Filing Flows › DOW (DOW) › Q2 2026 › vs Q1 2026
DOW (DOW) Q2 2026 vs Q1 2026 (quarter over quarter)
DOW's revenue rose $2.3B (+23%) from $9.8B in Q1 2026 to $12.1B in Q2 2026. The biggest changes: Packaging & Specialty Plastics +$1.5B (+30%); Industrial Intermediates & Infrastructure +$540M (+21%); Performance Materials & Coatings +$281M (+14%). Operating margin 7.2% against -4.0% (+11.2 pts).
DOW, Q2 2026: revenue $12.1B (+20% year over year), operating margin 7.2%, net earnings $721M, operating cash flow $1.3B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | -4.0% | +11.2 pts |
| Net margin | 6.0% | -5.4% | +11.4 pts |
| Free cash flow margin | 10.8% | 6.3% | +4.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Packaging & Specialty Plastics | $6.4B | $4.9B | $1.5B | +30% |
| Industrial Intermediates & Infrastructure | $3.2B | $2.6B | $540M | +21% |
| Performance Materials & Coatings | $2.4B | $2.1B | $281M | +14% |
| Corporate Segment | $180M | $169M | $11.0M | +7% |
| Revenue | $12.1B | $9.8B | $2.3B | +23% |
| Operating profit | $871M | −$390M | $1.3B | — |
| Costs & expenses | $11.2B | $10.2B | $1.0B | +10% |
| Pre-tax earnings | $871M | −$390M | $1.3B | — |
| Cost of revenue | $9.9B | $9.2B | $771M | +8% |
| Research & development | $207M | $181M | $26.0M | +14% |
| SG&A | $535M | $417M | $118M | +28% |
| Other operating costs | $554M | $432M | $122M | +28% |
| Net earnings | $721M | −$533M | $1.3B | — |
| Minority interests | $81.0M | $88.0M | −$7.0M | -8% |
| Income tax | $69.0M | $55.0M | $14.0M | +25% |
| Depreciation & amortization | $664M | $719M | −$55.0M | -8% |
| Working capital & other | $54.0M | −$938M | $992M | — |
| Operating cash flow | $1.3B | $1.1B | $207M | +18% |
| Free cash flow (OCF − capex) | $1.3B | $621M | $683M | +110% |
| Capital expenditures | $27.0M | $503M | −$476M | -95% |
Questions
How much did DOW's revenue grow quarter over quarter in Q2 2026?
DOW's revenue rose $2.3B (+23%) from $9.8B in Q1 2026 to $12.1B in Q2 2026.
What drove DOW's revenue change in Q2 2026?
Packaging & Specialty Plastics +$1.5B (+30%); Industrial Intermediates & Infrastructure +$540M (+21%); Performance Materials & Coatings +$281M (+14%).