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Ecolab (ECL) stock

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NYSE: ECL NYSE Specialty Chemicals Next results ~January 26, 2027

B Fundamentals grade

Ecolab is a US-listed company in the specialty chemicals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$80–$180 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 61% below it.

Price used: $308.38, November 2, 2026

Ecolab valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 10 selling7 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds729 adding, 802 cuttingOf 96 active managers that changed their stake, 49 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ecolab files

10-Q filed October 29: Ecolab

Model value +1.2%

Ecolab's revenue reached $17.4bn over the twelve months to September 2026, a 9.3% rise on the year, accelerating from the 7.1% growth recorded a quarter earlier. Free-cash-flow margin was unchanged at 10.3%. The fundamentals grade has improved from C to B, and our model value has edged up from $129 to $130 a share. Against a share price of $299, however, the rating remains Sell. That valuation implies the market expects cash-flow growth of around 19.8% a year for the next five years, well ahead of the 6.4% a year revenue growth Ecolab has actually managed. The gap between expectation and delivery keeps the stock looking expensive despite the stronger fundamentals.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Ecolab stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $16.8bn, up 7.1% on a year earlier, faster than 4.9% a quarter earlier. Free-cash-flow margin rose to 11.1% from 10.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $132 a share, against a share price of $285. At that price, our model says the market is pricing in about 19.9% a year of cash-flow growth for five years, faster than the 5.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Ecolab's trailing-twelve-month revenue grew 9.3% year on year, with a free-cash-flow margin of 10.3%. Where it stands out: operating margin of 16.7% ranks 3 of 39 specialty chemicals companies we cover. Where it lags: long-term debt as % of assets of 38.3% ranks 33 of 36 specialty chemicals companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$80–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 9.3% (+2.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $308.38 is 61% above our value per share of $120.
  • High earnings multiple. The shares trade at 42 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 38.3% ranks 33 of 36 specialty chemicals companies we cover (median 26.8%).
  • Below peers: days sales outstanding. Days sales outstanding of 80 days ranks 26 of 30 specialty chemicals companies we cover (median 59 days).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.18 against an average estimate of $2.17: beat by 0.3%
Revenue
$4.69bn, up 12.7% on a year earlier
Share reaction
+1.2% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted diluted earnings per share $8.1 to $8.2 (full year 2026); adjusted diluted earnings per share $2.13 to $2.23 (fourth quarter of 2026)
Next report
October 27, 2026; average EPS estimate $2.20

Ecolab's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+6.7%
  • 1 month+12.7%
  • This year+18.4%
  • 1 year+21.6%
  • 5 years+43.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.4B
Operating margin
16.7%
Net margin
12.0%
EPS (TTM, diluted)
$7.35

Growth

Revenue growth
+9.3%
Change in growth rate
+2.2 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$1.8B
FCF margin
10.3%
Stock pay % of revenue
0.8%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Guidance
  2. Results
  3. Guidance
  4. Insider trade
  5. Announcement
  6. Insider trade
  7. Insider trade
  8. Dividend
  9. Guidance
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ecolab valuation models and calculator

What the price is pricing in

The share price implies about 21.1% a year of cash-flow growth for five years.That is faster than the 6.4% a year revenue growth Ecolab has delivered.

  • Priced in21.1%
  • Last 12 months9.3%
  • 3 years a year4.9%
  • 5 years a year6.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($305.93, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$120
Price used
$305.93close November 3, 2026
Implied change
▼ 60%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ecolab's free cash flow after stock-based pay with after-tax interest added back ($2B, FY2026 Q3 TTM), growing 10% and 7.4% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$80–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ecolab's free cash flow after stock-based pay ( $2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ecolab as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$80–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$110–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$79–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$95–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$110–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ecolab with Specialty Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +42%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $59$97$147$213$299$410
8.5% $35$62$98$145$206$285
10% $20$41$69$105$151$211

