Companion to the investment report | Fiscal year ended December 31, 2025
Sources: [K25] Form 10-K for FY2025 (signed and dated February 23, 2026) · [K24] Form 10-K for FY2024 · [PX] Definitive Proxy Statement for the 2026 Annual Meeting (covers FY2025) · [MKT] market data supplied with the request. All amounts in US$ millions unless stated. Every figure comes from [K25] unless another source is named. FY2023 balance-sheet values come from the comparative columns of [K24]. not available = the documents do not disclose it; not applicable = the item does not exist for this company.
| Line | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Product and equipment sales | 12,618.5 | 12,473.6 | 12,316.8 |
| Service and lease sales | 3,462.7 | 3,267.8 | 3,003.4 |
| Net sales | 16,081.2 | 15,741.4 | 15,320.2 |
| Product and equipment cost of sales | 6,955.8 | 6,990.0 | 7,389.2 |
| Service and lease cost of sales | 1,975.0 | 1,909.7 | 1,765.7 |
| Cost of sales (incl. special charges of 7.7 / 5.3 / 22.5) | 8,930.8 | 8,899.7 | 9,154.9 |
| Gross profit (derived) | 7,150.4 | 6,841.7 | 6,165.3 |
| Selling, general and administrative expenses | 4,257.9 | 4,228.2 | 4,061.6 |
| Special (gains) and charges (operating line) | 154.9 | (188.9) | 111.4 |
| Operating income | 2,737.6 | 2,802.4 | 1,992.3 |
| Other (income) expense | (51.4) | (51.3) | (59.9) |
| Interest expense, net | 241.1 | 282.5 | 296.7 |
| — of which interest expense (Note 6) | 306.2 | 340.3 | 348.9 |
| — of which interest income (Note 6) | (65.1) | (57.8) | (52.2) |
| Income before income taxes | 2,547.9 | 2,571.2 | 1,755.5 |
| Provision for income taxes | 454.6 | 439.3 | 362.5 |
| Net income including noncontrolling interest | 2,093.3 | 2,131.9 | 1,393.0 |
| Net income attributable to noncontrolling interest | 17.7 | 19.5 | 20.7 |
| Net income attributable to Ecolab | 2,075.6 | 2,112.4 | 1,372.3 |
| EPS basic (US$) | 7.33 | 7.43 | 4.82 |
| EPS diluted (US$) | 7.28 | 7.37 | 4.79 |
| Weighted-average shares, basic (mn) | 283.3 | 284.3 | 285.0 |
| Weighted-average shares, diluted (mn) | 285.2 | 286.6 | 286.5 |
| Anti-dilutive securities excluded (mn) | 1.2 | 0.6 | 4.3 |
| Shares outstanding at cover date (Jan 30, 2026) | 281,969,448 | — | — |
| Shares outstanding at year end (mn, balance sheet) | 282.0 | 283.4 | 285.4 [K24] |
| Line | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total special (gains) and charges (COS + operating line) | 162.6 | (183.6) | 133.9 |
| Impact of Ovivo Electronics on operating income | 0.5 | — | — |
| Adjusted operating income (non-GAAP) | 2,900.7 | 2,618.8 | 2,126.2 |
| Adjusted operating income margin | 18.0% | 16.6% | 13.9% |
| Organic sales | 15,476.3 | 15,025.0 | not meaningful |
| Organic operating income | 2,774.2 | 2,462.7 | not meaningful |
| Organic operating income margin | 17.9% | 16.4% | not meaningful |
| Sales change components: volume / price / acquisitions / FX | +1% / +2% / (1)% / 0% | not meaningful | — |
| Special (gains) and charges, after tax | 127.4 | (126.7) | 109.2 |
| Discrete tax net (benefit) expense | (57.5) | (78.6) | 11.2 |
