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Dow Cash Flow Statement

Operating, investing, and financing cash movements

Dow generated $2.1B in operating cash flow over the trailing twelve months. After $2.3B in capital expenditures, free cash flow was -$1.4B. Free cash flow decreased 1.6% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.1BNet Cash From Investing (TTM)-$2.2BNet Cash From Financing (TTM)$2.5BCapital Expenditures (TTM)$2.3BDepreciation And Amortization Cf (TTM)$2.8BNet Change In Cash (TTM)$1.8B
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$24.2B
ROE-16.67%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$767M$685M$662M$564M$568M$503M
Payment for (Proceeds from) Other Investing Activity$12M-$2M$7M-$10M-$27M-$41M
Payments To Acquire Machinery And Equipment$767M$685M$662M$564M$568M$503M
Net cash from investing activities-$912M-$401M-$561M-$495M-$669M-$448M
Proceeds from maturities/sales of investments$150M$416M$136M$159M$311M$319M
Proceeds from sale of businesses$198M$3M$128M$4M$4M$4M
Purchases of investments$428M$104M$101M$318M$358M$331M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash from operating activities — discontinued operations$3M-$13M$0-$3M-$14M$0
Effect of exchange rate changes on cash-$181M$123M$130M$6M$16M-$73M
Net increase (decrease) in cash-$724M-$708M$961M$2.2B—$283M
Cash flow hedging related to capital expenditures$0$0———-$3M
Investments in and loans to nonconsolidated affiliates$3M$3M$17M$1M$11M$0
Payments to Explore and Develop Oil and Gas Properties$46M$30M$38M$42M$47M$21M
Proceeds from incentives related to capital expenditures$0$0——$13M$40M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable—$38M-$50M-$480M-$507M$551M
Change in inventories—$221M———$180M
Other working capital changes$557M$126M$246M—$189M-$596M
Change in receivables—$301M$634M-$535M-$473M$531M
Deferred income taxes$269M-$177M—-$48M-$162M-$48M
Depreciation and amortization$751M$714M$724M$688M$708M$719M
Distributions from equity method investments-$127M-$133M-$87M-$92M-$127M-$502M
Gain (loss) on sale of assets$7M$2M$100M$109M$9M$4M
Impairment charges$34M$208M$591M$23M$1B$27M
Net cash from operating activities$814M$91M-$470M$1.1B$284M$1.1B
Net income$32M-$290M-$801M$124M-$1.4B-$445M
Net cash provided by operating activities from discontinued operations$3M-$13M$0-$3M-$14M$0
Gain (Loss) on Disposition of Assets$7M$2M$100M$109M$9M$4M
Income Loss From Equity Method Investments Net Of Dividends Or Distributions-$127M-$133M-$87M-$92M-$127M-$502M
Increase (Decrease) in Accounts and Notes Receivable—$301M$634M-$535M-$473M$531M
Other Noncash Income (Expense)—-$185M—-$30M-$306M$14M
Payment for Pension and Other Postretirement Benefits$29M$31M$45M$69M$64M$41M
Restructuring charges, net of cash paid (Note 15)$34M$208M$591M$23M$1B$27M
Pension and postretirement benefit expense-$67M-$26M-$24M-$23M-$22M-$8M
Pension contributions$29M$31M$45M$69M$64M$41M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$29M$11M$26M$13M$14M$4M
Repayments of debt$43M$957M$157M$93M$254M$46M
Distributions to noncontrolling interests$28M$22M$34M$37M$80M$59M
Dividends paid$492M$494M$496M$249M$251M$252M
Proceeds from new debt$24M$1B$94M$1.5B$126M$52M
Net borrowings/(repayments) under accounts receivable financing-$37M$15M——-$6M$0
Short-term borrowings/(repayments) less than 90 days — net$0-$1M$49M-$12M-$41M$0
Issuances - maturities longer than 90 days$29M$11M$26M$13M$14M$4M
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security$43M$957M$157M$93M$254M$46M
Repayments of Short-Term Debt, Maturing in More than Three Months$11M$6M$35M$5M$17M$4M
Net cash from financing activities-$445M-$521M$1.9B$1.6B—-$320M
Payment of debt issuance costs$1M$64M$21M$45M$7M$1M
Net change in short-term borrowings$0-$1M$49M-$12M-$41M$0
Taxes paid for net share settlement$1M$16M——$2M$14M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow—-$594M-$1.1B—-$284M$621M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pension And Other Postretirement Benefit Expense-$67M-$26M-$24M-$23M-$22M-$8M