Analyst Consensus ?
ConsensusHold35 ratings
Bullish1234.3%
Neutral1851.4%
Bearish514.3%
Dow Inc. · DOW · FY2026 Q2 · Calendar Q3 2026
Dow Inc. Q2 2026: Sales Jump 20% as Self-Help Gains Outpace Margin Pressure
Dow delivered a strong second quarter with net sales of $12.1 billion, up 20% year over year, and operating EBITDA of $2.3 billion, beating EPS estimates by 15.2%. The completion of the $1 billion cost-savings program and continued self-help initiatives are driving margin expansion even as polyethylene pricing faces headwinds from planned turnarounds. Management's strategic pivot toward high-value end markets—particularly data-center cooling and specialty silicones—signals a deliberate shift from commodity chemicals toward higher-margin applications. However, Q3 EBITDA guidance of $1.7 billion implies a meaningful sequential decline, reflecting expected margin compression from maintenance turnarounds and softer seasonal demand, partially offset by ongoing self-help actions.
Reported Before market openNYSEBasic Materials
$21.74B market cap
100quality score
Company context
Snapshot as of publicationDow Inc. is a global leader in materials science, delivering diverse solutions for key industries such as packaging, infrastructure development, mobility, and consumer products. The company's reach extends across numerous regions, including the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. Its operations are structured into three main divisions: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The Packaging & Specialty Plastics segment is responsible for producing foundational chemicals like ethylene, propylene, and aromatics, along with a range of polymers including polyethylene, polyolefin elastomers, ethylene vinyl acetate, and ethylene propylene diene monomer rubbers.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.44
Consensus $1
EPS surprise
+15.2%
Reported versus consensus
Reported revenue
$12.09B
Consensus $12.03B
Revenue surprise
+0.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$30.09Current
$20Low
$47.53Average
$81High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Jul 24, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 20, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 6, 2026 |
| Alembic Global | Overweight | Overweight | Maintain | Jul 2, 2026 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Jul 1, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 1, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jun 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 24, 2026 |
| Argus Research | Buy | Hold | Upgrade | May 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Mar 30, 2026 |
| Jefferies | Hold | Hold | Maintain | Mar 10, 2026 |
| Fermium Research | Buy | Hold | Upgrade | Mar 9, 2026 |
| Keybanc | Overweight | Sector Weight | Upgrade | Mar 4, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 29, 2025 |
| Evercore ISI Group | In Line | Outperform | Downgrade | Jul 25, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Apr 24, 2025 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 7, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 12, 2024 |
| Credit Suisse | Underperform | Neutral | Downgrade | Jun 22, 2022 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Apr 19, 2022 |
| Bernstein | Market Perform | Outperform | Downgrade | Nov 13, 2020 |
| Truist Securities | Buy | Buy | Maintain | Sep 21, 2020 |
