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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Dow
Dow (DOW) investor relations material
Dow Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net sales rose 13% YoY to $11.267B; operating EBITDA was $1.553B and operating EBIT was $887M, as pricing and self-help offset higher raw material and logistics costs.
Net income available to common stockholders was $458M and diluted EPS was $0.62, versus $62M and $0.08 in Q3 2025.
Operating cash flow from continuing operations was $1.839B, up $709M YoY; free cash flow was $1.133B.
Transform to Outperform delivered ~$250M of Q3 benefits and remains on track for ~$700M in 2026.
Financial highlights
Local price rose 14% YoY, volume declined 1% and currency was flat; sales increased across all operating segments.
Q3 GAAP net income was $525M versus $124M; operating EPS was $0.71 versus a loss of $0.19, excluding $0.09/share of significant items.
Nine-month net sales rose 9% to $33.153B; net income was $882M versus a $967M loss.
Nine-month operating cash flow was $4.287B and free cash flow was $2.446B, versus $764M and negative $1.147B, respectively.
Outlook and guidance
Q4 operating EBITDA base-case guidance was ~$1.61B: ~$1.11B Packaging & Specialty Plastics, $200M Industrial Intermediates & Infrastructure, $230M Performance Materials & Coatings and $70M corporate.
Q4 tailwinds include ~$115M from lower planned maintenance and ~$55M from self-help in Packaging & Specialty Plastics; typical building and construction seasonality is expected in Industrial Intermediates & Infrastructure.
Self-help actions are expected to deliver more than $1B of EBITDA uplift in both 2026 and 2027; Transform to Outperform targets ~$2B in cumulative benefits by YE27.
2026 capital spending is expected to be ~$2.5B, including Alberta project spending; Transform to Outperform is expected to require ~$800M in additional cash expenditures over two years.
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Latest events from Dow
- Q3 EBITDA guided at $1.5–$1.6B as cost savings and portfolio actions support future growth.DOW
Morgan Stanley's 14th Annual Laguna Conference - Q2 2026 sales rose 20% to $12.1B, with strong EBITDA and margin recovery across all segments.DOWQ2 2026
- Earnings outlook raised as tight supply and cost savings drive strong margin and EBITDA growth.DOW16th Annual Wells Fargo Industrials & Materials Conference
- All voting items passed as leaders outlined cost savings, growth, and resilience plans.DOWAGM 2026
- EBITDA growth and margins lagged peers in FY25, but cost discipline and cash support actions excelled.DOWInvestor presentation
- Q1 2026 saw $9.8B sales, $873M EBITDA, a net loss, and improved cash flow from a legal settlement.DOWQ1 2026
- Q3 sales and EBIT grew, but net income fell as costs rose; strategic actions support long-term growth.DOWQ3 2024
- Q2 2024 net sales fell 4% to $10.9B, with sequential earnings growth and strong cash returns.DOWQ2 2024
- Q1 2025 net loss of $290–$307M; $6B in cash actions underway amid margin and cost headwinds.DOWQ1 2025
Next Dow earnings date
Q4 202628 Jan, 2027
Dow
Next Dow earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
Material Science Experts
Dow is a company specializing in materials science, offering an incredibly diverse range of products and solutions across industries. With expertise in chemical manufacturing and materials development, Dow produces components used in packaging, automotive production, construction, electronics, and more. They make a wide array of materials, including plastics, specialty chemicals, adhesives, coatings, and performance materials. The company’s products find application in various sectors, from manufacturing the components needed for everyday consumer goods to developing modern technologies.
Consumer Electronics and Semiconductor Production
Dow is a key player in the consumer electronics sector, offering a diverse range of advanced materials crucial for manufacturing electronic devices like smartphones, tablets, laptops, and wearables. These materials play a significant role in the production of microchips and integrated circuits, the backbone of modern electronics. Dow's specialization in providing tailored materials for semiconductor manufacturing processes contributes to the creation of cutting-edge microchips, empowering faster and more powerful electronic devices.
Packaging and specialty plastics
Dow plays a significant role in packaging, offering a comprehensive range of solutions that cater to the demands of the industry. One key component of packaging is special plastics, and it’s an area in which Dow is an expert in producing high-performance resins like polyethylene and polypropylene. These resins are utilized in flexible, rigid, and protective packaging solutions, delivering properties such as durability, versatility, and barrier protection. Dow also offers specialty adhesives and coatings that enhance packaging functionality, providing adhesion, sealing, and barrier properties. Dow also places a focus on providing sustainable packaging options.
Supplying the Chemicals Industry
Dow is often referred to as "the chemical industry's chemical company", and has earned this nickname due to its significant role in supplying a vast range of raw materials, intermediates, and finished products to other companies within the chemical industry. However, the list of the company’s customers is long, and some notable examples include Ford, GE, Ball, and many others.