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Ecolab ECL

Ecolab reports $4.69B revenue

Form
10-Q
Filed
Importance
Notable
  1. Revenue: $4.69 billion for the three months ended Sep 30, 2026
  2. Net income: $551.3 million for the three months ended Sep 30, 2026
  3. Diluted EPS: $1.95 for the three months ended Sep 30, 2026
  4. Cash and equivalents: $722.3 million at Sep 30, 2026

Written from the 10-Q on EDGAR. Check the filing before you rely on it.

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What changed

10 changes since the June 2026 10-Q

Compared with the 10-Q 0001628280-26-053886, filed Aug 6, 2026.

  1. Changed Financial statements

    Cash down 86% from Jun 30

    $722M, was $5.1B.

    From the filings

    Before

    $5.1B

    Now

    $722M

  2. Changed Financial statements

    Revenue up 6.3% from Jun 30

    $4.7B, was $4.4B.

    From the filings

    Before

    $4.4B

    Now

    $4.7B

  3. Changed Financial statements

    Net income up 3.1% from Jun 30

    $551M, was $535M.

    From the filings

    Before

    $535M

    Now

    $551M

  4. Changed Financial statements

    EPS up 2.6% from Jun 30

    $1.95, was $1.90.

    From the filings

    Before

    $1.90

    Now

    $1.95

  5. Changed MD&A

    Reported net interest expense was $124.8 million and $55.3 million in the third quarter of 2026 and 2025…

    Adds "$124.8"; drops "$73.1".

    From the filings

    Before

    Reported net interest expense was $73.1 million and $63.2 million in the second quarter of 2026 and 2025, respectively, and $145.8 million and $121.5 million in the first six months of 2026 and 2025, respectively. In the second quarter of 2026, we incurred $6.6 million of interest expense special charges associated with debt used to fund the CoolIT Systems acquisition. The increase in adjusted net interest expense when comparing 2026 against 2025 reflects the impact from higher interest expense from the Ovivo Electronics acquisition partially offset by lower interest rates.

    Now

    Reported net interest expense was $124.8 million and $55.3 million in the third quarter of 2026 and 2025, respectively, and $270.6 million and $176.8 million in the first nine months of 2026 and 2025, respectively. The increase in net interest expense when comparing 2026 against 2025 reflects the impact of financing the Ovivo Electronics and CoolIT Systems acquisitions.

  6. Changed MD&A

    Fixed currency sales increased 9% in both the third quarter and first nine months of 2026, respectively…

    Adds "third"; drops "second".

    From the filings

    Before

    Fixed currency sales increased 9% in both the second quarter and first six months of 2026, respectively, reflecting a 2% benefit in the second quarter and a 1% benefit in the first six months from attractive, targeted acquisitions in North America. Organic sales for Global Pest Elimination increased 7% in both the second quarter and first six months of 2026, driven by gains in restaurants, food retail, food & beverage, and healthcare.

    Now

    Fixed currency sales increased 9% in both the third quarter and first nine months of 2026, respectively, reflecting a 1% benefit from acquisitions in the third quarter and first nine months. Organic sales for Global Pest Elimination increased 8% in both the third quarter and first nine months of 2026, driven by new business in food & beverage, food retail, and restaurants.

  7. Changed MD&A

    Organic operating income increased for Global Pest Elimination in the third quarter and first nine months of…

    Adds "Pest Elimination"; drops "and remained flat".

    From the filings

    Before

    Organic operating income increased and remained flat for Global Water in the second quarter and first six months of 2026, respectively. Organic operating income margins decreased for Global Water in the second quarter and first six months of 2026.

    Now

    Organic operating income increased for Global Pest Elimination in the third quarter and first nine months of 2026, respectively. Organic operating income margins decreased and increased for Global Pest Elimination in the third quarter and first nine months of 2026.

  8. Changed MD&A

    Cash used for investing activities is primarily impacted by business acquisitions and capital investments in…

    Adds "acquisitions and"; drops "provided by".

