Sales down 7.0%, free cash flow down to -$1.4B
The latest figures
All key numbers (34) From EDGAR
| EPS (ttm) | -1.29 | Sales (ttm) | 42.6B | Net income (ttm) | -894.0M | Sales growth | -7.0% | EPS growth | -336% | Sales Q/Q | +13.0% |
| Free cash flow | 2.1B | Gross margin | 11.1% | Oper. margin | - | Net margin | -2.1% | FCF margin | 4.9% | ROE | -5.5% |
| ROA | -1.5% | R&D / sales | 1.9% | Dividend | 2.10 | Debt/Eq | 1.08 | Curr. ratio | 1.76 | Cash | 4.1B |
| Op. cash flow (ttm) | 4.6B | Net debt | 13.4B | Quick ratio | 1.18 | Stock pay / sales | 0.4% | Shares out. | 723.9M | Shares Y/Y | +0.9% |
| Book / share | 22.31 | Cash / share | 5.72 | Sales / share | 58.87 | Asset turnover | 0.70 | Inventory turns | 5.68 | Days sales out. | 43 |
| Sales 3Y CAGR | -11.1% | Sales 5Y CAGR | +0.7% | Employees | 34,600 | Sales / employee | 1.2M |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Net income turned to a loss$1.1B → −$2.6B · Net income attributable to the company · 10-K ↗
DOW against Materials peers
Ten years, side by side → · All 24 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| DOW Dow Inc. | $42.6B | -7.0% | 11.1% | -2.1% | -5.5% | 4.9% | 1.08 |
| CRH CRH plc | $39.0B | +5.3% | 36.2% | 9.2% | 14.3% | 6.5% | 0.79 |
| LIN Linde plc | $36.2B | +3.0% | - | 19.3% | 17.8% | 14.0% | 0.67 |
| NUE Nucor | $36.1B | +5.7% | 15.5% | 8.0% | 13.0% | 4.4% | 0.32 |
| LYB LyondellBasell | $32.0B | -9.7% | 14.3% | 4.1% | 11.6% | 7.6% | 1.10 |
| SW Smurfit Westrock | $31.5B | +47.7% | 17.4% | 1.5% | 2.6% | 2.7% | 0.78 |
From $55.0B of sales to $6.3B of profit
FY2021, from the 10-K income statementSwipe sideways for the whole flow →
From $56.9B of sales to $4.6B of profit
FY2022, from the 10-K income statementSwipe sideways for the whole flow →
From $44.6B of sales to $589.0M of profit
FY2023, from the 10-K income statementSwipe sideways for the whole flow →
From $43.0B of sales to $1.1B of profit
FY2024, from the 10-K income statementSwipe sideways for the whole flow →
Where each $100 of sales went
- Cost of revenue
- Costs, tax, other
- Net profit
Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →
Profitability
0 of 3- !Net margin below the peer median-2.1% vs 8.4%
- !Return on equity below 15%-5.5%
- !A profit in 7 of 9 years
Balance sheet
1 of 3- !Debt larger than equityDebt / equity 1.08 on the latest balance sheet (peer median 0.76)
- ✓Current assets cover current liabilitiesCurrent ratio 1.76
- !Net debt over 3 years of free cash flow$13.4B net debt, 6.4 years
Cash and shareholders
1 of 3- !Free cash flow positive in 6 of 9 years−$1.4B last year
- ✓Share count down over 5 years−4.1%
- !Dividend per share not up over 5 years$2.80 → $2.10
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
$4.5B of principal due, schedule of Sep 30, 2026
From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.
