Ashland Global (ASH) financial statements
Ashland Global reported revenue of $1.8B in fiscal 2025, down 5.4% a year over 9 years.
Net income was -$845M and the operating margin -42.5%, against -1.7% in 2016.
Free cash flow was $36M, and the company returned $76M in dividends and $100M in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ashland Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $2.3B | $2.6B | $2.1B | $2.0B | $2.1B | $2.4B | $2.2B | $2.1B | $1.8B |
| Cost of revenue | $2.1B | $1.6B | $1.7B | $1.5B | $1.4B | $1.4B | $1.6B | $1.5B | $1.5B | $1.3B |
| Gross profit | $887M | $729M | $863M | $651M | $599M | $670M | $830M | $668M | $618M | $549M |
| Research and development | $87M | $73M | $73M | $58M | $56M | $50M | $55M | $51M | $55M | $54M |
| Selling, general and admin | $858M | $610M | $599M | $426M | $400M | $358M | $393M | $365M | $404M | $344M |
| Operating income | -$50M | $49M | $102M | $86M | -$461M | $192M | $333M | $172M | -$26M | -$775M |
| Interest expense | $180M | $227M | $116M | $114M | $88M | $69M | $62M | $54M | $53M | $61M |
| Pre-tax income | -$308M | -$196M | $11M | -$9M | -$577M | $135M | $206M | $160M | -$24M | -$809M |
| Income tax | -$25M | -$16M | -$8M | $30M | -$22M | -$38M | $25M | -$8M | -$223M | $13M |
| Net income | -$29M | $1M | $114M | $505M | -$508M | $220M | $927M | $178M | $169M | -$845M |
| EPS (diluted) | -$0.47 | $0.01 | $1.79 | $8.15 | -$8.39 | $3.59 | $16.41 | $3.31 | $3.36 | -$18.23 |
| Diluted shares | 63M | 62M | 64M | 62M | 61M | 61M | 56M | 54M | 50M | 46M |
| Gross margin | 29.4% | 31.6% | 33.3% | 30.3% | 29.7% | 31.7% | 34.7% | 30.5% | 29.2% | 30.1% |
| Operating margin | -1.7% | 2.1% | 3.9% | 4.0% | -22.9% | 9.1% | 13.9% | 7.9% | -1.2% | -42.5% |
| Net margin | -1.0% | 0.0% | 4.4% | 23.5% | -25.2% | 10.4% | 38.8% | 8.1% | 8.0% | -46.3% |
Balance sheet
Fiscal years, from Ashland Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $566M | $294M | $232M | $454M | $210M | $646M | $417M | $300M | $215M |
| Receivables | $529M | $612M | $522M | $481M | $437M | $369M | $402M | $338M | $243M | $242M |
| Inventory | $539M | $634M | $596M | $597M | $506M | $473M | $629M | $626M | $545M | $568M |
| Total current assets | $2.9B | $1.9B | $1.7B | $1.4B | $1.5B | $1.7B | $1.8B | $1.5B | $1.2B | $1.2B |
| Property, plant and equipment | $1.9B | $2.0B | $1.6B | $1.6B | $1.5B | $1.4B | $1.3B | $1.4B | $1.3B | $1.2B |
| Goodwill | $2.1B | $2.3B | $2.3B | $1.8B | $1.3B | $1.4B | $1.3B | $1.4B | $1.4B | $705M |
| Total assets | $10.0B | $8.6B | $8.3B | $7.3B | $6.9B | $6.6B | $6.2B | $5.9B | $5.6B | $4.6B |
| Total current liabilities | $1.2B | $968M | $1.1B | $757M | $813M | $934M | $553M | $456M | $490M | $423M |
| Long-term debt | $2.3B | $2.6B | $2.3B | $1.5B | $1.6B | $1.6B | $1.3B | $1.3B | $1.3B | $1.4B |
| Total liabilities | $6.8B | $5.2B | $4.9B | $3.7B | $3.8B | $3.9B | $3.0B | $2.8B | $2.8B | $2.7B |
| Shareholders' equity | $3.3B | $3.4B | $3.4B | $3.6B | $3.0B | $2.8B | $3.2B | $3.1B | $2.9B | $1.9B |
| Net debt | $1.3B | $2.0B | $2.0B | $1.3B | $1.1B | $1.4B | $624M | $897M | $1.0B | $1.2B |
Cash flow
Fiscal years, from Ashland Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $385M | $174M | $241M | $140M | $227M | $466M | $193M | $294M | $462M | $134M |
| Capital spending | $231M | $168M | $157M | $147M | $133M | $105M | $113M | $170M | $137M | $98M |
| Free cash flow | $154M | $6M | $84M | -$7M | $94M | $361M | $80M | $124M | $325M | $36M |
| Stock-based compensation | $30M | $20M | $27M | $21M | $14M | $15M | $18M | $22M | $15M | $14M |
| Dividends paid | $97M | $77M | $60M | $64M | $66M | $70M | $70M | $76M | $78M | $76M |
| Share buybacks (net) | -$500M | $0 | — | -$200M | — | -$450M | -$200M | -$300M | -$380M | -$100M |
| Net borrowing | -$1.3B | $260M | -$296M | -$875M | $152M | $123M | -$615M | $16M | -$16M | $0 |
| Free cash flow margin | 5.1% | 0.3% | 3.2% | -0.3% | 4.7% | 17.1% | 3.3% | 5.7% | 15.4% | 2.0% |
| Dividends per share | $1.54 | $1.24 | $0.94 | $1.03 | $1.08 | $1.15 | $1.25 | $1.41 | $1.56 | $1.65 |
Questions
What was Ashland Global's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ashland Global generate?
$36M in fiscal 2025 (operating cash flow minus capital spending).
From Ashland Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.