DOW INC.

DOW 10-Q · Q3 2025

DOW Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue From Contract With Customer Including Assessed Tax 9,973 10,879 -8.3%
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 2,834 2,962 -4.3%
Packaging & Specialty Plastics [Member] · Operating Segments 4,891 5,516 -11.3%
Performance Materials & Coatings [Member] · Operating Segments 2,082 2,214 -6.0%
Show Geography breakouts
Europe, Middle East, Africa and India [Domain] 3,090 3,568 -13.4%
Rest of World [Domain] 3,232 3,428 -5.7%
US 3,651 3,883 -6.0%
Show Subsegments breakouts
Operating Segment Total 9,807 10,692 -8.3%
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The Dow Chemical Company 9,973 10,879 -8.3%
Show Consolidation Items breakouts
Corporate Non Segment 166 187 -11.2%
Depreciation 536 501 +7.0%
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The Dow Chemical Company 536 501 +7.0%
Cost of Revenue 9,242 9,809 -5.8%
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The Dow Chemical Company 9,241 9,800 -5.7%
Payments To Acquire Machinery And Equipment -564 -736 +23.4%
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The Dow Chemical Company -564 -736 +23.4%
Research And Development Expense Excluding Acquired In Process Cost 191 208 -8.2%
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The Dow Chemical Company 191 208 -8.2%
Selling, General & Administrative 340 396 -14.1%
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The Dow Chemical Company 340 396 -14.1%
Amortization Of Intangible Assets 46 76 -39.5%
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The Dow Chemical Company 46 76 -39.5%
Restructuring Settlement And Impairment Provisions 23 24 -4.2%
Show Business Segments breakouts
Corporate · Asset write-downs and write-offs [Member] 1
Industrial Intermediates & Infrastructure [Member] · 2025 Program 6
Industrial Intermediates & Infrastructure [Member] · Asset write-downs and write-offs [Member] 1
Industrial Intermediates & Infrastructure [Member] · Costs Associated with Exit and Disposal Activities [Member] 5
Packaging & Specialty Plastics [Member] · 2025 Program 3
Packaging & Specialty Plastics [Member] · Asset write-downs and write-offs [Member] 3
Performance Materials & Coatings [Member] · 2025 Program 3
Performance Materials & Coatings [Member] · Asset write-downs and write-offs [Member] 3
Show Legal Entity breakouts
The Dow Chemical Company 23 24 -4.2%
Show Consolidation Items breakouts
Corporate Non Segment · 2025 Program 11
Corporate Non Segment · Asset write-downs and write-offs [Member] 1
Corporate Non Segment · Costs Associated with Exit and Disposal Activities [Member] 10
Show Restructuring Cost And Reserve breakouts
Asset write-downs and write-offs [Member] · 2025 Program 8
Costs Associated with Exit and Disposal Activities [Member] · 2025 Program 15
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2025 Program 23
Income Loss From Equity Method Investments -72 2 -3700.0%
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Industrial Intermediates & Infrastructure [Member] · Operating Segments -68 -17 -300.0%
Packaging & Specialty Plastics [Member] · Operating Segments -6 16 -137.5%
Performance Materials & Coatings [Member] · Operating Segments 1 1 0.0%
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Operating Segment Total -73
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The Dow Chemical Company -72 2 -3700.0%
Non-Operating Income (Expense) 185 119 +55.5%
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The Dow Chemical Company 184 118 +55.9%
Interest Income Other 47 36 +30.6%
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The Dow Chemical Company 47 38 +23.7%
Interest Expense Debt 221 199 +11.1%
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The Dow Chemical Company 221 199 +11.1%
Income Before Taxes 70 324 -78.4%
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The Dow Chemical Company 70 334 -79.0%
Income Tax Expense (Benefit) -54 84 -164.3%
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The Dow Chemical Company -54 84 -164.3%
Net Income 124 240 -48.3%
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The Dow Chemical Company 124 250 -50.4%
Net Income Loss Attributable To Noncontrolling Interest 62 26 +138.5%
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The Dow Chemical Company 62 26 +138.5%
Net Income 62 214 -71.0%
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Retained Earnings 62 214 -71.0%