    From the filings

    Before

    Cash (used for) provided by investing activities is primarily impacted by capital investments in the business. We continue to make capital investments in the business, including dispensing and monitoring equipment, manufacturing equipment and facilities. Total capital expenditures were $589 million and $455 million in the first six months of 2026 and 2025, respectively.

    Now

    Cash used for investing activities is primarily impacted by business acquisitions and capital investments in the business.

  9. New MD&A

    Cash used for acquisitions and investments in affiliates, net of cash acquired, in the first nine months of…

    New paragraph in MD&A.

    From the filings

    Now

    Cash used for acquisitions and investments in affiliates, net of cash acquired, in the first nine months of 2026 and 2025 was $4.7 billion and $0.5 million, respectively. Cash used for acquisitions and investments in affiliates, net of cash acquired, in 2026 primarily relates to the CoolIT Systems acquisition.

  10. New MD&A

    In October 2026, we settled 550 million of our existing Swiss Franc cross-currency swap derivative contracts…

    New paragraph in MD&A.

    From the filings

    Now

    In October 2026, we settled 550 million of our existing Swiss Franc cross-currency swap derivative contracts that were designated as net investment hedges and simultaneously executed replacement cross-currency swap derivative contracts for the same notional value. There was no material impact on the Consolidated Statements of Income as a result of these transactions.
Show the redline

Section by section. Added words and removed words against the earlier filing.

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

24 unchanged paragraphs

The number of shares of each of the registrant s classes of Common Stock outstanding as of June September 30, 2026: 280,328,603 280,467,785 shares , par value $1.00 per share.

1 unchanged paragraph

Financial statements 635 changes

1 unchanged paragraph

Second Quarter Ended Six Months Ended

Third Quarter Ended Nine Months Ended

September 30 September 30

1 unchanged paragraph

Product and equipment sales $ 3,449.4 $ 3,156.8 $ 6,624.0 $ 6,058.7

Service and lease sales 966.0 868.4 1,857.5 1,661.5

Net sales 4,415.4 4,025.2 8,481.5 7,720.2

Product and equipment cost of sales 1,918.9 1,728.4 3,705.1 3,333.8

Service and lease cost of sales 550.6 494.4 1,059.7 949.2

Cost of sales (including special charges (a)) 2,469.5 2,222.8 4,764.8 4,283.0

Selling, general and administrative expenses 1,141.6 1,067.7 2,244.0 2,117.7

Special (gains) and charges 46.4 24.6 92.8 54.1

Operating income 757.9 710.1 1,379.9 1,265.4

Other (income) expense ( 8.8 ) ( 13.0 ) ( 17.6 ) ( 26.0 )

Interest expense, net (b) 73.1 63.2 145.8 121.5

Income before income taxes 693.6 659.9 1,251.7 1,169.9

Provision for income taxes 154.9 131.4 276.4 234.9

Net income including noncontrolling interest 538.7 528.5 975.3 935.0

Net income attributable to Ecolab $ 534.9 $ 524.2 $ 967.5 $ 926.7

Product and equipment sales $ 3,697.4 $ 3,262.6 $ 10,321.4 $ 9,321.3

Service and lease sales 997.4 902.4 2,854.9 2,563.9

Net sales 4,694.8 4,165.0 13,176.3 11,885.2

Product and equipment cost of sales 2,059.5 1,789.1 5,764.6 5,122.9

Service and lease cost of sales 566.0 510.3 1,625.7 1,459.5

Cost of sales (including special charges (a)) 2,625.5 2,299.4 7,390.3 6,582.4

Selling, general and administrative expenses 1,177.4 1,079.2 3,421.4 3,196.9

Special (gains) and charges 81.4 26.2 174.2 80.3

Operating income 810.5 760.2 2,190.4 2,025.6

Other (income) expense ( 8.8 ) ( 12.8 ) ( 26.4 ) ( 38.8 )

Interest expense, net (b) 124.8 55.3 270.6 176.8

Income before income taxes 694.5 717.7 1,946.2 1,887.6

Provision for income taxes 140.1 128.0 416.5 362.9

Net income including noncontrolling interest 554.4 589.7 1,529.7 1,524.7

Net income attributable to noncontrolling interest 3.8 4.3 7.8 8.3 3.1 4.7 10.9 13.0

