Dow reported first quarter 2026 net sales of $9.8 billion, a 6% decrease year-over-year, and an operating loss per share of $0.14, compared to earnings of $0.02 in the prior-year period. The results exceeded analyst expectations for both revenue and earnings, driven by cost savings and a positive margin inflection late in the quarter.
Key Highlights
- Net sales declined 6% year-over-year, driven by a 7% drop in local prices and a 2% decrease in volume, partially offset by a 3% currency tailwind.
- Operating EBIT fell to $154 million from $230 million a year ago, primarily due to lower prices, which were partly offset by cost reduction initiatives.
- The Performance Materials & Coatings segment was a bright spot, with Operating EBIT increasing by $68 million to $117 million on the back of volume gains and lower fixed costs.
- Cash from operating activities rose significantly to $1.1 billion, up from $104 million in the prior year, boosted by a payment from NOVA Chemicals and working capital improvements.