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                                                                      EXHIBIT 11





                CABOT CORPORATION AND CONSOLIDATED SUBSIDIARIES

             STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
                             For The Three Month
                        Period Ended December 31, 1994


                   (In thousands, except per share amounts)



                                                                         Primary         Fully Diluted
                                                                         -------         -------------

                                                                                      
Shares of common stock outstanding at October 1, 1994,
         less treasury stock                                             37,991              37,991

Plus net weighted shares of treasury stock issued                             8                   8

Plus common stock equivalents:

        Effect of convertible preferred stock conversion                      -               3,091
        Effect of equity incentive awards                                   620                 650 
                                                                        ----------          ----------

Weighted average shares outstanding                                      38,619              41,740 
                                                                        ==========          ==========

Income applicable to common shares                                      $33,018             $33,018

Dividends on preferred stock                                                  -                 890

Preferred stock conversion compensation shortfall                             -                (600)
                                                                        ----------          ----------

Earnings applicable to common shares                                    $33,018             $33,308 
                                                                        ==========          ===========

Earnings per common share                                               $     0.85          $     0.80 
                                                                        ==========          ===========