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Dow Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Q4 2025 operating EBITDA was $741 million, reflecting a sequential decline due to lower seasonal demand and margin compression, but over $165 million in cost savings and more than half of $6.5 billion in near-term cash support actions were delivered.
Full-year 2025 net sales reached $40.0 billion, with operating EBITDA of $3.3 billion and $1.5 billion returned to shareholders.
The Transform to Outperform program targets at least $2 billion in near-term EBITDA improvement, with $500 million expected in 2026 and two-thirds from productivity.
Path2Zero project in Alberta delayed to late 2029 to align with market recovery, with phase one startup now targeted for year-end 2029.
CEO highlighted progress on cost and cash support actions, with a focus on further productivity and earnings improvements.
Financial highlights
Q4 2025 operating EBITDA was $741 million, down $464 million year-over-year, with net sales of $9.5 billion, down 9% year-over-year and 5% sequentially.
Packaging and Specialty Plastics segment Q4 net sales were $4.7 billion, with a 2% volume decrease year-over-year; operating EBIT was $215 million.
Industrial Intermediates and Infrastructure segment Q4 net sales were $2.7 billion, down 9% year-over-year; operating EBIT loss of $201 million.
Performance Materials and Coatings segment Q4 net sales were $1.9 billion, down 6% year-over-year; operating EBIT $25 million, up $34 million year-over-year.
Cash and cash equivalents at year-end exceeded $3.8 billion, with $14 billion in available liquidity.
Outlook and guidance
Q1 2026 EBITDA expected to be approximately $750 million, reflecting margin expansion and seasonal uplift, with net sales projected at ~$9.4 billion.
Transform to Outperform program expected to deliver $500 million in EBITDA uplift in 2026 and $1 billion in annual benefits from ongoing initiatives.
FY26 modeling includes $50–$150 million lower equity earnings year-over-year, $65 million higher pension impact, and $200 million higher turnaround expenses.
Expects continued cost savings and productivity improvements, but higher planned turnaround spending will offset some gains.
Detail Polyurethanes & Construction Chemicals impairment drivers
What specific actions drive $2B Transform earnings
What caused the full year negative free cash flow?
Transform to Outperform: headcount reduction?
Path2Zero project expected returns?
NOVA litigation cash compensation?
How will AI drive Transform to Outperform productivity
Path2Zero: Any partner interest or creative finance?
P&SP export strategy: Reduce capacity or shift mix?
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Frequently asked questions
Material Science Experts
Dow is a company specializing in materials science, offering an incredibly diverse range of products and solutions across industries. With expertise in chemical manufacturing and materials development, Dow produces components used in packaging, automotive production, construction, electronics, and more. They make a wide array of materials, including plastics, specialty chemicals, adhesives, coatings, and performance materials. The company’s products find application in various sectors, from manufacturing the components needed for everyday consumer goods to developing modern technologies.
Consumer Electronics and Semiconductor Production
Dow is a key player in the consumer electronics sector, offering a diverse range of advanced materials crucial for manufacturing electronic devices like smartphones, tablets, laptops, and wearables. These materials play a significant role in the production of microchips and integrated circuits, the backbone of modern electronics. Dow's specialization in providing tailored materials for semiconductor manufacturing processes contributes to the creation of cutting-edge microchips, empowering faster and more powerful electronic devices.
Packaging and specialty plastics
Dow plays a significant role in packaging, offering a comprehensive range of solutions that cater to the demands of the industry. One key component of packaging is special plastics, and it’s an area in which Dow is an expert in producing high-performance resins like polyethylene and polypropylene. These resins are utilized in flexible, rigid, and protective packaging solutions, delivering properties such as durability, versatility, and barrier protection. Dow also offers specialty adhesives and coatings that enhance packaging functionality, providing adhesion, sealing, and barrier properties. Dow also places a focus on providing sustainable packaging options.
Supplying the Chemicals Industry
Dow is often referred to as "the chemical industry's chemical company", and has earned this nickname due to its significant role in supplying a vast range of raw materials, intermediates, and finished products to other companies within the chemical industry. However, the list of the company’s customers is long, and some notable examples include Ford, GE, Ball, and many others.
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