DOW INC. (DOW) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17
	8-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Packaging & Specialty Plastics		28,128	18,301	20,245	24,195	21,504
UNITED STATES		18,083	12,547	14,437	16,613	15,316
Industrial Intermediates & Infrastructure		16,851	12,021	13,440	15,447	12,951
Performance Materials & Coatings		9,672	7,951	8,923	9,677	8,892
Total revenues	56,902	54,968	38,542	42,951	49,604	43,730
Revenue growth [+]	3.5%	42.6%	-10.3%	-13.4%	13.4%
Packaging & Specialty Plastics		53.7%	-9.6%	-16.3%	12.5%
UNITED STATES		44.1%	-13.1%	-13.1%	8.5%
Industrial Intermediates & Infrastructure		40.2%	-10.6%	-13.0%	19.3%
Performance Materials & Coatings		21.6%	-10.9%	-7.8%	8.8%
Corporate Segment		17.8%	-21.6%	20.4%	-25.6%
Cost of goods sold	48,338	44,191	33,346	36,657	41,074	36,350
Gross profit	8,564	10,777	5,196	6,294	8,530	7,380
Gross margin	15.1%	19.6%	13.5%	14.7%	17.2%	16.9%
Selling, general and administrative	1,675	1,645	1,471	1,590	1,782	1,795
Research and development	851	857	768	765	800	803
Equity in earnings	268	975	-18	-94	555	394
Other operating expenses	53	629	-1,371	4,777	2,315	4,227
EBITDA [+]	6,253	11,075	6,783	1,587	6,628	3,095
EBITDA growth	-43.5%	63.3%	327.4%	-76.1%	114.2%
EBITDA margin	11.0%	20.1%	17.6%	3.7%	13.4%	7.1%
Depreciation and amortization		2,454	2,473	2,519	2,440	2,146
EBITA	6,253	8,621	4,310	-932	4,188	949
EBITA margin	11.0%	15.7%	11.2%	-2.2%	8.4%	2.2%
Amortization of intangibles	336	388	401	419	469	400
EBIT [+]	5,917	8,233	3,909	-1,351	3,719	549
EBIT growth	-28.1%	110.6%	-389.3%	-136.3%	577.4%
EBIT margin	10.4%	15.0%	10.1%	-3.1%	7.5%	1.3%
Non-recurring items [+]		-691	853	-1,463	-1,105	-633
Asset impairment		6	708	3,219	221	2,739
Interest expense, net [+]	-173	676	789	852	981	848
Interest expense		731	827	933	1,063	914
Interest income	173	55	38	81	82	66
Other income (expense), net		-103	-196	-507	-94	-97
Pre-tax income	6,090	8,145	2,071	-1,247	3,749	237
Income taxes	1,450	1,740	777	470	809	1,524
Tax rate	23.8%	21.4%	37.5%		21.6%	643.0%
Minority interest	58	94	69	87	134	130
Net income	4,640	6,311	1,225	-1,359	4,641	465
Net margin	8.2%	11.5%	3.2%	-3.2%	9.4%	1.1%

Basic EPS [+]	$6.44	$8.49	$1.65	($1.83)	$6.21	$0.62
Growth	-24.2%	413.0%	-190.4%	-129.5%	894.9%
Diluted EPS [+]	$6.39	$8.43	$1.65	($1.83)	$6.21	$0.62
Growth	-24.1%	410.6%	-190.2%	-129.5%	894.9%

Dividends per share [+]		$0.70	$0.70	$0.70	$0.38	$0.46
Growth	-100.0%	0.0%	0.0%	84.2%	-17.4%

Shares outstanding (basic) [+]	721	744	741	743	747	745
Growth	-3.0%	0.4%	-0.3%	-0.6%	0.3%
Shares outstanding (diluted) [+]	726	749	742	743	747	745
Growth	-3.1%	0.9%	0.0%	-0.6%	0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.