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$101.73$105.55$122.23$135.76$179.56$203.21$222.28$139.82$192.87$230.07$260.41$308.38
Market value$30.7bn$31.3bn$35.9bn$39.8bn$52.5bn$59.0bn$64.3bn$40.1bn$55.3bn$65.9bn$74.3bn$87.3bn
+ Net debt (− = net cash)$6.4bn$6.4bn$7.1bn$6.9bn$6.2bn$5.4bn$8.4bn$8.0bn$7.3bn$6.3bn$7.6bn$12.5bn
Enterprise value$37.0bn$37.7bn$43.0bn$46.7bn$58.8bn$64.4bn$72.7bn$48.1bn$62.5bn$72.2bn$81.9bn$99.8bn
Multiples
Price / sales 2.3x2.4x2.6x3.3x4.2x5.0x5.0x2.8x3.6x4.2x4.6x5.0x
Price / earnings 30.6x25.5x23.9x27.8x33.7x—56.9x36.7x40.3x31.2x35.8x41.9x
Price / free cash flow 25.0x26.5x29.4x26.5x31.1x43.0x45.3x37.3x33.8x36.2x39.0x48.6x
EV / EBITDA 17.5x15.5x17.0x20.6x24.3x32.4x33.0x22.0x24.0x21.0x24.0x27.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

73 /100

Strong moat

How hard Ecolab's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.5% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 42.5%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 13.8%; its worst year was 11.2%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.0% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.16 +8% $17.9bn +12%
Next $9.39 +15% $19.3bn +8%

Next year's EPS estimate has moved −0.6% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.1% on 90 days ago. In the last 30 days, 2 analysts raised Ecolab's forecast and 2 cut it.

Consensus EPS forecast Ecolab, last 90 days
$8.00 $8.50 $9.00 $9.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.17 Current fiscal year, 60 days ago: $8.17 Current fiscal year, 30 days ago: $8.17 Current fiscal year, 7 days ago: $8.16 Current fiscal year, Now: $8.16 $8.16 Next fiscal year, 90 days ago: $9.44 Next fiscal year, 60 days ago: $9.42 Next fiscal year, 30 days ago: $9.41 Next fiscal year, 7 days ago: $9.39 Next fiscal year, Now: $9.39 $9.39

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.17$9.44
60 days ago $8.17$9.42
30 days ago $8.17$9.41
7 days ago $8.16$9.39
Now $8.16$9.39

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.17 $2.18 +0.3%
Jun 2026 $2.08 $2.09 +0.5%
Mar 2026 $1.70 $1.70 +0.2%
Dec 2025 $2.07 $2.08 +0.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • reported sales growth fourth quarter of 2026 12% growth to 14% growth GAAP
    “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%.” source
  • adjusted diluted earnings per share full year 2026 $8.10 to $8.20 Non-GAAP Narrowed vs 8.05 to 8.25
    “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.” source
  • adjusted EPS growth target 2027 12% growth to 15% growth Non-GAAP
    “This provides a clear path to meet or exceed our long-term adjusted EPS growth target of 12% to 15% in 2027.” source
  • adjusted diluted earnings per share fourth quarter of 2026 $2.13 to $2.23 Non-GAAP
    “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.” source
  • adjusted operating income margin 2027 about 20% Non-GAAP
    “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%.” source
  • adjusted operating income margin fourth quarter about 19% Non-GAAP
    “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%.” source
Show 5 more items
  • organic operating income margin fourth quarter about 20% Non-GAAP
    “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%.” source
  • quantifiable special charges per share 2026 about $0.83
    “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.” source
  • organic sales growth target 2027 5% growth to 7% growth Non-GAAP
    “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%.” source
  • organic sales growth fourth quarter of 2026 6% growth to 7% growth Non-GAAP
    “Organic sales growth in the fourth quarter of 2026 is expected to remain strong in the 6% to 7% range.” source
  • quantifiable special charges per share fourth quarter of 2026 about $0.26
    “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.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ecolab's revenue by +10.0% next year and +7.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.3%, weight 48%) , management guidance (+13.0%, weight 32%) and the company's own record (+7.1%, weight 21%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy2188%
Hold313%
Sell00%

Monthly trend

  1. Oct 2026615324
  2. Sep 2026515424
  3. Aug 2026515424
  4. Jul 2026515626

Counts of recommendations published by analysts covering Ecolab, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
4.04
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.2%
of shares
Employees
48,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +21.6%

$253.63 on October 31, 2025 to $308.38

ThenNowEffect
Revenue (last 12 months) $15.7bn $16.8bn +7.1%
Net margin 13.6% 12.6% −7.5%
P/E multiple 33.9x 41.4x +22.0%
Share count 286m 284m +0.6%

Biggest factor: p/e multiple.

