[ECL] Ecolab: Q3 2026 earnings preview on energy surcharge pricing vs costs

Ecolab (ECL), one of the world's largest providers of commercial cleaning and sanitizing and industrial water treatment, will report results for the third quarter of 2026, ending September 30, 2026, and hold its earnings call on 2026-10-27[1]. In the latest disclosed period, the second quarter of 2026, sales rose 10% to $4.415 billion, including 5% organic growth made up of +1% volume and +4% pricing[2][3]. The organic operating income margin was 18.8%, up 40 basis points, and adjusted EPS rose 11% to $2.09[2]. Management guided third-quarter adjusted EPS to $2.13-$2.23, up 3%-8% from $2.07 a year earlier; that range already absorbs the non-cash amortization and financing costs of the CoolIT acquisition. The company also anticipates special charges of about $0.28 per share in the quarter and raised its full-year adjusted EPS outlook to $8.05-$8.25[4]. According to Drillr's compilation, the third-quarter adjusted EPS consensus from 13 analysts is $2.17 and the revenue consensus from 11 analysts is $4.699 billion[5], about 12.8% above reported third-quarter 2025 sales of $4.165 billion[6] and broadly in line with management's guidance for 12%-14% reported sales growth in the second half[4].

Three things matter most in this Ecolab Q3 2026 earnings report. First, can the energy surcharge lift the pricing contribution from 4% in the second quarter to the planned 5%-6% while keeping organic gross margin from slipping? Second-quarter organic gross margin was 44.9%, only 10 basis points above the prior year, and higher-cost raw materials take roughly a quarter to flow fully into cost[7][8][9]. Second, the High-Tech business grew 29% organically in the second quarter, but organic operating income in the Global Water segment rose only 1%; with the third quarter being CoolIT's first consolidated quarter, whether growth converts into segment profit will shape the early record of a roughly $4.75 billion acquisition[10][11]. Third, the Institutional & Specialty segment, which supplies cleaning and sanitizing products to restaurants, hotels and quick-service chains, saw operating income growth slow from 9% in the first half to 6% in the second quarter while U.S. restaurant traffic fell about 5% year over year; whether pricing and new customers can bring that growth back is the cleanest test of whether value pricing holds up when demand is soft[12][13][14].

Company Background and Business Structure

Ecolab is a century-old company built on a "chemicals plus equipment plus on-site service" model, with about $16 billion in 2025 sales, roughly 48,000 employees and customers in more than 170 countries and 40 industries[15]. Headquartered in St. Paul, Minnesota, it entered industrial water treatment through its earlier merger with Nalco, bought Ovivo's electronics ultrapure-water business for $1.6 billion in cash in December 2025[16], and on July 2, 2026 completed its purchase of data center liquid-cooling company CoolIT for about $4.75 billion[17][11]. The company installs dosing, dispensing and monitoring equipment at customer sites and then sells consumable chemicals based on usage, and through "One Ecolab" it bundles water treatment, food safety, cleaning and sanitizing, and pest elimination for the same customer[15].

Since 2025 the company has reported four segments, and Global Water and Global Institutional & Specialty together account for about 87% of segment sales[18]. At 2025 fixed currency rates, Global Water generated $7.680 billion in sales and $1.264 billion in operating income, a 16.5% margin, while Global Institutional & Specialty generated $5.962 billion in sales and $1.358 billion in operating income, a 22.8% margin and the highest profit of any segment[19]. Global Water includes Heavy Water (power, refining, metals and other heavy industry), Light Water (light industry and buildings), High-Tech (ultrapure water for chip fabs and data center cooling), Food & Beverage (cleaning, sanitizing and water treatment for food and beverage plants) and Paper (papermaking chemicals)[20][21]. Institutional provides warewashing, laundry and cleaning and sanitizing to restaurants, hotels and hospitals, while Specialty serves quick-service chains and supermarkets; warewashing products account for about 13% of company sales[22][23].

