ASHLAND INC.
For the period ended Sep 30, 2025. Filed Nov 20, 2025.
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FY2025 · Filed Nov 20, 2025
ASH$76.81-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Consolidated Cash Flows
Years Ended September 30
| (In millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | |||
| Net income (loss) | $(845) | $169 | $178 |
| Loss (income) from discontinued operations, net of income taxes | 23 | 30 | (10) |
| Adjustments to reconcile income (loss) from continuing operations to cash flows from operating activities | |||
| Depreciation and amortization | 237 | 274 | 243 |
| Original issue discount and debt issuance cost amortization | 7 | 6 | 6 |
| Deferred income taxes | 73 | (302) | (32) |
| Gain from sales of property and equipment | (16) | — | (1) |
| Stock based compensation expense - Note O | 14 | 15 | 22 |
| Benefit (loss) from excess tax deduction on stock based compensation | (3) | — | 2 |
| Income from restricted investments | (33) | (74) | (43) |
| Loss (income) on acquisitions and divestitures, net - Notes B | 177 | 107 | (7) |
| Goodwill impairment | 706 | — | — |
| Asset impairments | — | 11 | 4 |
| Pension contributions | (12) | (15) | (8) |
| Loss (gain) on pension and other postretirement plan remeasurements | (3) | 14 | (2) |
| Change in operating assets and liabilities(a) | (191) | 227 | (58) |
| Total cash flows provided by operating activities from continuing operations | 134 | 462 | 294 |
| CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | |||
| Additions to property, plant and equipment | (98) | (137) | (170) |
| Proceeds from disposal of property, plant and equipment | 16 | — | 11 |
| Proceeds from sale or restructuring of operations | 16 | 26 | — |
| Proceeds from settlement of company-owned life insurance contracts | 12 | 1 | 6 |
| Company-owned life insurance payments | (5) | (5) | (5) |
| Funds restricted for specific transactions | (8) | (5) | (9) |
| Reimbursement from restricted investments | 62 | 79 | 58 |
| Proceeds from sale of securities | 56 | 53 | 47 |
| Purchase of securities | (54) | (53) | (47) |
| Other investing cash flows | — | (10) | — |
| Total cash flows used by investing activities from continuing operations | (3) | (51) | (109) |
| CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | |||
| Proceeds from (repayment of) short-term debt | — | (16) | 16 |
| Repurchase of common stock | (100) | (380) | (300) |
| Cash dividends paid | (76) | (78) | (76) |
| Stock based compensation employee withholding taxes paid in cash | (3) | (5) | (11) |
| Total cash flows used by financing activities from continuing operations | (179) | (479) | (371) |
| CASH USED BY CONTINUING OPERATIONS | (48) | (68) | (186) |
| Cash used by discontinued operations | |||
| Operating cash flows | (40) | (51) | (51) |
| Total cash used by discontinued operations | (40) | (51) | (51) |
| Effect of currency exchange rate changes on cash and cash equivalents | 3 | 2 | 8 |
| DECREASE IN CASH AND CASH EQUIVALENTS | (85) | (117) | (229) |
| CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 300 | 417 | 646 |
| CASH AND CASH EQUIVALENTS - END OF YEAR | $215 | $300 | $417 |
| CHANGES IN ASSETS AND LIABILITIES(a) | |||
| Accounts receivable | $(3) | $96 | $58 |
| Inventories | (28) | 79 | (7) |
| Trade and other payables | (63) | 56 | (112) |
| Other assets and liabilities | (97) | (4) | 3 |
| CHANGE IN OPERATING ASSETS AND LIABILITIES | $(191) | $227 | $(58) |
| SUPPLEMENTAL DISCLOSURES | |||
| Interest paid | $54 | $52 | $53 |
| Income taxes paid (including discontinued operations) | 33 | 53 | 63 |
(a)Excludes changes resulting from operations sold.
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