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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________


Commission File Number	Exact Name of Registrant as Specified in its Charter, Principal Office Address and Telephone Number	State or Other Jurisdiction of Incorporation or Organization	I.R.S. Employer Identification No.
001-38646	Dow Inc.	Delaware	30-1128146
	2211 H.H. Dow Way, Midland, MI 48674
	(989) 636-1000
001-03433	The Dow Chemical Company	Delaware	38-1285128
	2211 H.H. Dow Way, Midland, MI 48674
	(989) 636-1000

Securities registered pursuant to Section 12(b) of the Act:


Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Dow Inc.	Common Stock, par value $0.01 per share	DOW	New York Stock Exchange
The Dow Chemical Company	0.500% Notes due March 15, 2027	DOW/27	New York Stock Exchange
The Dow Chemical Company	1.125% Notes due March 15, 2032	DOW/32	New York Stock Exchange
The Dow Chemical Company	1.875% Notes due March 15, 2040	DOW/40	New York Stock Exchange
The Dow Chemical Company	4.625% Notes due October 1, 2044	DOW/44	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Dow Inc.

☑

Yes

☐

The Dow Chemical Company

☑

Yes

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Dow Inc.

☑

Yes

☐

The Dow Chemical Company

☑

Yes

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dow Inc.

Large accelerated filer

☑

Accelerated
filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

The Dow Chemical Company

Large accelerated filer

☐

Accelerated
filer

☐

Non-accelerated filer

☑

Smaller reporting company

☐

Emerging growth company

☐

Table of Contents

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Dow Inc.

☐

The Dow Chemical Company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dow Inc.

☐

Yes

☑

The Dow Chemical Company

☐

Yes

☑

Dow Inc. had 710,767,392 shares of common stock, $0.01 par value, outstanding at September 30, 2025. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at September 30, 2025, all of which were held by the registrant’s parent, Dow Inc.

The Dow Chemical Company meets the conditions set forth in General Instruction H(1)(a) and (b) for Form 10-Q and therefore is filing this form with the reduced disclosure format.

Table of Contents

Dow Inc. and Subsidiaries

The Dow Chemical Company and Subsidiaries

QUARTERLY REPORT ON FORM 10-Q

For the quarterly period ended September 30, 2025

TABLE OF CONTENTS


		PAGE

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements.	5
	Dow Inc. and Subsidiaries:
	Consolidated Statements of Income.	5
	Consolidated Statements of Comprehensive Income.	6
	Consolidated Balance Sheets.	7
	Consolidated Statements of Cash Flows.	8
	Consolidated Statements of Equity.	9

	The Dow Chemical Company and Subsidiaries:
	Consolidated Statements of Income.	10
	Consolidated Statements of Comprehensive Income.	11
	Consolidated Balance Sheets.	12
	Consolidated Statements of Cash Flows.	13
	Consolidated Statements of Equity.	14

	Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries:
	Notes to the Consolidated Financial Statements.	15

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	45

	Results of Operations.	48

	Changes in Financial Condition.	55

	Other Matters.	62

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	63

Item 4.	Controls and Procedures.	63

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	64

Item 1A.	Risk Factors.	65

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	66

Item 4.	Mine Safety Disclosures.	66

Item 5.	Other Information.	66

Item 6.	Exhibits.	67

SIGNATURE		68

Table of Contents


Dow Inc. and Subsidiaries The Dow Chemical Company and Subsidiaries

This Quarterly Report on Form 10-Q is a combined report being filed by Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries (“TDCC” and together with Dow Inc., “Dow” or the "Company") due to the parent/subsidiary relationship between Dow Inc. and TDCC. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Each of Dow Inc. and TDCC is filing information in this report on its own behalf and neither company makes any representation to the information relating to the other company.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Certain statements in this report are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” "could," “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow’s products and services and ability to compete in such markets; Dow's ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies, or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow’s information technology networks and systems, including the impact of cyberattacks; risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities; and any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow’s business.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

Dow's website and its content are not deemed incorporated by reference into this report.

Table of Contents


PART I – FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS

Dow Inc. and Subsidiaries

Consolidated Statements of Income


	Three Months Ended				Nine Months Ended
In millions, except per share amounts (Unaudited)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Net sales	$	9,973	$	10,879	$	30,508	$	32,559
Cost of sales	9,242		9,809		28,523		28,888
Research and development expenses	191		208		579		608
Selling, general and administrative expenses	340		396		1,053		1,228
Amortization of intangibles	46		76		185		234
Restructuring and asset related charges - net	23		24		822		69
Equity in earnings (losses) of nonconsolidated affiliates	(72)		2		(122)		45
Sundry income (expense) - net	185		119		345		256
Interest income	47		36		114		143
Interest expense and amortization of debt discount	221		199		646		595
Income (loss) before income taxes	70		324		(963)		1,381
Provision (credit) for income taxes	(54)		84		4		145
Net income (loss)	124		240		(967)		1,236
Net income attributable to noncontrolling interests	62		26		113		67
Net income (loss) available for Dow Inc. common stockholders	$	62	$	214	$	(1,080)	$	1,169

Per common share data:
Earnings (loss) per common share - basic	$	0.08	$	0.30	$	(1.53)	$	1.65
Earnings (loss) per common share - diluted	$	0.08	$	0.30	$	(1.53)	$	1.65

Weighted-average common shares outstanding - basic	711.8		702.3		709.4		703.5
Weighted-average common shares outstanding - diluted	713.2		703.6		709.4		704.9

Depreciation	$	536	$	501	$	1,586	$	1,470
Capital expenditures	$	564	$	736	$	1,911	$	2,173

See Notes to the Consolidated Financial Statements.

Table of Contents

Dow Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income


	Three Months Ended				Nine Months Ended
In millions (Unaudited)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Net income (loss)	$	124	$	240	$	(967)	$	1,236
Other comprehensive income (loss), net of tax
Unrealized gains on investments	57		34		67		89
Cumulative translation adjustments	(33)		199		218		34
Pension and other postretirement benefit plans	28		18		69		52
Derivative instruments	11		31		(7)		3
Total other comprehensive income	63		282		347		178
Comprehensive income (loss)	187		522		(620)		1,414
Comprehensive income attributable to noncontrolling interests, net of tax	62		26		113		67
Comprehensive income (loss) attributable to Dow Inc.	$	125	$	496	$	(733)	$	1,347

See Notes to the Consolidated Financial Statements.

Table of Contents

Dow Inc. and Subsidiaries

Consolidated Balance Sheets


In millions, except share amounts (Unaudited)	Sep 30, 2025		Dec 31, 2024
Assets
Current Assets
Cash and cash equivalents	$	4,609	$	2,189
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2025: $71; 2024: $95)	5,044		4,756
Other	2,117		2,108
Inventories	6,675		6,544
Other current assets	1,201		993
Total current assets (variable interest entities restricted - 2025: $219; 2024: $55)	19,646		16,590
Investments
Investment in nonconsolidated affiliates	1,255		1,266
Other investments (investments carried at fair value - 2025: $2,073; 2024: $2,047)	2,812		3,033
Noncurrent receivables	427		380
Total investments	4,494		4,679
Property
Property	65,327		62,121
Less: Accumulated depreciation	42,788		40,117
Net property (variable interest entities restricted - 2025: $2,357; 2024: $122)	22,539		22,004
Other Assets
Goodwill	8,690		8,565
Other intangible assets (net of accumulated amortization - 2025: $5,702; 2024: $5,394)	1,546		1,721
Operating lease right-of-use assets	1,314		1,268
Deferred income tax assets	1,418		1,257
Deferred charges and other assets	1,343		1,228
Total other assets (variable interest entities restricted - 2025: $232; 2024: $15)	14,311		14,039
Total Assets	$	60,990	$	57,312
Liabilities and Equity
Current Liabilities
Notes payable	$	133	$	135
Long-term debt due within one year	413		497
Accounts payable:
Trade	4,535		4,847
Other	1,673		1,694
Operating lease liabilities - current	324		318
Income taxes payable	271		276
Accrued and other current liabilities	2,755		2,521
Total current liabilities (variable interest entities nonrecourse - 2025: $413; 2024: $24)	10,104		10,288
Long-Term Debt (variable interest entities nonrecourse - 2025: $172; 2024: $—)	17,709		15,711
Other Noncurrent Liabilities
Deferred income tax liabilities	383		392
Pension and other postretirement benefits - noncurrent	4,656		4,736
Asbestos-related liabilities - noncurrent	645		713
Operating lease liabilities - noncurrent	1,046		984
Other noncurrent obligations	7,383		6,637
Total other noncurrent liabilities (variable interest entities nonrecourse - 2025: $353; 2024: $13)	14,113		13,462
Stockholders’ Equity
Common stock (authorized 5,000,000,000 shares of $0.01 par value each; issued 2025: 785,965,252 shares; 2024: 784,471,939 shares)	8		8
Additional paid-in capital	11,099		9,203
Retained earnings	18,576		20,909
Accumulated other comprehensive loss	(7,763)		(8,110)
Treasury stock at cost (2025: 75,197,860 shares; 2024: 80,859,145 shares)	(4,379)		(4,655)
Dow Inc.’s stockholders’ equity	17,541		17,355
Noncontrolling interests	1,523		496
Total equity	19,064		17,851
Total Liabilities and Equity	$	60,990	$	57,312

See Notes to the Consolidated Financial Statements.

