Investor Contact: Media Contact:
• Strong execution drove broad-based acceleration, with reported sales growth of 13% and organic sales growth accelerating to 7%. Volume growth improved to 2% despite ongoing Middle East disruptions, while pricing accelerated to 5%.
Growth in Ecolab's core businesses strengthened, led by accelerating growth in Food & Beverage and Light Water. Heavy Water and Paper both returned to solid growth.
• Ecolab's growth engines accelerated, driven by 63% organic sales growth in Global High-Tech and 17% organic sales growth in Life Sciences. Ovivo Electronics and CoolIT also performed exceptionally well and, one year after close, are expected to contribute approximately 2 percentage points to Ecolab's annual organic sales growth.
• Reported operating income margin 17.3%. Organic operating income margin 19.6%, +70 bps. Reported gross margin 44.1%. As expected, adjusted gross margin declined 70 bps due to the impact of M&A; excluding this, organic gross margin was stable as accelerating pricing offset rising commodity costs.
Reported OI +7%. Adjusted OI growth +14%; organic OI growth accelerated to +11%. • Reported diluted EPS $1.95. Adjusted diluted EPS $2.18, +5%, including an approximate 10% headwind from CoolIT acquisition-related amortization and financing costs.
• Outlook reflects strong underlying performance and short-term CoolIT acquisition costs.
Christophe Beck, Ecolab’s chairman, president and chief executive officer, said, “Third quarter results marked an inflection point in Ecolab's performance. Exceptional execution drove accelerating sales growth, margin expansion and double-digit adjusted operating income growth. Volume growth accelerated to 2% despite ongoing disruptions in the Middle East. As expected, pricing strengthened to 5% as we leveraged total value delivered to mitigate higher commodity costs while improving customer performance. This disciplined execution allowed us to stabilize our organic gross margin.
“The breadth of our performance makes these results even more encouraging. Growth across our core businesses strengthened, led by accelerating growth in Food & Beverage and Light Water, alongside consistent growth in Institutional & Specialty despite softer market trends. Performance in Paper and Heavy Water also improved, with both businesses returning to solid growth. Across these core businesses, our One Ecolab growth initiative is helping deliver greater customer value and share gains for Ecolab.
“Our growth engines continued to rapidly accelerate, with very strong performance across all businesses. Global High-Tech, our largest growth engine, significantly accelerated, growing 63% organically. Our recent acquisitions in this business, Ovivo Electronics and CoolIT, are also performing exceptionally well. This year, we expect Ovivo Electronics to grow mid-teens and CoolIT to more than double, compared with pre-acquisition sales. Together, these acquisitions are expected to add two percentage points to Ecolab's annual organic sales growth one year after close with increasing margins. Our differentiated water circularity solutions for microelectronics and next-gen liquid cooling technologies for AI data centers position Ecolab extremely well to capitalize on significant long-term growth opportunities.
“We are entering 2027 with momentum and confidence in our ability to deliver another very strong year. We expect organic sales to grow at the upper end of our 5% to 7% target and Ecolab's adjusted operating income margin to reach 20%. Adjusted EPS growth is expected to accelerate in the second half of the year as we lap M&A transaction impacts and operating performance continues to accelerate. This provides a clear path to meet or exceed our long-term adjusted EPS growth target of 12% to 15% in 2027. We have never been better positioned to deliver exceptional value for customers and shareholders.” 2
Ecolab’s third quarter reported sales increased 13% and organic sales growth accelerated to 7%. Ecolab Digital sales increased 34% to $129 million, with strong growth across both enabling hardware subscriptions and software.
Third quarter 2026 reported operating income increased 7% including the impact of special gains and charges. Adjusted operating income increased 14% as strong sales growth and improved productivity more than offset growth-oriented investments in the business and higher commodity costs.
Reported other income in the third quarter of 2026 decreased $4 million. Reported net interest expense increased $70 million reflecting the impact of financing the Ovivo Electronics and CoolIT acquisitions.
The reported income tax rate for the third quarter of 2026 was 20.2% compared with the reported rate of 17.8% in the third quarter of 2025. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the third quarter of 2026 was 20.4% compared with the adjusted tax rate of 20.0% in the third quarter of 2025.
Reported net income decreased 6% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 4% versus the prior year, including an approximate 10% headwind from CoolIT acquisition-related amortization and financing costs.
Reported diluted earnings per share decreased 5% versus the prior year. Adjusted diluted earnings per share increased 5% when compared against the third quarter of 2025, including an approximate 10% headwind from CoolIT acquisition-related amortization and financing costs.
As expected, currency translation was neutral to adjusted diluted earnings per share in the third quarter of 2026. 3
The Global Water segment includes Heavy Water, Light Water, High-Tech, Food & Beverage, and Paper Fixed currency sales grew 20%, driven by an 11% benefit from the acquisitions of Ovivo Electronics and CoolIT, and accelerating organic sales growth of 9%. Global Water's accelerating performance was led by 63% organic growth in Global High-Tech, reflecting robust growth across both microelectronics and data centers. Growth in Food & Beverage accelerated to 8%, driven by attractive new business wins from our One Ecolab growth strategy. Light Water also delivered improved growth, driven by strong gains in manufacturing and institutional markets. Sales in Heavy Water and Paper both grew, reflecting good new business wins, improved pricing and stabilizing global market trends. Organic operating income growth accelerated to 9% as strong pricing and improved productivity more than offset growth-oriented investments in the business and higher commodity costs.
