Track market-moving stories before they get noisy

ECL gears up for Q3 earnings with strong growth prospects in AI infrastructure, Life Sciences and pricing, but rising costs could pressure margins.

Green stocks have a reputation problem. Many investors still treat them as policy trades that rise and fall with Washington. The data tells a different story.

A 2026 London Stock Exchange Group (LSEG) report found that since 2008, the green economy has outperformed global equities by 133%. LSEG defines it as companies selling products and services with environmental benefits. Their combined market capitalization topped $10 trillion for the first time in Q4 2025.

As a standalone sector, the green economy would rank as the third-largest industry, behind only technology and industrials. And green equities beat the broader market by 12.4% over the past 12 months.

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That happened even as the Trump administration shifted federal priorities toward domestic oil and gas production. It suggests demand is coming from economics, not subsidies.

November's midterms could add upside if a Democratic wave revives climate policy. But the best green stocks don't need that outcome. Here are three companies growing on commercial demand that would gain further from any policy tailwind.

Selling Speed to Power-Hungry Data CentersBloom Energy NYSE: BE makes solid-oxide fuel cells that generate electricity on-site. In a world where the existing electric grid can't keep up, demand is surging.

Bloom Energy Stock Forecast Today12-Month Stock Price Forecast:
$260.05
17.35% Upside

Moderate Buy
Based on 26 Analyst Ratings

Current Price$221.61High Forecast$351.00Average Forecast$260.05Low Forecast$39.00Bloom Energy Stock Forecast Details

The AI infrastructure story adds to but isn't the entire thesis. Grid interconnection queues have become the binding constraint on data-center buildouts, and Bloom sells the workaround. That's a commercial problem with a commercial solution.

In Q2 2026, revenue hit a record $1.065 billion, the company's first quarter above $1 billion, up 166% year over year. Earnings per share (EPS) of 78 cents beat the consensus estimate of 39 cents. Management also raised full-year revenue guidance to $3.9 billion to $4.2 billion.

The company says all the major U.S. hyperscalers have validated and approved its power solutions for their AI factories. It also signed a 2.8-gigawatt agreement with Oracle NYSE: ORCL in April 2026.

One caveat for investors is valuation. BE shares are up nearly 160% in 2026 and trade near 112x forward earnings. Because of its importance to the data center buildout, investors should expect volatility around the company's Q3 earnings report, confirmed for Oct. 22.

Bloom's systems mostly run on natural gas today, which purists will note. But they can also run on biogas and hydrogen. Richer clean energy credits would sweeten project economics. That's upside that may not be reflected in the current forecasts.

The Water Play Behind AIEcolab NYSE: ECL doesn't look like a green growth stock. It's a century-old water and hygiene company. But water efficiency is becoming one of the most valuable services in the AI buildout.

Ecolab Stock Forecast Today12-Month Stock Price Forecast:
$324.50
12.43% Upside

Moderate Buy
Based on 23 Analyst Ratings

Current Price$288.63High Forecast$345.00Average Forecast$324.50Low Forecast$295.00Ecolab Stock Forecast Details

Data centers and chip fabs consume enormous amounts of water. Ecolab helps them use less. Global High-Tech sales rose 29% in the second quarter on demand from data centers and AI infrastructure.

The July acquisition of liquid-cooling provider CoolIT Systems deepens that exposure. The platform is nearing $1.5 billion in annualized sales, and management targets 25%+ annual growth to reach $4 billion by 2030.

The core business is steadier. Second-quarter EPS of $2.09 edged past estimates, and revenue rose 9.7% year over year. Management raised its 2026 adjusted EPS outlook to $8.05 to $8.25.

The sweet spot for investors is that this growth comes with defensive characteristics. Ecolab has raised its dividend for 33 years. Analysts rate ECL as a Moderate Buy with a $324.50 consensus target.

The stock isn't cheap at about 35x forward earnings. But its growth comes from customers cutting costs, not from regulators.

Holding Up Without Washington’s HelpBrookfield Renewable Partners NYSE: BEP is the clearest test of this thesis. It owns hydro, wind, solar, and storage assets and has direct exposure to renewable tax policy. Despite that, BEP is up over 5% this year.

Brookfield Renewable Partners Stock Forecast Today12-Month Stock Price Forecast:
$37.43
31.70% Upside

Moderate Buy
Based on 16 Analyst Ratings

Current Price$28.42High Forecast$46.00Average Forecast$37.43Low Forecast$30.00Brookfield Renewable Partners Stock Forecast Details

The business explains the bull case. Second-quarter funds from operations (FFO) hit a record 62 cents per unit, up 11% year over year. The company remains on track to deliver about 10,000 megawatts of new projects per year by 2027.

Much of that demand comes from Big Tech. Brookfield has a framework agreement to deliver more than 10,500 megawatts of renewable capacity to Microsoft NASDAQ: MSFT, plus a deal with Alphabet NASDAQ: GOOGL for up to 3,000 megawatts of hydro. These deals aren't about tax incentives. Hyperscalers are signing these deals because they need reliable, around-the-clock power.

Analysts see more room to run. BEP carries a Moderate Buy consensus rating with a $37.43 price target implying about 30% upside from recent trading levels. The dividend yields roughly 5.5% and trades at about 0.25 times book value.

One structural note. Brookfield is converting BEP and its sister security, Brookfield Renewable Corp. NYSE: BEPC, into a single corporation. BEP units will be exchanged one-for-one for shares of the new BEP Inc.

Of the three, Brookfield has the most direct exposure to renewable tax policy. A pro-climate Congress would be a meaningful tailwind. Its growth so far hasn’t needed one.

Buy the Demand, Treat Policy as a BonusThe LSEG data reminds investors of an important point that matters in every sector. Green companies win when they save customers money or solve urgent problems. Policy helps, but it isn't the engine. Each of these companies would benefit from a Democratic wave in November, but none depends on one.

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Some companies can raise prices, watch customers walk, and still make more money. These five boring businesses in trash, chemicals, and payroll have the numbers to prove it works.

While Dow and LyondellBasell handed shareholders painful dividend cuts, a handful of chemical names kept raising their payouts through the same downcycle. The structural reasons behind that divide reveal which corner of the sector actually belongs in a retirement portfolio.

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Chemicals has been a treacherous corner of the market for retirees reaching for yield. Several large commodity chemical producers have cut their payouts: Dow (NYSE:DOW | DOW Price Prediction) reduced its quarterly dividend from $0.70 to $0.35 per share, and LyondellBasell (NYSE:LYB) made a similar move. Three specialty names sit on the other side of that divide. Each paid a higher quarterly dividend this year than last, funded by contracts, consumables and brands that keep throwing off cash when the commodity cycle turns against their peers.

Linde (LIN): Contracted Gas Plants Fund a Payout That Rises Every Year Linde (NASDAQ:LIN) pays $1.60 per share each quarter, an annualized forward rate of $6.40. Its most recent raise lifted the quarterly check from $1.50. At a recent price of $472.60, the stock yields 1.32%. The dividend record shows the quarterly rate stepping higher every year, from $0.825 in late 2018 to today’s $1.60.

Why Linde’s Cash Flow Holds Steady A commodity chemical maker sells into a spot market and absorbs every swing in price and volume. Linde builds air separation and hydrogen plants on or next to a customer’s site (a steel mill, a refinery, a chip fab) and supplies that customer under long-term contracts, typically with minimum purchase commitments and energy costs passed through. The customer pays for its gas supply whether its own volumes dip or not, which makes Linde’s revenue behave more like a utility bill than a commodity sale. That contracted base keeps growing. The company carries a record $8.1B sale-of-gas backlog inside an $11.0B total project backlog, and management says every project in it clears a “post-tax, double-digit, unlevered IRR” hurdle.

Dividend Safety Check Coverage is wide. The $6.40 forward dividend compares with trailing diluted EPS of $15.58, and management raised full-year adjusted EPS guidance to $17.70 to $17.90. Second-quarter operating cash flow was $2.271B against $1.438B of capex, leaving $833M of free cash flow, down 12.68% year over year as project spending ran hot. Linde still returned $1.59B to shareholders in the quarter through dividends and buybacks. On the second-quarter call, CFO Matt White said “available cash flow, which we define as operating cash flow less base capex, remains at healthy levels, enabling significant excess cash for secure growth and shareholder distributions.” He also noted the first half is seasonally lighter for cash flow.

Bull Case for Income Investors Linde is a dividend compounder. Management’s EPS algorithm targets 8% to 12% annual growth without needing help from the economy, and the company added $1 billion of electronics wins tied to advanced-node fabs in the western U.S. The shares trade at about 30 times trailing earnings and 24 times forward estimates, with a beta of 0.727. That profile suits a portfolio built for steady, rising checks.

Risk to watch: Operating margin slipped 60 basis points to 29.5%, dragged by the Americas segment and the U.S. home-care business, which management is evaluating “both in part and as a whole.”

Ecolab (ECL): Hygiene and Water Programs Customers Keep Reordering Ecolab (NYSE:ECL) pays $0.73 per quarter, or $2.92 annualized, after its latest raise from $0.65. At $280.23, the yield is 1.02%. The dividend record shows a higher quarterly rate in every year from 2005 through 2026, climbing from $0.0875 to $0.73.

A Consumables Business Built on Switching Costs Ecolab sells cleaning chemicals, sanitizers, water treatment programs and infection prevention systems to restaurants, hotels, hospitals and food processors, and it pairs those products with technicians who service each account. The products get used up and reordered constantly, so revenue recurs. Switching is painful: a hospital’s infection-control protocols or a meat plant’s food-safety procedures are written around Ecolab’s chemistry and dispensing equipment, and changing suppliers means retraining staff and revalidating processes that inspectors review. That stickiness shows up in pricing, which strengthened to 4% in the second quarter, with management expecting 5% to 6% in the back half.

Dividend Safety Check The $2.92 forward dividend sits against trailing diluted EPS of $7.46, and Ecolab raised full-year adjusted EPS guidance to $8.05 to $8.25, up 7% to 10% from 2025’s $7.53. Second-quarter revenue rose 9.69% to $4.4154B, and operating income grew 6.73% to $757.9M. The balance sheet held $5.1353B of cash, and the company still repurchased about 1.2M shares in the quarter. Return on equity runs at 22%.

Bull Case for Income Investors Ecolab’s faster-growing units add a second engine to the dividend. Global High-Tech grew 29% and Life Sciences 15%, and the recently closed CoolIT deal puts Ecolab into liquid cooling for AI data centers. CEO Christophe Beck held firm on margins: “We’ve been very consistent, by the way, on making sure that we stay on our commitment of delivering 20% operating income in 2027. So that remains unchanged.” Long-term targets call for 12% to 15% adjusted EPS growth, the fuel for future raises.

Risk to watch: Investors pay up for that quality. Ecolab trades at roughly 38 times trailing earnings and 30 times forward estimates, with a PEG ratio of 2.494, the richest multiples in this group. A stumble in the growth engines could compress that multiple faster than the dividend grows.

Sherwin-Williams (SHW): Owning the Paint Counter Turns Price Hikes Into Payouts Sherwin-Williams (NYSE:SHW) pays $0.80 per quarter, or $3.20 annualized, up from $0.79 before its latest raise. At $332.79, the stock yields 0.99%. The dividend record shows a continuous pattern of annual increases from 1999, when the quarterly rate was $0.12, through today’s $0.80.

Pricing Power From Owning the Store Many coatings brands reach customers through third-party retailers and distributors that control the shelf. Sherwin-Williams runs its own Paint Stores Group, a company-operated network that sells directly to professional painters and contractors. Owning that counter lets the company set price, keep the margin and read demand in real time. Paint Stores Group sales reached $3.89B in the second quarter, up 5.1%, with same-store sales up 4.2% and a segment margin of 24.6%. An 8% price increase in the segment took effect at the start of this month to offset raw material inflation, a far easier move when you own the point of sale.

Dividend Safety Check Cash generation is the standout. Second-quarter operating cash flow rose 21.11% to $1.3475B, capex was just $108.4M, and free cash flow climbed 33.08% to $1.2391B, an FCF conversion rate of 86%. The $3.20 forward dividend compares with trailing diluted EPS of $10.83 and raised adjusted EPS guidance of $11.80 to $12.20. The company returned $2.23B to shareholders through the first half while keeping net debt at 2.4 times adjusted EBITDA. As management put it, “Our cash generation remains a strategic advantage for us.”

