What happened

BASF, Dow, and DuPont reported first-quarter 2026 results between April 23 and May 5. The three prints diverged enough to undercut any single read on the chemicals cycle: BASF held sales close to the prior-year level on volume growth led by China, Dow swung to a GAAP loss as North American naphtha costs climbed, and DuPont raised its full-year guidance on a 4 percent sales gain led by electronics and water.

What the prints said

BASF posted Q1 2026 sales of EUR 16,020 million, EUR 488 million below Q1 2025, with EBITDA before special items down EUR 140 million to EUR 2,356 million. Net income rose to EUR 927 million on lower special items, and EPS climbed to EUR 1.06 from EUR 0.91. The 2026 outlook was held unchanged: EBITDA before special items of EUR 6.2 to 7.0 billion and free cash flow of EUR 1.5 to 2.3 billion.

Dow reported Q1 2026 net sales of USD 9.8 billion and operating EBITDA of USD 873 million, while GAAP net loss attributable to Dow came in at USD 445 million, or USD 0.14 per share. Sequential volumes rose 3 percent on Packaging and Specialty Plastics, but the company flagged Middle East supply chain disruption and a steeper global cost curve as oil and naphtha rallied. Liquidity stood above USD 4 billion with no substantive debt maturities before 2029.

DuPont reported Q1 2026 net sales of USD 1.681 billion, up 4 percent (2 percent organic plus 2 percent currency), with operating EBITDA of USD 414 million, up 15 percent, and adjusted EPS of USD 0.55, up 53 percent year over year. The Aramids divestiture closed April 1 for about USD 1.2 billion cash, a USD 300 million note and a USD 325 million equity stake. Management raised full-year 2026 guidance to USD 7.155-7.215 billion in sales, USD 1.73-1.76 billion operating EBITDA, and USD 2.35-2.40 adjusted EPS.

What it changes

For process-analytics buyers, the read is consistent with the one we traced after the BASF, Dow and LyondellBasell prints in early May: commodity-heavy chemicals capex stays disciplined, with brownfield reliability and yield projects ahead of greenfield builds. DuPont’s electronics and water exposure is the standout, in the same carve-out climate that shaped the specialty-chemicals M&A picture through May. Q2 2026 prints land in late July; Dow’s cost-curve framing is the line to watch into the next cycle.