Revenue and net income, FY2017 to FY2025
Revenue 40.0B Net income -2.6BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Income statement, balance sheet and cash flow
DOW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Packaging & Specialty Plastics [Domain] | 20.0B | 50.0% | -8.3% |
| Industrial Intermediates & Infrastructure | 11.2B | 27.9% | -5.9% |
| Performance Materials & Coatings | 8.1B | 20.4% | -5.1% |
| Corporate Segment | 701.0M | 1.8% | -5.9% |
10-K 0001751788-26-000018, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| U.S.& Canada | 15.8B | 39.5% | -3.8% |
| UNITED STATES | 14.7B | 36.9% | -3.8% |
| Rest of World [Domain] | 12.7B | 31.7% | -7.7% |
| Europe, Middle East, Africa and India | 12.6B | 31.5% | -9.8% |
| Europe, Middle East, Africa and India [Domain] | 12.6B | 31.5% | -9.8% |
| Asia Pacific | 7.2B | 18.1% | -6.3% |
| Latin America | 4.4B | 10.9% | -10.7% |
10-K 0001751788-26-000018, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 43.7B | 49.6B | 43.0B | 38.5B | 55.0B | 56.9B | 44.6B | 43.0B | 40.0B |
| Cost of revenue | 36.4B | 41.1B | 36.7B | 33.3B | 44.2B | 48.3B | 39.7B | 38.4B | 37.4B |
| Gross profit | - | 8.5B | 6.3B | 5.2B | - | - | - | - | - |
| R&D | 803.0M | 800.0M | 765.0M | 768.0M | 857.0M | 851.0M | 829.0M | 810.0M | 752.0M |
| SG&A | 1.8B | 1.8B | 1.6B | 1.5B | 1.6B | 1.7B | 1.6B | 1.6B | 1.4B |
| Interest expense | 914.0M | 1.1B | 933.0M | 827.0M | 731.0M | 662.0M | 746.0M | 811.0M | 865.0M |
| Pretax income | 237.0M | 3.7B | -1.2B | 2.1B | 8.1B | 6.1B | 656.0M | 1.6B | -2.5B |
| Income tax | 1.5B | 809.0M | 470.0M | 777.0M | 1.7B | 1.4B | -4.0M | 399.0M | -67.0M |
| Net income | 465.0M | 4.6B | -1.4B | 1.2B | 6.3B | 4.6B | 589.0M | 1.1B | -2.6B |
| EPS (diluted) | 0.60 | 6.21 | -1.84 | 1.64 | 8.38 | 6.28 | 0.82 | 1.57 | -3.70 |
| Diluted shares | 744.8M | 747.2M | 742.5M | 742.3M | 749.0M | 725.6M | 709.0M | 705.1M | 711.6M |
| Depreciation & amortization | 2.5B | 2.9B | 2.9B | 2.9B | 2.8B | 2.8B | 2.6B | 2.9B | 2.8B |
| Gross margin | - | 17.2% | 14.7% | 13.5% | - | - | - | - | - |
| Net margin | 1.1% | 9.4% | -3.2% | 3.2% | 11.5% | 8.1% | 1.3% | 2.6% | -6.6% |
| Revenue growth | - | +13.4% | -13.4% | -10.3% | +42.6% | +3.5% | -21.6% | -3.7% | -7.0% |
| EPS growth | - | +935% | -130% | - | +411% | -25.1% | -86.9% | +91.5% | -336% |
Balance sheet
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash | 6.2B | 2.7B | 2.4B | 5.1B | 3.0B | 3.9B | 3.0B | 2.2B | 3.8B |
| Short-term investments | 4.0M | 100.0M | 21.0M | 45.0M | 245.0M | 939.0M | - | - | - |
| Receivables | 5.4B | 5.6B | 4.8B | 5.1B | 6.8B | 5.6B | 4.7B | 4.8B | 4.8B |
