DOW
Dow Inc.22.84
-0.61-2.6%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details exports, JV reviews
Q&A largely reaffirmed prepared remarks on Transform to Outperform and Path to Zero commitment, while adding color on vulnerabilities. Management pegged North American polyethylene exports at 30-40% of ASP capacity, stressing low-cost ethane edges but no cuts planned amid weak margins. Polyurethanes strategic review stays active post-PO shutdowns; Sadara JV review targets resilience, with no 2026 lender cash expected. Exports eat 30-40% of output. Margins face bottom-cycle tests yet show pricing power from inventory draws. Investors track JV outcomes, export shifts.
Key Stats
Market Cap
16.23BP/E (TTM)
-Basic EPS (TTM)
-1.61Dividend Yield
0.1%Recent Filings
10-K
FY2025 results
Dow posted FY2025 net sales of $40B, down 7% y/y on 7% lower local prices amid overcapacity and weak demand, with volume flat but Q4 showing Packaging & Specialty Plastics stabilizing on U.S. Gulf Coast polyethylene ramp-up. Operating EBIT cratered to $422M from $2.6B, hammered by $690M Q4 goodwill impairment in Polyurethanes & Construction Chemicals and $303M Latin America asset writedowns, yet cost actions delivered $1B savings trajectory. Q4 momentum flickered in alkoxylation capacity expansions aiding Industrial Intermediates volumes, while $3B Diamond Infrastructure stake sale swelled cash to $3.8B against $18B debt; no buybacks, dividend halved to $0.35/share. Caps held at 0.48x; Transform to Outperform eyes $2B EBITDA lift via 4,500 role cuts. Climate risks loom large.
8-K
Securities description filed
Dow Inc. and The Dow Chemical Company filed a Form 8-K on February 2, 2026, under Item 8.01 to submit a Description of Securities as Exhibit 4.5. This document, required for their 2025 10-K, gets incorporated by reference for administrative ease. No operational or financial impacts disclosed. Filing streamlines 10-K size.
8-K
Dow's $2B EBITDA transformation
Dow launched Transform to Outperform on January 29, 2026, targeting at least $2 billion near-term Op. EBITDA uplift through operating simplification, cost resets, and AI-driven growth. The plan cuts 4,500 global roles, with $600-800 million in severance costs and $1.1-1.5 billion total one-time expenses, mostly in 2026-2027. Cash outlays hit hardest next two years.
8-K
Dow Q4 sales down 9%
Dow reported Q4 2025 net sales of $9.5B, down 9% year-over-year amid price and volume drops across segments. GAAP net loss hit $1.5B due to $1.4B significant items like Polyurethanes goodwill impairment and pension settlements; operating EBIT fell to $33M. Cost savings delivered $400M from $1B program. Transform to Outperform targets $2B more earnings.
8-K
CTO retires; insider succeeds
Dow's CTO A.N. Sreeram retires effective June 30, 2026, succeeded by insider Andre Argenton as Chief Technology and Sustainability Officer from January 1. Argenton brings 25+ years at Dow, leading R&D and sustainability. Director Rebecca Liebert resigned January 2 due to her new OxyChem chair role post-Berkshire acquisition—no disagreements noted. Leadership transitions smooth.
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