The two smaller segments are built around services and high-end materials and grow faster despite their size. Global Pest Elimination had 2025 sales of $1.219 billion and operating income of $237 million, with most revenue coming from pest elimination service fees recognized over time; Global Life Sciences had sales of $706 million and operating income of $121 million, supplying contamination control to pharmaceutical and personal-care plants and Purolite purification resins for biopharma[19][24]. Outside the segments, Corporate carries the acquired-intangible amortization and special charges for Nalco, Purolite, Ovivo and, from the third quarter, CoolIT, so acquisitions affect segment profit and company-wide EPS through different paths[25].

Ecolab's supply chain and customer base are both fragmented, but its costs are sensitive to energy prices. The company buys more than 10,000 inorganic and organic raw materials, and the largest single raw material is about 5% of purchases[26]; management has said about 30% of its delivered product cost (DPC) is affected by energy prices[27]. No single customer or distributor exceeds 10% of sales, but Specialty depends on a limited number of large quick-service chains and supermarket customers[23][22]. In 2025 product and equipment sales were $12.619 billion and service and lease sales were $3.463 billion, the latter recognized over time[28].

Financial History and Current Position

Ecolab's sales growth slowed to 2%-3% a year from 2023 to 2025, but its margins recovered sharply. The annual report shows sales rising from $15.320 billion in 2023 to $15.741 billion in 2024 and $16.081 billion in 2025, while adjusted gross margin climbed from 40.4% in 2023 to 43.5% in 2024 and 44.5% in 2025[28]. The company attributes the gross margin gain to value pricing; organic sales grew 3% in 2025, made up of +1% volume and +2% pricing[28][29].

Special charges depressed reported profit in 2025, while adjusted measures kept growing at double digits. Reported operating income was $2.7 billion, down 2%, mainly because of special charges such as One Ecolab restructuring; adjusted operating income rose 11%, reported EPS was $7.28 and adjusted EPS was $7.53, up 13%[29][30]. On cash, 2025 operating cash flow was $2.953 billion and capital expenditure was $1.048 billion, mostly for dispensing and monitoring equipment placed at customer sites, leaving about $1.9 billion after capex[31][32]; dividends declared were $2.68 per share for the year, and in December the quarterly dividend was raised 12% to $0.73[33].

In the first half of 2026, sales growth reaccelerated, but acquisitions began to change the gross margin picture. First-quarter sales were about $4.066 billion, and second-quarter sales rose 10% to $4.415 billion, with 5% from organic growth, 3% from acquisitions and 2% from currency[34][2][3]. In the second quarter the reported gross margin was 44.1% and the adjusted gross margin was 44.2%, down 60 basis points mainly because of Ovivo; excluding that, organic gross margin was 44.9%, up 10 basis points. Adjusted operating income rose 10% to $809 million, the organic operating income margin was 18.8% and adjusted EPS was $2.09[2][7]. First-half operating cash flow was $1.175 billion, above $1.071 billion a year earlier, and capital expenditure was $589 million, above $455 million[34][35].

Paying for CoolIT has clearly added leverage to the balance sheet. Ecolab issued $5 billion of notes in May to fund the acquisition[36]; at the end of June it held $5.135 billion in cash and $11.905 billion of long-term debt, and net debt to EBITDA had risen to 2.0x from 1.6x a year earlier[34]. When it announced the deal, the company said pro forma net debt to adjusted EBITDA would be about 3x at closing and return to 2x by the end of the second year after closing[30].

