Cash Flow Statement

Operating Cash Flow

-30%

10Y

-43%

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	322	184	115	76	60	73	94	134	159	256	378	433	477	2 076	2 004	1 976	1 992	318	407	390	391	398	230	214	237	209	167	15	(9)	(32)	(261)	(56)	(82)	17	141	154	616	562	414	376	(20)	37	26	66	31	4	683	692	595	570	233	155	424	431	309	366	228	193	(28)	(107)	(89)	(190)	28	14	(18)	47	114	70	73	104	505	585	(73)	(102)	(508)	(484)	139	181	220	212	957	914	927	919	225	239	178	164	193	149	169	(193)	(284)	(1 032)	(845)	(692)
Depreciation & Amortization	229	215	208	207	205	208	204	200	198	195	98	96	94	95	100	79	59	39	111	114	116	114	133	139	147	155	145	173	230	284	305	317	290	270	280	279	282	282	299	330	368	408	359	362	325	306	356	337	361	370	393	390	380	367	306	304	304	278	302	287	268	293	265	267	273	256	277	288	298	293	277	269	248	247	235	236	231	232	244	242	247	246	241	240	240	240	243	261	123	283	274	(25)	112	(33)	237	234
Change in Deffered Taxes	49	(59)	(104)	(71)	(20)	26	71	56	26	76	104	100	94	(481)	(500)	(478)	(467)	10	(1)	(29)	(24)	19	22	15	36	27	44	53	33	57	(123)	(110)	(71)	(111)	(67)	(83)	(101)	(96)	(57)	(65)	(74)	(75)	(125)	(130)	(133)	(107)	153	153	154	117	(294)	(301)	(303)	(290)	(49)	(36)	(35)	(33)	(29)	(30)	(30)	(33)	(26)	(20)	(22)	(25)	(100)	(105)	(102)	(96)	18	5	(10)	(11)	(42)	(35)	(26)	(15)	(26)	(18)	(17)	(28)	(35)	(31)	(17)	(19)	(32)	(69)	(183)	(180)	(302)	(110)	0	5	73	77
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	25	2	5	8	16	17	16	16	12	11	10	10	9	10	13	13	14	15	16	17	16	18	20	22	28	31	31	33	30	29	31	32	34	33	32	30	30	31	32	31	30	27	22	21	20	22	24	26	27	27	27	24	21	18	16	15	14	14	14	15	15	15	16	17	18	21	21	21	22	16	17	15	15	18	17	16	14	0
Other Non-Cash Items	4	5	55	9	16	(5)	190	251	242	109	(184)	(439)	(487)	(1 485)	(1 383)	(1 203)	(1 071)	92	(118)	(38)	(124)	(83)	(80)	(19)	(35)	(17)	(45)	105	160	195	412	320	345	240	(67)	(25)	(353)	(299)	(343)	(231)	50	67	491	459	499	522	(462)	(468)	(352)	(346)	398	426	569	(32)	21	(2)	(290)	273	380	470	370	485	136	19	60	(38)	(19)	(47)	(35)	(46)	(420)	(408)	200	167	509	494	(31)	7	42	47	(785)	(992)	(1 087)	(1 100)	(348)	(155)	(88)	(95)	(13)	37	43	239	158	821	820	607
Cash Taxes Paid	0	0	158	0	0	0	24	0	0	0	84	0	0	0	299	0	0	0	140	0	0	0	25	0	0	0	53	0	0	0	49	0	0	0	86	0	0	0	97	0	0	0	88	0	0	0	69	0	0	0	88	0	0	0	226	0	0	0	108	0	0	0	79	0	0	0	77	0	0	0	67	0	0	0	91	0	0	0	1	0	0	0	406	0	0	0	63	0	0	0	53	0	(0)	0	33	0
