- Net sales were $10.0 billion, down 8% year-over-year.
- GAAP net income was $124 million, with Op. EBIT at $180 million.
- Cash provided by operating activities was $1.1 billion, up $330 million year-over-year.
- Packaging & Specialty Plastics segment net sales were $4.9 billion, down 11% year-over-year.
Financial Performance
Dow reported third-quarter 2025 net sales of $10.0 billion, an 8% decrease year-over-year, with declines across all operating segments. GAAP net income stood at $124 million, while Op. EBIT was $180 million, down $461 million from the previous year. Cash provided by operating activities reached $1.1 billion, a $330 million increase year-over-year.
Segment Analysis
The Packaging & Specialty Plastics segment saw net sales of $4.9 billion, an 11% decline from the previous year, primarily due to lower downstream polymer prices. The Industrial Intermediates & Infrastructure segment reported net sales of $2.8 billion, down 4% year-over-year, with local prices declining 8%.
Volume and Pricing
Overall volume decreased by 1% year-over-year, with declines in EMEAI partially offset by gains in the U.S., Canada, and Asia Pacific. Local prices were down 8% compared to the previous year and 3% sequentially.
Equity Losses
Equity losses in the Packaging & Specialty Plastics segment were $6 million, a $22 million decrease from the prior year, due to lower integrated margins at joint ventures. The Industrial Intermediates & Infrastructure segment faced equity losses of $68 million, primarily driven by lower margins at Sadara and Kuwait joint ventures.
