Dow's Q3 2025 Earnings Report (October 27, 2025)

The stock price has been depressed for a full year—falling two tiers. After the Q3 2025 earnings release, it surged 13%. Has there been any fundamental change? ・First, revenue was weak: the Q2 guidance for this quarter was $10.2 billion. ・Second, GAAP EPS turned positive only due to two non-recurring items; operating profit failed to cover interest expenses. ・On the positive side, the loss was narrower than expected—the company’s cost-cutting and capital expenditure reduction efforts have borne fruit. Has the chemical industry reached a downward inflection point? ・On the supply side, Dow believes capacity restraint is underway across all regions—including China: “We've got speculation on the closures of about 13 million metric tons from a combination of additional capacity in Asia, Japan and Korea to the tune of about 5 million tons and China from the [anti-evolution] policies to the tune of about 7 million tons.” ・On the demand side, Dow sees overall demand remaining weak—unchanged from last quarter. It hopes rate cuts will stimulate construction starts.

Q3 2024 Financial Results of 21 Chemical Companies: Dow, Wacker, Wanhua, Sinopec, CNOOC, etc.

Dow Chemical: Q3 2024 sales totaled $9.7 billion (approx. RMB 69.1 billion), up 6% year-on-year; organic sales rose 3%, driven primarily by strong performance in defense & aerospace, commercial aviation, and building solutions. Operating income declined 4%, and operating margin contracted 180 basis points to 19.1%, mainly due to an impairment loss arising from classifying the personal protective equipment (PPE) business as assets held for sale. Segment profit rose 6% year-on-year, supported by robust aerospace technology performance and a full-quarter contribution from the acquisition of Access Solutions; segment margin remained flat year-on-year at 23.6%. EPS for Q3 was $2.16, down 5% year-on-year; adjusted EPS was $2.58, up 8% year-on-year. Operating cash flow was $2.0 billion; free cash flow was $1.7 billion, up 10% year-on-year. LG Chem: Q3 2024 sales amounted to KRW 12.6704 trillion, with operating profit of KRW 498.4 billion. Compared to the prior quarter, sales and operating profit increased by 3.0% and 22.8%, respectively. Year-on-year, however, sales and operating profit declined by 6.1% and 42.1%, respectively. PPG: Cumulative revenue for the first three fiscal quarters of FY2024 totaled $13.68 billion, down 1.55% year-on-year versus $13.896 billion in the same period last year. Cumulative net income for the first three fiscal quarters was $1.42 billion, up 17.74% year-on-year versus $1.206 billion. Basic EPS for the fiscal year-to-date was $5.96, up from $5.00 year-on-year. Wacker Chemie: Q3 2024 sales were €1.43 billion, down from €1.50 billion in the prior quarter. Sales by division: silicones €727 million, polymers €365 million, polysilicon €209 million, and biotechnology €100 million. EBITDA was €152 million, down from €160 million in the prior quarter. Capital expenditures totaled €149 million, down from €177 million in the prior quarter. Full-year 2024 sales are projected at €6.0–6.5 billion. Domestic Companies: Guangwei Composites: For the first nine months of 2024, revenue reached RMB 1.902 billion, up 8.90% year-on-year; net profit attributable to shareholders was RMB 615 million, down 1.00% year-on-year; net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 555 million, up 10.09% year-on-year. In Q3 alone, revenue was RMB 746 million, up 42.63% year-on-year; net profit attributable to shareholders was RMB 247 million, up 18.62% year-on-year—demonstrating strong profitability. Hengli Petrochemical: Q3 2024 revenue reached RMB 65.225 billion, up 2.42% year-on-year; net profit was RMB 1.087 billion, down 59.01% year-on-year. For the first nine months of 2024, revenue totaled RMB 177.764 billion, up 2.69% year-on-year; net profit was RMB 5.105 billion, down 10.45% year-on-year.

Dow Inc. (DOW) Posts Q3 Gains Across Segments

Oct 22, 2026

Dow Inc. reported strong Q3 2026 financial results with gains across all segments, driven by improved pricing and strategic actions indicating a mid-cycle recovery.

TradingView

2026-04-09

Dow Announces Results from 2026 Annual Stockholder Meeting

2026-04-13

Dow Inc. stock outperforms competitors on strong trading day

2026-04-13

Dow Inc Rebounds with $300 Gain Amid Mixed Trading Driven by Middle East Tensions

2026-04-13

Dow Inc Director Awarded Restricted Stock Units

2026-04-14

Dow Inc.: Supply Chain Resilience Key Test for Growth Amid Industrial Policies