Last 3 years +82.0%

$169.45 on November 3, 2023 to $308.38

ThenNowEffect
Revenue (last 12 months) $14.8bn $16.8bn +14.1%
Net margin 8.0% 12.6% +57.9%
P/E multiple 41.3x 41.4x +0.3%
Share count 286m 284m +0.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ECL+9%−37%+38%+19%+13%+18%
Industry peers (median)+19%−25%−9%+6%−15%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ECL58%25%67%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ECL−10%−43%−17%−10%−16%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from December 29, 2021 to November 3, 2022. Getting back needed a 78% gain, reached on March 22, 2024, 505 days after the low.

Price behaviour

52-week range
$244.41 – $308.38
From 52-week high
0.0%
vs 50-day average
+9.2%
vs 200-day average
+12.2%
Volatility (1 year)
21%
Beta vs S&P 500
0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.4%
After a week
6 up, 5 down
typical move ±4.3%
After a month
6 up, 5 down
typical move ±4.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +1.2% +0.9% — —
July 28, 2026 +4.5% −1.3% +4.3% +7.1%
April 28, 2026 −4.2% −0.5% −3.8% −2.8%
March 27, 2026 −0.7% −2.0% +1.1% +1.0%
March 20, 2026 +0.9% −0.4% +1.0% +4.7%
February 10, 2026 +5.3% −0.3% +5.0% −4.3%
October 28, 2025 −8.0% +0.3% −7.5% −1.7%
July 29, 2025 −2.5% −0.4% −1.3% +3.8%
April 29, 2025 +5.2% +0.7% +5.7% +10.6%
March 28, 2025 +0.3% −1.4% −5.9% −2.3%
February 11, 2025 +6.5% −0.2% +8.3% +2.1%
October 29, 2024 −1.5% −0.1% −3.7% −3.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ecolab’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.55× the last 60 days’ realised volatility , richer than 96% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.55x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ECL Ecolab Grade B $308.41

Own 100 shares, sell the $340 call expiring December 18, 2026 (46 days) for $1.35 a share — $135 per contract.

Previous session · Bid $1.35, ask $1.70, quoted Mon 2 Nov, 17:22 New York time with ECL at $308.41. Option prices move with the shares: check the live chain at your broker before trading.

  • If ECL ends below $340: you keep your shares and the $135 — 0.4% extra on the position, 3.5% a year at that pace.
  • If it ends above $340: your shares are sold at $340, a total return of 10.7% including the premium — at or above our value of ~$120.
$3.3k $0 −$6.1k Break-even $307.06 Price $308.41 ← Our value ~$120
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$135
Annualised
3.5%
Break-even
$307.06
Max gain
$3,294
Chance of selling
~14%

Collar

Own the shares, buy the $290 put and sell the $340 call, both expiring December 18, 2026 (46 days).

