EarningsQ2 2026 Earnings Report
MX:DOW1 Q2 2026 EPS Results
Actual EPS$24.70
Consensus EPS$21.93
Beat/MissBeat by +$2.78
One Year Ago EPS-$7.21
MX:DOW1 Q2 2026 Revenue Results
Actual Revenue$207.45B
Expected Revenue$206.43B
Beat/MissBeat by +$1.02B
YoY Revenue Growth+19.68%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:DOW1 Upcoming Earnings
Dow Inc's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DOW1 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call highlights solid top-line growth, robust Q2 EBITDA ($2.3B), strong pricing in key businesses (P&SP), meaningful progress and upsizing of self-help programs, improved liquidity and active portfolio optimization (cracker restart, Barry shutdown). Offsetting these positives are a lower Q3 EBITDA guide ($1.7B) due to expected margin compression and seasonality, regional volume softness and near-term headwinds from maintenance, SG&A timing effects and geopolitical volatility. Overall, the company presented multiple durable operational and financial fixes that improve competitiveness and cash flow potential, while acknowledging near-term cyclical and structural risks.Company Guidance
Strong Top-Line and EBITDA Performance
Net sales of $12.1 billion in Q2, up 20% year-over-year, and operating EBITDA of $2.3 billion, reflecting meaningful earnings growth and margin expansion versus the prior year.
Packaging & Specialty Plastics Outperformance
P&SP net sales of $6.4 billion, up 27% year-over-year; operating EBIT approximately $1.3 billion. Local polyethylene pricing lifted by more than 40%, broadly offsetting regional volume declines.
Industrial Intermediates & Infrastructure Improvement
II&I net sales increased 14% year-over-year driven by a ~15% local price increase. Operating EBIT improved to $246 million, helped by higher margins, self-help actions and lower maintenance activity.
Revenue Growth in Performance Materials & Coatings
PM&C net sales rose 11% year-over-year, supported by increased volume and price, led by downstream silicones, acrylic monomers and architectural coatings growth.
Self-Help Programs Delivering Early Tangible Benefits
More than $300 million of benefits in Q2 from self-help actions, completion of the $1 billion 2025 cost savings program, and Transform to Outperform beginning to deliver. Company now expects >$1.3 billion in benefits this year (upsized by $200 million) and ~ $700 million uplift from Transform to Outperform in 2026, targeting $2 billion total by end of the program.
Asset and Portfolio Actions Increase Competitiveness
Restarted Terneuzen (first-quartile European cracker) to optimize margins; shut down higher-cost Barry siloxanes upstream unit (represents ~25% of European siloxane capacity) to reshape portfolio and focus downstream; Barry shutdown expected to deliver ~$60 million EBITDA uplift in H2.
Healthy Liquidity and Financial Flexibility
Approximately $14 billion of total available liquidity, no substantive debt maturities until 2029, revolver extended to 2031, and continued focus on deleveraging with excess cash. Received ~ $1.3 billion in litigation proceeds (approx. $1.0B in Q1, ~$300M early Q3).
Operational and Productivity Wins
Implemented ~55% of targeted role reductions (part of Transform to Outperform) and completed site transformation playbooks at 6 major sites; expected > $200 million EBITDA uplift from role reductions and ~$50 million from site transformations in H2.
MX:DOW1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed