10-Q · July 24, 2026
Dow delivered a substantial Q2 recovery: revenue reached $12.092 billion and GAAP diluted EPS was $0.99, versus a $0.74 loss in 2026Q1 and a $1.18 loss in 2025Q2. The filing supports a more constructive earnings…
Earnings analysis · 10-Q
DOW earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
Dow reported $11.267 billion of third-quarter revenue, up 13% year over year, and adjusted EPS of $0.71, above the $0.64 consensus estimate, while reported GAAP EPS was $0.62. Free cash flow was $1.133 billion,…
Read full summary
Dow reported $11.267 billion of third-quarter revenue, up 13% year over year, and adjusted EPS of $0.71, above the $0.64 consensus estimate, while reported GAAP EPS was $0.62. Free cash flow was $1.133 billion, supported by pricing and self-help actions, but geopolitical, tariff and demand risks remain significant. The outlook is mixed: management expects more than $1 billion of EBITDA uplift in both 2026 and 2027, although the 2026 target is below the prior more-than-$1.3 billion self-help benefits target and may not be directly comparable.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.62
What stood out
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Revenue rose 13% and beat consensus
Revenue was $11.267 billion, up 13% year over year and approximately 0.4% above the $11.2207 billion consensus estimate.
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Adjusted EPS beat expectations
GAAP EPS was $0.62, while adjusted EPS was $0.71 versus the $0.64 consensus estimate; adjusted EPS therefore exceeded consensus by $0.07.
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Strong $1.133 billion free cash flow
Free cash flow was $1.133 billion, reflecting strong cash generation during the quarter.
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Cost actions support EBITDA uplift
Management expects more than $1 billion of EBITDA uplift from self-help actions in both 2026 and 2027, plus $700 million of 2026 growth and productivity benefits.
What to watch
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Geopolitical pricing benefits may reverse
The updated global economic risk factor states that Middle East trade disruptions may provide near-term pricing and volume opportunities, but volatility means there is no guarantee those benefits will continue. The filing specifically references the conflict between the United States, Israel and Iran, which began in February 2026.
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Elevated tariffs threaten margins and volumes
The filing says current U.S. tariff rates remain substantially above pre-2025 levels and warns that additional tariffs, trade restrictions and retaliatory measures could affect sales volume, pricing, production costs and supply chains.
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Dividend-related litigation remains unresolved
Securities litigation remains outstanding: 1 amended class-action complaint was filed on March 31, 2026, and 5 derivative actions based on similar allegations have been filed; the cases concern statements about the sustainability of Dow's dividend.
Management's outlook
No revenue or EPS guidance was provided. Management expects more than $1 billion of EBITDA uplift from self-help actions in both 2026 and 2027, compared with the prior outlook for more than $1.3 billion of 2026 self-help benefits; the measures may not be directly comparable. Management also expects $700 million of 2026 growth and productivity benefits and approximately $2 billion of total uplift by the end of 2027.
Earlier filings 2
10-Q · April 24, 2026
Dow reported Q1 net sales of $9,794 million, down 6% year-over-year but beating consensus of $9,617 million. GAAP net loss was $445 million (GAAP EPS loss $0.74) while operating (non-GAAP) EPS was a loss of $0.14,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.