DOW 10-Q Quarterly Reports

Dow Inc. reported a significant turnaround in its financial performance for the three and six months ended June 30, 2026, compared to the prior year. Net sales surged by 20% in the second quarter to $12.1 billion, driven by broad-based price increases across all segments and regions, particularly in Packaging & Specialty Plastics. This top-line growth, coupled with disciplined cost management and the benefits of the 'Transform to Outperform' initiative, resulted in a return to profitability, with net income available to common stockholders of $721 million for the quarter, a substantial improvement from a net loss in the prior year. Despite a slight decrease in overall volume, the company demonstrated strong operational execution. Restructuring charges, while still present, were managed effectively. The company's strategic focus on growth and innovation, along with cost optimization, positions it for continued value creation. Investors should note the positive momentum in sales and profitability, indicating a recovery from challenging prior periods, and the ongoing efforts to streamline operations for long-term competitiveness.

Dow Inc. reported a net loss of $533 million, or $0.74 per diluted share, for the first quarter of 2026, a wider loss compared to the $307 million ($0.44 per share) loss in the same period of 2025. This deterioration in profitability was primarily driven by a significant increase in equity in losses from nonconsolidated affiliates, largely due to an adjustment in the liability associated with the guarantee of Sadara's project financing debt. Net sales also decreased by 6% to $9.8 billion, impacted by lower prices across most segments and regions, although a favorable currency impact provided some offset. Despite the net loss, the company demonstrated a strong rebound in operating cash flow, generating $1,124 million compared to $91 million in the prior year. This improvement was significantly boosted by a substantial cash receipt related to a favorable judgment in the ethylene asset matter with Nova Chemicals Corporation. Capital expenditures were reduced, leading to a positive Free Cash Flow of $621 million for the quarter, a significant improvement from a negative $581 million in the prior year. The company also announced a new CEO, Karen S. Carter, effective July 1, 2026, and maintained its quarterly dividend.

Dow Inc. reported net sales of $9.97 billion for the third quarter of 2025, an 8% decrease compared to the prior year, reflecting challenging macroeconomic conditions and slower global GDP growth. The company experienced a net loss of $967 million for the nine months ended September 30, 2025, a significant shift from the $1.24 billion net income in the same period of 2024, largely impacted by restructuring and asset-related charges. Despite the top-line and bottom-line pressures, Dow maintained a strong liquidity position with $4.6 billion in cash and cash equivalents and $8.4 billion in available credit facilities. The company also continued its portfolio optimization and cost reduction efforts, including significant restructuring actions aimed at rationalizing its global asset footprint and improving competitiveness. Key financial highlights include a substantial increase in cash provided by operating activities for continuing operations in the third quarter of 2025, driven by working capital improvements and advance customer payments. However, free cash flow for the first nine months of 2025 was negative at $(1.15) billion. The company also reduced its quarterly dividend by 50% to $0.35 per share in response to the prolonged industry downturn. While facing headwinds, Dow remains committed to its long-term strategy, focusing on resilient portfolio areas and operational efficiencies to navigate the current economic environment and drive future shareholder returns.

Dow Inc. reported a net loss of $835 million, or $1.18 per diluted share, for the second quarter of 2025, a significant reversal from a net income of $439 million, or $0.62 per share, in the same period last year. This downturn was primarily driven by a 7% decrease in net sales to $10.1 billion, impacted by a 7% decline in local prices across all segments and a 1% decrease in volume. Challenging macroeconomic conditions, including slower global GDP growth and industry overcapacity, continue to pressure the company's performance. In response to these conditions, Dow announced significant restructuring actions totaling $591 million in the second quarter, including asset write-downs, severance costs, and exit/disposal activities, primarily in Europe. The company also declared a quarterly dividend of $0.35 per share, a 50% reduction from the previous quarter, reflecting a strategic adjustment to enhance financial flexibility amid the prolonged industry downturn. Despite the near-term challenges, Dow remains committed to its long-term strategic investments and cost optimization efforts to strengthen its competitive position in higher-value applications.