Net income attributable to Ecolab $ 551.3 $ 585.0 $ 1,518.8 $ 1,511.7

1 unchanged paragraph

Basic $ 1.91 $ 1.85 $ 3.44 $ 3.27

Diluted $ 1.90 $ 1.84 $ 3.42 $ 3.25

Basic $ 1.97 $ 2.06 $ 5.40 $ 5.33

Diluted $ 1.95 $ 2.05 $ 5.37 $ 5.30

1 unchanged paragraph

Basic 280.7 283.5 281.3 283.4

Diluted 282.2 285.4 282.9 285.4

(b) Interest expense, net includes special charges of $ 6.6 million in the second quarter and first six months of 2026.

Basic 280.4 283.5 281.0 283.5

Diluted 282.1 285.4 282.7 285.3

(a) Cost of sales includes special (gains) and charges of $ 4.7 1.5 million and $ 2.5 0.3 million in the second third quarter of 2026 and 2025, respectively, and $ 16.0 17.5 million and $ 7.3 7.6 million in the first six nine months of 2026 and 2025, respectively, which is recorded in product and equipment cost of sales.

(b) Interest expense, net includes $ 6.6 million of special (gains) charges in the first nine months of 2026. No special (gains) and charges were included in interest expense, net in all other periods presented.

2 unchanged paragraphs

Second Quarter Ended Six Months Ended

Third Quarter Ended Nine Months Ended

September 30 September 30

1 unchanged paragraph

Net income including noncontrolling interest $ 538.7 $ 528.5 $ 975.3 $ 935.0

Net income including noncontrolling interest $ 554.4 $ 589.7 $ 1,529.7 $ 1,524.7

2 unchanged paragraphs

Foreign currency translation ( 43.6 ) 298.4 175.1 239.6

Gain (loss) on net investment hedges ( 8.8 ) ( 210.7 ) 23.5 ( 240.5 )

Total foreign currency translation adjustments ( 52.4 ) 87.7 198.6 ( 0.9 )

Derivatives and hedging instruments 25.3 ( 12.9 ) 21.2 ( 9.7 )

Pension and postretirement benefits 6.1 ( 12.1 ) 7.7 ( 9.1 )

Subtotal ( 21.0 ) 62.7 227.5 ( 19.7 )

Total comprehensive income, including noncontrolling interest 517.7 591.2 1,202.8 915.3

Comprehensive income attributable to Ecolab $ 514.7 $ 585.1 $ 1,195.5 $ 905.4

Foreign currency translation ( 36.2 ) 74.5 138.9 314.1

Gain (loss) on net investment hedges ( 3.3 ) 27.0 20.2 ( 213.5 )

Total foreign currency translation adjustments ( 39.5 ) 101.5 159.1 100.6

Derivatives and hedging instruments 0.9 ( 2.0 ) 22.1 ( 11.7 )

Pension and postretirement benefits 3.1 ( 0.2 ) 10.8 ( 9.3 )

Subtotal ( 35.5 ) 99.3 192.0 79.6

Total comprehensive income, including noncontrolling interest 518.9 689.0 1,721.7 1,604.3

Comprehensive income attributable to noncontrolling interest 3.0 6.1 7.3 9.9 1.7 4.6 9.0 14.5

Comprehensive income attributable to Ecolab $ 517.2 $ 684.4 $ 1,712.7 $ 1,589.8

2 unchanged paragraphs

Goodwill 9,419.3 9,227.0

Other assets 845.8 782.7

Total assets $ 29,927.0 $ 24,696.3

(millions, except per share amounts) June September 30

Cash and cash equivalents $ 5,135.3 722.3 $ 646.2

Accounts receivable, net 3,452.7 3,795.4 3,249.4

Inventories 1,643.9 1,764.8 1,490.4

Other current assets 787.9 817.4 569.6

Total current assets 11,019.8 7,099.9 5,955.6

Property, plant and equipment, net 4,445.8 4,595.4 4,276.6

Goodwill 12,687.6 9,227.0

Other intangible assets, net 3,449.1 5,098.5 3,688.5

Operating lease assets 747.2 752.0 765.9

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and 555 more changes in the filing

MD&A 402 changes

9 unchanged paragraphs

OVERVIEW OF THE SECOND THIRD QUARTER ENDED JUNE SEPTEMBER 30, 2026

When comparing second third quarter 2026 against second third quarter 2025, sales performance was as follows:

Reported net sales increased 10% 13% to $4,415.4 $4,694.8 million and organic sales increased 5%. 7%.