Bull Case for Income Investors Sherwin-Williams is growing without a housing tailwind. Protective and Marine posted its eighth straight quarter of at least high single-digit growth on data center and semiconductor work, and management expects to land at the high end of 80 to 100 net new stores beginning next year. The shares trade near 30 times trailing and 24 times forward earnings, and the stock outperformed competitors in Monday’s session.

Risk to watch: Housing and new construction demand is the exposure. Management’s outlook “assumes there is not a broad-based demand recovery,” commercial markets remain soft, and the stock’s beta of 1.089 is the highest of the three. A deeper housing slump would pressure volumes even with pricing intact.

Scorecard: What Separates Survivors From Cutters Company Quarterly Dividend Prior Quarterly Rate Forward Annual Rate Yield Linde $1.60 $1.50 $6.40 1.32% Ecolab $0.73 $0.65 $2.92 1.02% Sherwin-Williams $0.80 $0.79 $3.20 0.99% A chemicals dividend survives a downcycle when the cash behind it comes from contracts, consumables or brands that hold price through the cycle. Linde’s on-site gas contracts, Ecolab’s service-backed consumables and Sherwin-Williams’ owned store network all let management set or lock in price, and that pricing power keeps free cash flow funding a rising payout. The starting yields are modest, but each dividend record shows an unbroken run of annual increases, the trait that matters most for retirement income when commodity peers are slashing theirs.

Contact [email protected] for any questions or corrections.

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ST. PAUL, Minn.--(BUSINESS WIRE)--Ecolab will host a live webcast to discuss its third quarter 2026 results. A news release containing third quarter results is expected to be issued before market open on October 27, 2026.

Details for the public webcast are as follows:

About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, Ecolab has advanced innovation by integrating science-based solutions, data-driven insights, AI technology and world-class service. This unique combination enables Ecolab to partner with customers to define what best-in-class looks like and scale it across their operations, helping them achieve peak performance. Today, Ecolab delivers $16 billion in annual sales, employs 48,000 associates and serves customers in more than 170 countries and 40 industries. The company helps protect one-third of the world’s food production and a quarter of the power generated while delivering innovative solutions across food, hospitality, healthcare, data centers, microelectronics and life sciences. As the world’s water company, Ecolab plays an important role in AI growth by supporting the full water needs of advanced computing—from ultra‑pure water for chip manufacturing, to water solutions that support the power behind AI, to direct liquid cooling systems for high‑density computing that improves performance while reducing environmental impact through circular water use. In life sciences, Ecolab delivers end to end solutions that support the development and manufacturing of life-saving drugs, helping customers operate safely and consistently at scale while improving performance and reducing environmental impact. Through its comprehensive approach, Ecolab protects what’s vital, with a goal by 2030 to help protect 2 billion people from infections and conserve enough drinking water for 1 billion people, while continuing to enhance business performance.

Ecolab. Protecting What’s Vital.

www.ecolab.com

(ECL-C)

More News From Ecolab Inc.

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Director Eric Mark Green purchased 3,690 shares of Ecolab Inc. (ECL -0.07%) on September 11, 2026, according to a recent SEC Form 4 filing.

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Transaction summaryMetricValueTransaction value$1.0 millionShares purchased (directly held)3,690Post-transaction shares (directly held)7,947Post-transaction value$2.19 millionTransaction value based on SEC Form 4 weighted average purchase price ($276.64); post-transaction value based on September 11, 2026 market close ($276.18).

Key questionsWhat is the scale of this transaction relative to the insider's existing position?
The purchase of 3,690 shares expanded the insider's direct position by 87% compared to the 4,257 shares held prior to the transaction. This move brings the total direct holding to a valuation of $2.19 million as of the September 11, 2026 market close.At what price levels was the transaction executed?
The shares were acquired at a weighted average price of $276.64, with individual trades ranging from $276.37 to $277.41 per share. The execution price was slightly above the $276.18 closing price on the day of the purchase.What are the core segments of the company's business operations?
Ecolab operates through four segments: Global Water, Global Institutional & Specialty, Global Pest Elimination, and Global Life Sciences. The company provides water treatment and infection prevention solutions to diverse sectors including manufacturing, food processing, and chemical industries.What is the insider's total ownership scale relative to the company?
Following this transaction, Eric Mark Green holds less than one one-thousandth of the company's equity. This position is held in a company that reported net income of $2.1 billion on $16.8 billion in revenue for the trailing twelve-month period.Company OverviewMetricValueShare Price (as of market close 2026-09-14)$275.51Market Capitalization$77.8 billionRevenue (TTM)$16.8 billionNet Income (TTM)$2.1 billionCompany SnapshotEcolab Inc. provides comprehensive water, hygiene, and infection prevention solutions and services across multiple industry verticals, with primary revenue generation from its Global Water, Global Institutional & Specialty, Global Pest Elimination, and Global Life Sciences segments serving manufacturing, food and beverage processing, transportation, chemical, and primary metals operations.The company operates a diversified business model that combines product sales with mission-critical service delivery, generating recurring revenue streams from water treatment applications, cleaning and sanitizing solutions, pest elimination services, and life sciences products across both domestic and international markets.Ecolab serves a broad customer base including manufacturing facilities, food and beverage processors, hospitality establishments, healthcare institutions, and transportation operators, positioning itself as an essential provider of compliance-driven solutions that address regulatory requirements and operational efficiency needs.Ecolab is a diversified specialty chemicals and services company with a market capitalization of $77.8 billion and approximately 48,000 employees globally. The company maintains a competitive advantage through its integrated portfolio of water treatment, hygiene, and infection prevention solutions that address critical operational and regulatory requirements across industrial and institutional end markets. With trailing twelve month (TTM) revenue of $16.8 billion and net income of $2.1 billion, Ecolab demonstrates substantial scale and profitability within the specialty chemicals sector.

What this transaction means for investorsThere are many reasons an insider may sell shares in a company. One reason could be the need to raise cash to fund a large personal expense. Another reason could be for a reasonable portfolio diversification unrelated to their outlook for the company. A third reason could be what investors fear most: a bearish outlook on the company's future.

However, there is only one reason an insider buys stock: they believe the share price is going up.

By this measure, Green's $1 million purchase of Ecolab shares is a bullish sign. Bullish, too, is the fact that studies show that an insider purchase more often than not presages a higher stock price 30 days later.

Lane has been a director of Ecolab since 2022 and is a veteran of the pharmaceutical industry Ecolab serves, so presumably he knows the business inside and out.

The business itself is primed to improve from what is already a decent base. The company is widening its margins through acquisitions, business wins, and increased use of automation. Those should help earnings in 2027, which are expected to be around $2.6 billion, up nearly 25% from fiscal 2025. Management forecasts sales momentum approaching 20% annually within the next few years. Long-term earnings growth estimates are mid-teens, and management also says it is confident in maintaining its healthy dividend.

We like to see insider buying of Green's magnitude as a sign of support for what is a positive corporate outlook. He wouldn't be putting his money into shares if he didn't expect these expectations to come to fruition.

Allworth Financial LP decreased its position in Ecolab Inc. (NYSE:ECL – Free Report) by 9.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 31,444 shares of the basic materials company’s stock after selling 3,187 shares during the quarter. Allworth Financial LP’s holdings in Ecolab were worth $8,761,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ECL. Erste Asset Management GmbH grew its holdings in shares of Ecolab by 2.2% during the fourth quarter. Erste Asset Management GmbH now owns 163,731 shares of the basic materials company’s stock worth $43,464,000 after purchasing an additional 3,500 shares during the last quarter. Findlay Park Partners LLP bought a new stake in Ecolab during the 2nd quarter worth about $115,674,000. Cornerstone Advisors LLC acquired a new stake in Ecolab in the 2nd quarter valued at about $16,698,000. North Dakota State Investment Board bought a new position in shares of Ecolab in the fourth quarter worth about $2,245,000. Finally, Norges Bank acquired a new position in shares of Ecolab during the fourth quarter worth approximately $880,506,000. Institutional investors and hedge funds own 74.91% of the company’s stock.

Analysts Set New Price Targets A number of brokerages recently weighed in on ECL. BMO Capital Markets raised their price target on shares of Ecolab from $345.00 to $360.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Citigroup upped their price objective on Ecolab from $325.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. UBS Group reiterated a “buy” rating and issued a $342.00 price objective on shares of Ecolab in a research report on Wednesday, July 29th. Weiss Ratings raised Ecolab from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 31st. Finally, JPMorgan Chase & Co. boosted their target price on Ecolab from $295.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $327.56.

View Our Latest Report on ECL Insider Transactions at Ecolab In related news, EVP Benjamin Clark bought 1,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was bought at an average cost of $263.83 per share, for a total transaction of $263,830.00. Following the transaction, the executive vice president owned 1,083 shares of the company’s stock, valued at $285,727.89. This represents a 1,204.82% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christophe Beck sold 17,862 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $280.14, for a total value of $5,003,860.68. Following the completion of the sale, the chief executive officer directly owned 72,932 shares of the company’s stock, valued at approximately $20,431,170.48. This trade represents a 19.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.50% of the stock is currently owned by company insiders.

Ecolab Trading Down 0.3% ECL opened at $278.45 on Wednesday. The firm has a 50 day simple moving average of $278.85 and a 200 day simple moving average of $272.66. Ecolab Inc. has a fifty-two week low of $243.15 and a fifty-two week high of $309.27. The company has a market cap of $78.06 billion, a price-to-earnings ratio of 37.38, a price-to-earnings-growth ratio of 2.71 and a beta of 0.88. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.84 and a quick ratio of 1.57.

Ecolab (NYSE:ECL – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The basic materials company reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.01. The firm had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.38 billion. Ecolab had a net margin of 12.57% and a return on equity of 22.72%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period last year, the firm earned $1.89 earnings per share. Ecolab has set its Q3 2026 guidance at 2.130-2.230 EPS. On average, sell-side analysts anticipate that Ecolab Inc. will post 8.17 earnings per share for the current year.

Ecolab Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.92 annualized dividend and a yield of 1.0%. Ecolab’s dividend payout ratio is presently 39.19%.

Ecolab Company Profile (Free Report)

Ecolab Inc (NYSE:ECL) provides water, hygiene, infection prevention and technology solutions to businesses and institutions worldwide. Its customers include restaurants, hotels, hospitals, manufacturers, food and beverage companies, retailers and other organizations that rely on safe, efficient and sustainable operating environments.

The company’s offerings include cleaning and sanitizing products, water-treatment and process-management systems, food-safety programs, infection-prevention solutions and pest-elimination services.

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It has been about a month since the last earnings report for Ecolab (ECL - Free Report) . Shares have added about 2.4% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Ecolab due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Ecolab Q2 Earnings and Revenues Beat EstimatesEcolab has reported fourth-quarter 2025 adjusted earnings per share of $2.08, up 14.9% year over year. The bottom line surpassed the Zacks Consensus Estimate by 0.8%.

GAAP earnings per share for the quarter was $1.98, up 19.3% year over year.

Full-year adjusted earnings per share was $7.53, reflecting a 13.2% increase from the year-ago period. The metric topped the Zacks Consensus Estimate by a penny.

ECL’s Revenue Details

Revenues grossed $4.19 billion in the reported quarter, up 4.8% year over year. The metric topped the Zacks Consensus Estimate by 0.1%.

Ecolab’s organic sales were $4 billion, up 2.9% from the prior-year period.

Ecolab Digital sales increased 24% to $99 million, with double-digit growth across both software and enabling hardware subscriptions.

Full-year revenues were $16.08 billion, reflecting a 2.2% improvement from the year-ago period on a reported basis (up 3% on an organic basis). The metric lagged the Zacks Consensus Estimate by 0.2%.

Ecolab’s Segmental Analysis

The Global Water segment’s fixed currency sales of $2.02 billion marked 2.5% year-over-year growth. Organic sales were $2 billion, up 2.2% year over year. The segment’s underlying sales grew mid-single digits, excluding Basic Industries and Paper. Light & Heavy’s progress was led by strength in Global High-Tech, improved growth in downstream and solid gains in manufacturing, which offset softer sales in Basic Industries. Robust new business gains in Food & Beverage, which leveraged the One Ecolab growth strategy, drove a further acceleration in sales growth. Lower Paper sales reflected new business wins that were offset by soft customer production rates.