4 Fixed currency and organic sales both grew 3%. Institutional delivered steady performance as strong pricing and new business wins more than offset increasingly challenging industry trends, including a mid-single-digit decline in restaurant foot traffic in North America. Specialty’s sales grew mid-single digits, reflecting good share gains across quick service and food retail. Institutional & Specialty continues to significantly outperform market trends, reflecting good demand for Ecolab’s innovative products, digital solutions and service expertise that help customers improve performance, optimize labor, and reduce total costs. O rganic operating income growth accelerated to 8% as strong pricing and improved productivity more than offset higher commodity costs and growth-oriented investments in the business.
Fixed currency sales increased 9%, reflecting organic growth that accelerated to 8% and a 1% benefit from attractive, targeted acquisitions in North America. Strong organic sales growth was led by robust gains in food & beverage, food retail, and restaurants, which continue to benefit from our One Ecolab growth strategy. Organic operating income increased 7% as strong sales growth and improved productivity more than offset growth-oriented investments in the business, including pest intelligence. Pest Elimination's organic operating income margin over the next few quarters is expected to be in the high-teens to 20% range, reflecting growth investments to accelerate deployment of Ecolab's differentiated pest intelligence platform. With more than 800,000 connected pest devices already deployed and significant expansion ahead, this transformation positions the business well to meet or exceed its 22% operating income margin target. 5
Fixed currency and organic sales both grew 17%. This very strong performance was driven by continued robust share gains in bioprocessing, personal care, and purification, along with favorable comparisons to last year's plant maintenance. Organic operating income increased 49% as supply chain efficiencies and strong sales growth more than offset growth-oriented investments in the business and higher commodity costs. Life Sciences’ organic operating income margin in the fourth quarter is expected to remain on its high-teens mid-term trajectory, reflecting very strong underlying performance and continued investments in breakthrough innovation, global capabilities, and capacity to fuel this high- growth, high-margin business.
Corporate Third Quarter Ended (unaudited) (millions) September 30 2026 2025 ────────────────────────────────────────────────────────────────────────────── Public currency Corporate operating expense Transformational acquisition $79.1 $50.0 amortization Special (gains) and 82.9 26.5 charges Total Corporate operating expense $162.0 $76.5 (income)
• amortization expense for acquired intangible assets of $28 million related to the Nalco merger, $21 million related to the Purolite acquisition, $10 million related to the Ovivo Electronics acquisition, and $20 million related to the CoolIT acquisition.
• special gains and charges were a net charge of $83 million, primarily related to acquisition and integration costs.
Special gains and charges for the third quarter of 2025 impacting operating expense were a net charge of $27 million primarily related to One Ecolab and Ovivo Electronics acquisition costs. 6
Long-term growth trends in water, hygiene, infection prevention, and digital technologies continue to fuel durable 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 complex, including constantly evolving geopolitics and international trade policy, which are resulting in rising commodity costs and customer disruptions 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.
As a result, Ecolab expects full year 2026 adjusted diluted earnings per share to be in the $8.10 to $8.20 range, rising 8% to 9% versus last year. This range reflects strong underlying performance and an approximate 6 percentage point short-term headwind to adjusted earnings per share growth from CoolIT acquisition-related amortization and financing costs.
The company currently anticipates quantifiable special charges in 2026 to be approximately $0.83 per share, principally related to restructuring charges and acquisition and integration costs. Other than the special gains and charges noted above, other such amounts are not currently quantifiable. 7
With continued strong pricing, further volume growth, and the acquisitions of Ovivo Electronics and CoolIT, Ecolab expects reported sales in the fourth quarter of 2026 to increase 12% to 14%. Organic sales growth in the fourth quarter of 2026 is expected to remain strong in the 6% to 7% range. The company anticipates adjusted operating income margin in the fourth quarter to be approximately 19% and an organic operating income margin to be approximately 20%.
As a result, Ecolab expects fourth quarter 2026 adjusted diluted earnings per share in the $2.13 to $2.23 range, rising 2% to 7% compared with adjusted diluted earnings per share of $2.08 a year ago. This range reflects strong underlying performance and an approximate 12 percentage point short-term headwind from CoolIT acquisition-related amortization and financing costs.
The company currently expects quantifiable special charges in the fourth quarter of 2026 to be approximately $0.26 per share, principally related to acquisition and integration costs and restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.
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 8 help protect 2 billion people from infections and conserve enough drinking water for 1 billion people, while continuing to enhance business performance.
Ecolab will host a live webcast to review the third 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.
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; 9 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. 10
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”).
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 gross margin, adjusted gross profit, adjusted operating income, and adjusted interest expense, net 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 11 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, Ovivo Electronics and CoolIT Systems 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 gross profit, organic gross margin, 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.
