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Dec 31, 2025
Ashland Q1 2026 Earnings Report
Ashland reported lower sales and a net loss while generating strong operating cash flow and narrowing full-year guidance.
Key Takeaways
Ashland delivered first-quarter fiscal 2026 sales of $386 million, reflecting modest declines driven largely by the Avoca divestiture and softer demand in Specialty Additives. Despite a net loss, the company generated strong operating cash flow and narrowed its full-year adjusted EBITDA outlook.
Sales declined year over year, primarily due to the Avoca divestiture and weaker Specialty Additives demand.
Life Sciences delivered year-over-year growth supported by resilient pharma demand.
Adjusted EBITDA declined modestly, impacted by lower volumes and the Calvert City outage.
Operating cash flow was strong, benefiting from a tax refund and working capital improvements.
Revenue by Segment
Forward Guidance
Ashland narrowed its full-year fiscal 2026 adjusted EBITDA guidance while maintaining its overall strategic outlook.
Positive Outlook
- Full-year adjusted EBITDA guidance narrowed to $400–$420 million.
- Life Sciences and Personal Care markets expected to remain resilient.
- Cost savings and productivity initiatives continue to progress.
- Innovation-driven and globalized platforms support growth.
- Early second-quarter sales trends were encouraging.
Challenges Ahead
- Temporary impacts from Calvert City startup delays.
- Weather-related disruptions affecting second-quarter performance.
- Specialty Additives demand remains weak in certain regions.
- Pricing pressure persists in select markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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