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Aflac Incorporated (AFL) Presents at Morgan Stanley US Financials Conference 2026 Transcript

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

Follow us on LinkedIn @Ecolab, Instagram @Ecolab_Inc and Facebook @Ecolab.

(ECL-C)

Posted by Defense World Staff on Apr 29th, 2026

Concurrent Investment Advisors LLC lifted its stake in Ecolab Inc. (NYSE:ECL – Free Report) by 38.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,159 shares of the basic materials company’s stock after acquiring an additional 2,533 shares during the period. Concurrent Investment Advisors LLC’s holdings in Ecolab were worth $2,404,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ECL. Vanguard Group Inc. boosted its holdings in shares of Ecolab by 2.1% in the third quarter. Vanguard Group Inc. now owns 25,190,115 shares of the basic materials company’s stock worth $6,898,565,000 after acquiring an additional 527,902 shares during the period. Balyasny Asset Management L.P. boosted its holdings in shares of Ecolab by 195.9% in the third quarter. Balyasny Asset Management L.P. now owns 670,778 shares of the basic materials company’s stock worth $183,699,000 after acquiring an additional 444,053 shares during the period. M&T Bank Corp boosted its holdings in shares of Ecolab by 594.6% in the fourth quarter. M&T Bank Corp now owns 493,525 shares of the basic materials company’s stock worth $129,560,000 after acquiring an additional 422,471 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Ecolab by 115.6% in the second quarter. AQR Capital Management LLC now owns 727,370 shares of the basic materials company’s stock worth $193,753,000 after acquiring an additional 389,981 shares during the period. Finally, Holocene Advisors LP bought a new position in shares of Ecolab in the third quarter worth $97,664,000. 74.91% of the stock is owned by institutional investors.

Trending Headlines about Ecolab Here are the key news stories impacting Ecolab this week:

Positive Sentiment: Ecolab beat Q1 revenue estimates with reported sales of $4.07B (+10% y/y) and accelerated organic growth in Life Sciences, Global High‑Tech, Institutional and Specialty—driving continued double‑digit EPS growth. Ecolab Delivers Accelerated Sales Growth and Double-Digit EPS Growth Positive Sentiment: Digital sales and strong demand in life sciences/tech were highlighted as growth drivers, supporting near-term revenue momentum. ECL Stock Up in Pre-Market Post In-Line Q1 Earnings, Gross Margin Down Neutral Sentiment: Reported adjusted EPS of $1.70 matched consensus; revenue beat but gross margin tightened versus prior year—mixed signal for profitability trends. Ecolab (ECL) Q1 Earnings Match Estimates Neutral Sentiment: The company maintained FY2026 adjusted EPS guidance of $8.43–$8.63, essentially in line with consensus—providing some reassurance about full‑year targets despite near‑term uncertainty. MarketBeat Ecolab Coverage Negative Sentiment: Ecolab set Q2 EPS guidance of $2.02–$2.12, which sits slightly below consensus and prompted investor caution; management flagged higher costs tied to the Iran war as a driver of elevated near‑term expense. Ecolab forecasts second-quarter profit below estimates as Iran war pushes up costs Negative Sentiment: Reaction: shares slipped as investors focused on the mixed guidance and margin pressure despite the revenue beat—creating short‑term downside even with constructive demand trends. Ecolab slips after in-line Q1; Q2 earnings guidance mostly below consensus Insider Transactions at Ecolab In other news, Director Tracy B. Mckibben sold 1,265 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $308.66, for a total transaction of $390,454.90. Following the transaction, the director directly owned 11,358 shares of the company’s stock, valued at approximately $3,505,760.28. This trade represents a 10.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christophe Beck sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $307.37, for a total value of $6,147,400.00. Following the transaction, the chief executive officer directly owned 90,794 shares in the company, valued at $27,907,351.78. This trade represents a 18.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets ECL has been the topic of a number of recent analyst reports. Weiss Ratings downgraded Ecolab from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. UBS Group lowered their price objective on Ecolab from $312.00 to $293.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. BMO Capital Markets increased their price objective on Ecolab from $323.00 to $345.00 and gave the stock an “outperform” rating in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft upgraded Ecolab from a “hold” rating to a “buy” rating and set a $325.00 price objective on the stock in a research report on Monday, April 20th. Finally, Citigroup lowered their price objective on Ecolab from $345.00 to $330.00 and set a “buy” rating on the stock in a research report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $322.82.

