Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2007–FY2025: $8.33B in buybacks, $7.64B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Issuer evidence: This FIFTEENTH SUPPLEMENTAL INDENTURE (this “Fifteenth Supplemental Indenture”) dated as of May 29, 2026, is between ECOLAB INC., a Delaware corporation (the “Company”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association (the “Trustee”).
Supporting evidence: (a) The 2029 Notes shall mature, and the principal of the 2029 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2029 (the Stated Maturity of principal of the 2029 Notes). The 2031 Notes shall mature, and the principal of the 2031 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2031 (the Stated Maturity of principal of the 2031 Notes). The 2033 Notes shall mature, and the principal of the 2033 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2033 (the Stated Maturity of principal of the 2033 Notes). The 2036 Notes shall mature, and the principal of the 2036 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2036 (the Stated Maturity of principal of the 2036 Notes).
Supporting evidence: (b) The 2029 Notes shall bear interest at the rate of 4.600% per annum, the 2031 Notes shall bear interest at the rate of 4.800% per annum, the 2033 Notes shall bear interest at the rate of 5.150% per annum and the 2036 Notes shall bear interest at the rate of 5.350% per annum, in each case from and including May 29, 2026 or from the most recent applicable Interest Payment Date on which interest has been paid or provided for, until the principal thereof becomes due and payable, and on any overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on June 15 and December 15 of each year, beginning December 15, 2026 to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on June 1 or December 1, as the case may be, immediately preceding each applicable Interest Payment Date.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
4.800% Notes due 2031
Note · Ecolab Inc.
Reference: 4.800% Notes due 2031
Active
Original principal
USD 900,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 15, 2031
Last reported interest terms:
4.8%
Reported 2026-05-29Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Issuer evidence: This FIFTEENTH SUPPLEMENTAL INDENTURE (this “Fifteenth Supplemental Indenture”) dated as of May 29, 2026, is between ECOLAB INC., a Delaware corporation (the “Company”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association (the “Trustee”).
Supporting evidence: (a) The 2029 Notes shall mature, and the principal of the 2029 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2029 (the Stated Maturity of principal of the 2029 Notes). The 2031 Notes shall mature, and the principal of the 2031 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2031 (the Stated Maturity of principal of the 2031 Notes). The 2033 Notes shall mature, and the principal of the 2033 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2033 (the Stated Maturity of principal of the 2033 Notes). The 2036 Notes shall mature, and the principal of the 2036 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2036 (the Stated Maturity of principal of the 2036 Notes).
Supporting evidence: (b) The 2029 Notes shall bear interest at the rate of 4.600% per annum, the 2031 Notes shall bear interest at the rate of 4.800% per annum, the 2033 Notes shall bear interest at the rate of 5.150% per annum and the 2036 Notes shall bear interest at the rate of 5.350% per annum, in each case from and including May 29, 2026 or from the most recent applicable Interest Payment Date on which interest has been paid or provided for, until the principal thereof becomes due and payable, and on any overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on June 15 and December 15 of each year, beginning December 15, 2026 to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on June 1 or December 1, as the case may be, immediately preceding each applicable Interest Payment Date.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
5.150% Notes due 2033
Note · Ecolab Inc.
Reference: 5.150% Notes due 2033
Active
Original principal
USD 1,500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 15, 2033
Last reported interest terms:
5.15%
Reported 2026-05-29Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Issuer evidence: This FIFTEENTH SUPPLEMENTAL INDENTURE (this “Fifteenth Supplemental Indenture”) dated as of May 29, 2026, is between ECOLAB INC., a Delaware corporation (the “Company”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association (the “Trustee”).
Supporting evidence: (a) The 2029 Notes shall mature, and the principal of the 2029 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2029 (the Stated Maturity of principal of the 2029 Notes). The 2031 Notes shall mature, and the principal of the 2031 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2031 (the Stated Maturity of principal of the 2031 Notes). The 2033 Notes shall mature, and the principal of the 2033 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2033 (the Stated Maturity of principal of the 2033 Notes). The 2036 Notes shall mature, and the principal of the 2036 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2036 (the Stated Maturity of principal of the 2036 Notes).
