NYSE$DOW
Dow Inc. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Dow's Q2 2023 earnings were reported, showcasing sequential earnings improvement and strong cash flow generation amidst a challenging macroeconomic environment.
Dow Inc. reported Q2 2023 results with an operating EPS of $0.75, down from $2.31 in the year-ago period but up from $0.58 in the prior quarter. Net sales were $11.4 billion, a 27% decrease year-over-year. The company generated over $1.3 billion in operating cash flow and returned $743 million to shareholders through dividends and share repurchases.
- Operating earnings per share (EPS) was $0.75, compared to $2.31 in the year-ago period and $0.58 in the prior quarter.
- Net sales were $11.4 billion, down 27% versus the year-ago period.
- Cash provided by operating activities was more than $1.3 billion.
- Returns to shareholders totaled $743 million, including $493 million in dividends and $250 million in share repurchases.
Headline financials
Revenue & EPS history
Dow · Revenue · Quarterly
$11.4B
Revenue by segment
Dow · $11.4B total across 4 segments · Q2 2023
- Packaging & Specialty Plastics$5.94B-27.9%52.0%
- Industrial Intermediates & Infrastructure$3.18B-27.3%27.8%
- Performance Materials & Coatings$2.2B-26.8%19.2%
- Corporate$106M+82.8%0.9%
Forward guidance
Dow expects the macroeconomic environment to remain challenging in the second half of the year and will continue to execute cost savings actions and advance strategic priorities.
Tailwinds
- The company is on track to deliver $1 billion of cost savings this year.
- Dow continues to benefit from a solid financial position.
- The company is focused on cash flow generation.
- Disciplined and balanced capital allocation priorities will continue.
- Investments will deliver long-term value creation for stakeholders.
Headwinds
- The macro environment is expected to remain challenging in the second half of the year.
- Lower demand.
- Lower prices.
- Slower macroeconomic activity.
- Declines in all operating segments and regions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
-1.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
-1.5%
Avg return
30 days after
42%
14 / 33 earnings
Positive
+13.0%
Q3 2025
Best reaction
-9.4%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | -0.8% | -2.1% | -7.2% | |
| Q4 2025 | -1.9% | +9.8% | +10.6% | |
| Q3 2025 | +13.0% | +17.0% | +2.3% | |
| Q2 2025 | +2.0% | +2.7% | +9.2% | |
| Q1 2025 | +2.6% | +5.7% | -2.3% | |
| Q4 2024 | -6.1% | -6.1% | -7.2% | |
| Q3 2024 | -3.5% | -3.9% | -11.7% | |
| Q2 2024 | -0.9% | +0.7% | +0.4% | |
| Q1 2024 | +0.5% | -0.1% | +1.4% | |
| Q4 2023 | +1.8% | +2.6% | +6.2% | |
| Q3 2023 | -1.5% | -0.3% | +6.6% | |
| Q2 2023 | +2.2% | +5.5% | +1.9% | |
| Q1 2023 | -5.1% | -1.8% | -9.1% | |
| Q4 2022 | +1.9% | +2.5% | -0.2% | |
| Q3 2022 | +3.9% | +6.0% | +10.9% | |
| Q2 2022 | -3.2% | -2.4% | +5.6% | |
| Q1 2022 | +1.4% | -0.3% | +0.8% | |
| Q4 2021 | +4.9% | +8.0% | +4.2% | |
| Q3 2021 | -2.5% | -2.0% | -4.3% | |
| Q2 2021 | +0.6% | +3.7% | +1.9% | |
| Q1 2021 | -4.2% | -3.3% | +6.2% | |
| Q4 2020 | -4.6% | +0.4% | +9.0% | |
| Q3 2020 | -0.0% | -4.1% | +12.7% | |
| Q2 2020 | -3.9% | -3.9% | -1.7% | |
| Q1 2020 | -9.4% | -10.9% | +3.0% | |
| Q4 2019 | +2.8% | -0.9% | -14.3% | |
| Q3 2018 | +3.5% | +3.2% | +9.6% | |
| Q3 2019 | +6.9% | +9.0% | +14.8% | |
| Q2 2019 | -7.0% | -8.3% | -22.9% | |
| Q4 2017 | -7.0% | -8.3% | -22.9% | |
| Q4 2018 | -7.0% | -8.3% | -22.9% | |
| Q2 2018 | -7.0% | -8.3% | -22.9% | |
| Q1 2019 | -5.0% | -5.7% | -16.7% | |
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| Q1 2012 | — | — | — |
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