Ashland Inc. (ASH) Income Statement
ASH FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsASH revenue and net income
Where ASH's revenue goes
FY2025Each bar shows an amount and its share of revenue. ASH kept −46.3% of revenue as net income.
ASH profit margins
ASH growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −13.7% | −8.6% | −2.0% | −6.1% |
| Gross profit | −11.2% | −12.9% | −1.7% | −4.7% |
| Operating income | — | — | — | — |
| Net income | −600.0% | — | — | — |
| EPS (diluted) | −24.2% | −16.1% | +3.9% | −7.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ASH quarterly EPS vs estimates
Ashland beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 3, 2026 (estimate $1.32).
ASH income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.82B | $2.11B | $2.19B | $2.39B | $2.11B | $2.02B | $2.15B | $2.59B | $2.31B | $3.02B |
| Cost of revenue | $1.27B | $1.50B | $1.52B | $1.56B | $1.44B | $1.42B | $1.50B | $1.73B | $1.58B | $2.13B |
| Gross profit | $549.0M | $618.0M | $668.0M | $830.0M | $670.0M | $599.0M | $651.0M | $863.0M | $729.0M | $887.0M |
| Research & development | $54.0M | $55.0M | $51.0M | $55.0M | $50.0M | $56.0M | $58.0M | $73.0M | $83.0M | $87.0M |
| Sales, general & admin | $345.0M | $404.0M | $367.0M | $395.0M | $359.0M | $402.0M | $426.0M | $603.0M | $610.0M | $864.0M |
| Total operating expenses | $1.32B | $644.0M | $496.0M | $497.0M | $478.0M | $1.06B | $565.0M | $761.0M | $680.0M | $937.0M |
| Operating income | −$775.0M | −$26.0M | $172.0M | $333.0M | $192.0M | −$461.0M | $86.0M | $102.0M | $49.0M | −$50.0M |
| Interest income | $5.0M | $10.0M | $6.0M | $149.0M | $56.0M | $57.0M | $95.0M | $98.0M | $212.0M | $167.0M |
| Interest expense | $63.0M | $53.0M | $57.0M | $66.0M | $73.0M | $91.0M | $114.0M | $116.0M | $227.0M | $180.0M |
| Income before taxes | −$809.0M | −$24.0M | $160.0M | $206.0M | $135.0M | −$577.0M | −$9.0M | $11.0M | −$196.0M | −$308.0M |
| Income taxes | $13.0M | −$223.0M | −$8.0M | $25.0M | −$38.0M | −$22.0M | $30.0M | −$8.0M | −$16.0M | −$25.0M |
| Net income | −$845.0M | $169.0M | $178.0M | $927.0M | $220.0M | −$508.0M | $505.0M | $114.0M | $1.0M | −$29.0M |
| EBITDA | −$509.0M | $303.0M | $457.0M | $509.0M | $448.0M | −$254.0M | $382.0M | $404.0M | $453.0M | $180.0M |
| EPS (diluted) | $3.39 | $4.47 | $4.04 | $5.73 | $4.43 | $2.80 | $2.51 | $3.58 | $4.48 | $6.71 |
| Gross margin | 30.1% | 29.2% | 30.5% | 34.7% | 31.7% | 29.7% | 30.3% | 33.3% | 31.6% | 29.4% |
| Operating margin | −42.5% | −1.2% | 7.9% | 13.9% | 9.1% | −22.9% | 4.0% | 3.9% | 2.1% | −1.7% |
| Net margin | −46.3% | 8.0% | 8.1% | 38.8% | 10.4% | −25.2% | 23.5% | 4.4% | 0.0% | −1.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $497.0M | $482.0M | $386.0M | $478.0M | $463.0M | $479.0M | $405.0M | $522.0M | $544.0M | $575.0M | $473.0M | $517.0M |
| Cost of revenue | $342.0M | $335.0M | $306.0M | $319.0M | $393.0M | $332.0M | $311.0M | $348.0M | $358.0M | $414.0M | $375.0M | $389.0M |
| Gross profit | $155.0M | $147.0M | $80.0M | $159.0M | $70.0M | $147.0M | $94.0M | $174.0M | $186.0M | $161.0M | $98.0M | $128.0M |
| Research & development | $15.0M | $14.0M | $13.0M | $13.0M | $13.0M | $14.0M | $13.0M | $13.0M | $15.0M | $14.0M | $12.0M | $14.0M |
| Sales, general & admin | $99.0M | $79.0M | $72.0M | $73.0M | $106.0M | $85.0M | $78.0M | $102.0M | $159.0M | $125.0M | $83.0M | $111.0M |
