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DOW Chemical earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Jul 24, 2026

Q2 2026 Revenue up 20% year over year to $12.1B · 6¢ of every $1 of revenue kept as net profit · operating margin 7.2%

DOW Chemical made $12.1B in Q2 2026 (+20% Y/Y): Packaging & Specialty Plastics $6.4B, Industrial Intermediates & Infrastructure $3.2B, Performance Materials & Coatings $2.4B. Operating margin 7.2%, net earnings $721M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 24, 2026.

Revenue$12.1B
Year over year+20%
Operating margin7.2%
Net earnings$721M
Operating cash flow—

Drawing the Sankey…

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DOW Chemical Q2 2026 revenue breakdown: Sankey diagram of revenue (Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, Performance Materials & Coatings, Corporate Segment), costs, profit and cash flow
DOW Chemical Q2 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $12.1B in Q2 2026, up 20% year over year. Packaging & Specialty Plastics was the largest line at 53% of revenue. Packaging & Specialty Plastics added $1.4B year over year (up 27%), 68% of the total change.

Operating profit was $0.87B, a 7.2% margin (up 13.7 points year over year). Total costs grew 4% against revenue growth of 20%. The fastest-growing cost line was SG&A (+54%). Net earnings were $0.72B. The effective tax rate was 7.9%.

Quarterly history

DOW Chemical revenue by quarterDOW Chemical revenue by quarter$10.4BQ1 2025$10.1BQ2 2025$10.0BQ3 2025$12.1BQ2 2026
DOW Chemical net earnings by quarterDOW Chemical net earnings by quarter−$290MQ1 2025−$801MQ2 2025$62.0MQ3 2025$721MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QJul 24, 2026$12.1B+20%7.2%$721M—
Q3 202510-QOct 24, 2025$10.0B-8%0.7%$62.0M$1.1B
Q2 202510-QJul 25, 2025$10.1B—-6.5%−$801M−$470M
Q1 202510-QApr 25, 2025$10.4B-3%-3.6%−$290M$91.0M

Charts

DOW Chemical: revenue growth, year over year and quarter over quarterDOW Chemical: revenue growth, year over year and quarter over quarterY/YQ/Q-3%Q1 2025-3%Q2 2025-8%-1%Q3 2025+20%+21%Q2 2026
Latest (Q2 2026): Y/Y +20%, Q/Q +21%.
DOW Chemical: where the cash came from (+) and went (−), FY2018DOW Chemical: where the cash came from (+) and went (−), FY2018Operating cash flow$3.9BDividends−$3.7BCash drawn (+) / kept (−)$3.5BCapital spending−$2.5BNet borrowing (+) / repaid (−)−$1.2BOther investing$275MOther financing−$239MAsset & business sales$155MShares issued$112MExchange rates−$100MTaxes on employees’ shares−$92.0MAcquisitions−$20.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
DOW Chemical: profit against cash, quarter by quarterDOW Chemical: profit against cash, quarter by quarterNet incomeOperating cash flow$805M−$2.1BQ3 2017−$2.5B−$2.7BQ4 2017$1.4B−$158MQ1 2018$1.3B$1.7BQ2 2018$1.0B$647MQ3 2018$910M$1.7BQ4 2018−$801MQ2 2025$802MQ2 2026
Latest (Q2 2026): Net income $802M, Operating cash flow —.
DOW Chemical: diluted shares by fiscal yearDOW Chemical: diluted shares by fiscal year1.29BFY20131.19BFY20141.24BFY20151.12BFY2016
-13.0% since FY2013: buybacks shrank the count.
DOW Chemical: long-term debt falling due (FY2018)DOW Chemical: long-term debt falling due (FY2018)$340M2019$1.8B2020$6.2B2021$1.5B2022$480M2023
Cash $2.7B, short-term investments $100M, long-term debt $19.6B at 2018-12-31.
DOW Chemical in its industry: growth against margin (12 companies, SIC 2821)DOW Chemical in its industry: growth against margin (12 companies, SIC 2821)revenue growth, year over year →↑ operating marginmedian +9%median 9%DOWEMNDDALBAVNTTSEOQHXLASIXROGPCTHGYNDOW Chemical (+20%, 7%)
Plastic Materials, Synth Resins & Nonvulcan Elastomers; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🏭Its industry’s money flow (input-output)interactive

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DOW Chemical against its Plastic Materials, Synth Resins & Nonvulcan Elastomers peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +10%. Operating margin: 7.2% against the peers' median 9.3%.

CompanyQuarterRevenueY/YOp. margin
DOW ChemicalQ2 2026$12.1B+20%7.2%
DOW DOWQ3 2026$11.3B+13%5.7%
EMN Eastman ChemicalQ3 2026$2.4B+8%10.4%
DD DuPont de NemoursQ3 2026$1.9B+4%12.5%
ALB AlbemarleQ3 2026$1.6B+19%9.5%
AVNT AvientQ3 2026$891M+10%9.3%
TSEOQ TrinseoQ2 2026$845M+8%0.0%
HXL HexcelQ3 2026$496M+9%11.0%
ASIX AdvanSixQ3 2026$431M+15%-2.6%

Source: DOW Chemical 10-Q on SEC EDGAR · CIK 29915 · Plastic Materials, Synth Resins & Nonvulcan Elastomers