Dow Inc. (DOW) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 9.79B | 9.46B | 9.97B | 10.1B | 10.43B | 10.4B | 10.88B | 10.91B | 10.77B | 10.62B | 10.73B | 11.42B | 11.85B | 11.86B | 14.12B | 15.66B | 15.26B | 14.36B | 14.84B | 13.88B |
| Revenue Growth % | -6.11% | -9.08% | -8.33% | -7.43% | -3.1% | -2.03% | 1.39% | -4.42% | -9.16% | -10.44% | -23.98% | -27.09% | -22.36% | -17.44% | -4.87% | 12.81% | 28.46% | 34.17% | 52.77% | 66.21% |
| Cost of Goods Sold | 9.15B | 8.91B | 9.28B | 9.56B | 9.73B | 9.53B | 9.9B | 9.67B | 9.41B | 9.64B | 9.61B | 9.92B | 10.6B | 10.84B | 12.56B | 13.1B | 12.43B | 11.9B | 11.72B | 10.83B |
| COGS % of Revenue | 93.47% | 94.21% | 93.09% | 94.62% | 93.25% | 91.57% | 91.04% | 88.62% | 87.46% | 90.81% | 89.6% | 86.84% | 89.41% | 91.39% | 88.96% | 83.64% | 81.44% | 82.82% | 78.97% | 77.99% |
| Gross Profit | 640M | 548M | 689M | 544M | 704M | 877M | 975M | 1.24B | 1.35B | 976M | 1.12B | 1.5B | 1.25B | 1.02B | 1.56B | 2.56B | 2.83B | 2.47B | 3.12B | 3.06B |
| Gross Margin % | 6.53% | 5.79% | 6.91% | 5.38% | 6.75% | 8.43% | 8.96% | 11.38% | 12.54% | 9.19% | 10.4% | 13.16% | 10.59% | 8.61% | 11.04% | 16.36% | 18.56% | 17.18% | 21.03% | 22.01% |
| Gross Profit Growth % | -9.09% | -37.51% | -29.33% | -56.2% | -47.85% | -10.14% | -12.63% | -17.37% | 7.57% | -4.41% | -28.37% | -41.36% | -55.7% | -58.63% | -50.06% | -16.13% | 62.44% | 67.55% | 149% | 370.15% |
| Operating Expenses | 671M | 1.59B | 530M | 535M | 566M | 555M | 604M | 586M | 646M | 624M | 577M | 613M | 642M | 611M | 547M | 652M | 716M | 661M | 613M | 668M |
| OpEx % of Revenue | 6.85% | 16.83% | 5.31% | 5.29% | 5.43% | 5.33% | 5.55% | 5.37% | 6% | 5.88% | 5.38% | 5.37% | 5.42% | 5.15% | 3.88% | 4.16% | 4.69% | 4.6% | 4.13% | 4.81% |
| Selling, General & Admin | 417M | 339M | 339M | 347M | 366M | 353M | 396M | 390M | 442M | 411M | 380M | 408M | 428M | 386M | 356M | 435M | 498M | 436M | 403M | 440M |
| SG&A % of Revenue | 4.26% | 3.58% | 3.4% | 3.43% | 3.51% | 3.39% | 3.64% | 3.57% | 4.11% | 3.87% | 3.54% | 3.57% | 3.61% | 3.25% | 2.52% | 2.78% | 3.26% | 3.04% | 2.72% | 3.17% |
| Research & Development | 181M | 173M | 191M | 188M | 200M | 202M | 208M | 196M | 204M | 213M | 197M | 205M | 214M | 225M | 191M | 217M | 218M | 225M | 210M | 228M |
| R&D % of Revenue | 1.85% | 1.83% | 1.92% | 1.86% | 1.92% | 1.94% | 1.91% | 1.8% | 1.9% | 2.01% | 1.84% | 1.8% | 1.81% | 1.9% | 1.35% | 1.39% | 1.43% | 1.57% | 1.42% | 1.64% |