| Adjusted net income attributable to Ecolab | 2,148.6 | 1,907.1 | 1,492.7 |
| Adjusted diluted EPS (US$) | 7.53 | 6.65 | 5.21 |
| Reported tax rate / adjusted tax rate | 17.8% / 20.2% | 17.1% / 19.3% | 20.6% / 19.9% |
| EBITDA (company definition) | 3,765.4 | 3,789.1 | 2,975.8 |
| Net debt / EBITDA (company) | 2.0x | 1.7x | 2.4x |
| Line | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|
| Cash and cash equivalents | 646.2 | 1,256.8 | 919.5 |
| — held outside the U.S. (MD&A) | 476 | 382 | not available |
| Accounts receivable, net | 3,249.4 | 2,865.0 | 2,834.2 |
| Inventories | 1,490.4 | 1,464.9 | 1,497.2 |
| Other current assets | 569.6 | 439.0 | 393.2 |
| Total current assets | 5,955.6 | 6,025.7 | 5,644.1 |
| Property, plant and equipment, net | 4,276.6 | 3,752.4 | 3,474.6 |
| Goodwill | 9,227.0 | 7,907.3 | 8,148.2 |
| Other intangible assets, net | 3,688.5 | 3,308.8 | 3,493.5 |
| Operating lease assets | 765.9 | 723.2 | 553.5 |
| Other assets | 782.7 | 670.4 | 532.7 |
| Total assets | 24,696.3 | 22,387.8 | 21,846.6 |
| Short-term debt | 870.4 | 615.7 | 630.4 |
| Accounts payable | 2,071.0 | 1,810.0 | 1,566.3 |
| Compensation and benefits | 721.5 | 727.4 | 655.5 |
| Income taxes | 134.3 | 127.0 | 158.7 |
| Other current liabilities | 1,737.5 | 1,512.7 | 1,334.9 |
| Total current liabilities | 5,534.7 | 4,792.8 | 4,345.8 |
| Long-term debt | 7,365.9 | 6,949.2 | 7,551.4 |
| Pension and postretirement benefits | 546.1 | 634.9 | 651.7 |
| Deferred income taxes | 329.9 | 280.0 | 418.2 |
| Operating lease liabilities | 596.5 | 575.5 | 425.5 |
| Other liabilities | 518.7 | 366.2 | 381.8 |
| Total liabilities | 14,891.8 | 13,598.6 | 13,774.4 |
| Common stock | 369.4 | 367.8 | 365.7 |
| Additional paid-in capital | 7,521.3 | 7,159.6 | 6,766.7 |
| Retained earnings | 12,834.0 | 11,517.1 | 10,075.4 |
| Accumulated other comprehensive loss | (1,874.3) | (1,982.0) | (1,850.4) |
| Treasury stock | (9,079.6) | (8,305.2) | (7,312.7) |
| Total Ecolab shareholders' equity | 9,770.8 | 8,757.3 | 8,044.7 |
| Noncontrolling interest | 33.7 | 31.9 | 27.5 |
| Total equity | 9,804.5 | 8,789.2 | 8,072.2 |
| Total debt (short-term + long-term) | 8,236.3 | 7,564.9 | 8,181.8 |
| Line | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Net income including NCI | 2,093.3 | 2,131.9 | 1,393.0 |
| Depreciation | 672.6 | 634.9 | 616.7 |
| Amortization | 303.8 | 300.5 | 306.9 |
| Deferred income taxes | (33.4) | (190.5) | (55.7) |
| Share-based compensation expense | 136.6 | 134.8 | 95.1 |
| Pension and postretirement contributions | (77.8) | (54.4) | (109.3) |
| Pension and postretirement expense (income), net | 15.0 | 14.3 | 3.1 |
| Restructuring charges, net of cash paid | 18.8 | 23.7 | (32.6) |
| Sale of global surgical solutions business | 1.1 | (381.7) | — |
| Other, net | 28.8 | 24.3 | 31.9 |
| Change in accounts receivable | (185.9) | (146.7) | (84.3) |
| Change in inventories | 36.4 | (115.6) | 320.3 |
| Change in other assets | 83.6 | (24.3) | 72.2 |
| Change in accounts payable | 67.7 | 300.0 | (232.3) |
