DOW INC.DOW
DOW INC. Financial Overview 2021–2025
Updated Aug 15, 2026Dow Inc. suffered a devastating collapse in profitability, shifting from a $1.12 billion net income in FY2024 to a staggering $2.62 billion net loss in FY2025. This massive deficit forces a harsh reality on investors: the chemical giant is aggressively shrinking its operational footprint and cutting shareholder returns to survive persistent global overcapacity.
The top-line erosion was systematic, as revenue plummeted from $55 billion in FY2021 to just $40 billion in FY2025. To stem the bleeding, management launched a radical cost-cutting campaign. The company slashed its quarterly dividend by 50% to $0.35 per share in Q3 2025 and initiated restructuring programs that will eliminate approximately 4,500 roles. These aggressive plant shutdowns and asset write-downs generated massive impairment charges. The market heavily discounted this deterioration, leaving the stock at a closing price of $23.38 at the end of FY2025.
However, early indicators suggest the restructuring is taking hold. By Q2 2026, the company posted a 20% year-over-year surge in net sales to $12.1 billion, largely fueled by a 30% jump in local prices for its Packaging & Specialty Plastics segment. This top-line recovery returned the company to profitability with a $721 million net income, signaling that management's structural overhaul is beginning to restore basic earnings power.
Recent Developments (Q1 and Q2 2026)
Dow Inc. transitioned leadership, appointing Karen S. Carter as CEO effective July 1, 2026. Before its mid-year recovery, the company posted a Q1 2026 net loss of $533 million, widening from a $307 million loss in Q1 2025. However, underlying cash generation improved. Operating cash flow in Q1 2026 surged to $1,124 million from $91 million. This efficiency accelerated in Q2 2026, with operating EBIT reaching $1.66 billion, up from $38 million the prior year, while cash provided by continuing operations hit $1,324 million.
Bulls argue the strong operating cash flow and new executive leadership signal a successful structural turnaround. Bears warn that substantial capital expenditures—expected to reach $2.5 billion this year—could pressure liquidity if demand falters. The stock is difficult to value on a trailing basis, trading at a -8.1x P/E ratio based on an annual EPS of $-3.70 as of July 24, 2026.
What to watch: progress on the 'Transform to Outperform' initiative under CEO Carter; capital expenditure tracking against the $2.5 billion target.
Rev
$39.97B
FY2025
NI
$-2.62B
FY2025
EPS
$-3.70
FY2025
OCF
$1.03B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All DOW Financial Metrics(57)
Income Statement
Balance Sheet
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- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
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- Current Liabilities
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
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- Other Non-current Liab.
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Cash Flow
Recent SEC Filings
DOW INC. 8-K Report, Financial Results (Jul 23, 2026)
Dow Inc. (DOW) has filed an 8-K report on July 23, 2026, to announce its financial and operational results for the second quarter of 2026. The report primarily incorporates a press release detailing these results, which provides investors with key performance indicators and strategic updates. Investors should note that the information furnished in this report is for informational purposes and is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934, meaning it does not carry the same regulatory implications as a formally filed document.
DOW INC. 8-K Report, Corporate Update (Jul 10, 2026)
Dow Inc. has filed a Current Report on Form 8-K on July 10, 2026, primarily to announce the registration of 5,410,000 shares of its common stock. These shares are being registered under the Company's existing Form S-3 registration statement. The purpose of this registration is to cover shares that may be issued upon the exercise, settlement, or vesting of certain awards granted under the Dow Inc. 2019 Stock Incentive Plan, specifically for awards not eligible for registration on a Form S-8. This filing is a procedural step to ensure these shares can be legally issued to employees or other award recipients.
DOW INC. 8-K/A Report, Executive Changes (Jul 6, 2026)
Dow Inc. (DOW) has filed an amendment to its prior 8-K filing to disclose updated material changes to Karen S. Carter's compensation in her new role as Chief Executive Officer, effective July 1, 2026. The Board of Directors approved significant adjustments to her base salary, annual cash incentive target, and long-term incentive compensation. These changes reflect the increased responsibilities associated with the CEO position and align with the company's executive compensation structure. Investors should note the substantial increase in Ms. Carter's total compensation package, particularly in her long-term incentive awards and target annual cash incentive. The company has also detailed the proration of her 2026 annual cash incentive based on her Chief Operating Officer and CEO roles. A one-time long-term incentive award has been granted, structured with performance-based units, stock options, and restricted stock units, designed to incentivize long-term value creation and retention.
DOW INC. 8-K Report, Financial Results (Apr 23, 2026)
Dow Inc. (DOW) has filed an 8-K report on April 23, 2026, to announce its financial results for the first quarter of 2026. While the filing itself is brief and primarily references an attached press release (Exhibit 99.1) for detailed financial performance, investors should focus on the information within that press release for insights into the company's operational and financial condition. This report serves as notification of the earnings release and the accompanying data. Investors should carefully review Exhibit 99.1, which contains the comprehensive first-quarter 2026 results. Key metrics to scrutinize will likely include revenue, profitability, earnings per share (EPS), segment performance, and any forward-looking guidance provided by the company. Understanding these figures will be crucial for assessing DOW's performance against analyst expectations and for making informed investment decisions.
DOW INC. 8-K Report, Executive Changes (Apr 14, 2026)
Dow Inc. has announced a significant leadership transition with the appointment of Karen S. Carter as Chief Executive Officer, effective July 1, 2026. Ms. Carter, a seasoned executive with over three decades of experience at Dow, including her recent role as Chief Operating Officer, will succeed Jim Fitterling. Mr. Fitterling will transition to the role of Executive Chair of the Board, continuing to focus on long-term strategy and governance while remaining a director until the 2027 Annual Meeting of Stockholders. In addition to her CEO appointment, Ms. Carter has also been appointed to the Board of Directors, effective the same date. The company's stockholders overwhelmingly approved the amendment to the 2019 Stock Incentive Plan, increasing the shares available for issuance, and ratified the appointment of Deloitte & Touche LLP as the independent auditor. The leadership changes and stockholder approvals signal a strategic continuity and commitment to growth for Dow.
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