DOW INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 18,071 | 53.0 |
| Stockholders' equity | 16,008 | 47.0 |
| Total capitalization | 34,079 | 100.0 |
720,741,438 shares outstanding at 31 March 2026 (cover page of the 10-Q filed 24 April 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, noncurrent | 17,849 |
| Current maturities | 222 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 5,000,000,000 |
| Common shares issued | 790,287,565 |
| Treasury shares | 73,065,152 |
| Par or stated value per share ($) | 0.01 |
| Outstanding at 3/31/26 | 720,741,438 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 2.10 | – |
| 2024 | 2.80 | 178.3 |
| 2023 | 2.80 | 341.5 |
| 2022 | 2.80 | 44.6 |
| 2021 | 2.80 | 33.4 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware. Formerly known as Dow Holdings Inc. (to 12 February 2019).
BUSINESS: Classified by the SEC under Standard Industrial Classification 2821, Plastic Materials, Synth Resins & Nonvulcan Elastomers. Large accelerated filer. Principal executive office: 2211 H.H. Dow Way, Midland, MI 48674. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 39,968 | 42,964 | 44,622 |
| Cost of revenues | 37,435 | 38,358 | 39,742 |
| Research and development | 752 | 810 | 829 |
| Selling, general and administrative | 1,392 | 1,581 | 1,627 |
| Depreciation and amortization | 2,834 | 2,894 | 2,611 |
| Interest expense | 865 | 811 | 746 |
| Income before income taxes | (2,511) | 1,600 | 656 |
| Income taxes | (67) | 399 | (4) |
| Net income | (2,444) | 1,201 | 660 |
| Earned per share, diluted ($) | (3.70) | 1.57 | 0.82 |
| Dividends per share ($) | 2.10 | 2.80 | 2.80 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 3,816 | 2,189 |
| Receivables, net | 4,762 | 4,756 |
| Inventories | 6,595 | 6,544 |
| Total current assets | 18,062 | 16,590 |
| Property, plant and equipment, net | 22,250 | 22,004 |
| Goodwill | 7,978 | 8,565 |
| Total assets | 58,538 | 57,312 |
| Total current liabilities | 9,183 | 10,288 |
| Long-term debt | 17,849 | 15,711 |
| Stockholders' equity | 16,008 | 17,355 |
| Total liabilities and equity | 58,538 | 57,312 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 39,968 | – | (2,623) | -6.6 | (3.70) | 2.10 | 1,032 | 2,479 | (1,447) | 58,538 | 41,016d | 18,071 | 16,008 | -16.4 | 1.13 |
| 12/31/24 | 42,964 | – | 1,116 | 2.6 | 1.57 | 2.80 | 2,914 | 2,940 | (26) | 57,312 | 39,461d | 16,208 | 17,355 | 6.4 | 0.93 |
| 12/31/23 | 44,622 | – | 589 | 1.3 | 0.82 | 2.80 | 5,196 | 2,356 | 2,840 | 57,967 | 38,859d | 15,086 | 18,607 | 3.2 | 0.81 |
| 12/31/22 | 56,902 | – | 4,582 | 8.1 | 6.28 | 2.80 | 7,475 | 1,823 | 5,652 | 60,603 | 39,356d | 15,422 | 20,718 | 22.1 | 0.74 |
| 12/31/21 | 54,968 | – | 6,311 | 11.5 | 8.38 | 2.80 | 7,009 | 1,501 | 5,508 | 62,990 | 44,251d | 14,672 | 18,165 | 34.7 | 0.81 |
| 12/31/20 | 38,542 | – | 1,225 | 3.2 | 1.64 | 2.80 | 6,226 | 1,252 | 4,974 | 61,470 | 48,465d | 17,107 | 12,435 | 9.9 | 1.38 |
| 12/31/19 | 42,951 | – | (1,359) | -3.2 | (1.84) | 2.10 | 5,930 | 1,961 | 3,969 | 60,524 | 46,430d | 16,996 | 13,541 | -10.0 | 1.26 |
| 12/31/18 | 49,604 | – | 4,641 | 9.4 | 6.21 | 0.38 | 4,254 | 2,091 | 2,163 | 83,699 | 50,078d | 19,889 | 32,483 | 14.3 | 0.61 |
| 12/31/17 | 43,730 | – | 465 | 1.1 | 0.60 | 1.38 | (4,929) | 2,807 | (7,736) | – | – | – | 31,515 | 1.5 | – |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
DOW INC.
CIK 1751788 · EIN 30-1128146
PRINCIPAL OFFICE:
2211 H.H. Dow Way, Midland, MI 48674
Tel.: 9896361000
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
2821 · Plastic Materials, Synth Resins & Nonvulcan Elastomers
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 3 February 2026
FORMER NAMES:
Dow Holdings Inc.
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/3/26) · 10-K FY2024 (filed 2/4/25) · 10-K FY2023 (filed 1/31/24) · 10-K FY2022 (filed 2/1/23) · 10-K FY2021 (filed 2/4/22) · 10-K FY2020 (filed 2/5/21) · 10-K FY2019 (filed 2/7/20). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.