Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-9328 ECOLAB INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

Company Overview - Ecolab Inc. is a global sustainability provider headquartered in St. Paul, MN, offering solutions and services in water, hygiene, and infection prevention that protect people and vital resources [11] - The company operates in over 170 countries, providing science-based solutions and data-driven insights to enhance food safety, maintain clean environments, and optimize water and energy use [11] Investment Insights - Ecolab has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a stable position in the market [12] - The company has a Momentum Style Score of A, with shares increasing by 8% over the past four weeks, suggesting positive short-term performance [12] - Analysts have revised Ecolab's earnings estimate upwards for fiscal 2026, with the Zacks Consensus Estimate rising by $0.04 to $8.51 per share, reflecting a positive outlook [12] - Ecolab has an average earnings surprise of +0.2%, indicating that the company has a history of exceeding earnings expectations [12] Conclusion - With a solid Zacks Rank and strong Momentum and VGM Style Scores, Ecolab is positioned as a noteworthy option for investors seeking potential growth opportunities [13]

Company Overview - Ecolab Inc. is a global sustainability provider offering water, hygiene, and infection prevention solutions and services that protect people and vital resources [11] - The company operates in over 170 countries, providing science-based solutions and data-driven insights to enhance food safety, maintain clean environments, and optimize water and energy use [11] Investment Potential - Ecolab has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a solid position in the market [12] - The company is considered a top pick for growth investors, with a Growth Style Score of B and a forecasted year-over-year earnings growth of 13% for the current fiscal year [12] - Recent analyst activity shows four analysts have revised their earnings estimates higher for fiscal 2026, with the Zacks Consensus Estimate increasing by $0.04 to $8.51 per share [12] - Ecolab has an average earnings surprise of +0.2%, suggesting potential for positive performance [12] Summary of Style Scores - The VGM Score combines value, growth, and momentum styles, helping investors identify companies with attractive value, strong growth forecasts, and promising momentum [6] - Ecolab's strong Growth and VGM Style Scores position it favorably for investors seeking growth opportunities [13]

Core Insights - Ecolab Inc. is approaching a $100 billion market cap following a recent increase in share price, highlighting its status as a significant player in the industrial sector [1] Company Overview - Ecolab is based in Minnesota and is considered one of America's under-the-radar industrial enterprises [1] - The company specializes in providing water, hygiene, and energy technologies and services [1] Analyst Background - The analysis is led by Ian Bezek, a former hedge fund analyst with extensive experience in Latin American markets and a focus on high-quality compounders and growth stocks [1]

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Ecolab (NYSE:ECL) Q4 2025 Earnings call February 10, 2026 01:00 PM ET Company ParticipantsAndy Hedberg - VP of Investor RelationsChristophe Beck - Chairman and CEOScott Kirkland - CFOConference Call ParticipantsAndrew Wittmann - AnalystAshish Sabadra - AnalystBobby Zolper - AnalystChris Parkinson - AnalystDavid Begleiter - AnalystEdlain Rodriguez - AnalystJason Haas - AnalystJeff Zekauskas - AnalystJohn McNulty - AnalystJosh Spector - AnalystKevin McCarthy - AnalystLaurence Alexander - AnalystManav Patnaik ...

