DOW DOW INC.

Overview and Growth

DOW INC. generated $39.97B of revenue in fiscal 2025, with net loss of $2.62B and an operating cash inflow of $1.03B. The $39.97B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 7.0% below fiscal 2024 revenue of $42.96B, marking a top-line contraction. The company reported diluted EPS of -$3.70, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 335.7% from $1.57 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. A diluted share base of 711.60M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $58.54B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.68x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $2.53B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 6.3% of revenue, showing how much of the top line remained after direct costs. The company ended the period with a net loss of $2.62B, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 6.6% after all recognized items. The company reported a pretax loss of $2.51B, before the effect of income taxes. Pretax margin was -6.3%, reflecting a pre-tax loss equal to 6.3% of revenue. An income-tax benefit of $67.00M improved the final result relative to pretax income or loss. The net loss equaled 15.0% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 4.5%, placing the bottom-line deficit against the company’s resource base. The bottom line deteriorated from $1.12B of income in fiscal 2024 to a $2.62B loss.

Liquidity and Capital Structure

Total assets were $58.54B, supported by $41.02B of liabilities and $17.52B of shareholder equity. At period end, current assets of $18.06B compared with current liabilities of $9.18B, defining the company’s short-term resource position. At 1.97x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $3.82B, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 41.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 29.9% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 70.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 6.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $57.31B in fiscal 2024, the current asset base moved 2.1% and finished higher. Book equity was 1.8% lower than fiscal 2024 equity of $17.85B, showing how shareholder capital changed year over year. Compared with $2.19B in fiscal 2024, the current cash balance moved 74.3% and finished higher.

Cash Flow and Earnings Quality

The company reported $1.03B of operating cash flow, a cash inflow that shows the cash generated by operations. The cash-flow statement records $2.48B of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 240.2% of operating cash flow, leaving the remainder available as free cash flow. The company recorded a $1.45B cash deficit after capital spending for the period. Free-cash-flow margin was -3.6%, reflecting a cash deficit equal to 3.6% of revenue after capital spending. The cash deficit after capital spending represented 2.5% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.