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On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Dow (DOW +2.52%) announced that net sales grew 13% year over year across all operating segments. Internal efficiency programs and disciplined pricing give the business direct control over its earnings trajectory during uncertain economic cycles.

Three takeaways from management stand out.

1. Cost-Cutting Programs Target $1.3 Billion in SavingsManagement is restructuring global operations and eliminating 4,500 roles to streamline its cost structure. These internal self-help actions (operational efficiency programs within management control) shield earnings during broader economic downturns.

And we remain focused on our commitment to implement approximately $1.3 billion in net benefits this year as well as $1.3 billion in 2027.
-- Jeffrey L. Tate, Executive Vice President and Chief Financial Officer2. Advanced Silicones Focus on High-Growth End MarketsDow is investing in specialized downstream silicones (processed silicone materials engineered for specific end products) for data center cooling and electric vehicles. These high-value technologies carry faster payback schedules than basic commodity chemicals.

Our closed loop liquid cooling systems and advanced thermal fluids are serving markets that are growing at double digit rates.
-- Karen S. Carter, Chief Executive Officer3. Ample Liquidity Protects Financial Standing Through 2029The company maintains liquidity (available cash and borrowing capacity) of $14 billion while paying down debt ahead of schedule. Voluntary debt retirement and working capital management protect cash flows from elevated interest rates.

We have approximately $14 billion of liquidity and no substantive debt maturities until 2029, providing significant financial flexibility.
-- Jeffrey L. Tate, Executive Vice President and Chief Financial OfficerLooking AheadGlobal chemical demand is recovering unevenly across regions, but operational discipline generates clear momentum. Advantaged raw material positions in North America and structural asset shutdowns in Europe strengthen long-term margins.

Our collective self help measures... are all delivering tangible results.
-- Karen S. Carter, Chief Executive OfficerCapital allocation prioritizes high-return downstream investments while eliminating uncompetitive upstream production.

We are making our portfolio more competitive by investing in advantaged businesses differentiated technologies, and low cost assets, while also moving decisively where we no longer have a clear path to sustainably compete and win.
-- Karen S. Carter, Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

U.S. stocks traded lower this morning, with the Dow Jones falling more than 500 points on Friday.

Following the market opening Friday, the Dow traded down 1.02% to 52,328.35 while the NASDAQ dipped 0.21% to 25,953.62. The S&P 500 also fell, dropping, 0.43% to 7,630.53.

Leading and Lagging Sectors

Real estate shares jumped by 1% on Friday.

In trading on Friday, industrials stocks fell by 1.7%.

Top Headline

American Express (NYSE:AXP) shares fell around 3% after the company released results for the third quarter.

The company posted adjusted earnings of $4.68 per share, beating market estimates of $4.48 per share. The company’s sales came in at $20.062 billion, missing expectations of $20.122 billion.

Equities Trading UP
           

Mynd.ai Inc – ADR (NYSE:MYND) shares shot up 77% to $0.29. Shares of 22nd Century Group Inc (NASDAQ:XXII) got a boost, surging 49% to $0.32. 22nd Century Group shares dipped over 20% on Thursday after the company reported a quarter-over-quarter increase of its preliminary Q3 net revenue results. BIO-Key International Inc (NASDAQ:BKYI) shares were also up, gaining 31% to $3.60. BIO-key International recently secured another Middle East Government contract for its passwordless, biometric, identity and access management solutions. Equities Trading DOWN

Lunai Bioworks Inc (NASDAQ:LNAI) shares dipped 44% to $0.26 after the company announced receipt of Nasdaq determination and intention to voluntarily delist and deregister. Shares of Aardvark Therapeutics Inc (NASDAQ:AARD) were down 39% to $2.42. Aardvark Therapeutics reported exploratory data from the terminated HERO and open-label extension trials. Lakewood-amedex Biotherapeutics Inc (NASDAQ:LABT) was down, falling 30% to $0.34. The company recently announced the presentation of preclinical Nu-3 data, with the next catalyst remaining Phase 2a topline results in Q1 2027. Commodities 

In commodity news, oil traded up 2.1% to $101.55 while gold traded down 0.5% at $4,041.50.

Silver traded down 2.1% to $53.870 on Friday, while copper rose 1.1% to $6.4690.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, while Spain’s IBEX 35 Index fell 0.3%, London’s FTSE 100 fell 0.6%, Germany’s DAX fell 1.1%, while France’s CAC 40 dipped 0.8%.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 falling 0.34%, Hong Kong’s Hang Seng index gaining 0.69%, China’s SSE Composite Index gaining 0.89% and India’s BSE Sensex falling 0.17%.

Economics

The Michigan Consumer Sentiment index will be released today.

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Key Takeaways Dow's Q3 adjusted EPS reached 71 cents versus a year-ago loss of 19 cents, while sales climbed 13% to $11.3B.Higher prices and self-help benefits lifted Dow's operating EBITDA to $1.55B despite rising input costs.Dow targets $700M in 2026 transformation benefits and expects roughly $2B in total uplift by 2027.
Dow Inc. (DOW - Free Report) reported third-quarter 2026 adjusted earnings of 71 cents per share, reversing the year-ago loss of 19 cents per share. The improvement was mainly driven by higher prices and benefits from the company's self-help initiatives, which more than offset higher raw material and logistics costs. It beat the Zacks Consensus Estimate of 64 cents.

Net sales rose 13% year over year to around $11.27 billion, beating the Zacks Consensus Estimate of $11.26 billion. Local prices increased 14%, while volume declined 1%, reflecting continued impacts from the Middle East conflict, particularly in Asia Pacific. Currency was flat year over year.

Including significant items, primarily costs associated with the company's self-help initiatives, Dow reported GAAP earnings of 62 cents per share compared with earnings of 8 cents in the year-ago quarter. Significant items reduced third-quarter 2026 earnings by 9 cents per share.

GAAP net income increased to $525 million from $124 million a year ago. Operating EBIT rose to $887 million from $180 million, while operating EBITDA increased to $1.55 billion from $868 million. Higher integrated margins, favorable pricing and productivity benefits supported the improvement despite higher input costs.

DOW's Segment HighlightsPackaging & Specialty Plastics’ sales rose 18% year over year to $5.78 billion. Local prices increased 17%, driven by gains across both businesses in EMEAI and the United States and Canada. Volume increased 1%, primarily reflecting growth in EMEAI. Operating EBIT increased $386 million year over year to $585 million, supported by higher polyethylene prices and self-help benefits, partly offset by increased planned maintenance activity.

Industrial Intermediates & Infrastructure’s sales increased 8% year over year to $3.06 billion. Local prices rose 16%, while volume declined 7% due to weaker demand in Polyurethanes & Construction Chemicals, including impacts from the Middle East conflict. Growth in Industrial Solutions partially offset the decline. Operating EBIT improved to $176 million from a loss of $47 million a year ago, supported by higher margins, self-help benefits and the suspension of recognizing equity losses from Sadara.

Performance Materials & Coatings’ sales advanced 8% year over year to $2.25 billion. Local prices increased 5%, while volume grew 3%, driven by gains across both businesses, particularly downstream silicones. Consumer Solutions benefited from stronger demand across consumer, electronics and home care applications, while Coatings & Performance Monomers recorded higher acrylic monomers and architectural coatings prices and volumes. Operating EBIT increased $74 million year over year to $154 million, aided by pricing gains, higher volumes and cost savings.

DOW's Cash Flow and Financial PositionCash flow from operating activities for continuing operations reached $1.84 billion, up $709 million year over year and $515 million sequentially. The improvement reflected higher earnings and better working capital management. Free cash flow totaled $1.1 billion, while trailing 12-month cash flow conversion reached 84%.

Cash and cash equivalents stood at $4.14 billion as of Sept. 30, 2026, compared with $3.82 billion at the end of 2025. Dow released more than $400 million in working capital during the quarter and reduced debt by approximately $600 million year to date. Shareholder returns through dividends totaled $253 million during the quarter.

Dow's OutlookDow remains on track to deliver $700 million in growth and productivity benefits from its Transform to Outperform program in 2026. Management expects approximately $2 billion in total uplift from the initiative by the end of 2027. Benefits from the company's three planned European asset shutdowns are also expected to build through 2027.

The company expects its collective self-help initiatives to generate more than $1 billion in EBITDA uplift in both 2026 and 2027. Management plans to prioritize growth and innovation in higher-value applications, including AI infrastructure, home and personal care, electronics, flexible packaging and mobility. Dow also intends to strengthen its cost competitiveness by investing in differentiated low-cost operations while shutting down higher-cost upstream capacity.

DOW’s Stock Price PerformanceDOW shares have gained 23.9% in the past year compared with the industry’s 2.3% growth.

Image Source: Zacks Investment Research

DOW’s Zacks Rank & Key PicksDOW currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Cabot Corporation (CBT - Free Report) and Avient Corporation (AVNT - Free Report) .