Table of Contents

Dow Inc. and Subsidiaries

Consolidated Statements of Cash Flows


In millions (Unaudited)	Nine Months Ended
	Sep 30, 2025		Sep 30, 2024
Operating Activities
Net income (loss)	$	(967)	$	1,236
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,126		2,143
Credit for deferred income tax	(179)		(134)
Earnings of nonconsolidated affiliates less than dividends received	312		221
Net periodic pension benefit credit	(73)		(143)
Pension contributions	(145)		(92)
Net gain on sales of assets, businesses and investments	(211)		(58)
Restructuring and asset related charges - net	822		69
Other net loss	134		332
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable	(400)		(818)
Inventories	(132)		(676)
Accounts payable	(492)		601
Other assets and liabilities, net	(31)		(589)
Cash provided by operating activities - continuing operations	764		2,092
Cash provided by (used for) operating activities - discontinued operations	(16)		8
Cash provided by operating activities	748		2,100
Investing Activities
Capital expenditures	(1,911)		(2,173)
Proceeds from incentives related to capital expenditures	132		—
Investment in gas field developments	(110)		(157)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	135		36
Acquisitions of property and businesses, net of cash acquired	—		(121)
Investments in and loans to nonconsolidated affiliates	(21)		(25)

Proceeds from sales of ownership interests in nonconsolidated affiliates	125		—
Purchases of investments	(523)		(1,381)
Proceeds from sales and maturities of investments	711		2,386

Other investing activities, net	5		(21)
Cash used for investing activities	(1,457)		(1,456)
Financing Activities
Changes in short-term notes payable	36		(61)
Proceeds from issuance of short-term debt greater than three months	50		114
Payments on short-term debt greater than three months	(46)		(6)
Proceeds from issuance of long-term debt	2,652		1,443
Payments on long-term debt	(1,207)		(224)
Collections on securitization programs, net of remittances	(3)		28
Purchases of treasury stock	—		(494)
Proceeds from issuance of stock	—		51
Transaction financing, debt issuance and other costs	(130)		(13)
Employee taxes paid for share-based payment arrangements	(16)		(38)
Distributions to noncontrolling interests	(93)		(49)
Proceeds from sale of noncontrolling interests	2,943		—
Dividends paid to stockholders	(1,239)		(1,474)
Other financing activities, net	(6)		—
Cash provided by (used for) financing activities	2,941		(723)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	259		18

Summary
Increase (decrease) in cash, cash equivalents and restricted cash	2,491		(61)
Cash, cash equivalents and restricted cash at beginning of period	2,263		3,048
Cash, cash equivalents and restricted cash at end of period	$	4,754	$	2,987
Less: Restricted cash and cash equivalents, included in "Other current assets"	145		104
Cash and cash equivalents at end of period	$	4,609	$	2,883

See Notes to the Consolidated Financial Statements.

Table of Contents

Dow Inc. and Subsidiaries

Consolidated Statements of Equity


	Three Months Ended				Nine Months Ended
In millions, except per share amounts (Unaudited)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Common Stock
Balance at beginning and end of period	$	8	$	8	$	8	$	8


Additional Paid-in Capital
Balance at beginning of period	10,758		9,012		9,203		8,880
Common stock issued/sold	—		—		—		51
Stock-based compensation	97		86		293		285
Treasury stock issuances - compensation and benefit plans	(96)		(43)		(276)		(161)
Sale of membership interest in Diamond Infrastructure Solutions (Note 17)	339		—		1,879		—
Other	1		—		—		—
Balance at end of period	11,099		9,055		11,099		9,055
Retained Earnings
Balance at beginning of period	18,766		21,739		20,909		21,774
Net income (loss) available for Dow Inc. common stockholders	62		214		(1,080)		1,169
Dividends to stockholders	(249)		(490)		(1,239)		(1,474)
Common control transaction	—		—		—		10
Other	(3)		(4)		(14)		(20)
Balance at end of period	18,576		21,459		18,576		21,459
Accumulated Other Comprehensive Loss
Balance at beginning of period	(7,826)		(7,785)		(8,110)		(7,681)
Other comprehensive income	63		282		347		178
Balance at end of period	(7,763)		(7,503)		(7,763)		(7,503)




Treasury Stock
Balance at beginning of period	(4,475)		(4,656)		(4,655)		(4,374)
Treasury stock purchases	—		(95)		—		(495)
Treasury stock issuances - compensation and benefit plans	96		43		276		161
Balance at end of period	(4,379)		(4,708)		(4,379)		(4,708)
Dow Inc.'s stockholders' equity	17,541		18,311		17,541		18,311
Noncontrolling Interests	1,523		530		1,523		530
Total Equity	$	19,064	$	18,841	$	19,064	$	18,841

Dividends declared per share of common stock	$	0.35	$	0.70	$	1.75	$	2.10

See Notes to the Consolidated Financial Statements.

Table of Contents

The Dow Chemical Company and Subsidiaries

Consolidated Statements of Income


	Three Months Ended				Nine Months Ended
In millions (Unaudited)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Net sales	$	9,973	$	10,879	$	30,508	$	32,559
Cost of sales	9,241		9,800		28,520		28,877
Research and development expenses	191		208		579		608
Selling, general and administrative expenses	340		396		1,053		1,228
Amortization of intangibles	46		76		185		234
Restructuring and asset related charges - net	23		24		822		69
Equity in earnings (losses) of nonconsolidated affiliates	(72)		2		(122)		45
Sundry income (expense) - net	184		118		360		253
Interest income	47		38		117		152
Interest expense and amortization of debt discount	221		199		646		595
Income (loss) before income taxes	70		334		(942)		1,398
Provision (credit) for income taxes	(54)		84		4		145
Net income (loss)	124		250		(946)		1,253
Net income attributable to noncontrolling interests	62		26		113		67
Net income (loss) available for The Dow Chemical Company common stockholder	$	62	$	224	$	(1,059)	$	1,186

Depreciation	$	536	$	501	$	1,586	$	1,470
Capital expenditures	$	564	$	736	$	1,911	$	2,173

See Notes to the Consolidated Financial Statements.

Table of Contents

The Dow Chemical Company and Subsidiaries

Consolidated Statements of Comprehensive Income


	Three Months Ended				Nine Months Ended
In millions (Unaudited)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Net income (loss)	$	124	$	250	$	(946)	$	1,253
Other comprehensive income (loss), net of tax
Unrealized gains on investments	57		34		67		89
Cumulative translation adjustments	(33)		199		218		34
Pension and other postretirement benefit plans	28		18		69		52
Derivative instruments	11		31		(7)		3
Total other comprehensive income	63		282		347		178
Comprehensive income (loss)	187		532		(599)		1,431
Comprehensive income attributable to noncontrolling interests, net of tax	62		26		113		67
Comprehensive income (loss) attributable to The Dow Chemical Company	$	125	$	506	$	(712)	$	1,364

See Notes to the Consolidated Financial Statements.

Table of Contents

The Dow Chemical Company and Subsidiaries

Consolidated Balance Sheets


In millions, except share amounts (Unaudited)	Sep 30, 2025		Dec 31, 2024
Assets
Current Assets
Cash and cash equivalents	$	4,609	$	2,189

Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2025: $71; 2024: $95)	5,044		4,756
Other	2,120		2,116
Inventories	6,675		6,544
Other current assets	1,162		960
Total current assets (variable interest entities restricted - 2025: $219; 2024: $55)	19,610		16,565
Investments
Investment in nonconsolidated affiliates	1,255		1,266
Other investments (investments carried at fair value - 2025: $2,073; 2024: $2,047)	2,812		3,033
Noncurrent receivables	421		374
Total investments	4,488		4,673
Property
Property	65,327		62,121
Less accumulated depreciation	42,788		40,117
Net property (variable interest entities restricted - 2025: $2,357; 2024: $122)	22,539		22,004
Other Assets
Goodwill	8,690		8,565
Other intangible assets (net of accumulated amortization - 2025: $5,702; 2024: $5,394)	1,546		1,721
Operating lease right-of-use assets	1,314		1,268
Deferred income tax assets	1,418		1,257
Deferred charges and other assets	1,343		1,228
Total other assets (variable interest entities restricted - 2025: $232; 2024: $15)	14,311		14,039
Total Assets	$	60,948	$	57,281
Liabilities and Equity
Current Liabilities
Notes payable	$	133	$	135
Long-term debt due within one year	413		497
Accounts payable:
Trade	4,535		4,847
Other	1,673		1,732
Operating lease liabilities - current	324		318
Income taxes payable	271		276

Accrued and other current liabilities	2,637		2,405
Total current liabilities (variable interest entities nonrecourse - 2025: $413; 2024: $24)	9,986		10,210
Long-Term Debt (variable interest entities nonrecourse - 2025: $172; 2024: $—)	17,709		15,711
Other Noncurrent Liabilities
Deferred income tax liabilities	383		392
Pension and other postretirement benefits - noncurrent	4,656		4,736
Asbestos-related liabilities - noncurrent	645		713
Operating lease liabilities - noncurrent	1,046		984
Other noncurrent obligations	7,243		6,503
Total other noncurrent liabilities (variable interest entities nonrecourse - 2025: $353: 2024: $13)	13,973		13,328
Stockholder's Equity
Common stock (authorized and issued 100 shares of $0.01 par value each)	—		—
Additional paid-in capital	11,798		9,626
Retained earnings	13,722		16,020
Accumulated other comprehensive loss	(7,763)		(8,110)


The Dow Chemical Company’s stockholder's equity	17,757		17,536
Noncontrolling interests	1,523		496
Total equity	19,280		18,032
Total Liabilities and Equity	$	60,948	$	57,281

See Notes to the Consolidated Financial Statements.