Operating Model

Ecolab's sales can be broken into volume, pricing, acquisitions and currency, with organic growth equal to volume plus pricing. Volume and pricing contributed +1% and +2% in 2025 and +1% and +4% in the second quarter of 2026, when acquisitions added +3%, mostly from Ovivo[28][3]. CoolIT is consolidated from the third quarter and, under the company's definition, stays out of organic growth for 12 months after the deal, and because about half of sales are outside the U.S., currency also moves reported growth materially[37]. Volume depends on new customer wins and on customers' own operating rates and traffic: Heavy Water and Paper follow heavy industry and paper mill operating rates, Institutional follows restaurant and hotel traffic, and High-Tech follows chip fab and data center construction. Pricing combines annual value pricing with temporary surcharges; from the second quarter the company added an energy surcharge for all customers and plans a 5%-6% pricing contribution in the second half[8][37].

On the profit side, the key is the timing gap between price and cost. Management has said about 30% of DPC is affected by energy prices, that pricing needs to rise by roughly twice the cost increase to protect gross margin, and that it assumes high-single-digit raw material inflation for the rest of 2026[27][9]. Raw material costs reach the income statement through inventory with a lag of about one quarter, while the surcharge rolls out customer by customer, so the second quarter was a "transition quarter": Global Water's organic operating income margin fell 50 basis points, while Institutional & Specialty's rose 50 basis points[10][14]. Below segment profit, Corporate deducts acquired-intangible amortization, which in the second quarter was $28 million for Nalco, $21 million for Purolite and $10 million for Ovivo[25]; management has said the amortization and added interest from CoolIT dilute EPS by about $0.20 per quarter in the second half[38].

Cash flow goes mainly to customer-site equipment, dividends and acquisitions, and acquisitions are funded mostly with debt. Of the $2.953 billion of operating cash flow in 2025, about $1.048 billion went to capital expenditure[31][32], and first-half 2026 capex was $589 million, up about 29%[35]. The roughly $6.35 billion combined price of Ovivo and CoolIT was paid mainly with new debt, including the $5 billion of notes issued in May for CoolIT[16][36]; the company says it remains committed to "A" range credit metrics over the long term[33] and plans to bring leverage back to 2x by the end of the second year after the acquisition[30].

Industry and Competitive Position

Ecolab considers itself a global leader in most of its niches, but the competitive structure varies by business. Its annual report says water treatment is led by a few large companies with the rest served by smaller regional players; institutional cleaning and pest elimination face a few national companies and many local competitors; and life sciences faces several mid-sized rivals in Europe and two large competitors in North America[39]. The company emphasizes technology, digital monitoring and on-site service rather than unit price, and second-quarter Ecolab Digital sales rose 27% to $121 million[39][40].

Ecolab's pricing power rests on value pricing, the idea that the water, energy and labor it saves customers exceed the price increase. In 2025 volume grew only 1%, yet pricing contributed 2% and adjusted gross margin rose 1 percentage point to 44.5%[28]. The limit of the comparison is that the company describes its own competitive position without giving competitors' share or pricing data for the same period, so "share gains" are judged mainly from new customer wins as the company reports them[39].

The new variable in 2026 is AI infrastructure, while the legacy businesses are still held back by heavy industry and restaurant demand. Management says High-Tech is approaching $1.5 billion in annualized sales, split roughly evenly at about $500 million each among the legacy business, Ovivo and CoolIT; the legacy business grew 29% organically in the second quarter, and the target is $4 billion in sales by 2030 with a 25% operating margin[41][42]. Among the legacy businesses, Heavy Water and Paper posted organic growth of -1% and flat in the second quarter[43]; U.S. restaurant traffic was down about 5% year over year, yet Institutional & Specialty still outgrew the industry with 4% organic growth in the quarter[12][13].

Core Debates

With raw material costs up by a high single digit because of the Middle East conflict, Ecolab began charging every customer an energy surcharge in the second quarter. Can pricing reach 5%-6% in the third quarter, keep gross margin from slipping, and hold adjusted EPS within the $2.13-$2.23 guidance?

