Dow reported fourth-quarter 2025 results showing net sales of $9.5 billion, down 9% year-over-year, reflecting declines across all operating segments. The company cited lower local pricing and lower volume, with sequential results shaped by normal seasonality.

Dow reported a GAAP net loss of $1.5 billion for the quarter. Operating EBIT was $33 million, down $421 million year-over-year, which the company attributed primarily to price declines and lower operating rates, partly offset by benefits from its cost reduction program. Sequentially, operating EBIT decreased $147 million, driven by margin compression and seasonally lower demand, partly offset by lower fixed costs.

GAAP loss per share was $2.15. Operating earnings per share was a loss of $0.34 compared to $0.00 in the year-ago period and a loss of $0.19 in the prior quarter. Dow said operating EPS excluded significant items totaling $1.81 per share, led by impairment charges tied to the Polyurethanes & Construction Chemicals business and non-cash pension settlement charges.

Cash provided by operating activities from continuing operations totaled $298 million, down $513 million year-over-year, which the company linked primarily to lower earnings. Sequentially, operating cash flow decreased $832 million, which Dow said primarily reflected advance payments received in the prior quarter related to low-carbon solutions and other long-term supply agreements. Dow said it returned $251 million to shareholders through dividends during the quarter.

For full-year 2025, Dow reported net sales of $40.0 billion. The company reported a GAAP net loss of $2.4 billion compared to income of $1.2 billion in 2024. Operating EBIT was $0.4 billion, down from $2.6 billion in 2024. Cash provided by operating activities from continuing operations was $1.1 billion compared to $2.9 billion in 2024. Dow reported $1.5 billion in dividends paid during the year.

“Dow’s self-help measures continue to gain traction and were evident in our fourth quarter results,” said Jim Fitterling, Dow chair and CEO. “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.”

In segment results, Packaging & Specialty Plastics reported fourth-quarter net sales of $4.7 billion, down 11% year-over-year. Industrial Intermediates & Infrastructure reported net sales of $2.7 billion, down 9%. Performance Materials & Coatings reported net sales of $1.9 billion, down 6%, with the company citing lower prices and seasonally lower demand.

Looking ahead, Fitterling said the company remains focused on near-term cost savings while navigating what Dow described as an unprecedented industry downturn. He also tied the company’s outlook to its Transform to Outperform initiative, which Dow said is expected to deliver productivity improvements while supporting growth and shareholder returns.

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