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

The stock has been depressed for a full year—falling two tiers. After the Q3 2025 earnings report, it surged 13%. Has there been any fundamental change? ・First, revenue was weak: the Q2 guidance for this quarter stood at $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 reductions have proven effective. Has the chemical industry reached its 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.

Which U.S. stock is worth buying—and why?

The Dow Jones Industrial Average (DJINDICES: ^DJI) is a distinctive index: it comprises only 30 constituent stocks and is price-weighted. As one of the three major U.S. equity indices, the Dow serves as a convenient and solid starting point for stock selection—especially for dividend-focused investing. Indeed, there’s even a dedicated “Dogs of the Dow” strategy: buying the 10 highest-yielding stocks within the Dow. Currently, the top three highest-dividend-yielding stocks in the Dow are Verizon (VZ), Dow Inc. (DOW), and Chevron (CVX). While their dividends are attractive, investors should carefully consider each company’s specific risk factors before investing. Verizon: A critical—but highly leveraged—telecom giant Verizon is one of the leading U.S. telecom companies, with a stable customer base and an attractive dividend yield of 6.3%, having raised its dividend annually for 20 consecutive years. However, the annual dividend growth rate over this period has averaged only about 2%. This modest growth stems from intense competition, requiring Verizon to make large and sustained capital investments to maintain competitiveness. Moreover, the U.S. telecom market is nearing saturation, leaving pricing power—via small price increases—as the primary growth lever. Consequently, Verizon carries the highest debt ratio among U.S. telecom peers—a factor that not only elevates risk but may also constrain future growth. Thus, while its high dividend is appealing, investors must closely monitor its financial health. Dow: A stable—but growth-challenged—chemicals company Since the 2019 DowDuPont spin-off, Dow Inc., the chemicals manufacturer, has paid a quarterly dividend of $0.70, yielding approximately 5.4%. However, dividend growth remains lackluster.

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