ASHLAND (ASH) Company Report

Ashland reported Q4 2025 sales of $478 million, an 8% year-over-year decrease primarily due to portfolio optimization, and adjusted EBITDA of $119 million, down 4% year-over-year. On a comparable basis (excluding portfolio actions), sales declined 1% and adjusted EBITDA increased 5%, with margins expanding to 24.9%.
Life Sciences and Personal Care segments demonstrated resilience, while Specialty Additives and Intermediates faced continued pressure from market conditions and competitive intensity.
The company completed its $30 million restructuring program, realizing $20 million in savings in fiscal 2025, and expects an additional $12 million in fiscal 2026. The manufacturing optimization initiative is also progressing, with $5 million in savings in fiscal 2025 and $18 million projected for fiscal 2026.
For fiscal 2026, Ashland projects full-year sales between $1,835 million and $1,905 million (1%-5% organic growth) and adjusted EBITDA between $400 million and $430 million. Adjusted EPS is expected to grow double digits plus, and free cash flow conversion is targeted at 50%.

Nov 5, 2025, 3:00 PM

Transcript

Ashland Reports Q4 2025 Financial Results and Provides FY26 Outlook

ASH

Earnings

Guidance Update

Demand Weakening

For Q4 FY25, Ashland reported sales of $478 million, an 8% decrease from Q4 FY24, and Adjusted EBITDA of $119 million, a 4% decrease.
The company achieved an Adjusted EBITDA margin of 24.9% in Q4 FY25, an increase of 110 basis points compared to the prior-year quarter, driven by cost savings and mix.
Adjusted EPS for Q4 FY25 was $1.08, down 14% from Q4 FY24, and ongoing Free Cash Flow was $52 million, a 41% decrease.
For fiscal year 2026, Ashland anticipates sales between $1,835 million and $1,905 million and Adjusted EBITDA between $400 million and $430 million.
The company expects double-digit-plus Adjusted EPS growth and approximately 50% ongoing Free Cash Flow conversion of Adjusted EBITDA in FY26.

Nov 5, 2025, 3:00 PM

Presentation

Ashland Inc. Reports Q4 2025 Results and Issues FY 2026 Outlook

ASH

Earnings

Guidance Update

Demand Weakening

Ashland Inc. reported fourth-quarter fiscal year 2025 sales of $478 million, an eight percent decrease from the prior-year quarter, and net income of $32 million, or $0.71 per diluted share.
Adjusted EBITDA for Q4 2025 was $119 million, down four percent from the prior-year quarter, with cash flows provided by operating activities at $40 million and Ongoing Free Cash Flow of $52 million.
For the full fiscal year 2025, sales were $1.824 billion, a 14 percent decrease year-over-year, resulting in a net loss of $845 million, or ($18.23) per diluted share, and Adjusted EBITDA of $401 million.
Ashland issued full-year fiscal 2026 guidance, projecting sales between $1,835 million and $1,905 million, and Adjusted EBITDA between $400 million and $430 million.

Nov 4, 2025, 10:07 PM

8-K

Ashland Reports Q4 FY2025 Results and Issues FY2026 Outlook

ASH

Earnings

Guidance Update

Demand Weakening

Ashland reported fourth-quarter fiscal year 2025 sales of $478 million, an eight percent decrease from the prior year, and Adjusted EBITDA of $119 million, down four percent. Net income for the quarter was $32 million, or $0.71 per diluted share.
For the full fiscal year 2025, sales were $1.824 billion, down 14 percent, and the company reported a net loss of $845 million, primarily due to non-cash impairments. Adjusted EBITDA for FY2025 was $401 million.
The company issued guidance for fiscal year 2026, projecting sales between $1,835 million and $1,905 million and Adjusted EBITDA between $400 million and $430 million.
Ashland anticipates double-digit-plus growth in Adjusted Diluted Earnings Per Share Excluding Intangibles Amortization Expense for fiscal year 2026, despite continued challenging market conditions in some segments.