Table of Contents

The Dow Chemical Company and Subsidiaries

Consolidated Statements of Cash Flows


In millions (Unaudited)	Nine Months Ended
	Sep 30, 2025		Sep 30, 2024
Operating Activities
Net income (loss)	$	(946)	$	1,253
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,126		2,143
Credit for deferred income tax	(179)		(134)
Earnings of nonconsolidated affiliates less than dividends received	312		221
Net periodic pension benefit credit	(73)		(143)
Pension contributions	(145)		(92)
Net gain on sales of assets, businesses and investments	(211)		(58)
Restructuring and asset related charges - net	822		69
Other net loss	136		333
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable	(400)		(818)
Inventories	(132)		(676)
Accounts payable	(492)		601
Other assets and liabilities, net	(72)		(583)
Cash provided by operating activities	746		2,116
Investing Activities
Capital expenditures	(1,911)		(2,173)
Proceeds from incentives related to capital expenditures	132		—
Investment in gas field developments	(110)		(157)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	135		36
Acquisitions of property and businesses, net of cash acquired	—		(121)
Investments in and loans to nonconsolidated affiliates	(21)		(25)

Proceeds from sales of ownership interests in nonconsolidated affiliates	125		—
Purchases of investments	(523)		(1,381)
Proceeds from sales and maturities of investments	711		2,386
Other investing activities, net	5		(21)
Cash used for investing activities	(1,457)		(1,456)
Financing Activities
Changes in short-term notes payable	36		(61)
Proceeds from issuance of short-term debt greater than three months	50		114
Payments on short-term debt greater than three months	(46)		(6)

Proceeds from issuance of long-term debt	2,652		1,443
Payments on long-term debt	(1,207)		(224)
Collections on securitization programs, net of remittances	(3)		28
Proceeds from issuance of stock	—		51
Transaction financing, debt issuance and other costs	(130)		(13)
Employee taxes paid for share-based payment arrangements	(16)		(38)
Distributions to noncontrolling interests	(93)		(49)
Proceeds from sale of noncontrolling interests	2,943		—
Dividends paid to Dow Inc.	(1,237)		(1,984)
Other financing activities, net	(6)		—
Cash provided by (used for) financing activities	2,943		(739)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	259		18

Summary
Increase (decrease) in cash, cash equivalents and restricted cash	2,491		(61)
Cash, cash equivalents and restricted cash at beginning of period	2,263		3,048
Cash, cash equivalents and restricted cash at end of period	$	4,754	$	2,987
Less: Restricted cash and cash equivalents, included in "Other current assets"	145		104
Cash and cash equivalents at end of period	$	4,609	$	2,883

See Notes to the Consolidated Financial Statements.

Table of Contents

The Dow Chemical Company and Subsidiaries

Consolidated Statements of Equity


	Three Months Ended				Nine Months Ended
In millions (Unaudited)	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Common Stock
Balance at beginning and end of period	$	—	$	—	$	—	$	—
Additional Paid-in Capital
Balance at beginning of period	11,362		9,341		9,626		9,091
Issuance of parent company stock - Dow Inc.	—		—		—		51
Stock-based compensation	97		86		293		285
Sale of membership interest in Diamond Infrastructure Solutions (Note 17)	339		—		1,879		—

Balance at end of period	11,798		9,427		11,798		9,427
Retained Earnings
Balance at beginning of period	13,902		16,964		16,020		17,495
Net income (loss) available for The Dow Chemical Company common stockholder	62		224		(1,059)		1,186
Dividends to Dow Inc.	(240)		(600)		(1,225)		(2,077)
Other	(2)		(3)		(14)		(19)
Balance at end of period	13,722		16,585		13,722		16,585
Accumulated Other Comprehensive Loss
Balance at beginning of period	(7,826)		(7,785)		(8,110)		(7,681)
Other comprehensive income	63		282		347		178
Balance at end of period	(7,763)		(7,503)		(7,763)		(7,503)





The Dow Chemical Company's stockholder's equity	17,757		18,509		17,757		18,509
Noncontrolling Interests	1,523		530		1,523		530
Total Equity	$	19,280	$	19,039	$	19,280	$	19,039

See Notes to the Consolidated Financial Statements.

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Dow Inc. and Subsidiaries The Dow Chemical Company and Subsidiaries (Unaudited)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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Note		Page
1	Consolidated Financial Statements	15
2	Recent Accounting Guidance	16
3	Revenue	17
4	Divestitures	19
5	Restructuring and Asset Related Charges - Net	19
6	Supplementary Information	22
7	Income Taxes	23
8	Earnings Per Share Calculations	23
9	Inventories	24
10	Nonconsolidated Affiliates	24
11	Goodwill	25

12	Transfers of Financial Assets	25
13	Notes Payable, Long Term Debt and Available Credit Facilities	26
14	Commitments and Contingencies	28
15	Leases	31
16	Accumulated Other Comprehensive Loss	32
17	Noncontrolling Interests	33
18	Pension and Other Postretirement Benefit Plans	34
19	Stock-Based Compensation	34
20	Financial Instruments	35
21	Fair Value Measurements	39
22	Variable Interest Entities	40
23	Segments and Geographic Regions	41

NOTE 1 – CONSOLIDATED FINANCIAL STATEMENTS

Basis of Presentation

Dow Inc. is the direct parent company of The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). The unaudited interim consolidated financial statements of Dow Inc. and TDCC were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 10-K").

As a result of the parent/subsidiary relationship between Dow Inc. and TDCC, and considering that the financial statements and disclosures of each company are substantially similar, the companies are filing a combined report for this Quarterly Report on Form 10-Q. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Transactions between TDCC and Dow Inc. are treated as related party transactions for TDCC.

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Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation, a wholly owned subsidiary of the Company. Additionally, the term "Diamond Infrastructure Solutions" means Dow InfraCo, LLC, an entity that owns and operates infrastructure assets at certain Dow locations on the U.S. Gulf Coast and became a consolidated variable interest entity on May 1, 2025. See Notes 17 and 22 for additional information about Diamond Infrastructure Solutions.

NOTE 2 – RECENT ACCOUNTING GUIDANCE

Recently Adopted Accounting Guidance

In the fourth quarter of 2024, the Company adopted the annual and interim disclosure requirements of Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments expand a public business entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. See Note 23 for applicable reportable segment disclosures required by this guidance.

Accounting Guidance Issued But Not Adopted at September 30, 2025

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public business entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public business entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. While the adoption of ASU 2023-09 will result in enhanced disclosures, the Company does not expect it will have a material impact on its financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," which is intended to improve disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. Early adoption is permitted. While the adoption of ASU 2024-03 will result in enhanced disclosures, the Company does not expect it will have a material impact on its financial condition or results of operations.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software," which is intended to modernize the accounting for the costs of internal-use software given the evolution of software development to the incremental and iterative development method. The amendments remove all references to prescriptive and sequential development stages and, instead, require an entity to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period with the amendments to be applied using a prospective, modified or retrospective transition approach. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

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SEC Final Rules Not Adopted at September 30, 2025

In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted final rules under SEC Release Nos. 33-11275 and 34-99678, "The Enhancement and Standardization of Climate-Related Disclosures for Investors," which requires registrants to disclose certain climate-related information in registration statements and annual reports. As a large accelerated filer, most disclosure requirements would be effective for the Company beginning in the year ending December 31, 2025, with certain greenhouse gas emissions disclosures required for the year ending December 31, 2026. In April 2024, the SEC issued an order to stay the final rules until various legal challenges are resolved by the U.S. Court of Appeals for the Eighth Circuit ("Court of Appeals"). In March 2025, the SEC voted to end its defense of the final rules and, in July 2025, the SEC asked the Court of Appeals to resolve the merits of the challenge to the final rules. In September 2025, the Court of Appeals ordered the litigation to be held in abeyance pending further action from the SEC.

NOTE 3 – REVENUE

Revenue Recognition

The majority of the Company's revenue is derived from product sales. The Company's revenue related to product sales was 98 percent for the three and nine months ended September 30, 2025 (97 percent and 98 percent for the three and nine months ended September 30, 2024, respectively). The remaining sales were primarily related to the Company's insurance operations and licensing of patents and technologies. Product sales consist of sales of the Company's products to manufacturers and distributors. The Company considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. The Company enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from the Company’s licenses for patents and technology is derived from sales-based royalties and licensing arrangements based on billing schedules established in each contract.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At September 30, 2025, the Company had unfulfilled performance obligations of $735 million ($759 million at December 31, 2024) related to the licensing of technology. The Company expects revenue to be recognized for the remaining performance obligations over the next five years.

The Company has additional remaining performance obligations for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which the Company has elected the "right to invoice" practical expedient, and variable consideration attributable to royalties for licenses of patents and technology. The Company has received advance payments from customers related to long-term supply agreements that are deferred and recognized over the life of the contract, with remaining contract terms that range up to 18 years. The Company will have rights to future consideration for revenue recognized when product is delivered to the customer. These payments are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.

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Disaggregation of Revenue

The Company disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below:


Net Trade Sales by Segment and Business	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Hydrocarbons & Energy	$	1,233	$	1,433	$	4,161	$	4,347
Packaging and Specialty Plastics	3,658		4,083		11,065		12,114
Packaging & Specialty Plastics	$	4,891	$	5,516	$	15,226	$	16,461
Industrial Solutions	$	1,004	$	1,039	$	3,043	$	3,107
Polyurethanes & Construction Chemicals	1,826		1,919		5,420		5,805
Other	4		4		12		9
Industrial Intermediates & Infrastructure	$	2,834	$	2,962	$	8,475	$	8,921
Coatings & Performance Monomers	$	809	$	891	$	2,518	$	2,704
Consumer Solutions	1,273		1,323		3,764		3,905
Performance Materials & Coatings	$	2,082	$	2,214	$	6,282	$	6,609
Corporate	$	166	$	187	$	525	$	568
Total	$	9,973	$	10,879	$	30,508	$	32,559


Net Trade Sales by Geographic Region	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
U.S. & Canada	$	3,914	$	4,149	$	12,129	$	12,470
EMEAI 1	3,090		3,568		9,636		10,624
Asia Pacific	1,838		1,890		5,433		5,712
Latin America	1,131		1,272		3,310		3,753
Total	$	9,973	$	10,879	$	30,508	$	32,559

1.Europe, Middle East, Africa and India.

Contract Assets and Liabilities

The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company's contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are recognized in revenue when the performance obligations are met. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less and royalty payments that are deferred and will be recognized in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that the Company has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract.

Revenue recognized in the first nine months of 2025 from amounts included in contract liabilities at the beginning of the period was approximately $170 million (approximately $135 million in the first nine months of 2024). In the first nine months of 2025 and 2024, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant.

