ASHLAND INC.

Listed Company

ASHCIK 0001674862NYSELarge AcceleratedWholesale-Chemicals & Allied ProductsDelawareFY ends Sep 30

Period

FY 2025

Revenue

$1.82B

Net Income

$-845.00M

Total Assets

$4.61B

Equity

$1.90B

Shares Out

45.79M

Op. Cash Flow

$134.00M

Business

ASHLAND INC. is a global additives and specialty ingredients company that develops and supplies formulation technologies and chemical solutions for industrial and consumer markets. It offers polymers, excipients, tablet coatings, rheology modifiers, surfactants, preservatives, biofunctional actives, BDO and related intermediates, and specialty process solvents for use in pharmaceuticals, personal care, coatings, construction, energy, food and beverage and other industries. The business is organized into four reportable segments: Life Sciences, Personal Care, Specialty Additives and Intermediates. Ashland markets and distributes its products across the Americas, Europe, the Middle East, Africa and Asia Pacific.

Summary from filing dated 2025-11-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Sales - Note P	1,824	2,113	2,191	2,391	2,111
Cost of sales - Note Q	1,275	1,495	1,523	1,561	1,441
Gross profit	549	618	668	830	670
Selling, general and administrative expense - Note Q	344	404	365	393	358
Research and development expense	54	55	51	55	50
Intangibles amortization expense - Note G	63	76	93	94	90
Equity and other income	4	6	7	3	9
Goodwill impairment - Note G	706	0	0	0	0
Income (loss) on acquisitions and divestitures, net - Note B	−161	−115	6	42	11
Operating income (loss)	−775	−26	172	333	192
Net interest and other expense (income) - Note H	33	−24	6	149	56
Other net periodic benefit loss - Note L	1	22	6	−22	−1
Income (loss) from continuing operations before income taxes	−809	−24	160	206	135
Income tax expense (benefit) - Note K	13	−223	−8	25	−38
Income (loss) from continuing operations	−822	199	168	181	173
Income (loss) from discontinued operations, net of income taxes - Note C	−23	−30	10	746	47
Net income (loss)	−845	169	178	927	220
Income (loss) from continuing operations	−17.74	3.99	3.18	3.26	2.85
Income (loss) from discontinued operations	−0.49	−0.59	0.18	13.45	0.78
Net income (loss) (per share)	−18.23	3.4	3.36	16.71	3.63
Income (loss) from continuing operations	−17.74	3.95	3.13	3.2	2.82
Income (loss) from discontinued operations	−0.49	−0.59	0.18	13.21	0.77
Net income (loss) (per share)	−18.23	3.36	3.31	16.41	3.59
Unrealized translation gain	45	54	72	−197	7
Unrealized gain (loss) on commodity hedges	2	1	−6	−1	4
Other comprehensive income	47	55	66	−197	11
Comprehensive income (loss)	−798	224	244	730	231

