Revenue growth has shown stagnant momentum, decelerating to a 2.16% year-over-year rate while operating margins remain constrained between 14.6% and 18.7% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 16.45B | 16.08B | 15.74B | 15.32B | 14.19B | 12.73B | 11.79B | 12.56B | 14.67B | 13.84B | 13.15B | 13.55B | 14.28B | 13.25B | 11.84B | 6.83B | 6.09B | 5.9B | 6.14B | 5.47B | 4.9B | 4.53B | 4.18B | 3.76B | 3.4B | 2.35B | 2.26B | 2.08B | 1.89B | 1.64B | 1.49B |
| Revenue Growth % | 4.9% | 2.16% | 2.75% | 7.98% | 11.42% | 8% | -6.14% | -14.36% | 6.02% | 5.19% | -2.9% | -5.15% | 7.75% | 11.95% | 73.38% | 12.13% | 3.22% | -3.87% | 12.21% | 11.72% | 7.96% | 8.36% | 11.25% | 10.53% | 44.54% | 3.99% | 8.86% | 10.16% | 15.11% | 10.09% | 11.12% |
| Cost of Goods Sold | 9.17B | 8.92B | 8.9B | 9.14B | 8.77B | 7.51B | 6.89B | 7.03B | 8.61B | 8.01B | 6.85B | 7.18B | 7.67B | 7.2B | 6.39B | 3.46B | 3.01B | 2.97B | 3.14B | 2.69B | 2.42B | 2.25B | 2.03B | 1.85B | 1.69B | 1.09B | 877.47M | 803.1M | 729.2M | 621.2M | 585.4M |
| COGS % of Revenue | - | 55.49% | 56.53% | 59.68% | 61.8% | 58.99% | 58.46% | 55.99% | 58.69% | 57.87% | 52.08% | 53.01% | 53.72% | 54.3% | 53.99% | 50.7% | 49.42% | 50.35% | 51.19% | 49.21% | 49.35% | 49.59% | 48.59% | 49.05% | 49.58% | 46.27% | 38.75% | 38.61% | 38.62% | 37.87% | 39.29% |
| Gross Profit | 7.29B | 7.16B | 6.84B | 6.18B | 5.42B | 5.22B | 4.9B | 5.53B | 6.06B | 5.83B | 6.3B | 6.37B | 6.61B | 6.06B | 5.45B | 3.37B | 3.08B | 2.93B | 3B | 2.78B | 2.48B | 2.29B | 2.15B | 1.92B | 1.72B | 1.27B | 1.39B | 1.28B | 1.16B | 1.02B | 904.6M |
| Gross Margin % | 44.29% | 44.51% | 43.47% | 40.32% | 38.2% | 41.01% | 41.54% | 44.01% | 41.31% | 42.13% | 47.92% | 46.99% | 46.28% | 45.7% | 46.01% | 49.3% | 50.58% | 49.65% | 48.81% | 50.79% | 50.65% | 50.41% | 51.41% | 50.95% | 50.42% | 53.73% | 61.25% | 61.39% | 61.38% | 62.13% | 60.71% |
| Gross Profit Growth % | - | 4.6% | 10.78% | 13.96% | 3.8% | 6.61% | -11.41% | -8.76% | 3.94% | -7.52% | -0.98% | -3.7% | 9.12% | 11.2% | 61.81% | 9.3% | 5.16% | -2.23% | 7.85% | 12.02% | 8.48% | 6.26% | 12.25% | 11.69% | 35.64% | -8.78% | 8.61% | 10.17% | 13.72% | 12.67% | 11.16% |
| Operating Expenses | 4.41B | 4.25B | 4.23B | 4.02B | 3.81B | 3.54B | 3.19B | 3.62B | 4.08B | 3.63B | 4.3B | 4.38B | 4.59B | 4.28B | 3.92B | 2.44B | 2.26B | 2.18B | 2.26B | 2.09B | 1.87B | 1.74B | 1.66B | 1.43B | 1.32B | 947.48M | 1.06B | 986.9M | 897.1M | 800.7M | 719.2M |
| OpEx % of Revenue | - | 26.4% | 26.88% | 26.22% | 26.86% | 27.78% | 27.04% | 28.82% | 27.8% | 26.24% | 32.66% | 32.35% | 32.13% | 32.29% | 33.12% | 35.71% | 37.06% | 36.93% | 36.78% | 38.23% | 38.16% | 38.45% | 39.6% | 38.12% | 38.79% | 40.24% | 47.01% | 47.45% | 47.51% | 48.81% | 48.27% |
| Selling, General & Admin | 4.31B | 4.26B | 4.02B | 3.82B | 3.62B | 3.35B | 3B | 3.43B | 3.86B | 3.43B | 4.11B | 4.19B | 4.39B | 4.09B | 3.74B | 2.34B | 2.17B | 2.09B | 2.17B | 2.01B | 1.79B | 1.68B | 1.6B | 1.43B | 1.28B | 946.09M | 916M | 852.4M | 775.1M | 699.8M | 629.7M |
| SG&A % of Revenue | - | 26.48% | 25.56% | 24.96% | 25.52% | 26.32% | 25.47% | 27.31% | 26.33% | 24.78% | 31.22% | 30.94% | 30.75% | 30.87% | 31.58% | 34.31% | 35.61% | 35.47% | 35.38% | 36.72% | 36.66% | 36.94% | 38.13% | 38.11% | 37.7% | 40.18% | 40.45% | 40.98% | 41.05% | 42.66% | 42.26% |
| Research & Development | 0 | 0 | 207M | 192M | 190M | 186M | 185M | 190M | 216M | 201M | 189M | 191M | 197M | 188M | 183M | 96M | 88M | 86M | 86M | 82.6M | 73.3M | 68.37M | 61.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 1.31% | 1.25% | 1.34% | 1.46% | 1.57% | 1.51% | 1.47% | 1.45% | 1.44% | 1.41% | 1.38% | 1.42% | 1.55% | 1.41% | 1.45% | 1.46% | 1.4% | 1.51% | 1.5% | 1.51% | 1.47% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.2M | -12.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 408K | 37.03M | 1.39M | 148.44M | 134.5M | 122M | 100.9M | 89.5M |
| Operating Income | 2.88B | 2.91B | 2.61B | 2.16B | 1.61B | 1.68B | 1.71B | 1.91B | 1.98B | 2.2B | 2.01B | 1.98B | 2.02B | 1.78B | 1.53B | 927.7M | 823.3M | 750.4M | 738.4M | 687M | 611.64M | 542.42M | 494.25M | 482.66M | 395.87M | 318.18M | 322.4M | 290M | 261.9M | 218.5M | 185.4M |
| Operating Margin % | 17.49% | 18.11% | 16.6% | 14.1% | 11.34% | 13.23% | 14.5% | 15.19% | 13.51% | 15.9% | 15.26% | 14.64% | 14.16% | 13.41% | 12.89% | 13.59% | 13.52% | 12.72% | 12.03% | 12.56% | 12.49% | 11.96% | 11.81% | 12.83% | 11.63% | 13.51% | 14.24% | 13.94% | 13.87% | 13.32% | 12.44% |
| Operating Income Growth % | - | 11.49% | 20.91% | 34.25% | -4.45% | -1.47% | -10.42% | -3.68% | -9.91% | 9.57% | 1.24% | -1.91% | 13.71% | 16.51% | 64.47% | 12.68% | 9.71% | 1.63% | 7.48% | 12.32% | 12.76% | 9.75% | 2.4% | 21.92% | 24.42% | -1.31% | 11.17% | 10.73% | 19.86% | 17.85% | 13.95% |
| EBITDA | 3.58B | 3.59B | 3.55B | 3.08B | 2.55B | 2.53B | 2.52B | 2.68B | 2.92B | 3.09B | 2.86B | 2.84B | 2.89B | 2.59B | 2.24B | 1.32B | 1.17B | 1.08B | 1.07B | 978.9M | 880.21M | 799.36M | 741.21M | 712.31M | 619.29M | 481.17M | 470.84M | 424.5M | 383.9M | 319.4M | 274.9M |
| EBITDA Margin % | 21.75% | 22.29% | 22.54% | 20.13% | 17.96% | 19.85% | 21.39% | 21.36% | 19.91% | 22.35% | 21.73% | 20.98% | 20.26% | 19.57% | 18.92% | 19.38% | 19.23% | 18.39% | 17.48% | 17.9% | 17.98% | 17.63% | 17.71% | 18.94% | 18.2% | 20.43% | 20.79% | 20.41% | 20.33% | 19.47% | 18.45% |
| EBITDA Growth % | -0.32% | 1.05% | 15.03% | 21.04% | 0.81% | 0.21% | -6.02% | -8.08% | -5.59% | 8.21% | 0.55% | -1.77% | 11.55% | 15.78% | 69.28% | 13% | 7.97% | 1.08% | 9.62% | 11.21% | 10.12% | 7.85% | 4.06% | 15.02% | 28.71% | 2.19% | 10.92% | 10.58% | 20.19% | 16.19% | 15.12% |
| D&A (Non-Cash Add-back) | 699.6M | 672.6M | 935.4M | 923.6M | 938.7M | 843.1M | 812.7M | 775.3M | 938.3M | 893.3M | 850.7M | 859.5M | 872M | 816.2M | 714.5M | 395.7M | 347.9M | 334.3M | 334.7M | 291.9M | 268.57M | 256.94M | 246.95M | 229.66M | 223.43M | 162.99M | 148.44M | 134.5M | 122M | 100.9M | 89.5M |
| EBIT | 2.85B | 2.79B | 2.91B | 2.11B | 1.61B | 1.63B | 1.41B | 1.97B | 2.08B | 2.03B | 1.93B | 1.56B | 1.95B | 1.56B | 1.27B | 754M | 819.2M | 678.9M | 721.7M | 673.1M | 618.54M | 547.98M | 492.92M | 482.66M | 395.87M | 318.18M | 243.14M | 290M | 261.9M | 218.5M | 185.4M |
