Ecolab (ECL) financials
NYSE · Basic Materials · Chemicals - Specialty · 48,000 employees · CEO Christophe Beck
- Price
- $302.98 +0.70%
- Market cap
- $84.9B
- Enterprise value
- $98B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-09 EPS est. $2.19
Revenue (TTM)$17.4B+9.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)17.1%-0.1 pp vs a year agoOperating income $2.98B
Net income (TTM)$2.08B+4.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.8B+15.6% vs a year agoCapex $1.23B
Diluted EPS (TTM)$7.35+5.6% vs a year agoSum of the last 4 quarters
Net cash-$13B-74.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $84.9B EV $98B
- Revenue
- $17.4B Trailing 12 months
- Revenue growth
- +11% FY2026 consensus
- Profit margin
- 12.0% Net income / revenue, TTM
- P/E
- 40.9× Forward 37.1× (FY2026)
- P/S
- 4.9× Price / sales, TTM
- EV / EBITDA
- 27.0× TTM
- Free cash flow
- $1.8B Trailing 12 months
- Net income
- $2.08B Trailing 12 months
- Revenue estimate
- $17.9B FY2026 consensus
- Earnings
- 2027-02-09 Revenue est. $4.75B
- Dividend
- $2.92 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue in line, EPS in lineRevenue $4.69B vs $4.7B expected (-0.1%); EPS $2.18 vs $2.18 (0.0%).
- Revenue growth accelerating: 12.7% year on yearQ3 '26 revenue $4.69B, against an average of 7.2% over the four quarters before.
- Operating margin 17.1% (TTM), -0.1 pp on a year agoOperating income grew 8.5% while revenue grew 9.3%.
- 14.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.61B vs operating income $2.98B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 7.1% of revenue (a year ago 6.8%)$1.23B invested in the last 4 quarters (+14.7% on a year earlier). Free cash flow $1.8B = 86.2% of net income.
- Returned $1.16B to shareholders = 64.5% of free cash flowBuybacks $341M (a year earlier $334M), dividends $818M, stock-based pay $143M (TTM).
- Diluted share count down 1.2% in a year282M diluted shares in Q3 '26, 285M a year earlier.
- Net debt $13BCash + short-term investments $722M, debt incl. leases $13.8B; a year ago net debt $7.48B.
- Water Services: revenue +20.7%, margin 17.9% (was 17.4%)Fastest-growing reported segment in Q3 '26: operating income $445M on revenue $2.48B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.69B | $4.17B | +12.7% |
| Gross margin | 44.1% | 44.8% | -0.7 pp |
| Operating income | $811M | $760M | +6.6% |
| Operating margin | 17.3% | 18.3% | -1.0 pp |
| Net income | $551M | $585M | -5.8% |
| Diluted EPS | $1.95 | $2.05 | -4.9% |
| Operating cash flow | $764M | $791M | -3.5% |
| Capex | $313M | $262M | +19.8% |
| Free cash flow | $450M | $530M | -15.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $40.9M | $33.6M | +21.7% |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.69B | $4.7B | -0.1% |
| EPS (as estimated) | $2.18 | $2.18 | 0.0% |
From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Water Services | $2.48B | – | 52.8% | – | – | |
| Global Water | – | – | – | – | – | |
| Global Institutional | $1.64B | – | 34.9% | – | – | |
| Global Institutional and Specialty | – | – | – | – | – | |
| Global Pest Elimination | $364M | +9.6% | 7.7% | $1.34B | +9.6% | |
| Global Healthcare And Life Sciences | $216M | – | 4.6% | – | – | |
| Global Life Sciences | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | – | – | – | – | – | |
| Europe | $913M | +6.6% | 51.3% | $3.5B | +11.1% | |
| Canada | – | – | – | – | – | |
| Asia Pacific | $393M | +14.9% | 22.1% | $1.49B | +9.8% | |
| Latin America | $308M | +9.9% | 17.3% | $1.19B | +7.9% | |
| C [N] | – | – | – | – | – | |
