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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 |
| Operating 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 |
| Research And Development | - | 851 | 829 | 810 | 752 |
| Selling General And Administration | - | 1,675 | 1,627 | 1,581 | 1,392 |
| Total Expenses | - | 51,200 | 42,522 | 41,059 | 39,810 |
| Operating Income | - | 5,702 | 2,100 | 1,905 | 158 |
| EBITDA | - | 9,510 | 4,013 | 5,305 | 1,188 |
| Normalized EBITDA | - | 9,671 | 4,788 | 5,357 | 2,847 |
| EBIT | - | 6,752 | 1,402 | 2,411 | -1,646 |
| Interest Income | - | 173 | 229 | 200 | 152 |
| Interest Expense | - | 662 | 746 | 811 | 865 |
| Net Interest Income | - | -489 | -517 | -611 | -713 |
| Other Non Operating Income Expenses | - | 770 | -33 | 364 | -57 |
| Other Income Expense | - | 877 | -927 | 306 | -1,956 |
| Interest Income Non Operating | - | 173 | 229 | 200 | 152 |
| Interest Expense Non Operating | - | 662 | 746 | 811 | 865 |
| Net Non Operating Interest Income Expense | - | -489 | -517 | -611 | -713 |
| Pretax Income | - | 6,090 | 656 | 1,600 | -2,511 |
| Tax Provision | - | 1,450 | -4 | 399 | -67 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -38.32 | -162.75 | -12.95 | -44.79 |
| Net Income Continuous Operations | - | 4,640 | 660 | 1,201 | -2,444 |
| Net Income From Continuing And Discontinued Operation | - | 4,582 | 589 | 1,116 | -2,623 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,582 | 589 | 1,116 | -2,623 |
| Net Income | - | 4,582 | 589 | 1,116 | -2,623 |
| Net Income Common Stockholders | - | 4,558 | 578 | 1,104 | -2,634 |
| Net Income Including Noncontrolling Interests | - | 4,640 | 660 | 1,201 | -2,444 |
| Normalized Income | - | 4,704.68 | 1,201.25 | 1,155.05 | -1,008.79 |
| Diluted NI Availto Com Stockholders | - | 4,558 | 578 | 1,104 | -2,634 |
| Basic Average Shares | - | 721 | 705.70 | 703.80 | 711.60 |
| Diluted Average Shares | - | 725.60 | 709 | 705.10 | 711.60 |
| Reconciled Depreciation | - | 2,758 | 2,611 | 2,894 | 2,834 |
| Reconciled Cost Of Revenue | - | 45,916 | 37,455 | 35,774 | 34,832 |
| Total Unusual Items | - | -161 | -775 | -52 | -1,659 |
| Total Unusual Items Excluding Goodwill | - | -161 | -775 | -52 | -1,659 |
| Minority Interests | - | -58 | -71 | -85 | -179 |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Special Income Charges | - | -44 | -435 | -7 | -1,731 |
| Gain On Sale Of Business | - | 4 | 26 | 13 | 193 |
| Other Special Charges | - | 8 | -5 | -5 | 78 |
| Write Off | - | 0 | 18 | -18 | 0 |
| Restructuring And Mergern Acquisition | - | 118 | 528 | 103 | 1,856 |
| Gain On Sale Of Security | - | -117 | -340 | -45 | 72 |
| Depreciation Amortization Depletion Income Statement | - | 336 | 324 | 310 | 231 |
| Depreciation And Amortization In Income Statement | - | 336 | 324 | 310 | 231 |
| General And Administrative Expense | 1,645 | - | - | - | - |
| Other Gand A | 1,645 | - | - | - | - |
| Gain On Sale Of Ppe | - | 78 | 80 | 60 | 10 |
| Otherunder Preferred Stock Dividend | - | 24 | 11 | 12 | 11 |
| Earnings From Equity Interest | - | 268 | -119 | -6 | -240 |
| Amortization | - | 336 | 324 | 310 | 231 |
| Amortization Of Intangibles Income Statement | - | 336 | 324 | 310 | 231 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Dow Inc.this co. | DOW | $25.1B | -9.56 | 1.57 | -16.4% | 34.39 |
| Vulcan Materials Company | VMC | $36.7B | 34.11 | 4.31 | 12.6% | 17.57 |
| Martin Marietta Materials, Inc. | MLM | $34.9B | 30.68 | 3.48 | 11.3% | 19.36 |
| PPG Industries, Inc. | PPG | $25.0B | 15.83 | 3.14 | 19.8% | 10.91 |
| LyondellBasell Industries N.V. | LYB | $21.4B | - |
| - |
| - |
| - |
| - |
| 2.12 |
| -7.5% |
| 28.02 |
| Albemarle Corporation | ALB | $19.5B | - | 2.05 | -7.1% | 67.51 |
| DuPont de Nemours, Inc. | DD | $19.3B | -24.78 | 1.39 | -5.6% | 18.78 |
| International Flavors & Fragrances Inc. | IFF | $18.7B | - | 1.32 | -2.6% | 31.74 |
| CF Industries Holdings, Inc. | CF | $18.1B | 12.41 | 3.73 | 30.1% | 6.01 |
| Peer Median | - | 15.83 | 2.63 | 4.4% | 19.07 | |