| Change in other liabilities | (208.0) | 162.7 | 86.8 |
| Cash provided by operating activities | 2,952.6 | 2,813.9 | 2,411.8 |
| Capital expenditures | (1,048.3) | (994.5) | (774.8) |
| Property and other assets sold | 52.3 | 11.3 | 9.9 |
| Acquisitions and investments in affiliates, net of cash acquired | (1,621.3) | (312.9) | (180.4) |
| Divestiture of businesses, net of cash divested | (14.9) | 889.7 | — |
| Other, net (investing) | (75.0) | (27.4) | (45.2) |
| Cash used for investing activities | (2,707.2) | (433.8) | (990.5) |
| Net issuances (repayments) of commercial paper and notes payable | 98.2 | 1.9 | (1.9) |
| Long-term debt borrowings | 1,045.6 | — | — |
| Long-term debt repayments | (674.2) | (630.4) | (500.0) |
| Reacquired shares | (783.8) | (986.5) | (13.7) |
| Dividends paid | (753.6) | (664.3) | (617.3) |
| Exercise of employee stock options | 228.2 | 259.4 | 96.8 |
| Hedge settlements / other, net | (13.7) | (4.2) | (18.6) |
| Cash used for financing activities | (853.3) | (2,024.1) | (1,054.7) |
| Effect of exchange rates on cash | (2.7) | (18.7) | (45.7) |
| Change in cash | (610.6) | 337.3 | 320.9 |
| Income taxes paid (supplemental) | 548.1 | 647.4 | 469.2 |
| Net interest paid (supplemental) | 302.6 | 342.6 | 324.8 |
| Free cash flow (company definition: CFO − capex) | 1,904.3 | 1,819.4 | 1,637.0 |
| Segment | Sales FY25 | Sales FY24 | Sales FY23 | OI FY25 | OI FY24 | OI FY23 | Organic sales chg FY25 |
|---|---|---|---|---|---|---|---|
| Global Water | 7,679.9 | 7,483.4 | 7,284.1 | 1,263.9 | 1,207.2 | 1,042.1 | +2% |
| Global Institutional & Specialty | 5,962.0 | 5,979.4 | 5,779.4 | 1,357.8 | 1,202.2 | 856.5 | +3% |
| Global Pest Elimination | 1,219.2 | 1,140.1 | 1,044.3 | 237.1 | 209.7 | 200.9 | +6% |
| Global Life Sciences | 706.1 | 670.5 | 650.8 | 120.7 | 91.8 | 118.9 | +5% |
| Corporate | — | — | 42.4 | (353.2) | (12.1) | (329.0) | — |
| Subtotal at fixed currency | 15,567.2 | 15,273.4 | 14,801.0 | 2,626.3 | 2,698.8 | 1,889.4 | — |
| Effect of foreign currency translation | 514.0 | 468.0 | 519.2 | 111.3 | 103.6 | 102.9 | — |
| Consolidated (GAAP) | 16,081.2 | 15,741.4 | 15,320.2 | 2,737.6 | 2,802.4 | 1,992.3 | +3% |
Operating-segment organic sales FY2025 (MD&A): Light & Heavy +2%; Food & Beverage +4%; Paper (3)%; Institutional +3%; Specialty +5%. Segment margin bridges FY2025 (MD&A, organic, percentage points): Global Water +1.1 pricing, (0.9) investments, net +0.3; Global I&S +4.3 pricing / lower supply chain costs / productivity, (1.0) investments, net +2.9; Global Pest +3.7 pricing and volume, (3.1) investments, net +1.2; Global Life Sciences +5.9 pricing / volume / delivered product costs, (2.2) investments incl. performance-based compensation, net +3.4.
Segment COS and SG&A at fixed currency FY2025 / FY2024: Water 4,585.9 & 1,830.1 / 4,470.9 & 1,805.3; I&S 2,977.7 & 1,626.5 / 3,131.0 & 1,646.2; Pest 686.3 & 295.8 / 639.8 & 290.6; Life Sciences 382.6 & 202.8 / 382.6 & 196.1; Corporate 7.7 & 195.2 / 5.2 & 195.6. Segment assets and capex: not available (Note 18: "has not been provided and is not available").