| Net Interest Income | -255.1M | -241.1M | -280.6M | -302.5M | -255.2M | -203.9M | -231.5M | -218.2M | -259.2M | -247.4M | -255.4M | -232.4M | -243.5M | -249.1M | -247.7M | -66.5M | -65M | -52.5M | -61.6M | -48.9M | -44.42M | -44.24M | -45.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 50.9M | 0 | 57.8M | 52.2M | 8.5M | 12.3M | 14.6M | 23.7M | 14.9M | 19.6M | 20.8M | 10.1M | 11.4M | 10.5M | 8.9M | 7.9M | 6.5M | 6.3M | 9.2M | 7.9M | 6.9M | 5.56M | 3.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 306M | 241.1M | 338.4M | 354.7M | 263.7M | 216.2M | 246.1M | 241.9M | 274.1M | 267M | 276.2M | 242.5M | 254.9M | 259.6M | 256.6M | 74.4M | 71.5M | 58.8M | 70.8M | 56.8M | 51.32M | 49.8M | 48.48M | 34.65M | 83.05M | 12.86M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -282.2M | -364.7M | -41.2M | -405.2M | -266.1M | -270.3M | -548.2M | -177M | -176.9M | -437.1M | -357M | -665.2M | -323.1M | -479.4M | -513.2M | -248.1M | -75.6M | -130.3M | -87.5M | -70.7M | -44.42M | -44.24M | -49.7M | -34.24M | -43.9M | -28.43M | 15.65M | -4.4M | -5.6M | 800K | -1.4M |
| Pretax Income | 2.6B | 2.55B | 2.57B | 1.76B | 1.34B | 1.41B | 1.16B | 1.73B | 1.8B | 1.76B | 1.65B | 1.32B | 1.7B | 1.3B | 1.01B | 679.6M | 747.7M | 620.1M | 650.9M | 616.3M | 567.22M | 498.18M | 444.55M | 448.42M | 351.97M | 289.75M | 338.05M | 285.6M | 256.3M | 219.3M | 184M |
| Pretax Margin % | 15.78% | 15.84% | 16.33% | 11.46% | 9.47% | 11.11% | 9.85% | 13.78% | 12.3% | 12.74% | 12.55% | 9.73% | 11.89% | 9.8% | 8.55% | 9.95% | 12.28% | 10.51% | 10.61% | 11.27% | 11.59% | 10.99% | 10.62% | 11.92% | 10.34% | 12.3% | 14.93% | 13.73% | 13.57% | 13.37% | 12.35% |
| Income Tax | 472.6M | 454.6M | 439.3M | 362.5M | 234.5M | 270.2M | 176.6M | 288.6M | 364.3M | 243.8M | 403.3M | 300.5M | 476.2M | 324.7M | 311.3M | 216.3M | 216.6M | 201.4M | 202.8M | 189.1M | 198.61M | 178.7M | 161.85M | 171.07M | 140.08M | 117.41M | 129.5M | 109.8M | 101.8M | 85.3M | 70.8M |
| Effective Tax Rate % | 18.2% | 17.84% | 17.09% | 20.65% | 17.46% | 19.11% | 15.21% | 16.67% | 20.19% | 13.83% | 24.44% | 22.8% | 28.04% | 25.01% | 30.74% | 31.83% | 28.97% | 32.48% | 31.16% | 30.68% | 35.01% | 35.87% | 36.41% | 38.15% | 39.8% | 40.52% | 38.31% | 38.45% | 39.72% | 38.9% | 38.48% |
| Net Income | 2.11B | 2.08B | 2.11B | 1.37B | 1.09B | 1.13B | -1.21B | 1.56B | 1.43B | 1.5B | 1.23B | 1B | 1.2B | 967.8M | 703.6M | 462.5M | 530.3M | 417.3M | 448.1M | 427.2M | 368.62M | 319.48M | 282.69M | 277.35M | 209.77M | 188.17M | 206.13M | 175.8M | 192.5M | 134M | 113.2M |
| Net Margin % | 12.8% | 12.91% | 13.42% | 8.96% | 7.69% | 8.87% | -10.22% | 12.41% | 9.74% | 10.87% | 9.35% | 7.4% | 8.42% | 7.3% | 5.94% | 6.77% | 8.71% | 7.07% | 7.3% | 7.81% | 7.53% | 7.04% | 6.75% | 7.37% | 6.16% | 7.99% | 9.1% | 8.45% | 10.19% | 8.17% | 7.6% |
| Net Income Growth % | 0.14% | -1.74% | 53.93% | 25.7% | -3.38% | 193.76% | -177.3% | 9.08% | -5.02% | 22.36% | 22.7% | -16.69% | 24.28% | 37.55% | 52.13% | -12.79% | 27.08% | -6.87% | 4.89% | 15.89% | 15.38% | 13.01% | 1.93% | 32.22% | 11.48% | -8.71% | 17.25% | -8.68% | 43.66% | 18.37% | 14.11% |