Dow Inc. reported a net loss of $307 million ($0.44 per diluted share) for the first quarter of 2025, a significant shift from a net income of $516 million ($0.73 per diluted share) in the same period last year. This decline was driven by persistent macroeconomic challenges, including slower GDP growth, high raw material costs, and increased global market volatility. Net sales decreased by 3% to $10.4 billion, attributed to lower local pricing across most segments and regions, partially offset by a 2% increase in sales volume. The company is actively responding to these conditions by implementing cost-reduction initiatives, including a workforce reduction of approximately 1,500 roles, and has revised its capital expenditure outlook. A significant strategic move is the delay in construction of its Path2Zero project in Alberta, Canada, and a review of select European assets for potential idling or shutdown. Despite the net loss, Dow maintains a strong liquidity position with significant available credit facilities, aiming to ensure financial flexibility and long-term competitiveness.

Dow Inc. reported third-quarter 2024 net sales of $10.9 billion, a slight increase of 1% year-over-year, driven by a 1% increase in volume, while prices remained flat. For the nine-month period, net sales were $32.6 billion, down 4% compared to the prior year, reflecting a 5% decrease in pricing offset by a 1% increase in volume. The company experienced a notable increase in net income available for common stockholders to $1,169 million for the nine months ended September 30, 2024, compared to $694 million in the same period of 2023, translating to diluted earnings per share of $1.65 versus $0.97. This improvement in profitability is a key takeaway for investors, indicating a recovery in earnings power. Operationally, the company saw mixed results across its segments. Packaging & Specialty Plastics reported increased Operating EBIT due to lower raw material costs and higher selling prices. In contrast, Industrial Intermediates & Infrastructure experienced a decline in Operating EBIT, impacted by planned maintenance and lower integrated margins. Performance Materials & Coatings saw a decrease in Operating EBIT, primarily due to higher raw material costs, despite improved demand. The company also completed a strategic acquisition of Circulus Holdings, a plastic recycler, for approximately $130 million, aligning with its sustainability goals.

Dow Inc. reported net sales of $10.9 billion for the second quarter of 2024, a 4% decrease compared to $11.4 billion in the second quarter of 2023. This decline was primarily driven by lower local prices across all segments and regions, partially offset by a 1% increase in volume. For the first six months of 2024, net sales were $21.7 billion, down 7% year-over-year. Net income available for common stockholders was $439 million ($0.62 per share) for the quarter, down from $485 million ($0.68 per share) in the prior year period. The company highlighted strategic initiatives including a planned divestiture of its flexible packaging laminating adhesives business and an acquisition to bolster its recycling capabilities. Despite the sales decline, Dow demonstrated operational resilience by improving its equity in earnings from nonconsolidated affiliates, largely due to better performance from its Kuwait and Sadara joint ventures. The company also continues to focus on cost improvements and structural cost initiatives, which contributed to stable or improved operating EBIT in segments like Industrial Intermediates & Infrastructure and Performance Materials & Coatings. Dow maintained a strong liquidity position with $3.34 billion in cash and cash equivalents and fully available committed credit facilities totaling $8.4 billion.

Dow Inc. reported a net income of $516 million ($0.73 per diluted share) for the first quarter of 2024, a significant turnaround from a net loss of $93 million (-$0.13 per diluted share) in the same period last year. This improvement was driven by a 9% decrease in net sales to $10.8 billion, primarily due to a 10% decline in local prices, offset by a 1% increase in volume. The company benefited from lower raw material and energy costs, contributing to improved cost of sales as a percentage of net sales. While overall sales declined across all segments and regions, key segments like Industrial Intermediates & Infrastructure and Performance Materials & Coatings saw volume increases. The company also managed its balance sheet effectively, increasing its cash and cash equivalents to $3.7 billion and maintaining substantial liquidity of $13.5 billion. Dow Inc. continued its commitment to shareholder returns, repurchasing $200 million in stock and maintaining its quarterly dividend at $0.70 per share.

Dow Inc. reported a significant year-over-year decline in net sales for the third quarter of 2023, reaching $10.7 billion, a 24% decrease compared to $14.1 billion in Q3 2022. This decline was driven by widespread decreases in local prices (down 18%) and, to a lesser extent, volume (down 6%) across all operating segments and geographic regions, reflecting a challenging global macroeconomic environment and lower energy and feedstock costs. Consequently, net income available for common stockholders also saw a substantial reduction, falling to $302 million ($0.42 EPS) from $739 million ($1.02 EPS) in the prior year's quarter. Despite the revenue challenges, the company highlighted ongoing efforts in structural cost improvements and strategic initiatives like Decarbonize and Grow, and Transform the Waste. The company reported $3.5 billion in cash from operating activities for the first nine months of 2023, though this was down from $5.4 billion in the same period last year. Dow Inc. also continued its capital allocation priorities, repurchasing $125 million in common stock during the quarter and maintaining its quarterly dividend of $0.70 per share. The company is also managing an estimated $100 million pretax earnings impact per quarter from an incident at its Louisiana Operations Glycol-2 unit, with expected resumption of operations in Q2 2024.