RS currently sports a Zacks Rank #1 (Strong Buy), while CBT and AVNT carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here

The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.7 per share, indicating a 66.2% year-over-year surge. RSshares have gained 53.9% over the past year.

The Zacks Consensus Estimate for CBT’s current fiscal-year earnings is pinned at $6.35 per share. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 4.56%. CBTshares have gained 3.8% over the past year.

The Zacks Consensus Estimate for AVNT’s fiscal 2026 earnings is pegged at $3.2 per share, indicating a year-over-year rise of 13.48%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 3.4%.

Dow Inc. (DOW) Q3 2026 Earnings Call Transcript

Dow (DOW.N) forecast fourth-quarter adjusted core profit ​above Wall Street expectations and beat quarterly earnings estimates, as higher ‌polyethylene prices and cost-cutting measures more than offset increased raw material and logistics costs.

The closure of the Strait of Hormuz following the escalation of the Iran conflict in late February ​has disrupted oil and petrochemical flows, tightening global chemical supplies and ​driving a sharp increase in plastics and polymer prices.

Earlier this year, Dow ⁠announced plans to cut about 4,500 jobs, or 13% of its workforce, to ​reduce costs. The company has also been reviewing assets across its global portfolio, ​as part of a broader effort to boost profitability.

Dow said on Thursday it has implemented nearly 70% of its planned workforce reduction and expects its restructuring program to deliver more ​than $200 million in benefits in the second half of this year.

CEO Karen ​S. Carter said in a statement that Dow remains on track to generate more than $1 ‌billion ⁠in annual core profit gains in both 2026 and 2027 through its cost-cutting and portfolio optimization initiatives, including the closure of higher-cost upstream assets.

Shares of the company were up 2.3% in premarket trading.

Dow forecast fourth-quarter adjusted core earnings of ​about $1.54 billion, above analysts' ​average estimate of $1.38 ⁠billion, according to data compiled by LSEG.

Net sales from Dow's packaging and specialty plastics segment in the quarter ended ​September 30 rose over 18% to $5.8 billion from a year ​ago, ⁠driven by higher polyethylene and functional polymers prices in all regions.

Quarterly revenue at its industrial intermediates and infrastructure segment rose 7.9% to $3.06 billion, while net sales at ⁠the performance ​materials and coatings unit rose over 8% ​to $2.25 billion.

The Michigan-based company reported an adjusted profit of 71 cents per share, compared with analysts' average ​estimate of 64 cents.

, /PRNewswire/ -- Dow (NYSE: DOW): 

FINANCIAL HIGHLIGHTS

Net sales were $11.3 billion, up 13% year-over-year, reflecting increases in all operating segments. Local price increased 14% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions. Currency was flat year-over-year. Volume decreased 1% year-over-year. This reflects higher volumes in all regions except Asia Pacific, where impacts from the Middle East conflict are most pronounced.    GAAP net income was $525 million. Operating EBIT1 was $887 million, up $707 million year-over-year, primarily driven by higher prices as well as benefits from the Company's collective self-help actions, which more than offset higher raw materials and logistics costs. GAAP earnings per share (EPS) was $0.62; operating EPS1 was $0.71, compared to a loss of $0.19 in the year-ago period. Op. EPS excludes significant items totaling $0.09 per share, primarily driven by costs associated with the Company's collective self-help actions.   Cash provided by operating activities – continuing operations was $1.8 billion, up $709 million year-over-year, reflecting improved earnings and working capital, and up $515 million sequentially, primarily reflecting working capital improvements. Free cash flow1 was $1.1 billion, with trailing twelve-month cash flow conversion1 of 84%. Returns to shareholders totaled $253 million of dividends in the quarter. CEO QUOTE

"Dow delivered a solid third quarter, driven by targeted downstream growth and disciplined execution against an evolving macro backdrop," said Karen S. Carter, Dow chief executive officer. "Our teams are delivering on our unique-to-Dow self-help commitments – including our 2025 $1 billion cost program, our European asset actions, and Transform to Outperform. Specific to the transformation, we are on track to achieve the upsized $700 million in growth and productivity benefits in 2026, as well as the approximately $2 billion in total uplift by the end of next year. In addition, we captured sequential gains from the first of our three European asset shutdowns, where the total benefits are expected to build through 2027. We also remain focused on cash, including releasing more than $400 million of working capital during the quarter and reducing debt by approximately $600 million year-to-date. Our near-term actions are building a Dow that delivers stronger, more consistent results and long-term value for our shareholders."  

SUMMARY FINANCIAL RESULTS

Three Months Ended Sep 30

In millions, except per share amounts

3Q26

3Q25

vs. SQLY

[B / (W)]

Net Sales

$11,267

$9,973

$1,294

GAAP Income Net of Tax

$525

$124

$401

Op. EBIT¹

$887

$180

$707

Op. EBITDA¹

$1,553

$868

$685

GAAP Earnings Per Share

$0.62

$0.08

$0.54

Op. Earnings Per Share¹

$0.71

$(0.19)

$0.90

Cash Provided by Op. Activities – Cont. Ops

$1,839

$1,130

$709

1. Op. Earnings Per Share, Op. EBIT, Op. EBIT Margin and Op. EBITDA, Free Cash Flow and Cash Flow Conversion are non-GAAP measures. See appendix for further discussion.
®TM Trademark of The Dow Chemical Company or an affiliated company of Dow

SEGMENT HIGHLIGHTS

Packaging & Specialty Plastics

Three Months Ended Sep 30

In millions

3Q26

3Q25

vs. SQLY

[B / (W)]

Net Sales

$5,778

$4,891

$887

Op. EBIT

$585

$199

$386

Packaging & Specialty Plastics segment net sales in the quarter were $5.8 billion, up 18% versus the year-ago period. Local price increased 17% year-over-year, primarily driven by higher prices across both businesses in EMEAI and the U.S. & Canada. Currency was flat. Volume increased 1% year-over-year, primarily driven by increases in EMEAI in both businesses.

Op. EBIT was $585 million, an increase of $386 million compared to the year-ago period, driven by higher integrated margins as a result of higher polyethylene prices and tailwinds from the Company's self-help initiatives, which were partly offset by higher planned maintenance activity.

Packaging and Specialty Plastics business reported a net sales increase versus the year-ago period, driven by higher polyethylene and functional polymers prices in all regions. Polyethylene demand remained resilient, with year-over-year volume growth excluding supply constraints associated with the Middle East conflict.                           

Hydrocarbons & Energy business reported a year-over-year increase in net sales, with higher price and volume for Olefins and Aromatics in EMEAI, enabled by the restart of our previously idled cracker in the region.

Industrial Intermediates & Infrastructure

Three Months Ended Sep 30

In millions

3Q26

3Q25

vs. SQLY

[B / (W)]

Net Sales

$3,058

$2,834

$224

Op. EBIT

$176

$(47)

$223

Industrial Intermediates & Infrastructure segment net sales in the quarter were $3.1 billion, up 8% versus the year-ago period. Local price increased 16% year-over-year, reflecting gains in both businesses and in all regions. Currency decreased net sales by 1%. Volume decreased 7% year-over-year, as higher volumes in Industrial Solutions were more than offset by lower volumes in Polyurethanes & Construction Chemicals, including impacts from the Middle East conflict in both businesses. 

Op. EBIT was $176 million, an increase of $223 million versus the year-ago period, driven by higher margins, tailwinds from the Company's self-help initiatives and the suspension of the recognition of equity losses from Sadara, all of which were partially offset by higher energy costs in EMEAI.

Polyurethanes & Construction Chemicals business reported an increase in net sales compared to the year-ago period, primarily driven by local price gains in propylene oxide derivatives in the U.S. & Canada and EMEAI. This was partially offset by lower volumes, which primarily reflect impacts from the Middle East conflict.

Industrial Solutions business reported an increase in net sales compared to the year-ago period, driven by local price gains in all regions. Volume growth was driven by increased demand for AI infrastructure and energy applications, as well as higher ethylene oxide project-related catalyst sales.

Performance Materials & Coatings

Three Months Ended Sep 30

In millions

3Q26

3Q25

vs. SQLY

[B / (W)]

Net Sales

$2,250

$2,082

$168

Op. EBIT

$154

$80

$74

Performance Materials & Coatings segment net sales in the quarter were $2.3 billion, up 8% versus the year-ago period. Local price increased 5% year-over-year in both businesses, led by Coatings & Performance Monomers. Currency was flat. Volume increased 3% year-over-year, driven by higher volumes in both businesses, led by growth in downstream silicones.

Op. EBIT was $154 million, an increase of $74 million versus the year-ago period, driven by tailwinds from the Company's self-help initiatives, including the closure of the Barry, U.K. siloxanes plant, as well as price and volume gains across both businesses.

Consumer Solutions business reported an increase in net sales versus the year-ago period, driven by downstream silicones volume gains in all regions, as growth in consumer, electronics and home care applications more than offset upstream volume declines following the recent shutdown of the Barry, U.K. siloxanes plant.

