$DOW Dow Inc. | Understand Stock

What Do They Do?

Sells polyethylene and other plastic materials to packaging makers, brand owners and manufacturers serving mobility and infrastructure markets. Also supplies intermediate chemicals and customized formulations to manufacturers.

How Do They Make Money?

Most revenue comes from product sales to manufacturers and distributors; customers typically pay 30 to 60 days after invoicing, with sales usually completed when products ship. Other revenue is mainly insurance premiums and patent and technology licensing, including sales-based royalties.

revenue

Segment	Share	How money arrives
Packaging & Specialty Plastics Sold outright	50% FY2022: 51%	Sold outright
Industrial Intermediates & Infrastructure Sold outright	28% FY2022: 29%	Sold outright
Performance Materials & Coatings Sold outright	20% FY2022: 19%	Sold outright
Corporate Segment	1.8% FY2022: 0.5%

Who Are Their Customers?

Manufacturers and distributors buy products, mainly through Dow's sales force, with some sales through distributors; packaging brand owners are also served.

Do Revenues Turn Into Profits?

No. It lost $2.4B in FY2025.

Operating income, FY2025

1% of revenue

▼ −82% vs FY2024 ($2.2B, 5%)

Net income, FY2025

−6% of revenue

▼ Now a loss vs FY2024 ($1.2B, 3%)

Free cash flow, FY2025

−4% of revenue

▲ +5465% (Loss) vs FY2024 (−$26M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +13%; vs $10B in Q3 FY2025
Net income: ▲ +323%; vs $124M in Q3 FY2025

Packaging & Specialty Plastics share of revenue vs 49.0% in Q3 FY2025

Apr 14, 2026 Karen Carter appointed CEO; Jim Fitterling becomes Executive Chair Carter takes over July 1, 2026; Fitterling remains with the company as Executive Chair.

Shrinking. Revenue fell 27% in 4 years, from $55B in FY2021 to $40B in FY2025, about 8% a year.

Broader end markets Industrial Solutions' latest description adds data centers, consumer health, and lubricants and fluids to the markets it serves, alongside several markets listed in the earlier report.

Revenue over time

Packaging & Specialty Plastics Industrial Intermediates & Infrastructure Performance Materials & Coatings Corporate Segment

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Chevron Phillips Chemical, ExxonMobil, INEOS, LyondellBasell, SABIC, Shell, Sinopec, Borealis, CNPC, Lanxess, and Nova