DOW INC.

DOW 10-Q · Q2 2025

DOW Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue From Contract With Customer Including Assessed Tax 10,104 10,915 -7.4%
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 2,786 2,951 -5.6%
Packaging & Specialty Plastics [Member] · Operating Segments 5,025 5,515 -8.9%
Performance Materials & Coatings [Member] · Operating Segments 2,129 2,243 -5.1%
Show Geography breakouts
Europe, Middle East, Africa and India [Domain] 3,272 3,572 -8.4%
Rest of World [Domain] 3,107 3,434 -9.5%
US 3,725 3,909 -4.7%
Show Subsegments breakouts
Operating Segment Total 9,940 10,709 -7.2%
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The Dow Chemical Company 10,104 10,915 -7.4%
Show Consolidation Items breakouts
Corporate Non Segment 164 206 -20.4%
Depreciation 538 488 +10.2%
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The Dow Chemical Company 538 488 +10.2%
Cost of Revenue 9,521 9,591 -0.7%
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The Dow Chemical Company 9,520 9,590 -0.7%
Payments To Acquire Machinery And Equipment -662 -723 +8.4%
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The Dow Chemical Company -662 -723 +8.4%
Research And Development Expense Excluding Acquired In Process Cost 188 196 -4.1%
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The Dow Chemical Company 188 196 -4.1%
Selling, General & Administrative 347 390 -11.0%
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The Dow Chemical Company 347 390 -11.0%
Amortization Of Intangible Assets 63 77 -18.2%
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The Dow Chemical Company 63 77 -18.2%
Restructuring Settlement And Impairment Provisions 591
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Corporate · Asset write-downs and write-offs [Member] 43
Industrial Intermediates & Infrastructure [Member] · 2025 Program 89
Industrial Intermediates & Infrastructure [Member] · Asset write-downs and write-offs [Member] 63
Industrial Intermediates & Infrastructure [Member] · Costs Associated with Exit and Disposal Activities [Member] 26
Packaging & Specialty Plastics [Member] · 2025 Program 158
Packaging & Specialty Plastics [Member] · Asset write-downs and write-offs [Member] 81
Packaging & Specialty Plastics [Member] · Costs Associated with Exit and Disposal Activities [Member] 77
Performance Materials & Coatings [Member] · 2025 Program 147
Performance Materials & Coatings [Member] · Asset write-downs and write-offs [Member] 147
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The Dow Chemical Company 591
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Corporate Non Segment · 2025 Program 197
Corporate Non Segment · Asset write-downs and write-offs [Member] 43
Corporate Non Segment · Employee Severance 154
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Asset write-downs and write-offs [Member] · 2025 Program 334
Costs Associated with Exit and Disposal Activities [Member] · 2025 Program 103
Employee Severance · 2025 Program 154
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2025 Program 591
Income Loss From Equity Method Investments -30 26 -215.4%
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Industrial Intermediates & Infrastructure [Member] · Operating Segments -39 -31 -25.8%
Packaging & Specialty Plastics [Member] · Operating Segments 7 55 -87.3%
Performance Materials & Coatings [Member] · Operating Segments 1 2 -50.0%
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Operating Segment Total -31 26 -219.2%
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The Dow Chemical Company -30 26 -215.4%
Non-Operating Income (Expense) 147 76 +93.4%
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The Dow Chemical Company 163 74 +120.3%
Interest Income Other 39 42 -7.1%
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The Dow Chemical Company 41 45 -8.9%
Interest Expense Debt 209 197 +6.1%
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The Dow Chemical Company 209 197 +6.1%
Income Before Taxes -659 608 -208.4%
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The Dow Chemical Company -640 610 -204.9%
Income Tax Expense (Benefit) 142 150 -5.3%
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The Dow Chemical Company 142 150 -5.3%
Net Income -801 458 -274.9%
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The Dow Chemical Company -782 460 -270.0%
Net Income Loss Attributable To Noncontrolling Interest 34 19 +78.9%
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The Dow Chemical Company 34 19 +78.9%
Net Income -835 439 -290.2%
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Retained Earnings -835 439 -290.2%
Retained Earnings · The Dow Chemical Company -816 441 -285.0%
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The Dow Chemical Company -816 441 -285.0%
Income Loss From Continuing Operations Per Basic Share -1.18 0.62 -290.3%
Income Loss From Continuing Operations Per Diluted Share -1.18 0.62 -290.3%
Wtd Avg Shares (Basic) 709.5 703.8 +0.8%
Wtd Avg Shares (Diluted) 709.5 705.3 +0.6%
Revenue 10,104 10,915 -7.4%
Show Business Segments breakouts
Corporate 164 206 -20.4%
Industrial Intermediates & Infrastructure [Member] 2,786 2,951 -5.6%
Industrial Intermediates & Infrastructure [Member] · Industrial Solutions [Member] 985 1,040 -5.3%
Industrial Intermediates & Infrastructure [Member] · Other [Member] 4 2 +100.0%
Industrial Intermediates & Infrastructure [Member] · Polyurethanes & CAV [Member] 1,797 1,909 -5.9%
Packaging & Specialty Plastics [Member] 5,025 5,515 -8.9%
