Dow Inc. (DOW) Income Statement
DOW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDOW revenue and net income
Where DOW's revenue goes
2025Each bar shows an amount and its share of revenue. DOW kept −6.6% of revenue as net income.
DOW profit margins
DOW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −7.0% | −11.1% | +0.7% | +0.7% |
| Gross profit | −46.2% | −32.7% | −13.0% | −10.7% |
| Operating income | −87.4% | −63.5% | −36.8% | −25.1% |
| Net income | −335.0% | — | — | — |
| EPS (diluted) | −157.1% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DOW quarterly EPS vs estimates
Dow beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 22, 2026 (estimate $0.65).
DOW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.97B | $42.96B | $44.62B | $56.90B | $54.97B | $38.54B | $42.95B | $60.28B | $43.73B | $48.16B |
| Cost of revenue | $37.57B | $38.51B | $39.65B | $49.05B | $44.58B | $33.73B | $36.99B | $41.44B | $44.24B | $38.21B |
| Gross profit | $2.40B | $4.46B | $4.97B | $7.86B | $10.39B | $4.81B | $5.96B | $8.16B | $11.27B | $9.95B |
| Research & development | $751.0M | $810.0M | $829.0M | $851.0M | $857.0M | $768.0M | $765.0M | $1.54B | $803.0M | $1.59B |
| Sales, general & admin | $1.39B | $1.58B | $1.63B | $1.68B | $1.65B | $1.47B | $1.59B | $2.85B | $1.79B | $4.07B |
| Total operating expenses | $2.13B | $2.39B | $2.46B | $2.53B | $2.50B | $2.24B | $2.35B | $2.58B | $4.57B | $4.55B |
| Operating income | $260.0M | $2.06B | $2.52B | $5.33B | $7.89B | $2.57B | $3.60B | $5.58B | $6.70B | $5.40B |
| Interest income | $914.0M | $200.0M | $229.0M | $173.0M | $55.0M | $38.0M | $946.0M | $426.0M | $66.0M | $107.0M |
| Interest expense | $865.0M | $758.0M | $736.0M | $651.0M | $689.0M | $878.0M | $947.0M | $1.06B | $976.0M | $858.0M |
| Income before taxes | −$2.51B | $1.60B | $656.0M | $6.09B | $8.14B | $2.07B | −$1.25B | $5.92B | $237.0M | $4.41B |
| Income taxes | −$67.0M | $399.0M | −$4.0M | $1.45B | $1.74B | $777.0M | $470.0M | $1.28B | $1.52B | $9.0M |
| Net income | −$2.62B | $1.12B | $589.0M | $4.58B | $6.31B | $1.23B | −$1.36B | $4.50B | $465.0M | $4.32B |
| EBITDA | $1.19B | $5.25B | $4.00B | $9.50B | $11.68B | $5.82B | $2.64B | $7.72B | $6.32B | $8.13B |
| EPS (diluted) | −$0.93 | $1.63 | $2.24 | $6.22 | $8.98 | $1.64 | $3.25 | $6.31 | $0.62 | $3.79 |
| Gross margin | 6.0% | 10.4% | 11.1% | 13.8% | 18.9% | 12.5% | 13.9% | 13.5% | 25.8% | 20.7% |
| Operating margin | 0.7% | 4.8% | 5.6% | 9.4% | 14.3% | 6.7% | 8.4% | 9.3% | 15.3% | 11.2% |
| Net margin | −6.6% | 2.6% | 1.3% | 8.1% | 11.5% | 3.2% | −3.2% | 7.5% | 1.1% | 9.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.09B | $9.79B | $9.46B | $9.97B | $10.10B | $10.43B | $10.40B | $10.88B | $10.91B | $10.77B | $10.62B | $10.73B |
| Cost of revenue | $9.93B | $9.15B | $8.91B | $9.28B | $9.56B | $9.73B | $9.53B | $9.90B | $9.67B | $9.41B | $9.64B | $9.61B |
| Gross profit | $2.17B | $640.0M | $548.0M | $689.0M | $544.0M | $704.0M | $877.0M | $975.0M | $1.24B | $1.35B | $976.0M | $1.12B |
| Research & development | $207.0M | $181.0M | $173.0M | $191.0M | $188.0M | $200.0M | $202.0M | $208.0M | $196.0M | $204.0M | $213.0M | $197.0M |
| Sales, general & admin | $535.0M | $417.0M | $339.0M | $340.0M | $347.0M | $366.0M | $353.0M | $396.0M | $390.0M | $442.0M | $411.0M | $380.0M |
