Filing Flows › Ashland (ASH) › Q2 FY26
Ashland (ASH) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Apr 29, 2026
Ashland (ASH) reported revenue of $482M for the second quarter fiscal 2026 (Q2 FY26), +0.6% from a year earlier and +25% from the quarter before. Operating margin was 8.1%, net earnings $16.0M (3.3% of revenue).
Ashland, Q2 FY26: revenue $482M (+0.6% year over year), operating margin 8.1%, net earnings $16.0M, operating cash flow $50.0M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $482M | +25% | +0.6% |
| Gross profit | $147M | +40% | 0% |
| Operating profit | $39.0M | — | -24% |
| Net earnings | $16.0M | — | -48% |
| Operating cash flow | $50.0M | -60% | +456% |
| Free cash flow | $33.0M | -70% | — |
What changed
Revenue was $482.0M in Q2 FY26, up 1% year over year and up 25% from the previous quarter.
Gross margin was 30.5%, down 0.2 points from Q2 FY25. Operating profit was $39.0M, a 8.1% margin (down 2.6 points year over year). Operating profit fell $12.0M even though revenue rose $3.0M versus Q2 FY25, so costs grew faster than sales. Operating expenses grew 12% against revenue growth of 1%. Net earnings were $16.0M, down 48% year over year. The effective tax rate was 23.8%.
Operating cash flow was $50.0M (up 456% year over year), 312% of net earnings. Non-cash charges added back $45.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items used $16.0M. Capital expenditures of $17.0M left free cash flow of $33.0M.
Questions
What was Ashland's revenue in the second quarter fiscal 2026?
Ashland (ASH) reported revenue of $482M for the second quarter fiscal 2026 (Q2 FY26), +0.6% from a year earlier and +25% from the quarter before.
Was Ashland profitable in the second quarter fiscal 2026?
Operating profit was $39.0M (8.1% of revenue) and net earnings $16.0M.
Source: Ashland 10-Q on SEC EDGAR.