| Total operating expenses | $114.0M | $108.0M | $86.0M | $98.0M | $86.0M | $96.0M | $71.0M | $143.0M | $247.0M | $140.0M | $116.0M | $138.0M |
| Operating income | $41.0M | $39.0M | −$6.0M | $61.0M | −$16.0M | $51.0M | $23.0M | $31.0M | −$61.0M | $21.0M | −$18.0M | −$10.0M |
| Interest income | $2.0M | $1.0M | $6.0M | $1.0M | $1.0M | $1.0M | $2.0M | $2.0M | $3.0M | $2.0M | $3.0M | $28.0M |
| Interest expense | $13.0M | $15.0M | $17.0M | $16.0M | $18.0M | $15.0M | $18.0M | $15.0M | $12.0M | $16.0M | $15.0M | $12.0M |
| Income before taxes | $56.0M | $20.0M | −$15.0M | $64.0M | −$704.0M | $39.0M | −$209.0M | $25.0M | −$70.0M | $17.0M | $4.0M | −$37.0M |
| Income taxes | $15.0M | $5.0M | −$1.0M | $31.0M | $15.0M | $9.0M | −$43.0M | $6.0M | −$101.0M | −$104.0M | −$24.0M | −$29.0M |
| Net income | $16.0M | $16.0M | −$12.0M | $32.0M | −$742.0M | $31.0M | −$165.0M | $16.0M | $6.0M | $120.0M | $26.0M | −$4.0M |
| EBITDA | $120.0M | $80.0M | $50.0M | $130.0M | −$564.0M | $114.0M | −$140.0M | $93.0M | $3.0M | $116.0M | $94.0M | $38.0M |
| EPS (diluted) | $1.02 | $0.91 | $0.26 | $1.08 | $1.04 | $0.99 | $0.28 | $1.26 | $1.49 | $1.27 | $0.45 | $0.41 |
| Gross margin | 31.2% | 30.5% | 20.7% | 33.3% | 15.1% | 30.7% | 23.2% | 33.3% | 34.2% | 28.0% | 20.7% | 24.8% |
| Operating margin | 8.2% | 8.1% | −1.6% | 12.8% | −3.5% | 10.6% | 5.7% | 5.9% | −11.2% | 3.7% | −3.8% | −1.9% |
| Net margin | 3.2% | 3.3% | −3.1% | 6.7% | −160.3% | 6.5% | −40.7% | 3.1% | 1.1% | 20.9% | 5.5% | −0.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ASH's financial statements (latest annual report filed November 20, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ASH financial results
In fiscal year 2025 (ended September 30, 2025), Ashland reported revenue of $1.8 billion, down 13.7% from the year before. It had a net loss of $845.0 million, a net profit margin of −46.3%. Diluted earnings per share came to $3.39. Over five years revenue grew at an average rate of −2.0% a year.
See the ASH stock overview for the latest quote and news, or the ASH chart for price history and technical indicators.
ASH income statement FAQ
What is Ashland's annual revenue?
Ashland reported total revenue of $1.8 billion for fiscal year 2025, which ended on September 30, 2025. That was down 13.7% from $2.1 billion the previous year.
Is Ashland profitable?
No. Ashland reported a net loss of $845.0 million in fiscal 2025, a net profit margin of −46.3%; its operating margin was −42.5%.
What is Ashland's gross margin?
Ashland's gross margin was 30.1% in fiscal 2025: for every $100 of revenue, Ashland kept $30 after the direct cost of its products and services.
How much does Ashland spend on research and development?
Ashland spent $54.0 million on research and development in fiscal 2025, 3.0% of revenue.
How fast is Ashland growing?
Revenue grew −2.0% a year on average over the last five fiscal years, from $2.0 billion to $1.8 billion.
What are Ashland's earnings per share?
Ashland earned $3.39 per diluted share in fiscal 2025, compared with $4.47 a year earlier.
When will Ashland report its next earnings?
Ashland is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Ashland's fiscal year end?
Ashland's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 20, 2025.