Short answer
Ecolab (ECL) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $16.1B (+2.2% year over year) and net income of $2.1B.
- Top risk flagged: ~47% of net sales from outside U.S. with exposure to tariffs, retaliatory trade measures, and currency risk in 170+ countries
FY2025 key financial metrics · XBRL
- Revenue
- $16.1B
- +2.2% YoY
- Net income
- $2.1B
- −1.7% YoY
- Operating margin
- 17.0%
- −0.8 pp YoY
- EPS (diluted)
- $7.28
- −1.2% YoY
- ROE
- 21.2%
- −2.9 pp YoY
- Operating cash flow
- $3.0B
- +4.9% YoY
Source: XBRL data from the Ecolab (ECL) FY2025 10-K on SEC EDGAR. USD.
Ecolab FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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