Dow reports third quarter 2026 results
Key Highlights
- ➤Net sales $11.3 billion, up 13% year-over-year across all operating segments
- ➤Operating EPS $0.71 versus a $0.19 loss in 3Q25
- ➤Operating EBIT $887 million, up $707 million year-over-year
- ➤Operating cash flow $1.8 billion, up $709 million year-over-year
- ➤2026 growth and productivity benefits target upsized to $700 million
Expert Statements
Karen S. Carter, Chief executive officer of Dow
“Dow delivered a solid third quarter, driven by targeted downstream growth and disciplined execution against an evolving macro backdrop”
Karen S. Carter, Chief executive officer of Dow
“Our teams are delivering on our unique-to-Dow self-help commitments – including our 2025 $1 billion cost program, our European asset actions, and Transform to Outperform.”
Karen S. Carter, Chief executive officer of Dow
“Specific to the transformation, we are on track to achieve the upsized $700 million in growth and productivity benefits in 2026, as well as the approximately $2 billion in total uplift by the end of next year.”
Karen S. Carter, Chief executive officer of Dow
“In addition, we captured sequential gains from the first of our three European asset shutdowns, where the total benefits are expected to build through 2027.”
Karen S. Carter, Chief executive officer of Dow
“We also remain focused on cash, including releasing more than $400 million of working capital during the quarter and reducing debt by approximately $600 million year-to-date.”
Karen S. Carter, Chief executive officer of Dow
“Our near-term actions are building a Dow that delivers stronger, more consistent results and long-term value for our shareholders.”
Karen S. Carter, Chief executive officer of Dow
“We are building a more resilient and competitive Dow that is positioned to create long-term value through our continued focus on three priorities”
Karen S. Carter, Chief executive officer of Dow
“First, driving growth and innovation in higher-value areas of our businesses where demand is growing well above GDP – including applications for AI infrastructure, home and personal care, electronics, flexible packaging and mobility.”
Karen S. Carter, Chief executive officer of Dow
“Second, we are taking action to strengthen the competitiveness of Dow's portfolio by investing in differentiated low-cost positions while shutting down higher-cost upstream capacity.”
Karen S. Carter, Chief executive officer of Dow
“And third, we're maintaining a disciplined and balanced approach to capital allocation that supports long-term shareholder value creation.”
Karen S. Carter, Chief executive officer of Dow
“These priorities are underpinned by our self-help actions, which are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027.”
MIDLAND, Mich., Oct. 22, 2026 /PRNewswire/ -- Dow (NYSE: DOW):
* Net sales were $11.3 billion, up 13% year-over-year, reflecting increases in all operating segments. * Local price increased 14% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions. Currency was flat year-over-year. * Volume decreased 1% year-over-year. This reflects higher volumes in all regions except Asia Pacific, where impacts from the Middle East conflict are most pronounced. * GAAP net income was $525 million. Operating EBIT(1) was $887 million, up $707 million year-over-year, primarily driven by higher prices as well as benefits from the Company's collective self-help actions, which more than offset higher raw materials and logistics costs. * GAAP earnings per share (EPS) was $0.62; operating EPS(1) was $0.71, compared to a loss of $0.19 in the year-ago period. Op. EPS excludes significant items totaling $0.09 per share, primarily driven by costs associated with the Company's collective self-help actions. * Cash provided by operating activities – continuing operations was $1.8 billion, up $709 million year-over-year, reflecting improved earnings and working capital, and up $515 million sequentially, primarily reflecting working capital improvements. Free cash flow(1) was $1.1 billion, with trailing twelve-month cash flow conversion(1) of 84%. * Returns to shareholders totaled $253 million of dividends in the quarter. CEO QUOTE
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