ECOLAB INC.ECL

ECOLAB INC. Financial Overview 2021–2025

Updated Jul 10, 2026

Ecolab expanded its gross margin to 44.5% in FY2025, proving the water and hygiene giant possesses the pricing power to outrun severe supply chain inflation. This profitability milestone underscores a clear investment reality: the company is successfully pivoting from defensive cost-recovery into an aggressive, high-margin expansion phase. Demonstrating the scale of this trajectory, revenue grew from $12.7 billion in FY2021 to $16.1 billion in FY2025, driven by compounding value pricing across its industrial and life sciences segments.

The underlying operational leverage is striking. After gross margins bottomed at 37.8% in FY2022, disciplined cost management and the "One Ecolab" restructuring initiative drove a 41% surge in reported operating income to $2.8 billion by FY2024. The company is now deploying its cash flow toward high-growth technology markets, highlighted by the $1.6 billion acquisition of semiconductor-focused Ovivo Electronics in FY2025 and a pending $4.75 billion buyout of data center cooling firm CoolIT Systems announced in Q1 2026. Ecolab also continues to reward shareholders directly, hiking its dividend by 12% in FY2025 to extend a 34-year streak of annual increases. The market assigned a premium to this blend of pricing power and strategic capital allocation; at the close of FY2025, Ecolab commanded a $74.0 billion market cap, with the stock priced at $262.52 and trading at 36.1x earnings.

Recent Developments (Q4 2025 and Q1 2026)

Ecolab carried its momentum into Q1 2026, with net sales rising 10% year-over-year to $4.07 billion. The top line was bolstered by an 11% organic jump in Global Life Sciences and a 12% rise in operating income to $622 million. To finance its pending data center cooling acquisition, the company secured significant capital by closing a $5.0 billion debt offering in May 2026. Management also refreshed its operational structure, appointing Christophe Beck as President alongside two new Co-Chief Operating Officers in April 2026.

Bulls argue the company's accelerating organic sales and strategic end-market expansion justify its premium valuation, which stood at 35.2x earnings as of the Q1 2026 report on May 7, 2026. Conversely, bears warn that a sharp increase in short-term debt to fund recent M&A, combined with rising commodity costs, could pressure near-term margins despite a new energy surcharge rolling out in Q2 2026.

What to watch: closure of the CoolIT Systems transaction in Q3 2026; impact of the new energy surcharge on profitability.

Rev

$16.08B

+2.2% YoY

FY2025

NI

$2.08B

-1.7% YoY

FY2025

EPS

$7.33

-1.3% YoY

FY2025

OCF

$2.95B

+4.9% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All ECL Financial Metrics(60)

Recent SEC Filings

ECOLAB INC. 8-K Report, Corporate Update (May 29, 2026)

Ecolab Inc. (ECL) announced on May 29, 2026, the successful completion of a significant debt offering, raising a total of $5.0 billion across four series of notes: $1.2 billion in 4.600% Notes due 2029, $900 million in 4.800% Notes due 2031, $1.5 billion in 5.150% Notes due 2033, and $1.4 billion in 5.350% Notes due 2036. The proceeds from this offering are earmarked to fund the acquisition of Frigeo Holdings LLC (CoolIT Systems) and for general corporate purposes, which may include debt repayment. The offering was structured under the company's effective shelf registration statement and involved a series of agreements, including an underwriting agreement with major financial institutions. The notes are governed by an indenture that includes covenants restricting the company's ability to incur liens, engage in sale-leaseback transactions, and transfer certain subsidiary assets. Notably, certain notes (2029, 2031, and 2033) are subject to a special mandatory redemption if the CoolIT Systems acquisition does not close by a specified date or if the merger agreement is terminated. Additionally, change of control events could trigger a mandatory repurchase offer for the notes.

ECOLAB INC. 8-K Report, Executive Changes (May 11, 2026)

Ecolab Inc. (ECL) filed an 8-K on May 11, 2026, reporting key personnel changes and the outcomes of its Annual Meeting held on May 7, 2026. The most significant executive update is the appointment of Bryce L. Mewhorter as Senior Vice President and Corporate Controller, effective after the Q2 2026 10-Q filing. Mr. Mewhorter, a long-tenured employee with extensive financial experience within the company, will assume the principal accounting officer role. Jennifer J. Bradway will transition to a new role within Ecolab after supporting Mr. Mewhorter's transition. The Annual Meeting saw strong shareholder support for the election of all 13 director nominees, the advisory approval of executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2026. However, a shareholder proposal for an independent board chair policy was not approved. These events indicate continuity in leadership and governance, with a focus on internal talent development for critical financial roles.

ECOLAB INC. 8-K Report, Financial Results (Apr 28, 2026)

Ecolab Inc. (ECL) filed an 8-K on April 28, 2026, to report its first-quarter financial results for the period ended March 31, 2026. The filing primarily serves to announce the earnings release and related supplemental data, which are furnished as exhibits (99.1 and 99.2) and incorporated by reference. These documents are crucial for investors seeking details on the company's recent performance and outlook. While the 8-K itself does not provide detailed financial figures, it directs investors to the accompanying press release and supplemental data for this information. Investors should review these furnished exhibits to understand Ecolab's revenue, profitability, and any key operational metrics for the first quarter. The company also included a standard cautionary statement regarding forward-looking information, highlighting potential risks and uncertainties that could impact future results, particularly concerning any ongoing or planned restructuring initiatives.

ECOLAB INC. 8-K Report, Material Agreement (Apr 15, 2026)

Ecolab Inc. (ECL) has filed an 8-K report on April 15, 2026, announcing the execution of a $4.75 billion unsecured delayed draw term loan credit facility. This facility, finalized on April 10, 2026, is specifically designated to finance the acquisition of Frigeo Holdings LLC and related expenses, as well as to refinance existing Frigeo debt. This move signals a significant strategic step for Ecolab in expanding its operations through this acquisition. The credit facility offers flexible borrowing options, including Term SOFR, Daily Simple SOFR, and Base Rate loans, with interest rates tied to Ecolab's credit ratings and ranging from approximately 0.75% to 0.875% plus applicable margins. The agreement includes a financial covenant requiring Ecolab to maintain a minimum interest expense coverage ratio, alongside customary covenants and events of default. Investors should note that while this facility provides substantial funding for a key acquisition, it also introduces new debt obligations and associated financial covenants that will need to be managed.

ECOLAB INC. 8-K Report, Financial Results (Mar 27, 2026)

Ecolab Inc. (ECL) has filed a Current Report on Form 8-K to provide investors with supplemental unaudited reportable segment information for the years ended December 31, 2025 and 2024. This filing includes a restatement of segment data at fixed currency exchange rates established at the beginning of 2026, allowing for a clearer view of operational performance independent of foreign currency fluctuations. Additionally, the report details changes to Ecolab's segment reporting structure, effective from the first quarter of 2026, which will impact how the company reports its financial results going forward. The most significant change is the division of the former 'Light & Heavy' operating segment into three new segments: 'Heavy Water,' 'Light Water,' and 'High-Tech,' all of which remain within the Global Water reportable segment. This structural adjustment, along with the movement of certain customers and cost allocations, results in Ecolab now reporting nine operating segments. Investors should note that this information is supplemental and intended to provide enhanced transparency, not to replace previously filed financial statements.

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