| Segment | Product & sold equipment FY25 | Service & lease FY25 | Total FY25 | Total FY24 | Total FY23 |
|---|---|---|---|---|---|
| Global Water | 6,958.7 | 1,023.7 | 7,982.4 | 7,775.9 | 7,625.5 |
| Global Institutional & Specialty | 4,950.4 | 1,154.2 | 6,104.6 | 6,103.4 | 5,910.8 |
| Global Pest Elimination | — | 1,246.3 | 1,246.3 | 1,162.8 | 1,066.0 |
| Global Life Sciences | 709.4 | 38.5 | 747.9 | 699.3 | 675.4 |
| Corporate | — | — | — | — | 42.5 |
| Total | 12,618.5 | 3,462.7 | 16,081.2 | 15,741.4 | 15,320.2 |
| Region | FY2025 | Share | FY2024 | FY2023 | Change FY25 |
|---|---|---|---|---|---|
| United States | 8,480.2 | 52.7% | 8,291.6 | 8,034.2 | +2.3% |
| Europe | 3,275.3 | 20.4% | 3,193.1 | 3,148.5 | +2.6% |
| Asia Pacific | 1,364.5 | 8.5% | 1,339.3 | 1,317.4 | +1.9% |
| Latin America | 1,101.2 | 6.8% | 1,099.9 | 1,064.4 | +0.1% |
| India, Middle East and Africa | 638.2 | 4.0% | 627.6 | 606.9 | +1.7% |
| Greater China | 722.4 | 4.5% | 697.2 | 682.3 | +3.6% |
| Canada | 499.4 | 3.1% | 492.7 | 466.5 | +1.4% |
| Total | 16,081.2 | 100.0% | 15,741.4 | 15,320.2 | +2.2% |
FY2023 regional totals include 42.5 of Corporate (ChampionX) sales.
| Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Employees (approx., year end) | 48,000 | 48,000 [K24] | not available |
| Research expenditures (Note 14) | 202 | 207 | 192 |
| Warewashing products, share of consolidated sales | ~13% | ~12% | ~12% |
| Operating lease revenue (lessor) | 562.1 | 534.9 | 511.8 |
| Dividends declared per share (US$) | 2.68 | 2.36 | 2.16 |
| Cash taxes paid | 548.1 | 647.4 | 469.2 |
| Debt: leases | Operating lease liabilities are outside total debt in this report (current 164.7 within other current liabilities, non-current 596.5); finance leases are inside long-term debt under "finance lease obligations and other" (131.4 / 22.7) |
Income taxes (Note 12). Pre-tax income U.S. 1,815.3 / international 732.6 (FY24 recast: 1,522.4 / 1,048.8; FY23: 782.0 / 973.5). Current tax 490.8; deferred (36.2). FY2025 reconciliation (ASU 2023-09): statutory 535.0 (21.0%) · state 42.0 (1.6%) · Subpart F 58.7 (2.3%) · FDII (40.5) ((1.6)%) · other cross-border 13.0 (0.5%) · foreign tax credit (183.0) ((7.2)%) · R&D credit (33.6) ((1.3)%) · other credits (14.0) ((0.5)%) · valuation allowances (9.6) ((0.4)%) · nondeductible 5.6 (0.2%) · other 2.3 (0.1%) · unrecognized tax benefits 14.6 (0.6%) · foreign tax effects 64.1 (2.5%) · effective 454.6 (17.8%). FY2024 effective 17.1% included capital losses (3.4) pts and surgical-business sale +1.1 pts. Deferred tax assets 1,244.5 after valuation allowance 90.8 (FY24 77.8, increase from acquired Ovivo NOLs); main DTA: capitalized R&D 270.7, loss carryforwards 189.8, lease liability 181.4, other accrued liabilities 155.9, deferred interest 144.8, credit carryforwards 132.2. DTL 1,393.4: intangibles 485.5, PP&E 371.6, lease asset 182.6, goodwill 170.0, tax on undistributed earnings 100.1 (new in FY25). Net DTL 148.9. NOL tax-effected: federal 21.8, state 16.0, international 135.7; US FTC carryforwards 117.2 expire 2030-2036. Luxembourg gross tax losses 1.5 bn not recognized ("remote possibility of realization"). Unrecognized tax benefits 53.9 (FY24 34.1; +9.0 from acquisitions); 50.6 would affect the rate. IRS: examined through 2018; 2019-2020 under audit; 2021-2024 expected to begin 2026. Discrete tax benefits FY25 57.5 (deferred tax attributes 21.5; share-based excess benefits 16.8; other 19.2). Cash taxes FY25: U.S. federal 126.4, state 60.5, international 361.2.
