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

The stock price has languished for a full year—plummeting two tiers. Following the Q3 2025 earnings release, however, it surged 13%. Has there been a fundamental shift? ・ First, revenue came in 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 initiatives have yielded results. Has the chemical industry reached an inflection point in its downturn? ・ On the supply side, Dow believes capacity restraint is now 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.

Dow showcased over 40 breakthrough solutions at CHINAPLAS 2025

“Digital traceability technology for recycled plastics is reshaping the sustainability landscape. By enhancing information transparency, strengthening accountability and traceability, and improving process efficiency, this technology will further advance the circular economy—ensuring every piece of plastic can be reborn,” said Kodak Xiao, Senior Business Director, Sustainability, Packaging & Specialty Plastics, Asia Pacific, Dow. “This technology not only promotes responsible practices across manufacturing but also empowers consumers to participate in closed-loop systems through recycling and reuse. As China’s circular economy system expands—from waste collection and sorting/washing toward large-scale implementation—this advanced traceability system will advance at an unprecedented pace across major Chinese cities, significantly bolstering the authenticity and processing efficiency of plastic return flows.” Innovation Collaboration Driving Industrial Upgrading During CHINAPLAS 2025, Dow will also showcase solutions developed specifically for biaxially oriented polyethylene (BOPE) film applications. Engineered using Dow’s proprietary technologies, these solutions deliver exceptional extrusion and biaxial orientation performance, while markedly improving film stiffness and heat resistance—striking an optimal balance between physical and draw properties. Designed with recyclability in mind, this technology advances the circular economy and is compatible with existing recycling infrastructure—supporting the plastics value chain in achieving true circularity. Dow announced a Memorandum of Strategic Cooperation with Zhejiang Hengxi High-Tech Materials Co., Ltd., aiming to drive business growth in the mono-material machine-direction-oriented polyethylene (MDOPE) film industry through innovation. Under this strategic partnership, Dow will supply Hengxi with a range of high-performance resin materials to accelerate the commercial development of its mono-material flexible packaging solutions. The two parties will jointly explore new application areas for flexible packaging and promote sustainable development across the packaging industry. Mr. Hong Yanshun, Head of Zhejiang Hengxi High-Tech Materials Co., Ltd., stated: “Since its inception, Hengxi has consistently focused on the production and sales of MDOPE co-extruded films. This powerful collaboration with Dow will provide critical support for our food packaging film business. We believe this partnership will create new opportunities for the sustainable transformation of the packaging industry.” Additionally, CHINAPLAS 2025 will serve as a key platform for Dow’s deep engagement in high-end industry forums and customer seminars. Dow’s technical experts will share insights across the following areas: ・ Advancing the Circular Economy—achieving closed-loop plastic manufacturing through innovative approaches to drive more sustainable value chains; ・ High-Performance Footwear & Sports Applications—enhancing athletic equipment performance, comfort, and sustainability via cutting-edge materials science; ・ Next-Generation Material Solutions—enabling breakthrough applications across packaging, transportation, infrastructure, and consumer goods. Dow expects to engage with over 1,500 customers during CHINAPLAS 2025—and actively collaborate with industry leaders, brands, and manufacturers committed to sustainability and product performance goals, fostering transformative innovation and co-creating the future. About Dow Packaging & Specialty Plastics Dow Packaging & Specialty Plastics is a business unit of Dow (NYSE: DOW), leveraging R&D strength, global reach, broad product portfolios, and deep industry expertise to deliver high-performance technologies for end markets including food packaging, personal hygiene, infrastructure, consumer goods, and transportation.

Dow, Inc. Estimates – LSX:A2PFRC

Oct 23, 2026

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