Dow Inc. (NYSE: DOW) released its third‑quarter 2025 financial results on October 23, 2025. Net sales fell 7% year‑over‑year to $9.973 billion, while GAAP income net of tax dropped to $124 million from $240 million in the prior quarter. Operating EBIT declined to $180 million from $641 million, and operating EBITDA fell to $868 million from $1.382 billion. The company reported a GAAP earnings per share of $0.08, compared with $0.30 in Q2 2025.
Segment performance mirrored the overall downturn. Packaging & Specialty Plastics generated $4.891 billion in net sales, down 11% YoY, and posted operating EBIT of $199 million versus $618 million a year earlier. Industrial Intermediates & Infrastructure reported $2.834 billion in sales, down 4% YoY, with operating EBIT of $(47) million compared to $(53) million previously. Performance Materials & Coatings saw $2.082 billion in sales, down 6% YoY, and operating EBIT of $80 million versus $140 million in Q2 2025.
Cash flow remained a key focus. Dow generated $1.130 billion in cash from operating activities for continuing operations, up from $800 million in Q2 2025. The company has reduced its 2025 capital‑expenditure plan to $2.5 billion, a $1 billion cut from the original estimate, and has already secured more than half of its projected $6.5 billion in near‑term cash support through strategic partnerships and litigation proceeds.
CEO Jim Fitterling emphasized that, despite the earnings decline, the company is on track for sequential improvement in Q3 2025 EBITDA to approximately $800 million. He highlighted resilient demand from new polyethylene and alkoxylation assets in the U.S. Gulf Coast, higher margins, and accelerated cost‑reduction initiatives. Dow remains confident in its ability to navigate industry headwinds while maintaining financial flexibility and supporting shareholder returns.
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