Dow Inc. reported a significant decline in net sales and net income for the second quarter and first six months of 2023 compared to the same periods in 2022. Net sales decreased by 27% in the second quarter and 25% year-to-date, driven by broad-based declines in local prices (down 18% and 14% respectively) and volumes (down 8% and 10% respectively), attributed to slower economic activity. Net income available for common stockholders fell dramatically, with diluted EPS dropping to $0.68 in Q2 2023 from $2.26 in Q2 2022. The company implemented a significant restructuring program initiated in January 2023, recording $541 million in pretax charges primarily for workforce reductions and asset write-downs. Despite the challenging environment, Dow Inc. maintained a strong liquidity position with $2.9 billion in cash and cash equivalents and $12.8 billion in total liquidity sources at the end of June 2023. The company also continued its capital allocation strategy, including $250 million in share repurchases during the second quarter.

Dow Inc. reported a net loss of $93 million ($0.13 per share) for the first quarter of 2023, a significant decline from the $1.57 billion net income ($2.11 per share) reported in the same period of 2022. This downturn was driven by a 22% decrease in net sales to $11.9 billion, attributed to a 10% decrease in local prices and an 11% drop in volume across all operating segments. The company also incurred substantial restructuring charges of $541 million related to a new cost-saving program aimed at enhancing long-term competitiveness and agility. Despite the near-term financial challenges, Dow highlighted its ongoing strategic initiatives, including decarbonization and waste transformation efforts, which are expected to boost earnings. The company also maintained a strong liquidity position with $3.3 billion in cash and cash equivalents and $13.2 billion in total liquidity sources. Management remains focused on navigating the current economic environment while emphasizing the underlying long-term growth fundamentals of its market verticals.

Dow Inc. reported net sales of $14.1 billion for the third quarter of 2022, a 5% decrease from $14.8 billion in the third quarter of 2021. This decline was driven by a 4% decrease in volume and a 4% unfavorable currency impact, partially offset by a 3% increase in local prices. Net income available for common stockholders significantly decreased to $739 million ($1.02 per share) from $1,683 million ($2.23 per share) in the prior year's quarter. This was largely attributed to margin compression resulting from higher energy costs, particularly in Europe. Despite the quarterly dip, year-to-date sales showed an 11% increase to $45.0 billion, with a 16% rise in local prices more than compensating for a 1% volume decrease and a 4% unfavorable currency impact. The company repurchased $800 million of its common stock in the third quarter and continues to focus on cost savings initiatives and strategic growth investments, aiming for over $1 billion in cost savings in 2023.

Dow Inc. reported strong net sales growth for the second quarter of 2022, reaching $15.7 billion, a 13% increase year-over-year. This growth was primarily driven by a 16% increase in local prices across all segments, reflecting robust demand and rising raw material costs, while overall volume remained flat. Net income available for common stockholders decreased slightly to $1.66 billion from $1.90 billion in the prior year's quarter, leading to diluted earnings per share of $2.26, down from $2.51. The company's financial performance, particularly in its Packaging & Specialty Plastics segment, remained resilient despite inflationary pressures and a challenging global economic environment. Dow also continued its commitment to shareholder returns, repurchasing $800 million in stock and declaring a $0.70 per share dividend.

Dow Inc. reported strong first-quarter 2022 results, with net sales reaching $15.3 billion, a 28% increase year-over-year, driven by a significant 28% rise in local prices across all operating segments and regions. This price appreciation was primarily attributed to tight supply and demand dynamics and rising raw material costs. While volume saw a modest 3% increase, the company effectively leveraged higher pricing to boost profitability. Net income available for common stockholders surged to $1.57 billion ($2.11 per share), a substantial improvement from $991 million ($1.32 per share) in the prior year's quarter. The company also demonstrated robust operational cash flow generation, with $1.6 billion in cash provided by operating activities, a significant turnaround from the prior year's usage. Dow returned capital to shareholders through $600 million in share repurchases and a $0.70 per share dividend, signaling confidence in its financial health and commitment to shareholder returns. The company also incurred $186 million in asset-related charges due to the Russia-Ukraine conflict, impacting profitability but not fundamentally altering the overall positive financial performance.

