DOW CHEMICAL CO /DE/
For the period ended Dec 31, 2025. Filed Feb 3, 2026.
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FY2025 · Filed Feb 3, 2026
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Earnings Per Share Calculations
NOTE 8 -EARNINGS PER SHARE CALCULATIONS
The following tables provide earnings per share calculations of Dow Inc. for the years ended December 31, 2025, 2024 and 2023. In accordance with the accounting guidance for earnings per share, earnings (loss) per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries.
| Net Income (Loss) for Earnings Per Share Calculations | 2025 | 2024 | 2023 |
|---|---|---|---|
| In millions | |||
| Net income (loss) | $(2,444) | $1,201 | $660 |
| Net income attributable to noncontrolling interests | 179 | 85 | 71 |
| Net income attributable to participating securities 1 | 11 | 12 | 11 |
| Net income (loss) attributable to common stockholders | $(2,634) | $1,104 | $578 |
- Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares.
| Earnings (Loss) Per Share - Basic and Diluted | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dollars per share | |||
| Earnings (loss) per common share - basic | $(3.70) | $1.57 | $0.82 |
| Earnings (loss) per common share - diluted | $(3.70) | $1.57 | $0.82 |
| Share Count Information | 2025 | 2024 | 2023 |
|---|---|---|---|
| Shares in millions | |||
| Weighted-average common shares outstanding - basic | 711.6 | 703.8 | 705.7 |
| Plus dilutive effect of equity compensation plans 1 | — | 1.3 | 3.3 |
| Weighted-average common shares outstanding - diluted | 711.6 | 705.1 | 709.0 |
| Stock options and restricted stock units excluded from EPS calculations 2 | 23.6 | 10.8 | 9.6 |
The year ended December 31, 2025 reflected a net loss and, as such, the basic share count was used for purposes of calculating earnings (loss) per share on a diluted basis.
These outstanding stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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