Dow Inc.

Dow Inc. is an American materials science company that produces petrochemical building blocks — ethylene, polyethylene, propylene oxide derivatives, and silicones — and sells them into packaging, infrastructure, mobility, and consumer end-markets, generating roughly $40 billion in revenue in fiscal 2025. The company operates manufacturing sites in 29 countries, employs approximately 34,600 people, and traces its lineage to the 1897 founding of The Dow Chemical Company in Midland, Michigan, where it is still headquartered.

This is a story about a commodity-chemical giant fighting to prove it has broken free of the industry's boom-bust rhythm. Dow entered 2025 in the trough of a punishing down-cycle — revenue had fallen nearly 30% from the 2022 peak, gross margins had halved, and the company cut its dividend by 50% in July. It then spent the year absorbing $1.86 billion in impairment and restructuring charges while launching Transform to Outperform, a self-help program targeting $2 billion in EBITDA improvement. Then, in March 2026, the Middle East conflict delivered a supply shock that reset the global pricing environment overnight. The file turns on a single question: whether the structural cost actions Dow put in motion during the down-cycle compound with the cyclical pricing tailwind to produce a meaningfully higher through-cycle earnings floor — or whether the company reverts to form the moment supply chains normalize.