Gross margin swung between 15.1% and 35.9% and operating margin between -11.2% and 12.8% over the period, with the latest quarter's 5.8% operating margin suggesting volatility driven by feedstock, mix, and discrete charges rather than steady operating scaling.
Ashland Inc. (ASH) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 1.86B | 1.82B | 2.11B | 2.19B | 2.39B | 2.11B | 2.02B | 2.15B | 2.59B | 2.31B | 3.02B | 3.42B | 6.12B | 6.09B | 6.47B | 6.5B | 5.74B | 8.11B | 8.38B | 7.79B | 7.23B | 7.29B | 6.21B | 7.91B | 7.62B | 8.55B | 7.96B | 6.8B | 6.53B | 12.83B | 11.33B |
| Revenue Growth % | 2.08% | -13.68% | -3.56% | -8.36% | 13.26% | 4.71% | -6.15% | -17.03% | 12.13% | -23.52% | -11.73% | -44.13% | 0.49% | -5.89% | -0.46% | 13.26% | -29.18% | -3.28% | 7.66% | 7.63% | -0.85% | 17.4% | -21.46% | 3.87% | -10.88% | 7.36% | 17.06% | 4.09% | -49.08% | 13.29% | 1.33% |
| Cost of Goods Sold | 1.3B | 1.27B | 1.5B | 1.52B | 1.56B | 1.44B | 1.42B | 1.5B | 1.73B | 1.58B | 2.13B | 2.53B | 4.61B | 4.3B | 4.81B | 4.89B | 4.12B | 6.32B | 7.06B | 6.45B | 6.03B | 5.54B | 4.72B | 6.39B | 6.12B | 6.32B | 6.43B | 5.35B | 5.3B | 9.81B | 9.51B |
| COGS % of Revenue | - | 69.9% | 70.75% | 69.51% | 65.29% | 68.26% | 70.29% | 69.69% | 66.67% | 68.43% | 70.62% | 74.04% | 75.23% | 70.66% | 74.37% | 75.21% | 71.83% | 77.93% | 84.19% | 82.81% | 83.37% | 76.01% | 75.97% | 80.76% | 80.28% | 73.93% | 80.82% | 78.61% | 81.1% | 76.44% | 83.97% |
| Gross Profit | 561M | 549M | 618M | 668M | 830M | 670M | 599M | 651M | 863M | 729M | 887M | 888M | 1.52B | 1.79B | 1.66B | 1.61B | 1.62B | 1.79B | 1.32B | 1.34B | 1.2B | 1.75B | 1.49B | 1.52B | 1.5B | 2.23B | 1.53B | 1.46B | 1.24B | 3.02B | 1.82B |
| Gross Margin % | 30.11% | 30.1% | 29.25% | 30.49% | 34.71% | 31.74% | 29.71% | 30.31% | 33.33% | 31.57% | 29.38% | 25.96% | 24.77% | 29.34% | 25.63% | 24.79% | 28.17% | 22.07% | 15.81% | 17.19% | 16.63% | 23.99% | 24.03% | 19.24% | 19.72% | 26.07% | 19.18% | 21.39% | 18.9% | 23.56% | 16.03% |
| Gross Profit Growth % | - | -11.16% | -7.49% | -19.52% | 23.88% | 11.85% | -7.99% | -24.57% | 18.38% | -17.81% | -0.11% | -41.42% | -15.17% | 7.72% | 2.92% | -0.31% | -9.61% | 35.02% | -0.97% | 11.22% | -31.26% | 17.21% | -1.91% | 1.33% | -32.59% | 45.91% | 4.95% | 17.81% | -59.15% | 66.46% | -4.87% |
| Operating Expenses | 458M | 1.32B | 644M | 496M | 497M | 478M | 1.06B | 565M | 761M | 680M | 937M | 776M | 1.47B | 748M | 1.38B | 1.48B | 1.62B | 1.79B | 1.32B | 1.34B | 1.2B | 1.75B | 1.49B | 1.52B | 1.5B | 2.23B | 1.53B | 1.46B | 1.24B | 3.02B | 1.82B |
| OpEx % of Revenue | - | 72.59% | 30.48% | 22.64% | 20.79% | 22.64% | 52.58% | 26.3% | 29.39% | 29.45% | 31.04% | 22.69% | 24.02% | 12.28% | 21.29% | 22.79% | 28.17% | 22.07% | 15.81% | 17.19% | 16.63% | 23.99% | 24.03% | 19.24% | 19.72% | 26.07% | 19.18% | 21.39% | 18.9% | 23.56% | 16.03% |
