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DOW

Dow Inc.

DOW

Dow Inc. • NYSE
$23.85 ▲ 1.23% (+0.29)
Market Cap $16.89 B
52w High $44.55
52w Low $20.40
Dividend Yield 2.10%
P/E -14.81
Volume 6.19M
Outstanding Shares 708.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.973B ▼ $530M ▼ $-46M ▲ -0.461% ▲ $0.087 ▲ $979M ▲
Q2-2025 $10.104B ▼ $535M ▼ $-835M ▼ -8.264% ▼ $-1.18 ▼ $287M ▼
Q1-2025 $10.431B ▲ $566M ▲ $-307M ▼ -2.943% ▼ $-0.44 ▼ $575M ▼
Q4-2024 $10.405B ▼ $555M ▼ $-53M ▼ -0.509% ▼ $-0.08 ▼ $1.143B ▼
Q3-2024 $10.879B $604M $214M 1.967% $0.3 $1.262B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.609B ▲ $60.99B ▲ $41.926B ▲ $17.541B ▲
Q2-2025 $2.823B ▲ $58.991B ▲ $40.399B ▲ $17.231B ▲
Q1-2025 $1.465B ▼ $57.499B ▲ $40.204B ▲ $16.788B ▼
Q4-2024 $2.189B ▼ $57.312B ▼ $39.461B ▼ $17.355B ▼
Q3-2024 $2.883B $59.389B $40.548B $18.311B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $62M ▲ $1.127B ▲ $15M ▲ $1.09B ▼ $2.238B ▲ $563M ▲
Q2-2025 $-801M ▼ $-470M ▼ $-561M ▼ $1.862B ▲ $961M ▲ $-1.132B ▼
Q1-2025 $-290M ▼ $91M ▼ $-401M ▲ $-521M ▼ $-708M ▲ $-594M ▼
Q4-2024 $-35M ▼ $814M ▲ $-912M ▼ $-445M ▲ $-724M ▼ $43M ▲
Q3-2024 $240M $800M $-691M $-594M $-398M $-57M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Industrial Intermediates Infrastructure
Industrial Intermediates Infrastructure
 $2.95Bn ▲$2.85Bn ▼$2.79Bn ▼$2.83Bn ▲
Packaging Specialty Plastics
Packaging Specialty Plastics
 $5.32Bn ▲$5.31Bn ▼$5.03Bn ▼$4.89Bn ▼
Performance Materials Coatings
Performance Materials Coatings
 $1.97Bn ▲$2.07Bn ▲$2.13Bn ▲$2.08Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Dow’s profits show the typical ups and downs of a cyclical chemicals business. Sales climbed sharply coming out of 2020, peaked, and have since eased back as demand and pricing cooled. Profit margins were much stronger in the recovery years but have compressed more recently, with operating and net income well below prior peaks. The company remains solidly profitable, but earnings are volatile and closely tied to industrial and packaging demand, energy prices, and broader economic cycles. Recent results suggest a softer phase in the cycle rather than structural weakness, but it does highlight how sensitive the business is to market conditions.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady over the past few years. Total assets have been fairly stable, debt has been managed down from earlier elevated levels and kept in a contained range, and equity has gradually built up compared with the early years after the spin. Cash balances have moved around but not in a way that suggests stress. Overall, Dow appears to have a workable capital structure for a capital-intensive, cyclical business, though it still carries meaningful leverage that matters if industry conditions weaken for an extended period.

Cash Flow

Cash Flow Dow consistently generates solid cash from its operations, although cash inflows have come down from the very strong years when pricing and volumes were at their best. Free cash flow has usually been positive, but the most recent year flipped to slightly negative as the company stepped up investment spending. Higher capital expenditures suggest Dow is reinvesting in assets and growth projects, which can strengthen the franchise over time but does tighten near‑term cash flexibility. The pattern is typical of a mature industrial company balancing shareholder returns with reinvestment needs.

Competitive Edge

Competitive Edge Dow holds a strong position as one of the largest global chemical producers, with clear cost and scale advantages. Its access to low-cost gas-based feedstocks in North America, combined with large integrated production sites, helps keep unit costs competitive against producers that rely on more expensive inputs. The company benefits from a broad, diversified customer base, a global manufacturing and logistics network, and an extensive portfolio of patented technologies. Importantly, Dow is deliberately tilting its mix toward more specialized, higher-value materials, which are less commoditized and can support better margins. The main structural challenges are the inherently cyclical nature of many of its end markets and exposure to energy, feedstock, and regulatory shifts.

Innovation and R&D

Innovation and R&D Innovation is a key pillar of Dow’s strategy, with a heavy emphasis on sustainability and higher-performance materials. A large majority of its research efforts target climate impact, recyclability, and safer chemistries. The company is pushing advanced materials for electric vehicles, recyclable packaging, novel polyethylene designs, and water treatment solutions, backed by a sizable patent portfolio and regular industry awards. Its future pipeline leans into circular plastics, advanced recycling partnerships, and lower‑carbon production technologies, including a flagship net‑zero ethylene project that has been delayed but remains central to its long-term plans. These efforts could differentiate Dow in growth markets but require large, long‑dated investments and carry execution and technology risk.

Summary

Overall, Dow looks like a mature, scale-driven chemical company navigating a softer part of its cycle while investing for a more specialized and sustainable future. Earnings and cash flows have come off their highs as the post‑pandemic boom faded, but the company remains profitable with a broadly stable balance sheet. Its competitive strengths rest on cost-advantaged feedstocks, global scale, and deep technical know‑how, while its strategy is to gradually shift the portfolio toward higher-margin, sustainability-focused solutions. Key uncertainties include the usual cyclicality of chemical demand, sensitivity to energy and feedstock prices, regulatory and environmental pressures, and the challenge of delivering attractive returns on large decarbonization and recycling projects over time.

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