DOW
equitynet sellingDow Inc · NEW YORK STOCK EXCHANGE, INC.
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Working it out…
Financials
As each period's own 10-K or 10-Q reported it
At the $28.42 close on Oct 9, 2026, against 721.2M shares and the balance sheet at Mar 31, 2026; earnings, sales and cash flow over the four quarters to Mar 31, 2026. A ratio is left out where its denominator is not positive. Fair value is the company's own median P/E, price to sales and price to free cash flow at its last ten fiscal year ends, applied to its trailing figures, the middle of the three: its valuation against its own past, not against its growth or its rivals.
| Line item | FY 2019 Dec 31, 2019 | FY 2020 Dec 31, 2020 | FY 2021 Dec 31, 2021 | FY 2022 Dec 31, 2022 | FY 2023 Dec 31, 2023 | FY 2024 Dec 31, 2024 | FY 2025 Dec 31, 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $43B | $38.5B | $55B | $56.9B | $44.6B | $43B | $40B |
| Gross margin | 14.6% | 13.5% | 19.6% | 15.0% | 10.9% | 10.7% | 6.3% |
| Operating income | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — |
| Net income | -$1.4B | $1.2B | $6.3B | $4.6B | $589M | $1.1B | -$2.6B |
| Net margin | -3.2% | 3.2% | 11.5% | 8.1% | 1.3% | 2.6% | -6.6% |
| EPS (diluted) | -$1.84 | $1.64 | $8.38 | $6.28 | $0.82 | $1.57 | -$3.70 |
| Operating cash flow | $5.9B | $6.2B | $7B | $7.5B | $5.2B | $2.9B | $1B |
| Capital spending | $2B | $1.3B | $1.5B | $1.8B | $2.4B | $2.9B | $2.5B |
| Free cash flow | $4B | $5B | $5.5B | $5.7B | $2.8B | -$26M | -$1.4B |
| Buybacks | $500M | $125M | $1B | $2.3B | $625M | $494M | $0 |
| Dividends paid | $535M | $2.1B | $2.1B | $2B | $2B | $2B | $1.5B |
| Cash | $2.4B | $5.1B | $3B | $3.9B | $3B | $2.2B | $3.8B |
| Debt | $16.4B | $17B | $14.5B | $15.1B | $15B | $16.2B | $18.1B |
| Shareholders' equity | $13.5B | $12.4B | $18.2B | $20.7B | $18.6B | $17.4B | $16B |
| Shares outstanding | 741.68M | 743.91M | 735.75M | 707.31M | 703.21M | 703.83M | 717.53M |
Figures come from the company's XBRL filings as the SEC publishes them. Quarters are worked out from year-to-date figures, and a fourth quarter is the year less its first nine months, which is why it has no EPS: per-share figures do not subtract. Earlier years are on today's share basis where a split has happened since. A later restatement is not mixed into a year it was never applied to, so where a 10-K restated the year before — a business sold, say — that year's fourth quarter is left blank rather than worked out across two bases. A dash means the company did not report that line under a standard tag for that period. Every filing on EDGAR.
Short interest
Shares sold short, as brokers report them to FINRA twice a month
| Settlement date | Shares short | Change | Days to cover |
|---|---|---|---|
| Sep 30, 2026 | 34.09M | -3.8% | 3.6 |
| Sep 15, 2026 | 35.43M | -4.3% | 4.2 |
| Aug 31, 2026 | 37.04M | -1.2% | 4.4 |
| Aug 14, 2026 | 37.5M | +6.2% | 4.5 |
| Jul 31, 2026 | 35.32M | +4.3% | 3.3 |
| Jul 15, 2026 | 33.85M | -2.8% | 3.1 |
| Jun 30, 2026 | 34.84M | +13.5% | 2.5 |
| Jun 15, 2026 | 30.69M | +16.7% | 2.6 |
Largest fails to deliver, the last year
57 settlement days with at least $10,000 of shares sold and not delivered
| Settlement date | Shares | Value |
|---|---|---|
| Jan 21, 2026 | 254.94K | $6.8M |
| Dec 1, 2025 | 148.43K | $3.5M |
| Nov 21, 2025 | 168.55K | $3.5M |
| Dec 22, 2025 | 138.87K | $3.2M |
| Feb 6, 2026 | 98.15K | $3M |
Short interest is every broker's short position at the settlement date, reported to FINRA and published about a week and a half later; it does not say who is short. Days to cover is the short position over the average day's trading, and the share of the company is against the shares outstanding on its latest filing. A fail to deliver is the balance of shares sold and not delivered by settlement, from the SEC: it can be a short seller who never borrowed the stock, but is as often a late delivery that clears within days.
What they lobby on
Disclosed to the Senate, largest spend first
- THE DOW CHEMICAL COMPANY, DBA DOW$1.8M
Marine/Maritime/Boating/Fisheries, Trade (domestic/foreign), Energy/Nuclear, Environment/Superfund, Homeland Security, Taxation/Internal Revenue Code, Transportation, Retirement, Health Issues, Foreign Relations, Manufacturing, Science/Technology, Financial Institutions/Investments/Securities, Budget/Appropriations, Food Industry (safety, labeling, etc.), Agriculture
1st Quarter (Jan 1 - Mar 31) 2026
- BROWNSTEIN HYATT FARBER SCHRECK, LLP$90K
Environment/Superfund, Taxation/Internal Revenue Code, Trade (domestic/foreign)
2nd Quarter (Apr 1 - June 30) 2026
- BROWNSTEIN HYATT FARBER SCHRECK, LLP$60K
Environment/Superfund, Taxation/Internal Revenue Code
1st Quarter (Jan 1 - Mar 31) 2026
- FIERCE GOVERNMENT RELATIONS$60K
Energy/Nuclear, Trade (domestic/foreign), Chemicals/Chemical Industry
1st Quarter (Jan 1 - Mar 31) 2026
- MILLER STRATEGIES, LLC$60K
Energy/Nuclear, Environment/Superfund
1st Quarter (Jan 1 - Mar 31) 2026
- NATIONAL DOWN SYNDROME SOCIETY$50K
Civil Rights/Civil Liberties
1st Quarter (Jan 1 - Mar 31) 2026
- ADAPTIVE GOVERNMENT RELATIONS$45K
Health Issues, Medicare/Medicaid, Budget/Appropriations, Welfare
2nd Quarter (Apr 1 - June 30) 2026
- WILLIAMS AND JENSEN, PLLC$30K
Health Issues, Budget/Appropriations
1st Quarter (Jan 1 - Mar 31) 2026
Federal contracts
Largest awards of the last two years
- Department of Defense$172.2M
IES DOWNSTREAM LLC · from Oct 26, 2022
- Department of Energy$100M
DOW CHEMICAL COMPANY, THE · from Jan 15, 2025
- Department of Defense$21.9M
SHADOWOBJECTS LLC · from Sep 26, 2020
- Department of Veterans Affairs$21.3M
SANDOW CONSTRUCTION INC · from Sep 29, 2023
- Department of Defense$13.3M
DOWNRANGE OPERATIONS AND TRAINING LLC · from Dec 10, 2024
- General Services Administration$9.3M
DOWNTOWN BUSINESS IMPROVEMENT DISTRICT CORP · from Jul 7, 2022
More on DOW
Who traded it
Most active first
Every disclosure
38 in total, newest first
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