| Other Operating Expenses | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -31M | -1.04B | 159M | 9M | 138M | 322M | 371M | 656M | 704M | 352M | 539M | 890M | 613M | 410M | 1.01B | 1.91B | 2.12B | 1.81B | 2.51B | 2.39B |
| Operating Margin % | -0.32% | -11.04% | 1.59% | 0.09% | 1.32% | 3.09% | 3.41% | 6.01% | 6.54% | 3.31% | 5.02% | 7.79% | 5.17% | 3.46% | 7.16% | 12.2% | 13.87% | 12.58% | 16.9% | 17.2% |
| Operating Income Growth % | -122.46% | -424.22% | -57.14% | -98.63% | -80.4% | -8.52% | -31.17% | -26.29% | 14.85% | -14.15% | -46.69% | -53.43% | -71.04% | -77.31% | -59.67% | -19.97% | 78.8% | 112.34% | 264.39% | 2051.35% |
| EBITDA | 15M | -336M | 847M | 733M | 852M | 1.07B | 1.11B | 1.34B | 1.42B | 1.01B | 1.2B | 1.54B | 1.26B | 1.06B | 1.68B | 2.6B | 2.87B | 2.46B | 3.23B | 3.13B |
| EBITDA Margin % | 0.15% | -3.55% | 8.49% | 7.25% | 8.17% | 10.31% | 10.22% | 12.26% | 13.23% | 9.5% | 11.15% | 13.48% | 10.64% | 8.97% | 11.9% | 16.57% | 18.8% | 17.14% | 21.78% | 22.56% |
| EBITDA Growth % | -98.24% | -131.31% | -23.83% | -45.22% | -40.17% | 6.34% | -7.02% | -13.06% | 12.93% | -5.17% | -28.77% | -40.69% | -56.05% | -56.78% | -48.05% | -17.17% | 50.92% | 63.05% | 128.9% | 286.31% |
| D&A (Non-Cash Add-back) | 46M | 708M | 688M | 724M | 714M | 751M | 741M | 682M | 720M | 657M | 657M | 649M | 648M | 654M | 668M | 684M | 752M | 655M | 725M | 745M |
| EBIT | 149M | -1.33B | 291M | -437M | -139M | 392M | 521M | 799M | 646M | -155M | 606M | 882M | 63M | 1.04B | 1.15B | 2.33B | 2.22B | 2.28B | 2.42B | 2.64B |
| Net Interest Income | -177M | -181M | -174M | -183M | -207M | -116M | -161M | -149M | -132M | -154M | -145M | -105M | -107M | -105M | -111M | -127M | -135M | -145M | -160M | -171M |
| Interest Income | 42M | 38M | 47M | 39M | 28M | 57M | 36M | 42M | 65M | 43M | 44M | 66M | 76M | 68M | 41M | 36M | 28M | 20M | 14M | 13M |
| Interest Expense | 219M | 219M | 221M | 222M | 235M | 173M | 197M | 191M | 197M | 197M | 189M | 171M | 183M | 173M | 152M | 163M | 163M | 165M | 174M | 184M |
| Other Income/Expense | -359M | -504M | -89M | -668M | -512M | -103M | -47M | -48M | -255M | -704M | -122M | -179M | -733M | 455M | -10M | 258M | -62M | 311M | -259M | 68M |
| Pretax Income | -390M | -1.55B | 70M | -659M | -374M | 219M | 324M | 608M | 449M | -352M | 417M | 711M | -120M | 865M | 1B | 2.17B | 2.06B | 2.12B | 2.25B | 2.46B |
| Pretax Margin % | -3.98% | -16.36% | 0.7% | -6.52% | -3.59% | 2.1% | 2.98% | 5.57% | 4.17% | -3.31% | 3.89% | 6.23% | -1.01% | 7.29% | 7.09% | 13.85% | 13.46% | 14.75% | 15.15% | 17.69% |