Coatings & Performance Monomers business reported an increase in net sales across all regions compared to the year-ago period, led by higher price and volume in both acrylic monomers and architectural coatings.

OUTLOOK

"We are building a more resilient and competitive Dow that is positioned to create long-term value through our continued focus on three priorities," said Carter. "First, driving growth and innovation in higher-value areas of our businesses where demand is growing well above GDP – including applications for AI infrastructure, home and personal care, electronics, flexible packaging and mobility. Second, we are taking action to strengthen the competitiveness of Dow's portfolio by investing in differentiated low-cost positions while shutting down higher-cost upstream capacity. And third, we're maintaining a disciplined and balanced approach to capital allocation that supports long-term shareholder value creation. These priorities are underpinned by our self-help actions, which are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027."  

Conference Call

Dow will host a live webcast of its quarterly earnings conference call with investors to discuss its results, business outlook and other matters today at 8:00 a.m. ET. The webcast and slide presentation that accompany the conference call will be posted on the events and presentations page of investors.dow.com.

About Dow

Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, customer-focused innovation and leading business positions enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 29 countries and employed approximately 34,600 people as of year-end 2025. Dow delivered sales of approximately $40 billion in 2025. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us at www.dow.com.

X: https://twitter.com/DowNewsroom 
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LinkedIn: http://www.linkedin.com/company/dow-chemical 
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Cautionary Statement about Forward-Looking Statements 

Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow's products; Dow's expenses, future revenues and profitability; any supply chain, operational or other disruptions, sanctions, export restrictions, or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow's products and services and ability to compete in such markets; Dow's ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow's products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow's intellectual property in the United States and abroad; Dow's ability to realize expected benefits from Transform to Outperform on the contemplated timeframe; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow's significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies, or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow's information technology networks and systems, including the impact of cyberattacks; risks related to Dow's separation from DowDuPont Inc. such as Dow's obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities; and any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow's business.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the Company's subsequent reports filed with the U.S. Securities and Exchange Commission. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow's business. Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

®TM Trademark of The Dow Chemical Company or an affiliated company of Dow 

Non-GAAP Financial Measures

This earnings release includes information that does not conform to GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. Dow's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's GAAP disclosures and should not be viewed as alternatives to GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-GAAP measures to GAAP are provided in the Selected Financial Information and Non-GAAP Measures section starting on page 10. Dow does not provide forward-looking GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses and potential future asset impairments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP results for the guidance period.

Operating Earnings Per Share is defined as "Earnings (loss) per common share - diluted" excluding the after-tax impact of significant items.

Operating EBIT is defined as earnings (i.e., "Income (loss) before income taxes") before interest, excluding the impact of significant items.

Operating EBIT Margin is defined as Operating EBIT as a percentage of net sales.

Operating EBITDA is defined as earnings (i.e., "Income (loss) before income taxes") before interest, depreciation and amortization, excluding the impact of significant items.

Free Cash Flow is defined as "Cash provided by operating activities - continuing operations," less capital expenditures. Under this definition, Free Cash Flow represents the cash generated by the Company from operations after investing in its asset base. Free Cash Flow, combined with cash balances and other sources of liquidity, represent the cash available to fund obligations and provide returns to shareholders. Free Cash Flow is an integral financial measure used in the Company's financial planning process.

Cash Flow Conversion is defined as "Cash provided by operating activities - continuing operations," divided by Operating EBITDA. Management believes Cash Flow Conversion is an important financial metric as it helps the Company determine how efficiently it is converting its earnings into cash flow.

Operating Return on Capital (ROC) is defined as net operating profit after tax, excluding the impact of significant items, divided by total average capital, also referred to as ROIC.

Dow Inc. and Subsidiaries

Consolidated Statements of Income

In millions, except per share amounts (Unaudited)

Three Months Ended

Nine Months Ended

Sep 30,
2026

Sep 30,
2025

Sep 30,
2026

Sep 30,
2025

Net sales

$   11,267

$     9,973

$   33,153

$   30,508

Cost of sales

9,889

9,242

28,968

28,523

Research and development expenses

180

191

568

579

Selling, general and administrative expenses

408

340

1,360

1,053

Amortization of intangibles

40

46

126

185

Restructuring and asset related charges - net

9

23

539

822

Equity in earnings (losses) of nonconsolidated affiliates

12

(72)

(255)

(122)

Sundry income (expense) - net

50

185

296

345

Interest income

50

47

130

114

Interest expense and amortization of debt discount

211

221

640

646

Income (loss) before income taxes

642

70

1,123

(963)

Provision (credit) for income taxes

117

(54)

241

4

Net income (loss)

525

124

882

(967)

Net income attributable to noncontrolling interests

67

62

236

113

Net income (loss) available for Dow Inc. common stockholders

$       458

$         62

$       646

$   (1,080)

Per common share data:

Earnings (loss) per common share - basic

$      0.63

$      0.08

$      0.88

$     (1.53)

Earnings (loss) per common share - diluted

$      0.62

$      0.08

$      0.88

$     (1.53)

Weighted-average common shares outstanding - basic

725.5

711.8

723.4

709.4

Weighted-average common shares outstanding - diluted

727.4

713.2

724.8

709.4

Dow Inc. and Subsidiaries

Consolidated Balance Sheets

In millions, except share amounts (Unaudited)

Sep 30,
2026

Dec 31,
2025

Assets

Current Assets

Cash and cash equivalents (variable interest entities restricted - 2026: $266; 2025: $31)

$         4,142

$         3,816

Accounts and notes receivable:

Trade (net of allowance for doubtful receivables - 2026: $66; 2025: $59)

5,890

4,762

Other

1,717

1,876

Inventories

7,024

6,595

Other current assets

1,404

1,013

Total current assets (variable interest entities restricted - 2026: $471; 2025: $228)

20,177

18,062

Investments

Investment in nonconsolidated affiliates

1,119

1,264

Other investments (investments carried at fair value - 2026: $2,320; 2025: $2,212)

3,201

3,017

Noncurrent receivables

612

309

Total investments

4,932

4,590

Property

Property

67,209

65,863

Less: Accumulated depreciation

44,811

43,613

Net property (variable interest entities restricted - 2026: $2,330; 2025: $2,385)

22,398

22,250

Other Assets

Goodwill

7,945

7,978

Other intangible assets (net of accumulated amortization - 2026: $5,882; 2025: $5,727)

1,318

1,486

Operating lease right-of-use assets

1,304

1,356

Deferred income tax assets

1,555

1,511

Deferred charges and other assets

1,324

1,305

Total other assets (variable interest entities restricted - 2026: $204; 2025: $226)

13,446

13,636

Total Assets

$       60,953

$       58,538

Liabilities and Equity

Current Liabilities

Notes payable

$              16

$              90

Long-term debt due within one year

745

222

Accounts payable:

Trade

5,300

4,151

Other

1,363

1,394

Operating lease liabilities - current

341

340

Income taxes payable

367

337

Accrued and other current liabilities

3,361

2,649

Total current liabilities (variable interest entities nonrecourse - 2026: $503; 2025: $438)

11,493

9,183

Long-Term Debt (variable interest entities nonrecourse - 2026: $173; 2025: $190)

16,778

17,849

Other Noncurrent Liabilities

Deferred income tax liabilities

368

364

Pension and other postretirement benefits - noncurrent

4,318

4,694

Asbestos-related liabilities - noncurrent

564

628

Operating lease liabilities - noncurrent

1,028

1,097

Other noncurrent obligations

8,772

7,201

Total other noncurrent liabilities (variable interest entities nonrecourse - 2026: $331; 2025: $364)

15,050

13,984

Stockholders' Equity

Common stock (authorized 5,000,000,000 shares of $0.01 par value each;

issued 2026: 791,927,232 shares; 2025: 790,287,565 shares)

8

8

Additional paid-in capital

11,060

11,112

Retained earnings

16,659

16,781

Accumulated other comprehensive loss

(7,654)

(7,660)

Treasury stock at cost (2026: 68,045,325 shares; 2025: 73,065,152 shares)

(3,920)

(4,233)

Dow Inc.'s stockholders' equity

16,153

16,008

Noncontrolling interests

1,479

1,514

Total equity

17,632

17,522

Total Liabilities and Equity

$       60,953

$       58,538

Dow Inc. and Subsidiaries

Consolidated Statements of Cash Flows

In millions (Unaudited)

Nine Months Ended

Sep 30,
2026

Sep 30,
2025

Operating Activities

Net income (loss)

$           882

$         (967)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

2,049

2,126

Credit for deferred income tax

(94)

(179)

Earnings of nonconsolidated affiliates less than dividends received

534

312

Net periodic pension benefit credit

(25)

(73)

Pension contributions

(138)

(145)

Net gain on sales of assets, businesses and investments

(48)

(211)

Restructuring and asset related charges - net

539

822

Other net loss

109

134

Changes in assets and liabilities, net of effects of acquired and divested companies:

Accounts and notes receivable

(1,214)

(400)

Inventories

(429)

