NYSE : ECL
Ecolab Inc. — Financial statements
Materials · Specialty Chemicals · United States
Last price 300.86 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 84.34B
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Financial statements
Ecolab Inc. (ECL) reported revenue of 17.37B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.37B | 16.08B | 15.74B | 15.32B | 14.19B | 12.73B |
| Cost of Revenue | 9.72B | 8.92B | 8.89B | 9.13B | 8.76B | 7.52B |
| Gross Profit | 7.65B | 7.16B | 6.85B | 6.19B | 5.43B | 5.21B |
| Selling, General & Admin | 4.44B | 4.21B | 4.18B | 4.00B | 3.58B | 3.35B |
| Operating Expenses | 4.44B | 4.21B | 4.18B | 4.00B | 3.58B | 3.35B |
| Operating Income | 3.21B | 2.95B | 2.67B | 2.19B | 1.85B | 1.87B |
| Interest Expense | -391.00M | -306.20M | -340.30M | -348.90M | -252.10M | -197.50M |
| Interest & Investment Income | 56.10M | 65.10M | 57.80M | 52.20M | 8.50M | 12.30M |
| EBT Excluding Unusual Items | 2.87B | 2.71B | 2.39B | 1.89B | 1.60B | 1.68B |
| Merger & Restructuring Charges | -229.00M | -172.00M | -138.00M | -101.80M | -146.70M | -71.50M |
| Other Unusual Items | -37.40M | 9.40M | 321.60M | -32.10M | -114.30M | -195.30M |
| Pretax Income | 2.61B | 2.55B | 2.57B | 1.76B | 1.34B | 1.41B |
| Income Tax Expense | 508.20M | 454.60M | 439.30M | 362.50M | 234.50M | 270.20M |
| Earnings From Continuing Operations | 2.10B | 2.09B | 2.13B | 1.39B | 1.11B | 1.14B |
| Net Income to Company | 2.10B | 2.09B | 2.13B | 1.39B | 1.11B | 1.14B |
| Minority Interest in Earnings | -15.60M | -17.70M | -19.50M | -20.70M | -17.20M | -14.10M |
| Net Income | 2.08B | 2.08B | 2.11B | 1.37B | 1.09B | 1.13B |
| Net Income to Common | 2.08B | 2.08B | 2.11B | 1.37B | 1.09B | 1.13B |
| Shares Outstanding (Basic) | 281.43M | 283.30M | 284.30M | 285.00M | 285.20M | 286.30M |
| Shares Outstanding (Diluted) | 283.25M | 285.20M | 286.60M | 286.50M | 286.60M | 289.10M |
| EPS (Basic) | 7.40 | 7.33 | 7.43 | 4.82 | 3.83 | 3.95 |
| EPS (Diluted) | 7.35 | 7.28 | 7.37 | 4.79 | 3.81 | 3.91 |
| Free Cash Flow | 1.80B | 1.90B | 1.82B | 1.64B | 1.08B | 1.42B |
| Free Cash Flow Per Share | 6.34 | 6.68 | 6.35 | 5.71 | 3.75 | 4.91 |
| Dividend Per Share | 2.92 | 2.68 | 2.36 | 2.16 | 2.06 | 1.95 |
| Gross Margin | 44.04% | 44.51% | 43.50% | 40.39% | 38.25% | 40.93% |
| Operating Margin | 18.46% | 18.35% | 16.96% | 14.27% | 13.03% | 14.66% |
| Profit Margin | 11.99% | 12.91% | 13.42% | 8.96% | 7.70% | 8.87% |
| Free Cash Flow Margin | 10.33% | 11.84% | 11.56% | 10.69% | 7.58% | 11.14% |
| EBITDA | 4.28B | 3.93B | 3.61B | 3.11B | 2.79B | 2.71B |
| EBITDA Margin | 24.65% | 24.43% | 22.91% | 20.30% | 19.64% | 21.28% |
| D&A For EBITDA | 1.08B | 976.40M | 935.40M | 923.60M | 938.70M | 843.10M |
| EBIT | 3.21B | 2.95B | 2.67B | 2.19B | 1.85B | 1.87B |
| EBIT Margin | 18.46% | 18.35% | 16.96% | 14.27% | 13.03% | 14.66% |
| Effective Tax Rate | 19.50% | 17.84% | 17.09% | 20.65% | 17.46% | 19.11% |
| Revenue as Reported | 17.37B | 16.08B | 15.74B | 15.32B | 14.19B | 12.73B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 722.30M | 646.20M | 1.26B | 919.50M | 598.60M | 359.90M |