  • Net cost of $2.55 a share ($255 per contract of 100 shares).
  • Worst case at expiry: -6.8%, if the shares fall below $290 (-6.0% from today).
  • Best case at expiry: +9.4%, if the shares rise above $340 (+10.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ecolab in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ecolab
$15B $16B $17B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $15.3B Revenue (TTM), FY24 Q1: $15.5B Revenue (TTM), FY24 Q2: $15.6B Revenue (TTM), FY24 Q3: $15.7B Revenue (TTM), FY24 Q4: $15.7B Revenue (TTM), FY25 Q1: $15.7B Revenue (TTM), FY25 Q2: $15.7B Revenue (TTM), FY25 Q3: $15.9B Revenue (TTM), FY25 Q4: $16.1B Revenue (TTM), FY26 Q1: $16.5B Revenue (TTM), FY26 Q2: $16.8B Revenue (TTM), FY26 Q3: $17.4B $17.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $15.3B
FY24 Q1 $15.5B
FY24 Q2 $15.6B
FY24 Q3 $15.7B
FY24 Q4 $15.7B
FY25 Q1 $15.7B
FY25 Q2 $15.7B
FY25 Q3 $15.9B
FY25 Q4 $16.1B
FY26 Q1 $16.5B
FY26 Q2 $16.8B
FY26 Q3 $17.4B
Revenue growth, TTM YoY Ecolab
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.0% Revenue growth, TTM YoY, FY24 Q1: 7.0% Revenue growth, TTM YoY, FY24 Q2: 5.9% Revenue growth, TTM YoY, FY24 Q3: 4.1% Revenue growth, TTM YoY, FY24 Q4: 2.7% Revenue growth, TTM YoY, FY25 Q1: 1.2% Revenue growth, TTM YoY, FY25 Q2: 0.6% Revenue growth, TTM YoY, FY25 Q3: 1.4% Revenue growth, TTM YoY, FY25 Q4: 2.2% Revenue growth, TTM YoY, FY26 Q1: 4.9% Revenue growth, TTM YoY, FY26 Q2: 7.1% Revenue growth, TTM YoY, FY26 Q3: 9.3% 9.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.0%
FY24 Q1 7.0%
FY24 Q2 5.9%
FY24 Q3 4.1%
FY24 Q4 2.7%
FY25 Q1 1.2%
FY25 Q2 0.6%
FY25 Q3 1.4%
FY25 Q4 2.2%
FY26 Q1 4.9%
FY26 Q2 7.1%
FY26 Q3 9.3%
Operating margin (TTM) Ecolab
12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.0% Operating margin (TTM), FY24 Q1: 13.9% Operating margin (TTM), FY24 Q2: 14.9% Operating margin (TTM), FY24 Q3: 17.9% Operating margin (TTM), FY24 Q4: 17.8% Operating margin (TTM), FY25 Q1: 18.1% Operating margin (TTM), FY25 Q2: 18.4% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 17.0% Operating margin (TTM), FY26 Q1: 17.0% Operating margin (TTM), FY26 Q2: 16.9% Operating margin (TTM), FY26 Q3: 16.7% 16.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.0%
FY24 Q1 13.9%
FY24 Q2 14.9%
FY24 Q3 17.9%
FY24 Q4 17.8%
FY25 Q1 18.1%
FY25 Q2 18.4%
FY25 Q3 16.4%
FY25 Q4 17.0%
FY26 Q1 17.0%
FY26 Q2 16.9%
FY26 Q3 16.7%
FCF margin (TTM) Ecolab
9% 10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.7% FCF margin (TTM), FY24 Q1: 13.3% FCF margin (TTM), FY24 Q2: 13.3% FCF margin (TTM), FY24 Q3: 12.8% FCF margin (TTM), FY24 Q4: 11.6% FCF margin (TTM), FY25 Q1: 9.6% FCF margin (TTM), FY25 Q2: 10.0% FCF margin (TTM), FY25 Q3: 9.8% FCF margin (TTM), FY25 Q4: 11.8% FCF margin (TTM), FY26 Q1: 11.4% FCF margin (TTM), FY26 Q2: 11.1% FCF margin (TTM), FY26 Q3: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.7%
FY24 Q1 13.3%
FY24 Q2 13.3%
FY24 Q3 12.8%
FY24 Q4 11.6%
FY25 Q1 9.6%
FY25 Q2 10.0%
FY25 Q3 9.8%
FY25 Q4 11.8%
FY26 Q1 11.4%
FY26 Q2 11.1%
FY26 Q3 10.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ecolab took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $16.1B
  2. Cost of revenue $8.9B · 55.5%
  3. Gross profit $7.2B · 44.5%
  4. Research and development $202M · 1.3%
  5. Selling, general and admin $4.3B · 26.5%
  6. Operating income $2.7B · 17.0%
  7. Income tax $455M · 2.8%
  8. Interest and other $207M · 1.3%
  9. Net income $2.1B · 12.9%