This question decides whether the logic behind Ecolab's three-year margin recovery still holds when costs spike. Adjusted gross margin rose from 40.4% in 2023 to 44.5% in 2025 because value pricing outran cost[28]; the full-year adjusted EPS outlook of $8.05-$8.25 and the 2027 operating margin target of 20% that management reaffirmed both assume 5%-6% pricing and high-single-digit raw material inflation in the second half[4][44][9]. The third quarter is also CoolIT's first consolidated quarter; guidance already deducts about $0.20 of quarterly dilution, so the price-cost spread in the base business decides where in the range results land[38].

Second-quarter data show the surcharge has started to work, but it has not yet been through a full high-cost quarter. The pricing contribution rose from +3% in the first quarter to +4%, volume was +1% including a drag of about 1 percentage point from the Middle East conflict, and organic sales grew 5%[3][45]. Organic gross margin was 44.9%, up 10 basis points; adjusted gross margin fell 60 basis points to 44.2% because of Ovivo; and the organic operating income margin was 18.8%, up 40 basis points[7]. Adjusted EPS rose 11% to $2.09, and the company then guided the third quarter to $2.13-$2.23 against a base of $2.07 in the third quarter of 2025[2][4].

The financial transmission runs like this: the Middle East conflict pushes up energy and freight prices, the roughly 30% of DPC exposed to energy rises by a high single digit from the second quarter and reaches cost through inventory with a lag of about one quarter; the company added the energy surcharge from April, and if pricing rises by about twice the cost increase, organic gross margin can hold or rise, which together with SG&A leverage moves the organic operating income margin toward the roughly 20% guided for the second half, before CoolIT amortization and interest are deducted to reach adjusted EPS[46][37][27][47]. What remains unresolved is an alternative explanation: flat second-quarter gross margin may partly reflect a lag effect from lower-cost raw materials still in inventory, and once higher-cost materials fully enter cost in the third quarter, gross margin could come under pressure even with 5% pricing; the year-over-year change in organic gross margin is what separates the two explanations[9].

The third-quarter report needs to show four signals: the split of organic growth between pricing and volume, and whether pricing reached 5% or more; the year-over-year change in organic and adjusted gross margin, and the company's quantification of the Ovivo and CoolIT consolidation drag; where adjusted EPS lands against the $2.13-$2.23 guidance and the actual CoolIT dilution; and whether the company changes its assumptions on high-single-digit raw material inflation and the surcharge[4][8]. If pricing comes in below 5%, organic gross margin falls year over year or adjusted EPS is below $2.13, costs are running ahead of the surcharge; if pricing reaches 5%-6%, volume stays at +1% and organic gross margin rises year over year, the margin logic still holds under the cost shock.

AI data centers and chip fabs pushed Ecolab's High-Tech business to 29% organic growth in the second quarter, and the company has just closed its $4.75 billion purchase of liquid-cooling maker CoolIT. Yet water segment profit grew only 1%. Can that growth actually lift Global Water's profit in the third quarter?

Global Water is Ecolab's largest segment, with 2025 sales of $7.680 billion and operating income of $1.264 billion, and its profit trend decides how much the company's growth engine is really worth[19]. The company has named High-Tech its largest growth engine, targeting $4 billion in sales and a 25% margin by 2030[42], and has taken on about 3x post-deal leverage and about $0.20 of quarterly EPS dilution to pursue it[30][38]. The third quarter is CoolIT's first consolidated quarter and the first window to test whether segment profit can accelerate with growth.

Segment sales grew quickly in the second quarter, but profit growth nearly stalled. Global Water fixed-currency sales rose 10% to $2.216 billion, with Ovivo contributing about 6 percentage points and organic growth of 4%; operating income was $348 million, up only 1% organically, and the organic margin was 15.9%, down 50 basis points, because a 2.4-point benefit from pricing was offset by a 3.2-point impact from growth investments and commodity costs[48][10]. High-Tech grew 29% organically in the second quarter and 27% in the first half, and CoolIT's pre-acquisition sales rose more than 100% in the first half[10][42]; the drag came from Heavy Water (-1%) and Paper (flat)[43]. The third-quarter comparison base is segment sales of $2.061 billion and operating income of $358 million in the third quarter of 2025, restated at 2026 fixed rates, a 17.4% margin[6].

