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ECL · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A transition quarter handled well — commodity costs hit before the energy surcharge kicked in, yet pricing reached 4% and organic growth accelerated to 5%; the story underneath is Global High-Tech growing 29% on microelectronics and data centers, which is quietly turning a cleaning-and-water company into an AI-infrastructure supplier.
Net Income (incl. NCI)
$539M
up 2% y/y
Net Sales
$4,415M
up 10% y/y
Operating Income
$758M
up 7% y/y
Gross Profit
$1,946M
up 9.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net Sales | $4,415 · +10% |
| Cost of Sales | $2,470 · +11% |
| Gross Profit | $1,946 · +9.7% · 44.1% margin |
| SG&A | $1,142 · +7% |
| Special Charges | $46 · vs $25 |
| Operating Income | $758 · +7% · 17.2% margin |
| Other Income ≈ | $9 |
| Interest Expense, net | $73 · +16% |
| Pre-Tax Income | $694 · +5% |
| Income Tax | $155 · ETR 22.3% · было 19.9% |
| Net Income (incl. NCI) | $539 · +2% |
| Noncontrolling Interests | $4 |
| Net Income to Ecolab | $535 · +2% · $1.90/sh · adj. $2.09 (+11%) |
Verdict: a transition quarter handled well — commodity costs hit before the energy surcharge kicked in, yet pricing reached 4% and organic growth accelerated to 5%; the story underneath is Global High-Tech growing 29% on microelectronics and data centers, which is quietly turning a cleaning-and-water company into an AI-infrastructure supplier.
Diluted EPS $1.90 (+3%); adjusted $2.09 (+11%). Digital sales +27% to $121M. Repurchased ~1.2M shares. High-Tech platform approaching $1.5B annualized sales, targeted at $4B by 2030 with 25% margins after the CoolIT acquisition.
Source and notation
* marks non-cash / ≈ estimated. Other income derived as the residual between operating income less net interest and reported pre-tax income. Source: Ecolab press release 8-K EX-99.1 (SEC EDGAR).
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Chart: “ECL Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/ecl/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/ecl/q2-2026"><img src="https://whoreportstoday.com/t/ecl/q2-2026/sankey.png" alt="ECL Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ecl/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/ecl/q2-2026">ECL Q2 2026 earnings chart (Who Reports Today)</a>
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- Pricing did the heavy lifting: +4% in the quarter as the global energy surcharge was rolled out mid-period; management guides to 5-6% pricing in the second half to cover commodity inflation.
- Cost of sales grew 11% against 10% sales growth — gross economics were squeezed, and the company calls this a deliberate transition quarter.
- Global High-Tech grew 29% organically on microelectronics and data centres; with CoolIT (liquid cooling) just closed, this is now the largest growth engine.
- Acquisitions show up twice: Ovivo Electronics added about 6 points to Global Water sales, and the debt behind these deals pushed net interest expense up 16% to $73.1M.
- Special charges doubled to $46.4M from $24.6M — integration of the two acquisitions.
- Tax rate rose to 22.3% from 19.9%, which is why reported net income grew only 2% while adjusted net income grew 9%.
- Volume grew just 1%, with almost a full point of headwind from customers disrupted by the Middle East conflict — underlying volume was better than the headline.
- Noncontrolling interests take only $3.8M — Ecolab owns nearly all of what it consolidates.
What distorts the picture in this report and what to watch beyond the headlines.
ECL — Ecolab provides water, hygiene, and infection prevention solutions and services worldwide.
The company operates in segments including Industrial, Healthcare, and Hospitality, with headquarters in Saint Paul, Minnesota.
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