陶氏 2025年季度报告

☑QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch31, 2025or☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange 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. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Dow Inc. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Dow Inc. had706,861,738shares of common stock, $0.01par value, outstanding at March31, 2025. The Dow Chemical Company had100shares of common stock, $0.01par value, outstanding at March31, 2025, all of which were held by the registrant’s parent, Dow The Dow Chemical Company meets the conditions set forth in General Instruction H(1)(a) and (b) for Form 10-Q and therefore is filingthis form with the reduced disclosure format. Dow Inc. and Subsidiaries QUARTERLY REPORT ON FORM 10-QFor the quarterly period ended March31, 2025 Item1.Financial Statements. Dow Inc. and Subsidiaries:Consolidated Statements of Income.Consolidated Statements of Comprehensive Income.Consolidated Balance Sheets.Consolidated Statements of Cash Flows. The Dow Chemical Company and Subsidiaries:Consolidated Statements of Income.Consolidated Statements of Comprehensive Income.Consolidated Balance Sheets.Consolidated Statements of Cash Flows. Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries:Notes to the Consolidated Financial Statements. Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations.Changes in Financial Condition.Other Matters. Item3.Quantitative and Qualitative Disclosures About Market Risk. Item4.Controls and Procedures. PART II – OTHER INFORMATION Item1.Legal Proceedings. Item 2.Unregistered Sales of Equity Securities and Use of Proceeds. Item 4.Mine Safety Disclosures. Item6.Exhibits. SIGNATURE Dow Inc. and SubsidiariesThe 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 anditsconsolidated subsidiaries (“TDCC” and together with Dow Inc., “Dow” or the "Company") due to the parent/subsidiaryrelationship between Dow Inc. and TDCC. The information reflected in the report is equally applicable to both Dow Inc. and 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 of1934,as amended. Such statements often address expected future business and financial performance, financial condition, andother matters, and often contain words or phrases such as “anticipate,” “believe,” "could," “estimate,” “expect,” “intend,” 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 thoseprojected, anticipated or implied in the forward-looking statements and speak only as of the date the statements weremade. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues andprofitability; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to theongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability offinancing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital andoperating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe, including thecompletion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets forDow’s products and services and ability to compete in such markets; Dow's ability to develop and market new products andoptimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation ande