DOW CHEMICAL CO /DE/
For the period ended Dec 31, 2025. Filed Feb 3, 2026.
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FY2025 · Filed Feb 3, 2026
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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Item 8. Consolidated Statements of Cash Flows
| (In millions) For the years ended Dec 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating Activities | |||
| Net income (loss) | $(2,419) | $1,212 | $627 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 2,834 | 2,894 | 2,611 |
| Provision (credit) for deferred income tax | (341) | 135 | (1,222) |
| Earnings of nonconsolidated affiliates less than dividends received | 439 | 348 | 387 |
| Net periodic pension benefit cost (credit) | (95) | (210) | 548 |
| Pension contributions | (209) | (121) | (142) |
| Net gain on sales of assets, businesses and investments | (220) | (65) | (70) |
| Restructuring, goodwill impairment and asset related charges - net | 1,856 | 103 | 528 |
| Other net loss | 442 | 252 | 797 |
| Changes in assets and liabilities, net of effects of acquired and divested companies: | |||
| Accounts and notes receivable | 73 | (224) | 1,161 |
| Inventories | (52) | (529) | 844 |
| Accounts payable | (999) | 278 | (734) |
| Other assets and liabilities, net | (264) | (1,134) | (226) |
| Cash provided by operating activities | 1,045 | 2,939 | 5,109 |
| Investing Activities | |||
| Capital expenditures | (2,479) | (2,940) | (2,356) |
| Proceeds from incentives related to capital expenditures | 145 | — | — |
| Cash flow hedging related to capital expenditures | (40) | — | — |
| Investment in gas field developments | (157) | (203) | (215) |
| Purchases of previously leased assets | — | — | (7) |
| Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 139 | 234 | 95 |
| Acquisitions of property and businesses, net of cash acquired | — | (125) | (114) |
| Investments in and loans to nonconsolidated affiliates | (32) | (28) | (5) |
| Distributions and loan repayments from nonconsolidated affiliates | — | — | 2 |
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 125 | — | 63 |
| Purchases of investments | (881) | (1,809) | (2,288) |
| Proceeds from sales and maturities of investments | 1,022 | 2,536 | 1,958 |
| Other investing activities, net | 32 | (33) | (61) |
| Cash used for investing activities | (2,126) | (2,368) | (2,928) |
| Financing Activities | |||
| Changes in short-term notes payable | (5) | (61) | (249) |
| Proceeds from issuance of short-term debt greater than three months | 64 | 143 | — |
| Payments on short-term debt greater than three months | (63) | (17) | — |
| Proceeds from issuance of long-term debt | 2,778 | 1,467 | 104 |
| Payments on long-term debt | (1,461) | (267) | (446) |
| Collections on securitization programs, net of remittances | (9) | (9) | 18 |
| Proceeds from issuance of stock | 85 | 166 | 188 |
| Transaction financing, debt issuance and other costs | (137) | (14) | (2) |
| Employee taxes paid for share-based payment arrangements | (18) | (39) | (42) |
| Distributions to noncontrolling interests | (173) | (77) | (89) |
| Proceeds from sale of noncontrolling interests | 2,943 | — | — |
| Dividends paid to Dow Inc. | (1,503) | (2,485) | (2,510) |
| Other financing activities, net | (6) | — | — |
| Cash provided by (used for) financing activities | 2,495 | (1,193) | (3,028) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 275 | (163) | (45) |
| Summary | |||
| Increase (decrease) in cash, cash equivalents and restricted cash | 1,689 | (785) | (892) |
| Cash, cash equivalents and restricted cash at beginning of year | 2,263 | 3,048 | 3,940 |
| Cash, cash equivalents and restricted cash at end of year | $3,952 | $2,263 | $3,048 |
| Less: Restricted cash and cash equivalents, included in "Other current assets" | 136 | 74 | 61 |
| Cash and cash equivalents at end of year | $3,816 | $2,189 | $2,987 |
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