Cash Interest Paid	0	0	138	0	0	0	125	0	0	0	116	0	0	0	119	0	0	0	9	0	0	0	10	0	0	0	10	0	0	0	198	0	0	0	118	0	0	0	109	0	0	0	202	0	0	0	182	0	0	0	154	0	0	0	149	0	0	0	162	0	0	0	132	0	0	0	126	0	0	0	124	0	0	0	77	0	0	0	62	0	0	0	56	0	0	0	53	0	0	0	52	0	0	0	54	0
Change in Working Capital	92	73	(71)	(79)	16	(20)	(30)	(101)	(149)	(159)	(210)	(130)	(289)	8	(232)	(468)	(300)	(450)	(57)	(74)	(82)	(213)	(119)	24	107	136	159	142	132	287	692	523	477	259	219	95	(87)	(145)	(68)	(311)	(141)	(159)	(397)	(154)	(180)	(50)	3	(21)	(19)	24	(87)	(86)	(268)	(183)	(254)	(209)	(16)	(75)	53	12	(14)	(29)	(20)	53	8	(15)	25	64	52	40	(139)	(194)	(155)	(98)	9	135	133	141	80	(9)	(61)	(266)	(259)	(310)	(291)	(110)	(58)	232	155	178	227	(274)	(172)	(174)	(191)	17
Cash from Operating Activities	696 N/A	418 -40%	203 -51%	142 -30%	277 +95%	282 +2%	529 +88%	540 +2%	476 -12%	477 +0%	186 -61%	60 -68%	(111) N/A	213 N/A	(11) N/A	(94) -755%	213 N/A	9 -96%	342 +3 700%	363 +6%	277 -24%	235 -15%	186 -21%	373 +101%	492 +32%	510 +4%	470 -8%	488 +4%	546 +12%	791 +45%	1 025 +30%	994 -3%	959 -4%	675 -30%	506 -25%	420 -17%	357 -15%	304 -15%	245 -19%	99 -60%	183 +85%	278 +52%	354 +27%	603 +70%	542 -10%	675 +25%	733 +9%	693 -5%	739 +7%	735 -1%	643 -13%	584 -9%	802 +37%	293 -63%	333 +14%	423 +27%	191 -55%	636 +233%	678 +7%	632 -7%	505 -20%	526 +4%	383 -27%	333 -13%	301 -10%	225 -25%	297 +32%	270 -9%	286 +6%	295 +3%	241 -18%	257 +7%	210 -18%	203 -3%	203 N/A	346 +70%	446 +29%	546 +22%	560 +3%	474 -15%	341 -28%	(126) N/A	(213) -69%	(282) -32%	(191) +32%	195 N/A	243 +25%	493 +103%	263 -47%	467 +77%	411 -12%	(226) N/A	(39) +83%	(276) -615%	94 N/A	243 +159%
Investing Cash Flow
Capital Expenditures	(169)	(172)	(178)	(157)	(138)	(132)	(112)	(142)	(146)	(149)	(137)	(139)	(178)	(301)	(180)	(150)	(128)	(9)	(175)	(185)	(166)	(163)	(154)	(161)	(173)	(170)	(205)	(201)	(200)	(194)	(165)	(148)	(144)	(155)	(192)	(193)	(185)	(191)	(201)	(223)	(247)	(269)	(242)	(249)	(238)	(233)	(264)	(258)	(266)	(261)	(248)	(246)	(238)	(243)	(220)	(230)	(237)	(223)	(231)	(211)	(201)	(207)	(168)	(156)	(147)	(129)	(157)	(169)	(175)	(173)	(147)	(150)	(150)	(145)	(133)	(134)	(120)	(113)	(105)	(90)	(89)	(98)	(113)	(121)	(134)	(147)	(170)	(183)	(112)	(168)	(137)	13	(44)	35	(98)	(89)