| Middle East And Africa | $165M | +4.0% | 9.3% | $636M | -5.4% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Water Services | $2.48B | +20.7% | $445M | +24.4% | 17.9% | 17.4% | $1.39B |
| Global Industrial | – | – | – | – | – | – | – |
| Global Institutional | $1.64B | +2.7% | $405M | +7.6% | 24.7% | 23.6% | $1.45B |
| Global Pest Elimination | $364M | +9.6% | $73.9M | +6.3% | 20.3% | 20.9% | $254M |
| Global Healthcare And Life Sciences | $214M | +15.8% | $50.2M | +48.5% | 23.5% | 18.3% | $162M |
| Corporate | – | – | -$162M | -116.4% | – | – | -$506M |
| Material Reconciling Items | – | – | -$1.8M | +28.0% | – | – | $157M |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.03B
- Capex
- -$1.23B
- Buybacks
- -$341M
- Dividends
- -$818M
- Acquisitions
- -$6.3B
- Net debt issued
- $4.66B
- Stock-based compensation
- $143M
- Free cash flow
- $1.8B
- Returned to shareholders / FCF
- 64.5%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 40.9× | 41.2× | 31.5× – 59.4× |
| EV / EBITDA | 27.0× | 22.9× | 19.2× – 30.7× |
| EV / Sales | 5.6× | 4.7× | 3.5× – 6.0× |
| Price / FCF | 47.3× | 39.2× | 34.5× – 47.3× |
| Price / Book | 8.2× | 7.5× | 5.7× – 9.3× |
| FCF yield | 2.1% | 2.6% | 2.1% – 2.9% |
| Return on invested capital | 9.2% | 9.6% | 7.4% – 11.9% |
| Return on equity | 20.7% | 18.6% | 15.1% – 24.1% |
Analysts
Consensus target $328.00 (+8.3%)
range $275.00 – $360.00 · rating Buy
Strong buy0
Buy29
Hold7
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $17.9B | +11.4% | $8.16 | +12.1% | 37.1× | 14 |
| FY2027 | $19.3B | +8.0% | $9.40 | +15.3% | 32.2× | 15 |
| FY2028 | $20.6B | +6.4% | $10.74 | +14.3% | 28.2× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 296 figures Ecolab Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $136M | $74.6M | +82.0% | – | – | – | |
| Accounts Payable, Current | $2.34B | $1.87B | +25.2% | $2.07B | $1.81B | +14.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.8B | $3.11B | +21.9% | $3.25B | $2.87B | +13.4% |
| Accounts Receivable, Allowance for Credit Loss | $105M | $78.1M | +34.8% | $74.1M | $70M | +5.9% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $9.6M | $10.6M | -9.4% | $48.5M | $51M | -4.9% |
| Accounts Receivable, before Allowance for Credit Loss | $3.95B | $3.24B | +21.9% | $3.37B | $2.99B | +12.7% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $9.2M | $13.8M | -33.3% | $51.4M | $46.9M | +9.6% |
| Accrued Income Taxes, Current | $73.8M | $188M | -60.7% | $134M | $127M | +5.7% |
| Accrued Marketing Costs, Current | $540M | $463M | +16.6% | $528M | $452M | +16.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $5.15B | $4.8B | +7.3% | $4.84B | $4.44B | +9.1% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $485M | $548M | -11.5% | $496M | $538M | -8.0% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$1.21B | -$1.35B | +10.0% | -$1.37B | -$1.45B | +5.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.68B | -$1.9B | +11.7% | -$1.87B | -$1.98B | +5.4% |
| Additional Paid in Capital, Common Stock | $7.75B | $7.45B | +4.0% | $7.52B | $7.16B | +5.1% |
| Amortization | $106M | $76.6M | +38.6% | $304M | $301M | +1.1% |
| Amortization of Intangible Assets | $106M | $76.6M | +38.6% | $304M | $301M | +1.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 600K | 600K | 0.0% | 1.2M | 600K | +100.0% |
| Assets | $31.1B | $23.9B | +30.2% | $24.7B | $22.4B | +10.3% |
| Assets for Plan Benefits, Defined Benefit Plan | $207M | $171M | +21.4% | $184M | $151M | +22.1% |
| Assets, Current | $7.1B | $7.11B | -0.1% | $5.96B | $6.03B | -1.2% |
| Buildings and Improvements, Gross | $1.29B | $1.2B | +6.8% | $1.24B | $1.15B | +7.8% |
