Loading
Sentiment · FY2026 Q2
Net sales of $9.8 billion declined 6% year-over-year with EBITDA of $873 million as Middle East conflict created unprecedented supply disruption, leading to a massive Q2 guidance of $2 billion EBITDA and $12 billion revenue on pricing momentum. CEO transition was announced with Karen Carter succeeding Jim Fitterling effective July 1. Transform to Outperform ramped with $193 million in period cost savings in Q1 while Americas cost advantage was reinforced by the global disruption.
Competitive Dynamics | Margin | Demand | Capital Allocation | Capex Investment | Pricing | Cost Pressure | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 3 | 4 | 2 | 2 | 4 | 1 |
| 2025Q1 | 4 | 1 | 2 | 3 | 2 | 2 | 1 | |
| 2025Q2 | 4 | 4 | 4 | 5 | 1 | 2 | ||
| 2025Q3 | 3 | 3 | 4 | 4 | 2 | 2 | 1 | |
| 2025Q4 | 3 | 2 | 2 | 3 | 4 | 1 | 3 | 1 |
| 2026Q1 | 2 | 3 | 2 | 2 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 4 | 4 | 3 | 3 | 2 |
| Margin | 4 | 1 | 4 | 3 | 2 | 3 |
| Demand | 3 | 2 | 4 | 4 | 2 | 2 |
| Capital Allocation | 4 | 3 | 5 | 3 | 2 | |
| Capex Investment | 2 | 2 | 1 | 4 | 4 | |
| Pricing | 2 | 2 | 2 | 2 | 1 | 3 |
| Cost Pressure | 4 | 1 | 2 | 3 | ||
| Supply Chain | 1 | 1 | 1 | 4 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.40B | -2.0% | $-0.08 | +47.0% | 8.4% | 3.1% | -0.5% | $43M |
| FY2025 Q1 | $10.43B | -3.1% | $-0.44 | -160.3% | 6.7% | 1.3% | -2.9% | $-594M |
| FY2025 Q2 | $10.10B | -7.4% | $-1.18 | -290.3% | 5.4% | 0.1% | -8.3% | $-1.13B |
| FY2025 Q3 | $9.97B | -8.3% | $0.08 | -72.0% | 6.9% | 1.6% | 0.6% | $563M |
| FY2025 Q4 | $9.46B | -9.1% | $-2.15 | -2604.4% | 5.8% | -11.0% | -16.3% | $-1.45B |
| FY2026 Q1 | $9.79B | -6.1% | $-0.74 | -68.2% | 6.5% | -0.3% | -4.5% | $621M |
| FY2026 Q2 | $12.09B | +19.7% | $1.02 | +186.4% | 17.9% | 7.3% | 6.0% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What DOW and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“In March, we received a cash payment from the Nova litigation, and we expect to receive the remaining tax withholdings of approximately $300 million later this year.”
Dow received a cash payment from its litigation against Nova Chemicals, with further tax withholdings expected later in the year.
“finish up these negotiations with Saudi Aramco on the restructuring of Sadara and trying to address some of the challenges that we have faced there.”
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeff Zekauskas | JPMorgan | 7 (71%) |
| Kevin McCarthy | Vertical Research Partners | 7 (0%) |
| Vincent Andrews | Morgan Stanley |
Dow is negotiating with JV partner Saudi Aramco to restructure the Sadara joint venture's balance sheet and leverage; a read-through on Aramco's downstream JV exposure.
| 7 (0%) |
| Hassan Ahmed | Alembic Global | 7 (14%) |
| Mike Sison | Wells Fargo | 6 (17%) |
| Frank Mitsch | Fermium Research | 6 (17%) |
| Dave Begleiter | Deutsche Bank | 6 (0%) |
| Duffy Fischer | Goldman Sachs | 5 (0%) |
| Matthew Blair | Tudor, Pickering, Holt | 5 (0%) |
| Chris Parkinson | Wolfe Research | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vertical Research Partners | 1 | 7 (0%) |
| JPMorgan | 1 | 7 (71%) |
| Wells Fargo | 2 | 7 (14%) |
| Alembic Global | 1 | 7 (14%) |
| Morgan Stanley | 1 | 7 (0%) |
| Deutsche Bank | 1 | 6 (0%) |
| Fermium Research | 1 | 6 (17%) |
| Tudor, Pickering, Holt | 1 | 5 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DOW Dow Inc. | 3 | -6.1% | |
| ALB Albemarle Corporation | 9 | +32.7% | |
| APD Air Products | 9 | +8.8% | |
| CF CF Industries | 7 | +19.4% | |
| CRH CRH plc | 7 | +9.1% | |
| CTVA Corteva | 6 | +11.1% | |
| DD DuPont | 6 | -45.2% | |
| ECL Ecolab | 7 | +10.0% | |
| FCX Freeport-McMoRan | 7 | +12.2% | |
| IFF International Flavors & Fragrances | 6 | -3.6% | |
| LIN Linde plc | 9 | +8.3% | |
| LYB LyondellBasell | 4 | -6.3% | |
| MLM Martin Marietta Materials | 7 | +0.7% | |
| MOS Mosaic Company (The) | 4 | +14.4% | |
| NEM Newmont | 9 | +50.0% | |
| NUE Nucor | 9 | +21.3% | |
| PPG PPG Industries | 6 | +6.7% | |
| SCCO Southern Copper Corporation | 9 | +36.2% | |
| SHW The Sherwin-Williams Company | 6 | +6.8% | |
| STLD Steel Dynamics | 9 | +19.1% | |
| VMC Vulcan Materials Company | 7 | +7.4% |