Packaging & Specialty Plastics [Member] · Hydrocarbons & Energy [Member] 1,350 1,447 -6.7%
Packaging & Specialty Plastics [Member] · Packaging and Specialty Plastics [Member] 3,675 4,068 -9.7%
Performance Materials & Coatings [Member] 2,129 2,243 -5.1%
Performance Materials & Coatings [Member] · Coatings and Performance Monomers [Member] 864 928 -6.9%
Performance Materials & Coatings [Member] · Consumer Solutions [Member] 1,265 1,315 -3.8%
Show Geography breakouts
Asia Pacific 1,737 1,901 -8.6%
EMEAI 1 3,272 3,572 -8.4%
Latin America 1,107 1,251 -11.5%
U.S. & Canada 3,988 4,191 -4.8%
Other Non-Operating Income (Expense) 23 11 +109.1%
Comprehensive Income -705 468 -250.6%
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The Dow Chemical Company -686 470 -246.0%
EPS (Basic) -1.18 0.62 -290.3%
EPS (Diluted) -1.18 0.62 -290.3%
Net Income Loss Available To Common Stockholders Basic -839 436 -292.4%
Foreign Currency Transaction Gain Loss Before Tax (Q)
Show Income Statement Location breakouts
Nonoperating Income Expense 4 -12 +133.3%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 2,399 3,341 -28.2%
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The Dow Chemical Company 2,399 3,341 -28.2%
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Variable Interest Entity, Other Primary Beneficiary 9
Accounts Receivable 5,426 5,098 +6.4%
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The Dow Chemical Company 5,426 5,098 +6.4%
Other Receivables Net Current 2,228 1,981 +12.5%
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The Dow Chemical Company 2,236 1,994 +12.1%
Inventory 6,701 6,459 +3.7%
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The Dow Chemical Company 6,701 6,459 +3.7%
Other Assets Current 958
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The Dow Chemical Company 921
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Variable Interest Entity, Diamond Solutions 163
Variable Interest Entity, Other Primary Beneficiary 275
Total Current Assets 17,712
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The Dow Chemical Company 17,683
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Variable Interest Entity Primary Beneficiary 209
Non-Current Assets
Long Term Accounts Notes And Loans Receivable Net Noncurrent 434 461 -5.9%
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The Dow Chemical Company 427 448 -4.7%
Property, Plant & Equipment 22,476
Show Geography breakouts
Europe, Middle East, Africa and India [Domain] 2,785
Rest of World [Domain] 4,641
US 15,050
Show Legal Entity breakouts
The Dow Chemical Company 22,476
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,380
Variable Interest Entity, Diamond Solutions 2,259
Variable Interest Entity, Other Primary Beneficiary 121
Goodwill 8,698
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] 1,087
Packaging & Specialty Plastics [Member] 5,130
Performance Materials & Coatings [Member] 2,481
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The Dow Chemical Company 8,698
Operating Lease Right-of-Use Assets 1,246 1,321 -5.7%
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The Dow Chemical Company 1,246 1,321 -5.7%
Deferred Tax Assets 1,424 1,342 +6.1%
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The Dow Chemical Company 1,424 1,342 +6.1%
Other Non-Current Assets 1,345
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The Dow Chemical Company 1,345
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 196
Variable Interest Entity, Other Primary Beneficiary 16
Total Assets 58,991
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 12,252
Packaging & Specialty Plastics [Member] · Operating Segments 29,791
Performance Materials & Coatings [Member] · Operating Segments 11,585
Show Subsegments breakouts
Operating Segment Total 53,628
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The Dow Chemical Company 58,955
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 2,618
Variable Interest Entity, Other Primary Beneficiary 421
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Corporate Non Segment 5,363
Other Assets
Equity Method Investments 1,262
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Industrial Intermediates & Infrastructure [Member] · Operating Segments 386
Packaging & Specialty Plastics [Member] · Operating Segments 686
Performance Materials & Coatings [Member] · Operating Segments 145
Show Subsegments breakouts
Operating Segment Total 1,217
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The Dow Chemical Company 1,262
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Corporate Non Segment 45
Other Long Term Investments 2,788 2,844 -2.0%
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The Dow Chemical Company 2,788 2,844 -2.0%
Long Term Investments And Receivables Net 4,484 4,544 -1.3%
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The Dow Chemical Company 4,477 4,531 -1.2%
Property Plant And Equipment Gross 64,860 61,369 +5.7%
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The Dow Chemical Company 64,860 61,369 +5.7%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 42,384 39,779 +6.5%
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The Dow Chemical Company 42,384 39,779 +6.5%
Intangible Assets Net Excluding Goodwill 1,606 1,875 -14.3%
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The Dow Chemical Company 1,606 1,875 -14.3%
Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment 14,319
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The Dow Chemical Company 14,319
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Variable Interest Entity Primary Beneficiary 212