| HSBC | Reduce | Hold | Downgrade | Sep 16, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 28, 2020 |
| ScotiaBank | Sector Perform | Sector Perform | Maintain | Jul 24, 2020 |
| Nomura | Buy | Buy | Maintain | Sep 18, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Aug 16, 2019 |
| Susquehanna | Neutral | Positive | Downgrade | Jul 29, 2019 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| CLSA | Underperform | Outperform | Downgrade | Jul 6, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Jun 22, 2015 |
| Gilford Securities | Neutral | Sell | Upgrade | Jan 28, 2015 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Nov 28, 2014 |
| The Oxen Group | Hold | Hold | Maintain | Apr 4, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $30.09. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $32 | $29.36 | +6.3% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $39 | $30.04 | +29.6% | Jul 20, 2026 |
| Goldman Sachs | Duffy Fischer | $34 | $29.68 | +13.0% | Jul 16, 2026 |
| BMO Capital | Analyst unavailable | $33 | $27.71 | +9.7% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $35 | $27.71 | +16.3% | Jul 3, 2026 |
| Alembic Global | Hassan Ahmed | $45 | $27.02 | +49.6% | Jul 2, 2026 |
| Mizuho Securities | John Roberts | $35 | $27.36 | +16.3% | Jul 1, 2026 |
| RBC Capital | Analyst unavailable | $28 | $27.36 | -6.9% | Jul 1, 2026 |
| UBS | Analyst unavailable | $37 | $34.14 | +23.0% | Jun 5, 2026 |
| Deutsche Bank | Analyst unavailable | $40 | $38.24 | +32.9% | Apr 27, 2026 |
| RBC Capital | Arun Viswanathan | $51 | $38.66 | +69.5% | Apr 27, 2026 |
| UBS | Analyst unavailable | $39 | $39.02 | +29.6% | Apr 24, 2026 |
| BMO Capital | Analyst unavailable | $46 | $38.22 | +52.9% | Apr 24, 2026 |
| Morgan Stanley | Analyst unavailable | $41 | $37.16 | +36.3% | Apr 21, 2026 |
| RBC Capital | Arun Viswanathan | $47 | $38.8 | +56.2% | Apr 10, 2026 |
| Alembic Global | Hassan Ahmed | $50 | $38.04 | +66.2% | Apr 9, 2026 |
| UBS | Analyst unavailable | $40 | $39.47 | +32.9% | Mar 26, 2026 |
| Fermium Research | Frank Mitsch | $38 | $34.31 | +26.3% | Mar 9, 2026 |
| Vertical Research | Analyst unavailable | $37 | $34.31 | +23.0% | Mar 9, 2026 |
| RBC Capital | Analyst unavailable | $40 | $34.31 | +32.9% | Mar 9, 2026 |
| KeyBanc | Aleksey Yefremov | $38 | $30.74 | +26.3% | Mar 4, 2026 |
| UBS | Joshua Spector | $28 | $27.56 | -6.9% | Jan 30, 2026 |
| Jefferies | Laurence Alexander | $28 | $27.16 | -6.9% | Jan 30, 2026 |
| RBC Capital | Analyst unavailable | $29 | $27.66 | -3.6% | Jan 16, 2026 |
| Mizuho Securities | John Roberts | $27 | $24.8 | -10.3% | Jan 8, 2026 |
| UBS | Analyst unavailable | $23 | $23.42 | -23.6% | Dec 23, 2025 |
| Deutsche Bank | David Begleiter | $25 | $22.98 | -16.9% | Dec 18, 2025 |
| Goldman Sachs | Analyst unavailable | $27 | $25.31 | -10.3% | Oct 29, 2025 |
| RBC Capital | Arun Viswanathan | $27 | $24.51 | -10.3% | Oct 24, 2025 |
| UBS | Joshua Spector | $25 | $24.51 | -16.9% | Oct 24, 2025 |
| Mizuho Securities | John Roberts | $25 | $24.51 | -16.9% | Oct 24, 2025 |
| Goldman Sachs | Analyst unavailable | $24 | $21.9 | -20.2% | Oct 17, 2025 |
| RBC Capital | Arun Viswanathan | $24 | $21.64 | -20.2% | Oct 14, 2025 |
| UBS | Analyst unavailable | $24 | $23.54 | -20.2% | Oct 6, 2025 |
| Mizuho Securities | Analyst unavailable | $26 | $23.69 | -13.6% | Oct 3, 2025 |
| Wells Fargo | Analyst unavailable | $30 | $24.14 | -0.3% | Sep 9, 2025 |
