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DOW (DOW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · DOW (DOW) Q3 2026 earnings results →

Q3 2026 Revenue up 13% year over year to $11.3B · 4¢ of every $1 of revenue kept as net profit · operating margin 5.7%

DOW made $11.3B in Q3 2026 (+13% Y/Y): Packaging & Specialty Plastics $5.8B, Industrial Intermediates & Infrastructure $3.1B, Performance Materials & Coatings $2.2B. Operating margin 5.7%, net earnings $458M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.

Revenue$11.3B
Year over year+13%
Operating margin5.7%
Net earnings$458M
Operating cash flow$1.8B

Drawing the Sankey…

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DOW Q3 2026 revenue breakdown: Sankey diagram of revenue (Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, Performance Materials & Coatings, Corporate Segment), costs, profit and cash flow
DOW Q3 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 $11.3B in Q3 2026, up 13% year over year. Packaging & Specialty Plastics was the largest line at 51% of revenue. Packaging & Specialty Plastics added $0.89B year over year (up 18%), 69% of the total change.

Operating profit was $0.64B, a 5.7% margin (up 5.0 points year over year). Of the extra revenue versus a year earlier, 44% reached operating profit, above the 1% margin then. Total costs grew 7% against revenue growth of 13%. The fastest-growing cost line was SG&A (+20%). Net earnings were $0.46B, up 639% year over year. The effective tax rate was 18.2%.

Operating cash flow was $1.8B (up 63% year over year), 350% of net income including minority interests. Non-cash charges added back $0.67B of depreciation and amortization. Working capital and other items added $0.65B. Capital expenditures of $0.71B left free cash flow of $1.1B.

Quarterly history

DOW revenue by quarterDOW revenue by quarter$10.1BQ2 2025$9.8BQ1 2026$12.1BQ2 2026$11.3BQ3 2026
DOW net earnings by quarterDOW net earnings by quarter−$801MQ2 2025−$445MQ1 2026$721MQ2 2026$458MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 23, 2026$11.3B+13%5.7%$458M$1.8B
Q2 202610-QJul 24, 2026$12.1B+20%7.2%$721M$1.3B
Q1 202610-QApr 24, 2026$9.8B-6%-4.0%−$445M$1.1B
Q2 202510-QJul 25, 2025$10.1B-7%-6.5%−$801M−$470M

Charts

DOW: revenue growth, year over year and quarter over quarterDOW: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q2 2025-6%-3%Q1 2026+20%+23%Q2 2026+13%-7%Q3 2026
Latest (Q3 2026): Y/Y +13%, Q/Q -7%.
DOW: where the cash came from (+) and went (−), TTM to Q3 2026DOW: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$4.6BOther investing−$2.9BDividends−$1.0BNet borrowing (+) / repaid (−)−$714MCash drawn (+) / kept (−)$482MPartners−$312MCapital spending−$116MAsset & business sales$64.0MExchange rates−$60.0MOther financing−$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
DOW: profit against cash, quarter by quarterDOW: profit against cash, quarter by quarterNet incomeOperating cash flow$240M$800MQ3 2024−$35.0M$814MQ4 2024−$290M$91.0MQ1 2025−$801M−$470MQ2 2025$124M$1.1BQ3 2025−$1.5B$284MQ4 2025−$445M$1.1BQ1 2026$525MQ3 2026
Latest (Q3 2026): Net income $525M, Operating cash flow —.
DOW: diluted shares by fiscal yearDOW: diluted shares by fiscal year742MFY2020749MFY2021726MFY2022709MFY2023705MFY2024712MFY2025
-4.1% since FY2020: buybacks shrank the count.
DOW: long-term debt falling due (FY2025)DOW: long-term debt falling due (FY2025)$222M2026$797M2027$763M2028$1.1B2029$1.0B2030
Cash $3.8B, short-term investments —, long-term debt — at 2025-12-31.
DOW in its industry: growth against margin (12 companies, SIC 2821)DOW in its industry: growth against margin (12 companies, SIC 2821)revenue growth, year over year →↑ operating marginmedian +9%median 9%DOW Chemical CoEMNDDALBAVNTTSEOQHXLASIXROGPCTHGYNDOW (+13%, 6%)
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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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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

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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 .

In its own words, from its 8-K, filed Jul 23, 2026.

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

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +10%. Operating margin: 5.7% against the peers' median 9.3%.

CompanyQuarterRevenueY/YOp. margin
DOW DOWQ3 2026$11.3B+13%5.7%
DOW ChemicalQ2 2026$12.1B+20%7.2%
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 10-Q on SEC EDGAR · CIK 1751788 · Plastic Materials, Synth Resins & Nonvulcan Elastomers

Guidance and outlook

DOW: what its forward-looking statements are about (10-Q filed 2026-10-23)DOW: what its forward-looking statements are about (10-Q filed 2026-10-23)Other5The economy3Financing3Buybacks & dividends2Costs2Capital spending1
16 statements; tone -0.12 (−1 all cautious, +1 all confident); 1 hedged.
DOW: outlook statements against the filing beforeDOW: outlook statements against the filing beforeNew2Updated1Dropped1Confident2Cautious4

13F: who owns DOW and who is buying

Largest holders of DOW (13F)Largest holders of DOW (13F)Vanguard Group$2.0BBlackRock$1.7BVanguard Capital Management LLC$1.3BState Street$1.0BVanguard Portfolio Management LLC$955MGeode Capital Management, LLC$525MTwo Sigma Investments, LP$489MCapital World Investors$431MAQR Capital Management LLC$430MMorgan Stanley$413M
Funds' net buying of DOW by quarter (13F)Funds' net buying of DOW by quarter (13F)−$25.6M2024-09$96.0M2024-12$96.6M2025-03$457M2025-06−$101M2025-09$503M2025-12$871M2026-03$1.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DOW

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q2 2025 results

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中文版：陶氏（DOW）财报

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