Ashland demonstrated resilience in a challenging market by maintaining strong margins and progressing on strategic initiatives. However, sales declines, goodwill impairment, and challenges in key segments such as Specialty Additives and Personal Care highlight ongoing difficulties. The company's completion of portfolio optimization and strong cash flow are positive indicators, but the significant impairments and continued demand challenges balance the outlook.

Company Guidance -

Q4 2025

In the recent Ashland Inc. Third Quarter 2025 Earnings Call, the company provided updated guidance for fiscal year 2025, projecting full-year sales between $1.825 billion and $1.85 billion, with adjusted EBITDA expected to range from $400 million to $410 million. The third quarter saw sales of $463 million, a 15% year-over-year decline, and an adjusted EBITDA of $113 million, down 19% compared to the previous year. Despite a challenging demand environment, Ashland maintained resilient adjusted EBITDA margins at 24.4%. The company highlighted strong performance in its Life Sciences segment, which posted a 33% EBITDA margin for the second consecutive quarter. While the Personal Care segment faced a 16% decline in sales, it is showing signs of recovery. Specialty Additives experienced a 13% drop in sales, impacted by weak demand in China. Ashland emphasized its strategic focus on cost savings, having completed its $60 million manufacturing optimization program, with significant cost benefits expected to flow into fiscal year 2026. The company also reported nearly 100% free cash flow conversion in the quarter, demonstrating robust underlying business strength.

Resilient Performance in Mixed Demand Environment

Despite a challenging market, Ashland delivered adjusted EBITDA in line with expectations at $113 million and maintained strong EBITDA margins of 24.4%.

Life Sciences Segment Growth

Life Sciences maintained strong pharma growth momentum with 33% margins for the second consecutive quarter and achieved high-impact product launches.

Strong Free Cash Flow

Achieved nearly 100% free cash flow conversion, demonstrating robust underlying business strength.

Completion of Portfolio Optimization

Portfolio optimization is complete, and restructuring is ahead of schedule, contributing to strong margins across all business units.

Manufacturing Optimization Program Progress

The $60 million manufacturing optimization program is advancing well, with significant savings expected to phase in over time.

Ashland (ASH) Earnings, Revenues Date & History

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ASH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q4)	1.30 / -	1.26	―	―	―
Jul 29, 2025	2025 (Q3)	1.21 / 1.04	1.49	-30.20% (-0.45)
Apr 30, 2025	2025 (Q2)	1.10 / 0.99	1.27	-22.05% (-0.28)
Jan 28, 2025	2025 (Q1)	0.17 / 0.28	0.45	-37.78% (-0.17)
Nov 06, 2024	2024 (Q4)	1.28 / 1.26	0.41	207.32% (+0.85)
Aug 06, 2024	2024 (Q3)	1.45 / 1.49	1.23	21.14% (+0.26)
Apr 30, 2024	2024 (Q2)	1.14 / 1.27	1.43	-11.19% (-0.16)
Jan 30, 2024	2024 (Q1)	0.20 / 0.45	0.97	-53.61% (-0.52)
Nov 08, 2023	2023 (Q4)	0.69 / 0.41	1.46	-71.92% (-1.05)
Jul 25, 2023	2023 (Q3)	1.32 / 1.23	1.89	-34.92% (-0.66)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ASH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$50.18	$52.98	+5.58%
Apr 30, 2025	$53.95	$48.63	-9.86%
Jan 28, 2025	$70.12	$63.23	-9.83%
Nov 06, 2024	$85.65	$79.10	-7.65%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.