DOW Reported this cycle

Dow, Inc.

Midland, MI Founded 1897 Chemicals & Materials

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Latest analysis

Updated Jul 24, 2026

Dow Q2 2026: Net sales surge 20% YoY to $12.1B on price recovery as Transform to Outperform restructuring accelerates amid Middle East supply disruption.

Dow's Q2 2026 results mark a decisive earnings inflection: net income swung from a $835 million loss to $721 million profit YoY, driven by a 20% local price increase across all segments and geographies. The Middle East conflict is simultaneously a tailwind (higher polyethylene and olefin prices in Dow's cost-advantaged U.S. and Latin America base) and a structural volume headwind (Asia Pacific volumes down 9%, EMEAI down 4%). Transform to Outperform, launched January 2026, has delivered $190 million of its targeted $2 billion+ Operating EBITDA improvement in its first two quarters, with management signaling the impact will 'ramp significantly' through 2026 and into 2027.

Tone: mixed

Revenue

$40B

DOW 10-K · FY 2025

Employees

34,600

Revenue FY2024

$43B

Founded

1897

Profile

DOW 10-K Item 1 · Feb 3, 2026

Dow Inc. is a global materials science company serving customers in packaging, infrastructure, mobility, and consumer applications through three operating segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The company operates 91 manufacturing sites in 29 countries, employing approximately 34,600 people. In 2025, Dow reported net sales of approximately $40 billion.

Read filing description ↓

Dow is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. The Company's global breadth, asset integration and scale, customer-focused innovation and leading business positions enable it to achieve profitable growth and help deliver a sustainable future. Dow operates manufacturing sites in 29 countries and employs approximately 34,600 people. The Company conducts its worldwide operations through six global businesses organized into three operating segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The Packaging & Specialty Plastics segment employs the industry's broadest polyolefin product portfolio, supported by the Company's proprietary catalyst and manufacturing process technologies. The Industrial Intermediates & Infrastructure segment develops important intermediate chemicals essential to manufacturing processes, as well as downstream, customized materials and formulations. The Performance Materials & Coatings segment includes industry-leading franchises that deliver a wide array of solutions into consumer, infrastructure and mobility end-markets, primarily utilizing acrylics-, cellulosics- and silicone-based technology platforms. The Company's ambition includes becoming the most sustainable materials science company, with a strategy to advance the well-being of humanity by helping lead the transition to a sustainable planet and society.

Primary products

Ethylene
Propylene
Polyethylene (PE, HDPE, LDPE, LLDPE)
Polyolefin elastomers
Ethylene vinyl acetate (EVA)
EPDM rubber

Business segments

Packaging & Specialty Plastics Industrial Intermediates & Infrastructure Performance Materials & Coatings

End markets

packaging infrastructure mobility consumer applications food and specialty packaging industrial and consumer packaging health and hygiene caps, closures and pipe applications consumer durables coatings crop protection data centers detergents and cleaners electronics oil and gas appliances furniture and bedding building and construction architectural and industrial coatings home and personal care consumer and electronics

Geographies

U.S. & Canada Europe, Middle East, Africa and India Asia Pacific Latin America

Named competitors

Chevron Phillips Chemical ExxonMobil INEOS LyondellBasell SABIC Shell Sinopec Borealis

“The Company's unique advantages compared with its competitors include extensive low-cost feedstock positions around the world; unparalleled scale, global footprint and market reach; world-class manufacturing sites in every geographic region; deep customer and brand owner understanding; portfolio of higher-value functional polymers, such as polyolefin elastomers, semiconductive and jacketing compound solutions and wire and cable insulation; and market-driven application development and technical support.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Net sales declined across all operating segments and geographic regions in 2025, driven primarily by a 7 percent decrease in local price, with volume flat year-over-year.

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