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The following table summarizes contract assets and liabilities at September 30, 2025 and December 31, 2024:


Contract Assets and Liabilities	Balance Sheet Classification	Sep 30, 2025		Dec 31, 2024
In millions
Accounts and notes receivable - trade	Accounts and notes receivable - trade	$	5,044	$	4,756

Contract assets - noncurrent	Deferred charges and other assets	$	—	$	2
Contract liabilities - current	Accrued and other current liabilities	$	220	$	244
Contract liabilities - noncurrent 1	Other noncurrent obligations	$	1,791	$	1,480

1.The increase from December 31, 2024 to September 30, 2025 was primarily due to advance payments on long-term supply agreements.

NOTE 4 – DIVESTITURES

Divestiture of Soil Fumigation Product Line

On May 1, 2025, the Company sold TeloneTM, a soil fumigation product line, and certain related assets to TriCal Soil Solutions, Inc. ("TriCal"), a distributor and applicator of soil fumigation products, for cash proceeds of $121 million, net of costs to sell and other transaction expenses and subject to customary post-closing adjustments. Under the sale and purchase agreement, Dow retained ownership of the related production assets, which are leased to TriCal as part of a toll manufacturing arrangement that directs the Company to manufacture and deliver certain products to TriCal. These asset leases are classified as operating leases. Dow and TriCal have also entered into a site services agreement related to certain services the Company will provide to TriCal at its site in Stade, Germany. Divested assets included property with a net book value of $5 million and goodwill of $10 million. The Company recognized a pretax gain of $103 million in the second quarter of 2025, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure.

Divestiture of Investment in DowAksa

On August 8, 2025, the Company sold its ownership interest in DowAksa Advanced Composites Holdings BV ("DowAksa"), a nonconsolidated affiliate, to its joint venture partner, Aksa Akrilik Kimya Sanayii A.Ş., for cash proceeds of $121 million, net of costs to sell and other transaction expenses and subject to customary post-closing adjustments. The Company's investment balance in DowAksa was $11 million and the Company recognized a pretax gain of $110 million in the third quarter of 2025, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate.

The Company evaluated the divestitures of its soil fumigation product line and its investment in DowAksa and determined they did not represent strategic shifts that had a major effect on the Company’s operations and financial results and did not qualify as individually significant components of the Company. As a result, the divestitures are not reported as discontinued operations.

NOTE 5 – RESTRUCTURING AND ASSET RELATED CHARGES - NET

Charges for restructuring programs and other asset related charges, which include asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income. For additional information on the Company's 2023 Restructuring Program and other asset related charges, see Note 5 to the Consolidated Financial Statements included in the 2024 10-K.

2025 Restructuring Program

On January 27, 2025, the Dow Inc. Board of Directors ("Board") approved targeted actions to further achieve the Company's cost reduction initiatives in response to ongoing macroeconomic uncertainty, while reinforcing its long-term competitiveness across the economic cycle. The actions include a workforce reduction of approximately 1,500 roles. As a result of these actions, in the first quarter of 2025 the Company recorded pretax charges of $207 million for severance and related benefits costs, included in "Restructuring and asset related charges - net" in the consolidated statements of income, related to Corporate. These actions are expected to be substantially complete by the end of 2026.

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On June 30, 2025, the Board approved restructuring actions to rationalize the Company's global asset footprint, including certain actions identified as part of the Company's previously announced strategic review of its European assets and certain corporate and other assets, and to enhance the Company's competitiveness over the economic cycle. The program includes asset write-down and write-off charges, severance and related benefit costs and other exit and disposal costs. As a result of these actions, in the second quarter of 2025, the Company recorded pretax restructuring charges of $591 million, consisting of severance and related benefit costs of $154 million, asset write-downs and write-offs of $334 million and costs associated with exit and disposal activities of $103 million. In the third quarter of 2025, the Company recorded additional pretax restructuring charges of $23 million, consisting of asset write-downs and write-offs of $8 million and costs associated with exit and disposal activities of $15 million. The impact of these charges is shown as "Restructuring and asset related charges - net" in the consolidated statements of income. See Note 21 for additional information on nonrecurring fair value measurements. The following table summarizes the activities related to the 2025 Restructuring Program, including segment information:


2025 Restructuring Program	Severance and Related Benefit Costs		Asset Write-downs and Write-offs		Costs Associated with Exit and Disposal Activities		Total
In millions



Corporate	$	207	$	—	$	—	$	207
Total restructuring charges	$	207	$	—	$	—	$	207


Reserve balance at Mar 31, 2025	$	207	$	—	$	—	$	207
Packaging & Specialty Plastics	$	—	$	81	$	77	$	158
Industrial Intermediates & Infrastructure	—		63		26		89
Performance Materials & Coatings	—		147		—		147
Corporate	154		43		—		197
Total restructuring charges	$	154	$	334	$	103	$	591
Charges against the reserve 1	—		(334)		(103)		(437)
Cash payments	(16)		—		—		(16)
Reserve balance at Jun 30, 2025	$	345	$	—	$	—	$	345
Packaging & Specialty Plastics	$	—	$	3	$	—	$	3
Industrial Intermediates & Infrastructure	—		1		5		6
Performance Materials & Coatings	—		3		—		3
Corporate	—		1		10		11
Total restructuring charges	$	—	$	8	$	15	$	23
Charges against the reserve 1	—		(8)		(15)		(23)
Cash payments	(66)		—		—		(66)
Reserve balance at Sep 30, 2025	$	279	$	—	$	—	$	279

1.Costs associated with exit and disposal activities relate to asset retirement obligations and pension benefit settlement costs.

At September 30, 2025, $141 million of the restructuring reserve balance was included in "Accrued and other current liabilities" and $138 million was included in "Other noncurrent obligations" in the consolidated balance sheets.

The Company recorded pretax restructuring charges of $821 million inception-to-date under the 2025 Restructuring Program, consisting of severance and related benefit costs of $361 million, asset write-downs and write-offs of $342 million and costs associated with exit and disposal activities of $118 million.

Restructuring implementation costs, primarily decommissioning and demolition activities related to asset actions and costs associated with the Company's restructuring actions, are expected to result in additional cash expenditures of approximately $220 million. Restructuring implementation costs totaled $5 million and $10 million for the three and nine months ended September 30, 2025, respectively.

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Severance and Related Benefit Costs

Severance benefits are provided to employees primarily under Dow's ongoing benefit arrangements and are accrued against the Corporate segment once management commits to a plan of termination. The 2025 Restructuring Program included charges for severance and related benefit costs of $361 million. At September 30, 2025, $82 million in severance payments had been made.

Asset Write-downs and Write-offs

The 2025 Restructuring Program included charges related to the write-down and write-off of assets totaling $342 million. Details regarding the asset write-downs and write-offs are as follows:

•Packaging & Specialty Plastics recorded a charge to rationalize its global asset footprint by shutting down an ethylene facility in Böhlen, Germany by the end of 2027.

•Industrial Intermediates & Infrastructure recorded a charge to primarily rationalize its global asset footprint by shutting down certain chlor-alkali and vinyl assets in Schkopau, Germany by the end of 2027.

•Performance Materials & Coatings recorded a charge to primarily rationalize its global asset footprint by shutting down a basics siloxanes plant in Barry, United Kingdom by mid-year 2026.

•Corporate recorded charges related to the write-down of certain Company owned and leased non-manufacturing facilities and other assets.

Costs Associated with Exit and Disposal Activities

In the first nine months of 2025, the Company accrued additional asset retirement obligations of $105 million and wrote off related deferred asset charges associated with the asset shutdowns noted above, resulting in charges of $103 million and $5 million in the second and third quarters of 2025, respectively. See Note 14 for additional information related to the Company’s asset retirement obligations.

The 2025 Restructuring Program also included a pretax charge of $10 million for net pension benefit settlement costs related to participants of a pension plan in Europe that were impacted by the restructuring program, recorded in the third quarter of 2025.

It is reasonably possible the Company will incur approximately $60 million of future charges related to costs associated with exit and disposal activities.

In addition, the Company is assessing potential environmental remediation activities associated with the asset actions noted above, which could result in additional charges and cash payments in the future. The Company intends to continue operating other assets at the sites impacted by these actions.

2023 Restructuring Program

Actions related to the restructuring program approved by the Board on January 25, 2023, were complete at the end of the second quarter of 2025. In the first quarter of 2025, the Company recorded an additional pretax restructuring charge of $5 million for asset write-downs and write-offs and an asset related credit adjustment of $4 million, included in "Restructuring and asset related charges - net" in the consolidated statements of income, related to Industrial Intermediates & Infrastructure. See Note 21 for additional information on nonrecurring fair value measurements. Restructuring implementation and efficiency costs were zero and $50 million for the three and nine months ended September 30, 2025, respectively ($55 million and $157 million for the three and nine months ended September 30, 2024, respectively).

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NOTE 6 – SUPPLEMENTARY INFORMATION


Dow Inc. Sundry Income (Expense) – Net	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Non-operating pension and other postretirement benefit plan net credits 1	$	36	$	61	$	110	$	183
Foreign exchange gains (losses) 2	12		(14)		23		(49)
Gain on sales of other assets and investments 3	5		27		—		46
Gain on divestiture of ownership interest in DowAksa 4	110		—		110		—
Gain on divestiture of soil fumigation product line 4	—		—		103		—
Gain (loss) on early extinguishment of debt 5	(18)		—		(78)		5
Indemnification and other transaction related costs 6	(3)		1		(20)		2

Other - net	43		44		97		69
Total sundry income (expense) – net	$	185	$	119	$	345	$	256

1.See Note 18 for additional information.

2.Foreign exchange gains for the three and nine months ended September 30, 2025 relate primarily to exposures to the Euro, partially offset by losses in exposures to the Argentine peso. Foreign exchange losses for the three months ended September 30, 2024 relate primarily to exposures in the Argentine peso, while losses in the nine months ended September 30, 2024 relate primarily to exposures in the Egyptian pound and Argentine peso.

3.The three and nine months ended September 30, 2024 include a gain of $25 million associated with a warehouse sale.

4.See Note 4 for additional information.

5.See Note 13 for additional information.

6.Primarily related to charges associated with agreements entered into with DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. ("Corteva") as part of the separation and distribution.