(132)

Accounts payable

1,014

(492)

Other assets and liabilities, net

1,108

(31)

Cash provided by operating activities - continuing operations

4,287

764

Cash provided by (used for) operating activities - discontinued operations

6

(16)

Cash provided by operating activities

4,293

748

Investing Activities

Capital expenditures

(1,841)

(1,911)

Proceeds from incentives related to capital expenditures

67

132

Cash flow hedging related to capital expenditures

(22)

—

Investment in gas field developments

(69)

(110)

Proceeds from sales of property, businesses and consolidated companies, net of cash divested

60

135

Investments in and loans to nonconsolidated affiliates

(133)

(21)

Proceeds from sales of ownership interests in nonconsolidated affiliates

—

125

Purchases of investments

(1,090)

(523)

Proceeds from sales and maturities of investments

675

711

Other investing activities, net

61

5

Cash used for investing activities

(2,292)

(1,457)

Financing Activities

Changes in short-term notes payable

1

36

Proceeds from issuance of short-term debt greater than three months

20

50

Payments on short-term debt greater than three months

(92)

(46)

Proceeds from issuance of long-term debt

100

2,652

Payments on long-term debt

(577)

(1,207)

Collections on securitization programs, net of remittances

—

(3)

Transaction financing, debt issuance and other costs

(52)

(130)

Employee taxes paid for share-based payment arrangements

(15)

(16)

Distributions to noncontrolling interests

(232)

(93)

Proceeds from sale of noncontrolling interests

—

2,943

Dividends paid to stockholders

(758)

(1,239)

Other financing activities, net

—

(6)

Cash provided by (used for) financing activities

(1,605)

2,941

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(76)

259

Summary

Increase in cash, cash equivalents and restricted cash

320

2,491

Cash, cash equivalents and restricted cash at beginning of period

3,952

2,263

Cash, cash equivalents and restricted cash at end of period

$       4,272

$       4,754

Less: Restricted cash and cash equivalents, included in "Other current assets"

130

145

Cash and cash equivalents at end of period

$       4,142

$       4,609

Dow Inc. and Subsidiaries

Net Sales by Segment and Geographic Region

Net Sales by Segment

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,

2026

Sep 30,
2025

Sep 30,
2026

Sep 30,
2025

Packaging & Specialty Plastics

$     5,778

$     4,891

$   17,082

$   15,226

Industrial Intermediates & Infrastructure

3,058

2,834

8,850

8,475

Performance Materials & Coatings

2,250

2,082

6,691

6,282

Corporate

181

166

530

525

Total

$   11,267

$     9,973

$   33,153

$   30,508

U.S. & Canada

$     4,548

$     3,914

$   13,126

$   12,129

EMEAI 1

3,637

3,090

10,751

9,636

Asia Pacific

1,781

1,838

5,336

5,433

Latin America

1,301

1,131

3,940

3,310

Total

$   11,267

$     9,973

$   33,153

$   30,508

Net Sales Variance by Segment and
     Geographic Region

Three Months Ended Sep 30, 2026

Nine Months Ended Sep 30, 2026

Percent change from prior year

Local
Price &
Product
Mix

Currency

Volume

Total

Local

Price &

Product

Mix

Currency

Volume

Total

Packaging & Specialty Plastics

17 %

— %

1 %

18 %

12 %

1 %

(1) %

12 %

Industrial Intermediates & Infrastructure

16

(1)

(7)

8

8

1

(5)

4

Performance Materials & Coatings

5

—

3

8

2

1

4

7

Total

14 %

— %

(1) %

13 %

9 %

1 %

(1) %

9 %

Total, excluding the Hydrocarbons & Energy business

12 %

— %

(2) %

10 %

8 %

1 %

(1) %

8 %

U.S. & Canada

14 %

— %

2 %

16 %

8 %

— %

— %

8 %

EMEAI 1

17

(1)

2

18

10

4

(2)

12

Asia Pacific

9

—

(12)

(3)

5

1

(8)

(2)

Latin America

12

—

3

15

12

—

7

19

Total

14 %

— %

(1) %

13 %

9 %

1 %

(1) %

9 %

Europe, Middle East, Africa and India.  Dow Inc. and Subsidiaries

Selected Financial Information and Non-GAAP Measures

Operating EBIT by Segment

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,
2026

Sep 30,
2025

Sep 30,
2026

Sep 30,
2025

Packaging & Specialty Plastics

$       585

$       199

$     2,071

$       612

Industrial Intermediates & Infrastructure

176

(47)

304

(360)

Performance Materials & Coatings

154

80

404

281

Corporate

(28)

(52)

(90)

(144)

Total

$       887

$       180

$     2,689

$       389

Depreciation and Amortization by Segment

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,
2026

Sep 30,
2025

Sep 30,
2026

Sep 30,
2025

Packaging & Specialty Plastics

$       369

$       349

$     1,112

$     1,078

Industrial Intermediates & Infrastructure

147

158

432

457

Performance Materials & Coatings

145

174

484

566

Corporate

5

7

21

25

Total

$       666

$       688

$     2,049

$     2,126

Operating EBITDA by Segment

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,
2026

Sep 30,

2025

Sep 30,
2026

Sep 30,

2025

Packaging & Specialty Plastics

$       954

$       548

$     3,183

$     1,690

Industrial Intermediates & Infrastructure

323

111

736

97

Performance Materials & Coatings

299

254

888

847

Corporate

(23)

(45)

(69)

(119)

Total

$     1,553

$       868

$     4,738

$     2,515

Equity in Earnings (Losses) of Nonconsolidated
     Affiliates by Segment

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,

2026

Sep 30,
2025

Sep 30,

2026

Sep 30,

2025

Packaging & Specialty Plastics 1

$          (3)

$          (6)

$        (47)

$         40

Industrial Intermediates & Infrastructure 1

11

(68)

(216)

(165)

Performance Materials & Coatings

2

1

4

2

Corporate

2

1

4

1

Total

$         12

$        (72)

$      (255)

$      (122)

Reconciliation of "Net income (loss)" to "Operating EBIT"

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,

2026

Sep 30,

2025

Sep 30,
2026

Sep 30,
2025

Net income (loss)

$       525

$       124

$       882

$      (967)

+ Provision (credit) for income taxes

117

(54)

241

4

Income (loss) before income taxes

$       642

$         70

$     1,123

$      (963)

-  Interest income

50

47

130

114

+ Interest expense and amortization of debt discount

211

221

640

646

-  Significant items

(84)

64

(1,056)

(820)

Operating EBIT (non-GAAP)

$       887

$       180

$     2,689

$       389

Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure include losses of $81 million and $211 million, respectively, in the nine months ended September 30, 2026, related to the Sadara guarantee liability adjustment, a significant item.  Dow Inc. and Subsidiaries

Selected Financial Information and Non-GAAP Measures

Significant Items Impacting Results for the Three Months Ended Sep 30, 2026

In millions, except per share amounts (Unaudited)

Pretax 1

Net 
Income 2

EPS 3

Income Statement Classification

Reported results

$      642

$      458

$     0.62

Less: Significant items

Transform to Outperform 4

(69)

(54)

(0.08)

SG&A ($60 million); Restructuring and
     asset related charges - net ($9 million)

2025 Restructuring Program
     implementation costs

(31)

(24)

(0.03)

Cost of sales ($30 million);

     SG&A ($1 million)

Litigation related charges, awards and
     adjustments 5

69

56

0.08

Sundry income (expense) - net

Loss on early extinguishment of debt

(53)

(41)

(0.06)

Sundry income (expense) - net

Total significant items

$      (84)

$      (63)

$   (0.09)

Operating results (non-GAAP)

$      726

$      521

$     0.71

Significant Items Impacting Results for the Three Months Ended Sep 30, 2025

In millions, except per share amounts (Unaudited)

Pretax 1

Net 

Income 2

EPS 3

Income Statement Classification

Reported results

$       70

$       62

$     0.08

Less: Significant items

2025 Restructuring Program severance
     and related benefit costs and asset
     related charges 6

(23)

(18)

(0.02)

Restructuring and asset related charges
     - net

Implementation costs 7

(5)

(4)

(0.01)

Cost of sales ($4 million);

     SG&A ($1 million)

Net gain on divestitures and asset sale 8

110

110

0.15

Sundry income (expense) - net

Loss on early extinguishment of debt

(18)

(14)

(0.02)

Sundry income (expense) - net

Income tax related items 9

—

120

0.17

Provision for income taxes

Total significant items

$       64

$      194

$     0.27

Operating results (non-GAAP)

$         6

$    (132)

$   (0.19)