| Income Tax | 55M | -71M | -54M | 142M | -84M | 254M | 84M | 150M | -89M | -257M | 90M | 210M | -47M | 218M | 241M | 488M | 503M | 357M | 542M | 524M |
| Effective Tax Rate % | -14.1% | 4.59% | -77.14% | -21.55% | 22.46% | 115.98% | 25.93% | 24.67% | -19.82% | 73.01% | 21.58% | 29.54% | 39.17% | 25.2% | 24.08% | 22.5% | 24.48% | 16.86% | 24.11% | 21.34% |
| Net Income | -445M | -1.54B | 62M | -835M | -307M | -53M | 214M | 439M | 516M | -105M | 302M | 485M | -93M | 613M | 739M | 1.66B | 1.57B | 1.74B | 1.68B | 1.9B |
| Net Margin % | -4.54% | -16.31% | 0.62% | -8.26% | -2.94% | -0.51% | 1.97% | 4.02% | 4.79% | -0.99% | 2.81% | 4.25% | -0.78% | 5.17% | 5.24% | 10.6% | 10.28% | 12.09% | 11.34% | 13.69% |
| Net Income Growth % | -44.95% | -2811.32% | -71.03% | -290.2% | -159.5% | 49.52% | -29.14% | -9.48% | 654.84% | -117.13% | -59.13% | -70.8% | -105.93% | -64.69% | -56.09% | -12.62% | 58.32% | 40.45% | 6832% | 944.89% |
| Net Income (Continuing) | -445M | -1.48B | 124M | -801M | -290M | -35M | 240M | 458M | 538M | -95M | 327M | 501M | -73M | 647M | 760M | 1.68B | 1.55B | 1.76B | 1.71B | 1.93B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.51B | 1.51B | 1.52B | 1.36B | 507M | 496M | 530M | 482M | 492M | 501M | 513M | 512M | 534M | 529M | 512M | 534M | 545M | 574M | 589M | 580M |
| EPS (Diluted) | -0.74 | -2.15 | 0.08 | -1.18 | -0.44 | -0.08 | 0.30 | 0.62 | 0.73 | -0.15 | 0.42 | 0.68 | -0.13 | 0.86 | 1.03 | 2.27 | 2.12 | 2.32 | 2.23 | 2.51 |
| EPS Growth % | -68.18% | -2604.4% | -71.97% | -290.32% | -160.27% | 47% | -28.57% | -8.82% | 661.54% | -117.44% | -59.22% | -70.04% | -106.13% | -62.93% | -53.81% | -9.56% | 60.61% | 40.61% | 6697.63% | 936.67% |
| EPS (Basic) | -0.74 | -2.15 | 0.08 | -1.18 | -0.44 | -0.08 | 0.30 | 0.62 | 0.73 | -0.15 | 0.43 | 0.68 | -0.13 | 0.86 | 1.03 | 2.29 | 2.14 | 2.34 | 2.25 | 2.53 |
| Diluted Shares Outstanding | 721.2M | 718.2M | 713.2M | 705.3M | 706.9M | 705.1M | 703.6M | 705.3M | 705.5M | 703.6M | 707.5M | 709.9M | 708.2M | 713M | 718.1M | 731.5M | 739.8M | 743.3M | 750M | 752.9M |
| Basic Shares Outstanding | 721.2M | 718.2M | 711.8M | 703.8M | 706.9M | 703.8M | 702.3M | 703.8M | 704.5M | 703.6M | 704M | 707M | 708.2M | 709.2M | 714.3M | 725.7M | 734.6M | 738.1M | 744.5M | 747M |
| Dividend Payout Ratio | - | - | 401.61% | - | - | - | 228.97% | 111.85% | 95.54% | - | 162.91% | 101.65% | - | 80.75% | 66.71% | 30.4% | 32.7% | 29.49% | 30.78% | 27.46% |