Guidance0
Current guidance was classified as maintained.
Low confidenceEarnings thesis change · rubric v1.0
DOW DOW INC.
Fiscal Q3 FY2026 · quarter ended September 30, 2026 · reported 2026-10-22
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 22, 2026 at 7:04 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 22, 2026 at 7:04 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Legacy analysis: only the dimensions classifiable by the pre-v1 pipeline are shown.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 5 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Good — cash is doing the heavy lifting
Earnings look cash-backed — accruals are -3.9% of assets, in the strongest quintile of large caps.
CY2024Q2Accruals / assets (TTM)CY2026Q1
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
-349.1%
Net income — year over year
$-533.0M vs $214.0M a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
-10.0%
Revenue — year over year
$9.8B vs $10.9B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: 2 being tracked.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| achieve... approximately $2 billion in total uplift by the end of next yearother · made 2026-10-22 | $2 billionend of next year | — | Pending | 8-K 0001751788-26-0001 |
| we are on track to achieve the upsized $700 million in growth and productivity benefits in 2026other · made 2026-10-22 | $700 million2026 | — | Pending | 8-K 0001751788-26-0001 |
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
No source-backed deciding threshold is available yet.
Management reaffirmed that self-help actions are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
6
new risk disclosures added
8
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly less negative.
New risk disclosure #1
“Climate Change: Climate change-related risks and uncertainties, legal or regulatory responses to climate change and failure to meet the Company’s climate change commitments could negatively impact the Company’s results o…”
New risk disclosure #2
“Company Strategy: Implementing certain elements of the Company's strategy could negatively impact its financial results. The Company currently has manufacturing operations, sales and marketing activities, and joint ventu…”
New risk disclosure #3
“The Company is subject to extensive federal, state, local and foreign laws, regulations, rules and ordinances relating to pollution, protection of the environment, climate change, greenhouse gas emissions, and the genera…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-03-31Net income: -349.1% year over year
(-533,000,000 − 214,000,000) ÷ 214,000,000 = -349.1% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-03-31Revenue: -10.0% year over year
(9,794,000,000 − 10,879,000,000) ÷ 10,879,000,000 = -10.0% YoY