Sundry income (expense) - net for TDCC for the three and nine months ended September 30, 2025 and 2024 is substantially the same as that of Dow Inc. and, therefore, Sundry income (expense) - net for TDCC is not disclosed separately.

Other Investments

The Company has investments in company-owned life insurance policies, which are recorded at their cash surrender value as of each balance sheet date, as provided below:


Investments in Company-Owned Life Insurance	Sep 30, 2025		Dec 31, 2024
In millions
Gross cash value	$	515	$	558
Less: Existing drawdowns 1	197		—
Less: Accrued interest on drawdowns 2	5		—
Investments in company-owned life insurance 3	$	313	$	558

1.Classified as "Proceeds from sales and maturities of investments" in the consolidated statements of cash flows.

2.Included in "Sundry income (expense) - net" in the consolidated statements of income.

3.Classified as "Other investments" in the consolidated balance sheets.

Supplier Finance Program

The Company facilitates a supply chain financing (“SCF”) program in the ordinary course of business in order to extend payment terms with vendors. Under the terms of this program, a vendor can voluntarily enter into an agreement with a participating financial intermediary to sell its receivables due from the Company. The vendor receives payment from the financial intermediary, and the Company pays the financial intermediary on the terms originally negotiated with the vendor, which generally range from 90 to 120 days. The vendor negotiates the terms of the agreements directly with the financial intermediary and the Company is not a party to that agreement. The financial intermediary may allow the participating vendor to utilize the Company’s creditworthiness in establishing credit spreads and associated costs, which may provide the vendor with more favorable terms than they would be able to secure on their own. The Company does not provide guarantees related to the SCF program. At September 30, 2025, outstanding obligations confirmed as valid under the SCF program were $288 million ($291 million at December 31, 2024), included in “Accounts payable – Trade” in the consolidated balance sheets.

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NOTE 7 – INCOME TAXES

As the financial statements for Dow Inc. and TDCC are substantially similar, including the provision (credit) for income taxes, the following income tax discussion does not include reference to TDCC's provision (credit) for income taxes or its effective tax rate.

The Company's effective tax rate fluctuates based on, among other factors, where income is earned, the level of income relative to tax attributes and the level of equity earnings, since most earnings from the Company's equity method investments are taxed at the joint venture level.

The following table provides effective tax rate information for Dow Inc. for the three and nine months ended September 30, 2025 and 2024:


Effective Tax Rate Information	Three Months Ended						Nine Months Ended
Amounts in millions	Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024
Amounts in millions	Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024
Income (loss) before income taxes	$	70		$	324		$	(963)		$	1,381
Provision (credit) for income taxes	$	(54)		$	84		$	4		$	145
Effective tax rate	(77.1)		%	25.9		%	(0.4)		%	10.5		%

The credit for income taxes for the three months ended September 30, 2025 was impacted by the recording of a tax benefit stemming from the U.S. Tax Court's decision in Varian Medical Systems Inc. v. Commissioner of $100 million and a tax benefit of $20 million related to the sale of an additional portion of the Company's membership interests in Diamond Infrastructure Solutions, partially offset by losses attributable to jurisdictions for which no tax benefit can be recognized. The provision for income taxes for the nine months ended September 30, 2025 was also impacted by the initial sale of a portion of the Company's membership interests in Diamond Infrastructure Solutions resulting in a tax benefit of $89 million, which was offset by valuation allowances in certain foreign jurisdictions of $242 million. See Note 17 for additional information related to the Diamond Infrastructure Solutions transaction.

In the first nine months of 2024, the Company recorded a tax benefit of $194 million related to a reassessment of interest and penalties on a tax matter in a foreign jurisdiction, resulting in a reduced effective tax rate for the period.

On July 4, 2025, U.S. legislation formally titled "An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (“the Act”) and commonly referred to as the One Big Beautiful Bill Act was signed into law. The Act, among other things, extended key provisions of the 2017 Tax Cuts and Jobs Act and introduced targeted changes to the U.S. federal income tax regime. Based on the analysis performed by the Company to date, the Act is not expected to have a material impact on the effective tax rate.

NOTE 8 – EARNINGS PER SHARE CALCULATIONS

The following tables provide earnings per share calculations for Dow Inc. for the three and nine months ended September 30, 2025 and 2024. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries.


Net Income (Loss) for Earnings Per Share Calculations	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024

Net income (loss)	$	124	$	240	$	(967)	$	1,236
Net income attributable to noncontrolling interests	62		26		113		67
Net income attributable to participating securities 1	2		3		9		9
Net income (loss) attributable to common stockholders	$	60	$	211	$	(1,089)	$	1,160

1.Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares.

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Earnings (Loss) Per Share - Basic and Diluted	Three Months Ended				Nine Months Ended
Dollars per share	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Dollars per share	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Earnings (loss) per common share - basic	$	0.08	$	0.30	$	(1.53)	$	1.65
Earnings (loss) per common share - diluted	$	0.08	$	0.30	$	(1.53)	$	1.65


Share Count Information	Three Months Ended		Nine Months Ended
Shares in millions	Sep 30, 2025	Sep 30, 2024	Sep 30, 2025	Sep 30, 2024

Weighted-average common shares outstanding - basic	711.8	702.3	709.4	703.5
Plus dilutive effect of equity compensation plans 1	1.4	1.3	—	1.4
Weighted-average common shares outstanding - diluted	713.2	703.6	709.4	704.9
Stock units excluded from EPS calculations 2	19.3	10.5	23.6	9.6

1.The nine months ended September 30, 2025 reflect a net loss and, as such, the basic share count was used for purposes of calculating earnings per share on a diluted basis.

2.These outstanding stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.

NOTE 9 – INVENTORIES

The following table provides a breakdown of inventories:


Inventories	Sep 30, 2025		Dec 31, 2024
In millions
Finished goods	$	3,709	$	3,773
Work in process	1,300		1,323
Raw materials	839		822
Supplies	1,176		1,039
Total	$	7,024	$	6,957
Adjustment of inventories to the LIFO basis	(349)		(413)
Total inventories	$	6,675	$	6,544

NOTE 10 – NONCONSOLIDATED AFFILIATES

For additional information on the Company’s nonconsolidated affiliates, see Note 11 to the Consolidated Financial Statements included in the 2024 10-K.

The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets are shown in the following table:


Investments in Nonconsolidated Affiliates	Sep 30, 2025		Dec 31, 2024
In millions	Sep 30, 2025		Dec 31, 2024
Investment in nonconsolidated affiliates	$	1,255	$	1,266
Other noncurrent obligations	(892)		(568)
Net investment in nonconsolidated affiliates	$	363	$	698

At September 30, 2025, the Company had a negative investment balance in Sadara Chemical Company of $851 million included in "Other noncurrent obligations" (negative $517 million at December 31, 2024) in the consolidated balance sheets. The increased negative investment in Sadara Chemical Company at September 30, 2025 is due to equity losses generated during the first nine months of 2025 driven by the impact of challenging macroeconomic conditions.

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At September 30, 2025, the Company had a negative investment balance in EQUATE Petrochemical Company K.S.C.C of $41 million included in "Other noncurrent obligations" (negative $51 million at December 31, 2024) in the consolidated balance sheets. The decrease in the negative investment was driven by equity earnings, partially offset by dividends distributed to shareholders in the first nine months of 2025.

NOTE 11 – GOODWILL

The following table shows changes in the carrying amount of goodwill by reportable segment:


Goodwill	Packaging & Specialty Plastics		Industrial Intermediates & Infrastructure		Performance Materials & Coatings		Total
In millions	Packaging & Specialty Plastics		Industrial Intermediates & Infrastructure		Performance Materials & Coatings		Total
Net goodwill at Dec 31, 2024	$	5,118	$	1,092	$	2,355	$	8,565
Divestiture	—		(10)		—		(10)
Foreign currency impact	13		5		117		135
Net goodwill at Sep 30, 2025	$	5,131	$	1,087	$	2,472	$	8,690

Goodwill Impairment Testing

In the second quarter of 2025, the Company identified potential indicators of goodwill impairment due to announced restructuring actions and ongoing macroeconomic challenges. As a result, the Company evaluated whether the fair value of any reporting unit may be less than its carrying amount. This assessment indicated that the Consumer Solutions reporting unit, part of the Performance Materials & Coatings segment, required an interim quantitative goodwill impairment test as of June 30, 2025. The test concluded that no goodwill impairment existed, as the fair value of the Consumer Solutions reporting unit exceeded its carrying value. Fair value was estimated using a discounted cash flow model that incorporated current market conditions and the anticipated effects of the restructuring actions. Key assumptions included projected revenue growth, discount rate, tax rate, terminal value, currency exchange rates, and long-term raw material and energy price forecasts.

In the third quarter of 2025, as a result of continued macroeconomic challenges, the Company evaluated whether the fair value of any reporting unit may be less than its carrying amount. This assessment indicated that the Packaging and Specialty Plastics reporting unit, part of the Packaging & Specialty Plastics segment, required an interim quantitative goodwill impairment test as of September 30, 2025. The test concluded that no goodwill impairment existed, as the fair value of the Packaging and Specialty Plastics reporting unit exceeded its carrying value. Fair value was estimated using a discounted cash flow model that incorporated current market conditions. Key assumptions included projected revenue growth, discount rate, tax rate, terminal value, currency exchange rates, and long-term raw material and energy price forecasts.

The Company continues to monitor key factors that could impact the fair value of its reporting units, including changes in macroeconomic conditions or industry-specific trends, deterioration in financial performance, increases in market interest rates or adverse changes in regulatory or competitive environments. If these or other adverse events occur, it may be necessary to perform additional impairment testing, which could result in a future goodwill impairment charge.

NOTE 12 – TRANSFERS OF FINANCIAL ASSETS

Accounts Receivable Programs

The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe (collectively, "the Programs"), which are set to expire in November 2025 and are expected to be renewed in the fourth quarter. Under the terms of the Programs, the Company may sell certain eligible trade accounts receivable at any point in time, up to $900 million for the U.S. committed facility and up to €500 million for the Europe committed facility. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. Losses on transfers of receivables were insignificant for the three and nine months ended September 30, 2025 and 2024. The Company also provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. See Note 14 for additional information related to guarantees.