The Global Institutional & Specialty arm’s fixed currency sales were $1.49 billion, a year-over-year uptick of 2.8% on a reported basis. Organic sales were also $1.49 billion, up 2.7% year over year. Institutional unit’s underlying performance reflected good growth with hospitality customers and modestly higher sales to hospitals. Specialty unit delivered continued strong sales growth, driven by robust new business wins and continued value pricing.

The Global Pest Elimination segment’s fixed currency sales of $307.2 million improved 6.7% year over year on a reported basis. Organic sales were $306.8 million, up 6.6% year over year. Strong organic sales growth was led by robust gains in food & beverage, restaurants and food retail, which continue to benefit from the One Ecolab growth strategy.

The Global Life Sciences arm’s fixed currency sales and organic sales were $191.4 million each, reflecting year-over-year growth of 6.5% on both a reported and organic basis. Per management, year-over-year fixed currency and organic sales growth was driven by continued double-digit growth in bioprocessing and strong growth in pharmaceutical & personal care despite ongoing capacity constraints within Life Sciences’ industrial water purification business.

ECL’s Q4 Margin Analysis

In the quarter under review, Ecolab’s gross profit improved 6.4% year over year to $1.85 billion. The gross margin expanded 69 basis points (bps) to 44%.

Selling, general and administrative expenses increased 1% year over year to $1.06 billion.

Adjusted operating profit totaled $786.6 million, increasing 14.6% from the prior-year quarter. The adjusted operating margin in the quarter expanded 162 bps to 18.7%.

Ecolab’s Financial Position

The company exited fourth-quarter 2025 with cash and cash equivalents of $646.2 million compared with $1.96 billion at the end of the third quarter. Total debt at the end of fourth-quarter 2025 was $8.24 billion compared with $8.07 billion at third-quarter end.

Meanwhile, Ecolab has a consistent dividend-paying history, with five-year annualized dividend growth of 8.09%.

ECL’s Guidance for Q1 & 2026

Ecolab has provided its outlook for the first quarter and has initiated the full-year 2026 guidance.

The company expects adjusted earnings per share of $1.67-$1.73 for the first quarter, suggesting an 11%-15% rally from the year-ago period’s actual. The Zacks Consensus Estimate is pegged at $1.69.

Including the acquisition of Ovivo Electronics, ECL expects reported sales to increase 7%-9% and organic sales to rise 3%-4% in 2026.

For 2026, Ecolab expects adjusted earnings per share of $8.43-$8.63 (indicating an uptick of 12%-15% from the comparable 2024 period’s reported number). The Zacks Consensus Estimate for adjusted earnings per share is pegged at $8.44.

Ecolab has reported second-quarter 2026 adjusted earnings of $2.09 per share, up 10.6% year over year. The figure surpassed the Zacks Consensus Estimate by 0.4%.

GAAP earnings per share for the quarter was $1.90, up 3.3% year over year.

Revenues rose 9.7% year over year to $4.42 billion, surpassing the consensus estimate by 0.5%. Organic sales increased 5%, aided by stronger pricing, volume growth and solid demand across Ecolab’s core businesses and growth engines.

ECL’s Sales Growth AcceleratesEcolab’s Digital sales increased 27% year over year to $121 million, driven by strong growth across software and enabling hardware subscriptions.

Organic sales were $4.28 billion, up 5% from $4.09 billion in the year-ago quarter. Reported volume increased 1% despite a nearly 1% headwind from customer operations disrupted by the Middle East conflict. Pricing improved to 4%, reflecting the initial benefits of the company’s energy surcharge implementation.

Ecolab’s Core Businesses Gain MomentumThe Global Water segment’s fixed-currency sales increased 10% year over year to $2.22 billion, including a 6% contribution from the Ovivo Electronics acquisition. Organic sales rose 4%, led by 29% growth in Global High-Tech and accelerating gains in Food & Beverage and Light Water.

Organic operating income for the segment increased 1% to $333.6 million. Improved pricing gradually offset higher commodity costs and growth-related investments. Meanwhile, the impact of softer demand in Heavy Water and Paper continued to ease on the back of new business wins.

The Global Institutional & Specialty segment’s fixed-currency and organic sales increased 4% each to $1.62 billion. Institutional benefited from improved growth among hospitality customers, while Specialty posted mid-single-digit growth, supported by share gains in quick-service restaurants and food retail.

ECL’s Growth Engines Stay StrongThe Global Pest Elimination segment’s fixed-currency sales rose 9% year over year to $350.5 million. Organic sales increased 7%, driven by strong gains across restaurants, food retail and food and beverage. Targeted acquisitions in North America contributed 2% to growth.

The segment’s organic operating income increased 12% year over year to $70.3 million. Strong sales growth and improved productivity more than offset continued investments in the business, including pest intelligence capabilities.

The Global Life Sciences segment’s fixed-currency and organic sales increased 15% each to $221 million. The improvement was driven by continued share gains in bioprocessing and pharmaceutical and personal care, along with better performance in purification.

Organic operating income surged 46% year over year to $58.5 million, reflecting accelerated sales growth and strong bioprocessing performance. These gains more than offset higher commodity costs and investments in innovation, capacity and global capabilities.

ECL’s Margin AnalysisIn the quarter under review, Ecolab’s reported gross profit increased 8% year over year to $1.95 billion. However, the reported gross margin contracted 70 basis points (bps) to 44.1%. Adjusted gross margin declined 60 bps to 44.2%, reflecting the impact of the Ovivo Electronics acquisition. Organic gross margin improved 10 bps to 44.9% as stronger pricing offset rising commodity costs.

Selling, general and administrative expenses increased 6.9% year over year to $1.14 billion.

Adjusted operating profit totaled $809 million, up 9.7% from the prior-year quarter. The adjusted operating margin remained unchanged at 18.3%, while the organic operating margin expanded 40 bps to 18.8%.

Ecolab’s Financial PositionEcolab exited the second quarter of 2026 with cash and cash equivalents of $5.14 billion, up sharply from $519.8 million at the end of the first quarter. Total debt increased to $13.18 billion from $8.49 billion over the same period.

The sequential jump in cash appears to be primarily financing-driven. Ecolab raised new debt to fund recent acquisitions, including CoolIT, and a portion of those proceeds was likely still held in cash at quarter-end. Net interest expense also increased to $73.1 million from $63.2 million a year earlier, reflecting the impact of acquisition-related borrowings. Ecolab repurchased approximately 1.2 million shares during the quarter.

Meanwhile, Ecolab has a consistent dividend-paying history, with five-year annualized dividend growth of 8.75%.

ECL Raises 2026 Earnings OutlookEcolab raised its 2026 adjusted earnings guidance to $8.05-$8.25 per share from $8.03-$8.23. The revised range indicates growth of 7%-10% and incorporates short-term non-cash amortization and financing costs related to the CoolIT acquisition.

For the third quarter, ECL expects adjusted earnings of $2.13-$2.23 per share, representing growth of 3%-8%. In the second half, reported sales are projected to increase 12%-14%, while organic sales growth is expected to accelerate to 6%-7%.

Management expects second-half adjusted operating margin of approximately 19% and organic operating margin of about 20%. Accelerating pricing, ongoing share gains and improved productivity are expected to support the outlook.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.

VGM ScoresCurrently, Ecolab has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Ecolab has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry PlayerEcolab belongs to the Zacks Chemical - Specialty industry. Another stock from the same industry, Element Solutions (ESI - Free Report) , has gained 3.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Element Solutions reported revenues of $977.9 million in the last reported quarter, representing a year-over-year change of +56.4%. EPS of $0.47 for the same period compares with $0.37 a year ago.

For the current quarter, Element Solutions is expected to post earnings of $0.48 per share, indicating a change of +17.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +3.3% over the last 30 days.

Element Solutions has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

Key Takeaways Ecolab shares gained 12.2% in three months as improving operating momentum supported the advance.High-Tech organic sales rose 29%, while Digital sales climbed 27% and Life Sciences advanced 15%.Ecolab raised 2026 adjusted EPS guidance to $8.05-$8.25, but higher debt and financing costs remain risks. Ecolab Inc. (ECL - Free Report) shares have gained 12.2% over the past three months, drawing attention to whether improving operating momentum can sustain the advance.

Faster growth in High-Tech, Digital and Life Sciences, firmer pricing and a higher 2026 earnings outlook support the case. Elevated debt, acquisition-related financing costs and macroeconomic uncertainty remain offsets.

Ecolab’s High-Tech Growth Strengthens the Bull CaseGlobal High-Tech organic sales rose 29% in the second quarter of 2026, while fixed-currency sales increased 139% with help from Ovivo Electronics. The platform is approaching $1.5 billion in annualized sales.

Management expects Global High-Tech, including Ovivo and CoolIT, to grow more than 25% annually and reach $4 billion in sales by 2030, with a 25% operating income margin. CoolIT also expands Ecolab’s data-center cooling capabilities.

ECL’s Digital and Life Sciences Engines Add MomentumEcolab Digital sales increased 27% in the second quarter, and management continues to target long-term growth above 20%. Connected monitoring and software broaden the company’s recurring technology opportunity across its installed base.

Global Life Sciences organic sales advanced 15%, while organic operating income surged 46% to $58.5 million. Share gains in bioprocessing and strength in pharmaceutical and personal-care applications added another faster-growing earnings stream.

Ecolab’s Pricing and Margins Support the AdvanceSecond-quarter organic sales increased 5%, supported by 4% pricing and 1% volume growth despite an approximately 1% headwind from Middle East customer disruptions. Organic operating margin expanded 40 basis points to 18.8%.

Management expects pricing of 5%-6% in the second half and an organic operating margin of about 20%. Productivity and One Ecolab savings should help offset higher commodity costs, although continued pricing execution remains important.

ECL’s Higher Debt Could Check Further UpsideTotal debt climbed to $13.18 billion at the end of the second quarter from $8.49 billion at the end of the first quarter. Net interest expense rose to $73.1 million from $63.2 million a year earlier.

The CoolIT acquisition increases Ecolab’s data-center exposure but also raises financing and integration risk. Competitive pressure remains relevant as Pentair plc (PNR - Free Report) operates across residential, commercial and industrial water solutions, while STERIS plc (STE - Free Report) provides infection-prevention products and services to healthcare and life-sciences customers.

Image Source: Zacks Investment Research

Ecolab’s Outlook Tests Whether the Rally Can ContinueEcolab raised its 2026 adjusted earnings guidance to $8.05-$8.25 per share, representing expected growth of 7%-10%. The company also projects 6%-7% organic sales growth in the second half.

Execution remains the key test. Geopolitical disruption, energy volatility, softer Heavy Water demand and pricing pressure could constrain results even as High-Tech and other growth engines gain scale.

ECL’s Cautious Rank Tempers the 12.2% RallyThe operating backdrop has improved, but the recent share-price gain now sits against higher leverage and near-term acquisition-related costs. That mix leaves the next phase of the rally dependent on continued sales growth and margin delivery.

Ecolab currently carries a Zacks Rank #4 (Sell). Its Momentum Score of A is the strongest Style Score, while the Value Score of F, Growth Score of C and VGM Score of D point to a less favorable value, growth and blended profile. Because Style Scores complement rather than override the Zacks Rank, the current setup remains cautious despite the stock’s recent momentum.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Ecolab adds CoolIT's direct-to-chip cooling to broaden its data-center infrastructure offering.ECL targets more than 25% annual High-Tech growth and $4B in sales by 2030 after the CoolIT deal.Ecolab's debt rose to $13.18B, while higher interest and acquisition costs create near-term pressure. Ecolab Inc. (ECL - Free Report) has expanded its artificial intelligence infrastructure exposure with the $4.75 billion acquisition of CoolIT Systems. The deal gives Ecolab a larger role in data-center cooling as demand for high-density computing grows.

The strategic opportunity is sizable, but so is the financial commitment. Higher debt, increased interest expense and acquisition-related costs mean investors must weigh faster High-Tech growth against a more leveraged balance sheet.

Ecolab's CoolIT Deal Broadens Its AI Infrastructure BetCoolIT adds coolant distribution units, cold plates and direct-to-chip cooling technologies to Ecolab's existing water treatment, coolant chemistry and 3D TRASAR capabilities. Management plans to combine those assets into an integrated cooling platform for high-density data centers.

