Dow

DOW Q1 2026 Earnings

Reported Apr 23, 2026 at 6:58 AM ET · SEC Source

Q1 26 EPS

$-0.14

Q1 26 Revenue

$9.79B

BEAT +1.39%

Est. $9.66B

vs S&P Since Q1 26

+2.2%

BEATING MARKET

DOW +3.9% vs S&P +1.7%

Market Reaction

Did DOW Beat Earnings? Q1 2026 Results

Dow Inc. Posted a narrower-than-feared loss in the first quarter of 2026, with adjusted EPS of negative $0.14 beating the consensus estimate of negative $0.30 by 52.75%, as the materials science giant demonstrated that its self-help initiatives are g… Read more Dow Inc. Posted a narrower-than-feared loss in the first quarter of 2026, with adjusted EPS of negative $0.14 beating the consensus estimate of negative $0.30 by 52.75%, as the materials science giant demonstrated that its self-help initiatives are gaining ground even as pricing headwinds persist. Revenue of $9.79 billion topped expectations by 1.39%, though it still fell 6.1% year-over-year as local prices declined 7% company-wide and volume slipped 2%, weighed down in part by Middle East conflict disruptions to the Industrial Intermediates and Infrastructure segment. The clearest bright spot came from Performance Materials and Coatings, where Operating EBIT more than doubled to $117 million from $49 million a year ago on volume gains in downstream silicones and acrylic monomers. Operating cash flow surged to $1.12 billion, generating $621 million in free cash flow versus negative $581 million a year ago. CEO Jim Fitterling signaled growing confidence in the outlook, pointing to pricing actions gaining traction across all businesses and regions, with margins beginning to positively inflect in March.

Key Takeaways

  • Lower local prices down 7% year-over-year across all segments
  • Volume declined 2% year-over-year, driven by Middle East conflict impacts and lower merchant olefins sales
  • Cost reduction program tailwinds partially offset price declines across all segments
  • New polyethylene unit in Freeport, Texas enabling higher PE volumes
  • Idling of European cracker in mid-2025 reduced merchant olefins sales
  • Planned maintenance activity in U.S. Gulf Coast impacted volumes
  • Suspension of Sadara equity loss recognition improved II&I segment Op. EBIT
  • Performance Materials & Coatings Operating EBIT more than doubled on volume gains and lower fixed costs
  • NOVA Chemicals payment receipt boosted operating cash flow
  • Currency provided 3% net sales tailwind

DOW Forward Guidance & Outlook

CEO Fitterling indicated the company is seeing rapid positive momentum from pricing actions in every business and every region, as well as constructive impacts to operating rates. Margins began to positively inflect in March following global supply constraints related to the Middle East conflict. The company is leveraging its purpose-built asset footprint, well-established supply chain routes, and leading asset reliability to navigate the conflict and prioritize customers. Teams remain focused on capturing growth in attractive markets while delivering cost savings and cash support through the Transform to Outperform initiative, which aims to radically simplify operations, reengineer processes and cost structures, and modernize customer service, positioning the company for improved growth, expanded margins and higher shareholder returns across the cycle.

24/7 Wall St

DOW YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

DOW Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

DOW Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“In the first quarter, our results reflect the growing impact of Dow's self-help actions. Additionally, the margin backdrop began to positively inflect in March following global supply constraints, as impacts from the conflict in the Middle East quickly became widespread.”

— Jim Fitterling, Q1 2026 Earnings Press Release