The financial transmission splits into two lines: chip fab expansion and AI data center construction raise demand for ultrapure water, cooling water and direct liquid cooling, accelerating Global Water's organic sales; weak heavy industry and paper mill operating rates hold back Heavy Water and Paper volume, the energy surcharge lifts pricing, and raw material costs and growth investment compress margins[49][50]. After CoolIT is consolidated, reported sales jump while Corporate amortization and net interest rise, and when it announced the deal the company said that, excluding non-cash amortization, the transaction would not be accretive to adjusted EPS until 2028[30][11]. An alternative explanation is that High-Tech growth requires up-front investment in capacity and people, and that Ovivo and CoolIT carry lower gross margins than legacy chemicals, so the segment margin could stay diluted for several quarters after the deals; whether organic operating income growth recovers is what separates "growth lifting profit" from "growth diluting profit"[10][9].

The third-quarter report needs to show the year-over-year change in Global Water's organic operating income growth and organic margin, High-Tech organic growth and how the company describes the microelectronics and data center sides, whether Heavy Water and Paper stop declining, and the actual amortization, interest and EPS dilution after CoolIT's consolidation[48][50]. If organic operating income growth is still no more than +1%, High-Tech is below 20% or CoolIT dilution exceeds plan, growth has not yet turned into profit; if organic operating income grows 5% or more and High-Tech stays above 25%, the segment's reacceleration is confirmed.

U.S. restaurant traffic is down about 5% year over year, and Ecolab's biggest profit segment, Institutional & Specialty, which supplies cleaning and sanitizing products to restaurants, hotels and quick-service chains, grew profit only 6% in the second quarter. Can pricing and new customers bring profit growth back to the first half's 9% in the third quarter?

Institutional & Specialty is the cleanest window for seeing whether value pricing can persist when demand is weak. The segment earned $1.358 billion in operating income in 2025 at a 22.8% margin, the highest of the four segments[19], and warewashing products account for about 13% of company sales[23]. Segment sales move with store activity and are free of acquisition effects, so the tug-of-war between pricing and traffic shows up directly in the margin[51].

The segment still outgrew its industry in the second quarter, but profit growth slowed. Segment sales were $1.617 billion with 4% organic growth: Institutional grew 3% on growth with hospitality customers and slightly higher hospital sales, and Specialty grew 6% on new quick-service and supermarket customers and value pricing, although quick-service traffic weakened during the quarter[13][14]. Operating income rose 6% to $390 million and the margin rose 50 basis points to 24.1%, as a 3.0-point pricing benefit was partly offset by a 2.2-point impact from supply chain costs, including commodity inflation, and growth investment; first-half operating income rose 9%[14][13]. The third-quarter comparison base is segment sales of $1.596 billion and operating income of $376 million in the third quarter of 2025, a 23.6% margin[6].

The financial transmission starts with the consumer: consumer pressure and the roughly 5% drop in U.S. restaurant traffic reduce warewashing and cleaning chemical use per location; new customer wins, digital products, value pricing and the energy surcharge offset that loss, while rising raw material and supply chain costs absorb part of the price gains, together determining segment operating income and margin[12][14]. For the third quarter, the company describes solid growth in Institutional, strong growth in Specialty and improving organic operating income growth[52]. An alternative explanation is that part of Specialty's strong growth comes from new contracts with a few large chains, a one-time share shift, and that the traffic decline will show once those contracts are fully rolled out; whether Specialty and Institutional slow together is what separates share gains from industry demand[22].

The third-quarter report needs to show segment operating income growth and how the margin compares with 23.6% a year earlier, organic growth in Institutional and Specialty separately along with how the company describes hotel, hospital, quick-service and supermarket customers, and management's latest view of restaurant traffic and how the surcharge is landing in this segment[52][12]. If operating income growth is below 6% or Specialty falls below 3%, weak traffic is starting to overwhelm pricing and new customers; if operating income grows 9% or more and the margin expands by 50 basis points or more, the segment can keep raising prices in weak demand.

Risks and Falsifiers

The first risk is that customer shutdowns caused by the Middle East conflict persist, costing company-wide volume growth another 1 percentage point or so with no near-term sign of relief[12]. The exposed line is the volume contribution to organic sales; second-quarter volume of +1% already included a drag of about 1 percentage point, with Heavy Water's downstream refining business and local customers most exposed[45][37]. This risk is falsified if the third-quarter volume contribution is at least +1% and the company no longer lists the Middle East as a major drag.

The second risk is that special charges from restructuring, One Ecolab and acquisition integration continue, widening the gap between reported and adjusted EPS. The company anticipates 2026 special charges of about $0.75-$0.80 per share and about $0.28 in the third quarter; second-quarter reported EPS was $1.90 against adjusted EPS of $2.09[4][2][25]. If third-quarter special charges do not exceed about $0.28 per share, the gap between reported and adjusted profit has not widened further.

The third risk is that energy and raw material prices keep rising and the surcharge does not land fast enough or large enough, turning the price-cost spread negative in the third quarter[37][53]. The exposed lines are organic gross margin (44.9% in the second quarter) and the $2.13-$2.23 third-quarter adjusted EPS guidance, with about 30% of DPC moving with energy prices[7][27][9]. This risk is falsified if third-quarter pricing is at least 5% and organic gross margin rises year over year.

The fourth risk is that data center and chip fab capital spending slows, or CoolIT integration and competition fall short, leaving growth from a high-priced acquisition mismatched with its dilution. The roughly $4.75 billion price equals about 29 times CoolIT's estimated next-12-month adjusted EBITDA, which brings substantial goodwill and intangibles, about $0.20 of quarterly EPS dilution and about 3x post-deal leverage[11][30][38][36]. This risk is falsified if third-quarter High-Tech organic growth is at least 25% and the company confirms CoolIT dilution of no more than about $0.20 while keeping its 2030 target[42].

The fifth risk is that U.S. restaurant traffic keeps falling, or large quick-service or supermarket customers are lost, cutting Institutional & Specialty volume while narrowing room for price increases[12]. The exposed line is segment operating income of $390 million in the second quarter at a 24.1% margin; Specialty depends on a few large quick-service chains and supermarkets, and warewashing products account for about 13% of company sales[22][23]. This risk is falsified if third-quarter segment organic growth is at least 4% and operating income growth is at least 9%[52].

What to Watch Next

• Energy surcharge and the price-cost spread: second-quarter pricing was +4% and organic gross margin was 44.9% (+10 basis points), against third-quarter 2025 adjusted EPS of $2.07. Watch whether pricing reaches 5%-6%, the direction of organic gross margin and where EPS lands in the $2.13-$2.23 range. Pricing of at least 5% with higher organic gross margin confirms the thesis; pricing below 5%, lower organic gross margin or EPS below $2.13 falsifies it.
• High-Tech, CoolIT and Global Water profit: second-quarter organic operating income grew +1% at a 15.9% organic margin, High-Tech grew 29%, and third-quarter 2025 segment operating income was $358 million. Watch whether organic operating income recovers, whether Heavy Water and Paper stop declining and the size of CoolIT dilution. Organic operating income of at least +5% with High-Tech at 25% or more confirms; organic operating income of +1% or less, High-Tech below 20% or dilution above plan falsifies.
• Institutional & Specialty under weak restaurant traffic: second-quarter operating income grew 6% at a 24.1% margin, versus 23.6% a year earlier, and Specialty grew 6%. Watch whether profit growth returns to 9% and whether Specialty and Institutional slow together. Operating income growth of at least 9% with margin expansion of 50 basis points or more confirms; operating income growth below 6% or Specialty below 3% falsifies.

