Dow Inc

Latest Results (31.01.2026):

Dow Inc. reported third quarter 2025 results (3Q25). Net sales were $9.97 billion, down 8% year‑over‑year and down 1% sequentially. GAAP net income was $124 million and GAAP diluted EPS was $0.08; operating EPS was a loss of $0.19 (operating results exclude significant items of $0.27 per share). Operating EBIT was $180 million, down $461 million versus 3Q24 but up $201 million sequentially. Cash provided by operating activities — continuing operations was $1.13 billion, and returns to shareholders included $249 million of dividends.

Sales & volume

Net sales: $9.973B (-8% YoY, -1% QoQ). Volume: -1% YoY (declines in EMEAI offset by U.S./Canada and Asia Pacific), +1% sequentially driven by new U.S. Gulf Coast asset start‑ups. Local price: down 8% YoY and down 3% sequentially.

Profitability

GAAP net income: $124M; GAAP diluted EPS: $0.08. Operating EBIT: $180M (down $461M YoY, up $201M QoQ). Operating EBITDA: $868M. Operating EPS (non‑GAAP): loss of $0.19; operating results exclude $0.27/share of significant items (mainly tax adjustments and the DowAksa JV sale).

Cash flow & liquidity

Cash provided by operating activities (continuing): $1.13B (up $330M YoY, up $1.6B sequentially). Free cash flow for the quarter: $566M (cash from ops less capex). Company highlights improved working capital and advance payments for low‑carbon and long‑term supply agreements.

Segment performance

Packaging & Specialty Plastics: sales $4.891B (-11% YoY), Op. EBIT $199M (down vs. prior year but up QoQ). Industrial Intermediates & Infrastructure: sales $2.834B (-4% YoY), Op. EBIT $(47)M (improved sequentially on startups and lower maintenance). Performance Materials & Coatings: sales $2.082B (-6% YoY), Op. EBIT $80M (declines due to lower prices and seasonal demand).

One‑time items & equity impacts

Significant items totaled $0.27 per share in 3Q25 (including one‑time tax benefits and gain on sale of a nonconsolidated affiliate/DowAksa interest). Equity losses from Sadara and Kuwait joint ventures weighed on results, particularly in Industrial Intermediates & Infrastructure and Packaging.

Cost actions & outlook

Management emphasized cost reduction and capital discipline: targeting >$6.5B in near‑term cash support (over half already achieved), a $1B reduction in 2025 CapEx, and accelerated delivery of $1B in targeted cost reductions by end of 2026. CEO noted sequential earnings and cash flow improvement and focus on resilient end markets.

Shareholder returns & notable cash events

Dividends paid in the quarter totaled $249M. Financing activity included proceeds from sale of noncontrolling interests (~$2.94B YTD) which materially boosted liquidity; cash and equivalents at quarter end were $4.61B.