The broader offering is designed to manage cooling performance, water use, energy consumption and computing uptime. That expands Ecolab's role from individual water and chemistry applications toward a more complete data-center cooling solution.

Image Source: Zacks Investment Research

ECL Targets Faster High-Tech Growth Through 2030Global High-Tech is approaching $1.5 billion in annualized sales, compared with about $150 million in 2021. Including Ovivo Electronics and CoolIT, management expects the platform to grow more than 25% annually and reach $4 billion in sales by 2030.

Ecolab also targets a 25% operating income margin for the platform. Those goals are above its prior expectations of more than 20% growth and a 20% margin, reflecting management's higher expectations after adding CoolIT.

Image Source: Zacks Investment Research

Ecolab's Cooling Platform Could Lift Data Center SalesManagement estimates that adding CoolIT can increase Ecolab's sales opportunity in a data center by three to five times versus its legacy offering. The combination of hardware, water management, chemistry and digital monitoring gives the company more products and services to sell within each facility.

The theme also places Ecolab alongside other companies expanding liquid-cooling capacity. Vertiv Holdings Co. (VRT - Free Report) offers direct-to-chip liquid cooling within its data-center infrastructure portfolio, while nVent Electric plc (NVT - Free Report) is expanding manufacturing capacity for liquid-cooling solutions used in artificial intelligence and high-performance computing environments.

Image Source: Zacks Investment Research

ECL Takes on More Debt and Financing CostsThe acquisition strategy has raised Ecolab's financial burden. Total debt reached $13.18 billion at the end of the second quarter of 2026, up from $8.49 billion at the end of the first quarter as the company raised debt to fund recent acquisitions, including CoolIT.

Net interest expense increased to $73.1 million from $63.2 million a year earlier. Ecolab's 2026 earnings outlook also incorporates short-term non-cash amortization and financing costs tied to CoolIT, creating a near-term earnings offset to the deal's growth potential.

Ecolab's Core Risks Could Limit Deal PayoffHigh-Tech growth does not remove pressure elsewhere. Middle East disruption reduced companywide volume growth by about 1 percentage point in the second quarter, while Heavy Water organic sales fell 1% and Paper sales were flat amid softer industrial demand.

Energy and commodity volatility remain additional risks because Ecolab relies on pricing and productivity to protect margins. Integration adds another execution demand as the company works to scale CoolIT while maintaining performance across its existing businesses.

ECL's Underperform Signal Tempers the AI UpsideCoolIT gives Ecolab a larger addressable opportunity in data-center cooling, but higher leverage and acquisition-related costs raise the bar for execution. The long-term High-Tech targets are favorable, while the balance-sheet trade-off remains meaningful in the near term.

ECL currently carries a Zacks Rank #4 (Sell). Its Momentum Score of A is favorable, but the Value Score of F, Growth Score of C and VGM Score of D present a more mixed Style Score picture. Because Zacks Style Scores are intended to complement the Zacks Rank rather than override it, the current readings support a cautious view despite the AI-related growth opportunity.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

E. Ohman J or Asset Management AB trimmed its stake in shares of Ecolab Inc. (NYSE: ECL) by 17.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,926 shares of the basic materials company's stock after

ST. PAUL, Minn.--(BUSINESS WIRE)--The board of directors of Ecolab Inc. today declared a regular quarterly cash dividend of $0.73 per common share, to be paid October 15, 2026, to shareholders of record at the close of business on September 15, 2026. Ecolab has paid cash dividends on its common stock for 89 consecutive years. About Ecolab A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global leader in water, hygiene and infection prevention solutions and services that prote.

These 3 Water ETFs Could be Quiet Winners From Infrastructure SpendingEcolab NYSE: ECL reported second-quarter 2026 adjusted earnings-per-share growth of 11%, supported by 5% organic sales growth, stable organic gross margin and productivity gains, Chairman and Chief Executive Officer Christophe Beck said on the company’s earnings call.

The company said pricing strengthened to 4% during the quarter as it implemented a global energy surcharge intended to offset higher commodity costs. Ecolab entered the period with limited surcharge pricing and expected the benefit to build during the quarter. Beck said the company now expects pricing in the 5% to 6% range during the second half as surcharge benefits are fully realized.

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3 Strong Dividend Growers for Income Without Rate RiskVolumes increased 1%, despite what Ecolab described as an approximately 1% headwind from customer operations disrupted by conflict in the Middle East. Excluding that impact, Beck said underlying volume growth accelerated from the first quarter.

Growth Engines Lead Portfolio Momentum Ecolab said its Food and Beverage business accelerated to 7% growth, while Institutional & Specialty grew 4% and Light Water improved. The company attributed growth in part to new business from its One Ecolab Growth initiative, which combines capabilities across businesses to expand cross-selling opportunities.

Miso Robotics stock: Is an IPO coming soon?Among its growth engines, Life Sciences grew 15%, driven by share gains in bioprocessing, pharmaceutical and personal-care markets, as well as improved purification performance. Beck said Life Sciences delivered a mid-20% operating-income margin in the second quarter, aided by strong sales and a spike in bioprocessing. He added that underlying margins should remain in the mid-20% range, although reported third-quarter margin is expected in the high teens as the company continues investing in capacity and capabilities.

The Life Sciences business has grown from less than $100 million in 2017 to nearly $1 billion currently, according to Beck. He said Ecolab has expanded production capacity across North America, Europe and Asia, including the opening of a major plant in China. The company continues to target a roughly 30% operating-income margin for the business at scale, while emphasizing continued investment ahead of growth.

Ecolab Digital grew 27% in the quarter, reflecting adoption of connected software and operational tools including DishIQ, AquaIQ, KitchenIQ and CIP IQ. Beck said the digital business is approaching a $500 million annual revenue run rate and has a potential $3 billion revenue opportunity from connecting customer locations and applications and generating subscription revenue from those offerings.

Pest Elimination grew 7%, supported by share gains and expansion of its Pest Intelligence platform. Ecolab said it has deployed nearly 800,000 connected devices and expects to exceed 1 million by year-end.

High-Tech Business Expands With CoolIT Global High-Tech sales grew 29% as demand rose in microelectronics and data centers amid the buildout of artificial-intelligence infrastructure. Ecolab completed its acquisition of liquid-cooling provider CoolIT Systems on July 2. Beck said CoolIT’s year-to-date sales growth before the acquisition exceeded 100%.

Ecolab’s Global High-Tech platform is approaching $1.5 billion in annualized sales, consisting of roughly $500 million each from its legacy high-tech operations, CoolIT and Ovivo, Beck said. The company expects the combined Global High-Tech platform to grow more than 25% annually and reach $4 billion in sales by 2030, with a 25% operating-income margin. Those targets were raised from previous expectations for more than 20% growth and a 20% margin.

On a pro forma basis including Ovivo and CoolIT, Ecolab said company sales growth would have been about 7% in the second quarter, with the acquired businesses adding roughly two percentage points of growth. Beck said Ecolab plans to introduce an integrated cooling platform at the Supercomputing conference that combines CoolIT’s liquid-cooling technology with Ecolab’s 3D TRASAR digital capabilities.

The company will hold an investor day at the Supercomputing conference in Chicago on Nov. 17, when it expects to provide further detail on Global High-Tech’s outlook. Beck said Ecolab is still early in integrating CoolIT and continues to use a 30% long-term growth assumption for the acquired business.

Margins, Investment and Outlook Ecolab expects organic sales growth of 6% to 7% in the second half, with adjusted operating-income margin of 19%. The company said that trajectory keeps it on track to achieve a 20% operating-income margin next year.

Chief Financial Officer Scott Kirkland said Ecolab expects commodity costs to remain at high-single-digit levels for the balance of 2026. He also noted that Ovivo reduced reported gross margin by about 60 basis points in the second quarter, while Ecolab’s organic gross margin excluding Ovivo was stable.

The company expects capital expenditures to remain around 7% of sales over the next several years as it invests ahead of growth in Global High-Tech and Life Sciences, Kirkland said. He added that Ecolab remains focused on increasing organic return on invested capital by at least 100 basis points annually and expects to return to pre-CoolIT acquisition organic ROIC levels by 2028.

Ecolab raised its full-year 2026 adjusted EPS outlook to a range of $8.05 to $8.25, representing growth of 7% to 10% from the prior year. The forecast includes the near-term effects of non-cash amortization and financing costs associated with the CoolIT acquisition. Beyond 2026, Beck said the company continues to expect adjusted EPS growth, including CoolIT, to accelerate to a 12% to 15% trajectory.

About Ecolab (NYSE:ECL)Ecolab, Inc is a global provider of water, hygiene and infection prevention solutions and services. The company develops and supplies cleaning and sanitizing chemicals, dispensing equipment, water-treatment systems, pest elimination services and related technologies designed to help businesses maintain clean, safe and efficient operations. Its offerings span both products and onsite services, often paired with technical support and training.

Ecolab serves a broad range of end markets including hospitality and foodservice, food and beverage processing, healthcare, manufacturing and industrial operations, and energy and utilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Ecolab (ECL - Free Report) came out with quarterly earnings of $2.09 per share, beating the Zacks Consensus Estimate of $2.08 per share. This compares to earnings of $1.89 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +0.48%. A quarter ago, it was expected that this cleaning, food-safety and pest-control services company would post earnings of $1.7 per share when it actually produced earnings of $1.7, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Ecolab, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $4.42 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.40%. This compares to year-ago revenues of $4.03 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Ecolab shares have added about 3.4% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for Ecolab?While Ecolab has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Ecolab was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.15 on $4.7 billion in revenues for the coming quarter and $8.18 on $17.88 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Specialty is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Mativ Holdings (MATV - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This paper and reconstituted tobacco company is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of -15.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Mativ Holdings' revenues are expected to be $508.5 million, down 3.2% from the year-ago quarter.

ST. PAUL, Minn.--(BUSINESS WIRE)--Ecolab Inc. (NYSE: ECL): SECOND QUARTER HIGHLIGHTS Ecolab delivered strong performance across the business. Accelerated organic sales growth, driven by good volume growth despite Middle East disruptions and by improved pricing, as well as strong productivity, more than offset rising commodity costs. Reported sales $4.4 billion, +10%. Organic sales growth accelerated to +5%. Growth in Ecolab's core businesses improved, led by accelerating growth in Food & Be.

Posted by Defense World Staff on Jul 26th, 2026

Bank of Nova Scotia lifted its holdings in Ecolab Inc. (NYSE:ECL – Free Report) by 76.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 80,954 shares of the basic materials company’s stock after buying an additional 35,136 shares during the quarter. Bank of Nova Scotia’s holdings in Ecolab were worth $21,535,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ECL. Wexford Capital LP bought a new position in Ecolab in the 3rd quarter valued at $25,000. JPL Wealth Management LLC bought a new stake in shares of Ecolab during the third quarter worth $26,000. Costello Asset Management INC purchased a new stake in shares of Ecolab during the first quarter valued at $27,000. Kemnay Advisory Services Inc. bought a new position in shares of Ecolab in the fourth quarter worth about $27,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Ecolab in the fourth quarter worth about $29,000. 74.91% of the stock is owned by institutional investors.

Insiders Place Their Bets In other news, COO Darrell R. Brown sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $260.89, for a total transaction of $2,608,900.00. Following the completion of the sale, the chief operating officer owned 32,733 shares of the company’s stock, valued at $8,539,712.37. The trade was a 23.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Suzanne M. Vautrinot sold 1,004 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $264.98, for a total transaction of $266,039.92. Following the transaction, the director owned 11,651 shares of the company’s stock, valued at approximately $3,087,281.98. This trade represents a 7.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 10,550 shares of company stock valued at $2,719,508. 0.50% of the stock is owned by company insiders.

Ecolab Stock Performance Shares of Ecolab stock opened at $268.73 on Friday. The company has a 50 day moving average price of $266.62 and a 200 day moving average price of $273.12. The firm has a market capitalization of $75.63 billion, a P/E ratio of 36.36, a PEG ratio of 2.34 and a beta of 0.89. Ecolab Inc. has a 52 week low of $243.15 and a 52 week high of $309.27. The company has a quick ratio of 0.73, a current ratio of 0.99 and a debt-to-equity ratio of 0.69.

