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DOW cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$621M in Q1 2026 · $4.5B over twelve months

Operating cash flow$1.1B
Capital spending−$503M
Free cash flow+$621M

Analysis

In Q1 2026, DOW generated $1.1B of operating cash flow and spent $503M on capital projects, leaving free cash flow of $621M. That is $1.2B more than in Q1 2025 (−$594M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.6B; the largest uses were other investing ($2.9B), dividends ($1.0B), net borrowing (+) / repaid (−) ($714M); besides operations, cash came from asset & business sales ($64.0M); the cash balance fell by $482M.

Operating cash flow was $1.1B against net income of −$445M. The largest differences: depreciation & amortization +$719M, other operating capital +$596M, payables +$551M.

Its cash conversion cycle was 68 days (receivables 46 + inventory 66 − payables 44).

Free cash flow

DOW: free cash flow by quarterDOW: free cash flow by quarter$64.0MQ3 2024$47.0MQ4 2024−$594MQ1 2025−$1.1BQ2 2025$563MQ3 2025−$284MQ4 2025$621MQ1 2026
Operating cash flow less capital spending.
DOW: operating cash flow against capital spendingDOW: operating cash flow against capital spendingOperating cash flowCapital spending$800M$736MQ3 2024$814M$767MQ4 2024$91.0M$685MQ1 2025−$470M$662MQ2 2025$1.1B$564MQ3 2025$284M$568MQ4 2025$1.1B$503MQ1 2026
Latest (Q1 2026): Operating cash flow $1.1B, Capital spending $503M.

Capital allocation, year by year

DOW: where the cash came from (up) and went (down), by fiscal yearDOW: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.0BFY2021: Net borrowing −$3.2BFY2021: Shares issued $320MFY2021: Asset sales $68.0MFY2021: Capital spending −$1.5BFY2021: Acquisitions −$129MFY2021: Buybacks −$1.0BFY2021: Dividends −$2.1B$7.4BFY2021FY2022: Operating cash flow $7.5BFY2022: Net borrowing $1.7BFY2022: Shares issued $212MFY2022: Asset sales $32.0MFY2022: Capital spending −$1.8BFY2022: Acquisitions −$228MFY2022: Buybacks −$2.3BFY2022: Dividends −$2.0B$9.4BFY2022FY2023: Operating cash flow $5.2BFY2023: Net borrowing −$573MFY2023: Shares issued $188MFY2023: Asset sales $95.0MFY2023: Capital spending −$2.4BFY2023: Acquisitions −$114MFY2023: Buybacks −$625MFY2023: Dividends −$2.0B$5.5BFY2023FY2024: Operating cash flow $2.9BFY2024: Net borrowing $1.2BFY2024: Shares issued $166MFY2024: Asset sales $234MFY2024: Capital spending −$2.9BFY2024: Acquisitions −$125MFY2024: Buybacks −$494MFY2024: Dividends −$2.0B$4.5BFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing $2.3BFY2025: Shares issued $85.0MFY2025: Asset sales $139MFY2025: Capital spending −$2.5BFY2025: Dividends −$1.5B$3.6BFY2025
Over these 5 years operating cash flow totalled $23.6B; the largest uses were capital spending ($11.1B) and dividends ($9.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.8B
Debt$16.2B
Net debt$12.4B
Due within a year$222M

DOW funds itself: free cash flow was $4.5B over the last twelve months, and $3.8B of cash and investments stands against $16.2B of debt ($222M due within a year, 17.2× covered by cash).

DOW: debt maturities by year (FY2025)DOW: debt maturities by year (FY2025)$222MYear 1$797MYear 2$763MYear 3$1.1BYear 4$1.0BYear 5
Principal due in each year as disclosed in the annual report, against $3.8B of cash and investments now.

Where the cash came from and went

DOW: sources (+) and uses (−) of cash, Q1 2026DOW: sources (+) and uses (−) of cash, Q1 2026Operating cash flow$1.1BCapital spending−$503MCash drawn (+) / kept (−)−$283MDividends−$252MExchange rates−$73.0MPartners−$59.0MOther investing$51.0MTaxes on employees’ shares−$14.0MNet borrowing (+) / repaid (−)$6.0MAsset & business sales$4.0MOther financing−$1.0M
DOW: sources (+) and uses (−) of cash, TTM to Q3 2026DOW: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.6BOther investing−$2.9BDividends−$1.0BNet borrowing (+) / repaid (−)−$714MCash drawn (+) / kept (−)$482MPartners−$312MCapital spending−$116MAsset & business sales$64.0MExchange rates−$60.0MOther financing−$3.0M

From profit to cash

DOW: net income to operating cash flow, Q1 2026DOW: net income to operating cash flow, Q1 2026Net income−$445MDepreciation & amortization$719MDeferred taxes−$48.0MGains on disposals−$4.0MOther non-cash−$14.0MInventory−$180MPayables$551MOther operating capital$596MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202646664468
Q4 202548684571
Q3 202548674768
Q2 202547644764
Q1 202542614558
Q4 202445654861
Q3 202444624759

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$1.1B−$503M——−$252M$6.0M—−$283M$621M
Q4 2025$284M−$568M——−$251M−$185M$85.0M$802M−$284M
Q3 2025$1.1B−$564M——−$249M$1.5B—−$2.2B$563M
Q2 2025−$470M−$662M——−$496M−$48.0M—−$961M−$1.1B
Q1 2025$91.0M−$685M——−$494M$11.0M—$708M−$594M
Q4 2024$814M−$767M−$4.0M—−$492M−$38.0M$115M$724M$47.0M
Q3 2024$800M−$736M−$121M−$94.0M−$490M−$8.0M—$398M$64.0M

DOW: income statement and cash flow

DOW, Q3 2026: revenue $11.3B (+13% year over year), operating margin 5.7%. The chart follows the revenue to costs, profit and cash.

DOW: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.