Ecolab 二季度业绩小幅超预期并上调全年 EPS 指引，但惊喜幅度不足

ST. PAUL, Minn.--(BUSINESS WIRE)--
Ecolab Inc. (NYSE: ECL):
SECOND QUARTER HIGHLIGHTS
Ecolab delivered strong performance across the business. Accelerated organic sales growth, driven by good volume growth despite Middle East disruptions and by improved pricing, as well as strong productivity, more than offset rising commodity costs.
Reported sales $4.4 billion, +10%. Organic sales growth accelerated to +5%. Growth in Ecolab's core businesses improved, led by accelerating growth in Food & Beverage, Institutional, and Light Water. Ecolab's growth engines continued to grow strong double-digits, led by accelerating growth in Global High-Tech and Life Sciences.
Reported operating income margin 17.2%. Organic operating income margin 18.8%, +40 bps. Reported gross margin 44.1%. As expected, adjusted gross margin declined 60 bps due to the impact of the Ovivo Electronics acquisition; excluding this impact, organic gross margin was stable as strong pricing offset rising commodity costs.
Reported diluted EPS $1.90, +3%. Adjusted diluted EPS $2.09, +11%.
RAISES 2026 OUTLOOK
2026: Expect adjusted diluted EPS in the $8.05 to $8.25 range, +7% to 10%, higher than prior expectations of $8.03 to $8.23.
3Q 2026: Expect adjusted diluted EPS in the $2.13 to $2.23 range, +3% to 8%.
These ranges reflect strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition.

Second Quarter Ended June 30

Reported

Adjusted

(unaudited)
Public Currency Rates
%

Public Currency Rates
%

(millions, except per share)
2026
2025
Change

2026
2025
Change

Net sales
$4,415.4

$4,025.2

10
%

$4,415.4

$4,025.2

10
%

Operating income
757.9

710.1

7
%

809.0

737.2

10
%

Net income attributable to Ecolab
534.9

524.2

2
%

589.6

539.8

9
%

Diluted earnings per share attributable to Ecolab
$1.90

$1.84

3
%

$2.09

$1.89

11
%

Organic
%

2026
2025
Change

Net sales
$4,282.1

$4,090.0

5
%

Operating income
804.3

751.3

7
%

CEO Comment
Christophe Beck, Ecolab’s chairman, president and chief executive officer, said, “We delivered another quarter of double-digit EPS growth, driven by strong execution across the company which produced accelerating organic sales growth, a stable organic gross margin excluding the impact from Ovivo Electronics, and strong productivity. Reported volume grew 1%, despite a nearly 1% headwind from customer operations disrupted by the conflict in the Middle East, while underlying volume growth strengthened. Pricing improved to 4%, reflecting the early benefits of our energy surcharge implementation, which helped to mitigate the impact of rising commodity costs. This strong performance demonstrates the durability of our growth model and the power of our global team to deliver for our customers no matter what.
“As we indicated last quarter, the second quarter was a transition period. We entered the quarter with higher commodity costs and little benefit from our energy surcharge. Our team executed extremely well, implementing the surcharge globally, strengthening pricing throughout the quarter, continuing to grow volumes, and stabilizing organic gross margin in just one quarter. With total pricing in the second half expected to be in the 5% to 6% range, we are very well positioned to offset higher commodity costs and deliver strong underlying performance.
“Growth in our core businesses improved as we advanced our One Ecolab growth strategy to continue to gain share. Food & Beverage, Institutional, and Light Water accelerated, while performance in Heavy Water and Paper improved. Our growth engines continued to rapidly scale, led by 29% growth in Global High-Tech and 15% growth in Life Sciences. Our acquisition of Ovivo Electronics is also performing very well, and we continue to expect it to grow mid-teens this year versus pre-acquisition sales.
“The recent close of our acquisition of CoolIT further strengthens our Global High-Tech growth engine, extending our leadership in water technologies, research, and services into the rapidly growing AI infrastructure market. CoolIT's growth momentum continues to strengthen, with pre-acquisition sales up more than 100% in the first half. Our Global High-Tech platform is now approaching $1.5 billion in annualized sales, and we expect it to grow to $4 billion in sales by 2030, with operating income margins of 25%. This business is now our largest growth engine and is expected to contribute more than two percentage points to Ecolab's annual sales growth one year after acquisition with increasing margins.
“Looking ahead, we expect continued momentum, supported by very strong performance in our growth engines, ongoing share gains from One Ecolab, accelerating pricing, and improved productivity. We have never been better positioned to deliver long-term organic sales growth of 5% to 7%, expand operating income margins well beyond 20%, and continue strengthening our EPS growth algorithm.”
Second Quarter 2026 Consolidated Results
Ecolab’s second quarter reported sales increased 10% and organic sales growth accelerated to 5%. Ecolab Digital sales increased 27% to $121 million, with strong growth across both enabling hardware subscriptions and software.
Second quarter 2026 reported operating income increased 7% including the impact of special gains and charges. Adjusted operating income increased 10%, as accelerating pricing more than offset higher commodity costs and growth-oriented investments in the business.
Reported other income in the second quarter of 2026 decreased $4 million. Reported net interest expense increased $10 million reflecting the impact of lower cash balances and new debt used to fund recent acquisitions.
The reported income tax rate for the second quarter of 2026 was 22.3% compared with the reported rate of 19.9% in the second quarter of 2025. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the second quarter of 2026 was 21.0% compared with the adjusted tax rate of 20.8% in the second quarter of 2025.
Reported net income increased 2% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 9% versus the prior year.
Reported diluted earnings per share increased 3% versus the prior year. Adjusted diluted earnings per share increased 11% when compared against the second quarter of 2025.
As expected, currency translation had a $0.04 per share favorable impact on adjusted diluted earnings.
Ecolab repurchased approximately 1.2 million shares of its common stock during the second quarter of 2026.
Second Quarter 2026 Segment Review
Global Water

(unaudited)

Second Quarter Ended June 30

Organic

(millions)

2026

2025

% Change

% Change

Fixed currency

Sales

$2,215.5

$2,014.9

10
%

4
%

Operating income

347.7

329.7

5
%

1
%

Operating income margin

15.7
%

16.4
%

Organic operating income margin

15.9
%

16.4
%

Public currency

Sales

$2,223.4

$1,977.3

12
%

Operating income

348.8

321.9

8
%

The Global Water segment includes Heavy Water, Light Water, High-Tech, Food & Beverage, and Paper

Fixed currency sales grew 10%, driven by a 6% benefit from the Ovivo Electronics acquisition and accelerating organic sales growth of 4%. Global Water's accelerating performance was led by 29% organic growth in Global High-Tech, reflecting robust growth across both microelectronics and data centers. Growth in Food & Beverage continued to accelerate, driven by attractive new business wins from our One Ecolab growth strategy. Light Water also delivered improved growth, driven by solid gains across manufacturing, food & beverage, and institutional markets. Collectively, the headwind from softer sales in Heavy Water and Paper continued to ease, driven by good new business wins. As expected in this transition quarter, organic operating income increased 1% as accelerating pricing progressively offset growth-oriented investments in the business and higher