Dow Inc. is a leading materials science company that operates in high-growth markets such as packaging, infrastructure, mobility, and consumer applications . The company is organized into several business segments, including Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings . Dow primarily generates revenue through product sales to manufacturers and distributors, accounting for the vast majority of its income . Additionally, Dow engages in licensing arrangements for its patents and technology, contributing to its revenue through sales-based royalties . The company's focus on innovation and sustainability, including low-carbon emissions plastics and recycling efforts, supports its strong position in the global market .
- Packaging & Specialty Plastics - Produces polyethylene and functional polymers used in applications such as lightweighting in cars and extending the shelf life of food.
- Industrial Intermediates & Infrastructure - Focuses on products like polyurethanes and construction chemicals, serving various industrial and infrastructure needs.
- Performance Materials & Coatings - Includes coatings and performance monomers, catering to diverse performance and aesthetic requirements in multiple industries.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jim Fitterling ExecutiveBoard | Chair and CEO | Board Member at 3M Company | Joined Dow in 1984; became CEO in 2018 and Chair in 2020; led Dow's transformation toward higher-growth markets and sustainability initiatives. | View Report → |
A. N. Sreeram Executive | SVP, Research & Development and CTO | None | Joined Dow in 2013; focuses on innovation, sustainability, and circular economy technologies. | |
Amy E. Wilson Executive | General Counsel and Corporate Secretary | None | Joined Dow in 2013; became General Counsel in 2019; oversees legal and corporate governance. | |
Jeffrey L. Tate Executive | Chief Financial Officer (CFO) | Board Member at Huntington Bancshares Incorporated | Joined Dow in 1992; became CFO in November 2023; key contributor to Dow's capital allocation and sustainability strategies. | |
John M. Sampson Executive | SVP, Operations, Manufacturing & Engineering | None | Joined Dow in October 2020; leads operations strategy, sustainability initiatives, and workplace inclusivity. | |
Karen S. Carter Executive | Chief Operating Officer (COO) | Board Member at Southwire; Chair of Catalyst Board of Advisors; Member of Michigan Black Leadership Advisory Council | Joined Dow in 1994; became COO in December 2024; previously led Packaging & Specialty Plastics and served as CHRO; advocate for sustainability and diversity. | |
Daniel W. Yohannes Board | Director | Director at Xcel Energy Inc. | Joined Dow's board in 2018; former U.S. Ambassador to OECD; expertise in finance, governance, and international trade. | |
Debra L. Dial Board | Director | Director at Hubbell Incorporated | Joined Dow's board in 2021; former Chief Accounting Officer at AT&T; expertise in financial reporting and governance. | |
Gaurdie E. Banister Jr. Board | Director | None | Joined Dow's board in 2020; former CEO of Aera Energy LLC; expertise in energy sector and diversity advocacy. | |
Jacqueline C. Hinman Board | Director | CEO of Atlas Technical Consultants; Director at International Paper and 3M Company | Joined Dow's board in 2021; former CEO of CH2M HILL Companies; expertise in infrastructure and environmental solutions. | |
Jerri DeVard Board | Director | Director at Cars.com, Root, Under Armour, Mastercard, and Wells Fargo; CEO of Black Executive CMO Alliance | Joined Dow's board in 2022; extensive marketing and governance experience; advocate for diversity and inclusion. | |
Jill S. Wyant Board | Director | None | Joined Dow's board in 2020; former CEO of Madison Air; expertise in industrial and healthcare sectors. | |
Luis Alberto Moreno Board | Director | Managing Director at Allen & Co LLC; Director at Nu Holdings Ltd. | Joined Dow's board in 2021; former President of the Inter-American Development Bank; expertise in economic development and public policy. | |
Richard K. Davis Board | Independent Lead Director | Director at Mastercard and Wells Fargo | Joined Dow's board in 2015; became Lead Director in 2021; brings expertise in corporate governance and financial services. | |
Samuel R. Allen Board | Director | Director at Whirlpool Corporation | Joined Dow's board in 2019; former CEO of Deere & Company; expertise in global operations and strategic planning. | |
Wesley G. Bush Board | Director | Director at Cisco Systems and General Motors; Board Member at Conservation International | Joined Dow's board in 2018; former CEO of Northrop Grumman; expertise in aerospace, defense, and cybersecurity. |
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Given the strategic review of select European assets representing about 20% of your EMEA sales in polyurethanes, what specific criteria are you using to decide between divestiture, closure, or other options, and how will these decisions impact your market presence and profitability in Europe?