Nov 4, 2025, 10:01 PM

Press Release

Ashland Inc. Reports Q3 2025 Results and Updates Full-Year Guidance

ASH

Earnings

Guidance Update

Demand Weakening

Ashland Inc. reported Q3 2025 sales of $463 million, a 15% year-over-year decline (5% excluding portfolio optimization), and adjusted EBITDA of $113 million, down 19% year-over-year (10% excluding portfolio actions).
The company recorded a non-cash goodwill impairment of $706 million related to life sciences and specialty additives, which does not affect liquidity or operations.
Ashland updated its full-year fiscal 2025 guidance, narrowing sales to $1.825 billion to $1.850 billion and adjusted EBITDA to $400 million to $410 million, reflecting ongoing muted demand.
Strategic initiatives, including portfolio optimization and restructuring, are ahead of schedule, with $20 million in savings expected this fiscal year and an additional $12 million in carryover benefits in fiscal 2026.
The company achieved nearly 100% free cash flow conversion in Q3 2025, demonstrating strong underlying business performance.

Jul 31, 2025, 11:45 AM

Ashland Advances Manufacturing Network Optimization

ASH

New Projects/Investments

Ashland Inc. is progressing with its $60 million manufacturing network optimization plan, a key initiative under its "execute" strategy aimed at enhancing operational consistency and profitability.
The plan involves closing its Parlin, New Jersey, facility and transferring hydroxyethyl cellulose (HEC) production to Hopewell, Virginia, and closing its Chatham, New Jersey, plant, transferring microbial protection production to Freetown, Massachusetts.
These actions are expected to accelerate cost savings and improve cost competitiveness, with the HEC plans now completed.
Ashland continues to invest in its future, including significant investments in Ireland, the United States, Brazil, China, and a new tablet coating plant under construction in India.

Jul 8, 2025, 9:02 PM

Press Release

Ashland Showcases Innovation Transformation and New Technology Platforms

ASH

New Projects/Investments

Product Launch

Ashland reported significant progress in its transformation journey, completing a $30 million restructuring and advancing a $60 million manufacturing improvement initiative to repurpose assets and optimize its network.
The company highlighted the commercialization of 7 innovative technology platforms, including transformed vegetable oil (TVO), multifunctional starches, and UV curable oligomers, aimed at enhancing productivity and sustainability in key markets such as coatings and personal care.
Ashland committed to delivering $100 million of innovation growth by FY27, driven by new product launches, customer validations, and an accelerated investment timeline for its technology platform commercialization.

May 31, 2025, 8:21 AM

Ashland Inc. Announces CFO Resignation and Interim Appointments

ASH

CFO Change

Management Change

Executive Compensation

J. Kevin Willis resigned as Senior Vice President, CFO, Principal Financial Officer, and Principal Accounting Officer effective May 16, 2025 to pursue another opportunity (documents ).
The Board appointed William C. Whitaker as Interim CFO and Samuel A. Richardson as Principal Accounting Officer, both effective May 6, 2025, with specified base salaries and incentive compensation details (documents ).

May 5, 2025, 12:00 AM

8-K

Ashland Inc Q2 2025 Earnings Results & Guidance Update

ASH

Earnings

Guidance Update

Share Buyback

Q2 FY25 results showed sales of $479 million (down 17%) and adjusted EBITDA of $108 million (down by 14%/$14 million), with adjusted EPS of $0.99 (down 22%) compared to Q2 FY24 .
Updated FY25 guidance now projects full-year sales between $1.825 billion and $1.9 billion and adjusted EBITDA between $400 million and $420 million, citing macroeconomic uncertainty, tariff impacts, and productivity strategies .
Ongoing portfolio optimization efforts delivered a $67 million adjustment and cost reductions, highlighted by the repurchase of 1.5 million shares as part of initiatives for savings and margin recovery .
The company reported segment challenges in Life Sciences, Personal Care, and Specialty Additives with mixed performance, though margin improvements were observed following divestitures and cost savings actions .

May 1, 2025, 2:01 PM

Transcript Presentation

Earnings Transcripts

Quarterly earnings call transcripts for ASHLAND.

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