Dow reported a 13% rise in third-quarter net sales to $11.267 billion, with higher prices more than offsetting a 1% decline in volume. The 22 October 2026 announcement therefore points to price-led sales growth, not a 13% increase in the quantity of material sold. Reported diluted earnings per share improved to $0.62 from $0.08 a year earlier.
The results cover the three months ended 30 September 2026. All monetary amounts below are US dollars. Dow reported local-price growth of 14% and no overall currency effect compared with the prior-year quarter.
Quarterly figures and their basis
| Measure | Q3 2026 | Comparison or basis | Official evidence |
|---|---|---|---|
| Net sales | $11.267 billion | $9.973 billion in Q3 2025 | Issuer financial report |
| Local price / volume | +14% / -1% | Year-over-year sales bridge; currency flat | Issuer financial report |
| Reported net income | $525 million | Includes non-controlling interests | Issuer financial report |
| Net income available for common stockholders | $458 million | $62 million in Q3 2025 | Issuer financial report |
| Reported diluted EPS | $0.62 | $0.08 in Q3 2025 | Issuer financial report |
| Operating EPS, non-GAAP | $0.71 | Loss of $0.19 in Q3 2025 | Issuer financial report |
| Operating cash flow, continuing operations | $1.839 billion | $1.130 billion in Q3 2025 | Issuer financial report |
Reported and operating earnings are not the same
Operating EPS excludes the after-tax effect of items Dow classifies as significant. For Q3, the net adjustment was $0.09 per share. The reconciliation includes transformation and restructuring costs, a litigation-related gain and a loss on early debt extinguishment. The $0.71 operating figure supplements the reported $0.62 rather than replacing it.
The distinction also matters for profit attribution: total net income includes earnings belonging to non-controlling interests. It is not identical to the amount available for Dow Inc. common stockholders.
Cash generation improved; targets remain prospective
Dow’s non-GAAP free cash flow was $1.133 billion. Its definition subtracts capital expenditure of $706 million from continuing-operations operating cash flow of $1.839 billion. This is a cash measure, not another label for net income.
Management said its transformation was on track for $700 million of growth and productivity benefits in 2026 and approximately $2 billion of total uplift by the end of 2027. Those are expected benefits subject to execution and market conditions, not amounts already earned in Q3. The report does not establish a share-price reaction or an investment return.
For another example of separating reported earnings from alternative measures, see CapKet’s Comcast earnings report.
Official sources and verification
Issuer financial report and Companion official source were checked. The companion source is another format or issuer publication record, not independent corroboration. Source observations: 2026-10-22T19:47:20.341Z; 2026-10-22T19:48:33.600Z. AI-assisted primary-document review; no independent human editorial approval or investment advice is claimed.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.