Retained Earnings · The Dow Chemical Company 62 224 -72.3%
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The Dow Chemical Company 62 224 -72.3%
Income Loss From Continuing Operations Per Basic Share 0.08 0.3 -73.3%
Income Loss From Continuing Operations Per Diluted Share 0.08 0.3 -73.3%
Wtd Avg Shares (Basic) 711.8 702.3 +1.4%
Wtd Avg Shares (Diluted) 713.2 703.6 +1.4%
Revenue 9,973 10,879 -8.3%
Show Business Segments breakouts
Corporate 166 187 -11.2%
Industrial Intermediates & Infrastructure [Member] 2,834 2,962 -4.3%
Industrial Intermediates & Infrastructure [Member] · Industrial Solutions [Member] 1,004 1,039 -3.4%
Industrial Intermediates & Infrastructure [Member] · Other [Member] 4 4 0.0%
Industrial Intermediates & Infrastructure [Member] · Polyurethanes & CAV [Member] 1,826 1,919 -4.8%
Packaging & Specialty Plastics [Member] 4,891 5,516 -11.3%
Packaging & Specialty Plastics [Member] · Hydrocarbons & Energy [Member] 1,233 1,433 -14.0%
Packaging & Specialty Plastics [Member] · Packaging and Specialty Plastics [Member] 3,658 4,083 -10.4%
Performance Materials & Coatings [Member] 2,082 2,214 -6.0%
Performance Materials & Coatings [Member] · Coatings and Performance Monomers [Member] 809 891 -9.2%
Performance Materials & Coatings [Member] · Consumer Solutions [Member] 1,273 1,323 -3.8%
Show Geography breakouts
Asia Pacific 1,838 1,890 -2.8%
EMEAI 1 3,090 3,568 -13.4%
Latin America 1,131 1,272 -11.1%
U.S. & Canada 3,914 4,149 -5.7%
Other Non-Operating Income (Expense) 43 44 -2.3%
Comprehensive Income 125 496 -74.8%
Show Legal Entity breakouts
The Dow Chemical Company 125 506 -75.3%
EPS (Basic) 0.08 0.3 -73.3%
EPS (Diluted) 0.08 0.3 -73.3%
Net Income Loss Available To Common Stockholders Basic 60 211 -71.6%
Foreign Currency Transaction Gain Loss Before Tax (Q)
Show Income Statement Location breakouts
Nonoperating Income Expense 12 -14 +185.7%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 4,609 2,883 +59.9%
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The Dow Chemical Company 4,609 2,883 +59.9%
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Variable Interest Entity, Other Primary Beneficiary 23
Accounts Receivable 5,044 5,380 -6.2%
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The Dow Chemical Company 5,044 5,380 -6.2%
Other Receivables Net Current 2,117 1,936 +9.3%
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The Dow Chemical Company 2,120 1,950 +8.7%
Inventory 6,675 6,741 -1.0%
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The Dow Chemical Company 6,675 6,741 -1.0%
Other Assets Current 1,201
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The Dow Chemical Company 1,162
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 161
Variable Interest Entity, Other Primary Beneficiary 210
Total Current Assets 19,646
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The Dow Chemical Company 19,610
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Variable Interest Entity Primary Beneficiary 219
Non-Current Assets
Long Term Accounts Notes And Loans Receivable Net Noncurrent 427 525 -18.7%
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The Dow Chemical Company 421 512 -17.8%
Property, Plant & Equipment 22,539
Show Geography breakouts
Europe, Middle East, Africa and India [Domain] 2,776
Rest of World [Domain] 4,849
US 14,914
Show Legal Entity breakouts
The Dow Chemical Company 22,539
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,357
Variable Interest Entity, Diamond Solutions 2,244
Variable Interest Entity, Other Primary Beneficiary 113
Goodwill 8,690
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] 1,087
Packaging & Specialty Plastics [Member] 5,131
Performance Materials & Coatings [Member] 2,472
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The Dow Chemical Company 8,690
Operating Lease Right-of-Use Assets 1,314 1,301 +1.0%
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The Dow Chemical Company 1,314 1,301 +1.0%
Deferred Tax Assets 1,418 1,526 -7.1%
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The Dow Chemical Company 1,418 1,526 -7.1%
Other Non-Current Assets 1,343
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The Dow Chemical Company 1,343
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 216
Variable Interest Entity, Other Primary Beneficiary 16
Total Assets 60,990
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 12,739
Packaging & Specialty Plastics [Member] · Operating Segments 30,981
