Dow
Makes polyethylene, polyurethane materials, industrial intermediates, silicones and coating ingredients.
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Profile
Sells polyethylene, specialty polymers, polyurethane materials, industrial intermediates, silicones and coating ingredients through Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. Revenue is overwhelmingly product-based, with margins tied to feedstock costs, plant operating rates and chemical-industry supply-demand cycles.
Turns hydrocarbon feedstocks into polyethylene, specialty polymers and industrial intermediates through Packaging & Specialty Plastics, its largest segment. Industrial Intermediates & Infrastructure supplies polyurethane materials, construction chemicals, solvents, amines and heat-transfer fluids, while Performance Materials & Coatings provides silicones, acrylic binders and coating ingredients for packaging, buildings, mobility, electronics and consumer applications.
Uses integrated crackers and derivative plants, flexible feedstock positions, global manufacturing scale and customer application labs to move basic chemicals into higher-value formulations. Manufacturing spans 29 countries, with sales distributed across the Americas, Europe, the Middle East, Africa, India and Asia Pacific. Margins remain tied to chemical-industry supply and demand, plant operating rates, and energy and raw-material costs. Transform to Outperform is simplifying operations and reducing the workforce, while European asset closures target higher-cost upstream capacity and merchant-sale exposure.
Company facts
Key statistics
Year to date +25.7% · Average volume (30d) 9.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | UBS | Reiterate | Neutral | $37 | $32 | |
| Jul 20, 2026 | Morgan Stanley | Reiterate | Equal Weight | $41 | $39 | |
| Jul 16, 2026 | Goldman Sachs | Reiterate | Neutral | $27 | $34 | |
| Jul 6, 2026 | BMO Capital | Reiterate | Market Perform | $46 | $33 | |
| Jul 3, 2026 | Wells Fargo | Target | $30 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $1.25 | $1.44 | +15.2% | $12.03B | $12.09B | +0.5% | −3.43% |
| Apr 23, 2026Q1 FY26 | −$0.39 | −$0.14 | +64.1% | $9.66B | $9.79B | +1.4% | +0.34% |
| Jan 29, 2026Q4 FY25 | −$0.46 | −$0.34 | +26.7% | $9.46B | $9.46B | 0.0% | +1.44% |
| Oct 23, 2025Q3 FY25 | −$0.31 | −$0.19 | +38.4% | $10.22B | $9.97B | −2.4% | +1.22% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.43B | $10.10B | $9.97B | $9.46B | $9.79B | $12.09B | |
| Gross profit | $704.0M | $544.0M | $689.0M | $548.0M | $640.0M | $2.17B | |
| Operating income | $138.0M | $9.0M | $159.0M | −$1.04B | −$31.0M | $882.0M | |
| Net income | −$307.0M | −$835.0M | $62.0M | −$1.54B | −$445.0M | $721.0M | |
| Diluted EPS | −$0.44 | −$1.18 | $0.08 | −$2.15 | −$0.74 | $0.99 | |
| Gross margin | 6.7% | 5.4% | 6.9% | 5.8% | 6.5% | 17.9% | |
| Operating margin | 1.3% | 0.1% | 1.6% | -11.0% | -0.3% | 7.3% |
Fiscal years (4-quarter sums)FY21 $54.97B · FY22 $56.90B · FY23 $44.62B · FY24 $42.96B · FY25 $39.97B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $3.97B · Total debt $20.86B · Total assets $61.59B · Shareholders' equity $24.42B
Dividends
Last cut to $0.35 from $0.70 in Aug 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jun 12 | $0.35 | |
| Feb 27, 2026 | Feb 27 | Mar 13 | $0.35 | |
| Nov 28, 2025 | Nov 28 | Dec 12 | $0.35 | |
| Aug 29, 2025 | Aug 29 | Sep 12 | $0.35 | cut from $0.70 |
| May 30, 2025 | May 30 | Jun 13 | $0.70 | |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.70 | |
| Nov 29, 2024 | Nov 29 | Dec 13 | $0.70 | |
| Aug 30, 2024 | Aug 30 | Sep 13 | $0.70 |
Ownership
Shares outstanding 722.34M · Float 720.44M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 61.74M | 8.55% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 47.03M | 6.51% | 13F | Aug 13, 2026 |
| State Street Corporation | 37.92M | 5.30% | 13G | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 34.89M | 4.83% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 19.28M | 2.67% | 13F | Aug 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- LyondellBasell
World-scale PE and PP peer; direct volume battle in packaging polyethylene.
- Huntsman
MDI-focused polyurethane systems rival in insulation, foam, and CASE markets.
- Westlake
Integrated NA polyethylene rival; competes on feedstock cost and packaging PE.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dow | $30.50 | −0.02% | $22.04B | — | 12.2 | 0.5 | +19.7% |
| LyondellBasell | $63.72 | +0.07% | $20.55B | — | 7.8 | 0.7 | +19.8% |
| Huntsman | $9.55 | +0.79% | $1.66B | — | 325.5 | 0.3 | +14.1% |
| Westlake | $75.71 | −0.07% | $9.70B | — | 19.9 | 0.9 | +10.8% |
| Median | — | 19.9 | 0.7 | +14.1% |