Dow Inc. has reported its fourth quarter 2025 results, revealing a 9% year-over-year decrease in net sales to $9.5 billion, with a sequential 5% decline. The company's volume decreased by 2% year-over-year and sequentially. Local price was down 8% versus the year-ago period and down 3% sequentially.
The GAAP net loss for the quarter was $1.5 billion, with operating EBIT at $33 million, down $421 million year-over-year. The company's GAAP loss per share was $2.15, while operating earnings per share (EPS) 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.
Cash provided by operating activities from continuing operations was $298 million, down $513 million year-over-year and down $832 million sequentially. Returns to shareholders totaled $251 million of dividends in the quarter.
For the full year 2025, Dow delivered net sales of $40.0 billion, with a GAAP net loss of $2.4 billion, down from income of $1.2 billion in 2024. Operating EBIT was $0.4 billion, down from $2.6 billion last year. Cash provided by operating activities from continuing operations was $1.1 billion, compared to $2.9 billion in 2024. The company delivered returns to shareholders of $1.5 billion in dividends.
In the Packaging & Specialty Plastics segment, net sales were $4.7 billion, down 11% versus the year-ago period, with operating EBIT at $215 million, a decrease of $232 million compared to the year-ago period. The Industrial Intermediates & Infrastructure segment reported net sales of $2.7 billion, down 9% versus the year-ago period, with an operating EBIT decrease of $285 million. The Performance Materials & Coatings segment reported net sales of $1.9 billion, down 6% versus the year-ago period, with operating EBIT increasing by $34 million.
Dow's CEO, Jim Fitterling, expressed confidence in the company's self-help measures and emphasized the aim to deliver at least $2 billion in additional near-term earnings while simplifying the operating model.
The company's outlook remains focused on delivering near-term cost savings and navigating an industry downturn, while aiming for fundamental improvements to simplify the operating model and achieve consistent growth.
Dow Inc. (NYSE: DOW) is a leading materials science company, serving customers in high-growth markets such as packaging, infrastructure, mobility, and consumer applications. Following these announcements, the company's shares moved -1.32%, and are now trading at a price of $27.57. For more information, read the company's full 8-K submission here.