Conclusion

Ecolab's profit is driven by three things: steady volume from selling chemicals by usage at customer sites, gross margin gains from value pricing, and structural growth from new engines such as High-Tech. In 2025 the company generated $16.081 billion in sales at a 44.5% adjusted gross margin, and in the second quarter of 2026 sales rose 10% and adjusted EPS rose 11%[28][2]; to buy CoolIT, however, net debt to EBITDA has already risen to 2.0x and was set at about 3x at closing[34][30]. The central unresolved relationship is whether surcharge-driven pricing can outrun cost in the first quarter in which higher-cost raw materials are fully booked, while High-Tech's rapid growth actually turns into Global Water profit.

Since the second-quarter release, the coverage available has consisted mainly of recaps of the results and earnings call, brief broker follow-up notes and CoolIT deal news, most of it published in March; none of it offered a verifiable, independently argued outside interpretation, so there is no basis for summarizing where outside views agree or conflict on the three debates. Given that gap, readers can judge the third quarter only from the company's own disclosures and guidance, and management's statements that about 30% of DPC is energy-exposed and that pricing must rise by about twice the cost increase are management claims that no independent source has yet tested[27].

What would genuinely change the current understanding is a combination of observations. If third-quarter pricing reaches 5% or more, organic gross margin rises year over year, Global Water organic operating income grows 5% or more and Institutional & Specialty profit growth returns to 9%, both the margin-recovery logic and the value of the growth engine would be strengthened; if pricing falls short of 5%, organic gross margin declines, Global Water organic profit still grows only about 1% and CoolIT dilution exceeds about $0.20, the current understanding would be materially weakened and the cost of a high-priced acquisition and higher leverage would become more prominent[38].

Sources

[1] Drillr earnings calendar (updated 2026-10-02) · ECL 2026-10-27 call · 2026-10-02 · Drillr earnings calendar

[2] ECL 8-K filed 2026-07-28 · Q2 2026 headline and guidance · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[3] ECL 10-Q filed 2026-08-06 · Q2 2026 sales change components · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[4] ECL 8-K filed 2026-07-28 · 2026 and Q3 business outlook · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[5] Drillr analyst_financial_estimates (updated 2026-10-02) · ECL quarter ending 2026-09-30 · 2026-10-02 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[6] ECL 8-K filed 2026-03-27 · 2025 quarterly segment data at 2026 fixed rates · 2026-03-27 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926035705/ecl-20260327xex99d2.htm

[7] ECL 8-K filed 2026-07-28 · Q2 2026 non-GAAP gross and operating margins · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[8] ECL Q2 2026 earnings call 2026-07-28 · guidance · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] ECL Q2 2026 earnings call 2026-07-28 · Q&A on margin math, commodities and Ovivo drag · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] ECL 10-Q filed 2026-08-06 · Global Water Q2 2026 operating segments and margin · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[11] ECL 8-K filed 2026-03-20 · CoolIT acquisition terms · 2026-03-20 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926032446/tm269446d1_ex99-1.htm