"Income before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes costs to achieve of $60 million and severance and related benefit costs of $9 million associated with Transform to Outperform. Relates to a gain associated with a legal matter with Nova Chemicals Corporation ("Nova"). Includes severance and related benefit costs and impairment charges related to the write-down of certain manufacturing facilities, corporate assets, leased non-manufacturing facilities and other miscellaneous assets associated with the Company's 2025 Restructuring Program. Includes implementation costs associated with the Company's 2025 Restructuring Program and the sale of membership interests of the Company's formerly wholly owned subsidiary, Dow InfraCo, LLC. Relates to a gain on the sale of the Company's ownership interest in a nonconsolidated affiliate. Relates to a tax benefit stemming from the U.S. Tax Court's decision in Varian Medical Systems Inc. v. Commissioner and a tax basis adjustment related to the Company's consolidated infrastructure entity, Dow InfraCo, LLC.  Dow Inc. and Subsidiaries

Selected Financial Information and Non-GAAP Measures

Significant Items Impacting Results for the Nine Months Ended Sep 30, 2026

In millions, except per share amounts (Unaudited)

Pretax 1

Net
Income 2

EPS 3

Income Statement Classification

Reported results

$   1,123

$      646

$     0.88

Less: Significant items

Transform to Outperform 4

(675)

(535)

(0.75)

SG&A ($194 million); Restructuring and

     asset related charges - net
     ($481 million)

2025 Restructuring Program asset
     related charges and exit and disposal
     costs 5

(58)

(46)

(0.06)

Restructuring and asset related charges
     - net

2025 Restructuring Program
     implementation costs

(80)

(64)

(0.08)

Cost of sales ($77 million);
     R&D ($1 million); SG&A ($2 million)

Sadara guarantee liability adjustment 6

(292)

(227)

(0.31)

Equity in losses of nonconsolidated
     affiliates

Litigation related charges, awards and
     adjustments 7

95

77

0.11

Sundry income (expense) - net

Loss on early extinguishment of debt

(53)

(41)

(0.06)

Sundry income (expense) - net

Indemnification and other transaction

     related credits 8

7

7

0.01

Sundry income (expense) - net

Total significant items

$ (1,056)

$    (829)

$   (1.14)

Operating results (non-GAAP)

$   2,179

$   1,475

$     2.02

"Income before income taxes." "Net income available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes costs to achieve of $194 million and severance and related benefit costs of $481 million associated with Transform to Outperform. Includes impairment charges related to the write-down of certain manufacturing facilities and other miscellaneous assets and exit and disposal costs associated with the Company's 2025 Restructuring Program. Includes a charge due to a change in fair value of the estimated liability associated with the Company's guarantee of Sadara's project financing debt. Relates to a gain associated with a legal matter with Nova. Relates to credits associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Dow Inc. and Subsidiaries

Selected Financial Information and Non-GAAP Measures

Significant Items Impacting Results for the Nine Months Ended Sep 30, 2025

In millions, except per share amounts (Unaudited)

Pretax 1

Net
Income 2

EPS 3

Income Statement Classification

Reported results

$    (963)

$ (1,080)

$   (1.53)

Less: Significant items

Restructuring, implementation and
     efficiency costs, and asset related
     charges - net 4

(51)

(39)

(0.05)

Cost of sales ($44 million);

     R&D ($1 million); SG&A ($4 million);
     Restructuring and asset related
     charges - net ($1 million); Sundry
     income (expense) - net ($1 million)

2025 Restructuring Program severance
     and related benefit costs and asset

     related charges 5

(821)

(653)

(0.92)

Restructuring and asset related charges
     - net

Implementation costs 6

(10)

(8)

(0.02)

Cost of sales ($5 million);

     SG&A ($5 million)

Net gain on divestitures and asset sale 7

213

187

0.26

Sundry income (expense) - net

Litigation related charges, awards and

     adjustments 8

42

33

0.05

Cost of sales

Loss on early extinguishment of debt

(78)

(62)

(0.09)

Sundry income (expense) - net

Indemnification and other transaction
     related costs 9

(115)

(93)

(0.13)

Cost of sales ($98 million); Sundry
     income (expense) - net ($17 million)

Income tax related items 10

—

(33)

(0.05)

Provision for income taxes

Total significant items

$    (820)

$    (668)

$   (0.95)

Operating results (non-GAAP)

$    (143)

$    (412)

$   (0.58)

"Income (loss) before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings (loss) per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes restructuring implementation and efficiency costs associated with the Company's 2023 Restructuring Program and the write-down of certain manufacturing assets, partially offset by an asset related credit adjustment. Includes severance and related benefit costs and impairment charges related to the write-down of certain manufacturing facilities, corporate assets, leased non-manufacturing facilities and other miscellaneous assets associated with the Company's 2025 Restructuring Program. Includes implementation costs associated with the Company's 2025 Restructuring Program and the sale of membership interests of the Company's formerly wholly owned subsidiary, Dow InfraCo, LLC. Relates to a gain on the sale of the Company's soil fumigation product line and a gain on the sale of the Company's ownership interest in a nonconsolidated affiliate. Includes a gain associated with the reassessment of liabilities for certain accrued legacy agricultural products groundwater contamination matters, partially offset by the settlement of a separate claim related to water storage district legacy groundwater contamination matters. Includes a charge related to an arbitration settlement agreement for historical product claims from a divested business and charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Relates to valuation allowances on deferred tax assets in certain foreign jurisdictions, partially offset by a tax benefit stemming from the U.S. Tax Court's decision in Varian Medical Systems Inc. v. Commissioner and tax basis adjustments related to the Company's consolidated infrastructure entity, Dow InfraCo, LLC. Dow Inc. and Subsidiaries

Selected Financial Information and Non-GAAP Measures

Reconciliation of Free Cash Flow

Three Months Ended

Nine Months Ended

In millions (Unaudited)

Sep 30,
2026

Sep 30,

2025

Sep 30,
2026

Sep 30,
2025

Cash provided by operating activities - continuing operations (GAAP)

$     1,839

$     1,130

$     4,287

$       764

Capital expenditures

(706)

(564)

(1,841)

(1,911)

Free Cash Flow (non-GAAP)

$     1,133

$       566

$     2,446

$   (1,147)

Reconciliation of Cash Flow Conversion

Three Months Ended

In millions (Unaudited)

Dec 31,
2025

Mar 31,

2026

Jun 30,

2026

Sep 30,

2026

Cash provided by operating activities - continuing operations (GAAP)

$    298

$  1,124

$  1,324

$  1,839

Net income (loss) (GAAP)

$(1,477)

$   (445)

$    802

$    525

Cash flow from operations to net income (GAAP) 1

N/A

N/A

165.1 %

350.3 %

Cash flow from operations to net income - trailing twelve months (GAAP) 2

N/A

Operating EBITDA (non-GAAP)

$    741

$    873

$  2,312

$  1,553

Cash Flow Conversion (Cash flow from operations to Operating
EBITDA) (non-GAAP)

40.2 %

128.8 %

57.3 %

118.4 %

Cash Flow Conversion - trailing twelve months (non-GAAP)

83.7 %

Cash flow from operations to net income is not applicable for the fourth quarter of 2025 and first quarter of 2026 due to a net loss for the period. Cash flow from operations to net income - trailing twelve months is not applicable due to a net loss for the trailing twelve months period. SOURCE The Dow Chemical Company

DOW leverages cost cuts and productivity gains to support growth, but rising input costs and uneven demand pressure margins.

Analysts on Wall Street project that Dow Inc. (DOW - Free Report) will announce quarterly earnings of $0.63 per share in its forthcoming report, representing an increase of 431.6% year over year. Revenues are projected to reach $11.24 billion, increasing 12.7% from the same quarter last year.

The consensus EPS estimate for the quarter has been revised 51.2% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

Given this perspective, it's time to examine the average forecasts of specific Dow Inc. metrics that are routinely monitored and predicted by Wall Street analysts.

The collective assessment of analysts points to an estimated 'Net Sales- Performance Materials & Coatings' of $2.26 billion. The estimate indicates a year-over-year change of +8.3%.

The combined assessment of analysts suggests that 'Revenues- Corporate' will likely reach $172.50 million. The estimate indicates a year-over-year change of +3.9%.

It is projected by analysts that the 'Net Sales- Packaging & Specialty Plastics' will reach $5.66 billion. The estimate points to a change of +15.7% from the year-ago quarter.

Analysts' assessment points toward 'Net Sales- Industrial Intermediates & Infrastructure' reaching $3.12 billion. The estimate suggests a change of +10% year over year.

Analysts forecast 'Operating EBITDA- Packaging & Specialty Plastics' to reach $998.09 million. Compared to the present estimate, the company reported $548.00 million in the same quarter last year.

The consensus estimate for 'Operating EBITDA- Performance Materials & Coatings' stands at $291.08 million. Compared to the present estimate, the company reported $254.00 million in the same quarter last year.

Analysts predict that the 'Operating EBITDA- Industrial Intermediates & Infrastructure' will reach $322.27 million. The estimate is in contrast to the year-ago figure of $111.00 million.

View all Key Company Metrics for Dow Inc. here>>>

Shares of Dow Inc. have demonstrated returns of +4.2% over the past month compared to the Zacks S&P 500 composite's +1.5% change. With a Zacks Rank #3 (Hold), DOW is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

, /PRNewswire/ -- Dow (NYSE: DOW) has declared a dividend of 35 cents per share, payable December 11, 2026, to shareholders of record on November 30, 2026.

