Ecolab
ECL · NYSESoap, Detergents, Cleang Preparations, Perfumes, Cosmetics · Fiscal year ends Dec 31
Ecolab reported revenue of $16.1B in the fiscal year ended Dec 2025, up 2.2% from the year before. Operating income was $2.7B, an operating margin of 17.0%, and net income was $2.1B. Operating cash flow of $3B less capital expenditure of $1B left free cash flow of $1.9B. Net debt was $7.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.7B | $14.2B | $15.3B | $15.7B | $16.1B |
| Cost of revenue | $7.6B | $8.8B | $9.2B | $8.9B | $8.9B |
| Gross profit | $5.1B | $5.4B | $6.2B | $6.8B | $7.2B |
| Research & development | $186M | $190M | $192M | $207M | $202M |
| Selling, general & admin | $3.4B | $3.7B | $4.1B | $4.2B | $4.3B |
| Operating income | $1.6B | $1.6B | $2B | $2.8B | $2.7B |
| Interest expense | $231M | $252M | $349M | $340M | $306M |
| Pre-tax income | $1.4B | $1.3B | $1.8B | $2.6B | $2.5B |
| Income tax | $270M | $235M | $363M | $439M | $455M |
| Net income | $1.1B | $1.1B | $1.4B | $2.1B | $2.1B |
| Diluted EPS | 3.91 | 3.81 | 4.79 | 7.37 | 7.28 |
| Diluted shares | 289M | 287M | 287M | 287M | 285M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $360M | $599M | $920M | $1.3B | $646M |
| Receivables | $2.5B | $2.7B | $2.8B | $2.9B | $3.2B |
| Inventory | $1.5B | $1.8B | $1.5B | $1.5B | $1.5B |
| Current assets | $4.7B | $5.5B | $5.6B | $6B | $6B |
| Net PP&E | $3.3B | $3.3B | $3.5B | $3.8B | $4.3B |
| Goodwill | $8.1B | $8B | $8.1B | $7.9B | $9.2B |
| Total assets | $21.2B | $21.5B | $21.8B | $22.4B | $24.7B |
| Payables | $1.4B | $1.7B | $1.6B | $1.8B | $2.1B |
| Deferred revenue | $92M | $117M | $111M | $102M | $173M |
| Current liabilities | $3.6B | $4.2B | $4.3B | $4.8B | $5.5B |
| Short-term debt | $411M | $505M | $630M | $616M | $759M |
| Long-term debt | $8.3B | $8.1B | $7.6B | $6.9B | $7.4B |
| Total liabilities | $14B | $14.2B | $13.8B | $13.6B | $14.9B |
| Shareholders' equity | $7.2B | $7.2B | $8B | $8.8B | $9.8B |
| Backlog (remaining obligations) | $92M | $117M | $111M | $102M | $173M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $1.8B | $2.4B | $2.8B | $3B |
| Capital expenditure | $643M | $713M | $775M | $995M | $1B |
| Free cash flow | $1.4B | $1.1B | $1.6B | $1.8B | $1.9B |
| Depreciation & amortisation | $604M | $619M | $617M | $635M | $673M |
| Stock-based compensation | $90M | $88M | $95M | $135M | $137M |
| Share buybacks | $107M | $518M | $14M | $987M | $784M |
| Dividends paid | $566M | $603M | $617M | $664M | $754M |
| Dividend per share | 1.95 | 2.06 | 2.16 | 2.36 | 2.68 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.4% | 8.0% | 2.7% | 2.2% |
| Operating income growth (YoY) | – | −2.3% | 27.5% | 40.7% | −2.3% |
| EPS growth (YoY) | – | −2.6% | 25.7% | 53.9% | −1.2% |
| Gross margin | 40.2% | 37.8% | 40.2% | 43.5% | 44.5% |
| Operating margin | 12.6% | 11.0% | 13.0% | 17.8% | 17.0% |
| Net margin | 8.9% | 7.7% | 9.0% | 13.4% | 12.9% |
| Return on equityBlank when equity is negative | 15.6% | 15.1% | 17.1% | 24.1% | 21.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.1% | 9.1% | 11.4% | 15.9% | 14.3% |
| Free cash flow margin | 11.1% | 7.6% | 10.7% | 11.6% | 11.8% |
| Cash conversion (CFO ÷ net income) | 1.82x | 1.64x | 1.76x | 1.33x | 1.42x |
| Receivable days | 71 | 69 | 68 | 66 | 74 |
| Inventory days | 71 | 74 | 60 | 60 | 61 |
| Payable days | 66 | 71 | 62 | 74 | 85 |
| Interest cover | 6.93x | 6.20x | 5.71x | 8.24x | 8.94x |
| Debt ÷ equity | 1.21x | 1.19x | 1.02x | 0.86x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.4B | $8B | $7.3B | $6.3B | $7.5B |
| Current ratio | 1.32x | 1.30x | 1.30x | 1.26x | 1.08x |
Recent filings
More in Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.