| Redburn Partners | Colin Isaac | $40 | $22.38 | +32.9% | Aug 5, 2025 |
| BMO Capital | John McNulty | $20 | $25.18 | -33.5% | Jul 29, 2025 |
| BMO Capital | Analyst unavailable | $22 | $26.87 | -26.9% | Jun 23, 2025 |
| RBC Capital | Arun Viswanathan | $30 | $30.02 | -0.3% | Apr 25, 2025 |
| Barclays | Michael Leithead | $32 | $29.76 | +6.3% | Apr 24, 2025 |
| Wells Fargo | Michael Sison | $40 | $28.2 | +32.9% | Apr 4, 2025 |
| RBC Capital | Arun Viswanathan | $44 | $40 | +46.2% | Dec 19, 2024 |
| Evercore ISI | Eric Boyes | $56 | $40.57 | +86.1% | Dec 17, 2024 |
| Wells Fargo | Michael Sison | $55 | $42.18 | +82.8% | Dec 10, 2024 |
| Piper Sandler | Charles Neivert | $60 | $46.49 | +99.4% | Nov 8, 2024 |
| Citigroup | Pat Cunningham | $52 | $50.15 | +72.8% | Sep 13, 2024 |
| RBC Capital | Arun Viswanathan | $55 | $50.26 | +82.8% | Sep 13, 2024 |
| Deutsche Bank | David Begleiter | $53 | $50.04 | +76.1% | Sep 12, 2024 |
| BMO Capital | John McNulty | $57 | $52.98 | +89.4% | Jul 26, 2024 |
| Piper Sandler | Charles Neivert | $64 | $53.06 | +112.7% | Jul 26, 2024 |
| RBC Capital | Arun Viswanathan | $57 | $53.06 | +89.4% | Jul 26, 2024 |
| Jefferies | Laurence Alexander | $55 | $55.44 | +82.8% | Jun 20, 2024 |
| Evercore ISI | Stephen Richardson | $62 | $58.7 | +106.0% | May 17, 2024 |
| UBS | John Roberts | $61 | $58.7 | +102.7% | May 16, 2024 |
| Piper Sandler | Charles Neivert | $68 | $57.61 | +126.0% | Apr 29, 2024 |
| Wells Fargo | Michael Sison | $68 | $58.26 | +126.0% | Apr 2, 2024 |
| J.P. Morgan | Jeffrey Zekauskas | $55 | $50.27 | +82.8% | Oct 17, 2023 |
| Morgan Stanley | Vincent Andrews | $54 | $55.62 | +79.5% | Jul 31, 2023 |
| Deutsche Bank | David Begleiter | $60 | $51.8 | +99.4% | Jun 13, 2023 |
| UBS | Analyst unavailable | $57 | $57.3 | +89.4% | Jan 11, 2023 |
| Wells Fargo | Analyst unavailable | $60 | $55.97 | +99.4% | Jan 9, 2023 |
| Citigroup | Analyst unavailable | $56 | $51.36 | +86.1% | Dec 15, 2022 |
| Fermium Research | Frank Mitsch | $50 | $45.77 | +66.2% | Oct 21, 2022 |
| Fermium Research | Analyst unavailable | $60 | $50.51 | +99.4% | Sep 9, 2022 |
| Mizuho Securities | Christopher Parkinson | $62 | $52.55 | +106.0% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $60 | $51.58 | +99.4% | Jul 26, 2022 |
| Barclays | Analyst unavailable | $60 | $50.96 | +99.4% | Jul 11, 2022 |
| Credit Suisse | John Roberts | $49 | $51.8 | +62.8% | Jun 22, 2022 |
| Jefferies | Laurence Alexander | $81 | $54.77 | +169.2% | Jun 20, 2022 |
| Jefferies | Analyst unavailable | $74 | $55.58 | +145.9% | Jun 16, 2022 |
| Evercore ISI | Stephen Richardson | $68 | $69.06 | +126.0% | May 31, 2022 |
| Piper Sandler | Charles Neivert | $78 | $67.49 | +159.2% | May 24, 2022 |
| Barclays | Michael Leithead | $72 | $66.5 | +139.3% | May 2, 2022 |
| Argus Research | Bill Selesky | $81 | $67.81 | +169.2% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $66.17 | +152.6% | Apr 25, 2022 |
| Deutsche Bank | David Begleiter | $74 | $69.51 | +145.9% | Apr 22, 2022 |
| J.P. Morgan | Analyst unavailable | $80 | $68.5 | +165.9% | Apr 22, 2022 |
| Wells Fargo | Analyst unavailable | $80 | $70.64 | +165.9% | Apr 22, 2022 |
| BMO Capital | Analyst unavailable | $76 | $69.51 | +152.6% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $70 | $69.51 | +132.6% | Apr 22, 2022 |
| Citigroup | Analyst unavailable | $82 | $69.51 | +172.5% | Apr 22, 2022 |
| Mizuho Securities | Chris Parkinson | $68 | $69.51 | +126.0% | Apr 21, 2022 |