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 12 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. ###
(a) Special charges of $1.5 million and $0.3 million in the third quarter of 2026 and 2025, respectively, and $17.5 million and $7.6 million for the first nine months of 2026 and 2025, respectively, were recorded in product and equipment cost of sales. 14
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, Ovivo Electronics and CoolIT Systems transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income. 15
(unaudited) The table below provides a reconciliation of diluted earnings per share ("EPS"), as reported, to the non-GAAP measure of adjusted diluted earnings per share.
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, $50.5 million and $65.2 million, net of tax, in the first, second and third quarters, respectively. These charges were primarily related to One Ecolab and acquisition and integration costs.
(4) Discrete tax expenses (benefits) for 2026 includes $4.4 million, $4.2 million and ($1.1) million in the first, second and third quarters, respectively. These expenses (benefits) are primarily associated with share- based compensation excess tax benefits and other discrete expenses (benefits). 20
Full text with the tables
Exhibit 99.1
News Release
Investor Contact: Media Contact:
Andrew Hedberg (651) 250-2185 Victoria Whitney (651) 250-4724
ECOLAB DELIVERS STRONG AND ACCELERATING OPERATING PERFORMANCE
REPORTED DILUTED EPS $1.95; ADJUSTED DILUTED EPS $2.18, +5%
2026 ADJUSTED DILUTED EPS OUTLOOK: $8.10 - $8.20, +8% - 9%
THIRD QUARTER HIGHLIGHTS
• Strong execution drove broad-based acceleration, with reported sales growth of
13% and organic sales growth accelerating to 7%. Volume growth improved to 2%
despite ongoing Middle East disruptions, while pricing accelerated to 5%.
•
Growth in Ecolab's core businesses strengthened, led by accelerating growth in
Food & Beverage and Light Water. Heavy Water and Paper both returned to solid
growth.
• Ecolab's growth engines accelerated, driven by 63% organic sales growth in
Global High-Tech and 17% organic sales growth in Life Sciences. Ovivo
Electronics and CoolIT also performed exceptionally well and, one year after
close, are expected to contribute approximately 2 percentage points to Ecolab's
annual organic sales growth.
• Reported operating income margin 17.3%. Organic operating income margin 19.6%,
+70 bps. Reported gross margin 44.1%. As expected, adjusted gross margin
declined 70 bps due to the impact of M&A; excluding this, organic gross margin
was stable as accelerating pricing offset rising commodity costs.
•
Reported OI +7%. Adjusted OI growth +14%; organic OI growth accelerated to +11%.
• Reported diluted EPS $1.95. Adjusted diluted EPS $2.18, +5%, including an
approximate 10% headwind from CoolIT acquisition-related amortization and
financing costs.
2026 OUTLOOK
•
2026: Expect adjusted diluted EPS in the $8.10 to $8.20 range, +8% to 9%.
• 4Q 2026: Expect adjusted diluted EPS in the $2.13 to $2.23 range, +2% to 7%.
• Outlook reflects strong underlying performance and short-term CoolIT
acquisition costs.
T…
Q…
E…
S…
30
──────────────────────────────────────────────────────────────────────────────
R… Ad…
P… Pu…
… C… % Cu… %
R… Ra…
…
… 2… 2… C… 20… 20… Ch…
…
…
… $4… $4… 13 % $… $… 13 %
…
… 81… 76… 7 % 8… 7… 14 %
…
…
…
… 55… 58… -6 % 6… 5… 4 %
…
…
…
…
…
… $1… $2… -5 % $… $… 5 %
…
…
…
O… %
2… 2… C…
… $4… $4… 7 %
…
… 87… 78… 11 %
…
1
ST. PAUL, Minn., October 27, 2026
CEO Comment
Christophe Beck, Ecolab’s chairman, president and chief executive officer, said,
“Third quarter results marked an inflection point in Ecolab's performance.
Exceptional execution drove accelerating sales growth, margin expansion and
double-digit adjusted operating income growth. Volume growth accelerated to 2%
despite ongoing disruptions in the Middle East. As expected, pricing
strengthened to 5% as we leveraged total value delivered to mitigate higher
commodity costs while improving customer performance. This disciplined execution
allowed us to stabilize our organic gross margin.
“The breadth of our performance makes these results even more encouraging.
Growth across our core businesses strengthened, led by accelerating growth in
Food & Beverage and Light Water, alongside consistent growth in Institutional &
Specialty despite softer market trends. Performance in Paper and Heavy Water
also improved, with both businesses returning to solid growth. Across these core
businesses, our One Ecolab growth initiative is helping deliver greater customer
value and share gains for Ecolab.
“Our growth engines continued to rapidly accelerate, with very strong
performance across all businesses. Global High-Tech, our largest growth engine,
significantly accelerated, growing 63% organically. Our recent acquisitions in
this business, Ovivo Electronics and CoolIT, are also performing exceptionally
well. This year, we expect Ovivo Electronics to grow mid-teens and CoolIT to
more than double, compared with pre-acquisition sales. Together, these
acquisitions are expected to add two percentage points to Ecolab's annual
organic sales growth one year after close with increasing margins. Our
differentiated water circularity solutions for microelectronics and next-gen
liquid cooling technologies for AI data centers position Ecolab extremely well
to capitalize on significant long-term growth opportunities.
