Dow Q3 2026: sales up 13.0%, gross margin jumps to 12.2%
Dow's third quarter of 2026 was a price story that worked: sales rose 13.0% to $11.27 billion and gross margin nearly doubled to 12.2%, turning a year-ago operating loss into $0.71 of operating EPS. Read this as a margin-recovery quarter, not a volume quarter, because volume fell 1.0%. The balance sheet still carries $16.78 billion of long-term debt against $4.14 billion of cash.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $0.62 and operating EPS was $0.71, versus a $0.19 operating loss a year ago. The $0.71 figure beat the $0.6441 consensus estimate, while GAAP EPS came in just below it because $0.09 a share of significant items was excluded, mostly restructuring and a debt extinguishment loss. GAAP net income was $525 million, of which $458 million was attributable to Dow shareholders.
Sales of $11.27 billion rose 13.0% from $9.97 billion a year earlier, and all three operating segments grew. All of the gain came from price: local price rose 14.0%, currency was flat and volume fell 1.0%. Cost of revenue climbed to $9.89 billion from $9.24 billion, so the extra sales still dropped through at much better margins.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-10-23
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