| Fermium Research | Frank Mitsch | $80 | $69.51 | +165.9% | Apr 21, 2022 |
| RBC Capital | Arun Viswanathan | $70 | $69.51 | +132.6% | Apr 21, 2022 |
| Wolfe Research | Analyst unavailable | $64 | $67.2 | +112.7% | Apr 19, 2022 |
| Mizuho Securities | Christopher Parkinson | $68 | $65.88 | +126.0% | Apr 19, 2022 |
| Deutsche Bank | David Begleiter | $66 | $63.34 | +119.3% | Mar 21, 2022 |
| Wells Fargo | Michael Sison | $72 | $59.46 | +139.3% | Jan 27, 2022 |
| Mizuho Securities | Chris Parkinson | $65 | $58.55 | +116.0% | Jan 12, 2022 |
| Citigroup | PJ Juvekar | $63 | $58.47 | +109.4% | Jan 11, 2022 |
| Barclays | Duffy Fischer | $69 | $57 | +129.3% | Oct 22, 2021 |
| Wolfe Research | Josh Silverstein | $55 | $57.54 | +82.8% | Oct 18, 2021 |
| HSBC | Sriharsha Pappu | $52 | $60.98 | +72.8% | Jun 23, 2021 |
| Argus Research | Bill Selesky | $78 | $66.99 | +159.2% | Jun 8, 2021 |
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What changed
Q2 net sales rose 20% to $12.1 billion with EPS of $1.44, beating the $1.25 consensus by 15.2%. Operating EBITDA reached $2.3 billion, well above the $2 billion level guided in Q1. The $1 billion cost-savings program was completed ahead of schedule, delivering over $300 million of benefit in Q2 alone. Dow shut down the upstream siloxanes unit in Barry, UK—representing 25% of European capacity—expected to add $60 million EBITDA in H2. The company also launched the Dow Coolant Care Network, marking its entry into integrated data-center cooling services. Q3 EBITDA guidance was set at $1.7 billion, assuming modest margin compression offset by self-help actions.
Guidance delta
Guidance sentiment was maintained. Q3 EBITDA guidance of $1.7 billion is down from Q2's $2.3 billion actual, reflecting planned maintenance turnarounds in Europe and the U.S. Gulf Coast and seasonal softness. Management expects self-help initiatives to partially offset the projected margin compression. Capex outlook remains stable.
Key takeaways
- Q2 sales grew 20% to $12.1 billion with $2.3 billion operating EBITDA, driven by pricing gains and cost savings.
- The $1 billion cost-savings program is complete, with self-help initiatives ahead of schedule targeting $2 billion cumulative benefit by 2028.
- Q3 EBITDA guidance of $1.7 billion signals expected margin compression from turnarounds, partially offset by self-help.
- Strategic focus on data-center cooling, specialty silicones, and mobility and electronics positions Dow for a higher-value product mix.
- Capital allocation remains disciplined with $14 billion liquidity, debt reduction, and continued non-core asset divestitures.
Management priorities
- Complete the Alberta project and evaluate partnership opportunities.
- Expand the specialty silicone portfolio for mobility and electronics applications.
- Roll out the Dow Coolant Care Network for data-center thermal management.
- Continue Transform to Outperform initiatives toward $2 billion in benefits by 2028.
- Further portfolio optimization through additional asset shutdowns and non-core land sales.
Sources
- Earnings call transcript and parsed analysis · 2026-07-23T17:03:49.938530+00:00
- FN2 earnings calendar · 2026-07-31T01:23:16.182055+00:00
- Polygon adjusted daily market bars · 2026-07-31T02:21:23.074708+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T02:21:23.071864+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.