UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

         Date of report (Date of earliest event reported): July 25, 2005

                                  ASHLAND INC.
             (Exact name of registrant as specified in its charter)

                                    Kentucky
                 (State or other jurisdiction of incorporation)

          1-32532                                            20-0865835
   (Commission File Number)                               (I.R.S. Employer
                                                          Identification No.)

   50 E. RiverCenter Boulevard, Covington, Kentucky       41012-0391
           (Address of principal executive offices)       (Zip Code)

    P.O. Box 391, Covington, Kentucky                      41012-0391
           (Mailing Address)                              (Zip Code)

        Registrant's telephone number, including area code (859) 815-3333


Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))






Item 2.02.  Results of Operations and Financial Condition

    During an analyst presentation held at 12:45 p.m. EDT on July 25, 2005,
Ashland's  chairman and chief  executive  officer,  James J.  O'Brien,  its
senior vice president and chief financial officer,  J. Marvin Quin, and its
vice president,  finance, and treasurer, Daragh Porter, discussed Ashland's
third quarter results. A transcript of this presentation is attached hereto
as Exhibit 99.1 and incorporated herein by reference.
    The information in this report,  being furnished  pursuant to Item 2.02
of Form 8-K,  shall not be deemed to be "filed" for  purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise  subject  to  the  liabilities  of  that  Section,   and  is  not
incorporated  by reference in any filing under the  Securities Act of 1933,
as amended,  or the Exchange Act, except as expressly set forth by specific
reference in such filing.


Item 9.01.  Financial Statements and Exhibits

           (c)      Exhibits

                    99.1     Final Transcript dated July 25, 2005.








                                 SIGNATURES


     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                            ASHLAND INC.
                             -------------------------------------------
                                           (Registrant)



Date:  July 28, 2005               /s/ J. Marvin Quin
                            --------------------------------------------
                            Name:     J. Marvin Quin
                            Title:    Senior Vice President and
                                      Chief Financial Officer








                               EXHIBIT INDEX

99.1     Final Transcript dated July 25, 2005.