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 401 238 +68.5%
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The Dow Chemical Company 401 238 +68.5%
Accounts Payable Trade Current 4,944 4,979 -0.7%
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The Dow Chemical Company 4,944 4,979 -0.7%
Accounts Payable Other Current 1,697 1,990 -14.7%
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The Dow Chemical Company 1,714 2,022 -15.2%
Operating Lease Liability Current 325 321 +1.2%
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The Dow Chemical Company 325 321 +1.2%
Accrued Income Taxes Current 314 309 +1.6%
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The Dow Chemical Company 314 309 +1.6%
Accrued Liabilities 2,656
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The Dow Chemical Company 2,535
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 338
Variable Interest Entity, Other Primary Beneficiary 27
Total Current Liabilities 10,486
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The Dow Chemical Company 10,382
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Variable Interest Entity Primary Beneficiary 365
Deferred Revenue (Current) 196 203 -3.4%
Non-Current Liabilities
Deferred Tax Liabilities 378 372 +1.6%
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The Dow Chemical Company 378 372 +1.6%
Postemployment Benefits Liability Noncurrent 4,765 4,675 +1.9%
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The Dow Chemical Company 4,765 4,675 +1.9%
Asbestos Related Liabilities Noncurrent 665 744 -10.6%
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The Dow Chemical Company 665 744 -10.6%
Operating Lease Liabilities 982 1,032 -4.8%
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The Dow Chemical Company 982 1,032 -4.8%
Other Non-Current Liabilities 6,876
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The Dow Chemical Company 6,737
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 316
Variable Interest Entity, Other Primary Beneficiary 13
Liabilities Other Than Longterm Debt Noncurrent 13,666
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The Dow Chemical Company 13,527
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 329
Long-Term Debt (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 -16,648 -16,254 -2.4%
Total Liabilities (Q)
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 830
Variable Interest Entity, Other Primary Beneficiary 40
Contract With Customer Liability Noncurrent 1,431 1,564 -8.5%
Other Liabilities
Short Term Bank Loans And Notes Payable 149 114 +30.7%
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The Dow Chemical Company 149 114 +30.7%
Long Term Debt And Capital Lease Obligations 16,247
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The Dow Chemical Company 16,247
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 176
Variable Interest Entity, Diamond Solutions 176
Stockholders' Equity
Common Stock 8 8 0.0%
Additional Paid In Capital Common Stock 10,758 9,012 +19.4%
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The Dow Chemical Company 11,362 9,341 +21.6%
Retained Earnings 18,766 21,739 -13.7%
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The Dow Chemical Company 13,902 16,964 -18.0%
Accumulated Other Comprehensive Income -7,826
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The Dow Chemical Company -7,826
Total Stockholders' Equity 17,231 18,318 -5.9%
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The Dow Chemical Company 17,438 18,520 -5.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 18,592 18,800 -1.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -5,679 -5,452 -4.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent -102 -79 -29.1%
Accumulated Net Unrealized Investment Gain Loss -233 -198 -17.7%
Accumulated Other Comprehensive Income -7,826 -7,785 -0.5%
Accumulated Other Comprehensive Income · The Dow Chemical Company -7,826 -7,785 -0.5%
Accumulated Translation Adjustment -1,812 -2,056 +11.9%
Additional Paid In Capital 10,758 9,012 +19.4%
Additional Paid In Capital · The Dow Chemical Company 11,362 9,341 +21.6%
Common Stock 8 8 0.0%
Noncontrolling Interest 1,361 482 +182.4%
Noncontrolling Interest · The Dow Chemical Company 1,361 482 +182.4%
Retained Earnings 18,766 21,739 -13.7%
Retained Earnings · The Dow Chemical Company 13,902 16,964 -18.0%
Treasury Stock Common -4,475 -4,656 +3.9%
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The Dow Chemical Company 18,799 19,002 -1.1%
Total Liabilities & Equity 58,991 58,526 +0.8%
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The Dow Chemical Company 58,955 58,489 +0.8%
Treasury Stock Value -4,475 -4,656 +3.9%
Minority Interest 1,361 482 +182.4%
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The Dow Chemical Company 1,361

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation & Amortization 1,438 1,402 +2.6%
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 299 288 +3.8%
Packaging & Specialty Plastics [Member] · Operating Segments 729 714 +2.1%
Performance Materials & Coatings [Member] · Operating Segments 392 384 +2.1%
Show Subsegments breakouts
Operating Segment Total 1,420 1,386 +2.5%
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The Dow Chemical Company 1,438 1,402 +2.6%
Show Consolidation Items breakouts
Corporate Non Segment 18 16 +12.5%
Deferred Income Taxes -131 28 -567.9%
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The Dow Chemical Company -131 28 -567.9%
Other Non-Cash Items 104 155 -32.9%
