Ecolab Inc.

NYSE-ECL

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	589.7	528.5	406.5	479.5	740.8	495
Net Income Including Noncontrolling Interest
Less: Net Income from Discontinued Operations, Including Noncontrolling Interest
Net Income from Continuing Operations Including Noncontrolling Interest
Depreciation & Amortization	242.5	241.7	236.1	235.5	230.1	235
Depreciation
Amortization
Stock Based Compensation	33.6	33.7	42.2	25.3	26.6	35.9
Share-Based Compensation Expense
Other Adjustments	-35.3	-54.3	-14.7	-5.7	-401.8	-72.8
Deferred Income Taxes
Excess Tax Benefits from Share-Based Payment Arrangements
Pension and Postretirement Plan Contributions
Pension and Postretirement Plan Expense, Net
Restructuring Charges, Net of Cash Paid
Venezuelan Charges
Loss on Sale of Business
Gain on Sale of Businesses
Asset Charges and Write-Downs
Debt Refinancing
Sale of Global Surgical Solutions Business
Other, Net
Changes in Trade Receivables	-27.9	-113.3	-9.1	-37.4	0.8	-159.1
Change in Accounts Receivable
Changes in Inventories	39.3	-7.8	-69.1	48	-71.3	-26.8
Change in Inventories
Changes in Accounts Payable	-55.2	9.9	-2.5	22.3	67.6	127.4
Change in Accounts Payable
Changes in Other Operating Activities	4.6	63.9	-220	-0.8	193.9	-23.5
Change in Other Assets
Change in Other Liabilities
Cash from Operating Activities	791.3	701.8	369.4	766.7	786.7	611.1
Cash Provided by Operating Activities - Continuing Operations
Cash Provided by Operating Activities - Discontinued Operations

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-261.6	-216.7	-237.9	-359.7	-236.4	-196.9
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	4	20.8	21.6	8	-0.2	2.8
Property and Other Assets Sold
Purchases of Intangible Assets	—	—	—	—	—	—
Capitalized Software Expenditures
Payments for Business Acquisitions	—	-0.5	—	-256.5	-17.7	-38.7
Acquisitions and Investments in Affiliates, Net of Cash Acquired
Proceeds from Business Divestments	—	-7.5	-14.9	444.9	889.7	—
Divestiture of Businesses, Net of Cash Divested
Other Investing Activities	-23	-28	7.2	-16.3	9.7	-17.6
Release from Acquisition Related Escrow
Reduction of Cash Due to Venezuelan Deconsolidation
Restricted Cash Activity
Settlement of Net Investment Hedges
Other, Net
Net Change in Cash Balances Classified as Assets Held for Sale
Cash from Investing Activities	-280.6	-224.4	-224	-627.5	639.1	-244.4
Cash Provided by Investing Activities - Continuing Operations
Cash Provided by Investing Activities - Discontinued Operations

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	1.9	-5.3	4.5	-1.4	1.6	-5.5
Net Issuances of Commercial Paper and Notes Payable
Net Issuance / (Repayments) of Short-Term Debt	1.9	-5.3	4.5	-1.4	1.6	-5.5
Issuance of Long-Term Debt	519	500	—	-630.4	-315.2	—
Long-Term Debt Borrowings
Repayments of Long-Term Debt	-674.2	—	—	-356.1	-0.8	-314.8
Long-Term Debt Repayments
Net Issuance / (Repayments) of Long-Term Debt	-155.2	500	—	-986.5	-316	-314.8
Issuance of Common Shares	43	40.5	98.5	-233.4	78.4	48.9
Exercise of Employee Stock Options
Repurchases of Common Shares	-175.4	-45.5	-153.7	319.4	-464.3	-323
Reacquired Shares
Net Issuance / (Repurchases) of Common Shares	-132.4	-5	-55.2	86	-385.9	-274.1
Common Share Dividends Paid	-184.4	-188	-192	762.3	-162.2	-165.5
Dividends Paid
Other Financing Activities	-7.3	-4.4	1.1	-2.5	-2.5	-1.3
Excess Tax Benefits from Share-Based Payment Arrangements
Acquisition Related Liabilities and Contingent Consideration
Acquisition of Noncontrolling Interests
Debt Refinancing
Hedge Settlements
Other, Net
Cash from Financing Activities	-477.4	297.3	-241.6	-140.1	-548.3	-446.4
Cash Provided by Financing Activities - Continuing Operations
Cash Provided by Financing Activities - Discontinued Operations

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	529.7	485.1	131.5	407	550.3	414.2
NOPAT	624.6	568.7	442.6	523	783.9	550.5
Levered Free Cash Flow	401.3	1,109.9	113.6	-569.7	606	285.8
Unlevered Free Cash Flow	594.2	659.7	149.2	468.3	967.8	665.7
Net Change in Cash	33.3	774.7	-96.2	-0.9	877.5	-79.7