Shares of revenue. Source: Ecolab's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.9 6.1 6.8 11.8 13.3 14.3 13.5 13.2 13.8 12.2 12.6 11.8 12.7 14.2 15.3 15.7 16.1 17.4
Gross profit 2.9 3.1 3.3 5.5 6.1 6.6 6.3 5.6 5.8 5.3 5.5 4.9 5.1 5.4 6.2 6.8 7.2 7.6
EBITDA 1.0 1.2 1.1 2.0 2.1 2.5 2.1 2.4 2.5 2.3 2.4 2.0 2.2 2.2 2.6 3.4 3.4 3.6
Operating income 0.7 0.8 0.8 1.3 1.6 2.0 1.6 1.9 2.0 1.7 1.8 1.4 1.6 1.6 2.0 2.8 2.7 2.9
Net income 0.4 0.5 0.5 0.7 1.0 1.2 1.0 1.2 1.5 1.4 1.6 −1.2 1.1 1.1 1.4 2.1 2.1 2.1
Diluted EPS $1.74 $2.23 $1.91 $2.35 $3.16 $3.93 $3.32 $4.14 $5.12 $4.88 $5.33 −$4.15 $3.91 $3.81 $4.79 $7.37 $7.28 $7.35
Growth (year on year)
Revenue −3.9% +3.2% +11.6% +74.1% +11.9% +7.7% −5.1% −2.9% +5.2% −11.7% +2.8% −6.1% +8.0% +11.4% +8.0% +2.7% +2.2% +9.3%
EBITDA −3.0% +13.7% −0.5% +74.3% +3.5% +21.1% −15.6% +14.6% +4.3% −10.7% +6.6% −17.6% +10.7% −1.0% +19.6% +31.7% −0.8% +11.1%
Operating income −4.4% +18.4% −6.6% +71.0% +21.0% +25.3% −20.1% +19.8% +4.3% −11.4% +6.8% −24.4% +14.5% −2.3% +27.5% +40.7% −2.3% +11.3%
Net income −6.9% +27.1% −12.8% +52.1% +37.5% +24.3% −16.7% +22.6% +22.4% −5.0% +9.1% −177.3% — −3.4% +25.7% +53.9% −1.7% +4.9%
Diluted EPS −3.3% +28.2% −14.3% +23.0% +34.5% +24.4% −15.5% +24.7% +23.7% −4.7% +9.2% −177.9% — −2.6% +25.7% +53.9% −1.2% +5.8%
Margins
Gross margin 49.5% 50.5% 48.9% 46.1% 46.0% 46.2% 46.7% 42.7% 41.7% 43.7% 43.9% 41.4% 40.2% 37.8% 40.2% 43.5% 44.5% 43.9%
EBITDA margin 17.2% 19.0% 16.9% 16.9% 15.7% 17.6% 15.7% 18.5% 18.3% 18.5% 19.2% 16.9% 17.3% 15.4% 17.0% 21.8% 21.2% 20.9%
Operating margin 11.5% 13.2% 11.1% 10.9% 11.8% 13.7% 11.5% 14.2% 14.1% 14.1% 14.7% 11.8% 12.6% 11.0% 13.0% 17.8% 17.0% 16.7%
Net margin 7.1% 8.7% 6.8% 5.9% 7.3% 8.4% 7.4% 9.3% 10.9% 11.7% 12.4% −10.2% 8.9% 7.7% 9.0% 13.4% 12.9% 12.0%
Free-cash-flow margin 7.5% 11.3% 5.1% 5.3% 7.1% 7.5% 9.1% 9.0% 8.8% 12.3% 13.4% 11.6% 11.1% 7.6% 10.7% 11.6% 11.8% 10.3%
Cash flow
Cash from operations 0.7 1.0 0.7 1.2 1.6 1.8 2.0 1.9 2.1 2.3 2.4 1.9 2.1 1.8 2.4 2.8 3.0 3.0
Capital spending 0.3 0.3 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.8 0.7 0.5 0.6 0.7 0.8 1.0 1.0 1.2
Free cash flow 0.4 0.7 0.3 0.6 0.9 1.1 1.2 1.2 1.2 1.5 1.7 1.4 1.4 1.1 1.6 1.8 1.9 1.8
Stock-based pay 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.4 0.7 0.3 0.6 0.9 1.0 1.2 1.1 1.1 1.4 1.6 1.3 1.3 1.0 1.5 1.7 1.8 1.7
Balance sheet
Cash 0.1 0.2 1.8 1.2 0.3 0.2 0.1 0.3 0.2 0.1 0.1 1.3 0.4 0.6 0.9 1.3 0.6 0.7
Total debt 1.0 0.9 7.6 6.5 6.9 6.5 6.5 6.7 7.3 7.0 6.4 6.7 8.8 8.6 8.2 7.6 8.2 13.2
Net debt (negative = net cash) 0.9 0.6 5.8 5.4 6.6 6.3 6.4 6.4 7.1 6.9 6.2 5.4 8.4 8.0 7.3 6.3 7.6 12.5
Diluted shares 240m 238m 242m 299m 306m 306m 301m 297m 294m 293m 293m 290m 289m 287m 287m 287m 285m 283m
Returned to shareholders
Dividends 0.1 0.1 0.2 0.3 0.2 0.3 0.4 0.4 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.8
Buybacks 0.1 0.3 0.7 0.2 0.3 0.4 0.8 0.7 0.6 0.6 0.4 0.1 0.1 0.5 0.0 1.0 0.8 1.1
Total returned 0.2 0.5 0.9 0.5 0.5 0.8 1.2 1.2 1.0 1.1 0.9 0.7 0.7 1.1 0.6 1.7 1.5 1.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $31.1bn
Short-term assets $7.1bnLonger-term assets $24.0bn
What it owes, and who funded it · $31.1bn
Short-term liabilities $6.4bnLonger-term liabilities $14.3bnShareholders' equity $10.4bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $6.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $14.3bn of longer-dated liabilities.
  • More cash than debt $722m of cash against $13.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 127% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 117% to 127% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $13.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.9bn against $391m of interest.

