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Edge31 Oct 2025
Rolls-Royce: Full Thrust Ahead
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Dow (DOW) investor relations material
Dow Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net sales for Q3 2025 were $10.0 billion, down 8% year-over-year, with operating EBITDA of $868 million, up $165 million sequentially but down year-over-year, and strong cash flow from continuing operations of $1.1 billion, up $1.6 billion quarter-over-quarter.
Strategic actions generated over $6.5 billion in near-term cash support, including a $3 billion infrastructure partnership, $1.2 billion from a favorable NOVA litigation judgment, and significant asset divestitures.
Major restructuring in 2025 included asset shutdowns in Europe, workforce reductions, and cost savings initiatives targeting $1 billion by end of 2026.
Focus remains on margin improvement, volume growth in resilient end markets, and maintaining a low-cost producer position amid ongoing macroeconomic and industry headwinds.
Cash provided by operating activities was $1.1 billion in Q3, with free cash flow for the quarter at $566 million and cash and equivalents above $4.5 billion at quarter-end.
Financial highlights
Q3 2025 net sales were $10.0 billion (down 8% year-over-year); operating EBITDA was $868 million, up sequentially but down year-over-year.
Cash flow from continuing operations was $1.1 billion, up $1.6 billion quarter-over-quarter, with free cash flow at $566 million.
$249 million in dividends paid in Q3, with a 50% dividend reduction to $0.35/share for Q3 and Q4 2025.
CapEx reduced by $1 billion in 2025, with total CapEx for Q3 at $564 million and 2025 guidance at $2.5 billion.
Cash and cash equivalents at quarter-end were $4.6 billion; total liquidity around $10 billion.
Outlook and guidance
Q4 2025 EBITDA expected to be approximately $725 million, with sequential tailwinds from cost actions and lower maintenance, but headwinds from seasonality and higher feedstock costs.
Q4 net sales expected to be about $9.4 billion, with segment sales guidance ranging from -2% to -13% quarter-over-quarter.
Polyethylene unit fire in Texas to have a $25–$60 million negative impact in Q4.
CapEx for 2026 could be around $2.5 billion if current trends continue, with $1 billion for maintenance.
Management remains focused on cost savings, asset rationalization, and maintaining financial flexibility amid persistent macroeconomic headwinds.
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Frequently asked questions
Material Science Experts
Dow is a company specializing in materials science, offering an incredibly diverse range of products and solutions across industries. With expertise in chemical manufacturing and materials development, Dow produces components used in packaging, automotive production, construction, electronics, and more. They make a wide array of materials, including plastics, specialty chemicals, adhesives, coatings, and performance materials. The company’s products find application in various sectors, from manufacturing the components needed for everyday consumer goods to developing modern technologies.
Consumer Electronics and Semiconductor Production
Dow is a key player in the consumer electronics sector, offering a diverse range of advanced materials crucial for manufacturing electronic devices like smartphones, tablets, laptops, and wearables. These materials play a significant role in the production of microchips and integrated circuits, the backbone of modern electronics. Dow's specialization in providing tailored materials for semiconductor manufacturing processes contributes to the creation of cutting-edge microchips, empowering faster and more powerful electronic devices.
Packaging and specialty plastics
Dow plays a significant role in packaging, offering a comprehensive range of solutions that cater to the demands of the industry. One key component of packaging is special plastics, and it’s an area in which Dow is an expert in producing high-performance resins like polyethylene and polypropylene. These resins are utilized in flexible, rigid, and protective packaging solutions, delivering properties such as durability, versatility, and barrier protection. Dow also offers specialty adhesives and coatings that enhance packaging functionality, providing adhesion, sealing, and barrier properties. Dow also places a focus on providing sustainable packaging options.
Supplying the Chemicals Industry
Dow is often referred to as "the chemical industry's chemical company", and has earned this nickname due to its significant role in supplying a vast range of raw materials, intermediates, and finished products to other companies within the chemical industry. However, the list of the company’s customers is long, and some notable examples include Ford, GE, Ball, and many others.
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