10-K · February 23, 2026
Ecolab presents a scale business with $16 billion in annual sales, 48,000 employees and operations in more than 170 countries, organized into four reportable segments (Global Water; Global Institutional & Specialty;…
Earnings analysis · 10-Q
ECL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Ecolab's Q1 2026 results show strong revenue growth and an 8% increase in diluted EPS compared to Q1 2025. The company experienced notable performance across its segments with Global Water and Global Life Sciences…
Read full summary
Ecolab's Q1 2026 results show strong revenue growth and an 8% increase in diluted EPS compared to Q1 2025. The company experienced notable performance across its segments with Global Water and Global Life Sciences leading growth. However, a slight decrease in gross margin reflects higher commodity costs and recent acquisitions despite continued pricing power.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.52
- Segment
- Global Water
- Segment
- Global Institutional & Specialty
- Segment
- Global Pest Elimination
- Segment
- Global Life Sciences
What stood out
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Strong Revenue Growth
Reported revenue increased 10% to $4.066 billion, up from $3.695 billion in Q1 2025.
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Impressive EPS Performance
Diluted EPS rose 8% to $1.52 compared to $1.41 in Q1 2025.
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Segment Growth Underlines Performance
Organic sales in Global Life Sciences surged 11% to $200.9 million.
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Operating Income Improvement
Operating income increased 12% to $622 million, up from $555 million in the prior year.
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Strong Cash Flow Generation
Cash provided by operating activities increased by $76.5 million to $445.9 million.
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Improved SG&A Efficiency
SG&A expenses decreased to 27.1% of sales, down from 28.4% in Q1 2025.
What to watch
-
Higher Debt Levels
Total debt increased to $8.5 billion from $8.2 billion, raising leverage concerns.
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Increased Commodity Costs
Higher commodity costs adversely impacted gross margin, down to 43.6% from 44.2%.
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Geopolitical Risks
Ongoing geopolitical issues affecting supply chain and commodity prices may pose continued risk.
Management's outlook
Management expects ongoing strong operating cash flow and will monitor cost pressures closely.
Earlier filings 4
10-Q · October 30, 2025
Ecolab reported Q3 2025 net sales of $4,165.0 million, up 4% year-over-year (organic sales +3%), with reported gross margin expanding to 44.8% from 43.4% a year ago. Reported GAAP operating income and net income…
10-K · February 21, 2025
Ecolab positions itself as a global sustainability leader with annual sales of $15.7 billion, ~48,000 employees and operations in more than 170 countries, organized into four reportable segments (Global Industrial;…
10-Q · May 2, 2024
Ecolab reported first-quarter 2024 net sales of $3,751.9 million, up 5% year-over-year, with strong margin expansion driving operating income of $517.9 million (+47% YoY) and GAAP diluted EPS of $1.43 (+74% YoY).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.