Dow Inc. announced its financial results for the third quarter of 2026 on October 22, 2026, reporting a 13% year-over-year increase in net sales to $11.3 billion. The company reported GAAP net income of $525 million and GAAP earnings per share (EPS) of $0.62. Operating earnings per share (EPS) were $0.71, a significant improvement compared to a loss of $0.19 in the same period last year.
Key operational drivers included a 14% increase in local prices, which more than offset a 1% decrease in volume. The company cited higher raw materials and logistics costs, which were partially offset by benefits from collective self-help actions. Operating earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $1.6 billion.
Free cash flow for the quarter was $1.1 billion, with a trailing twelve-month cash flow conversion rate of 84%. During the quarter, Dow returned $253 million to shareholders through dividends and reduced debt by approximately $600 million year-to-date.
The company’s three operating segments all reported growth. The Packaging & Specialty Plastics segment saw net sales increase 18% to $5.8 billion, driven by higher polyethylene prices. The Industrial Intermediates & Infrastructure segment reported net sales of $3.1 billion, up 8%, while the Performance Materials & Coatings segment reported net sales of $2.3 billion, up 8%.
CEO Karen S. Carter stated that the company is on track to achieve $700 million in growth and productivity benefits in 2026 and approximately $2 billion in total uplift by the end of 2027. The company also noted that it is on track to deliver more than $1 billion in EBITDA uplift in both 2026 and 2027.