Debt (Note 6). Public notes by maturity (carrying FY25): 2026 $750 mn 2.70% (744.4) · 2027 $500 mn 3.25% (477.7) · 2027 $500 mn 1.65% (499.1) · 2028 $500 mn 5.25% (497.1) · 2028 $500 mn 4.30% (496.7, issued June 2025) · 2030 $698 mn 4.80% (677.5) · 2031 $600 mn 1.30% (572.3) · 2032 $650 mn 2.13% (646.4) · 2035 $500 mn 5.00% (495.1, issued Aug 2025) · 2041 $389 mn 5.50% (385.2) · 2046 $200 mn 3.70% (197.6) · 2047 $484 mn 3.95% (429.6) · 2050 $500 mn 2.13% (491.7) · 2051 $850 mn 2.70% (840.1) · 2055 $685 mn 2.75% (543.4) · finance leases and other 131.4. Total long-term debt 8,125.3; current maturities 759.4. Short-term: commercial paper 100.0 (3.90%), notes payable 11.0. Maturities: 2026 759 · 2027 1,005 · 2028 1,012 · 2029 12 · 2030 687. Fair value of long-term debt 7,381.8 vs carrying 8,125.3. Revolving credit facility $2.0 bn, extended to March 2030, undrawn. Uncommitted lines available 2,191. Letters of credit / surety / guarantees: 217 outstanding of 428 available. China construction loan facility up to CNY 1.1 bn ($155 mn), 13-year tenor, secured. Covenants: in compliance; no covenant metrics disclosed. Change-of-control put at 101% if accompanied by downgrade below investment grade. Interest rate swaps $1.5 bn fixed-to-floating; floating-rate debt ~$1.5 bn; +1 pt = ~$15 mn/yr interest. Cross-currency swap notional 4,151 (FY24 2,745): €2,275 mn, CNH 3,986 mn, CAD 280 mn. Credit ratings A- / A3 / A- (stable).
Share-based compensation (Note 11). Expense 136.6 / 134.8 / 95.1. Unrecognized cost 196.3 over 2.0 years. Program mix 40% options / 60% PBRSUs. Options outstanding 4,653,778 at $199.23 (exercisable 3,496,063 at $183.20); exercised 1,414,518 at $172.62; intrinsic value exercised 132.0. PBRSUs outstanding 1,019,460; RSAs/RSUs 306,964. Shares available for grant 17,081,775.
Shares (Note 10 and equity statement). Reacquired FY25 2,994,702 (open market/private 2,884,764; withheld for taxes 109,938) at cost 777.2 (equity statement) / 783.8 (cash flow). FY24 4,246,642 at 996.1 / 986.5. Issued for compensation FY25: new shares 1,308,470 (options) + 288,878 (awards); from treasury 36,586 + 28,586. Authorization (Nov 2022, 10,000,000 shares, no expiry): 5,896,821 remaining. Q4 FY25 repurchases 1,514,808 at $263.9068 average.
Revenue (Note 17 and Note 2). Product revenue at a point in time; service over time (input method, costs incurred); lease revenue straight-line (Topic 842). No general right of return. Contract liability: opening 102.0, recognized (102.0), new billings 113.7, business combinations 59.3, closing 173.0. Contract assets 117.4 (all from FY25 acquisitions; immaterial FY24). Remaining performance obligations: not available. Allowance for credits related to pricing or quantities shipped (recorded against revenue): 43 / 53 / 72. Future lessor revenue on existing contracts: 1,447 (2026: 467).
Contingencies (Note 15). TPC Group (Port Neches, 2019): Nalco named in MDL with over 5,000 plaintiffs; July 2025 settlement with a portion of plaintiffs; no estimate of further loss or range "can be made at this time"; company believes losses covered by insurance subject to deductibles. Vehicle accident (June 2024): settled December 2025, insured subject to deductible. Environmental: ~25 locations; remediation accruals ~21.5 (Item 1); CERCLA at 16 U.S. and six non-U.S. sites. ChampionX split-off: indemnity and tax-free-status risk (Item 1A); no accrual disclosed.