View Our Latest Report on ECL

Ecolab Trading Down 0.4% Shares of ECL stock opened at $266.88 on Wednesday. The business’s fifty day moving average is $277.47 and its 200 day moving average is $273.46. Ecolab Inc. has a 52-week low of $240.92 and a 52-week high of $309.27. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.81 and a current ratio of 1.08. The company has a market capitalization of $75.37 billion, a PE ratio of 36.66, a price-to-earnings-growth ratio of 2.12 and a beta of 1.02.

Ecolab (NYSE:ECL – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The basic materials company reported $1.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.70. Ecolab had a return on equity of 22.73% and a net margin of 12.91%.The business had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the business posted $1.50 earnings per share. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. 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 anticipate that Ecolab Inc. will post 8.45 EPS for the current fiscal year.

Ecolab Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 17th were given a dividend of $0.73 per share. The ex-dividend date was Tuesday, March 17th. This represents a $2.92 dividend on an annualized basis and a yield of 1.1%. Ecolab’s dividend payout ratio (DPR) is presently 40.11%.

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.

Featured Stories Five stocks we like better than Ecolab 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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ST. PAUL, Minn.--(BUSINESS WIRE)--Ecolab will host a live webcast of its annual meeting of stockholders. As indicated in our proxy statement, the 2026 Annual Meeting of Stockholders will be a virtual-only meeting.

Details for the public webcast are as follows:

TIME:

9:30 a.m. Central Time

DATE:

Thursday, May 7, 2026

DURATION:

Approximately 30 minutes

LOCATION:

www.virtualshareholdermeeting.com/ECL2026

ARCHIVE:

A replay of the webcast will be available 24 hours after the end of the meeting

To be admitted to the Annual Meeting at www.virtualshareholdermeeting.com/ECL2026, and to participate and ask questions during the meeting, a stockholder must enter the 16-digit control number found on the proxy card, voting instruction form or notice of internet availability previously mailed or made available to stockholders.

Stockholders and other interested parties may also register as guests in listen only mode without the 16-digit control number.

Online access to the audio webcast will open 15 minutes prior to the start of the 2026 Annual Meeting.

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 8 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)

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NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director Heidi Hoeller sold 2,100 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the transaction, the director owned 11,560 shares of the company's stock, valued at approximately $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

NASDAQ:NBTB

Read Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of Stock

3 hours ago

Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) StockMarketBeat

IGM Financial Inc. (TSE:IGM - Get Free Report) Director Douglas Milne sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of C$80.61, for a total value of C$128,976.00. Following the sale, the director directly owned 800 shares in the company, valued at C$64,488. The trade was a 66.67% decrease in their ownership of the stock.

TSE:IGM

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Key Takeaways Following insider buys is a solid way to gauge long-term sentiment on a stock. Many strict rules apply to insiders, with a much longer holding period than most. CHTR, WCN, and ECL have all seen insiders step up. Many investors keep a close eye on insider transactions, as they can often give a decent read surrounding the longer-term picture.

Of course, it’s important to note that insiders have a longer holding period than most, and many strict rules apply to their transactions.

Recently, insiders of several companies – Charter Communications (CHTR - Free Report) , Waste Connections (WCN - Free Report) , and Ecolab (ECL - Free Report) – have made splashes, acquiring shares. Let’s take a closer look at the transactions for those interested in trading like the insiders.

Ecolab Director BuysEcolab shares had a strong start to 2026 before cooling off in recent months, overall down 6% and underperforming relative to the S&P 500. A director recently picked up 1k shares at an overall transaction value of just over $250k, bringing their total shares held to roughly 25k.

The share's weakness over the last several months could have reflected an enticing opportunity for the director, with the growth picture remaining decently solid for a company residing in the Basic Materials sector. EPS is expected to grow by 13% in its current fiscal year and 14% in FY27, with sales expected to be up 9% in FY26 and 5.4% in FY27, respectively.

Shares also pay a nice dividend, currently yielding 1.2% annually. Dividend growth is also there, with Ecolab sporting an 8.8% five-year annualized dividend growth rate. Below is a chart illustrating the company’s dividends/share on a quarterly basis.

Image Source: Zacks Investment Research

Charter Communications Director Makes Big SplashA director of Charter Communications made a big splash recently, acquiring nearly 10k shares at an overall transaction value of just under $1.4 million. The director now holds approximately 19.3k shares, with the buy essentially doubling their position.

CHTR shares have had a tough ride in 2026 so far, down nearly 33% and facing big pressure after its latest set of quarterly results. Sales growth is expected to be flat for its current and next fiscal years, but earnings are still forecasted to grow 19% and 11%, respectively. While the improving profitability picture is a nice positive, the weak sales growth is a big factor that’s weighed on overall sentiment.

Image Source: Zacks Investment Research

That said, the recent insider buys do help instill a level of confidence from a long-term perspective, but it’s more beneficial to simply keep an eye on the stock for now and wait until a positive set of quarterly results rolls in to help confirm a turnaround in its revenue outlook.

Waste Connections CEO BuysThe CEO of Waste Connections recently dove in with a sizable 50k share purchase, with the overall transaction value coming in at roughly $7.6 million. They now hold just over 300k WCN shares, with the recent purchase increasing their position by a fairly large margin.

WCN shares have also faced some adverse action in 2026, down over 9% and underperforming relative to the S&P 500. But the growth picture still remains solid, with earnings forecasted to grow 7% in its current FY26 and then see an acceleration to a 12.3% growth rate in 2027. Concerning the top line, sales are expected to grow 5.6% in FY26 and 6% in FY27.

Sales growth has remained steady over recent years, with shares also currently yielding 0.8% annually. It's shown a strong commitment to increasingly rewarding shareholders, boasting a 11.5% five-year annualized dividend growth rate.

Image Source: Zacks Investment Research

Bottom Line

Many investors closely monitor insider buys, looking to receive insights into the longer-term picture. The transactions shouldn’t be relied on for near-term performance, as insiders’ holding periods are longer than most, and many strict rules apply.

Rather, investors can see insider buys as an overall net positive concerning the longer-term outlook.

All stocks above – Charter Communications (CHTR - Free Report) , Waste Connections (WCN - Free Report) , and Ecolab (ECL - Free Report) – have seen recent insider activity.

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ST. PAUL, Minn.--(BUSINESS WIRE)--Scott Kirkland, CFO, will address financial analysts at the William Blair Annual Growth Stock Conference on Tuesday June 2, 2026. Ecolab will offer a webcast of Mr. Kirkland’s presentation. Details for the webcast are as follows:

To access the webcast, visit the Events & Presentations section of Ecolab’s Investor website at www.ecolab.com/investor and click on the webcast details.

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. www.ecolab.com

Follow us on LinkedIn @Ecolab, Instagram @Ecolab_Inc and Facebook @Ecolab.

(ECL-C)

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Ecolab Inc. (ECL) Presents at 46th Annual William Blair Growth Stock Conference Transcript

CINCINNATI--(BUSINESS WIRE)--Cintas Corporation (Nasdaq: CTAS) announced that the Company’s Board of Directors approved a quarterly cash dividend of $0.45 per share of common stock payable on June 15, 2026, to shareholders of record at the close of business on May 15, 2026. Cintas has a strong record of returning capital to its shareholders and has consistently raised its dividend each year since Cintas’ initial public offering 42 years ago in 1983.

Any future dividend declarations, including the amount of any dividends, are at the discretion of the Board of Directors and dependent upon then-existing conditions, including the Company’s operating results and financial condition, capital requirements, contractual restrictions, business prospects and other factors that the Board of Directors may deem relevant.

Cintas

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

Posted by Defense World Staff on Apr 29th, 2026

Concurrent Investment Advisors LLC lifted its holdings in shares of Cintas Corporation (NASDAQ:CTAS – Free Report) by 34.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,326 shares of the business services provider’s stock after purchasing an additional 3,633 shares during the period. Concurrent Investment Advisors LLC’s holdings in Cintas were worth $2,694,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CTAS. Key Capital Management INC bought a new stake in shares of Cintas during the fourth quarter worth $28,000. Triumph Capital Management acquired a new position in shares of Cintas during the third quarter valued at $29,000. Alpine Bank Wealth Management lifted its stake in shares of Cintas by 1,092.9% during the third quarter. Alpine Bank Wealth Management now owns 167 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 153 shares during the period. Aventura Private Wealth LLC acquired a new position in shares of Cintas during the fourth quarter valued at $34,000. Finally, WPG Advisers LLC lifted its stake in shares of Cintas by 90.0% during the third quarter. WPG Advisers LLC now owns 171 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 81 shares during the period. Institutional investors own 63.46% of the company’s stock.

Cintas Price Performance Shares of CTAS opened at $174.22 on Wednesday. The company has a current ratio of 1.98, a quick ratio of 1.74 and a debt-to-equity ratio of 0.51. Cintas Corporation has a 1 year low of $165.60 and a 1 year high of $229.24. The stock has a market cap of $69.70 billion, a P/E ratio of 49.21, a price-to-earnings-growth ratio of 3.06 and a beta of 1.01. The stock’s 50-day moving average price is $184.51 and its two-hundred day moving average price is $187.40.