This marks the 461st consecutive dividend paid by the Company or its affiliates since 1912.

About Dow
Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, customer-focused innovation and leading business positions enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 29 countries and employed approximately 34,600 people as of year-end 2025. Dow delivered sales of approximately $40 billion in 2025. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us at www.dow.com.

For further information, please contact:

Investors:
Andrew Riker
[email protected] 

Media:
Rachelle Schikorra 
[email protected]

X: https://twitter.com/DowNewsroom 
Facebook: https://www.facebook.com/dow/ 
LinkedIn: http://www.linkedin.com/company/dow-chemical 
Instagram: http://instagram.com/dow_official 

Cautionary Statement about Forward-Looking Statements 

Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow's products; Dow's expenses, future revenues and profitability; any supply chain, operational or other disruptions, sanctions, export restrictions, or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow's products and services and ability to compete in such markets; Dow's ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow's products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow's intellectual property in the United States and abroad; Dow's ability to realize expected benefits from Transform to Outperform on the contemplated timeframe; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow's significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies, or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow's information technology networks and systems, including the impact of cyberattacks; risks related to Dow's separation from DowDuPont Inc. such as Dow's obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities; and any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow's business.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the Company's subsequent reports filed with the U.S. Securities and Exchange Commission. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow's business. Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

®™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow

SOURCE The Dow Chemical Company

S&P 500 and Dow futures edged higher on Wednesday as AI-related stocks steadied after ‌a recent selloff, though elevated oil prices kept investors on edge ahead of key inflation data and amid another round of big bank earnings.

Bank of America (BAC.N) was down 4.2% in premarket trading after the lender's profit fell in the third quarter as it set aside $1.2 billion to cover regulatory fines over failures to detect ​illicit activity. Morgan Stanley (MS.N) dipped marginally despite a rise in quarterly profit.

Asset manager BlackRock (BLK.N) gained 4.9% after reporting a jump ​in third-quarter profit, helped by higher fees from managing client funds.

Banks including JPMorgan Chase (JPM.N) and Goldman ⁠Sachs (GS.N) reported a mixed set of earnings on Monday that suggested a dealmaking and trading boom that powered record first-half earnings may ​be slowing, with executives pointing to the bond market rout weighing on activity.

Meanwhile, market participants were also awaiting US consumer price ​index data, due at 8.30 am ET, hoping for clues on the Federal Reserve's interest-rate outlook.

Economists polled by Reuters estimate headline inflation accelerated to an annual 3.6% in September, with core CPI rising 0.2% on a monthly basis.

"While headline inflation in September could re-accelerate, we expect another solid set of ​corporate earnings and guidance from S&P 500 companies in the third-quarter reporting season," analysts at UBS Global Wealth Management said in ​a note.

"Higher energy prices could be a headwind... But we think the impact on aggregate S&P 500 profits is limited," they said.

Ahead of the ‌CPI data, ⁠investors priced in a near 22% chance of a quarter-point US rate hike next week, the CME FedWatch Tool showed.

At 07:28 a.m. ET, Dow E-minis were up 141 points, or 0.27%, S&P 500 E-minis were up 11.5 points, or 0.15%, and Nasdaq 100 E-minis were down 50.75 points, or 0.16%.

Chip stocks traded slightly lower after a sharp pullback earlier this week sparked by reports of progress in ​chip design by China's CXMT (688825.SS) ​that fueled concerns about growing ⁠competition.

Shares of Intel (INTC.O) and Micron (MU.O) fell 1.6% and 1.1%, respectively, while Nvidia (NVDA.O) slipped 0.6%.

Most "Magnificent Seven" stocks rose, with Alphabet (GOOGL.O) gaining 1.3%, while Microsoft (MSFT.O) and Amazon.com (AMZN.O) were marginally higher.

New York Fed President John Williams said the ​Fed may need to raise its policy rate once more this year to slow inflation, ​but that he ⁠sees no need for hikes in 2027.

Remarks from Richmond Fed President Tom Barkin and the Fed's Beige Book report on regional economic conditions are also due late in the day.

Oil prices edged higher on Wednesday, with Brent crude holding above the $100-a-barrel mark after two vessels were struck in ⁠the Strait ​of Hormuz and Iranian officials told Reuters they were deploying new tactics to ​target ships.

Among individual movers, Liquidia (LQDA.O) jumped 47.6% after the drugmaker said it settled all six pending lawsuits with United Therapeutics (UTHR.O), ensuring uninterrupted access to Yutrepia, a drug ​used to treat patients with a form of pulmonary hypertension.

U.S. stocks traded mixed this morning, with the Dow Jones index gaining around 100 points on Tuesday.

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 100 points on Friday.

Following the market opening Friday, the Dow traded up 0.27% to 51,370.02 while the NASDAQ gained 0.28% to 27,270.15. The S&P 500 also rose, gaining, 0.23% to 7,783.75.

Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.2% on Friday.

In trading on Friday, information technology stocks fell by 0.1%.

Top Headline

Delta Air Lines, Inc. (NYSE:DAL) stock fell around 3% on Friday after the airline reported third-quarter 2026 results that beat Wall Street’s revenue estimate but missed adjusted earnings expectations.

Delta reported adjusted earnings of $1.72 per share, missing the $1.81 estimate. Revenue rose 21% year over year to $20.186 billion, beating the $17.654 billion estimate.

The company also cut its full-year earnings outlook as higher fuel costs continued to pressure profitability.

Equities Trading UP
           

WF Holding Ltd (NASDAQ:WFF) shares shot up 78% to $3.64 after the company announced it will be acquired by Viatris. Shares of OFA Group (NASDAQ:OFAL) got a boost, surging 53% to $0.63. OFA Group completed acquisition and title registration of Tokawa Coastal Property in Choshi, Japan. Veea Inc (NASDAQ:VEEA) shares were also up, gaining 49% to $5.77 after the company announced it regained Nasdaq compliance. Equities Trading DOWN

China SXT Pharmaceuticals Inc (NASDAQ:SXTC) shares dipped 44% to $0.19. China SXT Pharmaceuticals recently announced a $12 million offering of 8 million shares at $1.50 per share. Shares of SCWorx Corp. (NASDAQ:WORX) were down 29% to $2.99. Darkiris Inc. (NASDAQ:DKI) was down, falling 24% to $0.5700. DarkIris recently announced the pricing of its $6 million offering of 4,166,666 units. Commodities

In commodity news, oil traded down 2.2% to $91.29 while gold traded up 1.5% at $4,218.10.

Silver traded up 3.2% to $61.325 on Friday, while copper rose 2.2% to $6.7150.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.1%, while Spain’s IBEX 35 Index gained 1.2%, London’s FTSE 100 rose 1.2%, Germany’s DAX gained 1.3%, while France’s CAC 40 jumped 1.1%.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan’s Nikkei 225 falling 0.02%, Hong Kong’s Hang Seng Index jumping 1.79%, China’s SSE Composite Index rising 0.05% and India’s BSE Sensex gaining 1.23%.

Economics

The University of Michigan’s consumer confidence index fell to 46.30 points in October from 48.10 points in the previous month.

Photo via Shutterstock

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Key Takeaways Dow held around $14B in liquidity and generated $1.3B in operating cash in the second quarter.Dow returned $253M through dividends in Q2 with a long-term target of roughly 65% of operating net income.DOW has no substantial long-term debt maturities until 2029, supporting financial flexibility for growth. Dow Inc. (DOW - Free Report) exited the second quarter with solid liquidity of about $14 billion, including roughly $4 billion in cash and cash equivalents. Dow generated $1.3 billion of cash from operating activities in the quarter.

DOW’s strong balance sheet and substantial cash flows support capital allocation, enabling it to finance its growth investments in higher-value businesses and regions and drive shareholder value while navigating a challenging macroeconomic environment. It remains focused on growth actions in attractive end markets and executing high-return incremental growth projects in cost-advantaged regions, leveraging strong financial health.

Dow returned $1.5 billion to its shareholders through dividends in 2025. In the second quarter of 2026, the company returned $253 million to its shareholders through dividends. Dow has a long-term strategy of returning roughly 65% of its operating net income through dividends and buybacks. It has no substantial long-term debt maturities until 2029.

Looking across the competitive landscape, LyondellBasell Industries N.V. (LYB - Free Report) ended the second quarter with $2.6 billion in cash and cash equivalents and $7.1 billion of available liquidity, providing solid financial flexibility. The company returned $224 million to its shareholders through dividends in the second quarter. As of the second quarter, LyondellBasell generated $3 billion of cash from operating activities over the last 12 months, while cash conversion was 80%, in line with its through-cycle target.

Eastman Chemical Company (EMN - Free Report) ended the second quarter with cash and cash equivalents of $691 million. Eastman Chemical operating cash flow was $224 million in the second quarter. EMN returned $96 million to its stockholders through dividends in the quarter.

