DOW (DOW) Company Report

Dow to cut 4,500 jobs (about 13% of workforce) in “Transform to Outperform” plan targeting $2 billion core profitability lift; expects $1.1 billion–$1.5 billion in one-time charges (2026–27)
CEO Jim Fitterling said Dow delivered over $400 million in cost savings from a $1 billion program and has achieved more than half of its $6.5 billion near-term cash and cost support actions in 2025
Dow warned Q1 net sales will be $9.4 billion, below LSEG consensus of $10.33 billion, signaling a profit warning amid weak demand
In Q4, net sales in the packaging and specialty plastics segment fell 10.7% year-over-year to $4.74 billion, driven by lower polymer prices

Jan 29, 2026, 2:45 PM

Bloomberg

Dow reports Q4 2025 operating EBITDA of $741 M and outlines strategic initiatives

DOW

Earnings

New Projects/Investments

Layoffs

Operated with discipline in Q4 2025, delivering $741 million in operating EBITDA amid lower seasonal demand and margin compression.
Achieved over half of $6.5 billion in near-term cash support items in 2025, including accelerated savings from a $1 billion cost-out program.
Launched Transform to Outperform, targeting $2 billion in EBITDA uplift (two-thirds from productivity, one-third from growth) with $1.1–1.5 billion of one-time costs and ~4,500 role reductions.
Deferred the Path to Zero Fort Saskatchewan project startup by two years to late 2029, projecting 8–10% returns and retaining existing cash and tax incentives.
Strengthened financial flexibility with over $3.8 billion in cash, approximately $14 billion of liquidity, $3 billion of asset sale proceeds, $2.4 billion in bond issuances, and a 50% dividend cut.

Jan 29, 2026, 1:00 PM

Transcript

Dow reports Q4 2025 results and issues Q1 2026 guidance

DOW

Earnings

Guidance Update

Dow delivered Q4 2025 operating EBITDA of $741 MM, achieved $165 MM in in-period cost savings and reduced CapEx to $568 MM (down $199 MM YoY).
Full-year 2025 net sales reached $40.0 B with operating EBITDA of $3.3 B, and the company returned capital to shareholders.
Executed measures generating over $6.5 B of near-term cash support (more than half delivered) and expects its Transform to Outperform program to yield over $2 B of near-term Op. EBITDA uplift.
1Q 2026 guidance calls for net sales of ~$9.4 B, with a $150 MM tailwind from higher polyethylene margins offset by a $125 MM planned maintenance headwind, and an operational tax rate of (40)% to (80)%.

Jan 29, 2026, 1:00 PM

Presentation

Dow reports Q4 2025 results and strategic initiatives

DOW

Earnings

Guidance Update

New Projects/Investments

Operating EBITDA of $741 million in Q4 2025, reflecting seasonal demand decline and margin compression versus prior quarter.
Q1 2026 EBITDA guidance of approximately $750 million, driven by expected margin expansion, cost savings, and offset by higher planned turnaround spending.
Launched Transform to Outperform program targeting ≥ $2 billion of near-term EBITDA uplift (two-thirds from productivity, one-third from growth), with 4,500 roles workforce reduction and one-time costs of $1.1–1.5 billion.
Deferred Path to Zero Fort Saskatchewan project by two years to a late 2029 start, aiming for 8–10% returns while preserving cash and tax incentives; ~30% of CapEx is already committed.

Jan 29, 2026, 1:00 PM

Transcript

Dow reports Q4 2025 results and launches Transform to Outperform

DOW

Earnings

Guidance Update

New Projects/Investments

Fourth-quarter operating EBITDA of $741 million; identified $6.5 billion in near-term cash support, delivering over half in 2025, including accelerated $1 billion cost-out savings
Net sales declines across segments: Packaging & Specialty Plastics $4.7 billion (-2% volume), Industrial Intermediates & Infrastructure $2.7 billion (-1% volume), Performance Materials & Coatings $1.9 billion (-2% volume), with mixed EBIT impacts
Introduced Transform to Outperform program targeting $2 billion near-term EBITDA uplift (two-thirds productivity, one-third growth), 4,500 role reductions, and $1.1–$1.5 billion of one-time costs, with $500 million of value expected in 2026
Refined Path2Zero project timeline to align capital deployment; adds a first-quartile cost cracker in Alberta, with detailed engineering complete and long-lead items procured, and returns guided at the low end with upside potential