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The Company has access to accounts receivable discounting facilities that cover certain receivables generated from sales in EMEAI, Asia Pacific and Canada (collectively, "the Facilities"). Under the terms of the Facilities, the Company retains no interest in the transferred receivables once sold and receivables are transferred with limited recourse. The Company continues to service the receivables from the customer and remits payment to the Facilities. Losses on transfers of receivables were insignificant for the three and nine months ended September 30, 2025 and 2024.

The following table provides a summary of cash flows related to the Programs and the Facilities for the three and nine months ended September 30, 2025 and 2024:


Cash Flows Related to Transfers of Accounts Receivable	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Proceeds received from new transfers	$	—	$	198	$	538	$	1,248

The following table provides the balances related to the Programs and the Facilities at September 30, 2025 and December 31, 2024:


Balances Related to Transfers of Accounts Receivable	Sep 30, 2025		Dec 31, 2024
In millions
Balance outstanding	$	6	$	287
Accounts receivable derecognized	$	—	$	278
Amounts recognized in the consolidated balance sheets:

Accrued and other current liabilities 1	$	6	$	9

1. Represents amounts collected from customers and not yet remitted by the Company.

NOTE 13 – NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES


Notes Payable	Sep 30, 2025			Dec 31, 2024
In millions

Notes payable to banks and other lenders	$	133		$	135


Period-end average interest rates	40.08		%	36.03		%



Long-Term Debt	2025 Average Rate		Sep 30, 2025		2024 Average Rate		Dec 31, 2024
In millions
Promissory notes and debentures:
Final maturity 2025	4.55	%	$	208	5.63	%	$	333


Final maturity 2028	4.80	%	600		4.80	%	600
Final maturity 2029 1	7.53	%	951		7.58	%	1,368
Final maturity 2030	2.10	%	818		2.10	%	818
Final maturity 2031 and thereafter 1	5.41	%	11,561		5.37	%	9,192
Other facilities:

Foreign currency notes and loans, various rates and maturities 1	2.56	%	2,244		2.01	%	2,540
InterNotes®, varying maturities through 2053	4.71	%	891		4.31	%	661
Medium-term notes, maturity 2025	4.75	%	1		4.75	%	1
Finance lease obligations 2			1,079				939
Unamortized debt discount and issuance costs			(231)				(244)
Long-term debt due within one year 3			(413)				(497)
Long-term debt			$	17,709			$	15,711

1.Cost includes net fair value hedge adjustment gains of $35 million at September 30, 2025 ($9 million at December 31, 2024). See Note 20 for additional information.

2.See Note 15 for additional information.

3.Presented net of current portion of unamortized debt issuance costs.

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Maturities of Long-Term Debt for Next Five Years at Sep 30, 2025
In millions
2025	$	245
2026	$	207
2027	$	782
2028	$	750
2029	$	1,061
2030	$	996

2025 Activity

In the first quarter of 2025, the Company completed debt neutral liability management activities. The Company issued $1 billion of senior unsecured notes. The offering included $400 million aggregate principal amount of 5.35 percent notes due 2035 and $600 million aggregate principal amount of 5.95 percent notes due 2055. The Company used the proceeds to complete cash tender offers for certain debt securities. In total, $943 million aggregate principal amount was tendered and retired. As a result, the Company recognized a pretax loss of $60 million on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income, related to Corporate.

In the third quarter of 2025, the Company issued $1.4 billion of senior unsecured notes. The offering included $750 million aggregate principal amount of 4.80 percent notes due 2031 and $650 million aggregate principal amount of 5.65 percent notes due 2036. Additionally, the Company redeemed $55 million aggregate principal amount of 9.40 percent notes due 2039. As a result of the redemption, the Company recognized a pretax loss of $18 million on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income, related to Corporate.

In the first nine months of 2025, the Company issued an aggregate principal amount of $252 million of InterNotes®. Additionally, the Company repaid $125 million of long-term debt at maturity.

Available Credit Facilities

The following table summarizes the Company's credit facilities:


Committed and Available Credit Facilities at Sep 30, 2025
In millions	Committed Credit		Available Credit		Maturity Date	Interest
Five Year Competitive Advance and Revolving Credit Facility	$	5,000	$	5,000	June 2030	Floating rate
Bilateral Revolving Credit Facility	300		300		November 2025	Floating rate
Bilateral Revolving Credit Facility	300		300		February 2026	Floating rate
Bilateral Revolving Credit Facility	100		100		March 2026	Floating rate
Bilateral Revolving Credit Facility	375		375		October 2026	Floating rate
Bilateral Revolving Credit Facility	150		150		November 2026	Floating rate
Bilateral Revolving Credit Facility	200		200		November 2026	Floating rate
Bilateral Revolving Credit Facility	250		250		March 2027	Floating rate
Bilateral Revolving Credit Facility	100		100		May 2027	Floating rate
Bilateral Revolving Credit Facility	350		350		June 2027	Floating rate
Bilateral Revolving Credit Facility	200		200		September 2027	Floating rate
Bilateral Revolving Credit Facility	100		100		October 2027	Floating rate
Bilateral Revolving Credit Facility	100		100		March 2028	Floating rate
Bilateral Revolving Credit Facility	100		100		March 2028	Floating rate
Bilateral Revolving Credit Facility	300		300		May 2028	Floating rate
Bilateral Revolving Credit Facility	200		200		September 2028	Floating rate
Bilateral Revolving Credit Facility	175		175		September 2028	Floating rate
Bilateral Revolving Credit Facility	100		100		June 2030	Floating rate
Total committed and available credit facilities	$	8,400	$	8,400

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Debt Covenants and Default Provisions

There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first nine months of 2025. For additional information on the Company's debt covenants and default provisions, see Note 14 to the Consolidated Financial Statements included in the 2024 10-K.

NOTE 14 – COMMITMENTS AND CONTINGENCIES

A summary of the Company's commitments and contingencies can be found in Note 15 to the Consolidated Financial Statements included in the 2024 10-K, which is incorporated by reference herein.

Environmental Matters

Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. At September 30, 2025, the Company had accrued obligations of $1,044 million for probable environmental remediation and restoration costs ($1,113 million at December 31, 2024), including $220 million for the remediation of Superfund sites ($234 million at December 31, 2024). This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company's results of operations, financial condition and cash flows. It is the opinion of the Company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. As new or additional information becomes available and/or certain spending trends become known, management will evaluate such information in determination of the current estimate of environmental liability.

Litigation

Asbestos-Related Matters of Union Carbide Corporation

Each quarter, Union Carbide reviews asbestos-related claims filed, settled and dismissed, as well as average settlement and resolution costs by disease category. Union Carbide also considers additional quantitative and qualitative factors such as the nature of pending claims, trial experience of Union Carbide and other asbestos defendants, current spending for defense and processing costs, significant appellate rulings and legislative developments, trends in the tort system, and their respective effects on expected future resolution costs. Union Carbide's management considers these factors in conjunction with the most recent actuarial study and determines whether a change in the estimate is warranted. Based on Union Carbide's review of 2025 activity, it was determined that no adjustment to the accrual was required at September 30, 2025.

Union Carbide’s total asbestos-related liability for pending and future claims and defense and processing costs was $726 million at September 30, 2025 ($791 million at December 31, 2024). At September 30, 2025, approximately 26 percent of the recorded claim liability related to pending claims and approximately 74 percent related to future claims.

Legacy Matters

Groundwater Matters

The Company is the subject of various complaints related to alleged groundwater contamination based on decades-old sales and applications of certain agricultural chemical products ("Groundwater Matters"). The costs associated with these Groundwater Matters were previously covered by insurance policies that have since been depleted. In the first quarter of 2023, the Company completed a study of certain Groundwater Matters related to wells deemed to be probable and estimable based on the public reporting of sampling data and historical information to develop a reasonable estimate of the cost of pending and future claims and accrued a charge based on the estimate. In the second quarter of 2025, the Company completed a reassessment study of these Groundwater Matters based on current known factors, resulting in a reduced estimate of the cost of pending and future claims. As a result, the Company recorded a pretax credit of $106 million, included in "Cost of sales" in the consolidated statements of income and related to Corporate. In the second quarter of 2025, the Company settled a separate claim related to Groundwater Matters at a water storage district, resulting in a pretax charge of $64 million, included in "Cost of sales" in the consolidated statements of income and related to Corporate.

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At September 30, 2025, the total liability related to settled claims and the probable and estimable settlement of all alleged Groundwater Matters was $78 million ($155 million at December 31, 2024), which was included in “Accrued and other current liabilities” and "Other noncurrent obligations" in the consolidated balance sheets.

The Company is also the subject of other groundwater contamination complaints, including claims related to 1,4-dioxane. The Company continues to defend itself in this litigation and has determined that the Company's exposure to liability, if any, is not probable or estimable at September 30, 2025.

Other Legacy Matters

On October 10, 2024, the Company executed a settlement agreement related to arbitration for historical product claims from a divested business. As a result, the Company recorded a pretax charge of $75 million in the third quarter of 2024, which was paid in the fourth quarter of 2024. Arbitration on the matter was concluded on March 11, 2025, and, as a result, the Company recorded an additional pretax charge of $98 million in the first quarter of 2025, which is included in "Cost of sales" in the consolidated statements of income, related to Corporate, and was paid in the second quarter of 2025.

Gain Contingency - Dow v. Nova Chemicals Corporation Ethylene Asset Matter

In 2019, the Court of King's Bench of Alberta, Canada ("Court") found Nova Chemicals Corporation ("Nova") liable for engaging in a deliberate and continuing course of conduct of conversion, breach of contract, gross negligence and willful misconduct in the operation of the companies’ jointly-owned ethylene asset in Joffre, Alberta, Canada. As a result of the liability finding, which is now final and non-appealable, the Court signed a judgment ordering Nova to pay $1.43 billion Canadian dollars (equivalent to approximately $1.08 billion U.S. dollars) for damages incurred through 2012. Nova made payment in October 2019. At September 30, 2025, $201 million ($201 million at December 31, 2024) was included in "Other noncurrent obligations" in the Company's consolidated balance sheets related to the disputed portion of the damages judgment.

