DOW INC.
For the period ended Apr 9, 2026. Filed Feb 27, 2026.
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Apr 9, 2026 · Filed Feb 27, 2026
DOW$31.40-1.8%Stored close · as of Nov 6, 2026
Contents
Appendix
Select Financial Information (Non-gaap reconciliation)
Reconciliation of “Net income (loss)” to “Operating EBIT” and “Operating EBITDA”
| In millions (Unaudited)Twelve months ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net income (loss) (GAAP) | $(2,444) | $1,201 | $660 |
| + Provision (credit) for income taxes | (67) | 399 | (4) |
| Income (loss) before income taxes | $(2,511) | $1,600 | $656 |
| - Interest income | 152 | 200 | 229 |
| + Interest expense and amortization of debt discount | 865 | 811 | 746 |
| - Significant items | (2,220) | (377) | (1,605) |
| Operating EBIT (non-GAAP) | $422 | $2,588 | $2,778 |
| Depreciation and amortization | 2,834 | 2,894 | 2,611 |
| Operating EBITDA (non-GAAP) | $3,256 | $5,482 | $5,389 |
Reconciliation of “Cash provided by operating activities—continuing operations” to “Free Cash Flow” and “Cash Flow Conversion”
| In millions (Unaudited)Twelve months ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash provided by operating activities—continuing operations (GAAP) | $1,062 | $2,903 | $5,164 |
| Capital expenditures | (2,479) | (2,940) | (2,356) |
| Free Cash Flow (non-GAAP) | $(1,417) | $(37) | $2,808 |
| Net income (loss) (GAAP) | $(2,444) | $1,201 | $660 |
| Cash flow from operations to net income (GAAP) 1 | N/A | 242% | 782% |
| Operating EBITDA (non-GAAP) | $3,256 | $5,482 | $5,389 |
| Cash Flow Conversion (Cash flow from operations to Operating EBITDA) (non-GAAP) | 33% | 53% | 96% |
- Cash flow from operations to net income is not applicable for the twelve months ended December 31, 2025 due to a net loss for the period.
Reconciliation of Operating Return on Capital (ROC)
| In millions (Unaudited)Twelve months ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net income (loss) available for Dow Inc. common stockholders (GAAP) | $(2,623) | $1,116 | $589 |
| - Significant items, after tax | (1,966) | (96) | (1,017) |
| Operating Net Income Available for Dow Inc. Common Stockholders (non-GAAP) | $(657) | $1,212 | $1,606 |
| Net income attributable to noncontrolling interests | 179 | 85 | 71 |
| Gross interest expense | 1,009 | 945 | 834 |
| Imputed interest expense—operating leases | 69 | 65 | 62 |
| Tax on gross interest expense 1 | (906) | (267) | (232) |
| Operating Net Operating Profit After Tax (non-GAAP) | $(306) | $2,040 | $2,341 |
| Average Total Capital (non-GAAP) | $36,727 | $36,363 | $36,800 |
| Operating Return on Capital (non-GAAP) | (1)% | 6% | 6% |
- Tax on gross interest expense in the twelve months ended December 31, 2025 is impacted by a disproportionate operational tax rate in the three months ended September 30, 2025 resulting from tax expense in certain profitable jurisdictions while certain other jurisdictions incurred losses for which no tax benefit can be recognized.
96 2026 | Dow Proxy Statement
Reconciliation of Net Debt
| In millions (Unaudited)Twelve months ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Notes payable | $90 | $135 | $62 |
| Long-term debt due within one year | 222 | 497 | 117 |
| Long-term debt | 17,849 | 15,711 | 14,907 |
| Gross debt (GAAP) | $18,161 | $16,343 | $15,086 |
| - Cash and cash equivalents | 3,816 | 2,189 | 2,987 |
| - Marketable securities 1 | 385 | 383 | 1,300 |
| Net debt (non-GAAP) | $13,960 | $13,771 | $10,799 |
- The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets.
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