Performance Materials & Coatings [Member] · Operating Segments 11,894
Show Subsegments breakouts
Operating Segment Total 55,614
Show Legal Entity breakouts
The Dow Chemical Company 60,948
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 2,621
Variable Interest Entity, Other Primary Beneficiary 362
Show Consolidation Items breakouts
Corporate Non Segment 5,376
Other Assets
Equity Method Investments 1,255
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 401
Packaging & Specialty Plastics [Member] · Operating Segments 675
Performance Materials & Coatings [Member] · Operating Segments 143
Show Subsegments breakouts
Operating Segment Total 1,219
Show Legal Entity breakouts
The Dow Chemical Company 1,255
Show Consolidation Items breakouts
Corporate Non Segment 36
Other Long Term Investments 2,812 2,854 -1.5%
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The Dow Chemical Company 2,812 2,854 -1.5%
Long Term Investments And Receivables Net 4,494 4,682 -4.0%
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The Dow Chemical Company 4,488 4,669 -3.9%
Property Plant And Equipment Gross 65,327 62,642 +4.3%
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The Dow Chemical Company 65,327 62,642 +4.3%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 42,788 40,549 +5.5%
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The Dow Chemical Company 42,788 40,549 +5.5%
Intangible Assets Net Excluding Goodwill 1,546 1,840 -16.0%
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The Dow Chemical Company 1,546 1,840 -16.0%
Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment 14,311
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The Dow Chemical Company 14,311
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 232
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 413 296 +39.5%
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The Dow Chemical Company 413 296 +39.5%
Accounts Payable Trade Current 4,535 5,093 -11.0%
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The Dow Chemical Company 4,535 5,093 -11.0%
Accounts Payable Other Current 1,673 1,955 -14.4%
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The Dow Chemical Company 1,673 1,992 -16.0%
Operating Lease Liability Current 324 316 +2.5%
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The Dow Chemical Company 324 316 +2.5%
Accrued Income Taxes Current 271 257 +5.4%
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The Dow Chemical Company 271 257 +5.4%
Accrued Liabilities 2,755
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The Dow Chemical Company 2,637
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 397
Variable Interest Entity, Other Primary Beneficiary 16
Total Current Liabilities 10,104
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The Dow Chemical Company 9,986
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 413
Deferred Revenue (Current) 220 251 -12.4%
Non-Current Liabilities
Deferred Tax Liabilities 383 397 -3.5%
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The Dow Chemical Company 383 397 -3.5%
Postemployment Benefits Liability Noncurrent 4,656 4,689 -0.7%
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The Dow Chemical Company 4,656 4,689 -0.7%
Asbestos Related Liabilities Noncurrent 645 727 -11.3%
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The Dow Chemical Company 645 727 -11.3%
Operating Lease Liabilities 1,046 1,023 +2.2%
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The Dow Chemical Company 1,046 1,023 +2.2%
Other Non-Current Liabilities 7,383
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The Dow Chemical Company 7,243
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 340
Variable Interest Entity, Other Primary Beneficiary 13
Liabilities Other Than Longterm Debt Noncurrent 14,113
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The Dow Chemical Company 13,973
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 353
Long-Term Debt (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 -18,122 -16,460 -10.1%
Total Liabilities (Q)
Show Consolidated Entities breakouts
Variable Interest Entity, Diamond Solutions 909
Variable Interest Entity, Other Primary Beneficiary 29
Contract With Customer Liability Noncurrent 1,791 1,500 +19.4%
Other Liabilities
Short Term Bank Loans And Notes Payable 133 111 +19.8%
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The Dow Chemical Company 133 111 +19.8%
