Dow Inc., through its subsidiaries, provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. The company operates through Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings segments. The Packaging & Specialty Plastics segment provides ethylene, propylene, polyethylene, and aromatics products; and other ethylene derivatives, such as polyolefin elastomers, ethylene vinyl acetate, and ethylene propylene diene monomer rubber. The Industrial Intermediates & Infrastructure segment offers polyurethanes, including propylene oxide, propylene glycol, and polyether polyols; aromatic isocyanates and fully formulated polyurethane systems; and chlor-alkali and vinyl comprising chlorine and caustic soda, ethylene dichloride, and vinyl chloride monomer; and construction chemicals consisting of cellulose ethers, redispersible latex powders, and acrylic emulsions, as well as coatings, adhesives, sealants, elastomers, and composites. The Performance Materials & Coatings segment provides architectural paints and coatings, and industrial coatings; and acrylics-based building blocks, silicon metals, siloxanes, and intermediates. The company also engages in the property and casualty insurance, as well as reinsurance business. The company was founded in 1897 and is headquartered in Midland, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $40.0B | $1.2B | $-2.6B | $-1.4B | -16.4% | -7.0% | -335.0% |
| 2024 | $43.0B | $5.3B | $1.1B | $-151M | 6.4% | -3.7% | 89.5% |
| 2023 | $44.6B | $4.0B | $589M | $2.7B | 3.2% | -21.6% | -87.1% |
| 2022 | $56.9B | $9.5B | $4.6B | $5.4B | 22.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 56,902 | 44,622 | 42,964 | 39,968 |
| Cost Of Revenue | - | 48,338 | 39,742 | 38,358 | 37,435 |
| Gross Profit | - | 8,564 | 4,880 | 4,606 | 2,533 |
| Operating Expense | - | 2,862 | 2,780 | 2,701 | 2,375 |
| Operating Income | - | 5,702 | 2,100 | 1,905 | 158 |
| EBITDA | - | 9,510 | 4,013 | 5,305 | 1,188 |
| EBIT | - | 6,752 | 1,402 | 2,411 | -1,646 |
| Pretax Income | - | 6,090 | 656 | 1,600 | -2,511 |
| Tax Provision | - | 1,450 | -4 | 399 | -67 |
| Net Income | - | 4,582 | 589 | 1,116 | -2,623 |
| Net Income Common Stockholders | - | 4,558 | 578 | 1,104 | -2,634 |
| Total Expenses | - | 51,200 | 42,522 | 41,059 | 39,810 |
| Interest Expense | - | 662 | 746 | 811 | 865 |
| Interest Income | - | 173 | 229 | 200 | 152 |
| Research And Development | - | 851 | 829 | 810 | 752 |
| Selling General And Administration | - | 1,675 | 1,627 | 1,581 | 1,392 |
| Normalized EBITDA | - | 9,671 | 4,788 | 5,357 | 2,847 |
| Normalized Income | - | 4,704.68 | 1,201.25 | 1,155.05 | -1,008.79 |
| Market Cap | 27,863.86 | 27,863.86 | 27,863.86 | 27,863.86 | 27,863.86 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Dow Inc.this co. | DOW | - | -10.62 | 1.74 | -16.4% | 36.74 |
| Ecolab Inc. | ECL | $76.3B | 36.67 | 7.79 | 21.2% | 22.05 |
| Corteva, Inc. | CTVA | $54.6B | 48.97 | 2.22 | 4.5% | 16.81 |
| Nucor Corporation | NUE | $49.6B | 27.98 | 2.33 | 8.3% | 12.72 |
| Vulcan Materials Company | VMC | $38.5B | 35.42 | 4.47 | 12.6% |
| - |
| - |
| - |
| - |
| 18.17 |
| Martin Marietta Materials, Inc. | MLM | $37.2B | 32.64 | 3.70 | 11.3% | 20.42 |
| Steel Dynamics, Inc. | STLD | $33.5B | 27.71 | 3.67 | 13.2% | 17.17 |
| PPG Industries, Inc. | PPG | $24.9B | 15.59 | 3.09 | 19.8% | 10.77 |
| CF Industries Holdings, Inc. | CF | $19.6B | 12.77 | 3.84 | 30.1% | 6.16 |
| Peer Median | - | 30.31 | 3.68 | 12.9% | 16.99 | |