Ecolab (NYSE:ECL – Get Free Report) last issued its earnings results on Tuesday, April 28th. The basic materials company reported $1.70 EPS for the quarter, meeting analysts’ consensus estimates of $1.70. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4.03 billion. Ecolab had a return on equity of 22.64% and a net margin of 12.80%.Ecolab’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 earnings per share. Ecolab has set its FY 2026 guidance at 8.430-8.630 EPS and its Q2 2026 guidance at 2.020-2.120 EPS. Sell-side analysts expect that Ecolab Inc. will post 8.18 EPS for the current year.

Ecolab Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, June 16th. Ecolab’s dividend payout ratio (DPR) is presently 39.51%.

Analyst Upgrades and Downgrades A number of equities research analysts recently weighed in on the stock. Oppenheimer upgraded shares of Ecolab from a “market perform” rating to an “outperform” rating and set a $320.00 price objective for the company in a report on Friday, July 17th. Bank of America raised their target price on shares of Ecolab from $337.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Citigroup lifted their price target on shares of Ecolab from $325.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Wells Fargo & Company boosted their price target on Ecolab from $260.00 to $275.00 and gave the company an “equal weight” rating in a report on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Ecolab from $325.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.06.

Check Out Our Latest Research Report on ECL

About Ecolab (Free Report)

Ecolab, Inc is a global provider of water, hygiene and infection prevention solutions and services. The company develops and supplies cleaning and sanitizing chemicals, dispensing equipment, water-treatment systems, pest elimination services and related technologies designed to help businesses maintain clean, safe and efficient operations. Its offerings span both products and onsite services, often paired with technical support and training.

Ecolab serves a broad range of end markets including hospitality and foodservice, food and beverage processing, healthcare, manufacturing and industrial operations, and energy and utilities.

Featured Stories Five stocks we like better than Ecolab Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding ECL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ecolab Inc. (NYSE:ECL – Free Report).

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Posted by Defense World Staff on Jul 24th, 2026

Arrowstreet Capital Limited Partnership increased its stake in Ecolab Inc. (NYSE:ECL – Free Report) by 58.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,243,825 shares of the basic materials company’s stock after acquiring an additional 830,726 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.80% of Ecolab worth $596,902,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wexford Capital LP bought a new stake in shares of Ecolab during the 3rd quarter valued at about $25,000. JPL Wealth Management LLC bought a new stake in Ecolab in the third quarter worth approximately $26,000. Kemnay Advisory Services Inc. bought a new stake in Ecolab in the fourth quarter worth approximately $27,000. Costello Asset Management INC acquired a new position in Ecolab in the first quarter valued at approximately $27,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Ecolab during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 74.91% of the company’s stock.

Insiders Place Their Bets In related news, Director David Maclennan acquired 1,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $250.65 per share, for a total transaction of $250,650.00. Following the purchase, the director owned 25,230 shares in the company, valued at approximately $6,323,899.50. The trade was a 4.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Darrell R. Brown sold 10,000 shares of Ecolab stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $260.89, for a total transaction of $2,608,900.00. Following the transaction, the chief operating officer directly owned 32,733 shares in the company, valued at $8,539,712.37. This represents a 23.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders bought a total of 10,550 shares of company stock worth $2,719,508 in the last three months. 0.50% of the stock is owned by corporate insiders.

Ecolab Stock Down 1.3% Ecolab stock opened at $263.54 on Friday. The firm has a market capitalization of $74.17 billion, a price-to-earnings ratio of 35.66, a price-to-earnings-growth ratio of 2.33 and a beta of 0.89. The firm’s fifty day moving average price is $266.20 and its two-hundred day moving average price is $273.16. Ecolab Inc. has a 1-year low of $243.15 and a 1-year high of $309.27. The company has a current ratio of 0.99, a quick ratio of 0.73 and a debt-to-equity ratio of 0.69.

Ecolab (NYSE:ECL – Get Free Report) last posted its earnings results on Tuesday, April 28th. The basic materials company reported $1.70 EPS for the quarter, hitting the consensus estimate of $1.70. The company had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4.03 billion. Ecolab had a net margin of 12.80% and a return on equity of 22.64%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. Ecolab has set its FY 2026 guidance at 8.430-8.630 EPS and its Q2 2026 guidance at 2.020-2.120 EPS. On average, equities research analysts predict that Ecolab Inc. will post 8.18 earnings per share for the current fiscal year.

Ecolab Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 16th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $2.92 annualized dividend and a dividend yield of 1.1%. Ecolab’s payout ratio is presently 39.51%.

Wall Street Analyst Weigh In Several analysts have recently weighed in on ECL shares. Wells Fargo & Company lifted their price objective on shares of Ecolab from $260.00 to $275.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 10th. Citigroup raised their price target on shares of Ecolab from $325.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Oppenheimer raised shares of Ecolab from a “market perform” rating to an “outperform” rating and set a $320.00 price target for the company in a research note on Friday, July 17th. Bank of America upped their price objective on shares of Ecolab from $337.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, UBS Group raised shares of Ecolab from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $293.00 to $325.00 in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $324.06.

Get Our Latest Analysis on ECL

Ecolab Profile (Free Report)

Ecolab, Inc is a global provider of water, hygiene and infection prevention solutions and services. The company develops and supplies cleaning and sanitizing chemicals, dispensing equipment, water-treatment systems, pest elimination services and related technologies designed to help businesses maintain clean, safe and efficient operations. Its offerings span both products and onsite services, often paired with technical support and training.

Ecolab serves a broad range of end markets including hospitality and foodservice, food and beverage processing, healthcare, manufacturing and industrial operations, and energy and utilities.

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Wall Street expects a year-over-year increase in earnings on higher revenues when Ecolab (ECL - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 28, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis cleaning, food-safety and pest-control services company is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of +10.1%.

Revenues are expected to be $4.4 billion, up 9.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 8.05% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Ecolab?For Ecolab, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.20%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Ecolab will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Ecolab would post earnings of $1.7 per share when it actually produced earnings of $1.70, delivering no surprise.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Ecolab doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Chemical - Specialty industry, Element Solutions (ESI - Free Report) , is soon expected to post earnings of $0.43 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +16.2%. This quarter's revenue is expected to be $877.3 million, up 40.3% from the year-ago quarter.

The consensus EPS estimate for Element Solutions has remained unchanged over the last 30 days. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.54%.

When combined with a Zacks Rank of #2 (Buy), this Earnings ESP indicates that Element Solutions will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

PicS N.V. (PICS) Investors: August 4, 2026, Deadline in Securities Fraud Class Action Lawsuit PR Newswire RADNOR

Key Takeaways Ecolab closed its $4.75B CoolIT deal, adding direct liquid cooling for AI data centers.CoolIT's technology complements Ecolab's water treatment and digital monitoring capabilities.Ecolab expects High-Tech annual sales to reach $4B by 2030, with about 25% margins. Ecolab (ECL - Free Report) completed its previously announced acquisition of direct liquid cooling specialist CoolIT Systems for approximately $4.75 billion, earlier than expected. The deal significantly strengthens Ecolab's presence in the rapidly expanding AI infrastructure market by adding advanced liquid cooling technologies for high-density data centers to its portfolio.

From an investor's perspective, the acquisition marks another major step in Ecolab's strategy to transform its High-Tech business into a key long-term growth driver. By combining CoolIT's direct liquid cooling solutions with its existing water treatment and digital monitoring capabilities, Ecolab is positioning itself to capitalize on surging AI infrastructure investments while expanding its addressable market across semiconductor fabs, power generation and AI data centers.

Management expects the High-Tech business to reach $4 billion in annual sales by 2030, supporting sustained organic revenue growth, margin expansion and double-digit earnings growth over the long term despite near-term acquisition-related costs.

Likely Trend of ECL Stock Following the NewsShares of ECL have traded flat since the announcement yesterday. In the year-to-date period, shares of the company have gained 7.9% compared with the industry’s 16.1% growth. The S&P 500 increased 9.6% in the same time frame.

The CoolIT acquisition is expected to significantly strengthen Ecolab's long-term growth prospects by establishing the company as a comprehensive solutions provider across the AI infrastructure value chain. The addition of direct liquid cooling technology complements Ecolab's existing expertise in ultra-pure water, power and digital optimization solutions, enabling it to offer integrated offerings for semiconductor manufacturing and AI data centers.

As demand for high-density computing continues to rise, the acquisition should accelerate the expansion of Ecolab's High-Tech segment, deepen relationships with hyperscale customers and create cross-selling opportunities. Combined with the planned launch of its integrated 3D TRASAR cooling platform, the deal is expected to support faster revenue growth, higher operating margins and stronger recurring service revenues over the long term.

ECL currently has a market capitalization of $78.34 billion.

Image Source: Zacks Investment Research

More on the NewsFollowing the acquisition, Ecolab plans to introduce an end-to-end 3D TRASAR cooling platform at the Supercomputing conference in November 2026. The platform will combine CoolIT's cooling distribution units and high-performance cold plates with Ecolab's digital 3D TRASAR optimization technology and advanced cooling fluids. Designed for next-generation AI systems, including NVIDIA's Vera Rubin and Grace Blackwell architectures, the solution will provide real-time monitoring of cooling system performance, helping customers reduce cooling power consumption, improve energy efficiency and move toward a near-zero water footprint through closed-loop cooling technologies.

The integrated offering further expands Ecolab's capabilities across the AI infrastructure value chain, spanning ultra-pure water solutions for semiconductor manufacturing, water management for power generation and advanced liquid cooling for AI data centers.

The acquisition also significantly scales Ecolab's Global High-Tech business. Annualized sales from the segment have increased from approximately $150 million in 2021 to nearly $1.5 billion in 2026 following the acquisitions of Ovivo and CoolIT. Management now expects the business to generate $4 billion in annual sales by 2030 while delivering operating margins of about 25%, making it the company's largest growth engine. Backed by annual growth exceeding 25%, the segment is projected to contribute more than two percentage points to Ecolab's annual sales growth.

While the CoolIT acquisition is expected to create short-term earnings headwinds from non-cash amortization and financing costs, the company continues to project organic sales growth of 5-7%, annual operating margin expansion of 100-150 basis points and adjusted earnings per share (EPS) growth of 12-15% over the long term as acquisition synergies strengthen and the amortization impact from the Nalco acquisition begins to roll off after 2027.

Favorable Industry Prospect for ECLPer a report by Grand View Research, the global data center liquid cooling market size was estimated at $6.65 billion in 2025 and is projected to reach $29.46 billion by 2033, expanding at a CAGR of 20.1% from 2026 to 2033.

The rapid escalation of computing density, driven by AI, machine learning and high-performance computing workloads, is fueling the growth of the market. 

A Recent Development by ECLIn April, ECL introduced Ecolab Water Navigator IQ, an AI-enabled platform that provides businesses with a comprehensive, enterprise-wide view of water performance and converts insights into actionable outcomes.

Water Navigator IQ unifies site-level data and predictive analytics in a single platform. It helps organizations track water usage, compare performance and align water strategies with business goals.

ECL’s Zacks Rank & Key PicksCurrently, ECL carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , West Pharmaceutical (WST - Free Report) and Intuitive Surgical (ISRG - Free Report) .

Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported a first-quarter 2026 adjusted EPS of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

GMED has an estimated long-term earnings growth rate of 10.2% compared with the industry’s 12.6% growth. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 26.3%.

West Pharmaceutical, currently flaunting a Zacks Rank #1, reported first-quarter 2026 EPS of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%.

WST has an estimated long-term earnings growth rate of 13.9% compared with the industry’s 9.5% growth. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.4%.

Intuitive Surgical, carrying a Zacks Rank #2 at present, reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.

ISRG has a long-term estimated growth rate of 14.6% compared with the industry’s 12.6% growth. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.

-

ST. PAUL, Minn.--(BUSINESS WIRE)--Ecolab will host a live webcast to discuss its second quarter 2026 results. A news release containing second quarter results is expected to be issued before market open on July 28, 2026.

Details for the public webcast are as follows:

TIME:

1:00 p.m. Eastern Time

DATE:

Tuesday, July 28, 2026

DURATION:

One hour

LOCATION:

www.ecolab.com/investor

ARCHIVE:

A replay of the webcast and supplemental data will be available on Ecolab’s website.