| Selling, General & Admin | 364M | 345M | 404M | 365M | 393M | 358M | 400M | 426M | 599M | 610M | 858M | 692M | 1.36B | 670M | 1.33B | 1.45B | 1.34B | 1.34B | 1.17B | 1.17B | 1.08B | 1.08B | 968M | 1.26B | 1.18B | 1.13B | 1.09B | 1.05B | 1.01B | 1.35B | 1.26B |
| SG&A % of Revenue | - | 18.91% | 19.12% | 16.66% | 16.44% | 16.96% | 19.84% | 19.83% | 23.14% | 26.42% | 28.42% | 20.23% | 22.19% | 11% | 20.5% | 22.32% | 23.31% | 16.54% | 13.91% | 15.04% | 14.89% | 14.79% | 15.58% | 15.87% | 15.5% | 13.19% | 13.74% | 15.5% | 15.4% | 10.52% | 11.1% |
| Research & Development | 56M | 54M | 55M | 51M | 55M | 50M | 56M | 58M | 73M | 83M | 87M | 99M | 114M | 137M | 137M | 80M | 86M | 96M | 0 | 0 | 0 | 0 | 43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.96% | 2.6% | 2.33% | 2.3% | 2.37% | 2.78% | 2.7% | 2.82% | 3.59% | 2.88% | 2.89% | 1.86% | 2.25% | 2.12% | 1.23% | 1.5% | 1.18% | - | - | - | - | 0.69% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 925M | 185M | 80M | 49M | 70M | 604M | 81M | 89M | -3M | -8M | -15M | -2M | -64M | -53M | -49M | 201M | 352M | 159M | 167M | 126M | 671M | 525M | 266M | 321M | 1.1B | 433M | 401M | 229M | 1.67B | 559M |
| Operating Income | 103M | -775M | -26M | 172M | 333M | 192M | -461M | 86M | 102M | 49M | -50M | 112M | 46M | 1.04B | 281M | 130M | 201M | -78M | 193M | 219M | 175M | 107M | 182M | 266M | 321M | 851M | 196M | 173M | 48M | 333M | 260M |
| Operating Margin % | 5.53% | -42.49% | -1.23% | 7.85% | 13.93% | 9.1% | -22.87% | 4% | 3.94% | 2.12% | -1.66% | 3.27% | 0.75% | 17.06% | 4.34% | 2% | 3.5% | -0.96% | 2.3% | 2.81% | 2.42% | 1.47% | 2.93% | 3.36% | 4.21% | 9.96% | 2.46% | 2.54% | 0.73% | 2.59% | 2.3% |
| Operating Income Growth % | - | -2880.77% | -115.12% | -48.35% | 73.44% | 141.65% | -636.05% | -15.69% | 108.16% | 198% | -144.64% | 143.48% | -95.57% | 269.75% | 116.15% | -35.32% | 357.69% | -140.41% | -11.87% | 25.14% | 63.55% | -41.21% | -31.58% | -17.13% | -62.28% | 334.18% | 13.29% | 260.42% | -85.59% | 28.08% | 106.35% |
| EBITDA | 299M | -538M | 248M | 415M | 574M | 436M | -226M | 363M | 379M | 351M | 254M | 451M | 439M | 1.4B | 640M | 429M | 481M | 251M | 338M | 352M | 286M | 207M | 375M | 470M | 529M | 1.1B | 433M | 401M | 229M | 681M | 559M |
| EBITDA Margin % | 16.05% | -29.5% | 11.74% | 18.94% | 24.01% | 20.65% | -11.21% | 16.9% | 14.64% | 15.2% | 8.41% | 13.19% | 7.17% | 22.9% | 9.89% | 6.6% | 8.38% | 3.1% | 4.03% | 4.52% | 3.95% | 2.84% | 6.03% | 5.94% | 6.94% | 12.88% | 5.44% | 5.9% | 3.5% | 5.31% | 4.93% |