From Ecolab's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.1B
Dividends (TTM)
$818M
Returned to shareholders
106%
of free cash flow
Buybacks, last 3 fiscal years
$1.8B
Diluted share count
−0.8%
year over year
Total shareholder yield
2.2%
dividends 0.9% + buybacks 1.3% of market value
Dividend payout ratio
39%
of net income paid out
Sales & admin spending
25.8%
of revenue
Days sales outstanding
80 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in specialty chemicals
Last 12 months unless stated ECL PPG SHW LYB RPM ALB Median
Revenue, last 12 months $17.4bn $16.7bn $24.9bn $32.0bn $8.0bn $5.9bn $906m
Revenue growth, last 12 months 9.3% 6.4% 7.0% 3.5% 6.0% 18.3% 5.4%
Revenue growth, 3-year average 4.9% 1.3% 2.7% −8.2% 2.8% −15.1% 0.9%
Revenue growth, latest quarter 12.7% 6.6% 7.9% 10.0% 4.8% 31.1% 8.3%
Gross margin 43.9% 40.9% 48.6% 14.3% 41.2% 23.8% 28.8%
Operating margin 16.7% 18.7% 19.1% 8.6% — 4.3% 4.3%
Operating margin, 3-year average 17.0% 15.2% 17.2% 4.9% — −12.9% 5.5%
Net margin 12.0% 9.4% 10.7% 4.1% 8.7% 3.8% 0.8%
Cash from operations / revenue 17.4% 12.3% 14.8% 11.6% 11.6% 30.5% 6.9%
Free-cash-flow margin 10.3% 7.7% 12.4% 7.6% 8.9% 22.7% 4.3%
Free-cash-flow margin, 3-year average 11.0% 7.1% 10.6% 5.2% 8.9% 0.6% 5.1%
Stock pay / revenue 0.8% 0.3% 0.5% 0.3% 0.5% 0.6% 1.0%
Change in share count −0.8% −2.1% −1.9% — −0.6% 4.2% 0.1%

Median of all 42 companies we cover in specialty chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 specialty chemicals companies
Measure Company Peer median Rank
Revenue growth Growth 9.3% 6.0% 12 of 42
Change in growth rate Growth +2.2pp +1.3pp 14 of 42
Gross margin Profitability 43.9% 31.5% 6 of 40
Operating margin Profitability 16.7% 3.8% 3 of 39
Net margin Profitability 12.0% 1.7% 4 of 42
Free-cash-flow margin Cash generation 10.3% 4.8% 7 of 42
Stock pay as % of revenue Cash generation 0.8% 1.0% 16 of 36
Long-term debt as % of assets Balance sheet 38.3% 26.8% 33 of 36
Change in share count Balance sheet -0.8% 0.0% 14 of 37
Days sales outstanding Balance sheet 80 days 59 days 26 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Water Services $8B 49.6% ▲ 2.7%
Global Institutional $6.1B 38.0% 0.0%
Global Pest Elimination $1.2B 7.8% ▲ 7.2%
Global Healthcare and Life Sciences $748M 4.7% ▲ 6.9%
Products and services
Line of business Revenue Share YoY
Product and Equipment $12.6B 78.5% ▲ 1.2%
Service and Lease $3.5B 21.5% ▲ 6.0%

From Ecolab's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$62.9B
Institutions reporting
1,702
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
121 / 115