Other Items	(58)	(5)	11	11	(7)	16	15	24	48	77	(3)	(105)	(109)	2 045	2 569	2 566	2 399	28	1 138	1 057	1 279	1 703	56	9	13	(276)	(213)	(2 139)	(2 195)	(2 117)	(1 950)	247	335	322	196	168	1 062	1 058	(946)	(964)	(1 915)	(1 918)	0	1	(69)	(80)	(56)	(59)	(43)	42	1 688	1 794	1 492	1 457	(172)	(268)	10	(70)	(101)	(118)	(149)	(990)	(951)	(946)	(930)	(53)	(45)	(35)	16	36	996	1 007	1 008	1 000	141	153	147	(166)	(276)	(292)	1 345	1 658	1 669	1 658	37	56	61	75	48	62	86	(5)	43	19	95	106
Cash from Investing Activities	(227) N/A	(177) +22%	(167) +6%	(146) +13%	(145) +1%	(116) +20%	(97) +16%	(118) -22%	(98) +17%	(72) +27%	(140) -94%	(244) -74%	(287) -18%	1 744 N/A	2 389 +37%	2 416 +1%	2 271 -6%	19 -99%	963 +4 968%	872 -9%	1 113 +28%	1 540 +38%	(98) N/A	(152) -55%	(160) -5%	(446) -179%	(418) +6%	(2 340) -460%	(2 395) -2%	(2 311) +4%	(2 115) +8%	99 N/A	191 +93%	167 -13%	4 -98%	(25) N/A	877 N/A	867 -1%	(1 147) N/A	(1 187) -3%	(2 162) -82%	(2 187) -1%	(242) +89%	(248) -2%	(307) -24%	(313) -2%	(320) -2%	(317) +1%	(309) +3%	(219) +29%	1 440 N/A	1 548 +8%	1 254 -19%	1 214 -3%	(392) N/A	(498) -27%	(227) +54%	(293) -29%	(332) -13%	(329) +1%	(350) -6%	(1 197) -242%	(1 119) +7%	(1 102) +2%	(1 077) +2%	(182) +83%	(202) -11%	(204) -1%	(159) +22%	(137) +14%	849 N/A	857 +1%	858 +0%	855 0%	8 -99%	19 +138%	27 +42%	(279) N/A	(381) -37%	(382) 0%	1 256 N/A	1 560 +24%	1 556 0%	1 537 -1%	(97) N/A	(91) +6%	(109) -20%	(108) +1%	(64) +41%	(106) -65%	(51) +52%	8 N/A	(1) N/A	54 N/A	(3) N/A	17 N/A
Financing Cash Flow
Net Issuance of Common Stock	(18)	(27)	(31)	(34)	(41)	(30)	2	18	55	87	108	111	105	122	15	(97)	(160)	(206)	(387)	(570)	(534)	(537)	(269)	8	4	5	3	1	1	2	9	10	13	13	6	6	4	(68)	(68)	(68)	(68)	2	0	0	(1)	(151)	(150)	(151)	(150)	(125)	(954)	(1 081)	(1 352)	(1 227)	(397)	(770)	(500)	(500)	(500)	0	0	0	0	0	0	0	0	0	0	(200)	(200)	0	0	0	0	0	0	0	(450)	0	(605)	(650)	(209)	0	(196)	(309)	(300)	(400)	(158)	(230)	(380)	100	(100)	130	(100)	0
Net Issuance of Debt	(296)	(107)	(75)	(31)	(66)	(50)	(226)	(283)	(283)	(345)	(60)	91	257	(1 510)	(1 592)	(1 710)	(1 861)	(82)	(13)	(13)	(13)	(18)	(13)	(8)	(11)	(5)	(5)	1 599	1 396	1 128	747	(876)	(807)	(581)	(398)	(372)	(559)	(504)	1 409	1 372	1 643	1 599	(260)	(268)	(262)	(318)	(329)	(297)	(163)	(110)	11	11	(166)	400	465	776	893	369	(1 251)	(1 954)	(1 993)	(1 351)	243	759	469	(289)	(296)	(441)	(109)	70	(875)	(834)	(594)	(689)	93	(108)	(386)	(351)	107	305	(313)	(323)	(615)	(626)	0	0	16	0	16	0	(16)	16	50	16	0	0