The Zacks Rundown for DOWShares of Dow have gained 24.6% in the past year compared with the Zacks Chemicals Diversified industry’s decline of 2.2%.

Image Source: Zacks Investment Research

DOW is currently trading at a forward price-to-sales ratio of 0.48, below the industry. It carries a Value Score of A.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for DOW’s 2026 and 2027 earnings implies a year-over-year rise of 355.3% and a decline of 32.8%, respectively. The EPS estimates for 2026 and 2027 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

In the latest trading session, Dow Inc. (DOW - Free Report) closed at $28.51, marking a +1.93% move from the previous day. This move outpaced the S&P 500's daily gain of 0.66%. Meanwhile, the Dow experienced a rise of 0.18%, and the technology-dominated Nasdaq saw an increase of 1.05%.

The materials science's stock has dropped by 4.99% in the past month, exceeding the Basic Materials sector's loss of 7.27% and lagging the S&P 500's gain of 0.55%.

Market participants will be closely following the financial results of Dow Inc. in its upcoming release. The company plans to announce its earnings on October 22, 2026. In that report, analysts expect Dow Inc. to post earnings of $0.68 per share. This would mark year-over-year growth of 457.89%. Simultaneously, our latest consensus estimate expects the revenue to be $11.25 billion, showing a 12.84% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.4 per share and a revenue of $43.46 billion, signifying shifts of +355.32% and +8.73%, respectively, from the last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Dow Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.82% downward. Right now, Dow Inc. possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Dow Inc. is currently trading at a Forward P/E ratio of 11.67. This valuation marks a discount compared to its industry average Forward P/E of 15.21.

We can additionally observe that DOW currently boasts a PEG ratio of 0.38. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Chemical - Diversified stocks are, on average, holding a PEG ratio of 1.17 based on yesterday's closing prices.

The Chemical - Diversified industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 109, which puts it in the top 45% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow DOW in the coming trading sessions, be sure to utilize Zacks.com.

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U.S. stocks traded mixed this morning, with the Dow Jones falling more than 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.21% to 51,374.54 while the NASDAQ rose 0.03% to 26,828.76. The S&P 500 also fell, dropping, 0.05% to 7,679.95.

Leading and Lagging Sectors

Industrials shares jumped by 0.5% on Tuesday.

In trading on Tuesday, consumer staples stocks fell by 0.9%.

Top Headline

Carnival (NYSE:CCL) reported better-than-expected third-quarter financial results and raised its FY26 adjusted EPS guidance above estimates.

Carnival reported quarterly earnings of $1.43 per share which beat the analyst consensus estimate of $1.36 per share. The company reported quarterly sales of $8.435 billion which beat the analyst consensus estimate of $8.300 billion.

Equities Trading UP
           

BIO-Key International Inc (NASDAQ:BKYI) shares shot up 127% to $3.81 after the company announced a strategic partnership with Al Majlis Group to bring its identity security platform to government and private sector organizations across the UAE and Saudi Arabia. Shares of SoundThinking Inc (NASDAQ:SSTI) got a boost, surging 52% to $8.30 after the company announced it will be acquired by Transom Capital. Southland Holdings Inc (NYSE:SLND) shares were also up, gaining 52% to $0.93. Southland was awarded $71 million water pipeline project in the Southwest. Equities Trading DOWN

NewGenIvf Group Ltd (NASDAQ:NIVF) shares dipped 76% to $0.082 after the company announced it priced its $1.25 million public offering of 17,857,143 share or pre-funded warrants at $0.07 per share. Shares of Triller Group Inc (NASDAQ:ILLR) were down 37% to $0.21. Uniqure NV (NASDAQ:QURE) was down, falling 35% to $25.24 after the company announced that cUHDRS showed a 44% slowing of disease progression compared to the updated external control and did not reach statistical significance. Commodities

In commodity news, oil traded down 2% to $90.74 while gold traded up 0.6% at $4,192.20.

Silver traded down 0.6% to $61.330 on Tuesday, while copper fell 0.3% to $6.6150.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.3%, while Spain’s IBEX 35 Index rose 0.1%, London’s FTSE 100 fell 0.1%, Germany’s DAX gained 0.6%, while France’s CAC 40 slipped 0.1%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan’s Nikkei 225 dipping 0.60%, Hong Kong’s Hang Seng index dropping 0.48%, China’s SSE Composite Index gaining 0.18% and India’s BSE Sensex falling 0.33%.

Economics

U.S. job openings declined by 256,000 to 7.079 million in August from a revised 7.335 million in the previous month, versus market estimates of 7.23 million. The FHFA house price index increased 0.3% month-over-month in July, compared to market estimates of a 0.1% gain. The S&P Cotality Case-Shiller Home Price Index increased 2.5% year-over-year in July, up from market expectations of 2.2%. Photo via Shutterstock

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To add Benzinga News as your preferred source on Google, click here.

Dow Inc. (NYSE:DOW) shares are falling Friday afternoon as a price target reduction from Wall Street highlights ongoing margin pressures across the global commodity chemicals sector. Here’s what investors need to know.

Dow stock is under selling pressure. Why is DOW stock trading lower? UBS Target Cut and Market Context The selling pressure follows an update early Friday from UBS analyst Joshua Spector, who maintained a Neutral rating on the materials science company while lowering his 12-month price target from $32 to $30.

The target reduction aligns closely with widely reported macroeconomic headwinds currently facing Dow and its peers. The chemicals sector is navigating a slower-than-anticipated recovery in global industrial demand, which continues to constrain pricing power across core segments.

Prolonged industrial weakness in Europe and a lack of robust economic stimulus from China are weighing heavily on global polyethylene margins. The revised $30 target likely reflects trimmed near-term EBITDA estimates tied to customer destocking and elevated raw material costs, which are widely expected to keep the company’s operating leverage constrained through the end of the year.

With crude oil and naphtha feedstock prices remaining volatile amid Middle Eastern geopolitical tensions, commodity chemical producers like Dow are finding it increasingly difficult to pass elevated input costs down to end-market consumers.

DOW Stock Edges Lower FridayDOW Price Action: Dow shares were down 2.66% at $27.80 at the time of publication on Friday, according to Benzinga Pro data.

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Dow Inc. (DOW - Free Report) closed at $28.65 in the latest trading session, marking a +1.6% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.76%. Elsewhere, the Dow saw a downswing of 0.68%, while the tech-heavy Nasdaq depreciated by 1.13%.

Heading into today, shares of the materials science had lost 6.5% over the past month, lagging the Basic Materials sector's loss of 5.25% and the S&P 500's gain of 1.26%.

The investment community will be closely monitoring the performance of Dow Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on October 22, 2026. The company is expected to report EPS of $0.7, up 468.42% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $11.3 billion, showing a 13.28% escalation compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.34 per share and revenue of $43.37 billion. These totals would mark changes of +348.94% and +8.52%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Dow Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 6.69% downward. Dow Inc. is holding a Zacks Rank of #3 (Hold) right now.

Looking at valuation, Dow Inc. is presently trading at a Forward P/E ratio of 12.05. This denotes a discount relative to the industry average Forward P/E of 16.75.

Meanwhile, DOW's PEG ratio is currently 0.4. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Chemical - Diversified industry stood at 1.21 at the close of the market yesterday.

The Chemical - Diversified industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 157, positioning it in the bottom 37% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Inspire Investing director of corporate engagement Tim Schwarzenberger discusses Nike's stock decline, potential removal from the Dow Jones Industrial Average and controversial marketing campaigns on ‘The Bottom Line.' #fox #media #breakingnews #us #usa #new #news #breaking #foxbusiness #thebottomline #nike #stocks #stockmarket #markets #wallstreet #dowjones #dow #sp100 #investing #business #finance #marketing #corporateamerica #retail

In the latest trading session, Dow Inc. (DOW - Free Report) closed at $29.49, marking a -1.96% move from the previous day. This change lagged the S&P 500's daily gain of 1.14%. Meanwhile, the Dow experienced a rise of 0.61%, and the technology-dominated Nasdaq saw an increase of 1.69%.

Prior to today's trading, shares of the materials science had lost 5.26% lagged the Basic Materials sector's loss of 1.36% and the S&P 500's loss of 2.85%.

Market participants will be closely following the financial results of Dow Inc. in its upcoming release. The company is predicted to post an EPS of $0.74, indicating a 489.47% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $11.3 billion, up 13.28% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $2.39 per share and a revenue of $43.37 billion, demonstrating changes of +354.26% and +8.52%, respectively, from the preceding year.

Any recent changes to analyst estimates for Dow Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.72% lower. Dow Inc. currently has a Zacks Rank of #3 (Hold).

Looking at valuation, Dow Inc. is presently trading at a Forward P/E ratio of 12.5. This denotes a discount relative to the industry average Forward P/E of 16.97.

Also, we should mention that DOW has a PEG ratio of 0.41. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Chemical - Diversified was holding an average PEG ratio of 1.18 at yesterday's closing price.

