Dow Inc. (DOW) quarterly cash flow statement — complete operating, investing & financing history
Dow Inc. (DOW) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 1.33B | 1.12B | 1.03B | 1.13B | -470M | 91M | 814M | 800M | 836M | 464M | 1.66B | 1.66B | 1.35B | 535M | 2.08B | 1.94B | 1.85B | 1.6B | 2.58B | 2.72B |
| Operating CF Margin % | 11.01% | 11.48% | 10.91% | 11.3% | -4.65% | 0.87% | 7.82% | 7.35% | 7.66% | 4.31% | 15.59% | 15.45% | 11.8% | 4.51% | 17.52% | 13.74% | 11.84% | 10.5% | 17.93% | 18.34% |
| Operating CF Growth % | 383.19% | 1135.16% | 26.78% | 40.88% | -156.22% | -80.39% | -50.85% | -51.75% | -37.94% | -13.27% | -20.31% | -14.54% | -27.35% | -66.63% | -19.3% | -28.7% | -7.49% | 650.86% | 57.98% | 53.99% |
| Net Income | 721M | -445M | -2.44B | 62M | -801M | -290M | -35M | 240M | 458M | 538M | -95M | 327M | 501M | -73M | 647M | 760M | 1.68B | 1.55B | 1.76B | 1.71B |
| Depreciation & Amortization | 664M | 719M | 2.83B | 688M | 724M | 714M | 751M | 741M | 682M | 720M | 657M | 657M | 649M | 648M | 654M | 668M | 684M | 752M | 655M | 725M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -66M | -48M | -341M | -48M | 46M | -177M | 269M | -162M | 21M | 7M | -405M | -228M | -171M | -418M | -45M | -224M | 95M | 253M | -210M | 100M |
| Other Non-Cash Items | 559M | 562M | 2.18B | 3M | 428M | 454M | -32M | 151M | 63M | 123M | 867M | 73M | 258M | 881M | 81M | 216M | -150M | 637M | -169M | 347M |
| Working Capital Changes | -547M | 336M | -1.2B | 422M | -867M | -610M | -139M | -170M | -388M | -924M | 632M | 829M | 110M | -503M | 741M | 520M | -456M | -1.59B | 538M | -157M |
| Change in Receivables | -1.23B | -531M | 73M | 535M | -634M | -301M | 594M | -333M | 115M | -600M | 796M | 209M | 224M | -68M | 864M | 1.09B | -26M | -741M | 90M | -319M |
| Change in Inventory | -458M | -180M | -52M | 26M | 63M | -221M | 147M | -293M | -86M | -297M | 67M | 276M | 338M | 163M | 601M | 654M | -465M | -443M | -266M | -224M |
| Change in Payables | 796M | 551M | -999M | -480M | -50M | 38M | -323M | 57M | 146M | 398M | 125M | 127M | -355M | -631M | -395M | -929M | -17M | 86M | 971M | 130M |
| Cash from Investing | -972M | -448M | -2.13B | 15M | -561M | -401M | -912M | -691M | -494M | -271M | -1.08B | -1.01B | -684M | -150M | -1.63B | -576M | -396M | -367M | -1.38B | -767M |
| Capital Expenditures | -632M | -503M | -2.48B | -564M | -662M | -685M | -4M | -121M | -723M | -714M | -13M | -51M | -32M | -442M | -176M | -56M | -1M | -2M | -711M | -415M |
| CapEx % of Revenue | 5.23% | 5.14% | 26.21% | 5.66% | 6.55% | 6.57% | 0.04% | 1.11% | 6.62% | 6.63% | 0.12% | 0.48% | 0.28% | 3.73% | 1.48% | 0.4% | 0.01% | 0.01% | 4.95% | 2.8% |
| Acquisitions | 103M | 4M | 0 | 646M | -17M | -3M | -3M | -21M | -2M | -2M | -1M | -2M | 61M | 35M | -79M | -36M | -27M | 5M | 0 | 5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -37M | 84M | 212M | 10M | 121M | 5M | -581M | -741M | 17M | 3M | -745M | -599M | -559M | -35M | -550M | -441M | -472M | -326M | -373M | -10M |
| Cash from Financing | -487M | -320M | 2.51B | 1.09B | 1.86B | -521M | -445M | -594M | -695M | 566M | -711M | -497M | -1.05B | -854M | 1.15B | -1.42B | -2.08B | -1.02B | -1.1B | -2.47B |
| Debt Issued (Net) | -134M | 6M | 1.31B | 1.4B | -23M | 60M | -1M | -13M | 4M | 1.27B | -190M | 119M | -286M | -234M | 1.72B | -105M | -668M | -44M | -253M | -1.12B |
| Equity Issued (Net) | 0 | 0 | 85M | 0 | 0 | 0 | 115M | -94M | -191M | -158M | 0 | -117M | -250M | -70M | -12M | -798M | -738M | -565M | -292M | -388M |
| Dividends Paid | -253M | -252M | -1.49B | -249M | -496M | -494M | -492M | -490M | -491M | -493M | -491M | -492M | -493M | -496M | -495M | -493M | -505M | -513M | -512M | -518M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -94M | -200M | -200M | -125M | -125M | -250M | -125M | -125M | -800M | -800M | -600M | -400M | -400M |
| Other Financing | -100M | -73M | 2.6B | -64M | 2.38B | -87M | -67M | 3M | -17M | -58M | -30M | -7M | -24M | -54M | -58M | -21M | -168M | 105M | -40M | -448M |
| Net Change in Cash | -131M | 283M | 1.69B | 2.24B | 961M | -708M | -724M | -398M | -368M | 705M | -52M | 117M | -447M | -510M | 1.62B | -152M | -738M | 174M | 57M | -565M |
| Free Cash Flow | 699M | 621M | -1.45B | 563M | -1.13B | -594M | 43M | -57M | 113M | -250M | 885M | 1.01B | 754M | 93M | 1.3B | 1.43B | 1.4B | 1.29B | 1.4B | 2.31B |
| FCF Margin % | 5.78% | 6.34% | -15.3% | 5.65% | -11.2% | -5.69% | 0.41% | -0.52% | 1.04% | -2.32% | 8.33% | 9.41% | 6.6% | 0.78% | 10.99% | 10.15% | 8.91% | 8.43% | 9.73% | 15.54% |
| FCF Growth % | 161.75% | 204.55% | -3465.12% | 1087.72% | -1101.77% | -137.6% | -95.14% | -105.64% | -85.01% | -368.82% | -32.08% | -29.47% | -45.99% | -92.77% | -6.8% | -37.9% | -16.41% | 320.96% | 4.96% | 71.07% |
| FCF per Share | 0.99 | 0.86 | -2.01 | 0.79 | -1.60 | -0.84 | 0.06 | -0.08 | 0.16 | -0.35 | 1.26 | 1.43 | 1.06 | 0.13 | 1.83 | 1.99 | 1.91 | 1.74 | 1.88 | 3.07 |
| FCF Conversion (FCF/Net Income) | 1.85x | -2.53x | -0.67x | 18.18x | 0.56x | -0.30x | -15.36x | 3.74x | 1.90x | 0.90x | -15.77x | 5.49x | 2.78x | -5.75x | 3.39x | 2.63x | 1.12x | 1.02x | 1.48x | 1.62x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |