EarningsQ3 2026 Earnings Report
MX:ASH Q3 2026 EPS Results
Actual EPS$18.46
Consensus EPS$17.82
Beat/MissBeat by +$0.63
One Year Ago EPS$18.82
MX:ASH Q3 2026 Revenue Results
Actual Revenue$8.99B
Expected Revenue$8.79B
Beat/MissBeat by +$199.45M
YoY Revenue Growth+7.34%
Earnings Announcement Details
QuarterQ3 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:ASH Upcoming Earnings
Ashland's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ASH Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mix of clear commercial and cash-generation strengths—broad-based revenue growth (7% YoY), strong Life Sciences and Personal Care performance, inventory reduction, improved liquidity and the successful execution of Globalize and Innovate initiatives—while also acknowledging material margin pressure from earlier production disruptions, lower adjusted EBITDA versus last year, EPS headwinds from a higher tax rate, and slower-than-expected operational improvements in certain plants (notably Hopewell/HEC). Management expects pricing realization and manufacturing improvements to support a step-up in profitability in Q4 and reaffirmed revenue and EBITDA guidance, but timing of full margin recovery remains uncertain.Company Guidance
Revenue Growth and Volume Expansion
Third quarter sales of $497 million, up 7% year-over-year; volumes increased 6% across the portfolio, with foreign exchange contributing approximately $3 million (~1%).
Strong Cash Generation and Balance Sheet
Free cash flow of $103 million (vs. $108 million prior-year quarter) with conversion above 90%; inventory down nearly $80 million year-to-date; available liquidity of $936 million and net leverage returned to 2.4x (within long-term target).
Life Sciences Outperformance
Life Sciences sales of $180 million, up 11% year-over-year; adjusted EBITDA $60 million (+11% YoY) with a 33.0% margin (consistent with prior year); pharma delivered its 5th consecutive quarter of volume growth and injectables/ high-purity excipients showing strong adoption.
Personal Care Momentum
Personal Care sales of $155 million, up 5% year-over-year; biofunctional actives delivered double-digit growth and skincare grew high-single-digits; commissioned a new microbial protection plant in Europe; adjusted EBITDA rose to $45 million from $41 million and margin expanded 110 bps to 29.0%.
Intermediates and Merchant Demand Improvement
Intermediates sales of $37 million, up 12% year-over-year; merchant sales increased to $26 million from $23 million driven by higher NMP demand for EV battery and energy storage applications.
Commercial & Strategic Momentum (Globalize & Innovate)
Globalize already achieved its full-year growth target in the first 9 months and Innovate has exceeded its full-year target; over 52 patents filed and management highlights multiple scalable technology platforms with a September innovation webinar planned.
Manufacturing Optimization Run-Rate Benefits
VP&D optimization expected to deliver approximately $12 million this fiscal year and small plant consolidation delivered ~$3 million, for an expected $15 million of structural run-rate EBITDA benefit.
Pricing Recovery Trajectory
Pricing turned positive, increasing ~1% year-over-year after swinging from down 2% in Q2 to up 1% in Q3; management noted sequential pricing improvement of roughly 300 basis points and expects further realization in Q4.
Capital Structure Actions
Refinanced credit agreement during the quarter, extending maturities on attractive terms and reinforcing financial flexibility to support operations and investments.
MX:ASH Earnings History
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