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Dec 31, 2025
Dow Q4 2025 Earnings Report
Dow reported a net loss in Q4 2025 as revenue and margins declined across all segments.
Key Takeaways
Dow posted a $1.5 billion net loss for Q4 2025 on declining revenue and continued pricing pressure, but emphasized progress in its cost-reduction initiatives.
Revenue declined to $9.46 billion, down from $10.41 billion in Q4 2024.
GAAP EPS was -$2.15; non-GAAP EPS came in at -$0.34.
Operating EBIT dropped significantly to $33 million from $454 million in Q4 2024.
The company highlighted over $400 million in cost savings as part of its $1B cost-reduction program.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Dow will continue focusing on cost reductions and operational simplification through its 'Transform to Outperform' initiative.
Positive Outlook
- Over $400M delivered in cost savings in 2025.
- Expecting $2B in additional near-term earnings from new initiatives.
- Higher licensing revenue offset part of segment declines.
- Improved equity earnings from Sadara JV.
- Commitment to improving shareholder returns.
Challenges Ahead
- Downward pressure on prices expected to persist.
- Seasonal demand softness affecting volumes.
- Lower operating rates impacting margins.
- Negative earnings from joint ventures continue.
- Challenging macro environment and energy prices remain a concern.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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