Dow Inc
Dow Inc. is a U.S.-based materials science holding company whose operating subsidiary, The Dow Chemical Company, makes and sells plastics, industrial intermediates, and performance materials used in packaging, infrastructure, mobility, and consumer applications. Its business is built around large-scale integrated manufacturing, global sales channels, and product innovation aimed at higher-value applications and sustainable growth.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePolyethylene and specialty resin products used in packaging, consumer goods and industrial films.
Chemical intermediates, construction-related materials and infrastructure-linked products.
Silicones, coatings and performance materials used in industrial and consumer applications.
Reconciliation items, shared services and other non-operating amounts not allocated to segments.
Customers
Dow sells primarily to industrial customers that convert its materials into packaging, building products, automotive components, coatings and consumer goods. The company does not depend on a single customer, and it reaches buyers mainly through its sales force with some distributor usage where appropriate.
Buy polyethylene and specialty plastics for films, flexible packaging and consumer packaging formats.
Buy intermediates and feedstock-linked products used in downstream processing and manufacturing.
Buy materials used in building, insulation, sealants and infrastructure applications.
Buy materials that support lightweighting, durability and performance in vehicles and transport systems.
Buy performance materials and coatings for household, personal care and industrial consumer uses.
Strategy
Dow is focused on shifting its portfolio toward higher-value applications, improving its cost base and optimizing its global asset footprint. Management is also using restructuring, project timing changes and capital allocation actions to preserve flexibility while the industry works through oversupply and weak macro demand.
Reduces exposure to commoditized markets and anti-competitive oversupply.
Improves resilience in a prolonged downturn and supports margins.
Supports capital allocation through a weak cycle and uncertain trade environment.
Supports sustainability goals and future competitiveness in regulated markets.
Geography
Q1/2026Dow operates manufacturing sites in 29 countries and sells globally across four reporting regions: U.S. & Canada, EMEAI, Asia Pacific and Latin America. In first-quarter 2025, sales increased in U.S. & Canada but declined in EMEAI, Latin America and Asia Pacific, showing that regional demand and trade conditions materially affect results.
Share of the revenue the company reports by geography.
Risks
Dow is exposed to cyclical demand, industry overcapacity and pricing pressure, especially from newer entrants exporting at anti-competitive economics. Its global manufacturing and sales footprint also creates exposure to trade policy, logistics disruptions, geopolitical instability, cyberattacks and commodity/FX volatility.
- Weak macroeconomic demandImpact: HighLikelihood: High
Slower GDP growth reduces volumes in packaging, infrastructure and consumer applications.
Exposure: Global end markets
- Supply chain and logistics disruptionImpact: HighLikelihood: High
Dow depends on integrated manufacturing, raw materials and global transport networks.
Exposure - Industry overcapacity and anti-competitive exportsImpact: High
Newer entrants exporting at low economics can depress pricing and margins across Dow's product lines.
Exposure - Goodwill impairmentImpact: MediumLikelihood: High
Weak market conditions or underperformance in acquired businesses could trigger write-downs.
Exposure: Acquired reporting units
- Geopolitical and emerging market exposureImpact: MediumLikelihood: Medium
Operations in multiple countries face sanctions, war, expropriation and partner risk.
Exposure: Emerging geographic regions
- Cybersecurity incidentsImpact: MediumLikelihood: Low
Industrial and corporate systems are targets for phishing, espionage and malicious attacks.
Exposure: Information systems and confidential business data
Accounting
Judgemental itemsManagement must test goodwill for impairment when conditions weaken, which can create large non-cash charges.
Impact: Could materially affect operating income and equity
Plant shutdowns and footprint optimization create charges when assets are abandoned or written down.
Impact: Affects earnings timing and comparability
Dow uses hedging to manage commodity and FX risk, which can create mark-to-market volatility.
Impact: Can move other income/expense and cash flow presentation
Large chemical operations carry contingent liabilities and remediation estimates that require judgment.
Impact: Can affect reserves, expense recognition and disclosures
Ethylene is transferred to downstream businesses at market prices, influencing segment margins.
Impact: Affects operating EBIT by segment
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Last updated: 24/09/2026