Equity Items (Tables)

9 Months Ended

Jun. 30, 2026

The following table provides the common stock repurchase activity:


	Three months ended				Nine months ended
	June 30				June 30
(In millions, except per share data)	2026		2025		2026		2025
Number of shares repurchased		—		—		—		1.50
Weighted-average price per share(a)	$	—	$	—	$	—	$	64.90
Aggregate purchase price(a)	$	—	$	—	$	—	$	100

(a)

Includes transaction costs.

Components of Accumulated Other Comprehensive Income (Loss)

Components of other comprehensive income (loss) recorded in the Statements of Condensed Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects:


	2026									2025
(In millions)	Before tax			Tax expense			Net of tax			Before tax			Tax benefit (expense)			Net of tax
Three months ended June 30
Other comprehensive income
Unrealized translation gain	$	4		$	—		$	4		$	92		$	(1	)	$	91
Unrealized loss on commodity hedges		(2	)		—			(2	)		(1	)		—			(1	)
Total other comprehensive income	$	2		$	—		$	2		$	91		$	(1	)	$	90

Nine months ended June 30
Other comprehensive income (loss)
Unrealized translation (loss) gain	$	(5	)	$	(1	)	$	(6	)	$	46		$	—		$	46
Unrealized (loss) gain on commodity hedges		(2	)		—			(2	)		3			(1	)		2
Total other comprehensive income (loss)	$	(7	)	$	(1	)	$	(8	)	$	49		$	(1	)	$	48

Summary of Reconciliation of Changes in Equity

A reconciliation of changes in equity are as follows:


	Three months ended						Nine months ended
	June 30						June 30
(In millions, except per share data)	2026			2025			2026			2025
Common stock and paid in capital
Balance, beginning of period	$	13		$	1		$	7		$	1
Common shares issued under stock incentive and other plans(a)		5			2			11			8
Common shares purchased under repurchase program(b)(c)		—			—			—			(6	)
Balance, end of period		18			3			18			3
Retained earnings
Balance, beginning of period		2,264			3,048			2,298			3,315
Net income (loss)		16			(742	)		20			(877	)
Dividends		(20	)		(20	)		(57	)		(57	)
Common shares purchased under repurchase program(b)(c)		—			—			—			(95	)
Other		1			—			—			—
Balance, end of period		2,261			2,286			2,261			2,286
Accumulated other comprehensive loss
Balance, beginning of period		(411	)		(490	)		(401	)		(448	)
Unrealized translation gain (loss)		4			91			(6	)		46
Unrealized (loss) gain on commodity hedges		(2	)		(1	)		(2	)		2
Balance, end of period		(409	)		(400	)		(409	)		(400	)
Total equity	$	1,870		$	1,889		$	1,870		$	1,889
Cash dividends declared per common share	$	0.420		$	0.415		$	1.250		$	1.225

(a)

Common stock issued were 5,593 and 11,423 for the three months ended June 30, 2026 and 2025, respectively, and 83,605 and 139,824 for the nine months ended June 30, 2026 and 2025, respectively. Includes zero for both the three months ended June 30, 2026 and 2025, and $1 million and $4 million for the nine months ended June 30, 2026 and 2025, respectively, associated with stock-based compensation employee withholding taxes.

(b)

Common stock repurchased were zero for each of the three and nine months ended June 30, 2026, and zero and 1,541,320 for the three and nine months ended June 30, 2025.

(c)

Includes zero in excise tax on common stock repurchases for both the three and nine months ended June 30, 2026, and zero and $1 million for the three and nine months ended June 30, 2025. Ashland paid a total of $100 million for the nine months ended June 30, 2025 for common stock repurchases.