Following an appeal, on June 10, 2025, the Court signed a separate judgment ordering Nova to pay an additional amount of $1.62 billion Canadian dollars (equivalent to approximately $1.2 billion U.S. dollars) for damages incurred through June 2018, which had not been previously quantified. The Court again found that Nova failed to operate the companies' jointly-owned ethylene asset at full capacity during this time, depriving the Company’s subsidiaries of millions of pounds of ethylene. On August 11, 2025, the Court also awarded fees of approximately $100 million U.S. dollars, bringing Nova’s current payment obligation to approximately $1.3 billion U.S. dollars. While those awards are subject to appeal, Alberta law requires Nova to satisfy the Court’s judgment in full notwithstanding its appeal in order to avoid enforcement measures during the appeal process. Nova has since requested that the Court of Appeal of Alberta stay the execution of the judgment pending its appeal. Nova’s request departs from well-established Alberta law, and would require Nova to show, among other things, that it would be irreparably harmed by making the required payment. Nova’s request for a stay has been fully briefed and argued, and a decision is expected by year-end 2025. It is the Company’s position that Nova cannot meet the legal standard necessary to receive a stay and avoid payment pending its appeal. We expect a decision on the stay from the Court of Appeal of Alberta by year-end 2025. If the Court of Appeal of Alberta grants the stay, Nova will not be required to pay the judgment to the Company while the appeal process is ongoing.

Guarantees

The following table provides a summary of the final expiration, maximum future payments and recorded liability included in the consolidated balance sheets for guarantees:


Guarantees	Sep 30, 2025					Dec 31, 2024
In millions	Final Expiration	Maximum Future Payments		Recorded Liability		Final Expiration	Maximum Future Payments		Recorded Liability
Guarantees	2038	$	1,223	$	138	2038	$	1,456	$	155

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Guarantees arise during the ordinary course of business from relationships with customers, accounts receivable facilities and nonconsolidated affiliates when the Company undertakes an obligation to guarantee the performance of others (via delivery of cash or other assets) if specified triggering events occur. With guarantees, such as commercial or financial contracts, non-performance by the guaranteed party triggers the obligation of the Company to make payments to the beneficiary of the guarantee. The majority of the Company’s guarantees relate to debt of nonconsolidated affiliates, which have expiration dates ranging from less than one year to 13 years. The Company’s current expectation is that future payment or performance related to the non-performance of others is considered remote.

The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe. Under the terms of the Programs, the Company continues to service the receivables from the customers, but retains no interest in the receivables, and remits payment to the financial institutions. The Company also has access to accounts receivable discounting facilities, under which receivables are transferred with limited recourse. The Company’s maximum guaranteed liability for the accounts receivable facilities is zero at September 30, 2025 ($239 million at December 31, 2024).

TDCC has entered into guarantee agreements related to Sadara, a nonconsolidated affiliate. Sadara reached an agreement with its lenders to re-profile its outstanding project financing debt in the first quarter of 2021. In conjunction with the debt re-profiling, TDCC entered into a guarantee of up to approximately $1.3 billion of Sadara’s debt, proportionate to the Company's 35 percent ownership interest. The debt re-profiling also includes a grace period until June 2026, during which Sadara is obligated to make interest-only payments which are guaranteed by TDCC in proportion to the Company’s 35 percent ownership interest. The Company does not expect to be required to perform under the guarantees. As part of the debt re-profiling, Sadara established a $500 million revolving credit facility guaranteed by Dow, which would be used to fund Dow’s pro-rata share of any potential shortfall during the grace period.

Asset Retirement Obligations

Asset retirement obligations are recorded as incurred and reasonably estimable, including obligations for which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the Company. The retirement of assets may involve such efforts as remediation and treatment of asbestos, contractually required demolition, and other related activities, depending on the nature and location of the assets; and retirement obligations are typically realized only upon demolition of those facilities. As a result of the asset shutdowns included in the restructuring activities discussed in Note 5, the Company accrued additional asset retirement obligations of $105 million in the first nine months of 2025. At September 30, 2025, the aggregate carrying amount of the Company's asset retirement obligations was $306 million ($174 million at December 31, 2024), which was included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.

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NOTE 15 – LEASES

For additional information on the Company's leases, see Note 16 to the Consolidated Financial Statements included in the 2024 10-K.

The components of lease cost for operating and finance leases for the three and nine months ended September 30, 2025 and 2024 were as follows:


Lease Cost	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Operating lease cost	$	104	$	112	$	319	$	329
Finance lease cost
Amortization of right-of-use assets - finance	33		31		97		86
Interest on lease liabilities - finance	13		11		37		33
Total finance lease cost	46		42		134		119
Short-term lease cost	77		80		244		242
Variable lease cost	304		280		842		803
Sublease income	(3)		(2)		(6)		(7)
Total lease cost	$	528	$	512	$	1,533	$	1,486

The following table provides supplemental cash flow and other information related to leases:


Other Lease Information	Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	329	$	334
Operating cash flows for finance leases	$	37	$	33
Financing cash flows for finance leases	$	83	$	95
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	262	$	186
Finance leases	$	202	$	183

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NOTE 16 – ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and nine months ended September 30, 2025 and 2024 were as follows:


Accumulated Other Comprehensive Loss	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Unrealized Gains (Losses) on Investments
Beginning balance	$	(233)	$	(198)	$	(243)	$	(253)
Unrealized gains (losses) on investments	63		59		78		139
Tax (expense) benefit	(8)		(15)		(13)		(35)
Net unrealized gains (losses) on investments	55		44		65		104
(Gains) losses reclassified from AOCL to net income (loss) 1	3		(12)		3		(19)
Tax expense (benefit) 2	(1)		2		(1)		4
Net (gains) losses reclassified from AOCL to net income (loss)	2		(10)		2		(15)
Other comprehensive income (loss), net of tax	57		34		67		89
Ending balance	$	(176)	$	(164)	$	(176)	$	(164)
Cumulative Translation Adjustments
Beginning balance	$	(1,812)	$	(2,056)	$	(2,063)	$	(1,891)
Gains (losses) on foreign currency translation	(69)		197		186		42
Tax (expense) benefit	47		8		62		5
Net gains (losses) on foreign currency translation	(22)		205		248		47
(Gains) losses reclassified from AOCL to net income (loss) 3	(11)		(6)		(30)		(13)
Other comprehensive income (loss), net of tax	(33)		199		218		34
Ending balance	$	(1,845)	$	(1,857)	$	(1,845)	$	(1,857)
Pension and Other Postretirement Benefit Plans
Beginning balance	$	(5,679)	$	(5,452)	$	(5,720)	$	(5,486)
Gains (losses) arising during the period	(1)		2		—		2


Amortization of net loss and prior service credits reclassified from AOCL to net income (loss) 4	36		21		88		64
Tax expense (benefit) 2	(7)		(5)		(19)		(14)
Net loss and prior service credits reclassified from AOCL to net income (loss)	29		16		69		50
Other comprehensive income (loss), net of tax	28		18		69		52
Ending balance	$	(5,651)	$	(5,434)	$	(5,651)	$	(5,434)
Derivative Instruments
Beginning balance	$	(102)	$	(79)	$	(84)	$	(51)
Gains (losses) on derivative instruments	(4)		37		(13)		(9)
Tax (expense) benefit	2		(9)		(4)		2
Net gains (losses) on derivative instruments	(2)		28		(17)		(7)
(Gains) losses reclassified from AOCL to net income (loss) 5	17		4		14		13
Tax expense (benefit) 2	(4)		(1)		(4)		(3)
Net (gains) losses reclassified from AOCL to net income (loss)	13		3		10		10
Other comprehensive income (loss), net of tax	11		31		(7)		3
Ending balance	$	(91)	$	(48)	$	(91)	$	(48)
Total AOCL ending balance	$	(7,763)	$	(7,503)	$	(7,763)	$	(7,503)

1.Reclassified to "Net sales" and "Sundry income (expense) - net."

2.Reclassified to "Provision (credit) for income taxes."

3.Reclassified to "Sundry income (expense) - net."

4.These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 18 for additional information.

5.Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount."

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NOTE 17 – NONCONTROLLING INTERESTS

Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the consolidated balance sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the consolidated statements of income.

On May 1, 2025, TDCC sold 40 percent of the membership interests in Diamond Infrastructure Solutions to InfraPark Holdings, LLC ("InfraPark"), a subsidiary of a fund managed by Macquarie Asset Management, a global infrastructure and energy asset manager, in exchange for cash proceeds of approximately $2.4 billion, inclusive of customary post-closing adjustments. On August 29, 2025, as provided under the terms of the sale and purchase agreement, InfraPark exercised its option to purchase an additional 9 percent of Diamond Infrastructure Solutions' membership interests in exchange for proceeds of approximately $540 million. Diamond Infrastructure Solutions and its subsidiaries own and operate certain non-product producing energy, environmental, pipeline and other related infrastructure assets located at five of the Company's manufacturing sites on the U.S. Gulf Coast and provide infrastructure services to Dow manufacturing assets and other third-party tenants at these locations. InfraPark's ownership is accounted for as a noncontrolling interest in Diamond Infrastructure Solutions.

Cash proceeds from the sale of membership interests are included in "Proceeds from sale of noncontrolling interests" in the consolidated statements of cash flows. The transactions resulted in an increase in "Additional paid-in capital" of $339 million and $1,879 million and an increase in "Noncontrolling interests" of $194 million and $1,028 million for the three and nine months ended September 30, 2025, respectively, recorded in the consolidated balance sheets and the consolidated statements of equity.

