Dow Chemical Swings to $531M Net Loss in Q1 2026 as Revenue Falls 6.1%

The Dow Chemical Company, a global materials science and chemicals manufacturer, reported a net loss of $531 million for the three months ending March 31, 2026, compared with a net loss of $305 million in the same period of 2025. The loss per diluted share was $0.74, versus $0.44 in the prior-year quarter. Read more earnings reports.

Total revenue declined 6.1 percent to $9.79 billion for the quarter, down from $10.43 billion in the first quarter of 2025. The revenue shortfall was broad-based, with key operating segments posting year-over-year declines. The Packaging and Specialty Plastics segment fell 10.2 percent to $3.80 billion from $4.23 billion, while Industrial Intermediates and Infrastructure dropped 2.7 percent to $3.18 billion from $3.27 billion.

Performance Materials and Coatings revenue slipped 6.5 percent to $1.74 billion from $1.86 billion in the year-ago quarter. The company's cost of goods sold decreased to $9.15 billion from $9.76 billion, a 6.2 percent reduction that tracked closely with the revenue decline.

Selling, general and administrative expenses rose 13.9 percent to $417 million from $366 million in the first quarter of 2025. The company reported a tax benefit of $55 million for the quarter, reversing from an $84 million benefit in the prior-year period.

Cash flow from operations surged to $1.13 billion for the quarter from $112 million a year earlier, a more than tenfold increase. Cash used in investing activities totaled $448 million, up from $401 million in the first quarter of 2025. Cash used in financing activities declined to $325 million from $542 million.

Total assets stood at $59.73 billion as of March 31, 2026, up from $58.50 billion at the end of December 2025. Cash and cash equivalents increased to $4.11 billion from $3.82 billion over the same period. Stockholders' equity fell to $15.45 billion from $16.21 billion at year-end 2025.

Long-term debt was $18.05 billion as of March 31, compared with $18.07 billion three months earlier. Current liabilities rose to $10.42 billion from $9.08 billion at the end of 2025. The weighted average shares outstanding increased to 721.2 million from 706.9 million in the year-ago quarter.