| Total operating expenses | $1.28B | $671.0M | $1.59B | $530.0M | $535.0M | $566.0M | $555.0M | $604.0M | $586.0M | $646.0M | $624.0M | $577.0M |
| Operating income | $882.0M | −$31.0M | −$1.04B | $159.0M | $9.0M | $138.0M | $322.0M | $371.0M | $656.0M | $704.0M | $352.0M | $539.0M |
| Interest income | $38.0M | $42.0M | $283.0M | $47.0M | $196.0M | $28.0M | $57.0M | $36.0M | $42.0M | $65.0M | $43.0M | $44.0M |
| Interest expense | $210.0M | $219.0M | $219.0M | $221.0M | $222.0M | $235.0M | $173.0M | $197.0M | $191.0M | $197.0M | $197.0M | $189.0M |
| Income before taxes | $871.0M | −$390.0M | −$1.55B | $70.0M | −$659.0M | −$374.0M | $219.0M | $324.0M | $608.0M | $449.0M | −$352.0M | $417.0M |
| Income taxes | $69.0M | $55.0M | −$71.0M | −$54.0M | $142.0M | −$84.0M | $254.0M | $84.0M | $150.0M | −$89.0M | −$257.0M | $90.0M |
| Net income | $721.0M | −$445.0M | −$1.54B | $62.0M | −$835.0M | −$307.0M | −$53.0M | $214.0M | $439.0M | $516.0M | −$105.0M | $302.0M |
| EBITDA | $1.75B | $868.0M | −$621.0M | $979.0M | $287.0M | $575.0M | $1.14B | $1.26B | $1.48B | $1.37B | $502.0M | $1.26B |
| EPS (diluted) | $1.44 | −$0.14 | −$0.34 | −$0.19 | −$0.42 | $0.02 | −$0.08 | $0.47 | $0.68 | $0.56 | $0.43 | $0.48 |
| Gross margin | 17.9% | 6.5% | 5.8% | 6.9% | 5.4% | 6.7% | 8.4% | 9.0% | 11.4% | 12.5% | 9.2% | 10.4% |
| Operating margin | 7.3% | −0.3% | −11.0% | 1.6% | 0.1% | 1.3% | 3.1% | 3.4% | 6.0% | 6.5% | 3.3% | 5.0% |
| Net margin | 6.0% | −4.5% | −16.3% | 0.6% | −8.3% | −2.9% | −0.5% | 2.0% | 4.0% | 4.8% | −1.0% | 2.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DOW's financial statements (latest annual report filed February 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DOW financial results
In fiscal year 2025 (ended December 31, 2025), Dow reported revenue of $40.0 billion, down 7.0% from the year before. It had a net loss of $2.6 billion, a net profit margin of −6.6%. Diluted earnings per share came to −$0.93. Over five years revenue grew at an average rate of 0.7% a year.
See the DOW stock overview for the latest quote and news, or the DOW chart for price history and technical indicators.
DOW income statement FAQ
What is Dow's annual revenue?
Dow reported total revenue of $40.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 7.0% from $43.0 billion the previous year.
Is Dow profitable?
No. Dow reported a net loss of $2.6 billion in fiscal 2025, a net profit margin of −6.6%; its operating margin was 0.7%.
What is Dow's gross margin?
Dow's gross margin was 6.0% in fiscal 2025: for every $100 of revenue, Dow kept $6 after the direct cost of its products and services.
How much does Dow spend on research and development?
Dow spent $751.0 million on research and development in fiscal 2025, 1.9% of revenue.
How fast is Dow growing?
Revenue grew 0.7% a year on average over the last five fiscal years, from $38.5 billion to $40.0 billion.
What are Dow's earnings per share?
Dow earned $-0.93 per diluted share in fiscal 2025, compared with $1.63 a year earlier.
When will Dow report its next earnings?
Dow is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Dow's fiscal year end?
Dow's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 3, 2026.