| EBITDA Growth % | -25.81% | -316.94% | -40.24% | -27.7% | 31.65% | 292.92% | -162.26% | -4.22% | 7.98% | 38.19% | -43.68% | 2.73% | -68.53% | 117.97% | 49.18% | -10.81% | 91.63% | -25.74% | -3.98% | 23.08% | 38.16% | -44.8% | -20.21% | -11.15% | -51.95% | 154.27% | 7.98% | 75.11% | -66.37% | 21.82% | -8.81% |
| D&A (Non-Cash Add-back) | 196M | 237M | 274M | 243M | 241M | 244M | 235M | 277M | 277M | 302M | 304M | 339M | 393M | 356M | 359M | 299M | 280M | 329M | 145M | 133M | 111M | 100M | 193M | 204M | 208M | 250M | 237M | 228M | 181M | 348M | 299M |
| EBIT | 139M | -746M | 29M | 214M | 268M | 204M | -489M | 105M | 127M | 151M | -122M | 352M | 47M | 1.02B | 208M | 134M | 273M | 384M | 193M | 219M | 175M | -613M | 662M | 266M | 321M | 851M | 196M | 173M | 48M | 333M | 260M |
| Net Interest Income | -60M | -58M | -43M | -45M | -62M | -72M | -90M | -116M | -116M | -240M | -181M | -177M | -166M | -282M | -317M | -121M | -186M | -205M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6M | 5M | 10M | 12M | 4M | 1M | 1M | 2M | 0 | 4M | 5M | 6M | 6M | 4M | 8M | 16M | 12M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 66M | 63M | 53M | 57M | 66M | 73M | 91M | 114M | 116M | 227M | 180M | 166M | 163M | 273M | 251M | 131M | 198M | 226M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -33M | -34M | 2M | -12M | -127M | -57M | -116M | -95M | -91M | -245M | -258M | -263M | -162M | -88M | -324M | 0 | 0 | 0 | 68M | 40M | 37M | 1.62B | 366M | -128M | -138M | -170M | 287M | 312M | 269M | -14M | -52M |
| Pretax Income | 70M | -809M | -24M | 160M | 206M | 135M | -577M | -9M | 11M | -196M | -308M | -151M | -116M | 951M | -43M | 3M | 75M | 158M | 261M | 259M | 212M | 1.73B | 548M | 138M | 183M | 681M | 483M | 485M | 317M | 319M | 208M |
| Pretax Margin % | 3.76% | -44.35% | -1.14% | 7.3% | 8.62% | 6.4% | -28.62% | -0.42% | 0.42% | -8.49% | -10.2% | -4.42% | -1.9% | 15.61% | -0.66% | 0.05% | 1.31% | 1.95% | 3.11% | 3.33% | 2.93% | 23.69% | 8.82% | 1.74% | 2.4% | 7.97% | 6.07% | 7.13% | 4.85% | 2.49% | 1.84% |
| Income Tax | 45M | 13M | -223M | -8M | 25M | -38M | -22M | 30M | -8M | -16M | -25M | -139M | -188M | 274M | -57M | -53M | -13M | 80M | 86M | 58M | 29M | -230M | 150M | 44M | 68M | 275M | 191M | 194M | 114M | 127M | 72M |
| Effective Tax Rate % | 64.29% | -1.61% | 929.17% | -5% | 12.14% | -28.15% | 3.81% | -333.33% | -72.73% | 8.16% | 8.12% | 92.05% | 162.07% | 28.81% | 132.56% | -1766.67% | -17.33% | 50.63% | 32.95% | 22.39% | 13.68% | -13.31% | 27.37% | 31.88% | 37.16% | 40.38% | 39.54% | 40% | 35.96% | 39.81% | 34.62% |
| Net Income | 4M | -845M | 169M | 178M | 927M | 220M | -508M | 505M | 114M | 1M | -29M | 309M | 233M | 683M | 26M | 414M | 141M | 71M | 167M | 230M | 407M | 2B | 378M | 75M | 117M | 417M | 70M | 290M | 203M | 279M | 211M |
