Dow
31 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Suppliers
Single source feedstock and energy suppliers
depends onnamed as a riskAlso, if the Company’s key suppliers of feedstock and energy, which may include limited or single source suppliers, are unable to provide the raw materials or energy required for production, it could have a negative impact on the Company’s results of operations.Risk factors (Item 1A)
Mura Technology
depends onDow will be the main recipient of the product produced at this site.Business (Item 1)
Partners and platforms
Sadara Chemical Company
earns from · 35 percentThe Company continues to be responsible for marketing a significant portion of Sadara’s products through the Company’s established sales channels.Business (Item 1)
EQUATE Petrochemical Company
42.5 percentEQUATE Petrochemical Company K.S.C.C. (“EQUATE”) - a Kuwait-based company that manufactures ethylene, polyethylene and ethylene glycol, and manufactures and markets monoethylene glycol, diethylene glycol and polyethylene terephthalate resins; owned 42.5 percent by the Company.Business (Item 1)
The Kuwait Olefins Company
42.5 percentThe Kuwait Olefins Company K.S.C.C. (“TKOC”) - a Kuwait-based company that manufactures ethylene and ethylene glycol; owned 42.5 percent by the Company.Business (Item 1)
Map Ta Phut Olefins Company
32.77 percentThe Company's effective ownership of Map Ta Phut is 32.77 percent, of which the Company directly owns 20.27 percent and indirectly owns 12.50 percent through its equity interest in Siam Polyethylene Company Limited.Business (Item 1)
The SCGC-Dow Group
50 percentThe SCGC-Dow Group - a group of Thailand-based companies (consisting of Siam Polyethylene Company Limited; Siam Polystyrene Company Limited; Siam Styrene Monomer Company Limited; and Siam Synthetic Latex Company Limited) that manufactures polyethylene, polystyrene, styrene, latex and specialty elastomers; owned 50 percent by the Company.Business (Item 1)
Saudi Arabian Oil Company (Saudi Aramco)
named as a riskThis transition will not impact equity earnings, but is expected to reduce the Company's sales of Sadara products over the transition period.Business (Item 1)
X-energy
depends onDow continued to collaborate with X-energy, a nuclear energy innovation company, to advance the design of the previously announced advanced small modular reactor nuclear project at the Seadrift Operations manufacturing site in Texas, which included submitting a construction permit application to the Nuclear Regulatory Commission in 2025.Business (Item 1)
Hanseatic Energy Hub GmbH
The HEH consortium plans to build, own, and operate an import terminal for liquified gases onsite at Dow's Stade, Germany, industrial park.Business (Item 1)
Other companies
Union Carbide asbestos litigation
$708 millionnamed as a riskAt December 31, 2025, Union Carbide's total asbestos-related liability, including future defense and processing costs, was $708 million ($791 million at December 31, 2024).Risk factors (Item 1A)
Polyurethanes & Construction Chemicals goodwill
$690 millionnamed as a riskAs a result, the Company recorded a goodwill impairment charge of $690 million.Business (Item 1)
Places
Latin America
operates in · $303 millionnamed as a riskAdditionally, the Company recognized a $303 million pretax impairment charge related to assets used for chlor-alkali, propylene oxide and brine production in Latin America due to challenging economic conditions in the region.Business (Item 1)
Also named by AMT, DCI, EZPW, FLS, MCO, SNEX, SOFI, UBER and 2 more
Alberta, Canada net-zero ethylene cracker project
operates in · 20 percent of Dow's global ethylene capacitynamed as a riskThe execution and achievement of the Company's commitments within projected cost estimates and expected timeframes, including the success of the Company's integrated ethylene cracker and derivatives facility in Alberta, Canada, are subject to risks and uncertainties which include, but are not limited to: advancement, availability, development and affordability of technology necessary to achieve these commitments; unforeseen design, operational and technological difficulties; availability and cost of necessary materials and components; adapting products to customer preferences and customer acceptance of sustainable supply chain solutions; changes in public sentiment and political leadership, including government incentives and tax credits to promote emission reductions; the Company’s ability to comply with changing regulations, taxes, mandates or requirements related to greenhouse gas emissions or other climate-related matters, including prescriptive reporting of climate-related matters; and the Company's ability to adequately fund capital expenditures necessary to complete its planned projects.Risk factors (Item 1A)
U.S. Gulf Coast
concentrated innamed as a riskDue to the Company's substantial presence on the U.S. Gulf Coast, similar severe weather conditions or other natural phenomena in the future could negatively impact the Company's results of operations.Risk factors (Item 1A)
Europe, Middle East, Africa and India (EMEAI)
