Dow Inc. ended 2025 in the red, as sliding prices, lower operating rates and hefty restructuring charges neutralized cost-cutting efforts, according to the company’s year-end investor relations report.
Dow produces polyalkylene glycols, silicones and a range of other lubricants, among a very large portfolio of products.
The Midland, Michigan-based company reported a fourth-quarter net loss of U.S.$1.5 billion on sales of $9.5 billion, down 9% from a year earlier. Over the full year, revenue fell by 7% to $40 billion, while the company made a $2.4 billion loss, down from $1.2 billion in net income in 2024. Operating EBIT shrank to $400 million from $2.6 billion, underscoring the depth of the current chemicals downturn, according to company disclosures.
Its Performance Materials & Coatings division, under which its lubricant products reside, saw net sales in the quarter of $1.9 billion, down 6% from the same period in 2024.
Across the company, 2025 operating cash flow fell to $1.1 billion from $2.9 billion in 2024. Capital spending remained elevated at $2.5 billion, pushing free cash flow to negative $1.4 billion versus a modest deficit the previous year.
Dow Inc. ended 2025 in the red, reporting a $2.4 billion full-year net loss, compared with $1.2 billion in net income in 2024, according to its year-end investor report.
Dow Inc 2025 loss highlights the severity of the global chemicals downturn, as weaker pricing, lower operating rates and restructuring charges offset cost-cutting efforts.
The Midland, Michigan-based chemical producer – a manufacturer of polyalkylene glycols, silicones and lubricant-related materials – generated $40 billion in revenue, down 7% year over year.
In the fourth quarter, Dow reported a net loss of $1.5 billion on sales of $9.5 billion, representing a 9% decline from the same period the year before. Operating EBIT fell sharply to $400 million, down from $2.6 billion in 2024, underscoring the depth of margin compression across global chemical markets.
Dow’s Performance Materials & Coatings division, which houses many of its lubricant and silicone product lines, posted $1.9 billion in fourth quarter net sales, a 6% decrease versus the same quarter in 2024.
Across the company, 2025 operating cash flow declined to $1.1 billion, compared with $2.9 billion the previous year.
Capital expenditures remained elevated at $2.5 billion, resulting in negative free cash flow of $1.4 billion, widening from a modest deficit in 2024.