Cintas (NASDAQ:CTAS – Get Free Report) last issued its earnings results on Wednesday, March 25th. The business services provider reported $1.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.24. Cintas had a return on equity of 41.47% and a net margin of 17.57%.The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business earned $1.13 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. On average, equities analysts predict that Cintas Corporation will post 4.89 earnings per share for the current year.

Cintas Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 15th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, May 15th. This represents a $1.80 dividend on an annualized basis and a yield of 1.0%. Cintas’s dividend payout ratio (DPR) is 50.85%.

Insider Transactions at Cintas In other Cintas news, Director Ronald W. Tysoe sold 4,666 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $178.87, for a total transaction of $834,607.42. Following the transaction, the director owned 22,448 shares in the company, valued at approximately $4,015,273.76. This trade represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 14.90% of the company’s stock.

Analysts Set New Price Targets Several brokerages have recently issued reports on CTAS. Wells Fargo & Company raised Cintas from a “cautious” rating to an “overweight” rating and upped their price target for the company from $205.00 to $245.00 in a research note on Wednesday, January 14th. UBS Group reaffirmed a “buy” rating on shares of Cintas in a research note on Thursday, March 12th. Robert W. Baird raised Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price target on the stock in a research note on Wednesday, March 11th. Argus raised Cintas to a “strong-buy” rating in a research note on Wednesday, January 21st. Finally, Bank of America began coverage on Cintas in a research note on Tuesday, February 17th. They set a “neutral” rating and a $215.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $215.17.

Check Out Our Latest Research Report on Cintas

Cintas Company Profile (Free Report)

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.

Further Reading Five stocks we like better than Cintas

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Monolithic Power Systems climbed during the quarter due to strong quarterly results as well as a favorable outlook associated with demand trends. Microsoft traded down despite delivering robust earnings results and providing forward guidance above consensus expectations. During the first quarter, we purchased both Palo Alto Networks and Cintas and sold Dynatrace and Verisk Analytics.

On May 18, 2026, Cintas Corp CTAS shares rose 3.7% to $174.51. The stock has experienced a 52-week range of $161.16 to $229.24, indicating significant volatility over the past year.

GF Value™ verdict: Current price is $174.51, which is 15.9% below the GF Value™ estimate of $207.39.GF Score™ of 95/100 suggests a strong overall performance with high potential for long-term returns.Most notable signal: Insider activity shows that insiders sold $0.8M in the last 3 months without any buying. Is CTAS Overvalued or Undervalued? Cintas Corp CTAS is currently trading at $174.51, which is 15.9% below its GF Value™ estimate of $207.39. This valuation indicates that the stock is undervalued, providing a potential opportunity for investors. The GF Valuation label suggests that the stock is modestly undervalued, which means there may be room for price appreciation as the market recognizes its true value. However, it is essential to consider that undervaluation does not guarantee immediate price increases, and market conditions can change rapidly.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current undervaluation indicates a margin of safety for investors, but vigilance is necessary, especially given the recent trend of insider selling.

How Does CTAS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 36.8x 40.1x Forward P/E 32.1x N/A The current P/E (TTM) of 36.8x is 8% below its 5-year median P/E of 40.1x, indicating that the stock is trading below its historical valuation levels. This analysis aligns with the GF Value™ verdict of Cintas being undervalued, suggesting that the current price offers a favorable entry point relative to past valuations.

What Does CTAS's GF Score™ Tell Us? Metric Rating GF Score™ 95 Financial Strength 7/10 Profitability 10/10 Growth 10/10 Valuation 8/10 Momentum 4/10 The GF Score™ of 95/100 reflects Cintas's strong performance across various dimensions, particularly in Profitability and Growth, where it scored a perfect 10/10. However, the Momentum rank of 4/10 suggests some challenges in recent price performance, which may reflect broader market trends. Overall, the strong scores in Profitability and Growth indicate that Cintas has solid fundamentals, but the weaker momentum could be a point of concern for potential investors.

What Are Insiders Doing with CTAS Stock? In the last three months, insiders at Cintas Corp sold $0.8 million worth of shares with no reported buying activity. This pattern of selling may suggest that insiders are taking profits or have concerns regarding the company's short-term performance. While insider selling does not automatically imply negative sentiment about the company's future, it is an important signal for investors to consider when evaluating the stock's potential.

