Dow Q2 2026 results: $12.1B sales, operating EBIT $1.65B
- Net sales $12.1 billion, up 20% year‑over‑year; local price +20% and volume -1%.
- Operating EBIT $1.648 billion and operating EBITDA $2.312 billion; GAAP net income $802 million.
- Operating EPS $1.44 (GAAP EPS $0.99); operating EPS excludes $0.45 per share of significant items.
- Transform to Outperform benefits increased by about $200 million to >$1.3 billion in‑year; cash provided by operations $1.324 billion and dividends paid $253 million.
Financial results
Net sales were $12.1 billion in 2Q26, up 20% versus the year‑ago period, driven by a 20% local price increase and a 1% currency tailwind, while volume declined 1%.
GAAP net income was $802 million. Operating EBIT was $1.648 billion and operating EBITDA $2.312 billion. Operating EPS was $1.44 (GAAP EPS $0.99); operating EPS excludes $0.45 per share of significant items related in part to Transform to Outperform costs and an income tax adjustment.
Segment performance
Packaging & Specialty Plastics posted net sales of $6.385 billion, up 27% with local price +30% while volume fell 4% due to planned maintenance; segment operating EBIT was $1.278 billion. Hydrocarbons & Energy volumes were reduced by planned U.S. Gulf Coast maintenance and a mid‑2025 idled cracker in EMEAI that restarted in June.
Industrial Intermediates & Infrastructure net sales were $3.166 billion (+14%) with operating EBIT of $246 million, benefiting from higher margins, lower maintenance and suspension of Sadara equity losses. Performance Materials & Coatings net sales rose to $2.361 billion (+11%) with volume up 6%, while operating EBIT declined $19 million to $133 million due to higher fixed costs and an upstream siloxanes shutdown in Barry, U.K.
Cash, returns and outlook
Cash provided by operating activities was $1.324 billion in the quarter and Dow returned $253 million via dividends. Management said Transform to Outperform delivered ahead of plan, increasing expected in‑year benefits by roughly $200 million to more than $1.3 billion, and expects the program's impact to ramp through the remainder of 2026 into 2027.
Source: Dow Chemical
