DOW INC. Earnings Per Share Disclosure
| Net Income (Loss) for Earnings Per Share Calculations | 2025 | 2024 | 2023 | ||||||||
| In millions | |||||||||||
| Net income (loss) | $ | (2,444) | $ | 1,201 | $ | 660 | |||||
| Net income attributable to noncontrolling interests | 179 | 85 | 71 | ||||||||
Net income attributable to participating securities 1 | 11 | 12 | 11 | ||||||||
| Net income (loss) attributable to common stockholders | $ | (2,634) | $ | 1,104 | $ | 578 | |||||
| Earnings (Loss) Per Share - Basic and Diluted | 2025 | 2024 | 2023 | ||||||||
| Dollars per share | |||||||||||
| Earnings (loss) per common share - basic | $ | (3.70) | $ | 1.57 | $ | 0.82 | |||||
| Earnings (loss) per common share - diluted | $ | (3.70) | $ | 1.57 | $ | 0.82 | |||||
| Share Count Information | 2025 | 2024 | 2023 | ||||||||
| Shares in millions | |||||||||||
| Weighted-average common shares outstanding - basic | 711.6 | 703.8 | 705.7 | ||||||||
Plus dilutive effect of equity compensation plans 1 | — | 1.3 | 3.3 | ||||||||
| Weighted-average common shares outstanding - diluted | 711.6 | 705.1 | 709.0 | ||||||||
Stock options and restricted stock units excluded from EPS calculations 2 | 23.6 | 10.8 | 9.6 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 3, 2026 | Showing above |
| 2024 | Feb 4, 2025 | |
| 2023 | Jan 31, 2024 | |
| 2022 | Feb 1, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2019 | Feb 7, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.