Dow Inc. reported a substantial turnaround in its financial performance for the nine months ended September 30, 2021, compared to the same period in 2020. Net sales surged by 46% to $40.6 billion, driven by a significant 40% increase in local prices and a 3% rise in volume, reflecting robust end-market demand and favorable supply/demand dynamics. This led to a dramatic improvement in profitability, with Net Income Available for Common Stockholders reaching $4.575 billion, a stark contrast to a net loss of $11 million in the prior year. The company also demonstrated strong operational execution, with cash provided by operating activities increasing, and a notable reduction in gross debt by $1.1 billion in the third quarter, contributing to improved financial flexibility. Dow's strategic focus on higher-margin, sustainability-driven solutions and disciplined capital allocation appears to be yielding positive results for investors. In the third quarter of 2021 specifically, net sales grew by 53% year-over-year to $14.8 billion, with local prices increasing by 50% and volume up 2%. Net income available for common stockholders was $1.683 billion, or $2.23 per diluted share, a significant recovery from a net loss in the prior year. The company also actively managed its capital, repurchasing $400 million of its common stock and reducing gross debt. Looking ahead, Dow is focused on long-term value creation through decarbonization efforts and investments in sustainable, high-growth areas.

Dow Inc. reported a significant financial turnaround in the second quarter of 2021 compared to the same period in 2020. Net sales surged by 66% year-over-year to $13.9 billion, driven by broad-based price increases (up 53%) and volume growth (up 9%) across all operating segments and geographic regions. This strong performance resulted in a substantial net income of $1.9 billion available to common stockholders, a stark contrast to the net loss of $225 million in Q2 2020. The company also demonstrated improved profitability with Operating EBIT up significantly year-over-year across all segments. Key drivers for this improved performance include robust demand recovery post-pandemic, tight supply and demand fundamentals across various value chains, and the positive impact of Winter Storm Uri on pricing. Dow also continues to focus on financial discipline, evidenced by a $1.1 billion reduction in gross debt and a share repurchase program. The company's credit ratings were upgraded by S&P and its outlook revised to stable by Fitch, reflecting its strengthening financial position and operating performance.

Dow Inc. reported a significant improvement in financial performance for the first quarter of 2021 compared to the same period in the prior year. Net sales surged by 22% to $11.9 billion, driven by a 19% increase in local prices across all segments, reflecting strong supply and demand fundamentals and recovery from pandemic-related impacts. This top-line growth, coupled with effective cost management and favorable equity earnings from nonconsolidated affiliates, translated into a substantial increase in profitability. Net income available for common stockholders more than quadrupled to $991 million, resulting in diluted earnings per share of $1.32, a significant jump from $0.32 in Q1 2020. The company's operational performance was robust, despite some volume constraints attributed to the severe winter storm in the U.S. Gulf Coast. The Packaging & Specialty Plastics segment, in particular, showed strong growth. The company also benefited from improved equity in earnings from nonconsolidated affiliates, notably Sadara Chemical Company, and positive currency impacts. Dow maintained a strong liquidity position and managed its debt effectively, with no significant long-term debt maturities until the latter half of 2024.

Dow Inc. reported net sales of $9.712 billion for the third quarter of 2020, a decrease of 10% compared to $10.764 billion in the third quarter of 2019. This decline was primarily attributed to a 9% decrease in local prices, influenced by lower global energy prices, and a 1% decrease in volume. The company experienced a net loss of $25 million available to common stockholders for the quarter, compared to a net income of $333 million in the prior year's quarter. This shift was significantly impacted by a $617 million charge for restructuring and asset-related activities, largely due to a new restructuring program approved in September 2020 aimed at cost improvements in response to the COVID-19 pandemic. Despite the quarterly loss, Dow's cash position strengthened, with cash and cash equivalents increasing to $4.549 billion from $2.367 billion at the end of 2019, reflecting proactive liquidity management and reduced capital expenditures. For the first nine months of 2020, net sales decreased by 15% to $27.836 billion. The company reported a net loss of $11 million available to common stockholders for the period, a significant decrease from a net income of $964 million in the same period of 2019. The year-to-date performance was heavily influenced by $719 million in restructuring and asset-related charges. Management remains focused on cost discipline and operational efficiency, anticipating continued sequential demand recovery and sequential price increases in the fourth quarter, barring significant pandemic resurgence.

