DOW CHEMICAL CO /DE/

CIK:0000029915|SEC Filings

Dow Consolidated Statements of Income Statement - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 12,092	$ 10,104	$ 21,886	$ 20,535
Cost of sales	9,925	9,521	19,079	19,281
Research and development expenses	207	188	388	388
Selling, general and administrative expenses	535	347	952	713
Amortization of intangibles	40	63	86	139
Restructuring and asset related charges - net	503	591	530	799
Equity in earnings (losses) of nonconsolidated affiliates	36	(30)	(267)	(50)
Sundry income (expense) - net	125	147	246	160
Interest income	38	39	80	67
Interest expense and amortization of debt discount	210	209	429	425
Income (loss) before income taxes	871	(659)	481	(1,033)
Provision for income taxes	69	142	124	58
Net income (loss)	802	(801)	357	(1,091)
Net income attributable to noncontrolling interests	81	34	169	51
Net income (loss) available for The Dow Chemical Company common stockholder	$ 721	$ (835)	$ 188	$ (1,142)
Earnings (loss) per common share - basic	$ 0.99	$ (1.18)	$ 0.25	$ (1.62)
Earnings (loss) per common share - diluted	$ 0.99	$ (1.18)	$ 0.25	$ (1.62)
Weighted-average common shares outstanding - basic	723.5	709.5	722.4	708.2
Weighted-average common shares outstanding - diluted	725.1	709.5	723.5	708.2

Dow Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net income (loss)	$ 357	$ (1,091)
Depreciation and amortization	1,383	1,438
Credit for deferred income tax	(114)	(131)
Earnings of nonconsolidated affiliates less than dividends received	543	220
Net periodic pension benefit credit	(16)	(50)
Pension contributions	(78)	(76)
Net gain on sales of assets, businesses and investments	(49)	(102)
Restructuring and asset related charges - net	530	799
Other net loss	3	104
Accounts and notes receivable	(1,761)	(935)
Inventories	(638)	(158)
Accounts payable	1,347	(12)
Other assets and liabilities, net	941	(372)
Cash provided by (used for) operating activities - continuing operations	2,448	(366)
Cash provided by (used for) operating activities - discontinued operations	7	(13)
Cash provided by (used for) operating activities	2,455	(379)
Capital expenditures	(1,135)	(1,347)
Proceeds from incentives related to capital expenditures	49	0
Cash flow hedging related to capital expenditures	(6)	0
Investment in gas field developments	(48)	(68)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	58	131
Investments in and loans to nonconsolidated affiliates	(133)	(20)
Purchases of investments	(782)	(205)
Proceeds from sales and maturities of investments	524	552
Other investing activities, net	53	(5)
Cash used for investing activities	(1,420)	(962)
Changes in short-term notes payable	17	48
Proceeds from issuance of short-term debt greater than three months	16	37
Payments on short-term debt greater than three months	(34)	(41)
Proceeds from issuance of long-term debt	81	1,107
Payments on long-term debt	(206)	(1,114)
Proceeds from (Repayments of) Accounts Receivable Securitization	0	18
Transaction financing, debt issuance and other costs	(3)	(85)
Employee taxes paid for share-based payment arrangements	(15)	(16)
Distributions to noncontrolling interests	(158)	(56)
Proceeds from Noncontrolling Interests	0	2,433
Dividends paid to stockholders	(505)	(990)
Cash provided by (used for) financing activities	(807)	1,341
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(76)	253
Increase in cash, cash equivalents and restricted cash	152	253
Cash, cash equivalents and restricted cash at beginning of period	3,952	2,263
Cash, cash equivalents and restricted cash at end of period	4,104	2,516
Less: Restricted cash and cash equivalents, included in "Other current assets"	131	117
Cash and cash equivalents and end of period	$ 3,973	$ 2,399

Dow Consolidated Balance Sheets Statement - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Cash and cash equivalents (variable interest entities restricted - 2026: $237; 2025: $31)	$ 3,973	$ 3,816
Trade (net of allowance for doubtful receivables - 2026: $70; 2025: $59)	6,430	4,762
Other	2,049	1,876
Inventories	7,233	6,595
Other current assets	1,186	1,013
Total current assets (variable interest entities restricted - 2026: $443; 2025: $228)	20,871	18,062
Investment in nonconsolidated affiliates	1,121	1,264
Other investments (investments carried at fair value - 2026: $2,379; 2025: $2,212)	3,289	3,017
Noncurrent receivables	563	309
Total investments	4,973	4,590
Property	66,599	65,863
Less: Accumulated depreciation	44,391	43,613
Net property (variable interest entities restricted - 2026: $2,348; 2025: $2,385)	22,208	22,250
Goodwill	7,934	7,978
Other intangible assets (net of accumulated amortization - 2026: $5,821; 2025: $5,727)	1,371	1,486
Operating lease right-of-use assets	1,367	1,356
Deferred income tax assets	1,570	1,511
Deferred charges and other assets	1,291	1,305
Total other assets (variable interest entities restricted - 2026: $213; 2025: $226)	13,533	13,636
Total Assets	61,585	58,538
Notes payable	86	90
Long-term debt due within one year	758	222
Accounts payable - Trade	5,385	4,151
Accounts payable - Other	1,622	1,394
Operating lease liabilities - current	341	340
Income taxes payable	359	337
Accrued Liabilities, Current	3,380	2,649
Total current liabilities (variable interest entities nonrecourse - 2026: $461; 2025: $438)	11,931	9,183
Long-Term Debt (variable interest entities nonrecourse - 2026: $179; 2025: $190)	17,151	17,849
Deferred income tax liabilities	353	364
Pension and other postretirement benefits - noncurrent	4,462	4,694
Asbestos-related liabilities - noncurrent	582	628
Operating lease liabilities - noncurrent	1,092	1,097
Other noncurrent obligations	8,647	7,201
Total other noncurrent liabilities (variable interest entities nonrecourse - 2026: $339; 2025: $364)	15,136	13,984
Common stock (authorized 5,000,000,000 shares of $0.01 par value each; issued 2026: 791,918,759 shares; 2025: 790,287,565 shares)	8	8
Additional Paid in Capital, Common Stock	11,073	11,112
Retained earnings	16,457	16,781
Accumulated other comprehensive loss	(7,662)	(7,660)
Treasury stock at cost (2026: 69,578,048 shares; 2025: 73,065,152 shares)	(4,016)	(4,233)
Dow Inc.’s stockholders’ equity	15,860	16,008
Noncontrolling interests	1,507	1,514
Total equity	17,367	17,522
Total Liabilities and Equity	$ 61,585	$ 58,538