Dow (DOW) Q4 FY2025 earnings: revenue $9.5 billion, down 9.1% on the year

Dow Inc. (DOW) reported revenue of $9.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 9.1% on the same quarter a year earlier. Net income was -$1.5 billion, and diluted earnings per share $-2.15. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.

Revenue

$9.5 billion

-9.1% on the year · -5.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

-$1.5 billion

Q1 FY2024Q4 FY2025

Diluted EPS

-$2.15

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Net sales fell 9% year-over-year: Net sales were $9.5 billion, down 9% year-over-year, with declines in all operating segments. Sequentially, net sales were down 5%, led by local price and volume declines from normal seasonality.
Operating loss per share widened: GAAP loss per share was $2.15. Operating EPS was a loss of $0.34, compared with $0.00 a year earlier and a loss of $0.19 in the prior quarter.
Local price down 8%: Local price was down 8% versus the year-ago period and down 3% sequentially. Price declines were the main driver of the year-over-year fall in operating earnings.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	9,460	9,973	10,405	-5.1%	-9.1%
Cost of revenue	8,912	9,242	9,470	-3.6%	-5.9%
Gross profit	548	731	935	-25.0%	-41.4%
Gross margin	5.8%	7.3%	9.0%
Research and development	173	191	202	-9.4%	-14.4%
Selling, general and administrative	339	340	353	-0.3%	-4.0%
Interest expense	219	221	216	-0.9%	+1.4%
Pre-tax income	-1,548	70.0	219
Income tax	-71.0	-54.0	254
Effective tax rate	n/a	-77.1%	116.0%
Net income	-1,534	62.0	-44.0
Net margin	-16.2%	0.6%	-0.4%
Diluted EPS	-$2.15	$0.08	-$0.08

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	284	1,127	814	-74.8%	-65.1%
Capital expenditure	568	564	767	+0.7%	-25.9%
Free cash flow	-284	563	47.0
Free cash flow margin	-3.0%	5.6%	0.5%
Cash from investing	-669	-495	-912
Cash from financing	-433	1,600	-445
Depreciation and amortisation	708	688	751	+2.9%	-5.7%
Buybacks	0.0	0.0	0.0
Dividends paid	251	249	492	+0.8%	-49.0%
Dividend per share	n/a	$0.35	n/a
Diluted shares, weighted	n/a	713m	n/a
Shares outstanding at period end	718m	711m	704m	+1.0%	+1.9%

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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	16,008	17,541	17,355	-8.7%	-7.8%
Non-controlling interest	1,514	1,523	496	-0.6%	+205.2%
Debt	18,161	18,255	16,343	-0.5%	+11.1%
Operating lease liabilities	1,097	1,046	984	+4.9%	+11.5%
Other liabilities	21,758	22,625	22,134	-3.8%	-1.7%
Total liabilities and equity	58,538	60,990	57,312	-4.0%	+2.1%
Fixed assets	22,250	22,539	22,004	-1.3%	+1.1%
Goodwill	7,978	8,690	8,565	-8.2%	-6.9%
Intangible assets	1,486	1,546	1,721	-3.9%	-13.7%
Securities held for sale or to maturity	2,203	2,063	2,033	+6.8%	+8.4%
Cash and equivalents	3,816	4,609	2,189	-17.2%	+74.3%
Receivables	4,762	5,044	4,756	-5.6%	+0.1%
Inventory	6,595	6,675	6,544	-1.2%	+0.8%
Other assets	9,448	9,824	9,500	-3.8%	-0.5%
Total assets	58,538	60,990	57,312	-4.0%	+2.1%

Questions

What was Dow's revenue in Q4 FY2025?

Dow (DOW) reported revenue of $9.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 9.1% on the same quarter a year earlier.

How much did Dow earn in Q4 FY2025?

Net loss for Q4 FY2025 was $1.5 billion, and the diluted loss per share $2.15.

When did Dow report Q4 FY2025 results?

Dow filed its 10-K for the year that ended with the quarter on 3 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	14,364	15,264	15,664	14,115	11,859	11,851	11,420	10,730	10,621	10,765	10,915	10,879	10,405	10,431	10,104	9,973	9,460	9,794	12,092	11,267
Cost of revenue	11,778	12,402	12,899	12,381	10,656	10,629	9,875	9,592	9,646	9,488	9,591	9,809	9,470	9,760	9,521	9,242	8,912	9,154	9,925	9,889
Gross profit	2,586	2,862	2,765	1,734	1,203	1,222	1,545	1,138	975	1,277	1,324	1,070	935	671	583	731	548	640	2,167	1,378
Gross margin	18%	19%	18%	12%	10%	10%	14%	11%	9%	12%	12%	10%	9%	6%	6%	7%	6%	7%	18%	12%
R&D	225	218	217	191	225	214	205	197	213	204	196	208	202	200	188	191	173	181	207	180
SG&A	436	498	435	356	386	428	408	380	411	442	390	396	353	366	347	340	339	417	535	408
Interest expense	170	167	165	155	175	185	172	192	197	199	197	199	216	216	209	221	219	219	210	211
Pre-tax income	2,118	2,055	2,169	1,001	865	-120	711	417	-352	449	608	324	219	-374	-659	70.0	-1,548	-390	871	642
Tax rate	17%	24%	22%	24%	25%	n/a	30%	22%	n/a	-20%	25%	26%	116%	n/a	n/a	-77%	n/a	n/a	8%	18%
Net income	1,759	1,569	1,661	739	634	-93.0	485	302	-97.0	516	439	214	-44.0	-307	-835	62.0	-1,534	-533	721	458
Net margin	12%	10%	11%	5%	5%	-1%	4%	3%	-1%	5%	4%	2%	-0%	-3%	-8%	1%	-16%	-5%	6%	4%
Diluted EPS	$2.32	$2.11	$2.26	$1.02	$0.85	-$0.13	$0.68	$0.42	-$0.15	$0.73	$0.62	$0.30	-$0.08	-$0.44	-$1.18	$0.08	-$2.15	-$0.74	$0.99	$0.62
Operating cash flow	2,575	1,603	1,854	1,940	2,078	535	1,347	1,658	1,656	464	836	800	814	91.0	-470	1,127	284	1,124	1,331	1,838
Capital expenditure	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	714	723	736	767	685	662	564	568	503	632	706
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-250	113	64.0	47.0	-594	-1,132	563	-284	621	699	1,132
Buybacks	400	600	800	800	125	125	250	125	125	200	200	94.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	512	513	505	493	495	496	493	492	491	493	491	490	492	494	496	249	251	252	253	253
Shares outstanding	736m	728m	718m	704m	702m	707m	703m	701m	702m	703m	701m	700m	704m	707m	709m	711m	718m	721m	722m	724m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-K for the period ended 31 December 2025, filed 3 February 2026: the filing.