Goodwill and intangibles (Note 2, Note 5). Goodwill by reportable segment FY25: Water 5,505.5 · I&S 1,041.5 · Pest 189.6 · Life Sciences 2,490.4 · total 9,227.0 (added: Ovivo 1,105.4; other 17.4; prior-year PPA 5.7; FX 191.2). Seven reporting units, tested Q2 2025 by DCF, fair value exceeded carrying "by a significant margin" for each; margin not quantified. (Note 2 refers once to "eight reporting units" in the same paragraph that elsewhere says seven.) Nalco trade name (indefinite) 1,230.0, relief-from-royalty test, "significant margin". Amortizable gross 5,444.2, accumulated (2,985.7), net 2,458.5. Weighted lives: customer relationships 16, patents 15, trademarks 12, other technology 11. Expected amortization: 2026 338 · 2027 215 · 2028 207 · 2029 199 · 2030 185 (FY24 filing expected 2025 293, 2026 287, 2027 165).
Ovivo Electronics (Note 4). Closed December 16, 2025; consideration 1,595.7 cash net of cash acquired. Net tangible (liabilities) (128.0) incl. contract assets 117.4, receivables 79.4, PP&E 26.8, inventory 25.0, DTL 118.6, current liabilities 262.0. Intangibles 618.3 (customer relationships 444.5 / 20 years; technology 131.2 / 8; trademarks 42.6 / 8). Goodwill 1,105.4, not tax deductible. Purchase accounting preliminary. Pro forma not presented ("not significant"). FY25 contribution: net sales 3.7, COS 3.5, operating income (0.5), interest 3.6, net income (3.1) (MD&A reconciliations). Ovivo revenue on a full-year basis: not available.
Fair value (Note 7). No Level 3 recurring assets; derivatives Level 2: assets 28.8 gross, liabilities 285.3 gross (cross-currency swaps 190.6 liability). Non-marketable equity investments: not available as a separate figure.
Receivables, inventory, reserves (Note 2, Note 5). Gross receivables 3,366.2 / 2,987.5 / 2,983.2; "allowance for expected credit losses and other accruals" 116.8 / 122.5 / 149.0. Allowance for expected credit losses roll-forward: opening 70.0, bad debt 51.4, write-offs (48.5), other 1.2, closing 74.1 (FY24 closing 70.0; FY23 77.3). Inventory FIFO 1,582.4 (finished 962.1, raw materials 620.3), LIFO reserve (92.0) (FY24 (104.7)); LIFO 30% of inventories.
Leases and commitments (Note 13, MD&A). Operating lease cost 230.0; liabilities PV 761 (payments 890, imputed interest 129); weighted term 6.69 years, rate 4.84%. Contractual obligations table: CP and notes 111, transition tax 36, long-term debt 8,125, operating leases 890, interest 3,451, total 12,613. "No other significant unconditional purchase obligations or commercial commitments." Supplier finance program confirmed obligations 61.2 (FY24 39.9).
Pensions (Note 16; CAM). PBO U.S. 1,818.0 (qualified 1,738) / international 1,160.4 / U.S. postretirement 100.4. Plan assets 1,744.9 / 928.5 / 1.6. Funded status (73.1) / (231.9) / (98.8); net (403.8). Discount rate U.S. 5.28% (FY24 5.58%); international 4.46% (3.99%). Expected return U.S. 8.25% (FY24 8.00%, FY23 7.75%); international 5.81%. Sensitivity U.S.: −0.25 pt discount rate → +33.1 obligation, +2.5 2026 expense; −0.25 pt expected return → +4.4 2026 expense. Unrecognized net actuarial loss U.S. 485.8. U.S. plan asset allocation: private equity 14% vs 6% target. Expected 2026 international contributions ~39 (FY24 filing expected ~48 for 2025). Voluntary U.S. contribution 25.0 in 2025.
