Earnings Releases·Nov 3, 2026, 5:27 PM ET

Ashland Inc. — Fourth Quarter and Full-Year Fiscal 2026 Earnings Summary

**Financial Results:** Q4 2026 sales rose 4% to $498 million and full-year sales increased 2% to $1.863 billion; however, Q4 net loss widened to $16 million ($0.35/share) versus prior-year income of $32 million, while full-year net income recovered to $4 million ($0.09/share) from a $845 million loss in 2025, driven by the absence of prior-year impairments.
**Cash Flow & Margins:** Q4 operating cash flow surged to $90 million and full-year Ongoing Free Cash Flow reached $232 million (up from $127 million), while Q4 Adjusted EBITDA grew 2% to $121 million and full-year Adjusted EBITDA declined 4% to $385 million.
**Strategic Performance:** The "Globalize" and "Innovate" strategies exceeded targets by generating ~$26 million in incremental sales each, and Life Sciences and Personal Care segments delivered double-digit growth with record Adjusted EBITDA margins in Q4.
**2027 Outlook & Guidance:** The company projects full-year 2027 sales of $1.905–$1.975 billion (2–6% growth) and Adjusted EBITDA of $405–$435 million, assuming volatile raw material costs offset by pricing actions and facing $20–$25 million in foreign currency headwinds.
**Capital Position:** Ashland ended fiscal 2026 with $480 million in cash, $976 million in total liquidity, and a net leverage ratio of 2.3x; the company paid $76 million in dividends during the year with no share repurchases.