Company profile
SEC EDGAR ↗- Industry
- Plastic Materials, Synth Resins & Nonvulcan Elastomers
- Listed
- NYSE: DOW
- Incorporated
- DE
- Headquarters
- Midland, MI
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $40.0B
- Net income
- −$2.44B
- Total assets
- $58.5B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $40.0B | −$2.44B | $58.5B |
| FY2024 | $43.0B | $1.20B | $57.3B |
| FY2023 | $44.6B | $660.0M | $58.0B |
| FY2022 | $56.9B | $4.64B | $60.6B |
| FY2021 | $55.0B | $6.41B | $63.0B |
| FY2020 | $38.5B | $1.29B | $61.5B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Cases on Dow, and the casebook each one belongs to.
| Fork date | Decision type | What Dow chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2008 | The Fork | Buy into specialty chemicals | DowDuPont completed the spin-off of Dow Inc. as the materials science division; specialty products stayed with the entity that renamed itself DuPont (2019-04) | Read the story → | The Fork Casebook → |
| 2015 | Adjacency Expansion | Merge then split three ways | Corteva spun off about 21 months after close, with DowDuPont renaming itself DuPont de Nemours (2019-06) | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Dow faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →
The analyses
Adjacency Expansion · Growth & Portfolio
Dow Spent 120 Years Expanding. The Endgame Was Splitting Into Three.
Dow's expansion beyond bleach looks like strategy. It was a chain of reactive pivots — war, the consumer boom, an $18.8 billion acquisition — and the 2019 three-way split proved the portfolio was worth more in pieces than whole.
8 min
The Adjacency Expansion · Growth & Portfolio
DowDuPont Was Built to Break Apart: The Three-Way Split Was the Plan From Day One
The 2015 'merger of equals' is remembered as a deal that failed and split apart. It's backwards: the three-way split was the plan from day one, the holding company was incorporated two days before the announcement, and all three pieces landed inside the promised 18-24 month window.
8 min
The Cannibalization Choice · Growth & Portfolio
Dow Spent $18.8 Billion Becoming a Specialty Company. Then It Gave the Specialty Away.
Dow is taught as the firm that smartly split commodities from specialty. The truth is the reverse: it chased specialty for a decade, then activists forced it to hand those assets to DuPont and re-embrace the cyclical materials business it had tried to escape.
8 min
The Cycle · Business Model
Dow Calls Itself a Specialty Chemical Company. The Spread Cycle Disagrees.
Dow's largest segment lives and dies on the polyethylene-ethylene spread, and that spread has been negative since mid-2022. So when Dow's escape hatch—a $10-billion low-carbon cracker—got paused in 2025, it told you exactly what Dow really is.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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