Core Insights - Ecolab Inc. (NYSE:ECL) is a significant part of Bill Gates's stock portfolio, representing 2.94% of it [1] - BMO Capital maintains a bullish outlook on Ecolab, reiterating an "Outperform" rating while slightly lowering the price target from $310 to $307 [2] - The recent 7% pullback in Ecolab shares is viewed as a compelling entry point, with expectations of achieving a 12%-15% EPS growth target for 2025 [3] Financial Performance - Ecolab reported a 13% adjusted EPS growth for Q3 2025, reaching $2.07, driven by accelerating pricing and modest volume gains [4] - The company experienced a 110-basis-point organic operating margin expansion during the quarter [4] - Ecolab has tightened its 2025 adjusted EPS guidance to a range of $7.48-$7.58 [4] Market Position - Ecolab is recognized as a global leader in sustainability, providing essential water, hygiene, and infection prevention solutions across 170 countries [5]

Group 1: Palo Alto Networks (PANW) - Palo Alto Networks reported a revenue increase of 15% year on year to US$9.2 billion for FY2025, with operating profit rising 81.7% to US$1.2 billion [2] - Profit before tax climbed 61.5% year on year to US$1.6 billion, and free cash flow increased by 12% to US$3.47 billion [3] - The company announced the acquisition of CyberArk Software for approximately US$25 billion, at a 26% premium to its share price [4] Group 2: Ecolab (ECL) - Ecolab's revenue remained flat at US$7.7 billion for 1H 2025, while operating profit increased by 7.7% to US$1.27 billion [5] - The company generated a free cash flow of US$616.6 million and declared a cash dividend of US$0.65, which is 14% higher than the previous year [6] - Ecolab expects earnings per share for 2025 to be between US$2.02 and US$2.12, reflecting a year-on-year increase of 10% to 16% [7] Group 3: DexCom (DXCM) - DexCom reported a revenue increase of nearly 14% year on year to US$2.2 billion for 1H 2025, with operating profit climbing 33.7% to US$346.3 million [8] - The company generated a free cash flow of US$305.5 million, despite a slight dip in net profit to US$285.2 million due to a higher tax bill [9] - The diabetes market is projected to grow significantly, with the number of sufferers expected to rise from 589 million in 2024 to 853 million by 2030 [9][10] Group 4: HubSpot (HUBS) - HubSpot's revenue increased by 17.6% year on year to US$1.47 billion for 1H 2025, with gross profit improving by 16.3% to US$1.24 billion [11] - The company achieved a free cash flow of US$259.8 million, which is 28.7% higher than the previous year [12] - HubSpot's customer count grew by 18% year on year to 267,982, and calculated billings increased by 26% to US$814.3 million [12]