Long Term Debt And Capital Lease Obligations 17,709
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The Dow Chemical Company 17,709
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 172
Variable Interest Entity, Diamond Solutions 172
Stockholders' Equity
Common Stock 8 8 0.0%
Additional Paid In Capital Common Stock 11,099 9,055 +22.6%
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The Dow Chemical Company 11,798 9,427 +25.2%
Retained Earnings 18,576 21,459 -13.4%
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The Dow Chemical Company 13,722 16,585 -17.3%
Accumulated Other Comprehensive Income -7,763
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The Dow Chemical Company -7,763
Total Stockholders' Equity 17,541 18,311 -4.2%
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The Dow Chemical Company 17,757 18,509 -4.1%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 19,064 18,841 +1.2%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -5,651 -5,434 -4.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent -91 -48 -89.6%
Accumulated Net Unrealized Investment Gain Loss -176 -164 -7.3%
Accumulated Other Comprehensive Income -7,763 -7,503 -3.5%
Accumulated Other Comprehensive Income · The Dow Chemical Company -7,763 -7,503 -3.5%
Accumulated Translation Adjustment -1,845 -1,857 +0.6%
Additional Paid In Capital 11,099 9,055 +22.6%
Additional Paid In Capital · The Dow Chemical Company 11,798 9,427 +25.2%
Common Stock 8 8 0.0%
Noncontrolling Interest 1,523 530 +187.4%
Noncontrolling Interest · The Dow Chemical Company 1,523 530 +187.4%
Retained Earnings 18,576 21,459 -13.4%
Retained Earnings · The Dow Chemical Company 13,722 16,585 -17.3%
Treasury Stock Common -4,379 -4,708 +7.0%
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The Dow Chemical Company 19,280 19,039 +1.3%
Total Liabilities & Equity 60,990 59,389 +2.7%
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The Dow Chemical Company 60,948 59,352 +2.7%
Treasury Stock Value -4,379 -4,708 +7.0%
Minority Interest 1,523 530 +187.4%
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The Dow Chemical Company 1,523

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation & Amortization 2,126 2,143 -0.8%
Show Business Segments breakouts
Industrial Intermediates & Infrastructure [Member] · Operating Segments 457 443 +3.2%
Packaging & Specialty Plastics [Member] · Operating Segments 1,078 1,098 -1.8%
Performance Materials & Coatings [Member] · Operating Segments 566 578 -2.1%
Show Subsegments breakouts
Operating Segment Total 2,101 2,119 -0.8%
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The Dow Chemical Company 2,126 2,143 -0.8%
Show Consolidation Items breakouts
Corporate Non Segment 25 24 +4.2%
Deferred Income Taxes -179 -134 -33.6%
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The Dow Chemical Company -179 -134 -33.6%
Other Non-Cash Items 134 332 -59.6%
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The Dow Chemical Company 136 333 -59.2%
Change in Inventory -132 -676 +80.5%
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The Dow Chemical Company -132 -676 +80.5%
Change in Accounts Payable -492 601 -181.9%
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The Dow Chemical Company -492 601 -181.9%
Net Cash from Operations 748 2,100 -64.4%
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The Dow Chemical Company 746 2,116 -64.7%
Investing Activities
Other Investing Activities 5 -21 +123.8%
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The Dow Chemical Company 5 -21 +123.8%
Net Cash from Investing -1,457 -1,456 -0.1%
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The Dow Chemical Company -1,457 -1,456 -0.1%
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 2,941 -723 +506.8%
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The Dow Chemical Company 2,943 -739 +498.2%
Debt Repayments (Q)
Show Debt Instrument breakouts
9.40% Notes Due May 2039 55
Other Cash Flow
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 312 221 +41.2%
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The Dow Chemical Company 312 221 +41.2%
Pension And Other Postretirement Benefit Expense -73 -143 +49.0%
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The Dow Chemical Company -73 -143 +49.0%
Pension And Other Postretirement Benefit Contributions -145 -92 -57.6%
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The Dow Chemical Company -145 -92 -57.6%
