$DOW · DOW INC.
Dow reported Q3 2026 results with net sales of $11.3B (+13% YoY), driven by 14% local price gains across all segments. GAAP net income was $525M ($0.62 EPS), while operating EPS swung to $0.71 from a loss of $0.19 in Q3 2025. Operating EBIT surged $707M to $887M. Cash from operations reached $1.8B, with free cash flow of $1.1B and trailing twelve-month cash flow conversion of 84%.
- Net sales $11.3B, up 13% YoY, with local price +14% across all segments
- Operating EPS of $0.71 vs. -$0.19 loss in Q3 2025; GAAP EPS $0.62 vs. $0.08
- Operating EBIT $887M, up $707M YoY, driven by higher polyethylene prices and self-help actions
- Free cash flow $1.1B; trailing twelve-month cash flow conversion 84%
- Debt reduced by ~$600M year-to-date; $400M+ working capital released in the quarter
Extended-hours trading shows +2.53% to $31.15 vs. the $30.38 regular close, indicating a positive initial reaction to the strong earnings beat and cash flow improvement.
A dramatic earnings swing from loss to profit, combined with strong cash generation and debt reduction, signals a cyclical recovery and successful self-help execution for one of the world's largest化学品
Dow's 14% local price increase and polyethylene strength signal a cyclical upswing in commodity chemicals, with self-help cost actions amplifying margin recovery across the sector.
Middle East conflict is causing supply constraints and volume declines in Asia Pacific; higher raw materials and logistics costs partially offset price gains. European energy costs remain a headwind in EMEAI.
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