Here are 1-3 brief analogies to describe Dow:

• Intel for chemicals and plastics.
• ExxonMobil, but focused on making plastics and chemicals for other industries rather than just fuel.

• Polyethylene Resins: Essential plastics used in packaging films, food containers, pipe systems, and wire & cable insulation.
• Polypropylene Resins: Plastics widely used in automotive parts, consumer appliances, rigid packaging, and fibers.
• Specialty Polymers: Advanced plastics and elastomers designed for high-performance applications in industries like automotive, healthcare, and electronics.
• Silicones: Versatile materials used in sealants, adhesives, lubricants, and personal care products for their unique properties.
• Performance Coatings: Ingredients and resins for paints, coatings, and adhesives used across industrial, architectural, and automotive applications.
• Industrial Intermediates: Building block chemicals, such as polyurethanes and epoxies, crucial for manufacturing a wide range of other products.

Major Customers of Dow (DOW)

Dow (symbol: DOW) is a global materials science company that primarily sells its products to other businesses (B2B) rather than directly to individual consumers. Its extensive portfolio of plastics, industrial intermediates, coatings, and silicones are fundamental raw materials and components used across a vast array of industries.

While specific customer relationships are typically confidential due to competitive reasons, Dow's major customers are large manufacturing and industrial companies that utilize these materials to produce their own goods. Based on Dow's key end markets, significant customers would include companies operating in the following sectors, where the listed examples are prominent players likely to be major purchasers of materials like those produced by Dow:

• Packaging Manufacturers and Converters: Companies that produce films, containers, and other packaging solutions for various industries.
  • Amcor Plc (AMCR)
  • Berry Global Group, Inc. (BERY)
• Automotive OEMs and Tier 1 Suppliers: Manufacturers of vehicles and automotive components that require plastics, composites, and adhesives.
  • Magna International Inc. (MGA)
  • Lear Corporation (LEA)
• Building and Construction Material Producers: Companies that incorporate polymers into insulation, pipes, sealants, paints, and other building products.
  • Saint-Gobain (CODYY)
  • Kingspan Group plc (KSPGY)
• Consumer Durables and Appliance Manufacturers: Producers of household appliances, electronics, and other consumer goods that rely on various plastic and composite materials.
  • Whirlpool Corporation (WHR)
  • Stanley Black & Decker, Inc. (SWK)

• Linde (LIN)
• Air Products and Chemicals (APD)
• Enterprise Products Partners (EPD)

Jim Fitterling, Chair and Chief Executive Officer

Jim Fitterling has served as Chief Executive Officer of Dow since July 2018 and was elected Chair in April 2020. His career at Dow began in 1984, and he has held numerous leadership positions across various business units, corporate development, and operations. Fitterling previously served as president and CEO of FilmTec Corporation, a wholly-owned subsidiary of Dow, and as CEO of The OPTIMAL Group, an affiliate of Dow and Malaysia's state-owned oil corporation. He has been instrumental in Dow's transformation to focus on higher-growth, consumer demand-driven markets and was a founding member of the Alliance to End Plastic Waste.

Jeff Tate, Chief Financial Officer

Jeff Tate was appointed Chief Financial Officer of Dow in November 2023. He previously served as Executive Vice President and Chief Financial Officer of Leggett & Platt from September 2019 to June 2023. Tate initially joined Dow in 1992 and spent 27 years in various finance, operating, and general management roles, including vice president of finance for Dow Packaging & Specialty Plastics, chief audit executive, and director of Investor Relations. He is a Certified Public Accountant and serves on the Board of Directors for Huntington Bancshares Inc.

Amy Wilson, General Counsel and Corporate Secretary

Amy Wilson serves as General Counsel and Corporate Secretary for Dow, a position she assumed in October 2018. She joined Dow's Legal Department in 2000, providing legal counsel to various departments including Purchasing, Human Resources, and Corporate and Financial Law. Prior to joining Dow, Wilson began her legal career in 1995 as an attorney with Currie Kendall, PLC. She is an advocate for inclusion, diversity, and equity, and serves on the Board of Directors for SBA Communications Corporation, the U.S. Chamber of Commerce, and MyMichigan Health.