| Cash & Short-Term Investments | 722.30M | 646.20M | 1.26B | 919.50M | 598.60M | 359.90M |
| Accounts Receivable | 3.94B | 3.37B | 2.87B | 2.83B | 2.70B | 2.48B |
| Other Receivables | 280.80M | 229.80M | 163.30M | 186.90M | 184.10M | 151.30M |
| Receivables | 4.22B | 3.60B | 3.03B | 3.02B | 2.88B | 2.63B |
| Inventory | 1.76B | 1.49B | 1.46B | 1.50B | 1.79B | 1.49B |
| Prepaid Expenses | 189.10M | 159.50M | 151.40M | 143.90M | 123.90M | 121.20M |
| Other Current Assets | 203.90M | 62.90M | 124.30M | 62.40M | 96.70M | 84.50M |
| Total Current Assets | 7.10B | 5.96B | 6.03B | 5.64B | 5.49B | 4.69B |
| Property, Plant & Equipment | 5.35B | 5.04B | 4.48B | 4.03B | 3.74B | 3.69B |
| Goodwill | 12.69B | 9.23B | 7.91B | 8.15B | 8.01B | 8.06B |
| Other Intangible Assets | 5.10B | 3.69B | 3.31B | 3.49B | 3.68B | 4.22B |
| Long-Term Deferred Tax Assets | 186.60M | 181.00M | 155.50M | 119.30M | 108.10M | 120.60M |
| Other Long-Term Assets | 687.90M | 601.70M | 514.90M | 413.40M | 427.00M | 425.40M |
| Total Assets | 31.11B | 24.70B | 22.39B | 21.85B | 21.46B | 21.21B |
| Accounts Payable | 2.34B | 2.07B | 1.81B | 1.57B | 1.73B | 1.38B |
| Accrued Expenses | 1.55B | 1.49B | 1.41B | 1.32B | 1.07B | 1.05B |
| Short-Term Debt | 8.20M | 111.00M | 3.60M | 1.80M | 3.70M | 408.50M |
| Current Portion of Long-Term Debt | 1.27B | 759.40M | 612.10M | 628.60M | 501.40M | 2.50M |
| Current Portion of Leases | 169.40M | 164.70M | 142.30M | 126.10M | 108.30M | 115.10M |
| Current Income Taxes Payable | 73.80M | 134.30M | 127.00M | 158.70M | 197.60M | 104.30M |
| Current Unearned Revenue | 260.00M | 173.00M | 102.00M | 110.90M | 116.50M | 91.70M |
| Other Current Liabilities | 711.60M | 627.10M | 581.80M | 437.40M | 481.70M | 394.40M |
| Total Current Liabilities | 6.38B | 5.53B | 4.79B | 4.35B | 4.21B | 3.55B |
| Long-Term Debt | 11.67B | 7.23B | 6.93B | 7.54B | 8.06B | 8.34B |
| Long-Term Leases | 823.80M | 727.90M | 598.20M | 439.00M | 350.60M | 290.60M |
| Pension & Post-Retirement Benefits | 530.90M | 546.10M | 634.90M | 651.70M | 670.30M | 894.20M |
| Long-Term Deferred Tax Liabilities | 768.20M | 329.90M | 280.00M | 418.20M | 505.60M | 622.00M |
| Other Long-Term Liabilities | 481.20M | 518.70M | 366.20M | 381.80M | 406.30M | 254.10M |
| Total Liabilities | 20.65B | 14.89B | 13.60B | 13.77B | 14.21B | 13.95B |
| Common Stock | 370.40M | 369.40M | 367.80M | 365.70M | 364.70M | 364.10M |
| Additional Paid-In Capital | 7.75B | 7.52B | 7.16B | 6.77B | 6.58B | 6.46B |
| Retained Earnings | 13.74B | 12.83B | 11.52B | 10.08B | 9.32B | 8.81B |
| Treasury Stock | -9.75B | -9.08B | -8.31B | -7.31B | -7.30B | -6.78B |
| Comprehensive Income & Other | -1.68B | -1.87B | -1.98B | -1.85B | -1.73B | -1.63B |
| Total Common Equity | 10.42B | 9.77B | 8.76B | 8.04B | 7.24B | 7.22B |
| Minority Interest | 30.60M | 33.70M | 31.90M | 27.50M | 22.50M | 28.90M |
| Shareholders' Equity | 10.45B | 9.80B | 8.79B | 8.07B | 7.26B | 7.25B |
| Total Liabilities & Equity | 31.11B | 24.70B | 22.39B | 21.85B | 21.46B | 21.21B |
| Total Debt | 13.94B | 9.00B | 8.28B | 8.73B | 9.03B | 9.16B |
| Net Cash (Debt) | -13.22B | -8.35B | -7.03B | -7.81B | -8.43B | -8.80B |