| Net Margin % | 0.21% | -46.33% | 8% | 8.12% | 38.77% | 10.42% | -25.2% | 23.51% | 4.4% | 0.04% | -0.96% | 9.04% | 3.81% | 11.21% | 0.4% | 6.37% | 2.46% | 0.88% | 1.99% | 2.95% | 5.63% | 27.47% | 6.08% | 0.95% | 1.54% | 4.88% | 0.88% | 4.26% | 3.11% | 2.17% | 1.86% |
| Net Income Growth % | 100.47% | -600% | -5.06% | -80.8% | 321.36% | 143.31% | -200.59% | 342.98% | 11300% | 103.45% | -109.39% | 32.62% | -65.89% | 2526.92% | -93.72% | 193.62% | 98.59% | -57.48% | -27.39% | -43.49% | -79.69% | 430.16% | 404% | -35.9% | -71.94% | 495.71% | -75.86% | 42.86% | -27.24% | 32.23% | 779.17% |
| Net Income (Continuing) | 25M | -822M | 199M | 168M | 181M | 173M | -555M | -39M | 19M | -180M | -283M | -12M | 72M | 553M | 14M | 56M | 88M | 78M | 175M | 201M | 183M | 1.96B | 398M | 94M | 115M | 406M | 292M | 291M | 203M | 192M | 136M |
| Discontinued Operations | 2M | -23M | -30M | 10M | 746M | 47M | 47M | 544M | 95M | 208M | 255M | 321M | 161M | 130M | 0 | 0 | 53M | 0 | 0 | 0 | 224M | 46M | 0 | -14M | 0 | 0 | -218M | 0 | 0 | 96M | 75M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -182M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 273M | 174M |
| EPS (Diluted) | 0.09 | -18.37 | 3.38 | 3.31 | 16.41 | 3.66 | -8.39 | 8.03 | 1.78 | 0.02 | -0.46 | 4.48 | 3.00 | 8.57 | 0.33 | 5.17 | 1.63 | 0.95 | 2.63 | 3.60 | 5.64 | 26.85 | 5.25 | 1.10 | 1.67 | 5.93 | 0.98 | 3.89 | 2.63 | 3.64 | 2.96 |
| EPS Growth % | 100.44% | -643.49% | 2.11% | -79.83% | 348.36% | 143.62% | -204.48% | 351.12% | 10955.9% | 103.5% | -110.27% | 49.33% | -64.99% | 2496.97% | -93.62% | 217.18% | 71.58% | -63.88% | -26.94% | -36.17% | -78.99% | 411.43% | 377.27% | -34.13% | -71.84% | 505.1% | -74.81% | 47.91% | -27.75% | 22.97% | 3600% |
| EPS (Basic) | - | -18.37 | 3.45 | 3.36 | 17.17 | 2.85 | -8.33 | 8.15 | 1.84 | 0.02 | -0.46 | 4.61 | 3.33 | 8.87 | 0.33 | 5.31 | 1.65 | 0.95 | 2.65 | 3.66 | 5.73 | 27.49 | 5.25 | 1.10 | 1.72 | 6.04 | 0.99 | 3.94 | 2.68 | 3.86 | 3.00 |
| Diluted Shares Outstanding | 46M | 46M | 50M | 54M | 56M | 61M | 61M | 63M | 64M | 62M | 63M | 69M | 78M | 80M | 80M | 80M | 79M | 73M | 63.5M | 63.89M | 72M | 74.64M | 71.19M | 68.18M | 70.06M | 70.32M | 71.43M | 75M | 77.19M | 73.9M | 64.86M |
| Basic Shares Outstanding | 46M | 46M | 49M | 53M | 54M | 78.01M | 61M | 63M | 62M | 62M | 63M | 67M | 70M | 77M | 79M | 78M | 78M | 72M | 63.02M | 62.84M | 71M | 72.5M | 70M | 67.78M | 68.63M | 69.75M | 70.71M | 74M | 75.75M | 69.69M | 64M |
| Dividend Payout Ratio | - | - | 46.15% | 42.7% | 7.55% | 31.82% | - | 12.67% | 52.63% | 7700% | - | 31.72% | 44.21% | 12.88% | 242.31% | 12.32% | 24.82% | 30.99% | 41.32% | 323.04% | 19.16% | 3.94% | 20.37% | 100% | 64.96% | 18.23% | 111.43% | 27.93% | 41.38% | 30.82% | 42.18% |
Quick answers to the most common questions about buying ASH stock.
