- Net sales decreased 7% year-over-year to $10.1 billion.
- GAAP net loss was $801 million, with Op. EBIT down $840 million year-over-year.
- Volume decreased 1% year-over-year, with declines in EMEAI.
- Cash flow from operations was negative $470 million, down $1.3 billion year-over-year.
Financial Performance
Dow reported net sales of $10.1 billion for Q2 2025, a 7% decrease year-over-year, with declines across all operating segments. Sequentially, net sales fell 3%, as increased demand in Performance Materials & Coatings was offset by declines in other segments.
Volume and Pricing
Overall volume decreased by 1% year-over-year, with gains in the U.S. and Canada countered by declines in Europe, the Middle East, Africa, and India. Sequentially, volume dropped 2%, with declines in Packaging & Specialty Plastics due to lower merchant ethylene sales following the startup of the Poly-7 polyethylene asset.
Profitability
GAAP net loss was $801 million, and Op. EBIT was a loss of $21 million, down $840 million from the previous year. This was primarily due to lower prices and equity earnings. Sequentially, Op. EBIT decreased by $251 million, with currency benefits and cost reductions offset by lower margins in Packaging & Specialty Plastics.
Cash Flow and Shareholder Returns
Cash flow from operating activities was negative $470 million, a decrease of $1.3 billion year-over-year. Returns to shareholders included $496 million in dividends for the quarter.