“We are entering 2027 with momentum and confidence in our ability to deliver
another very strong year. We expect organic sales to grow at the upper end of
our 5% to 7% target and Ecolab's adjusted operating income margin to reach 20%.
Adjusted EPS growth is expected to accelerate in the second half of the year as
we lap M&A transaction impacts and operating performance continues to
accelerate. This provides a clear path to meet or exceed our long-term adjusted
EPS growth target of 12% to 15% in 2027. We have never been better positioned to
deliver exceptional value for customers and shareholders.”
2
Third Quarter 2026 Consolidated Results
Ecolab’s third quarter reported sales increased 13% and organic sales growth
accelerated to 7%. Ecolab Digital sales increased 34% to $129 million, with
strong growth across both enabling hardware subscriptions and software.
Third quarter 2026 reported operating income increased 7% including the impact
of special gains and charges. Adjusted operating income increased 14% as strong
sales growth and improved productivity more than offset growth-oriented
investments in the business and higher commodity costs.
Reported other income in the third quarter of 2026 decreased $4 million.
Reported net interest expense increased $70 million reflecting the impact of
financing the Ovivo Electronics and CoolIT acquisitions.
The reported income tax rate for the third quarter of 2026 was 20.2% compared
with the reported rate of 17.8% in the third quarter of 2025. Excluding special
gains and charges and discrete tax items, the adjusted tax rate for the third
quarter of 2026 was 20.4% compared with the adjusted tax rate of 20.0% in the
third quarter of 2025.
Reported net income decreased 6% versus the prior year. Excluding the impact of
special gains and charges and discrete tax items, adjusted net income increased
4% versus the prior year, including an approximate 10% headwind from CoolIT
acquisition-related amortization and financing costs.
Reported diluted earnings per share decreased 5% versus the prior year. Adjusted
diluted earnings per share increased 5% when compared against the third quarter
of 2025, including an approximate 10% headwind from CoolIT acquisition-related
amortization and financing costs.
As expected, currency translation was neutral to adjusted diluted earnings per
share in the third quarter of 2026.
3
Third Quarter 2026 Segment Review
Thi…
Qua…
Gl… End…
Wa… Sep… % %
(u… (mi… 30 2026 2025 Cha… Orga… Cha…
──────────────────────────────────────────────────────────────────────────────
Fi…
cu…
Sa… $2,… $2,… 20 % 9 %
Op… 445… 357… 24 % 9 %
in…
Op…
in… 18.0 % 17.4 %
ma…
Or…
op… 17.5 % 17.4 %
in…
ma…
Pu…
cu…
Sa… $2,… $2,… 21 %
Op… 444… 357… 24 %
in…
The Global Water segment includes Heavy Water, Light Water, High-Tech, Food &
Beverage, and Paper
Fixed currency sales grew 20%, driven by an 11% benefit from the acquisitions of
Ovivo Electronics and CoolIT, and accelerating organic sales growth of 9%.
Global Water's accelerating performance was led by 63% organic growth in Global
High-Tech, reflecting robust growth across both microelectronics and data
centers. Growth in Food & Beverage accelerated to 8%, driven by attractive new
business wins from our One Ecolab growth strategy. Light Water also delivered
improved growth, driven by strong gains in manufacturing and institutional
markets. Sales in Heavy Water and Paper both grew, reflecting good new business
wins, improved pricing and stabilizing global market trends. Organic operating
income growth accelerated to 9% as strong pricing and improved productivity more
than offset growth-oriented investments in the business and higher commodity
costs.
Gl… Thi…
In… Qua…
& End…
Sp… Sep… % %
(u… (mi… 30 2026 2025 Cha… Orga… Cha…
──────────────────────────────────────────────────────────────────────────────
Fi…
cu…
Sa… $1,… $1,… 3 % 3 %
Op… 404… 376… 8 % 8 %
in…
Op…
in… 24.7 % 23.6 %
ma…
Or…
op… 24.7 % 23.6 %
in…
ma…
Pu…
cu…
Sa… $1,… $1,… 3 %
Op… 404… 376… 7 %
in…
4
Fixed currency and organic sales both grew 3%. Institutional delivered steady
performance as strong pricing and new business wins more than offset
increasingly challenging industry trends, including a mid-single-digit decline
in restaurant foot traffic in North America. Specialty’s sales grew mid-single
digits, reflecting good share gains across quick service and food retail.
Institutional & Specialty continues to significantly outperform market trends,
reflecting good demand for Ecolab’s innovative products, digital solutions and
service expertise that help customers improve performance, optimize labor, and
reduce total costs. O rganic operating income growth accelerated to 8% as strong
pricing and improved productivity more than offset higher commodity costs and
growth-oriented investments in the business.
Thi…
Gl… Qua…
Pe… End…
El… Sep… % %
(u… (mi… 30 2026 2025 Cha… Org… Chan…
──────────────────────────────────────────────────────────────────────────────
Fi…
cu…
Sa… $36… $33… 9 % 8 %
Op… 73.9 69.5 6 % 7 %
in…
Op…
in… 20.3 % 20.9 %
ma…
Or…
op… 20.8 % 20.9 %
in…
ma…
Pu…
cu…
Sa… $36… $33… 10 %
Op… 73.8 69.4 6 %
in…
Fixed currency sales increased 9%, reflecting organic growth that accelerated to
8% and a 1% benefit from attractive, targeted acquisitions in North America.