What This Means for Investors Based on the GF Value™ assessment, Cintas Corp CTAS is currently undervalued, trading at $174.51 compared to a GF Value™ of $207.39. This presents a potential opportunity for investors looking for growth at a reasonable price. However, potential investors should remain cautious, particularly in light of the recent insider selling and the stock's performance over the past year.

For the complete analysis, visit the Cintas Corp CTAS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CTAS's GF Score™?

CTAS has a GF Score™ of 95/100, indicating strong performance across key metrics and suggesting high potential for long-term returns.

Is CTAS overvalued or undervalued?

CTAS is currently undervalued, trading 15.9% below its GF Value™ estimate of $207.39, indicating a potential opportunity for investors.

What is CTAS's P/E ratio?

CTAS's P/E (TTM) is 36.8x, which is below its 5-year median P/E of 40.1x, aligning with the GF Value™ verdict of undervaluation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of UniFirst Corporation (NYSE: UNF) to Cintas Corporation (NasdaqGS: CTAS). Under the terms of the proposed transaction, shareholders of UniFirst will receive $155.00 in cash and 0.7720 shares of Cintas stock for each share of UniFirst that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-unf/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20260519042882/en/

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The recognition underscores consistent trust across Cintas’ business

CINCINNATI--(BUSINESS WIRE)--Cintas Corporation (Nasdaq: CTAS) is proud to have earned a spot on Newsweek’s Most Trustworthy Companies in America 2026 list.

“Trust is foundational to how we operate at Cintas and to the relationships we build with our customers, employee‑partners and shareholders,” said Todd Schneider, President and CEO of Cintas. “Being recognized by Newsweek as one of America’s Most Trustworthy Companies is meaningful because it reflects the consistent way our teams show up every day to deliver on our commitments and care for the people and businesses we serve.”

The evaluation took into consideration trust from customers, investors and employee-partners. To compile the list, researchers analyzed surveys from 25,000 U.S. residents who rated companies they were familiar with across three dimensions of trust. Next, researchers conducted a social listening analysis across various media segments to determine companies’ public sentiment.

In the past year, Cintas has received two trust‑focused recognitions from Newsweek, reflecting sustained confidence from customers, employee‑partners and investors. Recent wins include:

Most Trustworthy Companies in America 2025 World’s Most Trustworthy Companies 2025 About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

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This is Cintas’ third consecutive year receiving the recognition

CINCINNATI--(BUSINESS WIRE)--Cintas Corporation (Nasdaq: CTAS) is proud to have earned a spot on Forbes America’s Best Employers for New Grads 2026 list for the third consecutive year.

“We’re proud to create an environment where early‑career talent can learn, grow and build meaningful careers alongside committed partners who invest in their success from day one,” said Todd Schneider, President and CEO of Cintas. “This recognition reflects our dedication to developing people, strengthening our culture and ensuring every partner has the opportunity to reach their full potential.”

To determine the ranking, Forbes partnered with Statista to conduct a survey of more than 100,000 U.S. young professionals (employees who have less than 10 years of work experience) working for companies employing at least 1,000 people within the U.S. The final score is based on two types of evaluations: those submitted by employees and those provided by friends and family members, as well as others working in the same industry.

Cintas’ approach to supporting employee-partners early in their careers begins before graduation with a 12-week internship program. After graduation, Cintas’ Management Trainee (MT) Program offers employee-partners hands‑on experience across key areas of the business through structured training, mentorship and exposure to operations, sales and service, preparing them for long‑term career growth at Cintas.

Cintas’ long‑standing support of entry‑level employee‑partners has been recognized through multiple national workplace honors, including:

Newsweek’s America’s Greatest Workplaces for Entry Level 2026 Newsweek’s America’s Greatest Workplaces for Gen Z 2025 About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

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Continued revenue growth and strong performance contribute to Cintas’ rise in the ranking

CINCINNATI--(BUSINESS WIRE)--Cintas Corporation (Nasdaq: CTAS) has climbed 15 spots on the Fortune 500 list, ranking 412. This is the company’s ninth consecutive year on the list.

To qualify, Fortune Magazine considers U.S.-based companies that submit financial statements to a government agency. Companies are then ranked based on their total revenues for their respective fiscal years as of January 31, 2026.

In Cintas’ most recent fully disclosed fiscal year, FY25, the company recorded $10.34 billion in revenue, a 7.7 percent increase from its FY24 performance of $9.60 billion.

“Moving up on the Fortune 500 list is a meaningful indicator of the progress our employee-partners are driving every day,” said Todd Schneider, President and CEO of Cintas. “We see significant opportunity ahead and remain focused on delivering sustainable growth for our customers and shareholders.”

