Dow (DOW) Q3 2026 earnings summary

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.