About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, Ecolab has advanced innovation by integrating science-based solutions, data-driven insights, AI technology and world-class service. This unique combination enables Ecolab to partner with customers to define what best-in-class looks like and scale it across their operations, helping them achieve peak performance. Today, Ecolab delivers $16 billion in annual sales, employs 48,000 associates and serves customers in more than 170 countries and 40 industries. The company helps protect one-third of the world’s food production and a quarter of the power generated while delivering innovative solutions across food, hospitality, healthcare, data centers, microelectronics and life sciences. As the world’s water company, Ecolab plays an important role in AI growth by supporting the full water needs of advanced computing—from ultra‑pure water for chip manufacturing, to water solutions that support the power behind AI, to direct liquid cooling systems for high‑density computing that improves performance while reducing environmental impact through circular water use. In life sciences, Ecolab delivers end to end solutions that support the development and manufacturing of life-saving drugs, helping customers operate safely and consistently at scale while improving performance and reducing environmental impact. Through its comprehensive approach, Ecolab protects what’s vital, with a goal by 2030 to help protect 2 billion people from infections and conserve enough drinking water for 1 billion people, while continuing to enhance business performance.

Ecolab. Protecting What’s Vital.

www.ecolab.com

(ECL-C)

More News From Ecolab Inc.

Back to Newsroom

ST. PAUL, Minn.--(BUSINESS WIRE)--Ecolab Inc. (NYSE: ECL):

FIRST QUARTER HIGHLIGHTS

Ecolab delivered another quarter of double-digit EPS growth, driven by continued strong value pricing, accelerated volume growth and solid operating income margin expansion. Reported sales $4.1 billion, +10%. Organic sales accelerated to +4%, led by accelerated growth in Life Sciences, Global High-Tech, Institutional and Specialty. Pest Elimination and Food & Beverage continued to deliver strong growth. Reported operating income margin 15.3%. Adjusted operating income margin increased 70 bps to 16.7%. Reported diluted EPS $1.52, +8%. Adjusted diluted EPS $1.70, +13%. MAINTAINS 2026 OUTLOOK

2026: Continue to expect adjusted diluted EPS in the $8.43 to $8.63 range, +12% to 15%, excluding the impact of the pending CoolIT Systems acquisition. Ecolab expects to quickly offset rising commodity costs through accelerating pricing, record new business wins and improved productivity. 2Q 2026: Expect adjusted diluted EPS in the $2.02 to $2.12 range, +7% to 12%. This range reflects a short transition period as benefits from the energy surcharge progressively build to offset higher commodity costs. First Quarter Ended March 31

Reported

Adjusted

(unaudited)

Public Currency Rates

%

Public Currency Rates

%

(millions, except per share)

2026

2025

Change

2026

2025

Change

Net sales

$4,066.1

$3,695.0

10

%

$4,066.1

$3,695.0

10

%

Operating income

622.0

555.3

12

%

679.7

589.6

15

%

Net income attributable to Ecolab

432.6

402.5

7

%

482.5

427.1

13

%

Diluted earnings per share attributable to Ecolab

$1.52

$1.41

8

%

$1.70

$1.50

13

%

Organic

%

2026

2025

Change

Net sales

$3,957.3

$3,823.1

4

%

Operating income

664.9

616.2

8

%

CEO Comment

Christophe Beck, Ecolab’s chairman, president and chief executive officer, said, “We delivered another strong quarter, with accelerated sales growth and double-digit earnings growth reflecting the strength of our growth engines and the improving performance of our core businesses. That performance was driven by strong value pricing, accelerated volume growth and improved productivity, demonstrating the power of our technology- and service-led model and the way our teams execute every day to deliver for customers in a complex operating environment.

“Accelerated organic sales growth this quarter was led by our growth engines, which collectively strengthened over the prior quarter. Life Sciences accelerated to 11% growth, driven by bioprocessing, which more than doubled its sales during the quarter. Pest Elimination grew 7%, with strong gains from our One Ecolab growth initiative and our new pest intelligence offering. Ecolab Digital and Global High-Tech both grew more than 20%, reflecting strong customer demand for connected, outcome-based solutions. Our core businesses also delivered strong performance as Institutional and Specialty both improved, and Food & Beverage continued to significantly outperform market trends.

“During the quarter, we responded quickly to sharply rising global energy costs driven by geopolitical developments. We took decisive actions across our supply chain, procurement and operations to absorb cost pressures wherever possible. We also announced a global energy surcharge to mitigate the dramatic rise in energy prices. As a result, commodity costs are expected to increase high‑single digits starting in the second quarter, and we expect those costs to remain high through the end of the year. Our priority is, and always will be, being there for our customers and supporting their operations no matter what the environment looks like.

“As we move into the second quarter, we expect a short transition period as we absorb rising commodity costs, while the benefits from the energy surcharge progressively build. Exiting the second quarter, we expect accelerating pricing to cover the dollar impact from higher commodity costs, with gross margin stabilizing in the second half of the year. With this, along with strong new business wins and improved productivity, we expect Ecolab’s performance to strengthen in the second half of the year and are reiterating our expectation to deliver 12-15% adjusted EPS growth in 2026, excluding the impact of the recently announced acquisition of CoolIT Systems.

“The pending acquisition of CoolIT is an important strategic step for Ecolab, further strengthening our Global High-Tech growth engine and extending our leadership in high-performance cooling for data centers. Our combined end-to-end cooling technologies enable leading hyperscale and colocation data centers to put more power towards computing, with less water and energy consumption. Overall, we are confident in our team’s ability to execute and deliver for customers and shareholders, supported by the strong momentum of our growth engines and solid performance in our core businesses.”

First Quarter 2026 Consolidated Results

Ecolab’s first quarter reported sales increased 10%. Organic sales growth accelerated to 4% when compared to the prior year. Ecolab Digital sales increased 24% to $99 million, with double-digit growth across both software and enabling hardware subscriptions.

First quarter 2026 reported operating income increased 12% including the impact of special gains and charges. Adjusted operating income increased 15%, as accelerated sales growth and improved productivity more than offset higher commodity costs and growth-oriented investments in the business.

Reported other income in the first quarter of 2026 decreased $4 million. Reported net interest expense increased $14 million reflecting the impact of lower cash balances and new debt used to fund the Ovivo Electronics acquisition. Together, these items reduced adjusted earnings per share by $0.05 in the first quarter of 2026, while currency translation increased earnings per share by $0.08.

The reported income tax rate for the first quarter of 2026 was 21.8% compared with the reported rate of 20.3% in the first quarter of 2025. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the first quarter of 2026 was 21.0% compared with the adjusted tax rate of 20.8% in the first quarter of 2025.

Reported net income increased 7% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 13% versus the prior year.

Reported diluted earnings per share increased 8% versus the prior year. Adjusted diluted earnings per share increased 13% when compared against the first quarter of 2025.

Ecolab repurchased approximately 1.3 million shares of its common stock during the first quarter of 2026.

First Quarter 2026 Segment Review

Global Water

(unaudited)

First Quarter Ended March 31

Organic

(millions)

2026

2025

% Change

% Change

Fixed currency

Sales

$2,035.2

$1,899.5

7

%

2

%

Operating income

297.8

278.7

7

%

0

%

Operating income margin

14.6

%

14.7

%

Organic operating income margin

14.3

%

14.7

%

Public currency

Sales

$2,043.0

$1,826.4

12

%

Operating income

299.3

264.1

13

%

The Global Water segment includes Heavy Water, Light Water, High-Tech, Food & Beverage, and Paper

Fixed currency sales increased 7%, driven by a 5% benefit from the Ovivo Electronics acquisition and organic sales growth of 2%. Performance was led by more than 20% organic growth in Global High-Tech, reflecting robust growth across both microelectronics and data centers. Food & Beverage continued to grow mid-single digits, driven by attractive new business wins from our One Ecolab growth strategy. Light Water delivered steady performance, driven by solid gains in transportation. Collectively, the headwind from softer sales in Heavy Water and Paper stabilized, driven by good new business wins. Organic operating income was stable as sales growth offset higher commodity costs and growth-oriented investments in the business. Global Water’s underlying performance remained strong when excluding Heavy Water and Paper, which together reduced organic sales growth by low-single digits and organic operating income growth by upper-single digits.

Global Institutional & Specialty

(unaudited)

First Quarter Ended March 31

Organic

(millions)

2026

2025

% Change

% Change

Fixed currency

Sales

$1,507.7

$1,454.8

4

%

4

%

Operating income

347.5

308.4

13

%

13

%

Operating income margin

23.0

%

21.2

%

Organic operating income margin

23.0

%

21.2

%

Public currency

Sales

$1,511.4

$1,418.0

7

%

Operating income

348.2

301.2

16

%

Fixed currency and organic sales growth both improved to 4%. Institutional’s improved performance was driven by good growth with hospitality customers. Specialty’s sales grew high-single digits, with accelerated growth driven by robust new business wins and continued value pricing. Organic operating income increased 13%, as strong sales growth more than offset higher commodity costs.

Global Pest Elimination

(unaudited)

First Quarter Ended March 31

Organic

(millions)

2026

2025

% Change

% Change

Fixed currency

Sales

$310.1

$287.4

8

%

7

%

Operating income

51.7

47.7

8

%

10

%

Operating income margin

16.7

%

16.6

%

Organic operating income margin

17.0

%

16.6

%

Public currency

Sales

$310.8

$280.6

11

%

Operating income

51.9

46.5

12

%

Fixed currency sales increased 8%, reflecting 7% organic growth and a 1% benefit from attractive, targeted acquisitions in North America. Strong organic sales growth was led by robust gains in restaurants, food retail, food & beverage and healthcare, which continue to benefit from our One Ecolab growth strategy. Organic operating income increased 10% as strong sales growth and improved productivity more than offset growth-oriented investments, including pest intelligence.

Global Life Sciences

(unaudited)

First Quarter Ended March 31

Organic

(millions)

2026

2025

% Change

% Change

Fixed currency

Sales

$200.9

$181.4

11

%

11

%

Operating income

37.5

31.0

21

%

21

%

Operating income margin

18.7

%

17.1

%

Organic operating income margin

18.7

%

17.1

%

Public currency

Sales

$200.9

$170.0

18

%

Operating income

37.7

26.6

42

%

Fixed currency and organic sales growth both accelerated to 11%. This strong growth was driven by bioprocessing, which more than doubled its sales during the quarter. This, along with robust growth in pharmaceutical & personal care, overcame temporary capacity constraints within Life Sciences’ industrial water purification business. Organic operating income increased 21%, as strong sales growth and lower supply chain costs more than offset unfavorable mix and growth-oriented investments in the business. Life Sciences’ current upper-teens organic operating income margin reflects strong underlying profitability and continued investments in breakthrough innovation, global capabilities, and capacity to unlock this very attractive, long-term growth opportunity.

Corporate

(unaudited)

First Quarter Ended March 31

(millions)

2026

2025

Public currency

Corporate operating expense

Transformational acquisition amortization

$57.4

$48.8

Special (gains) and charges

57.7

34.3

Total Corporate operating expense (income)

$115.1

$83.1

First quarter of 2026 corporate segment includes:

amortization expense of $28 million related to the Nalco merger intangible assets, $22 million related to Purolite acquisition intangible assets and $8 million related to the Ovivo Electronics acquisition intangible assets special gains and charges were a net charge of $58 million, primarily related to One Ecolab and acquisition and integration costs for the Ovivo Electronics and pending CoolIT Systems acquisitions Special gains and charges for the first quarter of 2025 impacting operating expense were a net charge of $34 million primarily related to One Ecolab.

Business Outlook

2026

Long-term growth trends in water, hygiene, infection prevention, and digital technologies continue to fuel resilient demand for Ecolab’s innovative technologies and services. Strong momentum in Ecolab’s growth engines, which include Global High-Tech, Life Sciences, Pest Elimination and Ecolab Digital, is expected to continue to strengthen Ecolab’s overall performance. Ecolab’s investments in these areas position the company well to capitalize on these attractive long-term high-growth, high-margin opportunities.

In the near-term, the global operating environment remains unpredictable, including constantly evolving geopolitics and international trade policy, which are resulting in rising commodity costs and emerging challenges in the Middle East. Importantly, the company is very well positioned to quickly mitigate the impact of these challenges. Over the past few years, Ecolab’s team has demonstrated it can adjust quickly to deliver high performance in almost any environment, which is why even with these dynamic macroeconomic conditions, Ecolab’s confidence in its performance trajectory remains strong. Pricing is expected to progressively accelerate over the next few quarters as the energy surcharge gets implemented. At the same time, Ecolab remains focused on delivering incremental total value to customers that over time will exceed the total price increases. As the company exits the second quarter, it expects accelerating pricing to cover the dollar impact from higher commodity costs, with gross margin stabilizing in the second half of the year.

