陶氏化学 2025年度报告

FORM 11-K (Mark One)ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to Commission file number: 001-38646 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Dow Inc.2211 H.H. Dow WayMidland, MI48674 REQUIRED INFORMATION Financial statements at December31, 2025 and 2024 and year ended December31, 2025,supplemental schedule atDecember31, 2025 and Report of Independent Registered Public Accounting Firm. The Dow ChemicalCompany Employees'Savings PlanFinancial Statements at December31, 2025 and 2024, and for year ended December31, 2025 and SupplementalSchedule at December31, 2025 THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLANTABLE OF CONTENTS PageREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM1FINANCIAL STATEMENTSStatements of Net Assets Available for Benefits at December 31, 2025 and 20242Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 20253Notes to Financial Statements at December 31, 2025 and 2024, and for the year ended December31,20254SUPPLEMENTAL SCHEDULESchedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 20259APPENDICES11EXHIBIT INDEX33SIGNATURES34 Report of Independent Registered Public Accounting Firm To the Plan Participants and 401(k) Investment Committee ofThe Dow Chemical Company Employees' Savings PlanMidland, Michigan Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of The Dow Chemical CompanyEmployees' Savings Plan (the “Plan”) as of December31, 2025 and 2024, the related statement of changes in net assetsavailablefor benefits for the year ended December 31,2025,and the related notes(collectively,the“financialstatements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available forbenefits of the Plan as of December31, 2025 and 2024, and the changes in net assets available for benefits for the yearended December31, 2025, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion onthe Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public CompanyAccounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan inaccordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and ExchangeCommission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan andperformthe audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an auditof its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internalcontrol over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internalcontrol over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risk of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits alsoincluded evaluating the accounting principles used and significant estimates made by the Plan’s management, as well asevaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis forour opinion. Supplemental Information The supplemental information in the accompanying ERISA-required Supplemental Schedule H, line 4i- Schedule of Assets(Held at End of Year) as of December31, 2025 has been subjected to audit procedures performed in conjunction with theaudit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysisand is not a required part of the financial statements but included supplemental information required by the Department ofLabor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determiningwheth