What changed
DOW beat EPS consensus by $0.24 (20%), driven by a massive operating turnaround from a -$0.42 loss last year. Revenue of $12.1B surged 20% YoY on 20% local price gains, led by polyethylene, though volume dipped 1% on planned maintenance. The market may miss that the $1.6B Op. EBIT swing was almost entirely price-driven margin expansion, not volume growth, and that $0.45/sh in one-time costs (Transform to Outperform) masked an even stronger operational beat.
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Jul 23, 2026 10:47 PM ET