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Considering the persistent lack of competitive regulatory policy and soft demand in Europe, how do you plan to mitigate the potential negative effects on your revenue and market share during the strategic asset review period extending to mid-2025?
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You mentioned that higher inventories to support sales growth and labor-related supply chain disruptions led to decreased cash flow from continuing operations; can you elaborate on these disruptions and the steps you're taking to improve inventory management and cash flow?
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With the planned shutdown of your propylene oxide unit in Freeport, Texas in 2025 to reduce lower-value merchant exposure, how will this affect your supply chain and ability to meet customer demand, and what strategies are in place to offset this loss of production capacity?
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Despite higher planned maintenance activities and lower integrated margins impacting operating EBIT in certain segments, what concrete actions are you taking to enhance operational efficiency and margins, and how confident are you in achieving significant cost savings through these measures?
Research analysts who have asked questions during DOW earnings calls.
David Begleiter
Deutsche Bank
4 questions for DOW
Frank Mitsch
Fermium Research
4 questions for DOW
Hassan Ahmed
Alembic Global Advisors
4 questions for DOW
Jeffrey Zekauskas
JPMorgan Chase & Co.
4 questions for DOW
Kevin McCarthy
Vertical Research Partners
4 questions for DOW
Vincent Andrews
Morgan Stanley
4 questions for DOW
Christopher Parkinson
Wolfe Research
3 questions for DOW
John Ezekiel Roberts
Mizuho Securities
3 questions for DOW
Matthew Blair
Tudor, Pickering, Holt & Co.
3 questions for DOW
Michael Sison
Wells Fargo
3 questions for DOW
Patrick Cunningham
Citigroup
3 questions for DOW
Aleksey Yefremov
KeyBanc Capital Markets
2 questions for DOW
Joshua Spector
UBS
2 questions for DOW
Michael Leithead
Barclays
2 questions for DOW
Steve Byrne
Bank of America
2 questions for DOW
Arun Viswanathan
RBC Capital Markets
1 question for DOW
Bhavesh Lodaya
BMO Capital Markets
1 question for DOW
Christopher Perrella
UBS Group AG
1 question for DOW
Duffy Fischer
Goldman Sachs
1 question for DOW
Duffy Fisher
Goldman Sachs
1 question for DOW
Josh Spector
UBS Group
1 question for DOW
Laurence Alexander
Jefferies
1 question for DOW
Patrick Fischer
Goldman Sachs
1 question for DOW
Richard Garchitorena
Wells Fargo
1 question for DOW
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
BASF | Mentioned as a key competitor in the Industrial Solutions and Polyurethanes & Construction Chemicals segments. |
Listed as a key competitor in the Industrial Solutions and Polyurethanes & Construction Chemicals segments. | |
Hexion | Identified as a key competitor in the Industrial Solutions segment. |
Recognized as a key competitor in the Industrial Solutions and Polyurethanes & Construction Chemicals segments. | |
INEOS | Listed as a key competitor in the Industrial Solutions, Hydrocarbons & Energy, and Packaging and Specialty Plastics segments. |
Mentioned as a key competitor in the Industrial Solutions, Hydrocarbons & Energy, and Packaging and Specialty Plastics segments. | |
SABIC | Identified as a key competitor in the Industrial Solutions, Hydrocarbons & Energy, and Packaging and Specialty Plastics segments. |
Listed as a key competitor in the Industrial Solutions segment. | |
Recognized as a key competitor in the Industrial Solutions and Hydrocarbons & Energy segments. | |
Arkema | Mentioned as a key competitor in the Polyurethanes & Construction Chemicals and Coatings & Performance Monomers segments. |
Listed as a key competitor in the Polyurethanes & Construction Chemicals segment. | |
Covestro | Identified as a key competitor in the Polyurethanes & Construction Chemicals segment. |
Wanhua | Recognized as a key competitor in the Polyurethanes & Construction Chemicals segment. |
