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Sep 30, 2025
Dow Q3 2025 Earnings Report
Dow reported lower year-over-year revenue and profit amid pricing declines across all segments, though sequential earnings improved due to cost reductions and lower maintenance expenses.
Key Takeaways
Dow’s Q3 2025 results reflected an 8% year-over-year revenue decline to $9.97 billion and GAAP net income of $124 million. The company achieved sequential improvement in earnings and cash flow driven by cost control and reduced maintenance activity, despite lower prices and continued industry pressure.
Net sales were $9.97 billion, down 8% year-over-year and 1% sequentially.
GAAP EPS was $0.08, while operating EPS was a loss of $0.19.
Operating EBIT was $180 million, down $461 million year-over-year.
Cash flow conversion reached 130.2%, supported by $1.1 billion in operating cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Dow expects continued near-term macroeconomic challenges but plans to focus on cost savings, asset optimization, and resilient markets to strengthen profitability and shareholder returns.
Positive Outlook
- Strong cost reduction progress with $1 billion CapEx reduction planned for 2025.
- Over half of $6.5 billion near-term cash support target already achieved.
- New polyethylene and alkoxylation assets driving demand resilience.
- Improved operating cash flow due to working capital management.
- Continued discipline in capital allocation and debt management.
Challenges Ahead
- Persistent weakness in global chemical pricing.
- Lower demand across European markets.
- Margin compression in upstream siloxanes.
- Continued volatility in raw material costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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