Dow Inc. reported strong third quarter 2026 financial results with increased net sales and net income, driven by pricing gains and cost actions. The company continues to execute its Transform to Outperform program and has made key management appointments. Dividend payments remain consistent, reflecting financial discipline.

• Dow reported third quarter 2026 net sales of $11.3 billion, up 13% year-over-year, with local price increases of 14% and a slight volume decline of 1%. Net income was $458 million with diluted EPS of $0.62 [N2].
• All operating segments and most geographic regions showed sales growth except Asia Pacific, which experienced a volume decline [N2].
• The company’s Transform to Outperform program delivered approximately $450 million in operating EBITDA improvement in the first nine months of 2026 [N6].
• Karen S. Carter became CEO on July 1, 2026, succeeding Jim Fitterling who transitioned to Executive Chair [N1].
• Dow declared its 461st consecutive dividend payable December 11, 2026, demonstrating ongoing shareholder returns [N2].
• Cash provided by operating activities was $1.839 billion in Q3 2026, up $709 million from the prior year period [N2].
• Restructuring and asset-related charges were $9 million in Q3 2026, lower than the prior year period [N2].

Dow's strategic focus on higher-value growth areas such as AI infrastructure applications, home and personal care, electronics, flexible packaging, and mobility aligns with market demand trends. The Transform to Outperform program aims to deliver significant near-term operating EBITDA improvements through productivity gains and cost reductions. Management's disciplined capital allocation and consistent dividend payments reflect financial discipline. The company's ability to operate competitively in volatile energy markets due to feedstock flexibility and cost-advantaged geographic positioning supports resilience.

Dow faces risks from ongoing global economic uncertainty, including inflationary pressures, trade policy volatility, and geopolitical conflicts such as those in the Middle East and Russia-Ukraine. These factors contribute to supply chain disruptions, increased costs, and potential volume declines, particularly in regions like Asia Pacific. The company's exposure to tariffs and trade barriers may impact sales volume and pricing. Execution risks exist around the Transform to Outperform program and maintaining competitiveness amid market challenges.

Dow's moat is supported by its diversified product portfolio across multiple chemical segments, global geographic footprint, and cost-advantaged operations in regions such as the U.S. & Canada and Latin America. The company's feedstock flexibility and scale provide competitive advantages in managing volatile energy and raw material costs. Its long-standing customer relationships, pricing power, and ongoing strategic initiatives to improve operational efficiency further strengthen its competitive position.

• Global Economic and Market Risks: Dow operates in a competitive global environment with exposure to economic cycles, inflation, and market volatility that can impact sales volume, pricing, and supply chains.
• Trade Policy and Tariffs: Changes in U.S. and international trade policies, tariffs, and trade agreements can affect Dow's sales, costs, and supply chain logistics.
• Geopolitical Conflicts: Ongoing conflicts in the Middle East and Russia-Ukraine region create volatility in energy prices, supply chain disruptions, and operational risks for Dow and its joint ventures.
• Supply Chain and Raw Material Costs: Disruptions and inflationary pressures in raw materials and energy markets can increase costs and affect production efficiency.
• Execution Risk of Strategic Initiatives: The success of the Transform to Outperform program depends on effective implementation of cost reductions and operational improvements.

• Dow Inc. operates as a global chemical company with diversified segments including Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings.
• The company reported third quarter 2026 net sales of $11.3 billion, a 13% increase from the prior year, driven by price increases and mixed volume changes across segments and regions.
• Net income for Q3 2026 was $458 million, with earnings per share of $0.62 diluted.
• Liquidity as of September 30, 2026, includes cash and equivalents of approximately $4.14 billion, current assets of $20.18 billion, and current liabilities of $11.49 billion, resulting in a current ratio of 1.76 and a cash ratio of 0.36.
• Dow's geographic sales growth was strong in EMEAI, U.S. & Canada, and Latin America, with volume declines in Asia Pacific.
• The company is executing a 'Transform to Outperform' program aimed at improving operating EBITDA by simplifying operations, reducing costs, and driving growth, with $450 million improvement delivered in the first nine months of 2026.
• Management changes include Karen S. Carter becoming CEO on July 1, 2026, succeeding Jim Fitterling who became Executive Chair.
• Dow maintains a disciplined capital allocation approach and has declared consecutive quarterly dividends, with the 461st consecutive dividend declared in October 2026.
• The company faces risks from global economic conditions, trade policies, tariffs, geopolitical conflicts including the Middle East and Russia-Ukraine conflicts, and supply chain disruptions.
• Dow's product pricing has increased across all segments and regions, partially offset by volume declines in certain areas.
• The company has taken targeted cost reduction initiatives and self-help actions to mitigate macroeconomic uncertainty and improve financial flexibility.
• Dow's joint ventures in the Middle East have been impacted by regional conflicts, affecting supply chains and operations.
• The company operates in cost-advantaged regions such as U.S. & Canada and Latin America and has feedstock flexibility to maintain competitiveness in Europe despite volatile energy prices.
• Dow's Q3 2026 restructuring and asset-related charges were $9 million, lower than the prior year period.
• Cash provided by operating activities in Q3 2026 was $1.839 billion, up $709 million from the prior year period.
• The company has approximately 31,600 employees as of September 30, 2026.