With progressively accelerating pricing and the acquisition of Ovivo Electronics, Ecolab expects 2026 reported sales to increase 9% to 11%. Organic sales growth is expected to accelerate to the 6% to 7% range in the second half of the year as pricing strengthens and volumes continue to grow. The company anticipates adjusted operating income margin to expand to approximately 19% in 2026, resulting in adjusted operating income growth of 14% to 16%.

In total, Ecolab continues to expect full year 2026 adjusted diluted earnings per share in the $8.43 to $8.63 range, rising 12% to 15% compared with adjusted diluted earnings per share of $7.53 in 2025. This outlook excludes the impact of the recently announced acquisition of CoolIT Systems, which is expected to close during the third quarter.

The company currently anticipates quantifiable special charges in 2026 to be approximately $0.60 to $0.65 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

2026 – Second Quarter

Ecolab expects second quarter 2026 adjusted diluted earnings per share in the $2.02 to $2.12 range, rising 7% to 12% compared with adjusted diluted earnings per share of $1.89 a year ago. This range reflects a short transition period as benefits from the energy surcharge progressively build to offset higher commodity costs.

The company currently expects quantifiable special charges in the second quarter of 2026 to be approximately $0.22 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, Ecolab has advanced innovation by integrating science-based solutions, data-driven insights, AI technology and world-class service. This unique combination enables Ecolab to partner with customers to define what best-in-class looks like and scale it across their operations, helping them achieve peak performance. Today, Ecolab delivers $16 billion in annual sales, employs 48,000 associates and serves customers in more than 170 countries and 40 industries. The company helps protect one-third of the world’s food production and a quarter of the power generated while delivering innovative solutions across food, hospitality, healthcare, data centers, microelectronics and life sciences. As the world’s water company, Ecolab plays an important role in AI growth by supporting the full water needs of advanced computing—from ultra‑pure water for chip manufacturing, to water solutions that support the power behind AI, to direct liquid cooling systems for high‑density computing that improves performance while reducing environmental impact through circular water use. In life sciences, Ecolab delivers end to end solutions that support the development and manufacturing of life-saving drugs, helping customers operate safely and consistently at scale while improving performance and reducing environmental impact. Through its comprehensive approach, Ecolab protects what’s vital, with a goal by 2030 to help protect 2 billion people from infections and conserve enough drinking water for 1 billion people, while continuing to enhance business performance.

Ecolab. Protecting What’s Vital.

www.ecolab.com

Ecolab will host a live webcast to review the first quarter earnings announcement today at 1:00 p.m. Eastern Time. The webcast, along with related materials, will be available to the public on Ecolab's website at www.ecolab.com/investor. A replay of the webcast and related materials will be available at that site.

Cautionary Statements Regarding Forward-Looking Information

This news release contains certain statements relating to future events and our intentions, beliefs, expectations and predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,” “estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast” (including the negative or variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions and our financial and business performance and prospects, including sales, earnings, special gains and charges, raw material costs, margins, pricing, currency translation, productivity, investments, acquisitions and new business. These statements are based on the current expectations of management of the company. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this news release. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness.

Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (the "SEC"), and include the impact of economic factors such as the worldwide economy, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we serve; exposure to global economic, political and legal risks related to our international operations, including international trade policies, geopolitical instability and the escalation of armed conflicts; our increasing reliance on artificial intelligence technologies in our products, services and operations; information technology infrastructure failures or breaches in data security; difficulty in procuring raw materials or fluctuations in raw material costs; our ability to successfully execute organizational change and management transitions; the occurrence of severe public health outbreaks not limited to COVID-19; our ability to acquire complementary businesses and to effectively integrate such businesses; our ability to execute key business initiatives; our ability to successfully compete with respect to value, innovation and customer support; pressure on operations from consolidation of customers or vendors; restraints on pricing flexibility due to contractual obligations and our ability to meet our contractual commitments; the costs and effects of complying with laws and regulations, including those relating to the environment, climate change standards, and to the manufacture, storage, distribution, sale and use of our products, as well as to the conduct of our business generally, including labor and employment and anti-corruption; potential safety incidents; potential chemical spill or release; potential to incur significant tax liabilities or indemnification liabilities relating to the separation and split-off of our ChampionX business; the occurrence of litigation or claims, including class action lawsuits; the loss or insolvency of a major customer or distributor; repeated or prolonged government and/or business shutdowns or similar events; acts of war or terrorism; natural or man-made disasters; water shortages; severe weather conditions; our commitments, goals, targets, objectives and initiatives related to sustainability, and our public statements and disclosures regarding them; changes in tax laws and unanticipated tax liabilities; potential loss of deferred tax assets; our indebtedness, and any failure to comply with covenants that apply to our indebtedness; potential losses arising from the impairment of goodwill or other assets; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this news release may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations, except as required by law.

Non-GAAP Financial Information

This news release and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

These non-GAAP financial measures may include:

fixed currency sales organic sales adjusted cost of sales adjusted gross profit adjusted gross margin fixed currency operating income fixed currency operating income margin adjusted operating income adjusted fixed currency operating income adjusted fixed currency operating income margin organic operating income organic operating income margin adjusted tax rate adjusted net income attributable to Ecolab adjusted diluted earnings per share free cash flow We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. Adjusted diluted earnings per share also excludes the impact of the Ovivo Electronics acquisition in the fourth quarter of 2025. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges.

We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2026. We also provide our segment results based on public currency rates for informational purposes.

Our reportable segments do not include the impact of intangible asset amortization from the Nalco, Purolite and Ovivo Electronics transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments.

Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges where applicable, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture.

We define free cash flow as net cash provided by operating activities less cash outlays for capital expenditures. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. It should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. We believe free cash flow is meaningful to investors as it functions as a useful measure of performance and we use this measure as an indication of the strength of the Company and its ability to generate cash.

These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following "Supplemental Non-GAAP Reconciliations" and “Supplemental Diluted Earnings per Share Information” tables included in this news release.

We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.

(ECL-E)

ECOLAB INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

First Quarter Ended

March 31

%

(millions, except per share)

2026

2025

Change

Product and equipment sales

$3,174.6

$2,901.9

Service and lease sales

891.5

793.1

Net sales

4,066.1

3,695.0

10

%

Product and equipment cost of sales

1,786.2

1,605.4

Service and lease cost of sales

509.1

454.8

Cost of sales (1)

2,295.3

2,060.2

11

%

Selling, general and administrative expenses

1,102.4

1,050.0

5

%

Special (gains) and charges (1)

46.4

29.5

Operating income

622.0

555.3

12

%

Other (income) expense

(8.8

)

(13.0

)

(32

)

%

Interest expense, net

72.7

58.3

25

%

Income before income taxes

558.1

510.0

9

%

Provision for income taxes

121.5

103.5

17

%

Net income including noncontrolling interest

436.6

406.5

7

%

Net income attributable to noncontrolling interest

4.0

4.0

Net income attributable to Ecolab

$432.6

$402.5

7

%

Earnings attributable to Ecolab per common share

Basic

$1.53

$1.42

8

%

Diluted

$1.52

$1.41

8

%

Weighted-average common shares outstanding

Basic

282.0

283.4

0

%

Diluted

283.7

285.3

(1

)

%

(1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following:

First Quarter Ended

March 31

(millions)

2026

2025

Cost of sales

One Ecolab

$1.6

$4.8

Other restructuring

9.7

-

Subtotal (a)

11.3

4.8

Special (gains) and charges

One Ecolab

31.4

39.4

Acquisition and integration activities

14.1

1.5

Sale of global surgical solutions business

-

1.6

Other

0.9

(13.0

)

Subtotal

46.4

29.5

Total special (gains) and charges

$57.7

$34.3

(a) Special charges of $11.3 million and $4.8 million in the first quarter of 2026 and 2025, respectively, were recorded in product and equipment cost of sales.

ECOLAB INC.

REPORTABLE SEGMENT INFORMATION

(unaudited)

First Quarter Ended March 31

Fixed Currency Rates

Public Currency Rates

%

%

(millions)

2026

2025

Change

2026

2025

Change

Net Sales

Global Water

$2,035.2

$1,899.5

7

%

$2,043.0

$1,826.4

12

%

Global Institutional & Specialty

1,507.7

1,454.8

4

%

1,511.4

1,418.0

7

%

Global Pest Elimination

310.1

287.4

8

%

310.8

280.6

11

%

Global Life Sciences

200.9

181.4

11

%

200.9

170.0

18

%

Subtotal at fixed currency rates

4,053.9

3,823.1

6

%

4,066.1

3,695.0

10

%

Currency impact

12.2

(128.1

)

*

-

-

*

Consolidated reported GAAP net sales

$4,066.1

$3,695.0

10

%

$4,066.1

$3,695.0

10

%

Operating Income (loss)

Global Water

$297.8

$278.7

7

%

$299.3

$264.1

13

%

Global Institutional & Specialty

347.5

308.4

13

%

348.2

301.2

16

%

Global Pest Elimination

51.7

47.7

8

%

51.9

46.5

12

%

Global Life Sciences

37.5

31.0

21

%

37.7

26.6

42

%

Corporate

(114.8

)

(83.5

)

*

(115.1

)

(83.1

)

*

Subtotal at fixed currency rates

619.7

582.3

6

%

622.0

555.3

12

%

Currency impact

2.3

(27.0

)

*

-

-

*

Consolidated reported GAAP operating income

$622.0

$555.3

12

%

$622.0

$555.3

12

%

* Not meaningful.

As shown in the “Fixed Currency Rates” tables above, we evaluate the performance of our international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Amounts shown in the “Public Currency Rates” tables above reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and are provided for informational purposes. The difference between the fixed currency exchange rates and the public currency exchange rates is reported as “Currency impact” in the “Fixed Currency Rates” tables above.

The Corporate segment includes amortization from the Nalco, Purolite and Ovivo Electronics transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income.

ECOLAB INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

March 31

December 31

March 31

(millions)

2026

2025

2025

Assets

Current assets

Cash and cash equivalents

$519.8

$646.2

$1,162.6

Accounts receivable, net

3,280.2

3,249.4

2,857.1

Inventories

1,572.0

1,490.4

1,547.2

Other current assets

670.7

569.6

514.2

Total current assets

6,042.7

5,955.6

6,081.1

Property, plant and equipment, net

4,397.2

4,276.6

3,775.8

Goodwill

9,438.7

9,227.0

7,864.5

Other intangible assets, net

3,524.2

3,688.5

3,228.7

Operating lease assets

775.1

765.9

750.7

Other assets

862.7

782.7

665.6

Total assets

$25,040.6

$24,696.3

$22,366.4

Liabilities and Equity

Current liabilities

Short-term debt

$1,573.2

$870.4

$614.2

Accounts payable

2,054.8

2,071.0

1,765.6

Compensation and benefits

571.4

721.5

540.1

Income taxes

127.4

134.3

178.5

Other current liabilities

1,768.9

1,737.5

1,510.8

Total current liabilities

6,095.7

5,534.7

4,609.2

Long-term debt

6,922.5

7,365.9

6,997.6

Pension and postretirement benefits

547.6

546.1

590.2

Deferred income taxes

389.5

329.9

249.4

Operating lease liabilities

603.5

596.5

598.8

Other liabilities

449.8

518.7

417.5

Total liabilities

15,008.6

14,891.8

13,462.7

Equity

Common stock

370.2

369.4

368.6

Additional paid-in capital

7,643.7

7,521.3

7,298.2

Retained earnings

13,060.5

12,834.0

11,735.2

Accumulated other comprehensive loss

(1,626.1

)

(1,874.3

)

(2,064.2

)

Treasury stock

(9,444.4

)

(9,079.6

)

(8,462.0

)

Total Ecolab shareholders’ equity

10,003.9

9,770.8

8,875.8

Noncontrolling interest

28.1

33.7

27.9

Total equity

10,032.0

9,804.5

8,903.7

Total liabilities and equity

$25,040.6

$24,696.3

$22,366.4

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

First Quarter Ended

March 31

(millions, except percent and per share)

2026

2025

Net sales

Reported GAAP net sales

$4,066.1

$3,695.0

Effect of foreign currency translation

(12.2

)

