Dow Inc.

Revenue, earnings and free cash flow are cyclical and sensitive to spreads, global GDP and capacity additions. TTM (FY 2025) revenue was ~$40 billion with a GAAP net loss of ~$2.6 billion and negative free cash flow driven by lower pricing and elevated capex.

End‑market diversity helps, but the largest segment (Packaging & Specialty Plastics) remains exposed to global PE cycles.

Near‑term visibility improves with cash and cost actions and European rationalization, but secular headwinds from U.S. and EU packaging EPR regimes and recycling mandates introduce long‑term demand and mix uncertainty for virgin resins.

We expect volatility until utilization rises closer to mid‑cycle, potentially around the time Path2Zero phases come online.