Ecolab (ECL) FY2025 10-K Annual Report
Ecolab (ECL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Ecolab FY2025 10-K Analysis
Business Overview
- • Global leader in water, hygiene and infection prevention; $16B annual sales, 48,000 associates, 170+ countries, 40 industries
- • Four reportable segments this filing: Global Water, Global Institutional & Specialty, Global Pest Elimination, Global Life Sciences — Life Sciences explicitly elevated as standalone segment
- • Warewashing products grew to 13% of consolidated net sales in 2025, up from 12% in 2024 and 2023 — only product line disclosed at 10%+ threshold
- • Capital expenditures for environmental, health and safety projects held steady at ~$62M in 2025 (vs $46M in 2023), with $59M budgeted for 2026
- • Workforce of ~25,000 in sales/service roles plus ~3,000 R&D/digital experts; 43% North America, notable 8% India/Middle East/Africa concentration disclosed
Management Discussion & Analysis
- • Revenue $16.1B, up 2% YoY ($339.8M increase); organic sales +3%, driven by pricing and volume across all segments
- • Reported operating margin 17.0% vs 17.8% in 2024; adjusted operating margin 18.0% vs 16.6%, boosted by value pricing and productivity
- • Best segment: Global Institutional & Specialty, organic operating margin 22.8% vs 19.9%; worst: Global Life Sciences, smallest at $706M sales despite margin recovery to 17.1% vs 13.7%
- • Operating cash flow $3.0B vs $2.8B; capex $1.0B; share buybacks $784M; dividends paid $754M; Ovivo Electronics acquired for $1.6B cash
- • One Ecolab restructuring expanded Feb 2026 to $334M total cost targeting $325M annualized savings by 2027; FX exposure and geopolitical risk (Russia/Ukraine ~1% of sales) cited as key risks
Risk Factors
- • ~47% of net sales from outside U.S. with exposure to tariffs, retaliatory trade measures, and currency risk in 170+ countries
- • $8.2B total debt outstanding, ~$1.5B floating rate; 1pp rate increase adds ~$15M annual interest expense
- • U.S. Gulf Coast concentration risk — key raw material source and customer base for Light & Heavy segment, vulnerable to hurricanes and severe weather
- • OECD Pillar Two 15% global minimum tax now effective in multiple jurisdictions; OBBBA interaction creates complex compliance and double-taxation risk
- • AI and ERP upgrade execution risk — ongoing multi-phase ERP rollout plus "One Ecolab" restructuring; failure could cause business disruption and financial losses
Ecolab FY2025 Key Financial MetricsXBRL
Revenue
$16.1B
▲ +2.2% YoY
Net Income
$2.1B
▼ -1.7% YoY
Operating Margin
17.0%
▼ -78bp YoY
Net Margin
12.9%
▼ -51bp YoY
ROE
21.2%
▼ -288bp YoY
Total Assets
$24.7B
▲ +10.3% YoY
EPS (Diluted)
$7.28
▼ -1.2% YoY
Operating Cash Flow
$3.0B
▲ +4.9% YoY
Source: XBRL data from Ecolab FY2025 10-K filing on SEC EDGAR. All figures in USD.
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