Dow (DOW) Q4 2025 Earnings
How Did DOW Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −1.98%.
Did DOW Beat Earnings? Q4 2025 Results
Yes. Dow reported Q4 2025 earnings of $-0.34 a share on Jan 29, 2026, beating the $-0.51 consensus estimate by 33.7%. Revenue was $9.5B against a $9.5B estimate.
Dow closed out a punishing 2025 with a fourth quarter that offered modest relief against low expectations, posting an adjusted loss of $0.34 per share against a consensus estimate of negative $0.51 — a 33.33% beat — even as the underlying business remained under significant strain. Revenue of $9.46 billion came in just a hair below the $9.47 billion analysts had anticipated, down 9.1% from a year earlier, as local prices fell 8% year-over-year and operating EBIT collapsed to $33 million from $454 million in Q4 2024. The steepest damage came from Industrial Intermediates & Infrastructure, which swung to an operating EBIT loss of $201 million, weighed down by worsening equity losses at Kuwait MEG joint ventures. A $1.30 billion charge for significant items — including a $671 million goodwill impairment in Polyurethanes & Construction Chemicals — pushed the GAAP net loss to $1.48 billion for the quarter. Looking ahead, CEO Jim Fitterling pointed to the company's "Transform to Outperform" initiative, targeting at least $2 billion in additional near-term earnings, with Dow already delivering more than $400 million in accelerated cost savings. The company also declared its 458th consecutive quarterly dividend at $0.35 per share.
- Local price declined 8% year-over-year across all segments
- Volume decreased 2% year-over-year, led by lower merchant olefins sales in EMEAI
- Lower integrated margins and reduced operating rates pressured profitability
- Cost reduction program delivered over $400 million in savings from the $1 billion target
- Goodwill impairment of $690 million related to Polyurethanes & Construction Chemicals
- Non-cash pension settlement charges of $323 million from termination of U.S. and U.K. pension plans
- Asset-related impairment charges of $303 million for chlor-alkali, propylene oxide and brine production in Latin America
- Idling of a cracker in EMEAI earlier in 2025 reduced merchant olefins volumes
“Dow's self-help measures continue to gain traction and were evident in our fourth quarter results. In 2025, we achieved well over half of our more than $6.5 billion in near-term cash and cost support actions, including the accelerated delivery of more than $400 million in cost savings from our $1 billion program. As we move forward, Transform to Outperform represents a comprehensive and radical simplification of our operating model. It aims to deliver step-change productivity across every business and function and growth with our customers. We expect these efforts to provide at least $2 billion in additional near-term earnings while helping Dow set new competitive standards and improve shareholder returns.”
Dow CEO, on the earnings call
What Was Dow's Outlook in Q4 2025?
CEO Jim Fitterling acknowledged an 'unprecedented industry downturn' but emphasized ongoing self-help measures. The Transform to Outperform initiative represents a comprehensive and radical simplification of Dow's operating model, aiming to deliver step-change productivity gains across every business and function while enabling consistent growth. The company expects these efforts to provide at least $2 billion in additional near-term earnings. Dow has achieved well over half of its more than $6.5 billion in near-term cash and cost support actions, including accelerated delivery of more than $400 million in cost savings from its $1 billion program. The company plans to reduce complexity, adopt best available technologies, and streamline end-to-end processes to improve efficiency, better serve customers, and deliver improved shareholder returns.
DOW YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $9.5B | $10.4B | −9.1% |
| Gross Profit | $548.0M | $876.9M | −37.5% |
DOW Revenue by Segment
DOW Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.