Dow Inc. reported a net loss of $225 million ($0.31 per share) for the second quarter of 2020, a significant decline from a net income of $75 million ($0.10 per share) in the same period of the previous year. This downturn was primarily driven by an 18% decrease in net sales to $8.4 billion, largely attributable to the adverse impact of the COVID-19 pandemic on global demand and lower commodity prices. The pandemic led to a 14% decrease in local prices and a 9% decrease in volume across most segments. Despite the challenging environment, the company demonstrated resilience by maintaining strong liquidity, with $3.7 billion in cash and cash equivalents at the end of the quarter. Dow also took proactive steps to reduce costs and optimize operations, including a further reduction in capital expenditure targets and plans for a new restructuring program targeting over $300 million in annualized Operating EBITDA benefit. The company anticipates a sequential improvement in the third quarter, with projected sales growth and expanding margins as economies gradually reopen.

Dow Inc.'s first quarter 2020 earnings report reflects a challenging operating environment, marked by an 11% year-over-year decline in net sales to $9.8 billion. This downturn was primarily driven by a 9% decrease in local prices and a 2% decline in volume, influenced by factors such as the early stages of the COVID-19 pandemic and volatile oil prices. Despite these headwinds, the company managed its expenses effectively, with significant reductions in Selling, General & Administrative (SG&A) expenses and Research & Development (R&D) expenses. Integration and separation costs also saw a substantial decrease compared to the prior year, indicating progress in these areas. Dow maintained a strong liquidity position with $3.6 billion in cash and cash equivalents and over $8 billion in committed and available liquidity facilities.

Dow Inc. reported a 15% decrease in net sales for the third quarter of 2019 compared to the same period in 2018, reaching $10.8 billion. This decline was attributed to a 12% decrease in local prices, a 2% drop in volume, and a 1% unfavorable currency impact, affecting all geographic regions and operating segments. Net income available for common stockholders was $333 million ($0.45 per diluted share) for the quarter, a significant decrease from $1,013 million ($1.36 per diluted share) in the prior year's third quarter. The company also incurred substantial restructuring and integration/separation costs related to its recent separation from DowDuPont. Despite the top-line decline, Dow Inc. continued its share repurchase program, buying back $101 million in the third quarter and indicating a full-year target of $500 million.

Dow Inc. reported a significant decline in net sales for the second quarter of 2019 compared to the prior year, with a 14% decrease to $11.0 billion. This was primarily driven by lower prices across all segments and regions, alongside a 4% volume decline. The company's financial results were heavily influenced by its separation from DowDuPont on April 1, 2019, which resulted in the presentation of its agricultural and specialty products businesses as discontinued operations. Integration and separation costs increased year-over-year, impacting profitability. Despite the top-line decline, Dow Inc. maintained a strong liquidity position with significant cash and available credit facilities. The company also continued its share repurchase program, demonstrating a commitment to returning capital to shareholders. Management anticipates a continued slowdown in global growth but plans to focus on cost discipline, operational efficiency, and high-return growth projects to drive future earnings.

Dow Inc. (TDCC reporting) reported net sales of $13.58 billion for the first quarter of 2019, a decrease of 9% compared to $14.90 billion in the prior year's first quarter. This decline was primarily driven by lower local prices and unfavorable currency movements, with sales decreasing across all geographic regions. Net income available to common stockholders significantly decreased to $541 million from $1.34 billion in the comparable period, reflecting these top-line pressures and increased integration and separation costs. The company is undergoing a significant corporate restructuring, with Dow Inc. becoming the parent company of TDCC following the separation from DowDuPont on April 1, 2019. This transition period has resulted in increased integration and separation costs ($408 million in Q1 2019 vs. $202 million in Q1 2018), impacting profitability. Despite the revenue decrease, the company demonstrated operational improvements in cost management, with cost of sales as a percentage of net sales slightly increasing to 78.8% from 77.5%, driven by lower feedstock costs. Investors should note the ongoing strategic repositioning and the associated costs, which are impacting short-term financial performance. While revenues have declined, the company's focus on cost synergies and operational efficiency remains a key theme. The balance sheet shows a decrease in long-term debt, indicating some deleveraging efforts.