ECOLAB INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ECOLAB INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,153	13,838	12,222	12,562	11,790	12,733	14,188	15,320	15,741	16,081
Cost of revenue	7,534	8,064	6,875	7,046	6,906	7,616	8,831	9,155	8,900	8,931
Gross profit	5,619	5,774	5,347	5,516	4,884	5,117	5,357	6,165	6,842	7,150
Research and development	189	201	193	190	185	186	190	192	207	202
Selling, general and administrative	3,708	3,825	3,506	3,551	3,309	3,416	3,654	4,062	4,228	4,258
Operating income	1,870	1,950	1,728	1,845	1,396	1,599	1,563	1,992	2,802	2,738
Interest expense	285	275	236	214	305	231	252	349	340	306
Interest income	20.8	19.6	14.4	23.7	14.6	12.3	8.5	52.2	57.8	65.1
Other non-operating income	43.8	67.3	79.9	77	55.9	33.9	24.5	59.9	51.3	51.4
Pre-tax income	1,649	1,762	1,587	1,732	1,161	1,414	1,343	1,756	2,571	2,548
Income tax	403	244	321	289	177	270	235	363	439	455
Income from continuing operations			1,250	1,426	967	1,130	1,092	1,372	2,112
Net income to minority interests	17.5	14	11.2	17.3		14.1	17.2	20.7	19.5	17.7
Net income	1,229	1,505	1,429	1,559	-1,205	1,130	1,092	1,372	2,112	2,076
EBITDA	2,431	2,536	2,264	2,414	1,990	2,203	2,181	2,609	3,437	3,410
EPS, basic	4.20	5.20	4.95	5.41	-4.20	3.95	3.83	4.82	7.43	7.33
EPS, diluted	4.14	5.12	4.88	5.33	-4.15	3.91	3.81	4.79	7.37	7.28
Shares, basic (weighted)	293	290	289	288	287	286	285	285	284	283
Shares, diluted (weighted)	297	294	293	293	290	289	287	287	287	285
Dividend per share	1.42	1.52	1.69	1.85	1.89	1.95	2.06	2.16	2.36	2.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	327	211	115	119	1,260	360	599	920	1,257	646
Receivables	2,341	2,571	2,663	2,382	2,274	2,478	2,698	2,834	2,865	3,249
Inventory	1,319	1,447	1,546	1,082	1,285	1,492	1,793	1,497	1,465	1,490
Other current assets	291	365	354	295	298	357	405	393	439	570
Total current assets	4,279	4,594	4,678	4,828	5,117	4,687	5,494	5,644	6,026	5,956
Property, plant and equipment	3,365	3,707	3,836	3,228	3,125	3,289	3,293	3,475	3,752	4,277
Lease right-of-use assets				467	424	397	448	554	723	766
Goodwill	6,383	7,167	5,394	5,569	6,007	8,064	8,013	8,148	7,907	9,227
Intangible assets	3,818	4,018	3,798	2,928	2,977	4,224	3,681	3,494	3,309	3,689
Other non-current assets	485	477	685	516	476	546	535	533	670	783
Total assets	18,330	19,964	20,075	20,869	18,126	21,206	21,464	21,847	22,388	24,696
Accounts payable	983	1,177	1,256	1,075	1,161	1,384	1,728	1,566	1,810	2,071
Accrued liabilities	516	549	580	566	469	510	494	656	727	722
Deferred revenue										173
Short-term debt	541	564	744	381	17.3	411	505	630	616	870
Total current liabilities	3,019	3,475	3,686	3,631	2,932	3,553	4,210	4,346	4,793	5,535
Long-term debt	6,146	6,758	6,302	5,973	6,669	8,347	8,075	7,551	6,949	7,366
Other non-current liabilities	205	415	325	270	312	254	406	382	366	519
Total liabilities	11,359	12,310	12,021	12,143	11,925	13,953	14,206	13,774	13,599	14,892
Total debt	6,657	7,308	6,703	6,274	6,671	8,350	8,577	8,180	7,561	8,125
Paid-in capital	5,271	5,436	5,633	5,907	6,235	6,465	6,580	6,767	7,160	7,521
Retained earnings	6,975	8,012	8,910	9,994	8,243	8,815	9,319	10,075	11,517	12,834
Treasury stock	-3,984	-4,575	-5,135	-5,485	-6,680	-6,784	-7,301	-7,313	-8,305	-9,080
Other comprehensive income	-1,713	-1,643	-1,762	-2,090	-1,994	-1,635	-1,727	-1,850	-1,982	-1,874
Shareholders' equity	6,901	7,584	8,003	8,685	6,167	7,224	7,236	8,045	8,757	9,771
Minority interests	69.8	70.2	50.4	40.5	35	28.9	22.5	27.5	31.9	33.7
Total equity	6,941	7,654	8,054	8,726	6,202	7,253	7,259	8,072	8,789	9,805
Total liabilities and equity	18,330	19,964	20,075	20,869	18,126	21,206	21,464	21,847	22,388	24,696
Shares outstanding	292	289	288	288	286	287	285	285	283	282

