NYSE$DOW
Dow Inc. · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Dow's Q4 2022 results reflected proactive navigation of slowing global growth and customer destocking, with a focus on cash generation through lowered operating rates and cost-saving measures.
Dow's Q4 2022 net sales were $11.9 billion, a 17% decrease year-over-year, with GAAP earnings per share (EPS) at $0.85 and operating EPS at $0.46. The company focused on cash generation, achieving $2.1 billion in cash flow from operations, and returned $620 million to shareholders through dividends and share repurchases.
- GAAP earnings per share (EPS) was $0.85; operating EPS was $0.46, compared to $2.15 in the year-ago period.
- Net sales were $11.9 billion, down 17% versus the year-ago period, reflecting declines in all operating segments driven by slower GDP growth and customer destocking.
- Cash provided by operating activities – continuing operations was $2.1 billion and free cash flow was $1.5 billion.
- Returns to shareholders totaled $620 million, including $495 million in dividends and $125 million in share repurchases.
Headline financials
Revenue & EPS history
Dow · Revenue · Quarterly
$11.9B
Revenue by segment
Dow · $11.9B total across 4 segments · Q4 2022
- Packaging & Specialty Plastics$6.07B-15.5%51.2%
- Industrial Intermediates & Infrastructure$3.65B-19.7%30.8%
- Performance Materials & Coatings$2.06B-19.5%17.4%
- Corporate$75M+8.7%0.6%
Forward guidance
Dow is focused on managing near-term dynamics while positioning for long-term value creation, implementing targeted actions to optimize costs and enhance productivity, expected to deliver $1 billion in cost savings.
Tailwinds
- Initial positive signs from moderating inflation in the U.S.
- Improving outlook for energy in Europe
- Re-opening in China
- Optimizing labor costs
- Enhancing productivity
Headwinds
- Slowing global growth
- Challenging energy markets
- Destocking
- Reducing turnaround spending
- Prudent and proactive approach
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 Q4 2022
-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% | |
| Q1 2018 | — | — | — | |
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| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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