Ashland (ASH) Q1 2026 Earnings
Reported Feb 2, 2026 at 5:11 PM ET · SEC Source
Q1 26 EPS
$0.26
BEAT +5.22%
Est. $0.25
Q1 26 Revenue
$386.0M
MISS 4.03%
Est. $402.2M
vs S&P Since Q1 26
+0.9%
BEATING MARKET
ASH +9.1% vs S&P +8.2%
Market Reaction
Did ASH Beat Earnings? Q1 2026 Results
Ashland posted a mixed first quarter for fiscal 2026, edging past earnings expectations while falling short on revenue as softer demand weighed on the top line. The specialty ingredients maker earned $0.26 per diluted share on an adjusted basis, clea… Read more Ashland posted a mixed first quarter for fiscal 2026, edging past earnings expectations while falling short on revenue as softer demand weighed on the top line. The specialty ingredients maker earned $0.26 per diluted share on an adjusted basis, clearing the $0.25 consensus estimate by 5.22%, even as revenue slid 4.7% year-over-year to $386.00 million, missing the $402.21 million analysts had expected. The shortfall traced largely to volume weakness in Personal Care and Specialty Additives, with the Calvert City facility outage alone dragging results by roughly $10.00 million; Life Sciences was the clear bright spot, with sales rising 4% to $139.00 million and adjusted EBITDA climbing 11% to $31.00 million on resilient pharmaceutical demand. A $103.00 million tax refund related to the Nutraceuticals divestiture helped drive operating cash flow to $125.00 million. Looking ahead, Ashland narrowed its full-year adjusted EBITDA guidance to $400.00 million to $420.00 million, with management signaling confidence in a stronger second-half performance once temporary operational disruptions clear, and recent EPA approval for its Agrimer Eco-Coat polymer adding a note of commercial optimism.
Key Takeaways
- • Resilient pharma demand and innovation momentum in Life Sciences
- • Strong performance in biofunctional actives and microbial protection share gains in Personal Care
- • Cost actions and restructuring benefits flowing through to improved margins
- • Favorable product mix and lower SARD expenses
- • $103 million tax refund from Nutraceuticals divestiture capital loss carryback boosting cash flow
- • HEC network consolidation improving cost structure in Specialty Additives
- • Favorable foreign currency movements contributing $9 million to sales and $4 million to Adjusted EBITDA
ASH Forward Guidance & Outlook
Ashland narrowed its full-year fiscal 2026 Adjusted EBITDA guidance to $400–$420 million (from $400–$430 million), reflecting approximately $11 million of temporary impacts from the Calvert City startup delay and recent weather-related disruptions, isolated to the second quarter. Full-year sales guidance remains at $1,835–$1,905 million. The company expects double-digit-plus growth in Adjusted Diluted EPS Excluding Intangibles Amortization and Ongoing Free Cash Flow Conversion of approximately 50% of Adjusted EBITDA with capital expenditures of approximately $100 million. Approximately $30 million in cost savings are expected under the $90 million manufacturing optimization program for fiscal 2026. Demand in Life Sciences and Personal Care is expected to remain resilient, while Specialty Additives and Intermediates markets remain mixed. Tariff-related uncertainty remains elevated but the outlook assumes no material incremental impacts beyond known exposures. Early second-quarter sales trends have been encouraging, and the company expects stronger performance in the second half following a typical seasonal cadence.
ASH YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ASH Revenue by Segment
With YoY comparisons, source: SEC Filings
“Ashland's first-quarter performance reflects our disciplined execution and ability to deliver resilient results despite mixed demand conditions. While overall sales declined modestly, primarily within Specialty Additives, we delivered solid margins supported by cost actions, improved product mix, and continued benefits from our portfolio optimization initiatives. Life Sciences achieved year-over-year growth driven by healthy pharma demand and strong innovation momentum. Personal Care delivered resilient results, supported by strong performance in biofunctional actives and ongoing share gains in microbial protection, while softer demand in core hair care markets largely reflected unplanned customer plant outages.”
— Guillermo Novo, Q1 2026 Earnings Press Release
ASH Earnings Trends
ASH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ASH EPS Trend
Earnings per share: estimate vs actual
ASH Revenue Trend
Quarterly revenue: estimate vs actual
ASH Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.25 | $0.26 | +5.22% | $386.0M | -4.03% |
| Q4 25 MISS FY | $1.26 | $1.08 | -14.62% | $478.0M | -0.76% |
| FY Full Year | $3.55 | $3.38 | -4.89% | $1.82B | -0.13% |
| Q3 25 MISS | $1.21 | $1.04 | -13.70% | $463.0M | -2.85% |
| Q2 25 MISS | $1.10 | $0.99 | -10.28% | $479.0M | -4.70% |