Auditor and controls. PricewaterhouseCoopers LLP, Minneapolis, auditor since 1970. Unqualified opinion on statements and on internal control (effective). One Critical Audit Matter: valuation of the projected benefit obligation of the U.S. qualified pension plan (discount rate). No material weakness. ERP upgrade in phases. Item 9B: no Rule 10b5-1 plan adoptions or modifications. Audit fees [PX]: 14.04 (FY24 12.33); tax fees 3.90 (5.42); total 18.29 (18.00). Related person transactions [PX]: none since the beginning of 2025. Subsequent events: February 2026 One Ecolab expansion; CHF 100 mn cross-currency swaps.
Special (gains) and charges (Note 3). FY25: One Ecolab 147.9 (COS 7.7 + 140.2) · other restructuring (12.0) · surgical sale 3.0 · acquisition & integration 36.1 · other (12.4) · total 162.6. FY24: One Ecolab 100.2 · other restructuring 25.2 · surgical (340.3) · acquisition 12.6 · other 18.7 · total (183.6). FY23: other restructuring 85.7 · surgical 10.3 · acquisition 16.1 · other 21.8 · total 133.9. One Ecolab: cumulative restructuring 198.8, cumulative special 54.6; plan raised in February 2026 to 334 restructuring + 91 special by end-2027 (FY24 filing: 175 + 50); savings target raised to 325 annualized by 2027 (FY24 filing: 140); cumulative savings delivered 119 (FY24 filing: 12). Restructuring liability One Ecolab 96.1 (FY24 54.9); other plans 8.8.
| Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Depreciation + amortization | 976.4 | 935.4 | 923.6 |
| Inventories | 1,490.4 | 1,464.9 | 1,497.2 |
| Gross receivables / allowance and other accruals | 3,366.2 / 116.8 | 2,987.5 / 122.5 | 2,983.2 / 149.0 |
| Accounts payable | 2,071.0 | 1,810.0 | 1,566.3 |
| Discounts and rebates (within other current liabilities) | 528.4 | 452.2 | 438.8 |
| Contract liability | 173.0 | 102.0 | 110.9 |
| Working capital change in the cash flow statement (sum of five lines) | (206.2) | 176.1 | 162.7 |
| — AR + inventories + AP only (MD&A's apparent definition) | (81.8) | 37.7 | 3.7 |
| Acquisitions net of cash acquired | 1,621.3 | 312.9 | 180.4 |
| Gross PP&E / net PP&E | 9,116.2 / 4,276.6 | 8,188.2 / 3,752.4 | 7,654.8 / 3,474.6 |
| Construction in progress (gross) | 858.1 | 679.3 | 470.1 |
| Capitalized software (gross) | 1,176.8 | 1,037.8 | 985.9 |
| Dispensing and monitoring equipment (gross; "merchandising and customer equipment" in K24) | 3,193.1 | 2,925.3 | 2,758.4 |
| Gross assets leased to customers (lessor) / accumulated depreciation | 1,563.2 / 954.5 | 1,481.7 / 932.9 | not available |
| Capitalized costs of the year (software or otherwise) | not available | not available | not available |
| Research expenditures | 202 | 207 | 192 |
| Shares issued for compensation (new + treasury reissued) | 1,662,520 | 2,152,857 | 1,081,865 |
| Shares reacquired | 2,994,702 | 4,246,642 | 83,674 |
| Debt issued (long-term) / repaid | 1,045.6 / 674.2 | — / 630.4 | — / 500.0 |
| Goodwill + other intangibles | 12,915.5 | 11,216.1 | 11,641.7 |
| Dividend per share declared (US$) | 2.68 | 2.36 | 2.16 |
| Item | Value | Date | Note |
|---|---|---|---|
| Closing price | US$ 262.52 | December 31, 2025 | Supplied with the request; also the per-share closing price the proxy uses for FY2025 PBRSU values [PX] |
| Shares outstanding | 281,969,448 | Supplied as January 31, 2026 | The 10-K cover states the same count as of January 30, 2026 |
| Market capitalization (derived) | 74,022.6 | — | 262.52 × 281.969448 mn |
Beneficial ownership (March 10, 2026): directors and executive officers as a group 1,325,765 shares (~0.5%), of which 1,068,005 are rights to acquire within 60 days; Mr. Beck 518,078 incl. 424,087 options. Largest holders: William H. Gates III 34,396,785 (12.18%), via Cascade and the Gates Foundation Trust; director Michael Larson is Cascade's Business Manager. Vanguard 8.21%, BlackRock 7.69%. No hedging or pledging permitted for directors and officers. CEO total compensation FY25 17,404,935 (pay ratio 326:1). Annual incentive (MIP) measured on adjusted EPS: minimum 6.85, target 7.27, 140% level 7.55, maximum ≥7.95; actual 7.53 → 137% payout. 2023-2025 PBRSUs paid at 100% on adjusted ROIC (excluding Nalco and Purolite purchase accounting and special gains and charges). 2026-2028 PBRSUs: organic ROIC target 15.9% (threshold 11.8%, maximum 17.8%), relative TSR modifier ±10%. Peer group of 21 companies chosen by the company (3M, Agilent, Air Products, Celanese, Cintas, Clorox, Danaher, Dover, Dow, DuPont, Eastman Chemical, Eaton, Emerson, Honeywell, Illinois Tool Works, Linde, PPG, Republic Services, Sherwin-Williams, Thermo Fisher, Waste Management). Management changes effective April 1, 2026: Mr. Beck adds President; Mr. Brown and Mr. Cook become Co-Chief Operating Officers. Late Section 16 filings: one Form 3, one Form 4.