Cash Paid for Dividends	(76)	(76)	(76)	(76)	(75)	(75)	(75)	(75)	(76)	(76)	(77)	(78)	(79)	(80)	(79)	(79)	(79)	(78)	(78)	(750)	(747)	(745)	(743)	(68)	(69)	(69)	(69)	(58)	(45)	(34)	(22)	(22)	(23)	(28)	(35)	(41)	(47)	(49)	(51)	(53)	(54)	(59)	(63)	(67)	(72)	(80)	(88)	(96)	(105)	(105)	(103)	(101)	(96)	(96)	(98)	(98)	(100)	(98)	(97)	(97)	(97)	(87)	(77)	(67)	(57)	(59)	(60)	(62)	(63)	(64)	(64)	(64)	(66)	(66)	(66)	(67)	(66)	(68)	(70)	(70)	(71)	(70)	(70)	(71)	(72)	(74)	(76)	(78)	(79)	(79)	(78)	1	1	2	(76)	(76)
Other	0	0	0	0	0	0	0	0	0	0	3	5	9	20	20	19	18	9	6	11	10	8	9	4	2	2	1	(138)	(137)	(161)	(161)	(23)	(35)	(11)	(8)	(7)	4	6	(78)	(79)	(76)	(76)	6	8	(29)	(32)	(25)	(24)	13	17	12	11	13	3	0	(2)	(8)	(1)	1 441	1 419	1 410	1 396	(47)	(30)	(23)	(10)	(12)	(14)	(12)	(11)	(10)	(8)	(19)	(19)	(18)	(16)	(6)	(7)	(13)	(15)	(14)	(16)	(2)	(6)	(6)	(3)	(11)	(5)	(1)	(6)	(5)	(0)	(3)	1	(3)	(2)
Cash from Financing Activities	(390) N/A	(210) +46%	(182) +13%	(141) +23%	(182) -29%	(155) +15%	(299) -93%	(340) -14%	(304) +11%	(334) -10%	(26) +92%	129 N/A	292 +126%	(1 448) N/A	(1 636) -13%	(1 867) -14%	(2 082) -12%	(357) +83%	(472) -32%	(1 322) -180%	(1 284) +3%	(1 292) -1%	(1 016) +21%	(64) +94%	(74) -16%	(67) +9%	(70) -4%	1 404 N/A	1 215 -13%	935 -23%	573 -39%	(911) N/A	(852) +6%	(607) +29%	(435) +28%	(414) +5%	(598) -44%	(615) -3%	1 212 N/A	1 172 -3%	1 445 +23%	1 466 +1%	(317) N/A	(327) -3%	(364) -11%	(581) -60%	(592) -2%	(568) +4%	(405) +29%	(323) +20%	(1 034) -220%	(1 160) -12%	(1 601) -38%	(920) +43%	(30) +97%	(94) -213%	285 N/A	(230) N/A	(407) -77%	(632) -55%	(680) -8%	(42) +94%	119 N/A	662 +456%	389 -41%	(358) N/A	(368) -3%	(517) -40%	(184) +64%	(205) -11%	(1 149) -460%	(1 106) +4%	(879) +21%	(774) +12%	9 N/A	(191) N/A	(458) -140%	(426) +7%	(426) N/A	(230) +46%	(1 003) -336%	(1 059) -6%	(896) +15%	(912) -2%	(274) +70%	(386) -41%	(371) +4%	(483) -30%	(183) +62%	(315) -72%	(479) -52%	117 N/A	(91) N/A	149 N/A	(179) N/A	(178) +1%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	5	8	0	11	7	(8)	(10)	(12)	(17)	2	(2)	(7)	(10)	(13)	(6)	5	10	8	4	(5)	(9)	(6)	(2)	(1)	2	(1)	(2)	0	(2)	(11)	(35)	(44)	(47)	(48)	(24)	(11)	(8)	(6)	(7)	(10)	(5)	0	8	5	1	(1)	(4)	(3)	(3)	0	0	0	2	4	5	5	3	(3)	(3)	(8)	(11)	(5)	(3)	2	8	6	2	4	2	(2)	(1)	(1)	3	3