128.1

Non-GAAP fixed currency sales

4,053.9

3,823.1

Effect of acquisitions and divestitures

(96.6

)

-

Non-GAAP organic sales

$3,957.3

$3,823.1

Cost of sales

Reported GAAP cost of sales

$2,295.3

$2,060.2

Special (gains) and charges

11.3

4.8

Non-GAAP adjusted cost of sales

$2,284.0

$2,055.4

Gross profit

Reported GAAP gross profit

$1,770.8

$1,634.8

Special (gains) and charges

11.3

4.8

Non-GAAP adjusted gross profit

$1,782.1

$1,639.6

Gross margin

Reported GAAP gross margin

43.6

%

44.2

%

Non-GAAP adjusted gross margin

43.8

%

44.4

%

Operating income

Reported GAAP operating income

$622.0

$555.3

Special (gains) and charges at public currency rates

57.7

34.3

Non-GAAP adjusted operating income

679.7

589.6

Effect of foreign currency translation

(3.4

)

26.6

Non-GAAP adjusted fixed currency operating income

676.3

616.2

Effect of acquisitions and divestitures

(11.4

)

-

Non-GAAP organic operating income

$664.9

$616.2

Operating income margin

Reported GAAP operating income margin

15.3

%

15.0

%

Non-GAAP adjusted operating income margin

16.7

%

16.0

%

Non-GAAP organic operating income margin

16.8

%

16.1

%

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

First Quarter Ended

March 31

(millions, except percent and per share)

2026

2025

Net Income attributable to Ecolab

Reported GAAP net income attributable to Ecolab

$432.6

$402.5

Special (gains) and charges, after tax

45.5

25.1

Discrete tax net expense (benefit)

4.4

(0.5

)

Non-GAAP adjusted net income attributable to Ecolab

$482.5

$427.1

Diluted EPS attributable to Ecolab

Reported GAAP diluted EPS

$1.52

$1.41

Special (gains) and charges, after tax

0.16

0.09

Discrete tax net expense (benefit)

0.02

0.00

Non-GAAP adjusted diluted EPS

$1.70

$1.50

Provision for Income Taxes

Reported GAAP tax rate

21.8

%

20.3

%

Special gains and charges

(0.1

)

0.4

Discrete tax items

(0.7

)

0.1

Non-GAAP adjusted tax rate

21.0

%

20.8

%

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

First Quarter Ended March 31

2026

2025

(millions)

Fixed Currency

Impact of
Acquisitions
and
Divestitures

Organic

Fixed Currency

Impact of
Acquisitions
and
Divestitures

Organic

Net Sales

Global Water

$2,035.2

($95.0

)

$1,940.2

$1,899.5

$-

$1,899.5

Global Institutional & Specialty

1,507.7

-

1,507.7

1,454.8

-

1,454.8

Global Pest Elimination

310.1

(1.6

)

308.5

287.4

-

287.4

Global Life Sciences

200.9

-

200.9

181.4

-

181.4

Subtotal at fixed currency rates

4,053.9

(96.6

)

3,957.3

3,823.1

-

3,823.1

Currency impact

12.2

(128.1

)

Consolidated reported GAAP net sales

$4,066.1

$3,695.0

Operating Income (loss)

Global Water

$297.8

($20.4

)

$277.4

$278.7

$-

$278.7

Global Institutional & Specialty

347.5

-

347.5

308.4

-

308.4

Global Pest Elimination

51.7

0.6

52.3

47.7

-

47.7

Global Life Sciences

37.5

-

37.5

31.0

-

31.0

Corporate

(58.2

)

8.4

(49.8

)

(49.6

)

-

(49.6

)

Subtotal at fixed currency rates

676.3

(11.4

)

664.9

616.2

-

616.2

Special (gains) and charges at fixed currency rates

56.6

33.9

Reported OI at fixed currency rates

619.7

582.3

Currency impact

2.3

(27.0

)

Consolidated reported GAAP operating income

$622.0

$555.3

ECOLAB INC.

SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION

(unaudited)

The table below provides a reconciliation of diluted earnings per share, as reported, to the non-GAAP measure of adjusted diluted earnings per share.

First

Second

Six

Third

Nine

Fourth

Quarter

Quarter

Months

Quarter

Months

Quarter

Year

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Mar. 31

June 30

June 30

Sept. 30

Sept. 30

Dec. 31

Dec. 31

2025

2025

2025

2025

2025

2025

2025

Diluted earnings per share, as reported (U.S. GAAP)

$1.41

$1.84

$3.25

$2.05

$5.30

$1.98

$7.28

Adjustments:

Special (gains) and charges (1)

0.09

0.07

0.16

0.08

0.24

0.21

0.45

Discrete tax expense (benefits) (2)

0.00

(0.02

)

(0.02

)

(0.06

)

(0.08

)

(0.12

)

(0.21

)

Impact of Ovivo Electronics on diluted earnings per share

0.00

0.00

0.00

0.00

0.00

0.01

0.01

Adjusted diluted earnings per share (Non-GAAP)

$1.50

$1.89

$3.39

$2.07

$5.46

$2.08

$7.53

  First

Second

Six

Third

Nine

Fourth

Quarter

Quarter

Months

Quarter

Months

Quarter

Year

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Mar. 31

June 30

June 30

Sept. 30

Sept. 30

Dec. 31

Dec. 31

2026

2026

2026

2026

2026

2026

2026

Diluted earnings per share, as reported (U.S. GAAP)

$1.52

Adjustments:

Special (gains) and charges (3)

0.16

Discrete tax expense (benefits) (4)

0.02

Adjusted diluted earnings per share (Non-GAAP)

$1.70

  Per share amounts do not necessarily sum due to changes in shares outstanding and rounding.

(1) Special (gains) and charges for 2025 includes charges of $25.1 million, $20.6 million, $22.0 million and $59.7 million, net of tax, in the first, second, third and fourth quarters, respectively. These charges were primarily related to One Ecolab.

(2) Discrete tax expenses (benefits) for 2025 includes ($0.5) million, ($5.0) million, ($16.3) million and ($35.7) million in the first, second, third and fourth quarters, respectively. These expenses (benefits) are primarily associated with the recognition of deferred tax attributes, share-based compensation excess tax benefits, the filing of federal, state, and foreign tax returns, and other discrete expenses (benefits).

(3) Special (gains) and charges for 2026 includes $45.5 million, net of tax, in the first quarter. These charges were primarily related to One Ecolab and acquisition and integration costs for the Ovivo Electronics and pending CoolIT Systems acquisitions.

(4) Discrete tax expenses (benefits) for 2026 includes $4.4 million in the first quarter. These expenses (benefits) are primarily associated with share-based compensation excess tax benefits and other discrete expenses (benefits).

More News From Ecolab Inc.

Ecolab (ECL - Free Report) reported $4.07 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 10%. EPS of $1.70 for the same period compares to $1.50 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $4.02 billion, representing a surprise of +1.05%. The company delivered an EPS surprise of +0.06%, with the consensus EPS estimate being $1.70.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Ecolab performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- Fixed Currency Rates- Global Pest Elimination: $310.1 million versus $295.72 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +11.5% change.Net Sales- Fixed Currency Rates- Global Water: $2.04 billion versus the three-analyst average estimate of $1.97 billion.Net Sales- Fixed Currency Rates- Global Life Sciences: $200.9 million compared to the $178.13 million average estimate based on three analysts.Net Sales- Fixed Currency Rates- Global Institutional & Specialty: $1.51 billion compared to the $1.45 billion average estimate based on three analysts. The reported number represents a change of +7.2% year over year.Net Sales- Public Currency Rates- Global Life Sciences: $200.9 million compared to the $183.6 million average estimate based on two analysts.Net Sales- Public Currency Rates- Global Pest Elimination: $310.8 million versus $306.7 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.Net Sales- Public Currency Rates- Global Institutional & Specialty: $1.51 billion compared to the $1.5 billion average estimate based on two analysts. The reported number represents a change of +6.6% year over year.Net Sales- Public Currency Rates- Global Water: $2.04 billion versus the two-analyst average estimate of $2.05 billion.Operating Income (loss)- Fixed Currency Rates- Global Life Sciences: $37.5 million versus $29.91 million estimated by three analysts on average.Operating Income (loss)- Fixed Currency Rates- Global Pest Elimination: $51.7 million versus the three-analyst average estimate of $57.18 million.Operating Income (loss)- Fixed Currency Rates- Global Institutional & Specialty: $347.5 million versus the three-analyst average estimate of $323.38 million.Operating Income (loss)- Fixed Currency Rates- Corporate: $-114.8 million compared to the $-54.34 million average estimate based on three analysts.View all Key Company Metrics for Ecolab here>>>

Shares of Ecolab have returned +2.1% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Ecolab Inc. (ECL) Q1 2026 Earnings Call Transcript

New facility brings deep expertise closer to Asian customers, strengthening Ecolab’s global network

SEOUL, South Korea--(BUSINESS WIRE)--Building on the continued growth and strong performance of its Life Sciences business, Ecolab is further expanding its global bioprocessing capabilities to support biopharmaceutical manufacturers worldwide. Today, Ecolab Life Sciences announced the opening of a new Bioprocessing Applications Lab (BPAL) in Dongtan, Korea, its first bioprocessing facility in Asia. The new center further strengthens the company’s global Life Sciences footprint and supports customers operating in one of the world’s most advanced biopharmaceutical manufacturing markets.

BPAL Korea is the latest example of Ecolab Life Sciences’ long-term investment in the life sciences industry, building on continued innovation across the company’s bioprocessing portfolio, including its affinity resin technologies.

Share The Korea BPAL supports a full range of process development activities from early-stage testing through studies that replicate manufacturing at scale, building on Ecolab’s established bioprocessing applications network in the United States and the United Kingdom. The facility enables hands-on collaboration with Ecolab’s bioprocessing experts to help customers optimize purification processes, enhance cost and process efficiency, and advance programs toward commercial readiness.

Korea has emerged as a global center for biopharmaceutical manufacturing, particularly in biosimilars that expand access to advanced therapies worldwide. In this highly competitive environment, manufacturers require speed, technical rigor and alignment with global standards. With bioprocessing experts now based locally, customers can progress development more efficiently by avoiding overseas material transfers, while maintaining consistency and cost efficiencies across global operations.

“Biopharmaceutical manufacturers across Asia are under increasing pressure to scale with speed while meeting demanding regulatory and performance expectations,” said Jenny Tan, vice president and general manager, Ecolab Life Sciences APAC and India. “BPAL Korea strengthens our ability to work side by side with customers, bringing deep local expertise together with Ecolab’s global, integrated bioprocessing network.”

BPAL Korea is the latest example of Ecolab Life Sciences’ long-term investment in the life sciences industry, building on continued innovation across the company’s bioprocessing portfolio, including its affinity resin technologies. By expanding its global network of development and applications centers, Ecolab Life Sciences is helping customers drive growth and scale advanced therapies with speed, reliability, and confidence worldwide.

To learn more about Ecolab Life Sciences’ bioprocess development capabilities and how BPAL Korea supports scalable, regulatory-ready purification processes, visit Ecolab’s Purolite™ Resins website here.

About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, Ecolab has advanced innovation by integrating science-based solutions, data-driven insights, AI technology and world-class service. This unique combination enables Ecolab to partner with customers to define what best-in-class looks like and scale it across their operations, helping them achieve peak performance. Today, Ecolab delivers $16 billion in annual sales, employs 48,000 associates and serves customers in more than 170 countries and 40 industries. The company helps protect one-third of the world’s food production and a quarter of the power generated while delivering innovative solutions across food, hospitality, healthcare, data centers, microelectronics and life sciences. As the world’s water company, Ecolab plays an important role in AI growth by supporting the full water needs of advanced computing—from ultra‑pure water for chip manufacturing, to water solutions that support the power behind AI, to direct liquid cooling systems for high‑density computing that improves performance while reducing environmental impact through circular water use. In life sciences, Ecolab delivers end to end solutions that support the development and manufacturing of life-saving drugs, helping customers operate safely and consistently at scale while improving performance and reducing environmental impact. Through its comprehensive approach, Ecolab protects what’s vital, with a goal by 2030 to help protect 2 billion people from infections and conserve enough drinking water for 1 billion people, while continuing to enhance business performance.

Ecolab. Protecting What’s Vital.

www.ecolab.com

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(ECL-C)