Mentioned as a key competitor in the Coatings & Performance Monomers segment. | |
Evonik | Listed as a key competitor in the Coatings & Performance Monomers segment. |
Wacker Chemie | Identified as a key competitor in the Coatings & Performance Monomers and Consumer Solutions segments. |
Elkem | Recognized as a key competitor in the Consumer Solutions segment. |
Momentive | Mentioned as a key competitor in the Consumer Solutions segment. |
Listed as a key competitor in the Consumer Solutions segment. | |
Chevron Phillips Chemical | Identified as a key competitor in the Hydrocarbons & Energy segment. |
Recognized as a key competitor in the Hydrocarbons & Energy and Packaging and Specialty Plastics segments. | |
Mentioned as a key competitor in the Hydrocarbons & Energy segment. | |
Borealis | Listed as a key competitor in the Packaging and Specialty Plastics segment. |
Lanxess | Identified as a key competitor in the Packaging and Specialty Plastics segment. |
Nova | Recognized as a key competitor in the Packaging and Specialty Plastics segment. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Circulus Holdings, PBLLC | 2024 | Dow acquired Circulus Holdings, PBLLC for approximately $130 million in cash, with the transaction announced on June 20, 2024 and closed on August 1, 2024. The acquisition, which includes two recycling facilities in Ardmore, Oklahoma and Arab, Alabama (with a combined capacity of 50,000 metric tons per year), supports Dow's 2030 Transform the Waste goal by enhancing its portfolio of high-performance circular products and is expected to contribute $500 million in incremental EBITDA by 2030, with assets including property valued at $74 million, intangible technology and know-how valued at $22 million, and $36 million allocated to goodwill. |
Recent press releases and 8-K filings for DOW.
- On September 18, 2025, Pomerantz LLP filed a class action lawsuit against Dow Inc. and certain officers, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5.
- The suit covers securities purchased between January 30 and July 23, 2025, claiming Defendants made false and misleading statements about Dow's ability to manage tariff-related headwinds and sustain its "industry-leading dividend".
- Investors have until October 28, 2025 to apply to be Lead Plaintiff in the action.
- Dow operates through three segments—Packaging & Specialty Plastics; Industrial Intermediates & Infrastructure; and Performance Materials & Coatings—highlighting the scope of business potentially affected by the litigation.
- The Portnoy Law Firm has filed a class action on behalf of Dow Inc. investors who purchased securities between January 30 and July 23, 2025; deadline to file a lead plaintiff motion is October 28, 2025.
- The complaint alleges Dow overstated its ability to mitigate macroeconomic and tariff-related headwinds and understated their negative impact on its business and financial condition.
- On June 23, 2025, BMO Capital downgraded Dow to “Underperform” from “Market Perform” and cut its price target to $22 from $29, causing the stock to fall more than 3%.
- On July 24, 2025, Dow reported a non-GAAP loss per share of $0.42 versus expectations of $0.17–0.18 and net sales of $10.1 billion, a 7.3% year-over-year decline; it also halved its dividend to $0.35 per share, triggering a more than 17% stock drop.
- Q3 operating EBITDA is expected to exceed Q2 levels and align with Wall Street forecasts despite continued macro challenges.
- 2025 CapEx reduced to ~$2.5 billion (vs. $3.5 billion original), including a one-year delay of the Alberta project; full update due by year-end.
- Completed $250 million in non-core divestitures at ~10× EBITDA and raised targeted cost savings to $400 million in 2025 (toward $1 billion run-rate by 2026).
- Secured ~$3 billion in total proceeds from Macquarie partnership and expect $1.2 billion from Nova Chemicals litigation, delivering over $6 billion in near-term cash support.
- Issued $2.4 billion of debt-neutral bonds in 2025 to extend maturities beyond 2027 while maintaining an investment-grade profile; H2 cash release expected from working capital optimization.