Organic sales for our Global Water segment increased 4% 9% to $2,098.5 $2,239.4 million driven by accelerating growth in High-Tech, Food & Beverage and Light Water.

Organic sales for our Global Institutional & Specialty segment increased 4% 3% to $1,617.4 $1,638.3 million driven by improved steady growth in Institutional and strong growth in Specialty.

Organic sales for Global Pest Elimination increased 7% 8% to $345.2 $358.8 million.

Organic sales for our Global Life Sciences segment accelerated 15% 17% to $221.0 $215.8 million.

1 unchanged paragraph

When comparing second third quarter 2026 against second third quarter 2025, our financial performance was as follows:

Reported operating income increased 7% to $757.9 $810.5 million. Adjusted operating income increased 10%. 14%.

Net income attributable to Ecolab increased 2% decreased 6% to $534.9 $551.3 million. Excluding the impact of special (gains) and charges and discrete tax items from both 2026 and 2025 reported results, our adjusted net income attributable to Ecolab increased 9%. 4%.

Reported diluted EPS increased 3% decreased 5% to $1.90. $1.95. Excluding the impact of special (gains) and charges and discrete tax items from both 2026 and 2025 reported results, adjusted diluted EPS increased 11% 5% to $2.09 $2.18 in the second third quarter of 2026.

Our reported tax rate was 22.3% 20.2% during the second third quarter of 2026, compared to 19.9% 17.8% during the second third quarter of 2025. Excluding the tax rate impact of special (gains) and charges and discrete tax items from both 2026 and 2025 results, our adjusted tax rate was 21.0% 20.4% during the second third quarter of 2026, compared to 20.8% 20.0% during the second third quarter of 2025.

1 unchanged paragraph

Second Quarter Ended Six Months Ended

Third Quarter Ended Nine Months Ended

September 30 September 30

1 unchanged paragraph

Product and equipment sales $3,449.4 $3,156.8 $6,624.0 $6,058.7

Service and lease sales 966.0 868.4 1,857.5 1,661.5

Reported GAAP net sales 4,415.4 4,025.2 10 % 8,481.5 7,720.2 10 %

Effect of foreign currency translation (11.0) 64.8 (23.2) 192.9

Non-GAAP fixed currency sales 4,404.4 4,090.0 8 % 8,458.3 7,913.1 7 %

Non-GAAP organic sales $4,282.1 $4,090.0 5 % $8,239.4 $7,913.1 4 %

Product and equipment sales $3,697.4 $3,262.6 $10,321.4 $9,321.3

Service and lease sales 997.4 902.4 2,854.9 2,563.9

Reported GAAP net sales 4,694.8 4,165.0 13 % 13,176.3 11,885.2 11 %

Effect of foreign currency translation 2.4 9.9 (20.8) 202.8

Non-GAAP fixed currency sales 4,697.2 4,174.9 13 % 13,155.5 12,088.0 9 %

Effect of acquisitions and divestitures (122.3) (244.9) - (218.9) (463.8) -

Non-GAAP organic sales $4,452.3 $4,174.9 7 % $12,691.7 $12,088.0 5 %

2 unchanged paragraphs

Second Quarter Ended Six Months Ended

Third Quarter Ended Nine Months Ended

September 30 September 30

Organic sales change 7 5 4

Acquisitions and divestitures 3 3 6 % 4

Fixed currency sales change 8 7 13 9

Foreign currency translation - 2 3

Reported GAAP net sales change 10 13 % 10 11 %

2 unchanged paragraphs

Second Quarter Ended Six Months Ended

Third Quarter Ended Nine Months Ended

September 30 September 30

1 unchanged paragraph

Product and equipment cost of sales $1,918.9 $1,728.4 $3,705.1 $3,333.8

Service and lease cost of sales 550.6 494.4 1,059.7 949.2

Reported GAAP COS and gross margin 2,469.5 44.1 % 2,222.8 44.8 % 4,764.8 43.8 % 4,283.0 44.5 %