Cintas concluded its most recent fiscal year, FY26, on May 31, and will report on the full-year results in July 2026. In the first three quarters of disclosed FY26 earnings, Cintas reported revenues of $8.36 billion. This amount exceeded the equivalent FY25 revenues of $7.67 billion by 8.99%.

About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

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The narrative was irresistible. AI data centers need power, nuclear is the answer, and the Range Nuclear Renaissance Index ETF (NASDAQ:NUKZ) wears the trade right on the label. Launched in 2024, NUKZ has delivered, riding the restart story to a one-year gain of 53%.

The question is whether NUKZ deserves a spot in your portfolio when peer funds and a single uranium stock offer similar exposure with fewer structural problems.

What you are actually buying NUKZ tracks companies tied to the nuclear ecosystem: utilities running reactors, uranium miners, fuel processors, and engineering firms building next-generation small modular reactors. That is wider than a pure uranium play. The return engine is equity exposure to capital flowing into the restart and buildout cycle. You own operating businesses whose earnings should benefit if the AI power demand thesis holds. The expense ratio runs roughly 0.85%, which sits above cleaner alternatives in this corner of the market.

Compare that to Sprott Uranium Miners ETF (NYSEARCA:URNM), which charges 0.75% and concentrates on miners with Cameco (NYSE:CCJ | CCJ Price Prediction) at 21% of the portfolio and Sprott Physical Uranium Trust at 14%. URNM is a bet on the rock and the people pulling it out of the ground. NUKZ is a bet on everyone downstream too.

URNM vs NUKZ: the gap you should consider Year to date, NUKZ is up 11%, ahead of URNM at 6%. But zoom out one year and URNM gained 63% against NUKZ at 53%, and a direct position in Cameco (NYSE:CCJ) returned 101%. Cameco shares trade around $104 with and they cost you nothing in expense ratio.

Over the past month NUKZ is flat, while URNM dropped 13% and Cameco lost 10%. The diversified wrapper cushioned the drawdown. If you cannot stomach a 20% slide in your nuclear sleeve, the broader basket earned its fee that month.

Why sub-$1 billion AUM is the actual risk NUKZ holds $870 million in assets. That is operationally viable but thin against Global X Uranium ETF (NYSEARCA:URA), which carries about $6.86 billion. Small thematic ETFs trade fine on calm days.

The problem shows up in stress. Bid-ask spreads on smaller themed ETFs typically widen 50% to 200% during market sell-offs, which means the exit door narrows precisely when you most want to use it. Authorized participants who arbitrage NAV to price step back when underlying holdings get volatile, and the retail investor selling into a thin book pays the difference in real dollars.

Three tradeoffs worth weighing before you size a position:

Liquidity asymmetry. The fund prices cleanly today, but a sharp correction in nuclear equities will widen spreads faster in NUKZ than in URA or Cameco itself. If you trade in and out, this is a tax on every round trip. Theme valuation stretch. Nuclear utilities are pricing in continued AI capital expenditure at current run rates. Vanguard’s 2026 outlook flags AI investment buildout stalling as the key risk to U.S. growth. A capex pause hits NUKZ holdings before it hits the S&P 500. Fee drag against a free alternative. The 0.85% expense ratio compounds against zero for direct Cameco ownership and 0.75% for URNM. Over five years on a $10,000 position, that is real money for largely the same factor exposure. Who NUKZ actually fits NUKZ makes sense as a 3% to 5% thematic sleeve for an investor who wants nuclear exposure broader than uranium mining, accepts that the wrapper will lag a single winning stock, and plans to hold through the cycle rather than trade headlines.

Anyone who would sell during a 25% drawdown should buy Cameco or URA instead, where liquidity holds up under pressure. The fund caught the wave. The wave is what you are exposed to, and the boat is smaller than it looks.

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All amounts in Canadian dollars unless specified otherwise

SASKATOON, Saskatchewan--(BUSINESS WIRE)--Cameco (TSX: CCO; NYSE: CCJ) today announced that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. Our 2026 consolidated production outlook remains unchanged.

On May 10, 2026, Cameco announced that Key Lake had temporarily halted production activities and McArthur River had reduced activities due to the impact of flooding in northern Saskatchewan. While our northern Saskatchewan sites were not directly impacted by flood waters, the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, partially collapsed due to flood waters. There were also weight and traffic restrictions on the alternative roadway, which interrupted the delivery of critical operating materials.

