Dow Inc (DOW)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,515,000	952,000	1,046,000	1,152,000	585,000	1,778,000	2,366,000	3,820,000	6,032,000	7,294,000	8,539,000	8,815,000	8,051,000	7,774,000	5,567,000	2,951,000	2,020,000	-1,992,000	-1,587,000	-1,196,000
Revenue (ttm)	US$ in thousands	42,964,000	43,180,000	43,031,000	43,536,000	44,622,000	45,860,000	49,245,000	53,489,000	56,902,000	59,407,000	60,129,000	58,350,000	54,968,000	51,310,000	46,185,000	40,654,000	38,542,000	38,040,000	39,092,000	41,752,000
Pretax margin		3.53%	2.20%	2.43%	2.65%	1.31%	3.88%	4.80%	7.14%	10.60%	12.28%	14.20%	15.11%	14.65%	15.15%	12.05%	7.26%	5.24%	-5.24%	-4.06%	-2.86%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,515,000K ÷ $42,964,000K
= 3.53%

The pretax margin of Dow Inc has shown a fluctuating trend over the period under review. Starting from negative values in early 2020, the company gradually improved its performance, achieving positive pretax margins in late 2020. This positive trend continued into 2021 and early 2022, reaching a peak in September 2021 at 15.15%.

However, from late 2022 onwards, the pretax margin started to decline, dropping to 1.31% by the end of December 2023. Although there was a slight recovery in the following quarters, the pretax margin remained relatively subdued compared to the earlier periods. Overall, the pretax margin of Dow Inc exhibits both periods of growth and decline, highlighting the company's fluctuating profitability performance over the years.