Top buyers and sellers, Q2 2026: 729 institutions bought and 802 sold ; the biggest buyer was Jpmorgan Chase & Co (+3.0M shares) and the biggest seller Capital World Investors (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.4B 23.1M 10.2% ▲ 1.1%
Vanguard Capital Management LLC $4.6B 16.5M 7.3% ▲ 0.1%
Jpmorgan Chase & Co $4.1B 14.6M 6.5% ▲ 25.4%
State Street Corp $3.3B 11.8M 5.2% ▲ 4.9%
Morgan Stanley $2.2B 7.8M 3.5% ▲ 0.5%
Vanguard Portfolio Management LLC $1.8B 6.3M 2.8% ▼ 0.3%
Geode Capital Management, LLC $1.7B 6.0M 2.7% ▲ 0.1%
Gates Foundation Trust $1.5B 5.2M 2.3% 0.0%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $1B 3.6M 1.6% ▲ 1.5%
Royal Bank Of Canada $1B 3.6M 1.6% ▲ 3.3%
Aristotle Capital Management, LLC $980M 3.5M 1.6% ▼ 5.2%
Norges Bank $934M 3.4M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ecolab's complete shareholder register. Values are as reported by the filers ; 11 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.9M 7 trades by 4 insiders, last 12 months Insider sales History → $27.1M 15 trades by 10 insiders · 0% under pre-set plans
Net ▼ $23.2M net selling
Insider Date Trade Shares Price Value
Green Eric Mark Director September 11, 2026 Buy 320 $277.29 $88,733
Green Eric Mark Director September 11, 2026 Buy 3,370 $276.58 $932,064
Beck Christophe CHAIRMAN, PRESIDENT & CEO August 18, 2026 Sell 17,862 $280.14 $5M
Cook Gregory B Co-COO - Global Businesses August 11, 2026 Sell 4,567 $285.13 $1.3M
Kirkland Scott D CHIEF FINANCIAL OFFICER July 30, 2026 Sell 3,357 $276.96 $929,755
Clark Benjamin M. EVP - Global Supply Chain June 11, 2026 Buy 1,000 $263.83 $263,831
Doukeris Michel D Director June 10, 2026 Buy 7,750 $258.00 $2M
Brown Darrell R Co-COO - Global Markets June 9, 2026 Sell 10,000 $260.89 $2.6M
Vautrinot Suzanne M Director May 27, 2026 Sell 1,004 $264.98 $266,040
Maclennan David Director May 13, 2026 Buy 1,000 $250.65 $250,650
Maclennan David Director May 4, 2026 Buy 800 $256.91 $205,530
Cook Gregory B EVP & PRES - INST GROUP February 26, 2026 Sell 3,519 $304.25 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 81 trades and filings

No trades in Ecolab disclosed in the last 12 months; 81 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • March 27, 2026
  • March 20, 2026
  • February 10, 2026

Recent SEC filings

Data status

When each part of this page on Ecolab was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ecolab in brief

What does Ecolab do?
Ecolab is a US-listed company in the specialty chemicals industry. Its financial year ends in December.
What is Ecolab's stock ticker?
Ecolab trades under the ticker ECL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ecolab's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ecolab reported revenue of $17.4B, 9.3% higher than a year earlier, according to its SEC filings.
What is Ecolab's free cash flow?
Ecolab's free-cash-flow margin is 10.3% of revenue over the trailing twelve months, ranking 7 of the 42 specialty chemicals companies we cover.
What is Ecolab's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ecolab's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$80–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ecolab's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ecolab buying back stock, and does it pay a dividend?
Ecolab spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
What is Ecolab's market cap?
On November 2, 2026, Ecolab's market capitalisation was about $87.3B, with a price-to-earnings ratio of 41.9 and net debt of $12.5B. Market figures come from third-party market data and may be delayed.
Does Ecolab pay a dividend?
Yes: Ecolab paid $818M in dividends over the trailing twelve months, a dividend yield of 0.95% and a payout ratio of 39.3%.
How much debt does Ecolab have?
Ecolab's debt-to-equity ratio is 126.6%, from its latest balance sheet (116.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ecolab's competitors?
In our Specialty Chemicals peer group, the companies closest to Ecolab are PPG Industries, Sherwin-Williams, LyondellBasell, RPM International Inc and Albemarle Corporation. The side-by-side comparison below sets their revenue, margins and growth against Ecolab's.
Are insiders buying or selling Ecolab stock?
Over the last 12 months, Ecolab's directors and officers reported 7 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Ecolab's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ecolab announces its own schedule.