Special (gains) and charges 4.7 2.5 16.0 7.3

Non-GAAP adjusted COS and gross margin 2,464.8 44.2 % 2,220.3 44.8 % 4,748.8 44.0 % 4,275.7 44.6 %

Effect of foreign currency translation (7.5) 36.9 (14.6) 108.3

Non-GAAP adjusted fixed currency COS and gross margin 2,457.3 44.2 % 2,257.2 44.8 % 4,734.2 44.0 % 4,384.0 44.6 %

Product and equipment cost of sales $2,059.5 $1,789.1 $5,764.6 $5,122.9

Service and lease cost of sales 566.0 510.3 1,625.7 1,459.5

Reported GAAP COS and gross margin 2,625.5 44.1 % 2,299.4 44.8 % 7,390.3 43.9 % 6,582.4 44.6 %

Special (gains) and charges 1.5 0.3 17.5 7.6

Non-GAAP adjusted COS and gross margin 2,624.0 44.1 % 2,299.1 44.8 % 7,372.8 44.0 % 6,574.8 44.7 %

Effect of foreign currency translation (0.6) 6.8 (15.2) 115.1

Non-GAAP adjusted fixed currency COS and gross margin 2,623.4 44.1 % 2,305.9 44.8 % 7,357.6 44.1 % 6,689.9 44.7 %

Effect of acquisition and divestitures (96.0) (168.1) - (163.0) (331.1) -

Non-GAAP organic COS and gross margin $2,361.3 $2,455.3 44.9 % $2,257.2 $2,305.9 44.8 % $4,571.2 44.5 % $4,384.0 $7,026.5 44.6 % $6,689.9 44.7 %

1 unchanged paragraph

Our reported gross margin was 44.1% and 44.8% for the second third quarter of 2026 and 2025, respectively. Our reported gross margin was 43.8% 43.9% and 44.5% 44.6% for the first six nine months of 2026 and 2025, respectively. Special (gains) and charges included in items impacting cost of sales are shown within the Special (Gains) and Charges table below.

Excluding the impacts of special (gains) and charges, foreign currency translation and acquisitions and divestitures within COS, second third quarter 2026 and 2025 organic gross margin was 44.9% and 44.8%, respectively, and for the first six nine months of 2026 and 2025 was 44.5% and 44.6% and 44.7%, respectively. Our organic gross margin increased when comparing the second third quarter of 2026 against the second third quarter of 2025 as accelerating pricing offset higher commodity costs.

1 unchanged paragraph

Selling, general and administrative ( SG&A ) expenses as a percentage of sales were 25.9% 25.1% and 26.5% 26.0% for the second third quarter and first six nine months of 2026, respectively, compared to 26.5% 25.9% and 27.4% 26.9% for the second third quarter and first six nine months of 2025, respectively. The SG&A ratio to sales in the second third quarter of 2026 decreased improved as good productivity gains and the favorable impact of recent acquisitions more than offset growth-oriented investments in the business.

2 unchanged paragraphs

Second Quarter Ended Six months ended

Third Quarter Ended Nine Months Ended

September 30 September 30

1 unchanged paragraph

One Ecolab $1.1 $2.5 $2.7 $7.3

Other restructuring 3.6 - 13.3 -

Cost of sales subtotal 4.7 2.5 16.0 7.3

One Ecolab $1.1 $0.3 $3.8 $7.6

Other restructuring 0.4 - 13.7 -

Cost of sales subtotal 1.5 0.3 17.5 7.6

1 unchanged paragraph

One Ecolab 27.7 26.5 59.1 65.9

Acquisition and integration activities 4.6 7.3 18.7 8.8

Other 13.6 2.0 14.5 (11.0)

Special (gains) and charges subtotal 46.4 24.6 92.8 54.1

Total special (gains) and charges $57.7 $27.1 $115.4 $61.4

One Ecolab 17.1 17.4 76.2 83.3

Other restructuring 0.5 (12.0) 0.5 0.6 - 1.1 (12.0)

Acquisition and integration activities 42.2 11.0 60.9 19.8

Sale of global surgical solutions business - 0.8 - - 2.4

Other 21.5 (2.2) 36.0 (13.2)

Special (gains) and charges subtotal 81.4 26.2 174.2 80.3

Interest expense, net 6.6 - - 6.6 -

Total special (gains) and charges $82.9 $26.5 $198.3 $87.9

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and 322 more changes in the filing

Forward-looking statements 1 change

This Quarterly Report on Form 10-Q, including Management s Discussion and Analysis of Financial Condition and Results of Operations in Item 2, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include our business performance and prospects; expectations concerning timing, amount and type of restructuring costs and savings from restructuring activities; Russian operations; working capital; capital investments, acquisitions and share repurchases; amortization expense; non-performance of financial counterparties; payments and contributions to pension and postretirement health care benefit plans; the impact of lawsuits, claims and environmental matters; impact of new accounting pronouncements and tax laws; cash flows, borrowing capacity and funding of cash requirements, including repayment of debt; payments related to uncertain tax positions; and implementation of ERP system upgrade. upgrades.

2 unchanged paragraphs

Market risk 1 change

We use foreign currency cross currency swaps, foreign currency forward contracts, foreign currency option contracts, interest rate swap agreements, forward-starting interest rate lock contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in our foreign operations. We do not hold derivative financial instruments of a speculative nature or for trading purposes. For a more detailed discussion of derivative instruments, refer to Note 8, entitled Derivatives and Hedging Transactions , of the consolidated financial statements located under Part I, Item 1 of this quarterly report on Form 10-Q.

Controls and procedures 2 changes

As of June September 30, 2026, we carried out an evaluation, under the supervision and with the participation of our management, including our Chairman, President and Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our Chairman, President and Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures are effective.

During the period April July 1, 2026 through June September 30, 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

1 unchanged paragraph

Risk factors 7 changes

2 unchanged paragraphs

April 1-30, 2026 20,153 $259.8294 20,153 4,623,295

May 1-31, 2026 1,150,800 252.3094 1,150,800 3,472,495

Total 1,189,447 $252.4111 1,189,447 3,454,001

July 1-31, 2026 - $- - 3,454,001

August 1-31, 2026 - - - 3,454,001

June September 1-30, 2026 18,494 250.6581 18,494 - - - 3,454,001

Total - $- - 3,454,001

2 unchanged paragraphs

Exhibits 14 changes

2 unchanged paragraphs

(4.1) Fifteenth Supplemental Indenture, dated as of May 29 , 202 6 , between Ecolab Inc. and Computershare Trust Company, N.A.

Incorporated by reference to Exhibit (4.1) of our Form 8-K, dated May 29, 2026.

(4.2) Form of 4.600% notes due 2029. Included in Exhibit (4.1) above.

(4.3) Form of 4.800% notes due 2031. Included in Exhibit (4.1) above.

(4.4) Form of 5.150% notes due 2033. Included in Exhibit (4.1) above.

(4.5) Form of 5.350% notes due 2036. Included in Exhibit (4.1) above.

(10.1) Term Credit Agreement, dated April 10, 2026, by and among Ecolab Inc., the financial institutions party thereto as lenders from time to time, and Citibank, N.A., as administrative agent.

Incorporated by reference to Exhibit (10.1) of our Form 8-K, dated April 15, 2026.

Amendment No. 1, dated as of May 7, 2026, to the Ecolab Mirror Savings Plan, as amended and restated effective as of January 1, 2022.

Filed herewith electronically.

17 unchanged paragraphs

Date: August 6, 2026

By: /s/ Jennifer J. Bradway

Date: October 29, 2026

By: /s/ Bryce L. Mewhorter

3 unchanged paragraphs

Unchanged: Unregistered sales of stock, Legal proceedings, Defaults on senior securities, Mine Safety Disclosures, Other information

Compared by code from the two filings' text and XBRL. Not advice.

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