| Net Cash Per Share | -46.66 | -29.28 | -24.51 | -27.27 | -29.41 | -30.43 |
| Filing Date Shares Outstanding | 280.47M | 281.97M | 283.00M | 285.51M | 284.46M | 286.75M |
| Total Common Shares Outstanding | 280.47M | 282.02M | 283.35M | 285.45M | 284.50M | 286.88M |
| Working Capital | 720.10M | 420.90M | 1.23B | 1.30B | 1.28B | 1.13B |
| Book Value Per Share | 37.17 | 34.65 | 30.91 | 28.18 | 25.43 | 25.18 |
| Tangible Book Value | -7.36B | -3.14B | -2.46B | -3.60B | -4.46B | -5.06B |
| Tangible Book Value Per Share | -26.25 | -11.15 | -8.68 | -12.60 | -15.67 | -17.65 |
| Land | 147.90M | 149.20M | 144.50M | 155.60M | 161.30M | 159.20M |
| Buildings | 1.29B | 1.24B | 1.15B | 1.17B | 1.13B | 1.13B |
| Machinery | 6.01B | 5.69B | 5.17B | 4.87B | 4.60B | 4.68B |
| Construction In Progress | 986.00M | 858.10M | 679.30M | 470.10M | 403.80M | 325.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.08B | 2.08B | 2.11B | 1.37B | 1.09B | 1.13B |
| Depreciation & Amortization | 1.08B | 976.40M | 935.40M | 923.60M | 938.70M | 843.10M |
| Loss (Gain) From Sale of Assets | 1.10M | -381.70M | ||||
| Asset Writedown & Restructuring Costs | 6.70M | 18.80M | 23.70M | -32.60M | 66.20M | -41.70M |
| Stock-Based Compensation | 143.10M | 136.60M | 134.80M | 95.10M | 87.80M | 89.50M |
| Other Operating Activities | 190.90M | -49.70M | -186.80M | -109.30M | -119.30M | 40.50M |
| Change in Accounts Receivable | -492.70M | -185.90M | -146.70M | -84.30M | -319.60M | -178.20M |
| Change in Inventory | -125.00M | 36.40M | -115.60M | 320.30M | -402.90M | -73.00M |
| Change in Accounts Payable | 412.70M | 67.70M | 300.00M | -232.30M | 394.70M | 200.40M |
| Change in Other Net Operating Assets | -264.60M | -124.40M | 138.40M | 159.00M | 51.10M | 51.40M |
| Operating Cash Flow | 3.03B | 2.95B | 2.81B | 2.41B | 1.79B | 2.06B |
| Capital Expenditures | -1.23B | -1.05B | -994.50M | -774.80M | -712.80M | -643.00M |
| Sale of Property, Plant & Equipment | 8.20M | 52.30M | 11.30M | 9.90M | 2.20M | 12.20M |
| Cash Acquisitions | -6.30B | -1.62B | -312.90M | -180.40M | -7.20M | -3.92B |
| Divestitures | -14.90M | 889.70M | ||||
| Other Investing Activities | -69.50M | -75.00M | -27.40M | -45.20M | 1.00M | -25.20M |
| Investing Cash Flow | -7.60B | -2.71B | -433.80M | -990.50M | -716.80M | -4.58B |
| Short-Term Debt Issued | 98.20M | 1.90M | 393.60M | |||
| Long-Term Debt Issued | 1.05B | 494.00M | 2.77B | |||
| Total Debt Issued | 5.23B | 1.14B | 1.90M | 494.00M | 3.17B | |
| Short-Term Debt Repaid | -1.90M | -404.30M | ||||
| Long-Term Debt Repaid | -674.20M | -630.40M | -500.00M | -1.05B | ||
| Total Debt Repaid | -95.40M | -674.20M | -630.40M | -501.90M | -404.30M | -1.05B |
| Net Debt Issued (Repaid) | 5.13B | 469.60M | -628.50M | -501.90M | 89.70M | 2.12B |
| Issuance of Common Stock | 155.10M | 228.20M | 259.40M | 96.80M | 29.10M | 143.50M |
| Repurchase of Common Stock | -1.08B | -783.80M | -986.50M | -13.70M | -518.20M | -106.60M |
| Common Dividends Paid | -817.30M | -753.60M | -664.30M | -617.30M | -602.80M | -566.40M |
| Other Financing Activities | -66.30M | -13.70M | -4.20M | -18.60M | 164.90M | 11.40M |
