Ashland's earnings call highlighted strong operational execution and strategic progress, particularly in Life Sciences and innovation initiatives. However, challenges such as sales declines, goodwill impairment, and pressures in Specialty Additives and Intermediates tempered these positives.

Company Guidance -

Q4 2025

In the third quarter of fiscal year 2025, Ashland Inc. reported sales of $463 million, reflecting a 15% decrease year-over-year, primarily due to portfolio optimization actions that impacted sales by $53 million. Excluding these actions, sales declined by 5%, with organic volume down by 4%. Adjusted EBITDA was $113 million, down 19% from the previous year or 10% excluding portfolio actions, resulting in resilient adjusted EBITDA margins of 24.4%. The company maintained a nearly 100% conversion of free cash flow and ended the quarter with liquidity of over $800 million. Looking ahead, Ashland narrowed its full-year sales guidance to a range of $1.825 billion to $1.85 billion and adjusted EBITDA between $400 million to $410 million, reflecting ongoing mixed demand conditions and strategic cost-saving initiatives.

Resilient Performance and Strong Margins

Despite a mixed demand environment, Ashland delivered resilient performance with stable trends across most markets. Adjusted EBITDA margins remained resilient at 24.4%.

Strong Free Cash Flow Conversion

Ashland achieved nearly 100% free cash flow conversion in the quarter, demonstrating the strength of its underlying business.

Life Sciences Segment Growth

Life Sciences maintained pharma growth momentum in VP&D and cellulosics, achieving strong margins of 33% for the second consecutive quarter.

Portfolio Optimization and Strategic Actions

The portfolio optimization is complete, and restructuring programs are ahead of schedule, with significant cost savings anticipated.

Innovation Exceeding Expectations

Innovation-driven revenue from new product introductions is ahead of plan, meeting the full-year target with a quarter still to go.

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.