Filing Flows › DOW (DOW) › Q2 2026 › vs Q2 2025
DOW (DOW) Q2 2026 vs Q2 2025 (year over year)
DOW's revenue rose $2.0B (+20%) from $10.1B in Q2 2025 to $12.1B in Q2 2026. The biggest changes: Packaging & Specialty Plastics +$1.4B (+27%); Industrial Intermediates & Infrastructure +$380M (+14%); Performance Materials & Coatings +$232M (+11%). Operating margin 7.2% against -6.5% (+13.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | -6.5% | +13.7 pts |
| Net margin | 6.0% | -8.3% | +14.2 pts |
| Free cash flow margin | 10.8% | -11.2% | +22.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Packaging & Specialty Plastics | $6.4B | $5.0B | $1.4B | +27% |
| Industrial Intermediates & Infrastructure | $3.2B | $2.8B | $380M | +14% |
| Performance Materials & Coatings | $2.4B | $2.1B | $232M | +11% |
| Corporate Segment | $180M | $164M | $16.0M | +10% |
| Revenue | $12.1B | $10.1B | $2.0B | +20% |
| Operating profit | $871M | −$659M | $1.5B | — |
| Costs & expenses | $11.2B | $10.8B | $458M | +4% |
| Pre-tax earnings | $871M | −$659M | $1.5B | — |
| Cost of revenue | $9.9B | $9.5B | $404M | +4% |
| Research & development | $207M | $188M | $19.0M | +10% |
| SG&A | $535M | $347M | $188M | +54% |
| Other operating costs | $554M | $707M | −$153M | -22% |
| Net earnings | $721M | −$835M | $1.6B | — |
| Minority interests | $81.0M | $34.0M | $47.0M | +138% |
| Income tax | $69.0M | $142M | −$73.0M | -51% |
| Depreciation & amortization | $664M | $724M | −$60.0M | -8% |
| Working capital & other | $54.0M | $359M | −$305M | -85% |
| Operating cash flow | $1.3B | −$470M | $1.8B | — |
| Free cash flow (OCF − capex) | $1.3B | −$1.1B | $2.4B | — |
| Capital expenditures | $27.0M | $662M | −$635M | -96% |
Questions
How much did DOW's revenue grow year over year in Q2 2026?
DOW's revenue rose $2.0B (+20%) from $10.1B in Q2 2025 to $12.1B in Q2 2026.
What drove DOW's revenue change in Q2 2026?
Packaging & Specialty Plastics +$1.4B (+27%); Industrial Intermediates & Infrastructure +$380M (+14%); Performance Materials & Coatings +$232M (+11%).