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The Dow Chemical Company 105 156 -32.7%
Change in Inventory -158 -383 +58.7%
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The Dow Chemical Company -158 -383 +58.7%
Change in Accounts Payable -12 544 -102.2%
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The Dow Chemical Company -12 544 -102.2%
Net Cash from Operations -379 1,300 -129.2%
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The Dow Chemical Company -384 1,300 -129.5%
Investing Activities
Other Investing Activities -5 12 -141.7%
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The Dow Chemical Company -5 12 -141.7%
Net Cash from Investing -962 -765 -25.8%
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The Dow Chemical Company -962 -765 -25.8%
Financing Activities
Tax Withholding for Share Compensation -16 -38 +57.9%
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The Dow Chemical Company -16 -38 +57.9%
Net Cash from Financing 1,341 -129 +1139.5%
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The Dow Chemical Company 1,346 -129 +1143.4%
Other Cash Flow
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 220 156 +41.0%
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The Dow Chemical Company 220 156 +41.0%
Pension And Other Postretirement Benefit Expense -50 -95 +47.4%
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The Dow Chemical Company -50 -95 +47.4%
Pension And Other Postretirement Benefit Contributions -76 -63 -20.6%
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The Dow Chemical Company -76 -63 -20.6%
Gain Loss On Disposition Of Assets1 -102 -20 -410.0%
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The Dow Chemical Company -102 -20 -410.0%
Restructuring Costs And Asset Impairment Charges 799 45 +1675.6%
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The Dow Chemical Company 799 45 +1675.6%
Increase Decrease In Accounts And Notes Receivable -935 -485 -92.8%
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The Dow Chemical Company -935 -485 -92.8%
Increase Decrease In Other Operating Capital Net -372 -988 +62.3%
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The Dow Chemical Company -412 -988 +58.3%
Payments To Explore And Develop Oil And Gas Properties -68 -96 +29.2%
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The Dow Chemical Company -68 -96 +29.2%
Proceeds From Sales Of Business Affiliate And Productive Assets 131 8 +1537.5%
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The Dow Chemical Company 131 8 +1537.5%
Investments In And Loans To Nonconsolidated Affiliates -20 -4 -400.0%
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The Dow Chemical Company -20 -4 -400.0%
Payments To Acquire Investments -205 -1,072 +80.9%
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The Dow Chemical Company -205 -1,072 +80.9%
Proceeds From Sale And Maturity Of Other Investments 552 1,824 -69.7%
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The Dow Chemical Company 552 1,824 -69.7%
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 48 26 +84.6%
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The Dow Chemical Company 48 26 +84.6%
Proceeds From Short Term Debt Maturing In More Than Three Months 37 40 -7.5%
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The Dow Chemical Company 37 40 -7.5%
Repayments Of Short Term Debt Maturing In More Than Three Months -41
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The Dow Chemical Company -41
Proceeds From Issuance Of Long Term Debt And Capital Securities Net 1,107 1,396 -20.7%
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The Dow Chemical Company 1,107 1,396 -20.7%
Repayments Of Long Term Debt And Capital Securities -1,114 -183 -508.7%
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The Dow Chemical Company -1,114 -183 -508.7%
Proceeds From Accounts Receivable Securitization 18 21 -14.3%
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The Dow Chemical Company 18 21 -14.3%
Payments Of Financing Costs -85 -11 -672.7%
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The Dow Chemical Company -85 -11 -672.7%
Payments Of Dividends Minority Interest -56 -47 -19.1%
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The Dow Chemical Company -56 -47 -19.1%
Proceeds From Minority Shareholders 2,433
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The Dow Chemical Company 2,433
Proceeds From Minority Shareholders (Q)
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Noncontrolling Interest 2.4
Payments Of Dividends Common Stock -990 -984 -0.6%
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The Dow Chemical Company -985 -1,384 +28.8%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 253 -69 +466.7%
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The Dow Chemical Company 253 -69 +466.7%
Net Change in Cash 253 337 -24.9%
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The Dow Chemical Company 253 337 -24.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,516 3,385 -25.7%
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The Dow Chemical Company 2,516 3,385 -25.7%
Restricted Cash And Cash Equivalents 117 44 +165.9%
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The Dow Chemical Company 117 44 +165.9%
Net Cash Provided By Used In Operating Activities Continuing Operations -366 1,292 -128.3%
Cash Provided By Used In Operating Activities Discontinued Operations -13 8 -262.5%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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