- Q3 operating EBITDA expected to exceed Q2 and align with Wall Street forecasts despite polyethylene price rollovers in July–August.
- 2025 CapEx cut to $2.5 billion (down from $3.5 billion) and on track to deliver $1 billion in annual cost savings by end-2026, with $400 million targeted in 2025.
- Secured approximately $3 billion from a Macquarie partnership and anticipates $1.2 billion in litigation proceeds, bringing total near-term cash support to over $6 billion, alongside two debt-neutral bonds totaling $2.4 billion.
- Announced shutdown of three upstream European assets, targeting an annual $200 million EBITDA uplift by 2029, with benefits beginning in 2026.
- Dow expects Q3 operating EBITDA to exceed Q2 and align with Wall Street forecasts, is reducing 2025 CapEx to $2.5 billion (down from $3.5 billion) by delaying its Alberta project, and is on track for $1 billion in annual cost savings by end-2026, raising its 2025 target to $400 million.
- The company secured ~$3 billion in 2025 cash proceeds from a Macquarie partnership (initial $2.4 billion plus $540 million) and anticipates $1.2 billion from Nova Chemicals litigation, totaling over $6 billion in near-term cash support.
- Dow completed a debt-neutral $1 billion bond in Q1 and a further $1.4 billion bond in August, extending its material debt maturities beyond 2027 while maintaining an investment-grade profile.
- Asset rationalization includes the shutdown of three upstream European assets—projected to deliver an annual $200 million EBITDA uplift by 2029 (benefits from 2026)—and aligns project execution with market recovery timelines.
- Dow expects 3Q results in-line with current consensus, with July/August North American PE pricing flat and a deferred U.S. Gulf Coast cracker turnaround.
- Dow is driving >$6 B of in-flight actions, including cutting 2025 CapEx to ~$2.5 B, ramping ~$400 M in 2025 cost savings, executing $2.4 B of debt-neutral bond issuances, and renewing a $5 B revolver to 2030.
- Received ~$3 B from Macquarie Asset Management for a 49% infrastructure partnership stake and closed ~$250 M of non-core divestitures at attractive multiples.
- Strategic portfolio actions include rationalizing Propylene Oxide capacity in Freeport by YE25 for a $200 M EBITDA uplift from 2026, leveraging ~65% of capacity in the Americas, and maintaining >80% light cracking feed.
- Dow expects Q3 operating EBITDA to exceed Q2 and align with current Wall Street forecasts.
- 2025 total CapEx reduced to $2.5 B (from $3.5 B) and cost savings target raised to $400 M, with $1 B run-rate savings by end-2026.
- Near-term cash actions to provide ~$6 B: sale of Gulf Coast asset stake and NOVA litigation proceeds, plus debt-neutral bond issuances totaling $2.4 B.
- Portfolio optimization: completed $250 M of non-core divestitures at ~10× EBITDA; three European upstream shutdowns to drive $200 M annual EBITDA uplift by 2029.
- X-energy, Amazon, KHNP, and Doosan Enerbility announced a strategic collaboration to deploy Xe-100 advanced SMRs and TRISO-X fuel to power U.S. data centers and AI infrastructure
- The partnership targets deployment of over 5 GW of new nuclear capacity by 2039, backed by up to $50 billion in public and private investments
- At Dow’s UCC Seadrift Operations, X-energy’s initial four-reactor project reached a milestone in May 2025, when its Construction Permit Application was accepted by the NRC for an 18-month review
- Quarterly dividend cut from $0.70 to $0.35 per share, a 50% reduction to bolster financial flexibility amid a prolonged industry downturn.
- Stock price fell by approximately 17% following the announcement.
- CEO Jim Fitterling said the move aligns payouts with a lower-for-longer earnings environment and aims to maximize long-term shareholder value.
- Dow Inc. announced that a Canadian court has ordered NOVA Chemicals to pay CAD$1.62 billion (approximately USD$1.2 billion) in damages related to their jointly-owned ethylene asset, with payment anticipated in Q4 2025.
- This judgment, which is subject to appeal, follows a prior award where Dow received CAD$1.43 billion in damages in 2019 due to NOVA’s failure to operate the asset at full capacity.