Daniel Futter, Chief Commercial Officer

Daniel Futter has been the Chief Commercial Officer for Dow since August 2018. His career in the materials industry spans 33 years, beginning with Exxon Chemical. At Dow, he has been a key leader in customer experience and marketing/sales disciplines, and was the program lead for the design, development, and launch of the Dow.com e-commerce platform. Prior to his current role, Futter led the commercial organization for Dow Corning, where he pioneered their e-commerce platform and managed its integration into Dow/DuPont. He also serves as Chairman of the Board for DowAksa.

Debra Bauler, Chief Information & Digital Officer

Debra Bauler is the Chief Information & Digital Officer at Dow. Before taking on this role, she served as Vice President and Corporate Controller at Dow, with responsibility for financial reporting, corporate accounting, and financial shared services. Her career at Dow began in 1989, and she has held various leadership positions in finance, audit, and business analysis, including global finance director for Dow AgroSciences and director of corporate audit. Bauler is also an executive sponsor of Dow's Women's Inclusion Network and serves on the Board of Directors for Junior Achievement of North Central Michigan.

1. Macroeconomic and Demand Volatility: Dow faces significant risks from changes in the global economic and political environment, including macroeconomic headwinds, global trade disruptions, and fluctuating demand for its products. Recent financial results demonstrate this risk, with the company reporting declining sales, product oversupply, and a substantial adjusted loss per share, leading to a 50% reduction in its quarterly dividend. The company also announced workforce reductions in response to ongoing macroeconomic uncertainty.
2. Climate Transition and Environmental Regulatory Risks: Dow is exposed to considerable transition risk related to climate change, specifically the challenge of achieving carbon neutrality by 2050. The company's reliance on oil and natural gas-derived feedstock and energy sources presents a major hurdle, with questions raised about the credibility of its Scope 3 emissions reduction plans. Furthermore, increasing regulatory pressures to reduce greenhouse gas emissions, potential liabilities associated with toxic chemicals, and the growing threat of extreme weather events impacting facilities (particularly in the Gulf Coast region) contribute to significant environmental and operational risks.
3. Legal and Reputational Risks: Dow is currently facing a securities class action lawsuit alleging that the company and its executives made misleading disclosures about their ability to navigate macroeconomic and tariff-related challenges, and concealed declining sales and product oversupply. This litigation could result in substantial legal costs and damage the company's reputation, potentially affecting investor perceptions of its governance and ability to attract capital.

The accelerating global transition towards a circular economy for plastics and the development of bio-based alternatives presents a clear emerging threat to Dow. This shift is driven by increasing regulatory actions (such as bans on single-use plastics, extended producer responsibility schemes, and mandated recycled content targets), growing consumer demand for sustainable products, and significant investments by brand owners and competitors in advanced recycling technologies and bio-based polymers. This trend directly challenges Dow's core business model, which relies heavily on the production of virgin, petrochemical-derived plastics, by threatening to reduce demand for these materials and requiring substantial investment in new technologies and business models to adapt to a circular value chain.

Dow Inc. operates across several key segments, with its main products and services addressing significant global markets:

• Polyethylene (within Packaging & Specialty Plastics): The global polyethylene market size was estimated at USD 117.8 billion in 2025 and is projected to reach USD 193.7 billion by 2035, growing at a CAGR of 5.1% from 2026 to 2035. Asia-Pacific is the largest regional consumer of polyethylene, holding over 45% of the global market share in 2024.
• Plastics (overall, relevant to Packaging & Specialty Plastics): The global plastics market size was valued at USD 647.36 billion in 2024 and is expected to reach USD 962.56 billion by 2033, expanding at a CAGR of 4.6% from 2025 to 2033. Asia Pacific dominated the plastic market with the largest revenue share of over 45.0% in 2024.
• Polyurethanes (within Industrial Intermediates & Infrastructure): The global polyurethane market size is estimated at USD 87.48 billion in 2025 and is projected to reach USD 113.84 billion by 2030, expanding at a 5.36% CAGR. Asia-Pacific generated 46% of polyurethane market revenue in 2024.
• Silicones (within Performance Materials & Coatings): The global silicone market size is calculated at USD 19.55 billion in 2025 and is forecasted to reach around USD 35.58 billion by 2034, accelerating at a CAGR of 6.89% from 2025 to 2034. The Asia Pacific market size surpassed USD 8.40 billion in 2024 and is expanding at a CAGR of 7.01% during the forecast period.
• Paints and Coatings (within Performance Materials & Coatings): The global paints and coatings market size was valued at USD 185.6 billion in 2024. It is estimated to reach USD 274.8 billion by 2033, exhibiting a CAGR of 4.5% from 2025-2033. Asia Pacific currently dominates this market, holding a share of over 34.8% in 2024.
• Carbon Capture Materials (Amine-based solvents, within Industrial Intermediates & Infrastructure): The carbon capture materials market size is projected to grow from USD 66,904.7 million in 2025 to USD 99,098.5 million by 2030, registering a CAGR of 8.2%. This market is global.

Here are 3-5 expected drivers of future revenue growth for Dow (symbol: DOW) over the next 2-3 years:

1. Decarbonize & Grow and Transform the Waste Initiatives: Dow is focused on sustainability initiatives, including its "Decarbonize & Grow" and "Transform the Waste" programs. These initiatives aim to deliver low-to-zero carbon emission products and advance circular and renewable solutions, which are expected to drive profitable growth and meet increasing demand for sustainable solutions. The company anticipates delivering more than $500 million of EBITDA by 2030 from its Transform the Waste strategy.
2. Volume Growth in Key Market Verticals: Dow plans to leverage its portfolio for growth in attractive market verticals such as packaging, infrastructure, mobility, and consumer applications. The company has already demonstrated year-over-year volume growth.
3. New Product Launches and Strategic Partnerships: Dow is actively expanding its circular portfolio by launching new products and forging strategic partnerships. These collaborations are aimed at delivering innovative solutions, such as those in sustainable packaging and automotive, including bio-based and advanced recycling polymers.
4. Cost Savings and Operational Discipline: The company has been implementing targeted actions to achieve cost savings, with a goal of $1 billion in 2023, and focuses on maximizing cash generation. This operational discipline, coupled with cost-advantaged assets and feedstock flexibility, is expected to drive underlying earnings growth.
5. Planned Price Increases: Analysts anticipate that planned price increases will contribute to Dow's revenue growth in the near term.

Share Repurchases

• Dow announced a new share repurchase program of up to $3 billion in April 2022, which was additive to an existing program with approximately $775 million remaining that the company intended to repurchase by mid-2022.
• In 2024, Dow delivered $0.5 billion in share repurchases.
• InvestingPro data as of February 2025 indicated that Dow has demonstrated a pattern of aggressive share buybacks, signaling an active capital return strategy.

Share Issuance

• For the trailing twelve months ended September 2025, Dow's issuance of stock totaled $115 million.

Inbound Investments

No significant inbound investments made in the company by third-parties (e.g., a strategic partner or a private equity firm making a large equity investment in Dow itself) were found in the last 3-5 years.

Outbound Investments

No specific significant strategic investments made by Dow in other companies with detailed dollar amounts were readily available for the last 3-5 years. Dow has acquired 10 companies, including one in the last five years, and has also divested 20 assets.

Capital Expenditures

• Dow's capital expenditures for fiscal years 2020 through 2024 averaged $2.191 billion, peaking at $3.155 billion in 2024.
• The company's expected total enterprise capital expenditures for 2025 were reduced from an original plan of $3.5 billion to $2.5 billion, partly due to the delay of its Path2Zero project in Fort Saskatchewan, Alberta, Canada.
• The primary focus of these capital expenditures includes decarbonizing Dow's global asset base and enabling growth in targeted applications such as pressure pipe, wire and cable, and food packaging, with approximately $1 billion of capex annually expected to be allocated to decarbonization.