DOW debt and dilution24

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$17,909M

Cash & equivalents

USD millions

$3,973M

Net debt

USD millions

$13,936M

Debt / equity

1.03×

Debt / assets

29.08%

Net debt / EBITDA

× · TTM

8.96×

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

-1.41×

Current ratio

1.75×

Diluted shares

Million shares

725.1M shares

Basic shares

Million shares

723.5M shares

Share count growth

1.97%

Share repurchases

USD millions

—

Quarterly data

DOW capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	17,909	3,973	13,936	1.03×	29.08%	8.96×	—	-1.41×	1.75×	725.1	723.5	1.97%	—
FY 2026 Q1	Mar 31, 2026	18,047	4,110	13,937	1.08×	30.19%	217.77×	—	-3.2×	1.85×	721.2	721.2	2.02%	—
FY 2025 Q4	Dec 31, 2025	18,071	3,816	14,255	1.03×	30.87%	77.9×	—	-3.06×	1.97×	718.13	718.13	1.91%	0
FY 2025 Q3	Sep 30, 2025	18,122	4,609	13,513	0.95×	29.71%	8.3×	—	-1.45×	1.94×	713.2	711.8	1.35%	0
FY 2025 Q2	Jun 30, 2025	16,648	2,399	14,249	0.9×	28.22%	7.12×	—	-1.1×	1.69×	709.5	709.5	0.81%	0
FY 2025 Q1	Mar 31, 2025	16,434	1,465	14,969	0.95×	28.58%	4.54×	—	0.5×	1.54×	706.9	706.9	0.34%	0
FY 2024 Q4	Dec 31, 2024	16,208	2,189	14,019	0.91×	28.28%	3.44×	—	1.46×	1.61×	705.7	704.69	0.15%	0
FY 2024 Q3	Sep 30, 2024	16,460	2,883	13,577	0.87×	27.72%	3.35×	—	1.58×	1.66×	703.6	702.3	-0.24%	94
FY 2024 Q2	Jun 30, 2024	16,254	3,341	12,913	0.86×	27.77%	3.16×	—	1.75×	1.75×	705.3	703.8	-0.45%	200
FY 2024 Q1	Mar 31, 2024	16,288	3,723	12,565	0.86×	27.69%	2.99×	—	2×	1.8×	705.5	704.5	-0.52%	200
FY 2023 Q4	Dec 31, 2023	15,086	2,987	12,099	0.79×	26.03%	3.41×	5.31×	1.25×	1.77×	706.92	703.62	-0.82%	125
FY 2023 Q3	Sep 30, 2023	14,702	3,080	11,622	0.73×	25.22%	3.02×	—	1.71×	1.79×	707.5	704	-1.44%	125
FY 2023 Q2	Jun 30, 2023	14,842	2,924	11,918	0.72×	25.46%	2.67×	—	2.68×	1.92×	709.9	707	-2.58%	250
FY 2023 Q1	Mar 31, 2023	14,986	3,319	11,667	0.72×	25.26%	1.97×	—	4.79×	1.85×	708.2	708.2	-3.59%	125
FY 2022 Q4	Dec 31, 2022	15,422	3,886	11,536	0.73×	25.45%	1.42×	2.73×	8.1×	1.81×	713.14	709.43	-3.91%	125
FY 2022 Q3	Sep 30, 2022	13,470	2,216	11,254	0.72×	22.62%	1.17×	—	10.44×	1.61×	718.1	714.3	-4.06%	800
FY 2022 Q2	Jun 30, 2022	13,721	2,367	11,354	0.7×	22.08%	1×	—	12.54×	1.64×	731.5	725.7	-2.85%	800
FY 2022 Q1	Mar 31, 2022	14,463	3,143	11,320	0.74×	22.84%	0.96×	—	12.67×	1.7×	739.8	734.6	-1.37%	600
FY 2021 Q4	Dec 31, 2021	14,672	2,988	11,684	0.78×	23.29%	1.06×	2.66×	11.19×	1.58×	743.36	738.26	-0.5%	400
FY 2021 Q3	Sep 30, 2021	14,318	2,911	11,407	0.84×	23.19%	1.16×	—	9.02×	1.59×	750	744.5	0.54%	400
FY 2021 Q2	Jun 30, 2021	15,538	3,491	12,047	0.96×	25.16%	1.69×	—	5.3×	1.65×	752.9	747	1.04%	200
FY 2021 Q1	Mar 31, 2021	16,692	4,133	12,559	1.15×	27.62%	2.86×	4.7×	1.88×	1.69×	749.8	744.8	0.62%	0
FY 2020 Q4	Dec 31, 2020	17,107	5,104	12,003	1.32×	27.83%	3.27×	3.44×	0.97×	1.72×	749.15	741.99	0.25%	0
FY 2020 Q3	Sep 30, 2020	17,374	4,549	12,825	1.34×	28.98%	19.03×	3.47×	-2.61×	1.74×	740.5	740.5	0.09%	0
FY 2020 Q2	Jun 30, 2020	17,592	3,724	13,868	1.34×	29.68%	14.37×	3.68×	-2.2×	1.74×	739.3	739.3	-0.47%	0
FY 2020 Q1	Mar 31, 2020	18,187	3,633	14,554	1.35×	29.97%	10.68×	4.75×	-1.61×	1.63×	742	740.2	-0.94%	125
FY 2019 Q4	Dec 31, 2019	16,996	2,367	14,629	1.21×	28.08%	11.89×	4.28×	-1.83×	1.57×	731.82	740.13	—	94
FY 2019 Q3	Sep 30, 2019	18,108	2,823	15,285	1.01×	27.89%	—	—	—	1.69×	743	739.8	—	101
FY 2019 Q2	Jun 30, 2019	17,996	2,446	15,550	0.97×	27.73%	—	—	—	1.61×	747.9	742.8	—	305
FY 2019 Q1	Mar 31, 2019	19,846	2,969	16,877	0.71×	24.89%	—	—	—	1.67×	747.2	747.2	—	0

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · DOW, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.