Gain Loss On Disposition Of Assets1 -211 -58 -263.8%
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The Dow Chemical Company -211 -58 -263.8%
Restructuring Costs And Asset Impairment Charges 822 69 +1091.3%
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The Dow Chemical Company 822 69 +1091.3%
Increase Decrease In Accounts And Notes Receivable -400 -818 +51.1%
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The Dow Chemical Company -400 -818 +51.1%
Increase Decrease In Other Operating Capital Net -31 -589 +94.7%
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The Dow Chemical Company -72 -583 +87.7%
Proceeds From Incentives Related To Capital Expenditures 132
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The Dow Chemical Company 132
Payments To Explore And Develop Oil And Gas Properties -110 -157 +29.9%
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The Dow Chemical Company -110 -157 +29.9%
Proceeds From Sales Of Business Affiliate And Productive Assets 135 36 +275.0%
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The Dow Chemical Company 135 36 +275.0%
Investments In And Loans To Nonconsolidated Affiliates -21 -25 +16.0%
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The Dow Chemical Company -21 -25 +16.0%
Proceeds From Sale Of Equity Method Investments 125
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The Dow Chemical Company 125
Payments To Acquire Investments -523 -1,381 +62.1%
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The Dow Chemical Company -523 -1,381 +62.1%
Proceeds From Sale And Maturity Of Other Investments 711 2,386 -70.2%
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The Dow Chemical Company 711 2,386 -70.2%
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 36 -61 +159.0%
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The Dow Chemical Company 36 -61 +159.0%
Proceeds From Short Term Debt Maturing In More Than Three Months 50 114 -56.1%
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The Dow Chemical Company 50 114 -56.1%
Repayments Of Short Term Debt Maturing In More Than Three Months -46 -6 -666.7%
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The Dow Chemical Company -46 -6 -666.7%
Proceeds From Issuance Of Long Term Debt And Capital Securities Net 2,652 1,443 +83.8%
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The Dow Chemical Company 2,652 1,443 +83.8%
Repayments Of Long Term Debt And Capital Securities -1,207 -224 -438.8%
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The Dow Chemical Company -1,207 -224 -438.8%
Proceeds From Repayments Of Accounts Receivable Securitization -3 28 -110.7%
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The Dow Chemical Company -3 28 -110.7%
Payments Of Financing Costs -130 -13 -900.0%
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The Dow Chemical Company -130 -13 -900.0%
Payments Of Dividends Minority Interest -93 -49 -89.8%
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The Dow Chemical Company -93 -49 -89.8%
Proceeds From Minority Shareholders 2,943
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The Dow Chemical Company 2,943
Proceeds From Minority Shareholders (Q)
Show Equity Components breakouts
Noncontrolling Interest 540
Payments Of Dividends Common Stock -1,239 -1,474 +15.9%
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The Dow Chemical Company -1,237 -1,984 +37.7%
Proceeds From Payments For Other Financing Activities -6
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The Dow Chemical Company 6
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 259 18 +1338.9%
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The Dow Chemical Company 259 18 +1338.9%
Net Change in Cash 2,491 -61 +4183.6%
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The Dow Chemical Company 2,491 -61 +4183.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,754 2,987 +59.2%
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The Dow Chemical Company 4,754 2,987 +59.2%
Restricted Cash And Cash Equivalents 145 104 +39.4%
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The Dow Chemical Company 145 104 +39.4%
Net Cash Provided By Used In Operating Activities Continuing Operations 764 2,092 -63.5%
Cash Provided By Used In Operating Activities Discontinued Operations -16 8 -300.0%

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

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