| Check | Result |
|---|---|
| Gross profit = sales − COS | 16,081.2 − 8,930.8 = 7,150.4 ✓ (FY24 6,841.7 ✓; FY23 6,165.3 ✓) |
| Operating income = gross profit − SG&A − special (operating line) | 7,150.4 − 4,257.9 − 154.9 = 2,737.6 ✓ (FY24 ✓; FY23 ✓) |
| Pre-tax income = OI − other (income) − net interest | 2,737.6 + 51.4 − 241.1 = 2,547.9 ✓ |
| Pre-tax − taxes = net income incl. NCI | 2,547.9 − 454.6 = 2,093.3 ✓; − 17.7 = 2,075.6 ✓ |
| Segments + FX = consolidated sales | 7,679.9 + 5,962.0 + 1,219.2 + 706.1 + 514.0 = 16,081.2 ✓ |
| Segment OI − corporate + FX = consolidated OI | 1,263.9 + 1,357.8 + 237.1 + 120.7 − 353.2 + 111.3 = 2,737.6 ✓ |
| Regions = consolidated sales | 16,081.2 ✓ (FY24 15,741.4 ✓; FY23 15,320.2 ✓) |
| Region shares sum to 100% | 52.7 + 20.4 + 8.5 + 6.8 + 4.0 + 4.5 + 3.1 = 100.0% ✓ |
| Gross debt = sum of components | 7,365.9 + 759.4 + 100.0 + 11.0 = 8,236.3 ✓ |
| CFO reconciliation | 2,093.3 + 672.6 + 303.8 − 33.4 + 136.6 − 77.8 + 15.0 + 18.8 + 1.1 + 28.8 − 206.2 = 2,952.6 ✓ |
| FCF = CFO − capex | 2,952.6 − 1,048.3 = 1,904.3 ✓ |
| Cash roll-forward | 1,256.8 + 2,952.6 − 2,707.2 − 853.3 − 2.7 = 646.2 ✓ |
| Balance sheet balances | 14,891.8 + 9,804.5 = 24,696.3 ✓ |
| Ovivo purchase price allocation | (128.0) + 618.3 + 1,105.4 = 1,595.7 ✓ |
| Normalization column | not applicable (no normalized earnings built) |
Bases declared once: share count = diluted weighted average for per-share values, year-end outstanding for balance-sheet per-share values, market capitalization on the supplied count · buybacks = cost in the equity statement (777.2 / 996.1) for average prices; the cash flow figure (783.8 / 986.5) for cash uses; the gap (6.6 in FY25) is settlement timing · taxes = provision for rates, cash paid for cash comparisons · debt = carrying value (8,236.3); principal and fair value differ (fair value 7,381.8) · capital for returns = total equity + total debt − cash, operating leases excluded · tax rate for NOPAT = each year's reported effective rate.
Section 1
Section 3
Section 4
Section 5
Section 6
Section 8
Section 10
Additional derivations cited in the text