Dow (DOW) reported R&D of $181M in Q1 2026.

How has Dow's R&D changed year-over-year?

Dow's R&D decreased by 9.5% year-over-year, from $200M to $181M.

What is the long-term trend for Dow's R&D?

Over 4 years (2021 to 2025), Dow's R&D has grown at a -3.2% compound annual growth rate (CAGR), from $857M to $752M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Dow DOW R&D

R&D at other companies

Eastman ChemicalEMN

$60M-10.4%

Celanese CorporationCE

$28M-9.7%

LyondellBasell Industries N.V.LYB

$36M+5.9%

DuPont de Nemours, Inc.DD

$47M-6.0%

AshlandASH

$14M0.0%

PureCycle Technologies, Inc.PCT

$1.56M+0.2%

Other financials

Income statement

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Revenue$9.8B-6.1%

Gross profit$640.0M-4.6%

Net income-$533.0M-73.6%

EPS (diluted)-$0.93-336%

Balance sheet

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Cash & equivalents$4.2B+172%

Total debt$18.8B+1,167%

Total equity$15.2B-9.2%

Total assets$59.8B+4.0%

Cash flow

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Operating cash flow$1.1B+1,135%

CapEx$503.0M-26.6%

Free cash flow$621.0M+205%

Valuation

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Market cap$19.72B+4.1%

Enterprise value$34.32B+0.6%

P/S0.5×0.0×

Profitability

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Gross margin6.4%-3.0pp

Net margin-6.8%-7.7pp

FCF margin5.7%-2.6pp

Returns & leverage

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Return on equity-16.7%-18.8pp

Debt / equity1.2×+1.1×

Current ratio1.8×+0.3×

Where this comes from

Reported directly by Dow in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The official record: Dow’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Dow's R&D?: Dow (DOW) reported R&D of $181M in Q1 2026.
How has Dow's R&D changed year-over-year?: Dow's R&D decreased by 9.5% year-over-year, from $200M to $181M.
What is the long-term trend for Dow's R&D?: Over 4 years (2021 to 2025), Dow's R&D has grown at a -3.2% compound annual growth rate (CAGR), from $857M to $752M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.