| Business Acquisition, Goodwill, Expected Tax Deductible Amount | $15M | – | – | $62M2023-12-31 | – | – |
| Capitalized Computer Software, Gross | $1.32B | $1.16B | +13.6% | $1.18B | $1.04B | +13.4% |
| Cash and Cash Equivalents, at Carrying Value | $722M | $1.96B | -63.1% | $646M | $1.26B | -48.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $722M | $1.96B | -63.1% | $646M | $1.26B | -48.6% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectContinuingOperations | -$4.41B | $34.9M | -12,744.7% | -$611M | $337M | -281.0% |
| Common Stock, Dividends, Per Share, Declared | $0.73 | $0.65 | +12.3% | $2.68 | $2.36 | +13.6% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 800M | 800M | 0.0% | 800M | 800M | 0.0% |
| Common Stock, Shares, Outstanding | 281M | 283M | -1.0% | 282M | 283M | -0.5% |
| Common Stock, Value, Issued | $370M | $369M | +0.4% | $369M | $368M | +0.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.7M | $4.6M | -63.0% | $17.6M | $19.5M | -9.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $517M | $684M | -24.4% | $2.18B | $1.98B | +10.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $519M | $689M | -24.7% | $2.2B | $2B | +10.0% |
| Construction in Progress, Gross | $986M | $763M | +29.2% | $858M | $679M | +26.3% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $144M | – | – | $117M | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $144M | – | – | $117M | – | – |
| Contract with Customer, Liability | $260M | $116M | +124.1% | $173M | $102M | +69.6% |
| Contract with Customer, Liability, Current | $260M | – | – | – | – | – |
| Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | – | – | – | $59.3M | – | – |
| Contract with Customer, Liability, Revenue Recognized | $0 | $0 | – | -$102M | -$111M | +8.0% |
| Cost of Goods and Services Sold | $2.63B | $2.3B | +14.2% | $8.93B | $8.9B | +0.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $226M | $346M | -34.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $491M | $624M | -21.3% |
| Debt and Lease Obligation | $13.2B | $8.06B | +63.5% | $8.13B | $7.56B | +7.5% |
| Debt, Current | $1.28B | $16.2M | +7,780.9% | $870M | $616M | +41.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$30.7M | -$57.6M | +46.7% |
| Deferred Income Tax Assets, Net | $187M | $167M | +11.8% | $181M | $156M | +16.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$36.2M | -$185M | +80.4% |
| Deferred Income Tax Liabilities, Net | $768M | $177M | +334.3% | $330M | $280M | +17.8% |
| Deferred Income Taxes and Tax Credits | $80.4M | $3.6M | +2,133.3% | -$33.4M | -$191M | +82.5% |
| Deferred Tax Assets, Deferred Income | $88.6M2025-12-31 | $72.4M | +22.4% | $88.6M | $72.4M | +22.4% |
| Deferred Tax Assets, in Process Research and Development | $271M2025-12-31 | $247M | +9.8% | $271M | $247M | +9.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.24B2025-12-31 | $1.01B | +23.4% | $1.24B | $1.01B | +23.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $190M2025-12-31 | $92.9M | +104.3% | $190M | $92.9M | +104.3% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $21.8M2025-12-31 | – | – | $21.8M | – | – |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $136M2025-12-31 | – | – | $136M | – | – |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $16M2025-12-31 | – | – | $16M | – | – |
| Deferred Tax Assets, Other | $78.3M2025-12-31 | $32.8M | +138.7% | $78.3M | $32.8M | +138.7% |
| Deferred Tax Assets, Tax Credit Carryforwards | $132M2025-12-31 | $105M | +25.8% | $132M | $105M | +25.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01