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,247	1,519	1,440	1,576	-1,186	1,144	1,109	1,393	2,132	2,093
Depreciation and amortization	561	586	536	569	594	604	619	617	635	673
Stock-based compensation	85.7	90.5	88	84	82.1	89.5	87.8	95.1	135	137
Deferred income tax	-90.6	-353	123	-22.1	-39.3	-0.9	-143	-55.1	-185	-36.2
Change in receivables	0.9	-91.5	-133	-173	156	-178	-320	-84.3	-147	-186
Change in inventory	18.8	-85.5	-101	22.3	-180	-73	-403	320	-116	36.4
Change in payables	-55.1	121	99.8	22.9	55.9	200	395	-232	300	67.7
Cash from operations	1,940	2,091	2,278	2,421	1,860	2,062	1,788	2,412	2,814	2,953
Capital expenditures	-757	-869	-779	-731	-489	-643	-713	-775	-995	-1,048
Acquisitions	-85
Cash from investing	-774	-1,727	-1,030	-1,199	-415	-4,580	-717	-991	-434	-2,707
Debt issued	2,390	1,309			1,856	2,775	494			1,046
Debt repaid	-1,570	-799	-552	-401	-1,570	-1,018		-500	-630	-674
Stock issued	76.8	83.8	115	187	242	144	29.1	96.8	259	228
Share buybacks	-740	-600	-562	-354	-146	-107	-518	-13.7	-987	-784
Dividends paid	-428	-449	-495	-553	-561	-566	-603	-617	-664	-754
Cash from financing	-868	-523	-1,173	-1,350	-342	1,603	-837	-1,055	-2,024	-853
Exchange rate effect	-10.3	-10.6	7.6	20.4	-30.1	14.3	4.4	-45.7	-18.7	-2.7
Net change in cash	288	-169	82.6	-108	1,074	-900	239	321
Free cash flow	1,183	1,223	1,499	1,689	1,371	1,419	1,076	1,637	1,819	1,904
Interest paid	267	239	206	189	263	209	222	325	343	303
Income taxes paid	359	403	365	337	367	276	309	469	647	548

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $279.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.1%	Gross profit / revenue.
Operating margin	16.9%	Operating income / revenue.
EBITDA margin	21.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.6%	Pre-tax income / revenue.
Net margin	12.6%	Net income / revenue.
FCF margin	11.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.1%	Cash from operations / revenue.
Effective tax rate	18.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	12.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	26.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.0%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-1.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.84x	Current assets / current liabilities.
Quick ratio	1.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.86x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.0%	Total debt / total assets.
Liabilities / assets	66.3%	Total liabilities / total assets.
Net debt	$8.04B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.65x	Operating income / interest expense.
Working capital	$5.03B	Current assets - current liabilities.
Goodwill and intangibles / assets	43.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.81B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	3.79x	Revenue / average property, plant and equipment.
Inventory turnover	5.73x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Receivables turnover	4.88x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	84 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	55 days	Days inventory + days sales outstanding - days payables.
FCF conversion	88.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.68	Revenue / diluted weighted shares.
FCF per share	$6.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.83	Cash from operations / diluted weighted shares.
Book value per share	$35.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$10.04	Tangible book value / shares outstanding.
Cash per share	$18.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	37.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	42.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	66.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$78.35B	Share price x shares outstanding.
Enterprise value	$86.38B	Market cap + total debt - cash - short-term investments.
P/E	37.0x	Market cap / net income. Only when net income is positive.
P/S	4.65x	Market cap / revenue.
P/B	7.79x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	41.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.6x	Market cap / cash from operations, when positive.
EV/Sales	5.13x	Enterprise value / revenue.
EV/EBIT	30.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	46.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	1.54x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ECOLAB INC.'s revenue in fiscal 2025?

ECOLAB INC. reported revenue of $16.08B for fiscal 2025, 2.2% higher than the year before.

Was ECOLAB INC. profitable in fiscal 2025?

Yes. Net income was $2.08B, a net margin of 12.9%.

How much free cash flow did ECOLAB INC. generate in fiscal 2025?

Cash from operations of $2.95B minus capital expenditures of $1.05B left free cash flow of $1.90B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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