For fiscal year 2025, Ashland Inc. (ASH) reported total revenue of $1.82B. This represents a 83.9% decline compared to $11.33B in 1996.
Ashland Inc. (ASH) reported a net loss of $845.0M for the fiscal year ending 2025.
Ashland Inc. (ASH) reported an operating income of $-775.0M, resulting in an operating profit margin of -42.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ashland Inc. (ASH) generated $549.0M in gross profit for the year, representing a gross profit margin of 30.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Recurring large non-operating charges
Metrics are mathematically derived from official filings.
Top-Line Stabilizing After Portfolio Pruning
Based on reported quarterly figures, Ashland's revenue has hovered between roughly $386M and $498M across the last ten quarters, with the latest quarter showing a 4.2% year-over-year gain that may signal early stabilization after divestitures.
The sequential progression from the $386M first quarter of 2026 to $498M in the fourth quarter suggests a recovery in volumes, though the year-over-year comparisons are complicated by the portfolio changes that removed businesses from the reported base. Investors should monitor whether this growth reflects durable end-market demand or simply the seasonal and mix effects of a smaller, reshaped company. Without a clear organic breakdown in the supplied data, the sustainability of the top-line trend remains difficult to confirm.
Gross Margin Recovery Masked by Volatility
As reported in the quarterly income statements, Ashland's gross margin ranged from 15.1% to 35.9%, with the most recent quarter at 35.9%, indicating a meaningful swing that likely reflects feedstock and mix dynamics.
The wide range suggests the company's blend of high-margin Life Sciences ingredients and more volatile intermediates exposure drives considerable quarter-to-quarter variance. The latest recovery toward the mid-30s may point to improved mix toward specialty products, though a single quarter is insufficient to establish a new structural baseline. The contrast with the 15.1% trough in 2025Q3 highlights how sensitive reported gross profit is to commodity and segment swings.
Operating Income Swings Dominated by Charges
Based on reported figures, operating margin moved from -11.2% to 12.8% over the period, and the pattern suggests that large discrete items, rather than steady operating scaling, are driving the bottom line.
SG&A has remained relatively contained in the $58M to $114M range, so the operating deterioration appears tied to gross profit volatility and non-recurring items rather than overhead inflation. Operating income moves that do not track gross profit closely imply limited operating leverage in either direction. Investors should treat the reported operating margin as noisy until the underlying charges are separated from core earnings.
Net Income Distorted by Single Large Charge
According to the reported income statement, Ashland's 2025Q3 net loss of $742M against a -$16M operating loss, with EPS of -$16.13, points to a non-operating event far larger than normal operations would produce.
The gap between operating and net results in that quarter strongly suggests impairment, legal, or other non-operating charges that dominate reported earnings. Excluding such items, quarterly EPS has oscillated in a range of roughly $0.12 to $0.70, which better reflects the underlying earning capacity. Earnings quality analysis should therefore prioritize normalized figures, as headline EPS appears materially distorted by episodic items.
Recurring Charges Challenge the Recovery Thesis
Based on reported figures, Ashland has posted negative net income in three of the last ten quarters, which may indicate that large charges are recurring rather than truly one-time in nature.
Short-sellers would likely argue that repeated impairments and legal reserves undermine the claim that the portfolio transformation is complete, since the 2026Q4 net loss of $16M coincided with a rising revenue base. A business that repeatedly reports large non-operating charges may carry unresolved legacy liabilities that cannot be fully assessed from the supplied data. This possibility warrants further investigation before treating recent margin improvements as durable.