Strong organic sales growth was led by robust gains in food & beverage, food
retail, and restaurants, which continue to benefit from our One Ecolab growth
strategy. Organic operating income increased 7% as strong sales growth and
improved productivity more than offset growth-oriented investments in the
business, including pest intelligence. Pest Elimination's organic operating
income margin over the next few quarters is expected to be in the high-teens to
20% range, reflecting growth investments to accelerate deployment of Ecolab's
differentiated pest intelligence platform. With more than 800,000 connected pest
devices already deployed and significant expansion ahead, this transformation
positions the business well to meet or exceed its 22% operating income margin
target.
5
Thi…
Gl… Qua…
Li… End…
Sc… Sep… % %
(u… (mi… 30 2026 2025 Cha… Org… Chan…
──────────────────────────────────────────────────────────────────────────────
Fi…
cu…
Sa… $21… $18… 17 % 17 %
Op… 50.2 33.8 49 % 49 %
in…
Op…
in… 23.3 % 18.3 %
ma…
Or…
op… 23.3 % 18.3 %
in…
ma…
Pu…
cu…
Sa… $21… $18… 16 %
Op… 49.6 33.6 48 %
in…
Fixed currency and organic sales both grew 17%. This very strong performance was
driven by continued robust share gains in bioprocessing, personal care, and
purification, along with favorable comparisons to last year's plant maintenance.
Organic operating income increased 49% as supply chain efficiencies and strong
sales growth more than offset growth-oriented investments in the business and
higher commodity costs. Life Sciences’ organic operating income margin in the
fourth quarter is expected to remain on its high-teens mid-term trajectory,
reflecting very strong underlying performance and continued investments in
breakthrough innovation, global capabilities, and capacity to fuel this high-
growth, high-margin business.
Corporate Third Quarter Ended
(unaudited) (millions) September 30 2026 2025
──────────────────────────────────────────────────────────────────────────────
Public currency
Corporate operating
expense
Transformational
acquisition $79.1 $50.0
amortization
Special (gains) and 82.9 26.5
charges
Total Corporate
operating expense $162.0 $76.5
(income)
Third quarter of 2026 corporate segment includes:
• amortization expense for acquired intangible assets of $28 million related to
the Nalco merger, $21 million related to the Purolite acquisition, $10 million
related to the Ovivo Electronics acquisition, and $20 million related to the
CoolIT acquisition.
• special gains and charges were a net charge of $83 million, primarily related
to acquisition and integration costs.
Special gains and charges for the third quarter of 2025 impacting operating
expense were a net charge of $27 million primarily related to One Ecolab and
Ovivo Electronics acquisition costs.
6
Business Outlook
2026
Long-term growth trends in water, hygiene, infection prevention, and digital
technologies continue to fuel durable 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 complex, including
constantly evolving geopolitics and international trade policy, which are
resulting in rising commodity costs and customer disruptions 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.
As a result, Ecolab expects full year 2026 adjusted diluted earnings per share
to be in the $8.10 to $8.20 range, rising 8% to 9% versus last year. This range
reflects strong underlying performance and an approximate 6 percentage point
short-term headwind to adjusted earnings per share growth from CoolIT
acquisition-related amortization and financing costs.
The company currently anticipates quantifiable special charges in 2026 to be
approximately $0.83 per share, principally related to restructuring charges and
acquisition and integration costs. Other than the special gains and charges
noted above, other such amounts are not currently quantifiable.
7
2026 – Fourth Quarter
With continued strong pricing, further volume growth, and the acquisitions of
Ovivo Electronics and CoolIT, Ecolab expects reported sales in the fourth
quarter of 2026 to increase 12% to 14%. Organic sales growth in the fourth
quarter of 2026 is expected to remain strong in the 6% to 7% range. The company
anticipates adjusted operating income margin in the fourth quarter to be
approximately 19% and an organic operating income margin to be approximately
20%.
As a result, Ecolab expects fourth quarter 2026 adjusted diluted earnings per
share in the $2.13 to $2.23 range, rising 2% to 7% compared with adjusted
diluted earnings per share of $2.08 a year ago. This range reflects strong
underlying performance and an approximate 12 percentage point short-term
headwind from CoolIT acquisition-related amortization and financing costs.
The company currently expects quantifiable special charges in the fourth quarter
of 2026 to be approximately $0.26 per share, principally related to acquisition
and integration costs and 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
8
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 third 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;
9
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.
10
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 gross profit
• adjusted gross margin
• adjusted fixed currency gross profit
• adjusted fixed currency gross margin
• organic gross profit
• organic 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 interest expense, net
• adjusted tax rate
• adjusted net income attributable to Ecolab
• adjusted diluted earnings per share
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 gross margin, adjusted gross
profit, adjusted operating income, and adjusted interest expense, net 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
11
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, Ovivo Electronics and CoolIT Systems
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 gross profit, organic
gross margin, 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.
