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Ashland cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$100M in Q3 FY26 · $250M over twelve months

Operating cash flow$120M
Capital spending−$20.0M
Free cash flow+$100M
Cash / net income7.5×
Cash conversion cycle132 days

Analysis

In Q3 FY26, Ashland generated $120M of operating cash flow and spent $20.0M on capital projects, leaving free cash flow of $100M. That is $5.0M more than in Q3 FY25 ($95.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $335M; the largest uses were capital spending ($85.0M), dividends ($76.0M), other financing ($2.0M); besides operations, cash came from other investing ($95.0M), asset & business sales ($9.0M); the cash balance rose by $233M.

Operating cash flow was $120M against net income of $16.0M — 7.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$48.0M, gains on investments −$23.0M, stock-based pay +$4.0M.

Its cash conversion cycle was 132 days (receivables 46 + inventory 139 − payables 53).

Free cash flow

Ashland: free cash flow by quarterAshland: free cash flow by quarter$42.0MQ4 FY24−$53.0MQ1 FY25−$12.0MQ2 FY25$95.0MQ3 FY25$6.0MQ4 FY25$111MQ1 FY26$33.0MQ2 FY26$100MQ3 FY26
Operating cash flow less capital spending.
Ashland: operating cash flow against capital spendingAshland: operating cash flow against capital spendingOperating cash flowCapital spending$80.0M$38.0MQ4 FY24−$30.0M$23.0MQ1 FY25$9.0M$21.0MQ2 FY25$115M$20.0MQ3 FY25$40.0M$34.0MQ4 FY25$125M$14.0MQ1 FY26$50.0M$17.0MQ2 FY26$120M$20.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $120M, Capital spending $20.0M.

Capital allocation, year by year

Ashland: where the cash came from (up) and went (down), by fiscal yearAshland: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $466MFY21: Net borrowing $123MFY21: Asset sales $5.0MFY21: Capital spending −$105MFY21: Acquisitions −$309MFY21: Buybacks −$450MFY21: Dividends −$70.0M$594MFY21FY22: Operating cash flow $193MFY22: Net borrowing −$615MFY22: Asset sales $51.0MFY22: Capital spending −$113MFY22: Buybacks −$200MFY22: Dividends −$70.0M$244MFY22FY23: Operating cash flow $294MFY23: Net borrowing $16.0MFY23: Asset sales $11.0MFY23: Capital spending −$170MFY23: Buybacks −$300MFY23: Dividends −$76.0M$321MFY23FY24: Operating cash flow $462MFY24: Net borrowing −$16.0MFY24: Capital spending −$137MFY24: Buybacks −$380MFY24: Dividends −$78.0M$462MFY24FY25: Operating cash flow $134MFY25: Asset sales $16.0MFY25: Capital spending −$98.0MFY25: Buybacks −$100MFY25: Dividends −$76.0M$150MFY25
Over these 5 years operating cash flow totalled $1.5B; the largest uses were buybacks ($1.4B) and net borrowing ($631M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$440M
Debt$1.4B
Net debt$934M

Ashland funds itself: free cash flow was $250M over the last twelve months, and $440M of cash and investments stands against $1.4B of debt.

Ashland: debt maturities by year (FY25)Ashland: debt maturities by year (FY25)$4.0MYear 2$586MYear 3$97.0MYear 4
Principal due in each year as disclosed in the annual report, against $440M of cash and investments now.

Where the cash came from and went

Ashland: sources (+) and uses (−) of cash, Q3 FY26Ashland: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$120MCash drawn (+) / kept (−)−$97.0MOther investing$22.0MCapital spending−$20.0MDividends−$19.0MNot reconciled−$6.0MAsset & business sales$2.0MExchange rates−$1.0MOther financing−$1.0M
Ashland: sources (+) and uses (−) of cash, TTM to Q3 FY26Ashland: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$335MCash drawn (+) / kept (−)−$233MOther investing$95.0MCapital spending−$85.0MDividends−$76.0MNot reconciled−$44.0MAsset & business sales$9.0MOther financing−$2.0MExchange rates$1.0M

From profit to cash

Ashland: net income to operating cash flow, Q3 FY26Ashland: net income to operating cash flow, Q3 FY26Net income$16.0MDepreciation & amortization$48.0MStock-based pay$4.0MDeferred taxes$1.0MGains on investments−$23.0MOperating cash flow$120M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY264613953132
Q2 FY264114447138
Q1 FY265118558179
Q4 FY254316454153
Q3 FY254215251144
Q2 FY253714550132
Q1 FY254616862152
Q4 FY244114254129

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$120M−$20.0M—−$19.0M—−$97.0M$100M
Q2 FY26$50.0M−$17.0M—−$19.0M—−$39.0M$33.0M
Q1 FY26$125M−$14.0M—−$19.0M—−$89.0M$111M
Q4 FY25$40.0M−$34.0M—−$19.0M—−$8.0M$6.0M
Q3 FY25$115M−$20.0M—−$19.0M−$50.0M−$39.0M$95.0M
Q2 FY25$9.0M−$21.0M−$100M−$19.0M$50.0M$51.0M−$12.0M
Q1 FY25−$30.0M−$23.0M—−$19.0M—$81.0M−$53.0M
Q4 FY24$80.0M−$38.0M−$150M−$19.0M—$99.0M$42.0M

Ashland: income statement and cash flow

Ashland, Q4 FY26: revenue $498M (+4% year over year), operating margin 5.8%. The chart follows the revenue to costs, profit and cash.

Ashland: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.