We are in regular contact with the Saskatchewan Ministry of Highways, and while the timing to restore access to our primary supply route is still being confirmed, we have now been able to consistently deliver the volume of critical materials required to resume full operations at Key Lake and McArthur River using the secondary route. However, as is the case every spring season, there remains a risk that continued thawing and precipitation events could result in further road restrictions, which could cause delays in future deliveries of critical operating materials to our sites.

Our 2026 production plan for the McArthur River/Key Lake operation has not been impacted by this disruption. Cigar Lake mine was not impacted and continues to operate. Our consolidated 2026 production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8 (our share).

Caution about forward-looking information

This news release includes statements and information about expectations for the future, which are referred to as forward-looking information. This forward-looking information is based on current views, which can change significantly, and actual results and events may be significantly different from what is currently expected. Examples of forward-looking information in this news release include: statements regarding our 2026 consolidated production outlook and production plan; the uncertainty of the timing to restore access to our primary supply route; and the possibility of further road restrictions resulting in delays in future deliveries of operating materials. Material risks that could lead to different results in our 2026 production plan and outlook include: the risk of delays in restoring access to our primary supply route; delays in future delivery of operating materials due to spring thawing and precipitation events, or for other reasons; or other factors that prevent us from achieving the expected production plan and outlook. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about our supply routes and our ability to deliver operating materials, and otherwise about our ability to meet our production plan and outlook. Other material risks and assumptions which may impact our 2026 production plan and outlook are described in greater detail in Cameco’s current annual information form and its most recent annual and subsequent quarterly management’s discussion and analysis. Forward-looking information is designed to help you understand management’s current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. Cameco will not necessarily update this information unless required by securities laws.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

More News From Cameco

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Ready to reload your portfolio with something other than another overpriced AI technology stock? If so, you're not alone. The artificial intelligence opportunity is real, but stepping into its most obvious names here feels... uncomfortable.

Fortunately, there are safer, more affordably priced ways to plug into it. Nuclear power play Cameco (CCJ +2.00%) is one of them.

Image source: Getty Images.

What's Cameco? Simply put, Saskatchewan-based Cameco is one of the world's biggest providers of uranium used to generate nuclear power. It sold 33 million pounds of the stuff last year, preparing it for use after it was retrieved from several mines. The company is also a minority owner of Westinghouse, which builds and services nuclear power plants. Cameco did nearly $3.5 billion worth of business last year, up 11% year over year, turning $590 million of that revenue into net income.

That's a snapshot of the company's recent results, anyway. Why should investors be willing to take a shot on its stock here and now?

1. The nuclear power business is poised for prolonged growth For years, it appeared the nuclear power industry was simply going to fade away, displaced by seemingly safer and more flexible renewable energy options like solar and wind. Those alternatives are still coming into their own. But driven by the artificial intelligence data center industry's insatiable demand for electricity, the world is falling back in love with nuclear power.

An outlook from the International Atomic Energy Agency puts things in perspective. As of early this year, it expects the planet's nuclear power capacity to grow by 160% from 2024 levels by 2050, in line with a forecast from the World Nuclear Association.

For further perspective, the World Nuclear Association reports that 75 reactors are currently under construction and another 120 are planned, versus the 440 that are up and running right now.

2. Cameco is the biggest supplier on this side of the planet Cameco isn't the biggest name in the business. In some respects, however, it's the largest accessible source of enriched uranium used by a huge number of nuclear power facilities. The only supplier that's bigger is Russia's Rosatom, which has access to a massive source of raw uranium in the nearby country of Kazakhstan. This supply is largely locked up by logistical and geopolitical hurdles, however, leaving Cameco to serve as the chief supplier of enriched uranium in this half of the world.

3. The stock is undervalued Finally, buy Cameco stock like there's no tomorrow just because it's undervalued.

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Some investors might disagree with this assessment. Shares of this nuclear name are up nearly 80% over the past 12 months and up almost 300% over the past three years, as investors have gradually realized the immediate and massive power needs of artificial intelligence data centers. The stock's also suspiciously gone nowhere since early this year.

Just know that analysts aren't deterred. Most of them rate this ticker a buy (or better) right now, with a consensus price target of $131.78, which is nearly 20% above the stock's current price.

Key Takeaways CCJ will buy part of TEPCO's 5% Cigar Lake interest for $115.75M, lifting ownership to 57.418%.Cigar Lake holds 172.4M pounds of proven and probable uranium reserves and produced 19.1M pounds in 2025.Cameco gains more exposure to a key uranium asset as nuclear energy demand and energy security focus grow. Cameco Corporation (CCJ - Free Report) has announced plans to increase its ownership stake in Cigar Lake to 57.418%. Located in northern Saskatchewan, Canada, Cigar Lake is widely recognized for its exceptionally high-grade ore body and long reserve life, making it one of the most valuable uranium mines globally.

