Reportable Segment Information (Tables)

12 Months Ended

Sep. 30, 2025

Information About Domestic and International Operations

Information about Ashland’s domestic and international operations for the years ended September 30, are as follows. Ashland has no operations in any individual international country or single customer that represented more than 10% of sales in 2025, 2024 and 2023.


	Sales to external customers						Net assets (liabilities)				Property, plant and equipment - net
(In millions)	2025		2024		2023		2025		2024		2025		2024
United States	$	464	$	624	$	634	$	872	$	1,352	$	848	$	961
International		1,360		1,489		1,557		1,032		1,516		353		342
	$	1,824	$	2,113	$	2,191	$	1,904	$	2,868	$	1,201	$	1,303

Summary of Financial Information for Each Reportable Segment

The following table presents various financial information for each reportable segment for the years ended September 30:


(In millions)	2025			2024			2023
Sales
Life Sciences	$	641		$	810		$	869
Personal Care		577			634			598
Specialty Additives		511			572			600
Intermediates		137			144			185
Intersegment sales(a)		(42	)		(47	)		(61	)
	$	1,824		$	2,113		$	2,191
Cost of sales
Life Sciences	$	418		$	515		$	568
Personal Care		345			398			395
Specialty Additives		433			522			494
Intermediates		121			107			127
Intersegment sales		(42	)		(47	)		(61	)
	$	1,275		$	1,495		$	1,523
Selling, general and administrative expense
Life Sciences	$	77		$	89		$	89
Personal Care		84			95			81
Specialty Additives		64			61			66
Intermediates		7			7			7
Total operating segments		232			252			243
Unallocated and other		112			152			122
	$	344		$	404		$	365
Research and development expense
Life Sciences	$	15		$	15		$	14
Personal Care		25			26			24
Specialty Additives		12			11			11
Intermediates		—			—			—
Total operating segments		52			52			49
Unallocated and other		2			3			2
	$	54		$	55		$	51
Amortization expense
Life Sciences	$	18		$	23		$	28
Personal Care		35			43			47
Specialty Additives		9			10			18
Intermediates		1			—			—
	$	63		$	76		$	93
Equity and other income
Life Sciences	$	—		$	—		$	—
Personal Care		1			—			1
Specialty Additives		—			—			—
Intermediates		—			—			—
Total operating segments		1			—			1
Unallocated and other		3			6			6
	$	4		$	6		$	7
Goodwill impairment and (income) loss on acquisitions and divestitures, net
Life Sciences	$	375		$	—		$	—
Personal Care		—			—			—
Specialty Additives		331			—			—
Intermediates		—			—			—
Total operating segments		706			—			—
Unallocated and other		161			115			(6	)
	$	867		$	115		$	(6	)


(In millions)	2025			2024			2023
Operating income (loss)
Life Sciences(b)	$	(262	)	$	168		$	172
Personal Care(c)		90			73			52
Specialty Additives(d)		(338	)		(32	)		10
Intermediates		8			29			50
Total operating segments		(502	)		238			284
Unallocated and other(e)		(273	)		(264	)		(112	)
Total operating income (loss)	$	(775	)	$	(26	)	$	172
Net interest and other expense (income)		33			(24	)		6
Other net periodic benefit loss		1			22			6
Income (loss) from continuing operations before income taxes	$	(809	)	$	(24	)	$	160

EBITDA(f)
Life Sciences	$	(187	)	$	229		$	241
Personal Care		155			152			137
Specialty Additives		(254	)		89			86
Intermediates		21			42			63
Total operating segments		(265	)		512			527
Unallocated and other		(273	)		(264	)		(112	)
Total EBITDA	$	(538	)	$	248		$	415
Depreciation expense		174			198			150
Amortization expense		63			76			93
Net interest and other expense (income)		33			(24	)		6
Other net periodic benefit loss		1			22			6
Income (loss) from continuing operations before income taxes	$	(809	)	$	(24	)	$	160

Depreciation expense
Life Sciences(g)	$	57		$	38		$	41
Personal Care(h)		30			36			38
Specialty Additives(i)		75			111			58
Intermediates		12			13			13
	$	174		$	198		$	150
Additions to property, plant and equipment
Life Sciences	$	49		$	61		$	46
Personal Care		7			11			20
Specialty Additives		34			61			99
Intermediates		3			2			3
Unallocated and other		5			2			2
	$	98		$	137		$	170


(In millions)	2025		2024
Assets
Life Sciences	$	1,498	$	1,778
Personal Care		751		950
Specialty Additives		1,020		1,516
Intermediates		116		127
Unallocated and other		1,226		1,274
	$	4,611	$	5,645
Property, plant and equipment - net
Life Sciences	$	481	$	415
Personal Care		101		146
Specialty Additives		484		603
Intermediates		30		38
Unallocated and other		105		101
	$	1,201	$	1,303

(a)

Intersegment sales from Intermediates are accounted for at prices that approximate market value. All other intersegment sales are accounted for at cost.

(b)

Includes goodwill impairment of $375 million for Life Sciences in 2025.

(c)

Includes a capital project impairment charge of $11 million for Personal Care in 2024.

(d)

Includes goodwill impairment of $331 million in 2025 and a $4 million impairment charge related to a facility in 2023 for Specialty Additives.

(e)

Includes a $8 million gain on sale and a $183 million impairment charge related to the divestiture of the Avoca business in 2025, and a $8 million loss on sale and a $99 million impairment charge related to the divestiture of the Nutraceuticals business in 2024 within the income (loss) on acquisitions and divestitures, net.

(f)

Excludes income (loss) from discontinued operations, net of income taxes and other net periodic benefit loss. See the Statements of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.

(g)

Depreciation includes accelerated depreciation of $21 million for Life Sciences in 2025.

(h)

Depreciation includes accelerated depreciation of $1 million and $2 million for Personal Care in 2025 and 2024, respectively.

(i)

Depreciation includes accelerated depreciation of $19 million and $55 million for Specialty Additives in 2025 and 2024, respectively.

ASHLAND INC. 10-K