DOW CHEMICAL CO /DE/
For the period ended Sep 30, 2025. Filed Oct 24, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 24, 2025
DOW$31.48+1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| In millions (Unaudited) | Nine Months Ended | |
|---|---|---|
| Sep 30,2025 | Sep 30,2024 | |
| Operating Activities | ||
| Net income (loss) | $(946) | $1,253 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,126 | 2,143 |
| Credit for deferred income tax | (179) | (134) |
| Earnings of nonconsolidated affiliates less than dividends received | 312 | 221 |
| Net periodic pension benefit credit | (73) | (143) |
| Pension contributions | (145) | (92) |
| Net gain on sales of assets, businesses and investments | (211) | (58) |
| Restructuring and asset related charges - net | 822 | 69 |
| Other net loss | 136 | 333 |
| Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
| Accounts and notes receivable | (400) | (818) |
| Inventories | (132) | (676) |
| Accounts payable | (492) | 601 |
| Other assets and liabilities, net | (72) | (583) |
| Cash provided by operating activities | 746 | 2,116 |
| Investing Activities | ||
| Capital expenditures | (1,911) | (2,173) |
| Proceeds from incentives related to capital expenditures | 132 | — |
| Investment in gas field developments | (110) | (157) |
| Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 135 | 36 |
| Acquisitions of property and businesses, net of cash acquired | — | (121) |
| Investments in and loans to nonconsolidated affiliates | (21) | (25) |
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 125 | — |
| Purchases of investments | (523) | (1,381) |
| Proceeds from sales and maturities of investments | 711 | 2,386 |
| Other investing activities, net | 5 | (21) |
| Cash used for investing activities | (1,457) | (1,456) |
| Financing Activities | ||
| Changes in short-term notes payable | 36 | (61) |
| Proceeds from issuance of short-term debt greater than three months | 50 | 114 |
| Payments on short-term debt greater than three months | (46) | (6) |
| Proceeds from issuance of long-term debt | 2,652 | 1,443 |
| Payments on long-term debt | (1,207) | (224) |
| Collections on securitization programs, net of remittances | (3) | 28 |
| Proceeds from issuance of stock | — | 51 |
| Transaction financing, debt issuance and other costs | (130) | (13) |
| Employee taxes paid for share-based payment arrangements | (16) | (38) |
| Distributions to noncontrolling interests | (93) | (49) |
| Proceeds from sale of noncontrolling interests | 2,943 | — |
| Dividends paid to Dow Inc. | (1,237) | (1,984) |
| Other financing activities, net | (6) | — |
| Cash provided by (used for) financing activities | 2,943 | (739) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 259 | 18 |
| Summary | ||
| Increase (decrease) in cash, cash equivalents and restricted cash | 2,491 | (61) |
| Cash, cash equivalents and restricted cash at beginning of period | 2,263 | 3,048 |
| Cash, cash equivalents and restricted cash at end of period | $4,754 | $2,987 |
| Less: Restricted cash and cash equivalents, included in "Other current assets" | 145 | 104 |
| Cash and cash equivalents at end of period | $4,609 | $2,883 |
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