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Dow

DOW Q4 2025 Earnings

Reported Jan 29, 2026 at 6:09 AM ET · SEC Source

Q4 25 EPS

$-0.34

BEAT +33.33%

Est. $-0.51

Q4 25 Revenue

$9.46B

vs S&P Since Q4 25

+51.1%

BEATING MARKET

DOW +54.9% vs S&P +3.8%

Full Year 2025 Results

FY 25 EPS

$-0.94

BEAT +8.36%

Est. $-1.03

FY 25 Revenue

$39.97B

MISS 0.02%

Est. $39.98B

Market Reaction

Did DOW Beat Earnings? Q4 2025 Results

Dow closed out a punishing 2025 with a fourth quarter that offered modest relief against low expectations, posting an adjusted loss of $0.34 per share against a consensus estimate of negative $0.51, a 33.33% beat, even as the underlying business rema… Read more Dow closed out a punishing 2025 with a fourth quarter that offered modest relief against low expectations, posting an adjusted loss of $0.34 per share against a consensus estimate of negative $0.51, a 33.33% beat, even as the underlying business remained under significant strain. Revenue of $9.46 billion came in just a hair below the $9.47 billion analysts had anticipated, down 9.1% from a year earlier, as local prices fell 8% year-over-year and operating EBIT collapsed to $33 million from $454 million in Q4 2024. The steepest damage came from Industrial Intermediates & Infrastructure, which swung to an operating EBIT loss of $201 million, weighed down by worsening equity losses at Kuwait MEG joint ventures. A $1.30 billion charge for significant items, including a $671 million goodwill impairment in Polyurethanes & Construction Chemicals, pushed the GAAP net loss to $1.48 billion for the quarter. Looking ahead, CEO Jim Fitterling pointed to the company's "Transform to Outperform" initiative, targeting at least $2 billion in additional near-term earnings, with Dow already delivering more than $400 million in accelerated cost savings. The company also declared its 458th consecutive quarterly dividend at $0.35 per share.

Key Takeaways

  • • Local price declined 8% year-over-year across all segments
  • • Volume decreased 2% year-over-year, led by lower merchant olefins sales in EMEAI
  • • Lower integrated margins and reduced operating rates pressured profitability
  • • Cost reduction program delivered over $400 million in savings from the $1 billion target
  • • Goodwill impairment of $690 million related to Polyurethanes & Construction Chemicals
  • • Non-cash pension settlement charges of $323 million from termination of U.S. and U.K. pension plans
  • • Asset-related impairment charges of $303 million for chlor-alkali, propylene oxide and brine production in Latin America
  • • Idling of a cracker in EMEAI earlier in 2025 reduced merchant olefins volumes
24/7 Wall St

DOW YoY Financials

Q4 2025 vs Q4 2024, 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

“Dow's self-help measures continue to gain traction and were evident in our fourth quarter results. In 2025, we achieved well over half of our more than $6.5 billion in near-term cash and cost support actions, including the accelerated delivery of more than $400 million in cost savings from our $1 billion program. As we move forward, Transform to Outperform represents a comprehensive and radical simplification of our operating model. It aims to deliver step-change productivity across every business and function and growth with our customers. We expect these efforts to provide at least $2 billion in additional near-term earnings while helping Dow set new competitive standards and improve shareholder returns.”

— Jim Fitterling, Q4 2025 Earnings Press Release

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