NYSE$DOW
Dow Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Dow's financial performance reflects a challenging macroeconomic environment, with strategic priorities advanced and cost actions delivered.
Dow reported Q4 2023 results with net sales of $10.6 billion, a GAAP net loss of $95 million, and operating EPS of $0.43. The company achieved $1 billion in targeted cost actions for the year and returns to shareholders totaled $616 million in the quarter. The company delivered 2023 full year net sales of $44.6 billion.
- GAAP loss per share was $0.15; operating earnings per share (EPS) was $0.43.
- Net sales were $10.6 billion, down 10% versus the year-ago period.
- Volume increased 2% versus the year-ago period, with gains across all regions except Asia Pacific.
- Free cash flow was $870 million.
Headline financials
Revenue & EPS history
Dow · Revenue · Quarterly
$10.6B
Revenue by segment
Dow · $10.7B total across 4 segments · Q3 2023
- Packaging & Spec. Plastics$5.45B-25.6%50.8%
- Industrial & Infra$3.04B-25.2%28.3%
- Performance Materials$2.13B-19.7%19.9%
- Corporate$111M+48.0%1.0%
Forward guidance
In 2024, Dow expects softness in industrial and durable goods demand to continue in the first quarter, but is encouraged by early positive signals in areas including construction, automotive and consumer electronics.
Tailwinds
- Commitment to financial and operational discipline
- Early positive signals in construction
- Early positive signals in automotive
- Early positive signals in consumer electronics
- Strong balance sheet and cash generation
Headwinds
- Softness in industrial demand expected to continue in Q1
- Softness in durable goods demand expected to continue in Q1
- Navigating dynamic market conditions
- Projects are expected to deliver more than $3 billion in underlying earnings annually by 2030
- Advance our Decarbonize & Grow and Transform the Waste strategies.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 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 |
|---|---|---|---|---|
| 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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