Revenue flow

Margins

Stage	EMN	% of rev	DOW	% of rev	Gap · A − B
Revenue	$2.4B	100.00%	$11.3B	100.00%	DOW ×4.72
Gross profit	$532M	22.31%	$1.4B	12.23%	EMN +10.1pp
Operating income	$305M	12.79%	$741M	6.58%	EMN +6.2pp
Pre-tax income	$249M	10.44%	$642M	5.70%	EMN +4.7pp
Net income	$253M	10.61%	$525M	4.66%	EMN +5.9pp

Stage	EMN	DOW	Gap · A − B
Revenue	$2.4B100.00%	$11.3B100.00%	DOW ×4.72
Gross profit	22.31%$532M	12.23%$1.4B	EMN +10.1pp
Operating income	12.79%$305M	6.58%$741M	EMN +6.2pp
Pre-tax income	10.44%$249M	5.70%$642M	EMN +4.7pp
Net income