The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2025 and 2024:


Noncontrolling Interests	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Balance at beginning of period	$	1,361	$	482	$	496	$	501
Net income attributable to noncontrolling interests	62		26		113		67

Distributions to noncontrolling interests 1	(89)		(2)		(137)		(41)



Cumulative translation adjustments	(5)		24		23		4
Sale of noncontrolling interests	194		—		1,028		—
Other	—		—		—		(1)
Balance at end of period	$	1,523	$	530	$	1,523	$	530

1. Includes dividends paid to a joint venture of zero and $8 million for the three and nine months ended September 30, 2025 ($8 million for the three and nine months ended September 30, 2024) which were reclassified to "Equity in earnings (losses) of nonconsolidated affiliates" in the consolidated statements of income. The three and nine months ended September 30, 2025 also include $51 million of dividends declared but not paid, included in "Accrued and other current liabilities" in the consolidated balance sheets.

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NOTE 18 – PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

A summary of the Company's pension and other postretirement benefit plans can be found in Note 19 to the Consolidated Financial Statements included in the 2024 10-K. The following table provides the components of the Company's net periodic benefit cost (credit) for all significant plans:


Net Periodic Benefit Cost (Credit) for All Significant Plans	Three Months Ended				Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Defined Benefit Pension Plans
Service cost	$	12	$	14	$	33	$	42
Interest cost	251		252		746		754
Expected return on plan assets	(324)		(345)		(965)		(1,034)
Amortization of prior service credit	(4)		(3)		(10)		(10)
Amortization of net loss	42		34		123		105
Settlement cost 1	10		—		10		—
Net periodic benefit credit	$	(13)	$	(48)	$	(63)	$	(143)

Other Postretirement Benefit Plans
Service cost	$	—	$	1	$	2	$	3
Interest cost	11		11		31		33
Amortization of net gain	(12)		(10)		(35)		(31)

Net periodic benefit cost (credit)	$	(1)	$	2	$	(2)	$	5

1.Related to the settlement of certain plan obligations of a European plan resulting from the 2025 Restructuring Program. See Note 5 for additional information.

Except for the settlement cost component related to the 2025 Restructuring Program, which is included in "Restructuring and asset related charges - net" in the consolidated statements of income, the non-service cost components of net periodic benefit cost (credit) are included in "Sundry income (expense) - net" in the consolidated statements of income.

NOTE 19 – STOCK-BASED COMPENSATION

A summary of the Company's stock-based compensation plans can be found in Note 20 to the Consolidated Financial Statements included in the 2024 10-K.

Stock Incentive Plan

The Company grants stock-based compensation to employees and non-employee directors under the 2019 Stock Incentive Plan, as amended. Most of the Company's stock-based compensation awards are granted in the first quarter of each year.

In the first quarter of 2025, Dow Inc. granted the following stock-based compensation awards to employees:

•1.8 million stock options with a weighted-average exercise price of $38.34 per share and a weighted-average fair value of $8.27 per share;

•3.0 million restricted stock units with a weighted-average fair value of $38.34 per share; and

•2.1 million performance stock units with a weighted-average fair value of $38.46 per share.

There was minimal grant activity in the second and third quarters of 2025.

Employee Stock Purchase Plan

The Dow Inc. 2021 Employee Stock Purchase Plan (the "2021 ESPP") was adopted by the Board on February 11, 2021, and approved by stockholders at the Company's annual meeting on April 15, 2021. Under the 2025 annual offering of the 2021 ESPP, most employees will be eligible to purchase shares of common stock of Dow Inc. valued at up to 10 percent of their annual total base salary or wages. The number of shares purchased is determined using the amount contributed by the employee divided by the plan price. The plan price of the stock is equal to 85 percent

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of the fair market value (closing price) of the common stock at March 31, 2025 (beginning) or October 3, 2025 (ending) of the offering period, whichever is lower.

In the first quarter of 2025, employees subscribed to the right to purchase shares under the 2021 ESPP. In October 2025, 4.2 million shares were delivered to employees under the plan.

NOTE 20 – FINANCIAL INSTRUMENTS

A summary of the Company's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 21 to the Consolidated Financial Statements included in the 2024 10-K.

Refer to Note 21 for a summary of the fair value of financial instruments at September 30, 2025 and December 31, 2024.

Debt Securities

The Company's investments in debt securities are primarily classified as available-for-sale. The following table provides investing results from available-for-sale securities for the nine months ended September 30, 2025 and 2024:


Investing Results	Nine Months Ended
In millions	Sep 30, 2025		Sep 30, 2024
Proceeds from sales of available-for-sale securities	$	320	$	1,730
Gross realized gains	$	6	$	34
Gross realized losses	$	(9)	$	(15)

The following table summarizes contractual maturities of the Company's investments in debt securities:


Contractual Maturities of Debt Securities at Sep 30, 2025	Cost		Fair Value
In millions
Within one year	$	113	$	108
One to five years	1,113		1,039
Six to ten years	446		448
After ten years	549		468
Total	$	2,221	$	2,063

Equity Securities

There were no material adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three and nine months ended September 30, 2025. There was $2 million of net unrealized losses recognized in earnings on equity securities for the three months ended September 30, 2025 ($1 million of net unrealized losses for the three months ended September 30, 2024). There was $4 million of net unrealized losses recognized in earnings on equity securities for the nine months ended September 30, 2025 ($1 million of net unrealized losses for the nine months ended September 30, 2024).


Investments in Equity Securities	Sep 30, 2025		Dec 31, 2024
In millions	Sep 30, 2025		Dec 31, 2024
Readily determinable fair value	$	10	$	14
Not readily determinable fair value	$	170	$	153

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Derivative Instruments

The notional amounts of the Company's derivative instruments at September 30, 2025 and December 31, 2024 were as follows:


Notional Amounts 1	Sep 30, 2025		Dec 31, 2024
In millions	Sep 30, 2025		Dec 31, 2024
Derivatives designated as hedging instruments:
Interest rate contracts	$	500	$	1,870
Foreign currency contracts	$	6,910	$	3,144
Derivatives not designated as hedging instruments:
Interest rate contracts	$	353	$	14
Foreign currency contracts	$	22,776	$	9,244

1.Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration.

The notional amounts of the Company's commodity derivatives at September 30, 2025 and December 31, 2024 were as follows:


Commodity Notionals 1	Sep 30, 2025	Dec 31, 2024	Notional Volume Unit
Derivatives designated as hedging instruments:
Hydrocarbon derivatives	2.6	3.2	million barrels of oil equivalent
Derivatives not designated as hedging instruments:
Hydrocarbon derivatives	1.0	1.1	million barrels of oil equivalent

1.Notional amounts represent the net volume of open derivative positions outstanding at the end of the period.


Maximum Maturity Dates of Derivatives Designated as Hedging Instruments			Year
Interest rate contracts			2027
Foreign currency contracts			2026
Commodity contracts			2028

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The following table provides the fair value and balance sheet classification of derivative instruments at September 30, 2025 and December 31, 2024:


Fair Value of Derivative Instruments	Sep 30, 2025					Dec 31, 2024
In millions		Gross		Counterparty and Cash Collateral Netting 1		Net 2		Gross		Counterparty and Cash Collateral Netting 1		Net 2
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contracts 3		$	1	$	—	$	1	$	20	$	(20)	$	—
Interest rate contracts 4		16		(11)		5		—		—		—
Foreign currency contracts 3		82		(58)		24		33		(15)		18
Foreign currency contracts 4		7		(6)		1		—		—		—
Commodity contracts 3		124		(105)		19		25		(14)		11
Commodity contracts 4		74		(65)		9		46		(36)		10
Total		$	304	$	(245)	$	59	$	124	$	(85)	$	39
Derivatives not designated as hedging instruments:
Interest rate contracts 3		$	2	$	(2)	$	—	$	—	$	—	$	—

Foreign currency contracts 3		68		(38)		30		74		(16)		58

Commodity contracts 3		20		(9)		11		16		(1)		15
Commodity contracts 4		3		(2)		1		4		(3)		1
Total		$	93	$	(51)	$	42	$	94	$	(20)	$	74
Total asset derivatives		$	397	$	(296)	$	101	$	218	$	(105)	$	113

Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contracts 5		$	—	$	—	$	—	$	46	$	(20)	$	26
Interest rate contracts 6		11		(11)		—		—		—		—
Foreign currency contracts 5		131		(58)		73		75		(15)		60
Foreign currency contracts 6		13		(6)		7		40		—		40
Commodity contracts 5		116		(106)		10		16		(14)		2
Commodity contracts 6		72		(65)		7		37		(36)		1
Total		$	343	$	(246)	$	97	$	214	$	(85)	$	129
Derivatives not designated as hedging instruments:
Interest rate contracts 5		$	2	$	(2)	$	—	$	1	$	—	$	1

Foreign currency contracts 5		86		(38)		48		27		(16)		11

Commodity contracts 5		14		(10)		4		8		(1)		7
Commodity contracts 6		3		(2)		1		4		(3)		1
Total		$	105	$	(52)	$	53	$	40	$	(20)	$	20
Total liability derivatives		$	448	$	(298)	$	150	$	254	$	(105)	$	149

1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.

2.Represents the net amounts included in the consolidated balance sheets.

3.Included in "Other current assets" in the consolidated balance sheets.

4.Included in "Deferred charges and other assets" in the consolidated balance sheets.

5.Included in "Accrued and other current liabilities" in the consolidated balance sheets.

6.Included in "Other noncurrent obligations" in the consolidated balance sheets.

Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash collateral of $11 million at September 30, 2025 ($16 million at December 31, 2024). No cash collateral was posted by counterparties with the Company at September 30, 2025 and December 31, 2024.

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The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2025 and 2024:

Effect of Derivative Instruments

Gain (loss) recognized in OCI 1

Gain (loss) recognized in income 2

Three Months Ended

Nine Months Ended

Three Months Ended

Nine Months Ended

In millions

Sep 30, 2025

Sep 30, 2024

Sep 30, 2025

Sep 30, 2024

Sep 30, 2025

Sep 30, 2024

Sep 30, 2025

Sep 30, 2024

DOW INC. 10-Q