| Inventory | 6.0B | 6.9B | 6.2B | 5.7B | 7.4B | 7.0B | 6.1B | 6.5B | 6.6B |
| Current assets | 27.9B | 39.4B | 16.8B | 19.1B | 20.8B | 20.5B | 17.6B | 16.6B | 18.1B |
| Property & equipment | 21.6B | 21.4B | 21.0B | 20.2B | 20.6B | 20.4B | 21.1B | 22.0B | 22.2B |
| Goodwill | 9.8B | 9.8B | 8.8B | 8.9B | 8.8B | 8.6B | 8.6B | 8.6B | 8.0B |
| Total assets | 85.9B | 83.7B | 60.5B | 61.5B | 63.0B | 60.6B | 58.0B | 57.3B | 58.5B |
| Current liabilities | 14.6B | 15.5B | 10.7B | 11.1B | 13.2B | 11.3B | 10.0B | 10.3B | 9.2B |
| Total debt | 21.0B | 19.9B | 17.0B | 17.1B | 14.7B | 15.4B | 15.1B | 16.2B | 18.1B |
| Shareholders' equity | 31.5B | 32.5B | 13.5B | 12.4B | 18.2B | 20.7B | 18.6B | 17.4B | 16.0B |
| Retained earnings | 33.7B | 35.5B | 17.0B | 16.4B | 20.6B | 23.2B | 21.8B | 20.9B | 16.8B |
Cash flow
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.9B | 4.3B | 5.9B | 6.2B | 7.0B | 7.5B | 5.2B | 2.9B | 1.0B |
| Capital spending | 2.8B | 2.1B | 2.0B | 1.3B | 1.5B | 1.8B | 2.4B | 2.9B | 2.5B |
| Free cash flow | -7.7B | 2.2B | 4.0B | 5.0B | 5.5B | 5.7B | 2.8B | -26.0M | -1.4B |
| Stock-based pay (added back) | 310.0M | 188.0M | 158.0M | 171.0M | 276.0M | 211.0M | 212.0M | 159.0M | 154.0M |
| Dividends paid | 1.1B | 3.7B | 535.0M | 2.1B | 2.1B | 2.0B | 2.0B | 2.0B | 1.5B |
| Buybacks | 0 | 0 | 500.0M | 125.0M | 1.0B | 2.3B | 625.0M | 494.0M | 0 |
| Acquisitions | -47.0M | 20.0M | 0 | 130.0M | 129.0M | 228.0M | 114.0M | 125.0M | 0 |
| Debt repaid | - | - | - | 134.0M | 259.0M | 121.0M | 250.0M | 83.0M | 334.0M |
| Investing cash flow | 7.5B | -2.2B | -2.2B | -841.0M | -2.9B | -3.0B | -2.9B | -2.4B | -2.1B |
| Financing cash flow | -3.3B | -5.4B | -4.1B | -2.8B | -6.1B | -3.4B | -3.1B | -1.2B | 2.5B |
| Dividend per share | 1.38 | 0.38 | 2.10 | 2.80 | 2.80 | 2.80 | 2.80 | 2.80 | 2.10 |
Stock-based pay and leases
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 310.0M | 188.0M | 158.0M | 171.0M | 276.0M | 211.0M | 212.0M | 159.0M | 154.0M |
| Stock-based pay / revenue | 0.7% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.5% | 0.4% | 0.4% |
| Operating lease cost | - | - | 532.0M | 484.0M | 494.0M | 397.0M | 426.0M | 433.0M | 429.0M |
| Operating lease cash paid | - | - | 544.0M | 482.0M | 497.0M | 393.0M | 424.0M | 436.0M | 437.0M |
| Finance lease principal paid | - | - | 34.0M | 58.0M | 74.0M | 114.0M | 127.0M | 132.0M | 123.0M |
| Right-of-use assets | - | 0 | 2.1B | 1.9B | 1.4B | 1.2B | 1.3B | 1.3B | 1.4B |
| Operating lease liabilities | - | 0 | 2.2B | 1.9B | 1.5B | 1.3B | 1.4B | 1.3B | 1.4B |
| Finance lease liabilities | - | - | 395.0M | 518.0M | 869.0M | 790.0M | 873.0M | 939.0M | 1.1B |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.