Jan 29, 2026, 1:00 PM

Transcript

Dow reports fourth quarter 2025 results

DOW

Earnings

Dividends

Net sales of $9.46 billion, down 9% year-over-year; GAAP net loss of $1.5 billion and Operating EBIT of $33 million, down $421 million versus Q4 2024.
GAAP loss per share of $2.15; operating EPS loss of $0.34, compared to $0.00 in Q4 2024.
Cash provided by continuing operations of $298 million, down $513 million year-over-year; returned $251 million in dividends.
Full-year net sales of $39.97 billion, GAAP net loss of $2.44 billion, and Operating EBIT of $422 million for 2025.

Jan 29, 2026, 11:09 AM

8-K

Dow Inc. launches Transform to Outperform cost savings program

DOW

Layoffs

Guidance Update

New Projects/Investments

On January 29, 2026, Dow announced Transform to Outperform, targeting at least $2 billion in near-term Operating EBITDA improvement through simplification, cost restructuring and growth initiatives.
The Board approved severance and related benefit charges for a workforce reduction of approx 4,500 roles, with severance costs of $600–$800 million and implementation costs of $70–$90 million, to be recorded in 2026–2027.
The plan anticipates $1.1–$1.5 billion in one-time costs (including $500–$700 million in non-severance charges) and sets an Op. EBITDA uplift timeline: $500 million in 2026 vs. $800–$1,000 million cash cost; $1,200 million in 2027 vs. $300–$500 million cost; $300 million in 2028 at no additional cost.

Jan 29, 2026, 11:02 AM

8-K

Dow reports fourth quarter 2025 results

DOW

Earnings

Dividends

Net sales of $9.5 billion for 4Q25, down 9% year-over-year and 5% sequentially, driven by price and volume declines across all segments.
Volume decreased 2% and local price declined 8% year-over-year; sequential volume and price each fell 2% and 3%, respectively.
GAAP net loss of $1.5 billion; Operating EBIT of $33 million (down $421 million YoY); operating EPS loss of $0.34.
Cash from operations of $298 million (down $513 million YoY) and shareholder returns via $251 million of dividends in the quarter.
Full-year 2025 net sales of $40.0 billion, GAAP net loss $2.4 billion, operating EBIT $0.4 billion, operating cash flow $1.1 billion, and dividends of $1.5 billion.

Jan 29, 2026, 11:00 AM

Press Release

Dow launches Transform to Outperform

DOW

New Projects/Investments

Layoffs

Guidance Update

Dow's Transform to Outperform targets at least $2 billion in near-term operating EBITDA uplift through operational simplification, cost-structure reset and AI-driven productivity gains.
The plan entails ~$1.1–1.5 billion in one-time costs, including $600–800 million in severance for ~4,500 roles and $500–700 million in other expenses.
Annual incremental EBITDA targets are $500 million in 2026 (with $800–1,000 million cash costs), $1.2 billion in 2027 (with $300–500 million costs) and $300 million in 2028 (at zero additional cost).
Dow expects roughly two-thirds of the benefits from productivity improvements and one-third from growth initiatives.

Jan 29, 2026, 10:55 AM

Press Release

Dow-linked X-energy and SGL Carbon execute 10-year graphite supply agreement

DOW

New Projects/Investments

X-energy and SGL Carbon signed a 10-year supply agreement, including an initial three-year award valued at over $100 million to support X-energy’s first commercial Xe-100 SMR deployment in partnership with Dow at Seadrift, Texas.
SGL has commenced production of NBG-18 medium-grain isotropic graphite reactor components for the four-unit Xe-100 plant under the U.S. DOE’s Advanced Reactor Demonstration Program.
The agreement reserves additional capacity to underpin X-energy’s 11 GW commercial pipeline, including future projects such as the 12-unit Cascade facility in Washington State and Amazon collaborations.

Jan 15, 2026, 11:00 AM

Press Release

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