoY-9.1%	4.66B YoY+6.4%	4.37B YoY+13.0%	3.87B YoY+138.2%	1.63B YoY+160.0%
Accumulated other comprehensive income	-7.66B YoY+5.5%	-8.11B YoY-5.6%	-7.68B YoY-7.6%	-7.14B YoY+20.5%	-8.98B YoY+17.3%
Non-controlling interest	1.51B YoY+205.2%	496M YoY-1.0%	501M YoY-5.3%	529M YoY-7.8%	574M YoY+0.7%
Total equity incl. non-controlling	17.5B YoY-1.8%	17.9B YoY-6.6%	19.1B YoY-10.1%	21.2B YoY+13.4%	18.7B YoY+44.1%
Total liabilities & equity	58.5B YoY+2.1%	57.3B YoY-1.1%	58.0B YoY-4.3%	60.6B YoY-3.8%	63.0B YoY+2.5%
Common shares issued	790M YoY+0.7%	784M YoY+0.8%	779M YoY+0.9%	772M YoY+1.0%	764M YoY+1.1%
Shares outstanding (cover)	711M YoY+1.5%	700M YoY-0.3%	702M YoY-0.4%	705M YoY-4.7%	740M YoY-0.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.03B YoY-64.6%	2.91B YoY-43.9%	5.20B YoY-30.5%	7.47B YoY+6.6%	7.01B YoY+12.6%
Depreciation & amortization	2.83B YoY-2.1%	2.89B YoY+10.8%	2.61B YoY-5.3%	2.76B YoY-3.0%	2.84B YoY-1.1%
Deferred income taxes	-341M YoY-352.6%	135M YoY+111.0%	-1.22B YoY-1646.8%	79.0M YoY-71.6%	278M YoY+7.8%
Change in inventory	52.0M YoY-90.2%	529M YoY+162.7%	-844M YoY-143.2%	-347M YoY-119.6%	1.77B YoY+443.3%
Change in payables	-999M YoY-459.4%	278M YoY+137.9%	-734M YoY+41.5%	-1.25B YoY-151.1%	2.46B YoY+3026.2%
	-2.13B YoY+10.2%	-2.37B YoY+19.1%	-2.93B YoY+1.4%	-2.97B YoY-1.9%	-2.91B YoY-246.5%
Capital expenditure	2.48B YoY-15.7%	2.94B YoY+24.8%	2.36B YoY+29.2%	1.82B YoY+21.5%	1.50B YoY+19.9%
Acquisitions	0.00 YoY-100.0%	125M YoY+9.6%	114M YoY-50.0%	228M YoY+76.7%	129M YoY-0.8%
Purchases of investments	881M YoY-51.3%	1.81B YoY-20.9%	2.29B YoY+67.5%	1.37B YoY+0.0%	1.37B YoY+13.5%
Other investing activities	-32.0M YoY-197.0%	33.0M YoY-45.9%	61.0M YoY+22.0%	50.0M YoY+400.0%	10.0M YoY+134.5%
	2.51B YoY+314.7%	-1.17B YoY+62.5%	-3.12B YoY+7.3%	-3.36B YoY+44.6%	-6.07B YoY-119.6%
Long-term debt repaid	334M YoY+302.4%	83.0M YoY-66.8%	250M YoY+106.6%	121M YoY-53.3%	259M YoY+93.3%
Common stock issued	85.0M YoY-48.8%	166M YoY-11.7%	188M YoY-11.3%	212M YoY-33.8%	320M YoY+196.3%
Common stock repurchased	0.00 YoY-100.0%	494M YoY-21.0%	625M YoY-73.1%	2.33B YoY+132.5%	1.00B YoY+700.0%
Dividends paid	1.49B YoY-24.2%	1.97B YoY-0.3%	1.97B YoY-1.7%	2.01B YoY-3.2%	2.07B YoY+0.1%
Other financing activities	-6.00M	0.00	0.00	—	—
FX effect on cash	275M YoY+268.7%	-163M YoY-262.2%	-45.0M YoY+81.0%	-237M YoY-139.4%	-99.0M YoY-192.5%
Net change in cash	1.69B YoY+315.2%	-785M YoY+12.0%	-892M YoY-198.3%	907M YoY+143.7%	-2.08B YoY-176.1%
Interest paid	948M YoY+6.9%	887M YoY+10.9%	800M YoY+18.5%	675M YoY-15.7%	801M YoY-4.9%
Income taxes paid	256M YoY-69.0%	827M YoY+12.5%	735M YoY-7.3%	793M YoY+8.5%	731M YoY+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	16.6B YoY-40.9%	28.1B YoY-27.1%	38.5B YoY+8.4%	35.5B YoY-15.3%	42.0B YoY+1.9%
P/E	—	23.4× YoY-17.0%	28.2× YoY+360.8%	6.1× YoY-6.6%	6.5× YoY-80.2%
P/S	0.4× YoY-36.4%	0.7× YoY-22.0%	0.8× YoY+40.5%	0.6× YoY-21.8%	0.8× YoY-28.5%
P/B	1.0× YoY-35.9%	1.6× YoY-17.7%	2.0× YoY+0.4%	2.0× YoY-15.2%	2.3× YoY-30.2%
P/FCF	—	—	6.8× YoY+53.9%	4.4× YoY-28.7%	6.2× YoY-24.6%
Earnings yield	—	4.3% YoY+20.5%	3.5% YoY-78.3%	16.4% YoY+7.1%	15.3% YoY+405.7%
FCF yield	—	—	14.6% YoY-35.0%	22.5% YoY+40.3%	16.0% YoY+32.6%
Dividend yield	9.0% YoY+28.7%	7.0% YoY+36.7%	5.1% YoY-8.1%	5.6% YoY+12.6%	4.9% YoY-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.

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About this data

financial statements