Dow Inc

Latest Results (30.08.2026):

Dow Inc. reported results for the first quarter of 2026 (1Q26). Net sales were $9.8 billion, down 6% year‑over‑year, with volumes down 2% and local price/product mix down 7%. GAAP net loss was $445 million (GAAP loss per share $0.74). Operating EBIT (non‑GAAP) was $154 million and operating EPS was a loss of $0.14 (operating EPS excludes $0.60 per share of significant items). Cash provided by operating activities – continuing operations was $1.1 billion, and free cash flow was $621 million. The company suspended Sadara equity loss recognition in 1Q26 and recorded a significant Sadara guarantee liability adjustment.

Sales and price/volume trends

Total net sales of $9,794 million declined 6% versus 1Q25. Volume fell 2% (impacted by Industrial Intermediates & Infrastructure and lower merchant olefins after a cracker idling and planned maintenance), while local price/product mix was down 7% year‑over‑year.

Profitability and earnings

GAAP net loss was $445 million; GAAP loss per share $0.74. Operating EBIT (non‑GAAP) was $154 million (down $76 million YoY). Operating EPS was a loss of $0.14 versus a $0.02 EPS in 1Q25; operating results exclude $0.60 per share of significant items.

Significant items and Sadara

Significant items totaled $367 million pretax ($436 million after‑tax impact, $0.60 per share), led by a $292 million pretax Sadara guarantee liability adjustment and related suspension of equity loss recognition in Q1 2026. The company stated the carrying value of all liabilities reached total existing relevant obligations and commitments.

Cash flow and shareholder returns

Cash provided by operating activities – continuing operations was $1,124 million (up $1.0 billion YoY), largely driven by payment from NOVA Chemicals and working capital improvements. Free cash flow (operating cash less capex) was $621 million. Dow returned $252 million in dividends in the quarter.

Segment performance

Packaging & Specialty Plastics: net sales $4,919M (‑7%), operating EBIT $208M (down $134M) due to lower polyethylene prices and planned maintenance, partly offset by higher polyethylene volumes. Industrial Intermediates & Infrastructure: net sales $2,626M (‑8%), operating EBIT $(118)M (improved $10M) with volumes pressured by the Middle East conflict. Performance Materials & Coatings: net sales $2,080M (flat), operating EBIT $117M (up $68M) driven by volume gains and lower fixed/planned maintenance costs.

Outlook / management commentary

Management said pricing actions and supply constraints produced improving margin momentum in March and reiterated focus on the "Transform to Outperform" program to simplify operations, capture growth, deliver cost savings and drive improved margins and cash generation going forward.