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
12
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)
13
ECOLAB INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
T… Ni…
Q… Mo…
E… En…
──────────────────────────────────────────────────────────────────────────────
S… % Se… %
30 30
…
… 2… 20… Ch… 20… 20… Ch…
…
…
…
… $… $… $… $…
…
…
…
… 9… 9… 2… 2…
…
…
… 4… 4… 13 % 1… 1… 11 %
…
…
…
… 2… 1… 5… 5…
…
…
…
…
…
… 5… 5… 1… 1…
…
…
…
…
… 2… 2… 14 % 7… 6… 12 %
…
…
…
… 1… 1… 9 % 3… 3… 7 %
…
…
…
… 8… 2… 1… 8…
…
…
… 8… 7… 7 % 2… 2… 8 %
…
…
… -… -… -… % -… -… -… %
…
…
… 1… 5… 1… % 2… 1… 53 %
…
…
… 6… 7… -3 % 1… 1… 3 %
…
…
…
… 1… 1… 9 % 4… 3… 15 %
…
…
…
…
… 5… 5… -6 % 1… 1… - %
…
…
…
…
… 3… 4… 1… 1…
…
…
…
…
…
… $… $… -6 % $… $… - %
…
…
…
…
…
…
…
…
…
… $… $… -4 % $… $… 1 %
… $… $… -5 % $… $… 1 %
…
…
…
…
… 2… 2… -1 % 2… 2… -1 %
… 2… 2… -1 % 2… 2… -1 %
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
T… Ni…
Q… Mo…
E… En…
S… Se…
30 30
… 2… 20… 20… 20…
…
…
…
… $… $… $… $…
…
… 0… - 1… -
…
… 1… 0… 1… 7…
…
…
…
…
… 1… 1… 7… 8…
…
… 0… - 1… -…
…
…
… 4… 1… 6… 1…
…
…
…
…
… - - - 2…
…
…
…
… 2… -… 3… -…
… 8… 2… 1… 8…
…
… - - 6… -
…
…
…
… $… $… $… $…
…
…
(a) Special charges of $1.5 million and $0.3 million in the third quarter of
2026 and 2025, respectively, and $17.5 million and $7.6 million for the first
nine months of 2026 and 2025, respectively, were recorded in product and
equipment cost of sales.
14
ECOLAB INC.
REPORTABLE SEGMENT INFORMATION
(unaudited)
T…
Q…
E…
S…
30
──────────────────────────────────────────────────────────────────────────────
F… Pu…
C… Cu…
R… Ra…
% %
… 2… 2… C… 20… 20… Ch…
…
…
… $… $… 20 % $… $… 21 %
…
…
… 1… 1… 3 % 1… 1… 3 %
&
…
…
… 3… 3… 9 % 3… 3… 10 %
…
…
… 2… 1… 17 % 2… 1… 16 %
…
…
…
… 4… 4… 13 % 4… 4… 13 %
…
…
… -… -… * - - *
…
…
…
… $… $… 13 % $… $… 13 %
…
…
…
…
…
… $… $… 24 % $… $… 24 %
…
…
… 4… 3… 8 % 4… 3… 7 %
&
…
…
… 7… 6… 6 % 7… 6… 6 %
…
…
… 5… 3… 49 % 4… 3… 48 %
…
… -… -… * -… -… *
…
…
… 8… 7… 7 % 8… 7… 7 %
…
…
… -… -… * - - *
…
…
…
… $… $… 7 % $… $… 7 %
…
…
N…
M…
E…
S…
30
F… Pu…
C… Cu…
R… Ra…
% %
… 2… 2… C… 20… 20… Ch…
…
…
… $… $… 13 % $… $… 15 %
…
…
… 4… 4… 3 % 4… 4… 5 %
&
…
…
… 1… 9… 9 % 1… 9… 10 %
…
…
… 6… 5… 14 % 6… 5… 17 %
…
…
…
… 1… 1… 9 % 1… 1… 11 %
…
…
… 2… -… * - - *
…
…
…
… $… $… 11 % $… $… 11 %
…
…
…
…
…
… $… $… 13 % $… $… 16 %
…
…
… 1… 1… 9 % 1… 1… 10 %
&
…
…
… 1… 1… 9 % 1… 1… 10 %
…
…
… 1… 1… 39 % 1… 9… 48 %
…
… -… -… * -… -… *
…
…
… 2… 2… 6 % 2… 2… 8 %
…
…
… 1… -… * - - *
…
…
…
… $… $… 8 % $… $… 8 %
…
…
* 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, Ovivo
Electronics and CoolIT Systems transactions intangible assets. The Corporate
segment also includes special (gains) and charges reported on the Consolidated
Statement of Income.
