Dow (DOW) FY2025 results: revenue $40.0 billion, down 7.0% on the year

Dow is a materials science company selling into packaging, infrastructure, mobility and consumer markets. Dow Inc. was incorporated in Delaware on 30 August 2018 as a holding company for The Dow Chemical Company, which was itself incorporated in Delaware in 1947 and succeeded a Michigan corporation of the same name organised in 1897. It runs manufacturing sites in 29 countries and employs approximately 34,600 people, and its offices are in Midland, Michigan. Six global businesses are organised into three operating segments, with Corporate holding the reconciliation to company totals. No single customer accounted for a large share of what was sold in 2025.

Packaging and Specialty Plastics

Two integrated businesses. Hydrocarbons & Energy produces ethylene, which is transferred to downstream derivative businesses at market-based prices, along with propylene and aromatics, and it produces and procures the power, steam and feedstocks the company's plants use. Packaging and Specialty Plastics produces and markets polyethylene along with other ethylene derivatives including polyolefin elastomers, ethylene vinyl acetate and ethylene propylene diene monomer rubber. The segment sells into food and specialty packaging, industrial and consumer packaging, health and hygiene, caps, closures and pipe, consumer durables, mobility and infrastructure. The company participates across the whole ethylene-to-polyethylene chain, which it says lets it manage market swings through feedstock and derivative flexibility, and it runs Pack Studio sites in every geographic region as laboratories and testing facilities for customers and brand owners.

Industrial Intermediates and Infrastructure

Also two businesses. Industrial Solutions produces purified ethylene oxide, amines, solvents, glycol ethers and alkoxylates, sold into coatings, crop protection, consumer health, data centres, detergents and cleaners, electronics, inks, lubricants and fluids, and oil and gas. Polyurethanes & Construction Chemicals holds three: Polyurethanes, the largest producer of propylene oxide, propylene glycol and polyether polyols, which also makes aromatic isocyanates, formulated polyurethane systems and coatings, adhesives, sealants, elastomers and composites for appliances, furniture, bedding, footwear, refrigerated transport, building insulation panels, electric vehicle battery assembly and aircraft deicing fluids; Chlor-Alkali & Vinyl, which makes chlorine, caustic soda, ethylene dichloride and vinyl chloride monomer largely for internal use from assets mostly in Western Europe and Latin America; and Construction Chemicals, which makes cellulose ethers, redispersible latex powders and acrylic emulsions for roofing, flooring and gypsum, cement, concrete and dispersion-based building materials.

Performance Materials and Coatings

Built on acrylics, cellulosics and silicone technology. Coating Materials makes ingredients and additives for paints and coatings, architectural and industrial, improving hiding and coverage, durability, ease of application and lower volatile organic compound content. Performance Monomers makes the acrylics-based building blocks used in coatings, textiles, adhesives and home and personal care products. Performance Silicones & Specialty Materials serves consumer and electronics, home and personal care, industrial and chemical processing, infrastructure and mobility customers, and Silicone Feedstocks & Intermediates produces silicon metal, siloxanes and intermediates for those downstream silicone products.

Joint ventures

A substantial part of the business sits outside consolidated operations. EQUATE Petrochemical Company and The Kuwait Olefins Company, both Kuwait-based and 42.5 percent owned, make ethylene, polyethylene and ethylene glycol. The Kuwait Styrene Company, also 42.5 percent owned, makes styrene monomer. Map Ta Phut Olefins in Thailand is 32.77 percent owned on an effective basis, and The SCGC-Dow Group of Thai companies making polyethylene, polystyrene, styrene, latex and specialty elastomers is half owned. Sadara Chemical Company in Saudi Arabia is 35 percent owned, and Dow markets a large part of its output, under a marketing rights transition plan agreed with the Saudi Arabian Oil Company in 2021 that is moving those rights toward each partner's equity share.

What it is building

A polyethylene unit on the U.S. Gulf Coast was completed in 2025. An integrated ethylene and derivatives complex in Alberta, Canada is under construction, which the company states will add 2 million metric tons of capacity while decarbonising 20 percent of its global ethylene capacity. On recycling, it works with Mura Technology, whose first United Kingdom plant of 20,000 metric tons began initial feedstock production in 2025 with Dow as the main recipient, and it has invested in Xycle, which is building an advanced recycling plant in the Port of Rotterdam. Its stated target is to commercialise 3 million metric tons of circular and renewable solutions a year by 2030.

From Dow's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 3 February 2026: read the full 10-K.