Dow Inc. (DOW) Cash Flow Statement
Where DOW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.03B −64.6% vs 2024
- Capital expenditures
- $2.48B 6.2% of revenue
- Free cash flow
- −$1.45B −3.6% margin
- Returned to shareholders
- $1.49B
- Change in cash
- $1.69B cash at year-end $3.95B
Cash from operations
$1.03B
Capital expenditures
−$2.48B
Investments (net)
−$16.0M
Acquisitions & other
+$3.31B
Dividends
−$1.49B
Share buybacks (net)
+$85.0M
Net borrowing (repayment)
+$1.31B
Shares issued
+$85.0M
Other financing
−$428.0M
Currency & other
+$275.0M
Change in cash
$1.69B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DOW operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DOW cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.96B2016 | $1.03B2025 | — | |
| Capital expenditures | $3.99B2016 | $2.48B2025 | −5.2%/yr | |
| Free cash flow | −$6.95B2016 | −$1.45B2025 | — | |
| Free cash flow margin | −14.4%2016 | −3.6%2025 | +10.8 pts | |
| Operating cash flow / net income | −0.672016 | 2.432024 | +3.10 | |
| Stock-based compensation | −$2.66B2016 | $212.0M2023 | — | |
| Dividends paid | $2.46B2016 | $1.49B2025 | −5.4%/yr | |
| Share buybacks (net) | $916.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 8.3%2016 | 6.2%2025 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DOW cash flow by activity
OperatingInvestingFinancingChange in cash
DOW net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DOW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.62B | $1.20B | $660.0M | $4.64B | $6.41B | $1.29B | −$1.27B | $4.63B | $595.0M | $4.40B |
| Depreciation & amortization | $2.83B | $2.89B | $2.61B | $2.76B | $2.84B | $2.87B | $2.94B | $2.91B | $2.55B | $2.86B |
| Stock-based compensation | — | — | $212.0M | $242.0M | −$2.00B | −$418.0M | $1.13B | $332.0M | $510.0M | −$2.66B |
| Change in working capital | −$1.20B | −$1.62B | $1.07B | −$786.0M | −$1.45B | $1.19B | $387.0M | −$3.25B | −$11.50B | −$8.38B |
| Other non-cash items | $2.02B | $440.0M | $645.0M | $621.0M | $1.21B | $1.28B | $2.74B | −$734.0M | $2.92B | $810.0M |
| Cash from operating activities | $1.03B | $2.91B | $5.20B | $7.47B | $7.01B | $6.23B | $5.93B | $3.89B | −$4.93B | −$2.96B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.48B | −$3.06B | −$2.48B | −$2.06B | −$2.32B | −$1.39B | −$1.97B | −$2.14B | −$2.99B | −$3.99B |
| Investments (net) | −$16.0M | −$2.37B | −$3.48B | −$2.97B | −$556.0M | −$841.0M | −$2.19B | −$328.0M | −$165.0M | −$842.0M |
| Acquisitions & other investing | $3.31B | $3.06B | $3.03B | $2.06B | −$34.0M | $1.39B | $1.97B | $270.0M | $10.68B | $9.93B |
| Cash from investing activities | $817.0M | −$2.37B | −$2.93B | −$2.97B | −$2.91B | −$841.0M | −$2.19B | −$2.19B | $7.52B | $5.09B |
| Financing activities | ||||||||||
| Dividends paid | −$1.49B | −$1.97B | −$1.97B | −$2.01B | −$2.07B | −$2.07B | −$2.08B | −$3.71B | −$3.23B | −$2.46B |
| Share repurchases & issuance (net) | $85.0M | −$494.0M | −$625.0M | −$2.33B | −$1.00B | −$125.0M | −$500.0M | $2.00B | $218.0M | −$916.0M |
| Net borrowing (repayment) | $1.31B | $1.26B | −$591.0M | $900.0M | −$2.70B | −$412.0M | −$2.97B | −$1.23B | −$328.0M | −$589.0M |
| Shares issued | $85.0M | $166.0M | $176.0M | $212.0M | $320.0M | $108.0M | $93.0M | $112.0M | $0 | $0 |
| Other financing | −$428.0M | −$139.0M | −$103.0M | −$142.0M | −$622.0M | −$264.0M | $1.36B | −$2.57B | $20.0M | −$47.0M |
| Cash from financing activities | −$435.0M | −$1.17B | −$3.12B | −$3.36B | −$6.07B | −$2.76B | −$4.09B | −$5.40B | −$3.33B | −$4.01B |
| Summary | ||||||||||
| Net change in cash | $1.69B | −$785.0M | −$892.0M | $853.0M | −$2.12B | $2.72B | −$397.0M | $2.76B | −$435.0M | −$1.97B |
| Cash at end of period | $3.95B | $2.26B | $3.05B | $3.89B | $2.99B | $5.10B | $2.37B | $2.76B | $6.19B | $6.61B |
| Free cash flow | −$1.45B | −$151.0M | $2.72B | $5.42B | $4.68B | $4.84B | $3.96B | $2.12B | −$7.92B | −$6.95B |
| Free cash flow margin | −3.6% | −0.4% | 6.1% | 9.5% | 8.5% | 12.6% | 9.2% | 3.5% | −18.1% | −14.4% |
| Capex / revenue | 6.2% | 7.1% | 5.6% | 3.6% | 4.2% | 3.6% | 4.6% | 3.5% | 6.8% | 8.3% |
| Operating cash flow / net income | — | 2.43 | 7.87 | 1.61 | 1.09 | 4.81 | — | 0.84 | −8.28 | −0.67 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $721.0M | −$445.0M | −$2.44B | $62.0M | −$801.0M | −$290.0M | −$35.0M | $240.0M | $458.0M | $538.0M | −$95.0M | $327.0M |