15
ECOLAB INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
September December September
30 31 30
(milli… 2026 2025 2025
Assets
Current
assets
Cash
and $722.3 $646.2 $1,955.8
cash
equiva…
Accoun…
receiv… 3,795.4 3,249.4 3,114.1
net
Invent… 1,764.8 1,490.4 1,534.9
Other
current 817.4 569.6 501.9
assets
Total
current 7,099.9 5,955.6 7,106.7
assets
Proper…
plant
and 4,595.4 4,276.6 4,062.6
equipm…
net
Goodwi… 12,687.6 9,227.0 8,113.0
Other
intang… 5,098.5 3,688.5 3,135.5
assets,
net
Operat…
lease 752.0 765.9 767.7
assets
Other 874.5 782.7 712.1
assets
Total $31,107… $24,696… $23,897…
assets
Liabil…
and
Equity
Current
liabil…
Short-… $1,276.7 $870.4 $16.2
debt
Accoun… 2,339.5 2,071.0 1,868.4
payable
Compen…
and 663.3 721.5 606.0
benefi…
Income 73.8 134.3 188.0
taxes
Other
current 2,026.5 1,737.5 1,509.6
liabil…
Total
current 6,379.8 5,534.7 4,188.2
liabil…
Long-t… 11,915.3 7,365.9 8,052.7
debt
Pension
and 530.9 546.1 597.8
postre…
benefi…
Deferr…
income 768.2 329.9 176.9
taxes
Operat…
lease 578.0 596.5 600.8
liabil…
Other 481.2 518.7 527.3
liabil…
Total 20,653.4 14,891.8 14,143.7
liabil…
Equity
Common 370.4 369.4 369.1
stock
Additi…
paid-in 7,746.5 7,521.3 7,448.5
capital
Retain… 13,737.3 12,834.0 12,475.9
earnin…
Accumu…
other -1,680.4 -1,874.3 -1,903.9
compre…
loss
Treasu… -9,749.9 -9,079.6 -8,670.6
stock
Total
Ecolab 10,423.9 9,770.8 9,719.0
shareh…
equity
Noncon… 30.6 33.7 34.9
intere…
Total 10,454.5 9,804.5 9,753.9
equity
Total
liabil… $31,107… $24,696… $23,897…
and
equity
16
ECOLAB INC.
SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(unaudited)
Thi… Nine
Qua… Mon…
End… End…
──────────────────────────────────────────────────────────────────────────────
Sep… Sep…
30 30
(m…
ex…
pe… 2026 2025 2026 2025
and
per
sh…
Net
sa…
Re…
GA… $4,… $4… $1… $1…
net
sa…
Ef…
of
fo… 2.4 9.9 -2… 20…
cu…
tr…
No…
fi… 4,6… 4,… 13… 12…
cu…
sa…
Ef…
of
ac… -24… - -4… -
and
di…
No…
or… $4,… $4… $1… $1…
sa…
Gr…
pr…
Re…
GA… $2,… $1… $5… $5…
gr…
pr…
Sp…
(g… 1.5 0.3 17… 7.6
and
ch…
No…
ad… 2,0… 1,… 5,… 5,…
gr…
pr…
Ef…
of
fo… 3.0 3.1 -5… 87…
cu…
tr…
No…
ad…
fi… 2,0… 1,… 5,… 5,…
cu…
gr…
pr…
Ef…
of
ac… -76… - -1… -
and
di…
No…
or… $1,… $1… $5… $5…
gr…
pr…
Gr…
ma…
Re…
GA… 44.1 % 44… % 43… % 44… %
gr…
ma…
No…
ad… 44.1 % 44… % 44… % 44… %
gr…
ma…
No…
or… 44.9 % 44… % 44… % 44… %
gr…
ma…
Op…
in…
Re…
GA… $81… $7… $2… $2…
op…
in…
Sp…
(g…
and
ch… 82.9 26… 19… 87…
at
pu…
cu…
ra…
No…
ad… 893… 78… 2,… 2,…
op…
in…
Ef…
of
fo… 2.1 0.6 -1… 41…
cu…
tr…
No…
ad…
fi… 895… 78… 2,… 2,…
cu…
op…
in…
Ef…
of
ac… -23… - -3… -
and
di…
No…
or… $87… $7… $2… $2…
op…
in…
Op…
in…
ma…
Re…
GA…
op… 17.3 % 18… % 16… % 17… %
in…
ma…
No…
ad…
op… 19.0 % 18… % 18… % 17… %
in…
ma…
No…
or…
op… 19.6 % 18… % 18… % 17… %
in…
ma…
17
ECOLAB INC.
SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(unaudited)
Thi… Nine
Qua… Mon…
End… End…
──────────────────────────────────────────────────────────────────────────────
Sep… Sep…
30 30
(m…
ex…
pe… 2026 2025 2026 2025
and
per
sh…
In…
ex…
net
Re…
GA…
in… $12… $5… $2… $1…
ex…
net
Sp…
(g… - - 6.6 -
and
ch…
No…
ad…
in… $12… $5… $2… $1…
ex…
net
Net
In…
at…
to
Ec…
Re…
GA…
net
in… $55… $5… $1… $1…
at…
to
Ec…
Sp…
(g…
and 65.2 22… 16… 67…
ch…
af…
tax
Di…
tax
net -1.1 -1… 7.5 -2…
ex…
(b…
No…
ad…
net
in… $61… $5… $1… $1…
at…
to
Ec…
Di…
EPS
at…
to
Ec…
Re…
GA… $1.… $2… $5… $5…
di…
EPS
Sp…
(g…
and 0.23 0.… 0.… 0.…
ch…
af…
tax
Di…
tax
net 0.00 -0… 0.… -0…
ex…
(b…
No…
ad… $2.… $2… $5… $5…
di…
EPS
Pr…
for
In…
Ta…
Re…
GA… 20.2 % 17… % 21… % 19… %
tax
ra…
Sp…
ga… 0.1 - -0… 0.2
and
ch…
Di…
tax 0.1 2.2 -0… 1.1
it…
No…
ad… 20.4 % 20… % 20… % 20… %
tax
ra…
18
ECOLAB INC.
SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(unaudited)
Th…
Qu…
En…
Se…
30 20… 20…
──────────────────────────────────────────────────────────────────────────────
Im… Imp…
Fi… of Fix… of
(… Cu… Ac… Or… Cur… Acq… Or…
and and
Di… Div…
N…
S…
G… $2… -$… $2… $2… $- $2,…
W…
G…
I… 1,… - 1,… 1,… - 1,5…
&
S…
G…
P… 36… -4… 35… 33… - 332…
E…
G…
L… 21… - 21… 18… - 185…
S…
S…
at
f… 4,… -2… 4,… 4,… - 4,1…
c…
r…
C… -2… -9…
i…
C…
r…
G… $4… $4…
n…
s…
O…
I…
(…
G… $4… -$… $3… $3… $- $35…
W…
G…
I… 40… - 40… 37… - 376…
&
S…
G…
P… 73… 0.6 74… 69… - 69.5
E…
G…
L… 50… - 50… 33… - 33.8
S…
C… -7… 29… -4… -5… - -50…
S…
at
f… 89… -2… 87… 78… - 787…
c…
r…
S…
(…
a…
c… 83… 24…
at
f…
c…
r…
R…
OI
at 81… 76…
f…
c…
r…
C… -1… -2…
i…
C…
r…
G… $8… $7…
o…
i…
Ni…
Mo…
En…
Se…
30
20… 2025
Im… Imp…
Fi… of Fix… of
(… Cu… Ac… Or… Cur… Acq… Or…
and and
Di… Div…
N…
S…
G… $6… -$… $6… $5… $- $5,…
W…
G…
I… 4,… - 4,… 4,… - 4,6…
&
S…
G…
P… 1,… -1… 1,… 94… - 941…
E…
G…
L… 63… - 63… 55… - 558…
S…
S…
at
f… 13… -4… 12… 12… - 12,…
c…
r…
C… 20… -2…
i…
C…
r…
G… $1… $1…
n…
s…
O…
I…
(…
G… $1… -$… $1… $9… $- $96…
W…
G…
I… 1,… - 1,… 1,… - 1,0…
&
S…
G…
P… 19… 1.0 19… 17… - 179…
E…
G…
L… 14… - 14… 10… - 105…
S…
C… -1… 48… -1… -1… - -14…
S…
at
f… 2,… -3… 2,… 2,… - 2,1…
c…
r…
S…
(…
a…
c… 19… 85…
at
f…
c…
r…
R…
OI
at 2,… 2,…
f…
c…
r…
C… 1.8 -4…
i…
C…
r…
G… $2… $2…
o…
i…
19
ECOLAB INC.
SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION
(unaudited)
The table below provides a reconciliation of diluted earnings per share ("EPS"),
as reported, to the non-GAAP measure of adjusted diluted earnings per share.
F… S… Six Th… Ni… Fo…
Q… Q… Mo… Qu… Mo… Qu… Ye…
E… E… En… En… En… En… En…
M… J… Ju… Se… Se… De… De…
31 30 30 30 30 31 31
2… 2… 20… 20… 20… 20… 20…
…
…
…
… $… $… $… $… $… $… $…
…
…
…
…
…
…
… 0… 0… 0… 0… 0… 0… 0…
…
…
…
… 0… -… -… -… -… -… -…
…
…
…
…
…
… 0… 0… 0… 0… 0… 0… 0…
…
…
…
…
…
… $… $… $… $… $… $… $…
…
…
…
Fi… Se… Six Th… Ni… Fo…
Qu… Qu… Mo… Qu… Mo… Qu… Y…
En… En… En… En… En… En… E…
Ma… Ju… Ju… Se… Se… De… D…
31 30 30 30 30 31 31
20… 20… 20… 20… 20… 20… 2…
D…
e…
p…
s… $1… $1… $… $… $…
as
r…
(…
G…
A…
S…
(… 0.… 0.… 0… 0… 0…
a…
c…
D…
t… 0.… 0.… 0… 0… 0…
e…
(…
A…
d…
e… $1… $2… $… $… $…
p…
s…
(…
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, $50.5 million
and $65.2 million, net of tax, in the first, second and third quarters,
respectively. These charges were primarily related to One Ecolab and acquisition
and integration costs.
(4) Discrete tax expenses (benefits) for 2026 includes $4.4 million, $4.2
million and ($1.1) million in the first, second and third quarters,
respectively. These expenses (benefits) are primarily associated with share-
based compensation excess tax benefits and other discrete expenses (benefits).
20