Dow reported Q1 2026 results with net sales of $9.794 billion, down 6% year-over-year, and a GAAP net loss of $445 million, driven by lower prices and regional disruption. The company managed this challenging environment with cost reduction initiatives, resulting in $873 million of operating EBITDA.

Cash provided by continuing operating activities was $1.1 billion, yielding non-GAAP free cash flow of $621 million.

Packaging & Specialty Plastics saw sales of $4.919 billion, supported by increased polyethylene output from a new unit in Freeport, Texas. However, Industrial Intermediates & Infrastructure was impacted by Middle East conflict, and merchant olefin sales were lower due to a 2025 EMEAI cracker idle.

"In the first quarter, our results reflect the growing impact of Dow's self-help actions. Additionally, the margin backdrop began to positively inflect in March following global supply constraints, as impacts from the conflict in the Middle East quickly became widespread," said Jim Fitterling, Dow chair and CEO.

"The strength of Dow's advantaged portfolio is a clear differentiator, enabling us to win in our key end markets. Our unmatched Americas manufacturing footprint, leading European feedstock flexibility and agile global supply chains allow us to continue to innovate and serve our customers safely and reliably through all cycles and macroeconomic conditions. We also remain steadfast in our commitment to Transform to Outperform, which is already becoming a catalyst for growth, productivity and sustained value creation well into the future."

OUTLOOK

"We are already seeing rapid positive momentum from our announced pricing actions in every business and every region, as well as constructive impacts to our operating rates," said Fitterling. "We are leveraging Dow's purpose-built asset footprint, well-established supply chain routes and leading asset reliability to prioritize our customers and navigate the conflict in the Middle East. At the same time, our teams remain focused on capturing growth in attractive markets while delivering cost savings and cash support. Transform to Outperform aims to radically simplify how we operate, reengineer our processes and cost structures and modernize how we serve our customers. These collective actions position the Company for improved growth and productivity, expanded margins, and higher shareholder returns across the cycle."