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	215	300	417	646	210
Accounts receivable, net - Notes A and H	242	243	338	402	369
Inventories - Note A	568	545	626	629	473
Other assets	180	107	125	91	68
Total current assets	1,205	1,195	1,506	1,768	1,717
Cost	3,355	3,316	3,211	3,050	3,066
Accumulated depreciation	2,154	2,013	1,838	1,712	1,639
Net property, plant and equipment	1,201	1,303	1,373	1,338	1,427
Goodwill - Note G	705	1,381	1,362	1,312	1,430
Intangibles - Note G	563	751	886	963	1,099
Operating lease assets, net - Note J	103	114	122	107	124
Restricted investments - Note E	297	295	290	313	384
Asbestos insurance receivable, net - Notes A and M	127	132	127	138	134
Deferred income taxes - Note K	157	210	22	20	30
Other assets - Note I	253	264	251	254	267
Total noncurrent assets	3,406	4,450	4,433	4,445	4,895
Total assets	4,611	5,645	5,939	6,213	6,612
Trade and other payables	189	214	210	265	236
Accrued expenses and other liabilities	213	256	208	269	251
Current operating lease obligations - Note J	21	20	22	19	23
Total current liabilities	423	490	456	553	934
Long-term debt - Note H	1,384	1,349	1,314	1,270	1,596
Asbestos litigation reserves - Note M	389	414	427	472	490
Deferred income taxes - Note K	31	29	148	176	237
Employee benefit obligations - Note L	96	110	100	103	144
Operating lease obligations - Note J	85	99	106	94	110
Other liabilities - Note I	299	286	291	325	349
Total noncurrent liabilities	2,284	2,287	2,386	2,440	2,926
Commitments and contingencies - Notes J and M	—	—	—	—	—
Common stock, par value $.01 per share, 200 million shares authorized Issued 46 million and 47 million shares in 2025 and 2024	1	1	1	1	1
Paid-in capital	6	—	4	135	327
Retained earnings	2,298	3,315	3,595	3,653	2,796
Accumulated other comprehensive loss	−401	−448	−503	−569	−372
Total equity	1,904	2,868	3,097	3,220	2,752
Total liabilities and equity	4,611	5,645	5,939	6,213	6,612

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	237	274	243	241	244
Original issue discount and debt issuance cost amortization	7	6	6	7	7
Deferred income taxes	73	−302	−32	−35	−26
Gain from sales of property and equipment	−16	0	−1	0	−4
Stock based compensation expense - Note O	14	15	22	18	15
Benefit (loss) from excess tax deduction on stock based compensation	−3	0	2	—	—
Income from restricted investments	−33	−74	−43	86	−33
Loss (income) on acquisitions and divestitures, net - Notes B	177	107	−7	−42	−15
Asset impairments	0	11	4	—	—
Pension contributions	−12	−15	−8	−5	−8
Loss (gain) on pension and other postretirement plan remeasurements	−3	14	−2	−22	1
Change in operating assets and liabilities	−191	227	−58	−237	80
Total cash flows provided by operating activities from continuing operations	134	462	294	193	466
Additions to property, plant and equipment	−98	−137	−170	−113	−105
Proceeds from disposal of property, plant and equipment	16	0	11	51	5
Proceeds from sale or restructuring of operations	16	26	0	0	14
Proceeds from settlement of company-owned life insurance contracts	12	1	6	3	91
Company-owned life insurance payments	−5	−5	−5	−4	−6
Funds restricted for specific transactions	−8	−5	−9	−74	−91
Reimbursement from restricted investments	62	79	58	35	33
Proceeds from sale of securities	56	53	47	87	149
Purchase of securities	−54	−53	−47	−87	−149
Other investing cash flows	0	−10	0	0	—
Total cash flows used by investing activities from continuing operations	−3	−51	−109	—	—
Proceeds from (repayment of) short-term debt	0	−16	16	−365	84
Repurchase of common stock	−100	−380	−300	−200	−450
Cash dividends paid	−76	−78	−76	−70	−70
Stock based compensation employee withholding taxes paid in cash	−3	−5	−11	−9	−7
Total cash flows used by financing activities from continuing operations	−179	−479	−371	−896	−426
CASH USED BY CONTINUING OPERATIONS	−48	−68	−186	−805	−327
Operating cash flows	−40	−51	−51	−406	94
Total cash used by discontinued operations	−40	−51	−51	1,252	80
Effect of currency exchange rate changes on cash and cash equivalents	3	2	8	−11	3
DECREASE IN CASH AND CASH EQUIVALENTS	−85	−117	−229	436	−244
Accounts receivable	−3	96	58	−23	72
Inventories	−28	79	−7	−141	41
Trade and other payables	−63	56	−112	34	3
Other assets and liabilities	−97	−4	3	−107	−36
Interest paid	54	52	53	56	62
Income taxes paid (including discontinued operations)	33	53	63	406	1

Filings

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