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Dow Inc. cash flow statement

In fiscal 2025, Dow Inc.'s operations generated $1.03bn of cash; it spent $2.48bn on capital projects, leaving free cash flow of −$1.45bn. It returned $1.49bn in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−4,9294,2545,9306,2267,0097,4755,1962,9141,0324,577
Depreciation and amortisation2,5462,9092,9382,8742,8422,7582,6112,8942,8342,757
Stock-based pay310188158171276211212159154—
Capital spending2,8072,0911,9611,2521,5011,8232,3562,9402,4790
Free cash flow−7,7362,1633,9694,9745,5085,6522,840−26−1,4474,577
Free cash flow after stock pay−8,0461,9753,8114,8035,2325,4412,628−185−1,601—
Dividends paid1,0563,7115352,0712,0732,0061,9721,9661,4901,009
Share buybacks005001251,0002,3256254940—
Shares issued661129310832021218816685—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Dow Inc.'s SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dow Inc.