Financial Data and Key Metrics Changes - Ecolab achieved record-breaking sales, margins, earnings per share, and free cash flow in 2025, with a 15% adjusted EPS growth in Q4 [4][5] - Organic sales grew by 3%, driven by 3% value pricing and positive volume growth, with underlying organic operating income growth of 12% [5][7] - The organic operating income margin expanded by 140 basis points to 18.5%, resulting in a full-year operating income margin of 18%, up 150 basis points from the previous year [7][20] Business Line Data and Key Metrics Changes - Food & Beverage sales accelerated to 5%, while Pest Elimination and Life Sciences both grew by 7% [5][6] - Institutional sales growth remained consistent, excluding the impact from lower distributor inventories, with strong double-digit growth in Global High-Tech and Ecolab Digital [6][7] - The overall underlying volume growth reached 2%, with expectations for volume growth to normalize in Q1 2026 [6][7] Market Data and Key Metrics Changes - The Global High-Tech segment is expected to grow strong double digits, driven by AI demand and the need for ultra-pure water in semiconductor manufacturing [15][34] - The water business grew 2% organically in Q4, with a 5% growth rate when excluding pulp and paper, which are currently in a down cycle [52][54] - The paper and basic industries are expected to recover, contributing positively to overall growth in 2026 [80] Company Strategy and Development Direction - Ecolab's priorities for 2026 include rapidly growing total value delivered to customers, accelerating the One Ecolab Growth Initiative, and fueling growth engines [9][10] - The company anticipates 3%-4% organic sales growth in 2026, with total reported sales expected to grow in the upper single digits [9][20] - Ecolab is focusing on leveraging technology and AI to enhance operational efficiency and customer value, aiming for a significant increase in cost savings through the One Ecolab initiative [14][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong performance in 2026, with expectations for reported sales growth of 7%-9% and organic growth accelerating throughout the year [20] - The management highlighted the importance of new business wins and maintaining strong customer relationships as key drivers for growth [57][59] - There is optimism regarding the recovery of the paper and basic industries, with expectations for improved performance as the year progresses [80] Other Important Information - Ecolab's digital business has grown to $400 million in annual sales, with expectations for continued growth driven by innovative digital solutions [18][75] - The company has raised its savings target from the One Ecolab initiative to $325 million by 2027, reflecting the success of the program [14][71] Q&A Session Summary Question: Can you elaborate on the volume cadence as you move through the year? - Management indicated that volume growth is expected to improve, with 85% of businesses performing well and a normalization of distributor inventory anticipated [24][28] Question: What are the growth opportunities in the Global High-Tech segment post-Ovivo acquisition? - The Global High-Tech segment is projected to grow strong double digits, with significant opportunities in semiconductor manufacturing and data centers [30][34] Question: Can you provide insights on the drivers for margin expansion? - Margin expansion is expected to be driven by gross margins and SG&A leverage, with a focus on value-based pricing and higher-margin business mix [37][39] Question: How is the company addressing the challenges in the basic industries and paper? - Management noted that while there are challenges, new business and innovation are strong, and there is optimism for recovery in these sectors [80] Question: What is the outlook for the One Ecolab cost savings initiative? - The savings target has been raised to $325 million, with ongoing efforts to leverage technology and improve operational efficiency [71][72]

Ecolab (NYSE:ECL) Q4 2025 Earnings call February 10, 2026 01:00 PM ET Speaker2At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. As a reminder, this conference is being recorded. At this time, it is now my pleasure to introduce your host, Andy Hedberg, Vice President of Investor Relations. Andy, you may now begin.Speake ...

Core Insights - Ecolab Inc. reported fourth-quarter 2025 adjusted earnings per share (EPS) of $2.08, a 14.9% increase year over year, surpassing the Zacks Consensus Estimate by 0.8% [1] - Full-year adjusted EPS reached $7.53, reflecting a 13.2% increase from the previous year, also exceeding the Zacks Consensus Estimate by a penny [1] Revenue Details - Revenues for the fourth quarter totaled $4.19 billion, marking a 4.8% year-over-year increase and exceeding the Zacks Consensus Estimate by 0.1% [2] - Organic sales were reported at $4 billion, up 2.9% from the prior year [2] - Full-year revenues amounted to $16.08 billion, a 2.2% improvement year over year, but lagged the Zacks Consensus Estimate by 0.2% [3] Segmental Analysis - The Global Water segment reported fixed currency sales of $2.02 billion, a 2.5% year-over-year growth, with organic sales at $2 billion, up 2.2% [4] - The Global Institutional & Specialty segment's fixed currency sales were $1.49 billion, reflecting a 2.8% year-over-year increase [5] - The Global Pest Elimination segment saw fixed currency sales of $307.2 million, improving 6.7% year over year [6] - The Global Life Sciences segment reported fixed currency and organic sales of $191.4 million each, reflecting a 6.5% year-over-year growth [7] Margin Analysis - Gross profit for the quarter improved 6.4% year over year to $1.85 billion, with gross margin expanding by 69 basis points to 44% [9] - Adjusted operating profit totaled $786.6 million, a 14.6% increase from the prior year, with adjusted operating margin expanding 162 basis points to 18.7% [9] Financial Position - Ecolab ended the fourth quarter with cash and cash equivalents of $646.2 million, down from $1.96 billion at the end of the third quarter [10] - Total debt increased to $8.24 billion from $8.07 billion at the end of the third quarter [10] - The company has a consistent dividend-paying history, with a five-year annualized dividend growth of 8.09% [10] Guidance - For Q1 2026, Ecolab expects adjusted EPS of $1.67-$1.73, indicating an 11%-15% increase from the previous year [11] - For full-year 2026, adjusted EPS is projected to be $8.43-$8.63, reflecting a 12%-15% increase from 2024 [12] Overall Performance - Ecolab's fourth-quarter results exceeded expectations, with strong year-over-year growth in both top and bottom lines across all segments [13] - The company is experiencing significant operating income margin expansion and anticipates increased annualized savings from its productivity initiatives [14]

ECOLAB Fourth Quarter 2025 Supplemental February 10, 2026 1 Cautionary statement Forward-Looking Information This communication contains forward looking statements as that term is defined in the Private Securities Litigation Reform Ac t of 1995. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions and our financial and business performance and prospects, including sales, earnings, special (gains) and charges, raw material costs, margins, pricing, cu ...