DOW · Dow Inc.

Dow Inc.'s first quarter 2026 results showed net sales declining 6% year-over-year to $9.8 billion, driven by a 7% drop in local prices and 2% lower volumes. Volume declines were led by Industrial Intermediates & Infrastructure due to Middle East conflict impacts, offset partially by polyethylene gains in Packaging & Specialty Plastics. Packaging & Specialty Plastics net sales fell 7% to $4.9 billion with operating EBIT dropping $134 million to $208 million from lower margins and maintenance, despite cost reductions. Industrial Intermediates & Infrastructure sales decreased 8% to $2.6 billion but operating EBIT improved $10 million to a loss of $118 million, aided by suspended Sadara equity losses and lower maintenance. Performance Materials & Coatings achieved flat sales at $2.1 billion and EBIT rose $68 million to $117 million on volume growth in silicones and acrylics plus cost savings. GAAP net loss widened to $445 million from lower prices, partly offset by self-help cost reductions. Operating EPS swung to a $0.14 loss from $0.02 earnings, excluding $0.60 per share significant items including Sadara liability adjustment and NOVA Chemicals litigation payment. Cash from operations surged to $1.1 billion, boosted by the NOVA receipt and working capital improvements. CEO Jim Fitterling highlighted self-help actions, portfolio strengths in Americas and Europe, and Transform to Outperform initiative for growth and productivity. Outlook notes positive pricing momentum, higher operating rates from Middle East supply constraints, and focus on cost savings amid conflict navigation.