The Chemical - Diversified industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 98, positioning it in the top 40% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Nike's (NKE.N) grip on its spot in the Dow Jones Industrial Average is looking increasingly tenuous as the struggling sportswear giant braces for ​an exit from another Wall Street benchmark.

S&P Dow Jones Indices said this month it will remove Nike from the S&P 100 (.OEX) before trading ‌begins on September 21, as part of a quarterly rebalancing, after 18 years in the index of blue-chip companies.

Analysts attributed the removal to an 80% slump in the company's market value following its struggles with slowing sales due to lack of innovation and competition from upstarts over the past five years.

The shakeup has investors doubting Nike will remain in the ​Dow Jones Industrial Average (.DJI), the more than 130-year-old benchmark of blue-chip U.S. equities.

Since it joined in 2013, Nike shares have risen 5% while ​the S&P 500 (.SPX) has more than quadrupled. Nike's share price, recently $36, makes it the smallest factor in the price-weighted Dow ⁠index, a position that has typically preceded other index removals. Nike declined to comment.

"Just looking at it historically, it probably is a candidate for removal," ​said Josh Bischoff, partner and head trader at TimesSquare Capital Management.

Unlike the Nasdaq-100 (.NDX) and S&P 500, whose eligibility rules state market cap and public float limits, the ​Dow weights components by share price alone and has no stated eligibility-change triggers. But a Reuters analysis of the last 10 Dow changes since 2013 found at least half involved the stock with the smallest weight at the time of its removal.

Nike currently holds the smallest weight among the Dow's 30 components, at 0.4%. It is also the index's worst ​performer this year.

"I would describe the odds (of Nike's removal) as much higher over the next year, but it's tricky because the Dow doesn't have a ​mechanical deletion rule where Nike automatically falls out after crossing some threshold," said Shay Boloor, chief market strategist at Futurum Equities.

NO SET TIME FRAME
The most recent change in the ‌Dow's constituents ⁠was the removal of telecom major Verizon Communications (VZ.N) in June, in favor of Alphabet (GOOGL.O), which S&P Dow Jones Indices said was driven by Verizon's low share price.

Changes to the Dow are made on an "as-needed basis," according to S&P Dow Jones Indices' methodology. Instead of an annual or semi-annual reconstitution, changes in response to corporate action and market development can be made at any given time.

Verizon's exit in June marked the end of a more than 22-year stay in which its ​shares advanced 35% while the Dow ​nearly quintupled.

Changes to the index rest ⁠with the Averages Committee — which is made up of three representatives from S&P Dow Jones Indices and two from the Wall Street Journal.

Other recent exits include chemicals company Dow Inc (DOW.N), chipmaker Intel (INTC.O) and pharmacy chain Walgreens in 2024.

The committee ​monitors factors including whether the index's highest-priced stock exceeds 10 times the lowest. Goldman Sachs (GS.N), the top-weighted stock, traded ​on Wednesday at around $968 -- ⁠about 27 times Nike's price.

While the committee monitors these factors, there is no timeline on when it would act. The committee meets "regularly" and all index-related discussions are confidential.

S&P Dow Jones Indices declined to comment.

Nike's share price decline has accompanied a prolonged struggle at the company. CEO Elliott Hill rejoined the sportswear maker in 2024 to lead ⁠a turnaround ​and emphasized during a June earnings call that the company is navigating a "more complex macro environment," ​with increased pressure on consumer traffic and discretionary spending across its markets.

"Nike, in the market outside of a couple key franchises, just does not seem to be as appealing to consumers as ​it once was," said Drake MacFarlane, research analyst at M Science.

Dow Inc. (DOW) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

MIDLAND, Mich., Sept. 14, 2026 /PRNewswire/ -- Dow Inc. (NYSE: DOW) will participate in a fireside chat during the Morgan Stanley Laguna Conference on Wednesday, September 16 at 1:00 p.m.

The Dow Jones Industrial Average is a group of 30 stocks in various categories that represent some of the largest and most important companies in the U.S. It doesn't change frequently, but it replaced Verizon with Google-parent Alphabet (GOOG +1.53%)(GOOGL +1.77%) in June.

That reflects shifting economic trends. Nvidia (NVDA -0.03%), Apple, Amazon, and Microsoft are already Dow components, and the index's heavyweights are mostly mature industry powerhouses. However, not all of them are performing well today, and not all of them are growth machines. Nike, for example, has been struggling lately, and Procter & Gamble generally reports single-digit sales increases.

Image source: Google.

Nvidia, Alphabet, and American Express (AXP +1.24%) have been unstoppable lately, and they're worth buying today.

1. Nvidia Nvidia is the largest company in the world, and it's far from done. It sits at the epicenter of artificial intelligence (AI) development, and its products are critical for hyperscalers to run their large-language models (LLM). Although there are now many chip designers that can take care of some of the processes, none are as powerful or as in demand as Nvidia's.

On the company's fiscal 2027 second quarter (ended July 26) earnings call, CFO Colette Kress updated investors that management expects revenue to increased 70% in fiscal 2028, and that's "a supply constrained outlook." The implication is that the demand is much higher, so high that Nvidia cannot address it.

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The company continues to lead in its industry, launching new lines that can handle more compute capacity, such as the recently rolled out Vera Rubin platform, which combines central processing units (CPU) and graphics processing units (GPU) in a supercomputer that's 10 times more efficient at handling complex agentic AI tasks than the previous platform.

Despite its phenomenal performance, including more than doubling revenue year over year in the 2027 fiscal second quarter, Nvidia stock is trading at an attractive valuation of only 14 times forward, 1-year earnings.

2. Alphabet (Google) Alphabet stock has plunged recently, since the market was disappointed in guidance for high capital expenditures over the next two years, but the company has been unstoppable. Revenue increased 24% year over year in the second quarter, with an 82% increase in Google Cloud, and it also can't meet demand.

The market sees free cash flow turning negative, but management assured investors that it's going to monetize the spend. "Our AI investments are redefining what's possible across every part of our business," CEO Sundar Pichai said.

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There was outstanding growth across the AI platforms. Nine million developers are creating with Google's tools, and its models are processing 22 billion tokens per minute, up from 16 billion last quarter. It launched a creative tool called Omni in May, and by July, there was already a 40% increase in daily active users. Google must invest to be able to handle the increasing workloads.

And Alphabet is so much more than Google. It owns several leading businesses, including Android and YouTube.

Alphabet is also trading at a cheap price, just 22 times forward, 1-year earnings, and it's a great buy right now.

3. American Express American Express is one of the oldest Dow stocks, having been added in 1982. The credit card network has a unique model targeting high-income consumers, making it more resilient under pressure. It charges an annual fee for most of its cards, and members participate in a highly regarded rewards program that makes it worthwhile for them.

American Express also stands out for its closed-loop system, which means that its own bank provides the credit for its cards, in contrast with Visa and Mastercard, which partner with issuing financial institutions. Its bank brings in lots of cash and net interest income, and the unified model creates a tight, efficient system with strong credit metrics and profitability.

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American Express has been reporting healthy growth despite inflation, including a 10% year-over-year increase in revenue and a 14% increase in earnings per share (EPS). Cardmember spending increased 9%, the highest in three years, and management raised full-year revenue guidance. However, the company kept EPS guidance steady, and plans to use the extra money to invest for the future.

Like Alphabet, the market didn't like that too much, but it's a great signal for long-term growth, especially because the company has done this before successfully. However, it gives investors a chance to buy in at a lower price. American Express stock trades at only 15 times forward, 1-year earnings, and it's an excellent long-term value play.

Dow Inc. (DOW - Free Report) closed the most recent trading day at $29.03, moving -2.06% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.86%. Elsewhere, the Dow saw an upswing of 0.98%, while the tech-heavy Nasdaq appreciated by 0.96%.

Shares of the materials science witnessed a loss of 2.37% over the previous month, trailing the performance of the Basic Materials sector with its loss of 0.74%, and the S&P 500's loss of 1.96%.

Market participants will be closely following the financial results of Dow Inc. in its upcoming release. The company is predicted to post an EPS of $0.78, indicating a 510.53% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $11.22 billion, indicating a 12.52% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of $2.42 per share and a revenue of $43.31 billion, demonstrating changes of +357.45% and +8.37%, respectively, from the preceding year.

Any recent changes to analyst estimates for Dow Inc. should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.59% lower within the past month. Dow Inc. is holding a Zacks Rank of #3 (Hold) right now.

With respect to valuation, Dow Inc. is currently being traded at a Forward P/E ratio of 12.26. This denotes a discount relative to the industry average Forward P/E of 17.

It's also important to note that DOW currently trades at a PEG ratio of 0.38. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Chemical - Diversified was holding an average PEG ratio of 1.19 at yesterday's closing price.

The Chemical - Diversified industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 95, this industry ranks in the top 39% of all industries, numbering over 250.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow DOW in the coming trading sessions, be sure to utilize Zacks.com.