Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Prices, not volume, nearly doubled gross profit
Local price rose 14% while volume slipped, and costs rose only about half as fast as sales.
For investorsWhat has to stay true for the margin recovery to hold?
For foundersRunning a fixed-cost business through a commodity cycle
Free cash flow was minus $1.45B last year, and quarterly capital spending has since fallen by about a third.
Overhead rose 20% this quarter on the program's one-time costs, so the savings have yet to reach the income statement.
Competitors' costs rose with the disruption while Dow's American sites were not directly hit, so higher market prices widened its spread.
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Business Lens describes Dow from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
