Dow (DOW) FY2023 results: revenue $44.6 billion, down 21.6% on the year
Dow Inc. (DOW) reported revenue of $44.6 billion for fiscal 2023, the year ended 31 December 2023, down 21.6% on the year before. Net income was $589 million, down 87.1%, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2024.
Revenue
$44.6 billion
-21.6% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$589 million
-87.1% on the year
FY2016FY2023
Diluted EPS
$0.82
-86.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
5,196
7,475
7,009
-30.5%
Capital expenditure
2,356
1,823
1,501
+29.2%
Free cash flow
2,840
5,652
5,508
-49.8%
Free cash flow margin
6.4%
9.9%
10.0%
Cash from investing
-2,928
-2,970
-2,914
Cash from financing
-3,115
-3,361
-6,071
Depreciation and amortisation
2,611
2,758
2,842
-5.3%
Share-based compensation
212
211
276
+0.5%
Buybacks
625
2,325
1,000
-73.1%
Dividends paid
1,972
2,006
2,073
-1.7%
Dividend per share
$2.80
$2.80
$2.80
0.0%
Diluted shares, weighted
709m
726m
749m
-2.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
18,607
20,718
18,165
-10.2%
Non-controlling interest
501
529
574
-5.3%
Short-term borrowings
n/a
362
n/a
Debt
15,086
15,060
14,672
+0.2%
Operating lease liabilities
1,032
997
1,149
+3.5%
Finance lease liabilities
n/a
n/a
763
Other liabilities
22,741
22,937
27,667
-0.9%
Total liabilities and equity
57,967
60,603
62,990
-4.3%
Fixed assets
21,066
20,442
20,555
+3.1%
Goodwill
8,641
8,644
8,764
-0.0%
Intangible assets
2,072
2,442
2,881
-15.2%
Investments
n/a
939
245
Securities held for sale or to maturity
1,860
n/a
n/a
Cash and equivalents
2,987
3,886
2,988
-23.1%
Receivables
4,718
5,611
6,841
-15.9%
Inventory
6,076
6,988
7,372
-13.1%
Other assets
10,547
11,651
13,344
-9.5%
Total assets
57,967
60,603
62,990
-4.3%
10-K for the year ended 31 December 2023, filed 31 January 2024: the filing.