Dow — Company directory

Midland, Michigan-based materials science group producing polyethylene, polyurethanes and industrial intermediates, and supplying chemicals to oil and gas and refining customers.

Dow Inc. is a US materials science company listed on the New York Stock Exchange under the ticker DOW and headquartered in Midland, Michigan. It produces polyethylene, polyurethanes, silicones, coatings and industrial intermediates from integrated crackers and derivative plants, and it sells into energy applications including enhanced oil recovery, midstream operations, oil and gas exploration and production, refining processes and carbon capture. Dow reported sales of about 40 billion US dollars in 2025, operates manufacturing sites in 29 countries and employed roughly 34,600 people at the end of 2025. Karen S. Carter is chief executive officer.

How the company is organised

Dow reports through three segments whose end markets differ sharply in cyclicality:

Packaging & Specialty Plastics, covering polyethylene and the hydrocarbons and energy business that runs the company's crackers and sells olefins
Industrial Intermediates & Infrastructure, covering polyurethanes, construction chemicals and industrial solutions such as alkoxylation products
Performance Materials & Coatings, covering consumer solutions based on silicones and coatings and performance monomers

That structure leaves Dow exposed both to oil and gas feedstock costs through its hydrocarbon feedstocks and to the packaging, construction, mobility and electronics cycles that buy its derivatives.

Second-quarter 2026 results

For the quarter ended 30 June 2026, reported on 23 July 2026, Dow's net sales were 12.092 billion dollars, up 20 per cent year on year, as local prices rose 20 per cent and currency added 1 per cent while volumes fell 1 per cent. GAAP net income was 802 million dollars, against a loss of 801 million dollars in the prior-year quarter, and net income available to common stockholders was 721 million dollars. Operating EBIT was 1.648 billion dollars compared with a loss of 21 million dollars a year earlier, and operating EBITDA was 2.312 billion dollars. GAAP earnings per share were 0.99 dollars and operating earnings per share 1.44 dollars, against a loss of 0.42 dollars a year before. Operating EPS excluded significant items of 0.45 dollars per share, mainly costs of the Transform to Outperform programme, partly offset by a tax adjustment linked to a payment from NOVA Chemicals. Cash provided by operating activities from continuing operations was 1.324 billion dollars and the company paid 253 million dollars of dividends. First-half net sales were 21.886 billion dollars and net income was 357 million dollars.

Segment performance

Packaging & Specialty Plastics recorded net sales of 6.385 billion dollars, up 27 per cent, and operating EBIT of 1.278 billion dollars, a swing of 1.2 billion dollars, as higher polyethylene prices in every region expanded integrated margins. Volumes fell 4 per cent, reflecting planned maintenance in hydrocarbons and energy and lower polyethylene sales in Europe, the Middle East, Africa, India and Asia Pacific, where the Middle East conflict disrupted demand. Industrial Intermediates & Infrastructure sales rose 14 per cent to 3.166 billion dollars with operating EBIT of 246 million dollars, helped by price gains, lower maintenance activity and the suspension of equity loss recognition for Sadara. Performance Materials & Coatings sales rose 11 per cent to 2.361 billion dollars but operating EBIT slipped 19 million dollars to 133 million dollars, as higher fixed costs, turnaround activity and the shutdown of the upstream siloxanes plant at Barry in the United Kingdom outweighed self-help gains. Dow also restarted an idled cracker in Europe, the Middle East, Africa and India during June 2026.

Transform to Outperform

Dow's cost and productivity programme, Transform to Outperform, delivered ahead of plan in the first half of 2026. Management raised its expected in-year benefits by roughly 200 million dollars, taking total self-help benefits for 2026 above 1.3 billion dollars, and said the effect should build through the rest of 2026 and into 2027. The company describes the programme as supporting three priorities: growth and innovation in attractive end markets, strengthening the portfolio, and balanced capital allocation. Dow also continues work on its integrated ethylene cracker and derivatives facility in Alberta, Canada, a project tied to its carbon reduction commitments, and has been adding capacity such as alkoxylation plants that serve data centre and industrial demand.