| Depreciation & amortization | $664.0M | $719.0M | $708.0M | $688.0M | $724.0M | $714.0M | $751.0M | $741.0M | $682.0M | $720.0M | $657.0M | $657.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $212.0M | −$23.0M |
| Change in working capital | −$547.0M | $336.0M | −$1.20B | $422.0M | −$867.0M | −$610.0M | −$139.0M | −$170.0M | −$388.0M | −$924.0M | $632.0M | $829.0M |
| Other non-cash items | $493.0M | $514.0M | $3.97B | −$45.0M | $474.0M | $277.0M | $237.0M | −$11.0M | $84.0M | $130.0M | $250.0M | −$132.0M |
| Cash from operating activities | $1.33B | $1.12B | $1.03B | $1.13B | −$470.0M | $91.0M | $814.0M | $800.0M | $836.0M | $464.0M | $1.66B | $1.66B |
| Investing activities | ||||||||||||
| Capital expenditures | −$632.0M | −$503.0M | −$2.48B | −$564.0M | −$662.0M | −$685.0M | −$771.0M | −$857.0M | −$723.0M | −$714.0M | −$771.0M | −$648.0M |
| Investments (net) | −$273.0M | −$33.0M | −$94.0M | −$495.0M | −$561.0M | −$401.0M | −$912.0M | −$691.0M | −$494.0M | −$271.0M | −$1.08B | −$1.01B |
| Acquisitions & other investing | −$67.0M | $88.0M | $447.0M | $1.07B | $662.0M | $685.0M | $771.0M | $857.0M | $723.0M | $714.0M | $771.0M | −$186.0M |
| Cash from investing activities | −$972.0M | −$448.0M | −$2.13B | $15.0M | −$561.0M | −$401.0M | −$912.0M | −$691.0M | −$494.0M | −$271.0M | −$1.08B | −$1.85B |
| Financing activities | ||||||||||||
| Dividends paid | −$253.0M | −$252.0M | −$1.49B | −$249.0M | −$496.0M | −$494.0M | −$492.0M | −$490.0M | −$491.0M | −$493.0M | −$491.0M | −$492.0M |
| Share repurchases & issuance (net) | — | — | $85.0M | $0 | $0 | $0 | −$328.0M | −$94.0M | −$200.0M | −$200.0M | −$125.0M | −$125.0M |
| Net borrowing (repayment) | −$132.0M | $6.0M | −$172.0M | $1.45B | −$23.0M | $60.0M | −$1.0M | −$13.0M | — | — | — | $119.0M |
| Shares issued | $0 | $0 | $85.0M | $0 | $0 | $0 | $115.0M | $0 | $9.0M | $42.0M | $125.0M | $8.0M |
| Other financing | −$102.0M | −$74.0M | $4.00B | −$109.0M | $2.38B | −$87.0M | $261.0M | $3.0M | −$13.0M | $1.22B | −$220.0M | −$7.0M |
| Cash from financing activities | −$487.0M | −$320.0M | $2.51B | $1.09B | $1.86B | −$521.0M | −$445.0M | −$594.0M | −$695.0M | $566.0M | −$711.0M | −$497.0M |
| Summary | ||||||||||||
| Net change in cash | −$131.0M | $283.0M | $1.69B | $2.24B | $961.0M | −$708.0M | −$724.0M | −$398.0M | −$368.0M | $705.0M | −$52.0M | $156.0M |
| Cash at end of period | $4.10B | $4.24B | $3.95B | $4.75B | $2.52B | $1.55B | $2.26B | $2.99B | $3.38B | $3.75B | $3.05B | $3.08B |
| Free cash flow | $699.0M | $621.0M | −$1.45B | $563.0M | −$1.13B | −$594.0M | $43.0M | −$57.0M | $113.0M | −$250.0M | $885.0M | $1.01B |
| Free cash flow margin | 5.8% | 6.3% | −15.3% | 5.6% | −11.2% | −5.7% | 0.4% | −0.5% | 1.0% | −2.3% | 8.3% | 9.4% |
| Capex / revenue | 5.2% | 5.1% | 26.2% | 5.7% | 6.6% | 6.6% | 7.4% | 7.9% | 6.6% | 6.6% | 7.3% | 6.0% |
| Operating cash flow / net income | 1.85 | — | — | 18.18 | — | — | — | 3.33 | 1.83 | 0.86 | — | 5.07 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DOW cash generation
In fiscal 2025 (ended December 31, 2025), Dow generated $1.0 billion of cash from operations (down 64.6%) and spent $2.5 billion on capital expenditures, leaving free cash flow of -$1.4 billion, −3.6% of revenue. It returned $1.5 billion to shareholders through dividends ($1.5 billion) and net share buybacks ($0). Cash and equivalents rose by $1.7 billion over the year.
Related: DOW income statement, DOW balance sheet, DOW dividend history. See the DOW stock overview for the latest quote and news.
DOW cash flow FAQ
What is Dow's free cash flow?
Dow's free cash flow was -$1.4 billion in fiscal 2025: $1.0 billion of operating cash flow minus $2.5 billion of capital expenditures It was -$151.0 million a year earlier..
How much cash does Dow generate from operations?
Dow generated $1.0 billion of cash from operating activities in fiscal 2025.
How much does Dow spend on capital expenditures?
Dow spent $2.5 billion on capital expenditures in fiscal 2025, 6.2% of revenue, compared with $3.1 billion the year before.
How much does Dow pay in dividends?
Dow paid $1.5 billion in dividends in fiscal 2025.