Ecolab (ECL) financial statements
Ecolab reported revenue of $16.1B in fiscal 2025, up 2.3% a year over 9 years.
Net income was $2.1B and the operating margin 17.0%, against 14.2% in 2016.
Free cash flow was $1.9B, and the company returned $754M in dividends and $784M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ecolab's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2B | $13.8B | $12.2B | $12.6B | $11.8B | $12.7B | $14.2B | $15.3B | $15.7B | $16.1B |
| Cost of revenue | $7.5B | $8.1B | $6.9B | $7.0B | $6.9B | $7.6B | $8.8B | $9.2B | $8.9B | $8.9B |
| Gross profit | $5.6B | $5.8B | $5.3B | $5.5B | $4.9B | $5.1B | $5.4B | $6.2B | $6.8B | $7.2B |
| Research and development | $189M | $201M | $193M | $190M | $185M | $186M | $190M | $192M | $207M | $202M |
| Selling, general and admin | $3.7B | $3.8B | $3.5B | $3.6B | $3.3B | $3.4B | $3.7B | $4.1B | $4.2B | $4.3B |
| Operating income | $1.9B | $2.0B | $1.7B | $1.8B | $1.4B | $1.6B | $1.6B | $2.0B | $2.8B | $2.7B |
| Interest expense | $285M | $275M | $236M | $214M | $305M | $231M | $252M | $349M | $340M | $306M |
| Pre-tax income | $1.6B | $1.8B | $1.6B | $1.7B | $1.2B | $1.4B | $1.3B | $1.8B | $2.6B | $2.5B |
| Income tax | $403M | $244M | $321M | $289M | $177M | $270M | $234M | $362M | $439M | $455M |
| Net income | $1.2B | $1.5B | $1.4B | $1.6B | -$1.2B | $1.1B | $1.1B | $1.4B | $2.1B | $2.1B |
| EPS (diluted) | $4.14 | $5.12 | $4.88 | $5.33 | -$4.15 | $3.91 | $3.81 | $4.79 | $7.37 | $7.28 |
| Diluted shares | 297M | 294M | 293M | 292M | 290M | 289M | 287M | 286M | 287M | 285M |
| Gross margin | 42.7% | 41.7% | 43.7% | 43.9% | 41.4% | 40.2% | 37.8% | 40.2% | 43.5% | 44.5% |
| Operating margin | 14.2% | 14.1% | 14.1% | 14.7% | 11.8% | 12.6% | 11.0% | 13.0% | 17.8% | 17.0% |
| Net margin | 9.3% | 10.9% | 11.7% | 12.4% | -10.2% | 8.9% | 7.7% | 9.0% | 13.4% | 12.9% |
Balance sheet
Fiscal years, from Ecolab's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $327M | $211M | $115M | $119M | $1.3B | $360M | $599M | $920M | $1.3B | $646M |
| Receivables | $2.3B | $2.6B | $2.7B | $2.4B | $2.3B | $2.5B | $2.7B | $2.8B | $2.9B | $3.2B |
| Inventory | $1.3B | $1.4B | $1.5B | $1.1B | $1.3B | $1.5B | $1.8B | $1.5B | $1.5B | $1.5B |
| Total current assets | $4.3B | $4.6B | $4.7B | $4.8B | $5.1B | $4.7B | $5.5B | $5.6B | $6.0B | $6.0B |
| Property, plant and equipment | $3.4B | $3.7B | $3.8B | $3.2B | $3.1B | $3.3B | $3.3B | $3.5B | $3.8B | $4.3B |
| Goodwill | $6.4B | $7.2B | $5.4B | $5.6B | $6.0B | $8.1B | $8.0B | $8.1B | $7.9B | $9.2B |
| Total assets | $18.3B | $20.0B | $20.1B | $20.9B | $18.1B | $21.2B | $21.5B | $21.8B | $22.4B | $24.7B |
| Total current liabilities | $3.0B | $3.5B | $3.7B | $3.6B | $2.9B | $3.6B | $4.2B | $4.3B | $4.8B | $5.5B |
| Long-term debt | $6.1B | $6.8B | $6.3B | $6.0B | $6.7B | $8.3B | $8.1B | $7.6B | $6.9B | $7.4B |
| Total liabilities | $11.4B | $12.3B | $12.0B | $12.1B | $11.9B | $14.0B | $14.2B | $13.8B | $13.6B | $14.9B |
| Shareholders' equity | $6.9B | $7.6B | $8.0B | $8.7B | $6.2B | $7.2B | $7.2B | $8.0B | $8.8B | $9.8B |
| Net debt | $6.4B | $7.1B | $6.9B | $6.2B | $5.4B | $8.4B | $8.0B | $7.3B | $6.3B | $7.6B |
Cash flow
Fiscal years, from Ecolab's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.1B | $2.3B | $2.4B | $1.9B | $2.1B | $1.8B | $2.4B | $2.8B | $3.0B |
| Capital spending | $806M | $948M | $779M | $731M | $489M | $643M | $713M | $775M | $994M | $1.0B |
| Free cash flow | $1.1B | $1.1B | $1.5B | $1.7B | $1.4B | $1.4B | $1.1B | $1.6B | $1.8B | $1.9B |
| Stock-based compensation | $86M | $90M | $88M | $84M | $82M | $90M | $88M | $95M | $135M | $137M |
| Dividends paid | $428M | $449M | $495M | $553M | $561M | $566M | $603M | $617M | $664M | $754M |
| Share buybacks (net) | -$740M | -$600M | -$562M | -$354M | -$146M | -$107M | -$518M | -$14M | -$986M | -$784M |
| Net borrowing | $214M | $467M | -$210M | -$653M | $220M | $2.2B | $90M | -$502M | -$628M | $470M |
| Free cash flow margin | 8.6% | 8.3% | 12.3% | 13.4% | 11.6% | 11.1% | 7.6% | 10.7% | 11.6% | 11.8% |
| Dividends per share | $1.44 | $1.53 | $1.69 | $1.89 | $1.93 | $1.96 | $2.10 | $2.15 | $2.32 | $2.64 |
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Open ECL in InvestinglyQuestions
What was Ecolab's revenue in 2025?
$16.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ecolab generate?
$1.9B in fiscal 2025 (operating cash flow minus capital spending).
From Ecolab's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.