operates innamed as a riskThis has resulted in excess capacity which has disrupted and continues to disrupt regional industry supply and demand balances, particularly in Europe, the Middle East, Africa and India ("EMEAI") and Asia Pacific, resulting in downward pressure on prices and decreased operating rates, which has had and continues to have a negative impact on the Company’s results of operations.Risk factors (Item 1A)
Böhlen, Germany
operates inAs a result of the strategic review performed in 2025, Dow plans to shut down an ethylene cracker in Böhlen, Germany, by the end of 2027 to optimize its global asset footprint.Business (Item 1)
Schkopau, Germany
operates inAs a result of the strategic review performed in 2025, Dow plans to shut down certain CAV assets in Schkopau, Germany, by the end of 2027 to optimize its global asset footprint.Business (Item 1)
Barry, United Kingdom
operates inAligned to Dow’s previously announced strategic review of select assets in Europe, Consumer Solutions will shut down its basics siloxanes operations in Barry, United Kingdom, by mid-year 2026.Business (Item 1)
Hazards
Hurricanes
operates innamed as a riskMajor hurricanes and other weather-related events have caused significant disruption in the Company's operations on the U.S. Gulf Coast, logistics across the region, and the supply of certain raw materials, which had an adverse impact on volume and cost for some of its products.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Russia-Ukraine conflict
named as a riskThese impacts could include decreased sales; supply chain and logistics disruptions; volatility in foreign exchange rates and interest rates; inflationary pressures on and availability of raw materials and energy, most notably in Europe; and heightened cybersecurity threats.Risk factors (Item 1A)
Also named by ABT, ADM, ARWR, CAG, CDRE, EMN, FDX, FLR and 14 more
Middle East conflicts
named as a riskFurther, the intensity and duration of conflicts in the Middle East and potential expansion of hostilities in the region are difficult to predict and could disrupt the Company's supply chain operations, which could have a negative impact on the Company's results of operations.Risk factors (Item 1A)
Also named by BF/B
Commodities and inputs
Crude oil
exposed to its pricenamed as a riskFeedstock and energy costs generally follow price trends in crude oil and natural gas, which are sometimes volatile.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Natural gas
exposed to its pricenamed as a riskNatural gas and crude oil, along with feedstocks for ethylene and propylene production, constitute the main commodity exposures.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Natural gas liquids (NGLs)
exposed to its pricenamed as a riskWhile the Company expects abundant and cost-advantaged supplies of natural gas liquids ("NGLs") in the United States to persist for the foreseeable future, if NGLs become significantly less advantaged than crude oil-based feedstocks, it could have a negative impact on the Company’s results of operations and future investments.Risk factors (Item 1A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DVN, EOG and 17 more
Electric power
exposed to its pricenamed as a riskPower prices often follow general energy trends, and are additionally subject to short-term surfeits and shortages related to, for example, intermittent wind and solar generation, and power generation and transmission outages.Risk factors (Item 1A)
Argentine peso
exposed to its pricenamed as a riskThe largest exposures are denominated in European currencies, the Chinese yuan, the Japanese yen, the Thai baht and the Argentinian peso, although exposures also exist in other currencies in Asia Pacific, Canada, Latin America, the Middle East, Africa and India.Market risk (Item 7A)
Ethane, propane, butane, naphtha and condensate feedstocks
depends onnamed as a riskPurchased feedstock and energy costs account for a substantial portion of the Company’s total production costs and operating expenses.Risk factors (Item 1A)
Laws and programs
U.S. Department of Energy Advanced Reactor Demonstration Program
50 percentThe project is expected to be funded 50 percent by the U.S. Department of Energy under the Advanced Reactor Demonstration Program and is intended to be operated by a subsidiary of NextEra Energy, one of the nation’s major nuclear operators.Business (Item 1)
U.S. tariffs
subject tonamed as a riskDuring 2025, the United States changed its long-standing trade policies and announced significant new tariffs, with certain exceptions, on virtually all imported goods.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Plastic waste regulations
subject tonamed as a riskWithout the expansion of proper waste collection and recycling infrastructure and the development of a circular economy for plastics at scale, along with increased pressure to reduce the use of plastics, the Company could experience reduced demand for its polyethylene products, which could negatively impact the Company’s financial condition, results of operations and cash flows.Risk factors (Item 1A)