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Dow reported strong second quarter 2026 results, with net sales rising 20% year over year to $12.1 billion and operating EBIT reaching $1.6 billion, driven by higher prices and the company's self-help initiatives.
FINANCIAL HIGHLIGHTS
- Net sales were $12.1 billion, up 20% year-over-year, reflecting increases in all operating segments and regions.
- Local price increased 20% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions. Currency increased 1% year-over-year.
- Volume decreased 1% year-over-year. Gains in Performance Materials & Coatings across both businesses were more than offset by declines in Packaging & Specialty Plastics largely due to planned maintenance activity.
- GAAP net income was $802 million. Op. EBIT1 was $1.6 billion, up $1.7 billion year-over-year, primarily driven by higher prices as well as the Company's self-help initiatives.
- GAAP earnings per share (EPS) was $0.99; operating EPS1 was $1.44, compared to a loss of $0.42 in the year-ago period. Op. EPS excludes significant items totaling $0.45 per share, driven by costs associated with Transform to Outperform, partially offset by an income tax adjustment associated with a payment from NOVA Chemicals.
- Cash provided by operating activities – continuing operations was $1.3 billion, primarily driven by higher earnings across all businesses, more than offsetting an expected working capital build reflecting revenue growth.
- Returns to shareholders totaled $253 million of dividends in the quarter.
CEO QUOTE
"Team Dow delivered strong second quarter results through disciplined and timely execution, reliably serving our customers, and accelerating our self-help actions," said Karen S. Carter, Dow CEO. "Market conditions were supportive this quarter, and our self-help initiatives delivered ahead of plan, further reinforcing the improvement in our earnings as we continue to strengthen Dow's resilience and agility. We now expect to generate approximately $200 million more in benefits from Transform to Outperform this year, enabling us to increase the total in-year benefits from self-help to greater than $1.3 billion. Our actions to become a leaner, more competitive company position Dow well to continue winning with our customers while delivering enhanced long-term shareholder value."