Net Change in Cash	79 N/A	31 -61%	(146) N/A	(145) +1%	(50) +66%	11 N/A	133 +1 109%	82 -38%	74 -10%	71 -4%	20 -72%	(55) N/A	(106) -93%	509 N/A	742 +46%	455 -39%	402 -12%	(329) N/A	835 N/A	(87) N/A	106 N/A	483 +356%	(923) N/A	165 N/A	258 +56%	8 -97%	(11) N/A	(456) -4 045%	(644) -41%	(597) +7%	(534) +11%	184 N/A	296 +61%	228 -23%	65 -71%	(32) N/A	630 N/A	561 -11%	320 -43%	92 -71%	(530) N/A	(448) +15%	(214) +52%	22 N/A	(131) N/A	(220) -68%	(177) +20%	(193) -9%	23 N/A	193 +739%	1 047 +442%	961 -8%	420 -56%	543 +29%	(136) N/A	(217) -60%	225 N/A	102 -55%	(69) N/A	(335) -386%	(532) -59%	(723) -36%	(622) +14%	(107) +83%	(379) -254%	(310) +18%	(272) +12%	(452) -66%	(61) +87%	(50) +18%	(62) -24%	8 N/A	189 +2 263%	284 +50%	222 -22%	178 -20%	20 -89%	(154) N/A	(244) -58%	(141) +42%	591 N/A	367 -38%	436 +19%	338 -22%	(565) N/A	(280) +50%	(229) +18%	(92) +60%	18 N/A	50 +178%	(117) N/A	(104) +11%	(132) -27%	(75) +43%	(85) -13%	85 N/A
Free Cash Flow
Free Cash Flow	527 N/A	246 -53%	25 -90%	(15) N/A	139 N/A	150 +8%	417 +178%	398 -5%	330 -17%	328 -1%	49 -85%	(79) N/A	(289) -266%	(88) +70%	(191) -117%	(244) -28%	85 N/A	0 N/A	167 N/A	178 +7%	111 -38%	72 -35%	32 -56%	212 +563%	319 +50%	340 +7%	265 -22%	287 +8%	346 +21%	597 +73%	860 +44%	846 -2%	815 -4%	520 -36%	314 -40%	227 -28%	172 -24%	113 -34%	44 -61%	(124) N/A	(64) +48%	9 N/A	112 +1 144%	354 +216%	304 -14%	442 +45%	469 +6%	435 -7%	473 +9%	474 +0%	395 -17%	338 -14%	564 +67%	50 -91%	113 +126%	193 +71%	(46) N/A	413 N/A	447 +8%	421 -6%	304 -28%	319 +5%	215 -33%	177 -18%	154 -13%	96 -38%	140 +46%	101 -28%	111 +10%	122 +10%	94 -23%	107 +14%	60 -44%	58 -3%	70 +21%	212 +203%	326 +54%	433 +33%	455 +5%	384 -16%	252 -34%	(224) N/A	(326) -46%	(403) -24%	(325) +19%	48 N/A	73 +52%	310 +325%	151 -51%	299 +98%	274 -8%	(214) N/A	(83) +61%	(242) -192%	(4) +98%	154 N/A

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Ashland Inc
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Cash Flow Statement

Cash Flow Statement
Ashland Inc

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Ashland Inc F:AHT

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Cash Flow Statement Ashland Inc

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Ashland Inc
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Cash Flow Statement
Ashland Inc