Dow (DOW) FY2020 results: revenue $38.5 billion, down 10.3% on the year
Dow Inc. (DOW) reported revenue of $38.5 billion for fiscal 2020, the year ended 31 December 2020, down 10.3% on the year before. Net income was $1.2 billion, and diluted earnings per share $1.64. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2021.
Revenue
$38.5 billion
-10.3% on the year
FY2016FY2020
Operating margin
n/a
FY2016FY2020
Net income
$1.2 billion
FY2016FY2020
Diluted EPS
$1.64
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
38,542
42,951
49,604
-10.3%
Cost of revenue
33,346
36,657
41,074
-9.0%
Gross profit
5,196
6,294
8,530
-17.4%
Gross margin
13.5%
14.7%
17.2%
Research and development
768
765
800
+0.4%
Selling, general and administrative
1,471
1,590
1,782
-7.5%
Interest expense
827
933
1,063
-11.4%
Pre-tax income
2,071
-1,247
3,749
Income tax
777
470
809
+65.3%
Effective tax rate
37.5%
n/a
21.6%
Net income
1,225
-1,359
4,641
Net margin
3.2%
-3.2%
9.4%
Diluted EPS
$1.64
-$1.84
$6.21
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,226
5,930
4,254
+5.0%
Capital expenditure
1,252
1,961
2,091
-36.2%
Free cash flow
4,974
3,969
2,163
+25.3%
Free cash flow margin
12.9%
9.2%
4.4%
Cash from investing
-841
-2,192
-2,195
Cash from financing
-2,764
-4,095
-5,404
Depreciation and amortisation
2,874
2,938
2,909
-2.2%
Share-based compensation
171
158
188
+8.2%
Buybacks
125
500
0.0
-75.0%
Dividends paid
2,071
1,550
0.0
+33.6%
Dividend per share
$2.80
$2.10
$0.00
+33.3%
Diluted shares, weighted
742m
742m
747m
-0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
12,435
13,541
32,483
-8.2%
Non-controlling interest
570
553
1,138
+3.1%
Short-term borrowings
n/a
n/a
298
Debt
17,107
16,996
19,594
+0.7%
Operating lease liabilities
1,521
1,739
0.0
-12.5%
Finance lease liabilities
464
363
n/a
+27.8%
Other liabilities
29,373
27,332
30,186
+7.5%
Total liabilities and equity
61,470
60,524
83,699
+1.6%
Fixed assets
20,239
20,996
21,418
-3.6%
Goodwill
8,908
8,796
9,846
+1.3%
Intangible assets
3,352
3,759
4,225
-10.8%
Investments
45.0
21.0
100
+114.3%
Cash and equivalents
5,104
2,367
2,724
+115.6%
Receivables
5,090
4,844
5,646
+5.1%
Inventory
5,701
6,214
6,899
-8.3%
Other assets
13,031
13,527
32,841
-3.7%
Total assets
61,470
60,524
83,699
+1.6%
10-K for the year ended 31 December 2020, filed 5 February 2021: the filing.