[12] ECL Q2 2026 earnings call 2026-07-28 · stated risks · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[13] ECL 8-K filed 2026-07-28 · Global Institutional & Specialty Q2 2026 segment review · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[14] ECL 10-Q filed 2026-08-06 · Institutional & Specialty Q2 2026 operating segments and margin · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[15] ECL 10-K filed 2026-02-23 · business overview and One Ecolab · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[16] ECL 10-K filed 2026-02-23 · Ovivo Electronics acquisition · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[17] ECL 10-Q filed 2026-08-06 · CoolIT acquisition closing · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[18] ECL 10-K filed 2026-02-23 · reportable segments and Global Water · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[19] ECL 10-K filed 2026-02-23 · FY2025 segment sales and operating income · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[20] ECL 10-K filed 2026-02-23 · Light & Heavy water treatment and high-tech · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[21] ECL 10-K filed 2026-02-23 · Food & Beverage and Paper · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[22] ECL 10-K filed 2026-02-23 · Institutional and Specialty sales channels · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[23] ECL 10-K filed 2026-02-23 · customers and warewashing · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[24] ECL 10-K filed 2026-02-23 · Pest Elimination and Life Sciences · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[25] ECL 8-K filed 2026-07-28 · Q2 2026 corporate amortization and special charges · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[26] ECL 10-K filed 2026-02-23 · raw materials · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[27] ECL Q1 2026 earnings call 2026-04-28 · Q&A on pricing math and energy-exposed costs · 2026-04-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[28] ECL 10-K filed 2026-02-23 · FY2025 sales change components and gross margin · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[29] ECL 10-K filed 2026-02-23 · FY2025 executive summary · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[30] ECL 8-K filed 2026-03-20 · CoolIT financing, accretion and leverage · 2026-03-20 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926032446/tm269446d1_ex99-1.htm

[31] ECL 10-K filed 2026-02-23 · FY2025 cash flows and capital expenditures · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[32] ECL 10-K filed 2026-02-23 · FY2025 cash flow statement capital expenditures · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[33] ECL 10-K filed 2026-02-23 · dividends, balance sheet and ratings · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[34] ECL 8-K filed 2026-07-28 · Q2 2026 supplemental: balance sheet and cash flow · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x2.htm

[35] ECL 10-Q filed 2026-08-06 · H1 2026 cash flow statement · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[36] ECL 10-Q filed 2026-08-06 · May 2026 senior notes for CoolIT · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[37] ECL 10-Q filed 2026-08-06 · energy surcharge and Middle East cost environment · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm

[38] ECL Q1 2026 earnings call 2026-04-28 · Q&A on CoolIT quarterly EPS dilution · 2026-04-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[39] ECL 10-K filed 2026-02-23 · competition · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[40] ECL 8-K filed 2026-07-28 · Q2 2026 consolidated results and Ecolab Digital · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[41] ECL Q2 2026 earnings call 2026-07-28 · Q&A on Global High-Tech composition · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[42] ECL 8-K filed 2026-07-28 · CEO comment on Global High-Tech and CoolIT · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[43] ECL 8-K filed 2026-07-28 · Q2 2026 supplemental: sales growth detail · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x2.htm

[44] ECL Q2 2026 earnings call 2026-07-28 · Q&A on CoolIT amortization and 2027 margin · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[45] ECL 8-K filed 2026-07-28 · Q2 2026 CEO comment on pricing and volume · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[46] ECL 8-K filed 2026-04-28 · Q1 2026 energy surcharge and outlook · 2026-04-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926049822/ecl-20260428xex99d1.htm

[47] ECL 8-K filed 2026-07-28 · Q2 2026 supplemental: 2H 2026 guidance and long-term targets · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x2.htm

[48] ECL 8-K filed 2026-07-28 · Global Water Q2 2026 segment review · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x1.htm

[49] ECL 8-K filed 2026-07-28 · Q2 2026 supplemental: Global Water operating segments and Q3 expectations · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x2.htm

[50] ECL 8-K filed 2026-07-28 · Q2 2026 supplemental: High-Tech, Light Water and Paper Q3 expectations · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x2.htm

[51] ECL 10-K filed 2026-02-23 · Global Institutional & Specialty FY2025 performance · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm

[52] ECL 8-K filed 2026-07-28 · Q2 2026 supplemental: Institutional & Specialty Q3 expectations · 2026-07-28 · 8-K · https://www.sec.gov/Archives/edgar/data/31462/000162828026049933/ecl_ex99x2.htm

[53] ECL 10-K filed 2026-02-23 · raw material cost risk factor · 2026-02-23 · 10-K · https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm