Midland, MI – Dow Inc. (NYSE: DOW) today announced financial results for the second quarter of 2025. In a period marked by persistent macroeconomic pressure and trade-related disruptions, Dow is implementing decisive restructuring and portfolio optimization initiatives aimed at driving $6 billion+ in value by 2026.
2Q25 Financial Summary
Net Sales: $10.1 billion, down 7% year-over-year
GAAP Net Loss: $801 million
Operating EBIT: Loss of $21 million, down $840 million YoY
Operating EPS (Non-GAAP): Loss of $0.42
Free Cash Flow: –$1.13 billion
Cash from Operations: –$470 million
Shareholder Returns: $496 million in dividends
CEO Statement
“This quarter the Dow team advanced several aggressive actions in response to the lower-for-longer earnings environment that our industry is facing, amplified by recent trade and tariff uncertainties,” said Jim Fitterling, Dow CEO.
“We are delivering near-term cash support and earnings growth levers totaling more than $6 billion by 2026. In parallel, we are realigning our global asset base and adjusting the dividend to ensure capital flexibility. These actions position Dow for more resilient performance and value creation as the industry recovers.”
Segment Highlights
Packaging & Specialty Plastics
Sales: $5.0B (–9% YoY)
Operating EBIT: $71M (–$632M YoY)
Impacted by lower polymer pricing and reduced merchant ethylene sales due to Poly-7 startup
Industrial Intermediates & Infrastructure
Sales: $2.8B (–6% YoY)
Operating EBIT: –$185M
Declines driven by weak MEG margins and maintenance activity
Performance Materials & Coatings
Sales: $2.1B (–5% YoY)
Operating EBIT: $152M (+$6M YoY)
Sequential improvement led by silicones demand and seasonal coating applications
Strategic Outlook
Dow is executing a multi-faceted transformation strategy that includes:
Cost-reduction and restructuring programs including European asset actions
Completion of growth investments such as the U.S. Gulf Coast Poly-7 and Seadrift Alkoxylation units
Realignment of dividend policy for long-term sustainability
Regulatory engagement on anti-competitive pricing from new global entrants
“Dow’s actions are structured to preserve operational excellence while positioning the portfolio toward higher-value, less volatile markets,” added Fitterling.
Conference Call and Additional Information
Dow will host its second-quarter earnings call today at 8:00 a.m. ET. A live webcast and accompanying presentation will be available at: investors.dow.com
For investor inquiries:
Andrew Riker – ajriker@dow.com
For media:
Sarah Young – syoung3@dow.com
For the full Dow's Press release: https://dow.inc/2Q2025PR
Source: The Dow Chemical Company