Under the agreement, Cameco will acquire a portion of TEPCO’s 5% interest in Cigar Lake for $115.75 million, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2026, subject to fulfillment of closing conditions. This will take Cameco’s ownership in the mine from the current 54.547% to 57.418%. The remaining TEPCO’s stake will be acquired by Orano, which will then hold the remaining 42.582% in Cigar Lake.

The additional stake will provide Cameco greater exposure to Cigar Lake’s substantial resource base, which currently includes 172.4 million pounds of proven and probable uranium reserves, along with additional measured, indicated and inferred resources. The mine has been in operation since 2014 and has produced approximately 174.5 million pounds of uranium concentrate through the end of 2025. 

In 2025, the mine produced 19.1 million pounds on 100% basis, with Cameco’s share at 10.4 million pounds. The mine is expected to produce between 17.5 million and 18 million pounds in 2026, on a 100% basis.

Operationally, the focus in 2026 will remain on mining activities within the current production area, known as CLMain, while advancing development work associated with the Cigar Lake Extension (CLExt) project. 

The move comes at a time when the uranium industry is benefiting from renewed global interest in nuclear energy. Governments worldwide are increasingly embracing nuclear power as a reliable source of low-carbon electricity and a critical component of long-term energy security strategies.

As one of the world's largest uranium fuel suppliers, Cameco is well-positioned to capitalize on this trend. Its competitive advantages include ownership in the world's largest high-grade uranium mine and mill (McArthur River mine and Key Lake mill) and world’s highest-grade uranium mine (Cigar Lake) and strategic investments throughout the nuclear fuel cycle. These include interests in Westinghouse Electric Company and Global Laser Enrichment, which broaden the company's exposure beyond uranium mining.

In this environment, increasing ownership of a high-quality, low-cost uranium asset such as Cigar Lake could provide meaningful long-term value as demand for nuclear fuel continues to rise.

Other companies that stand to benefit from the nuclear energy and uranium investment theme include Energy Fuels (UUUU - Free Report) and Centrus Energy (LEU - Free Report) . Energy Fuels has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and adds new products like titanium, zircon minerals and medical isotopes. 

Centrus Energy’s core offering is low-enriched uranium, or LEU, the fissile component used to fuel commercial nuclear reactors. The company also provides advanced uranium enrichment and technical, manufacturing and engineering services. It is pioneering the production of High Assay Low-Enriched Uranium (HALEU), a specialized fuel expected to support the next generation of advanced nuclear reactors and growing global demand for carbon-free power.

CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 88.6% in a year compared with the industry’s 24.6% growth. 

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales ratio of 19.31 compared with the industry’s 5.33.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 28.2%. The same for 2027 implies growth of 59.2%.

Image Source: Zacks Investment Research

While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has moved up, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CCJ shares double in a year as uranium growth, strong Q1 results and prospects of a bigger Cigar Lake stake fuel gains despite valuation concerns.

Cameco (CCJ - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this uranium producer have returned -17.7% over the past month versus the Zacks S&P 500 composite's -1.6% change. The Zacks Alternative Energy - Other industry, to which Cameco belongs, has lost 10.3% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Cameco is expected to post earnings of $0.36 per share for the current quarter, representing a year-over-year change of -29.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.4%.

The consensus earnings estimate of $1.31 for the current fiscal year indicates a year-over-year change of +27.2%. This estimate has changed -0.4% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $2.1 indicates a change of +59.9% from what Cameco is expected to report a year ago. Over the past month, the estimate has changed -0.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cameco.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Cameco, the consensus sales estimate of $534.36 million for the current quarter points to a year-over-year change of -15.7%. The $2.39 billion and $2.69 billion estimates for the current and next fiscal years indicate changes of -4.1% and +12.7%, respectively.

Last Reported Results and Surprise HistoryCameco reported revenues of $616.01 million in the last reported quarter, representing a year-over-year change of +12.1%. EPS of $0.34 for the same period compares with $0.11 a year ago.

Compared to the Zacks Consensus Estimate of $494.94 million, the reported revenues represent a surprise of +24.46%. The EPS surprise was +17.24%.

Over the last four quarters, Cameco surpassed consensus EPS estimates three times. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cameco is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cameco. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.