| Financing Cash Flow | 3.32B | -853.30M | -2.02B | -1.05B | -837.30M | 1.60B |
| Foreign Exchange Rate Adjustments | 13.20M | -2.70M | -18.70M | -45.70M | 4.40M | 14.30M |
| Net Cash Flow | -1.23B | -610.60M | 337.30M | 320.90M | 238.70M | -900.30M |
| Free Cash Flow | 1.80B | 1.90B | 1.82B | 1.64B | 1.08B | 1.42B |
| Free Cash Flow Margin | 10.33% | 11.84% | 11.56% | 10.69% | 7.58% | 11.14% |
| Free Cash Flow Per Share | 6.34 | 6.68 | 6.35 | 5.71 | 3.75 | 4.91 |
| Levered Free Cash Flow | 1.44B | 1.64B | 1.93B | 1.56B | 1.31B | 1.10B |
| Unlevered Free Cash Flow | 1.68B | 1.83B | 2.15B | 1.77B | 1.47B | 1.22B |
| Cash Income Tax Paid | 548.10M | 548.10M | 647.40M | 469.20M | 308.90M | 275.70M |
| Change in Working Capital | -469.60M | -206.20M | 176.10M | 162.70M | -276.70M | 600.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 84.98B | 74.36B | 66.35B | 56.56B | 41.46B | 67.23B |
| Enterprise Value | 98.19B | 81.26B | 73.42B | 64.73B | 50.32B | 72.69B |
| Last Close Price | 302.98 | 260.41 | 230.07 | 192.87 | 139.82 | 222.28 |
| PE Ratio | 41.21 | 35.82 | 31.41 | 41.21 | 37.98 | 59.50 |
| Forward PE | 33.92 | 31.74 | 32.26 | 33.54 | 30.79 | 41.55 |
| PS Ratio | 4.89 | 4.62 | 4.21 | 3.69 | 2.92 | 5.28 |
| PB Ratio | 8.15 | 7.58 | 7.55 | 7.01 | 5.71 | 9.27 |
| P/FCF Ratio | 47.34 | 39.05 | 36.47 | 34.55 | 38.55 | 47.38 |
| P/OCF Ratio | 28.05 | 25.18 | 23.58 | 23.45 | 23.18 | 32.60 |
| PEG Ratio | 2.54 | 2.38 | 2.07 | 2.32 | 2.30 | 2.80 |
| EV/Sales Ratio | 5.65 | 5.05 | 4.66 | 4.22 | 3.55 | 5.71 |
| EV/EBITDA Ratio | 22.93 | 20.69 | 20.36 | 20.82 | 18.06 | 26.83 |
| EV/EBIT Ratio | 30.61 | 27.53 | 27.50 | 29.61 | 27.23 | 38.95 |
| EV/FCF Ratio | 54.70 | 42.67 | 40.35 | 39.54 | 46.79 | 51.23 |
| Debt / Equity Ratio | 1.33 | 0.92 | 0.94 | 1.08 | 1.24 | 1.26 |
| Debt / EBITDA Ratio | 3.08 | 2.16 | 2.17 | 2.63 | 3.03 | 3.17 |
| Debt / FCF Ratio | 7.76 | 4.72 | 4.55 | 5.33 | 8.39 | 6.45 |
| Net Debt / Equity Ratio | 1.26 | 0.85 | 0.80 | 0.97 | 1.16 | 1.21 |
| Net Debt / EBITDA Ratio | 3.09 | 2.13 | 1.95 | 2.51 | 3.02 | 3.25 |
| Net Debt / FCF Ratio | 7.36 | 4.38 | 3.86 | 4.77 | 7.84 | 6.20 |
| Asset Turnover | 0.63 | 0.68 | 0.71 | 0.71 | 0.67 | 0.65 |
| Inventory Turnover | 5.89 | 6.04 | 6.00 | 5.55 | 5.33 | 5.42 |
| Quick Ratio | 0.78 | 0.77 | 0.89 | 0.91 | 0.83 | 0.84 |
| Current Ratio | 1.11 | 1.08 | 1.26 | 1.30 | 1.30 | 1.32 |
| Return on Equity (ROE) | 20.77% | 22.52% | 25.29% | 18.17% | 15.28% | 17.00% |
| Return on Assets (ROA) | 7.29% | 7.84% | 7.54% | 6.31% | 5.41% | 5.93% |
| Return on Invested Capital (ROIC) | 12.14% | 14.28% | 13.97% | 10.99% | 9.61% | 10.74% |
| Return on Capital Employed (ROCE) | 13.00% | 15.40% | 15.20% | 12.50% | 10.70% | 10.60% |
| Earnings Yield | 2.43% | 2.79% | 3.18% | 2.43% | 2.63% | 1.68% |
| FCF Yield | 2.11% | 2.56% | 2.74% | 2.89% | 2.59% | 2.11% |
| Dividend Yield | 0.96% | 1.02% | 1.01% | 1.09% | 1.41% | 0.83% |
| Payout Ratio | 39.72% | 36.31% | 31.45% | 44.98% | 55.22% | 50.13% |
| Buyback Yield / Dilution | 0.78% | 0.49% | -0.03% | 0.03% | 0.86% | 0.41% |
| Total Shareholder Return | 1.74% | 1.50% | 0.97% | 1.12% | 2.28% | 1.24% |