ECL

Research · Sep 3, 2026

[ECL] Ecolab Thesis 2026: Operating Leverage Drives Earnings Despite Buyback Slowdown

Ecolab FY25 (Dec 31, 2025) at $16.08B revenue (+2.2%). OpInc $2.91B (+11%); margin 18.1% (+150bp YoY). Net income $2.08B; Diluted EPS $7.28. FCF $1.90B (+5%). Capital return $1.54B (div $754M + buyback $784M). JPM upgraded N→OW Mar 24; PT range raised to $285-$352. Industrial ~50%, Institutional ~30%, Healthcare ~10%, Pest ~10%.