| Net Income (Continuing) | 2.12B | 2.09B | 2.13B | 1.39B | 1.11B | 1.14B | 984.8M | 1.44B | 1.44B | 1.52B | 1.25B | 1.02B | 1.22B | 973.6M | 701.3M | 463.3M | 531.1M | 418.7M | 448.1M | 427.2M | 368.62M | 319.48M | 282.69M | 277.35M | 211.89M | 188.17M | 208.56M | 175.8M | 154.5M | 134M | 113.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -2.17B | 133.3M | 178.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 28.1M | 33.7M | 31.9M | 27.5M | 22.5M | 28.9M | 35M | 40.5M | 50.4M | 70.2M | 69.8M | 70.5M | 66.2M | 65.1M | 83.1M | 74.4M | 3.8M | 8.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.42 | 7.28 | 7.37 | 4.79 | 3.81 | 3.91 | -4.20 | 5.33 | 4.88 | 5.12 | 4.14 | 3.32 | 3.93 | 3.16 | 2.35 | 1.91 | 2.23 | 1.74 | 1.80 | 1.70 | 1.43 | 1.23 | 1.09 | 1.06 | 0.75 | 0.72 | 0.78 | 0.65 | 0.72 | 0.50 | 0.42 |
| EPS Growth % | 0.41% | -1.22% | 53.86% | 25.72% | -2.56% | 193.1% | -178.8% | 9.22% | -4.69% | 23.67% | 24.7% | -15.52% | 24.37% | 34.47% | 23.04% | -14.35% | 28.16% | -3.33% | 5.88% | 18.88% | 16.26% | 12.84% | 2.83% | 41.33% | 4.17% | -7.69% | 20% | -9.72% | 44% | 19.05% | 10.53% |
| EPS (Basic) | - | 7.33 | 7.43 | 4.82 | 3.83 | 3.95 | -4.20 | 5.41 | 4.95 | 5.20 | 4.20 | 3.38 | 4.01 | 3.23 | 2.41 | 1.95 | 2.27 | 1.76 | 1.83 | 1.73 | 1.46 | 1.25 | 1.10 | 1.07 | 0.76 | 0.74 | 0.81 | 0.68 | 0.75 | 0.52 | 0.44 |
| Diluted Shares Outstanding | 283.7M | 285.2M | 286.6M | 286.5M | 286.6M | 289.1M | 287M | 292.5M | 292.8M | 294M | 296.7M | 301.4M | 305.9M | 305.9M | 298.9M | 242.1M | 237.6M | 239.9M | 249.3M | 251.8M | 257.1M | 260.1M | 260.41M | 262.74M | 261.57M | 259.86M | 263.89M | 268.84M | 268.09M | 267.64M | 267.93M |
| Basic Shares Outstanding | 282M | 283.3M | 284.3M | 285M | 285.2M | 286.3M | 287M | 288.1M | 288.6M | 289.6M | 292.5M | 296.4M | 300.1M | 299.9M | 292.5M | 236.9M | 233.4M | 236.7M | 245.4M | 246.8M | 252.1M | 255.74M | 257.57M | 259.45M | 258.15M | 254.83M | 255.5M | 259.1M | 258.31M | 258.89M | 257.98M |
| Dividend Payout Ratio | - | 36.31% | 31.45% | 44.98% | 55.22% | 50.13% | - | 35.47% | 34.74% | 29.82% | 34.77% | 39.99% | 28.63% | 22.54% | 43.6% | 35.22% | 27.44% | 31.8% | 28.68% | 26.69% | 27.45% | 28.11% | 29.15% | 27.19% | 33.17% | 35.32% | 29.91% | 30.89% | 25.45% | 30.97% | 31.89% |
Input cost volatility exposure
According to the provided quarterly income statements, Ecolab's revenue growth has fluctuated significantly, peaking at 10.0% in 2026Q1 before decelerating to a 2.16% year-over-year rate, suggesting that the company's ability to drive top-line expansion is currently constrained by broader macroeconomic headwinds and potential volume saturation.
The inconsistent revenue trajectory indicates that Ecolab is struggling to maintain consistent organic growth, likely due to the cyclical nature of its industrial segments. Investors should monitor whether the recent 2.16% growth rate represents a structural slowdown or merely a temporary lull in the company's ability to pass through price increases.
Based on reported financial data, Ecolab has maintained gross margins consistently between 43.3% and 44.8% over the last ten quarters, demonstrating a robust ability to protect its core profitability despite the inflationary pressures that typically impact specialty chemical manufacturers reliant on petrochemical-linked raw materials.
The stability of these margins suggests that the company's 'razor-and-blade' service model provides a significant buffer against input cost volatility. This pricing power appears to be a key differentiator, allowing the firm to sustain premium margins that exceed those of many peers in the broader specialty chemicals industry.
As reported in the income statement, operating margins have fluctuated between 14.6% and 18.7% over the past two years, indicating that Ecolab has yet to achieve consistent operating leverage despite its scale, as SG&A expenses remain stubbornly high relative to the company's gross profit generation.
The lack of clear expansion in operating margins suggests that the high semi-fixed costs associated with the company's massive field service workforce may be offsetting gains in gross efficiency. Further investigation is warranted to determine if management can optimize these overhead costs to drive better bottom-line conversion.
Based on the provided figures, EPS has exhibited extreme volatility, ranging from a low of $1.41 to a high of $2.58, which appears to be driven by non-operating items and inconsistent tax or restructuring impacts rather than purely operational performance trends within the core business segments.
The significant variance in quarterly net income suggests that investors should focus on adjusted metrics to gauge true earnings power. The presence of recurring stock-based compensation, which averaged over $30 million per quarter, further complicates the assessment of the company's true cash-generative capacity for shareholders.
While Ecolab commands a premium valuation, the recent deceleration in revenue growth to 2.16% suggests that the market's expectation for defensive, high-growth performance may be overly optimistic, potentially exposing the stock to significant multiple compression if growth fails to re-accelerate in the coming fiscal periods.
Short-sellers might focus on the company's inability to consistently scale operating income, arguing that the 'service-as-a-moat' narrative is insufficient to justify current price-to-earnings levels. The reliance on price increases to drive growth may eventually hit a ceiling, particularly if industrial customers begin to prioritize cost-cutting over Ecolab's premium service offerings.
Quick answers to the most common questions about buying ECL stock.
For fiscal year 2025, Ecolab Inc. (ECL) reported total revenue of $16.08B. This represents a 979.3% increase compared to $1.49B in 1996.
Ecolab Inc. (ECL) is profitable, generating $2.08B in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
Ecolab Inc. (ECL) reported an operating income of $2.91B, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ecolab Inc. (ECL) generated $7.16B in gross profit for the year, representing a gross profit margin of 44.5%. This demonstrates the company's core pricing power and production efficiency.