Dow (DOW) Q3 FY2021 earnings: revenue $14.8 billion, up 52.8% on the year
Dow Inc. (DOW) reported revenue of $14.8 billion for Q3 FY2021, the quarter ended 30 September 2021, up 52.8% on the same quarter a year earlier. Net income was $1.7 billion, and diluted earnings per share $2.23. The figures are the company's own, from the 10-Q it filed with the SEC on 22 October 2021.
Revenue
$14.8 billion
+52.8% on the year · +6.9% on the quarter
Q4 FY2019Q3 FY2021
Operating margin
n/a
Q4 FY2019Q3 FY2021
Net income
$1.7 billion
-11.5% on the quarter
Q4 FY2019Q3 FY2021
Diluted EPS
$2.23
-11.2% on the quarter
Q4 FY2019Q3 FY2021
this quarterthe same quarter a year earlierHover a bar for its figure.
Income statement (profit and loss)
$ million
Q3 FY2021
Q2 FY2021
Q3 FY2020
On the quarter
On the year
Last 8 quarters
Revenue
14,837
13,885
9,712
+6.9%
+52.8%
Cost of revenue
11,611
10,740
8,371
+8.1%
+38.7%
Gross profit
3,226
3,145
1,341
+2.6%
+140.6%
Gross margin
21.7%
22.7%
13.8%
Research and development
210
228
193
-7.9%
+8.8%
Selling, general and administrative
403
440
372
-8.4%
+8.3%
Interest expense
178
187
202
-4.8%
-11.9%
Pre-tax income
2,248
2,456
42.0
-8.5%
+5,252.4%
Income tax
542
524
43.0
+3.4%
+1,160.5%
Effective tax rate
24.1%
21.3%
102.4%
Net income
1,683
1,901
-25.0
-11.5%
Net margin
11.3%
13.7%
-0.3%
Diluted EPS
$2.23
$2.51
-$0.04
-11.2%
$ 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
Q3 FY2021
Q2 FY2021
Q3 FY2020
On the quarter
On the year
Last 8 quarters
Operating cash flow
2,721
2,004
1,767
+35.8%
+54.0%
Capital expenditure
n/a
n/a
287
Free cash flow
n/a
n/a
1,480
Free cash flow margin
n/a
n/a
15.2%
Cash from investing
-767
-755
-82.0
Cash from financing
-2,474
-1,905
-930
Depreciation and amortisation
617
618
626
-0.2%
-1.4%
Depreciation
517
518
526
-0.2%
-1.7%
Buybacks
400
200
0.0
+100.0%
Dividends paid
518
522
518
-0.8%
0.0%
Dividend per share
$0.70
$0.70
$0.70
0.0%
0.0%
Diluted shares, weighted
750m
753m
740m
-0.4%
+1.3%
Shares outstanding at period end
740m
746m
742m
-0.8%
-0.3%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q3 FY2021
Q2 FY2021
Q3 FY2020
On the quarter
On the year
Last 8 quarters
Shareholders' equity
16,439
15,573
12,354
+5.6%
+33.1%
Non-controlling interest
589
580
578
+1.6%
+1.9%
Short-term borrowings
n/a
n/a
329
Debt
14,588
15,538
17,045
-6.1%
-14.4%
Operating lease liabilities
1,428
1,419
1,488
+0.6%
-4.0%
Finance lease liabilities
474
486
447
-2.5%
+6.0%
Other liabilities
28,231
28,172
27,704
+0.2%
+1.9%
Total liabilities and equity
61,749
61,768
59,945
-0.0%
+3.0%
Fixed assets
19,648
19,864
20,413
-1.1%
-3.7%
Goodwill
8,801
8,833
8,854
-0.4%
-0.6%
Intangible assets
2,962
3,093
3,442
-4.2%
-13.9%
Investments
141
105
30.0
+34.3%
+370.0%
Cash and equivalents
2,911
3,491
4,549
-16.6%
-36.0%
Receivables
6,844
6,456
4,689
+6.0%
+46.0%
Inventory
7,111
6,952
5,609
+2.3%
+26.8%
Other assets
13,331
12,974
12,359
+2.8%
+7.9%
Total assets
61,749
61,768
59,945
-0.0%
+3.0%
Questions
What was Dow's revenue in Q3 FY2021?
Dow (DOW) reported revenue of $14.8 billion for Q3 FY2021, the quarter ended 30 September 2021, up 52.8% on the same quarter a year earlier.
How much did Dow earn in Q3 FY2021?
Net income for Q3 FY2021 was $1.7 billion, and diluted earnings per share $2.23.
When did Dow report Q3 FY2021 results?
Dow filed its 10-Q for the quarter ended 30 September 2021 with the SEC on 22 October 2021.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 30 September 2021, filed 22 October 2021: the filing.