Dow reported net sales of $10.0 billion in Q3 2025, an 8% decline year-over-year. Sequentially, net sales were down 1%, as gains in Industrial Intermediates & Infrastructure were more than offset by declines in Packaging & Specialty Plastics and Performance Materials & Coatings.

Volume decreased 1% year-over-year, as declines in Europe, the Middle East, Africa and India (EMEAI) were partly offset by gains in the U.S. and Canada and Asia Pacific. Sequentially, volume increased 1%, following the startup of Dow's new assets in the U.S. Gulf Coast. Gains in Industrial Intermediates & Infrastructure were partly offset by declines in Packaging & Specialty Plastics due to lower merchant hydrocarbons sales.

The company's GAAP net income stood at $124 million, with an operating EBIT of $180 million, down $461 million from the previous year.

Cash provided by operating activities from continuing operations was $1.1 billion, up $330 million year-over-year.

"In the third quarter, we delivered sequential earnings and cash flow improvement despite continued pressure across our industry," said Jim Fitterling, Dow chair and CEO.

"Our teams are engaging in productive conversations with governments around the world to keep product moving and to ensure a fair-trade environment. We remain confident that Dow is in a strong position to navigate this environment.

“Additionally, we captured resilient demand from our new polyethylene and alkoxylation assets in the U.S. Gulf Coast, delivering sequential volume and earnings growth in key end markets at higher margins.

“We remain on track to deliver more than $6.5 billion in near-term cash support, with over half already achieved. This includes a reduction in CapEx spending of $1 billion this year, as well as the accelerated delivery of our previously announced $1 billion in targeted cost reductions by the end of 2026. Our performance demonstrates the strength of Dow's competitive advantages and our disciplined focus on key value drivers within our control."

Looking ahead, the company anticipates a challenging fourth quarter due to higher feedstock costs and seasonal patterns, forecasting EBITDA around $725 million.