Supporting evidence: (b) The 2029 Notes shall bear interest at the rate of 4.600% per annum, the 2031 Notes shall bear interest at the rate of 4.800% per annum, the 2033 Notes shall bear interest at the rate of 5.150% per annum and the 2036 Notes shall bear interest at the rate of 5.350% per annum, in each case from and including May 29, 2026 or from the most recent applicable Interest Payment Date on which interest has been paid or provided for, until the principal thereof becomes due and payable, and on any overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on June 15 and December 15 of each year, beginning December 15, 2026 to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on June 1 or December 1, as the case may be, immediately preceding each applicable Interest Payment Date.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
5.350% Notes due 2036
Note · Ecolab Inc.
Reference: 5.350% Notes due 2036
Active
Original principal
USD 1,400,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jun 15, 2036
Last reported interest terms:
5.35%
Reported 2026-05-29Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Issuer evidence: This FIFTEENTH SUPPLEMENTAL INDENTURE (this “Fifteenth Supplemental Indenture”) dated as of May 29, 2026, is between ECOLAB INC., a Delaware corporation (the “Company”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association (the “Trustee”).
Supporting evidence: (a) The 2029 Notes shall mature, and the principal of the 2029 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2029 (the Stated Maturity of principal of the 2029 Notes). The 2031 Notes shall mature, and the principal of the 2031 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2031 (the Stated Maturity of principal of the 2031 Notes). The 2033 Notes shall mature, and the principal of the 2033 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2033 (the Stated Maturity of principal of the 2033 Notes). The 2036 Notes shall mature, and the principal of the 2036 Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 15, 2036 (the Stated Maturity of principal of the 2036 Notes).
Supporting evidence: (b) The 2029 Notes shall bear interest at the rate of 4.600% per annum, the 2031 Notes shall bear interest at the rate of 4.800% per annum, the 2033 Notes shall bear interest at the rate of 5.150% per annum and the 2036 Notes shall bear interest at the rate of 5.350% per annum, in each case from and including May 29, 2026 or from the most recent applicable Interest Payment Date on which interest has been paid or provided for, until the principal thereof becomes due and payable, and on any overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on June 15 and December 15 of each year, beginning December 15, 2026 to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on June 1 or December 1, as the case may be, immediately preceding each applicable Interest Payment Date.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Supporting evidence: There is hereby established a series of Securities designated the “4.600% Notes due 2029” (the “2029 Notes”), a series of Securities designated the “4.800% Notes due 2031” (the “2031 Notes”), a series of Securities designated the “5.150% Notes due 2033” (the “2033 Notes”), a series of Securities designated the “5.350% Notes due 2036” (the “2036 Notes” and, together with the 2029 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The Notes shall be unsecured and unsubordinated obligations of the Company. The initial maximum aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,200,000,000, except for 2029 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2029 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2031 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $900,000,000, except for 2031 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2031 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2033 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,500,000,000, except for 2033 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2033 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. The initial maximum aggregate principal amount of the 2036 Notes that may be authenticated and delivered under this Fifteenth Supplemental Indenture shall not exceed $1,400,000,000, except for 2036 Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, 2036 Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture. Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes of any series, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes of a series created hereunder (the “Additional Notes”). The Notes of the applicable series and the Additional Notes shall together constitute one series for purposes of the Existing Indenture and this Fifteenth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase, provided they are fungible for U.S. federal income tax purposes and that no Event of Default with respect to the Notes of the applicable series shall have occurred or be continuing.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
5.17×
Peer median 2.68×
EV/EBIT
30.52×
Peer median 29.05×
P/E (TTM)
37.83×
Peer median 30.34×
EV/Adj. EBITDA (FY2026)
21.04×
Peer median 12.99×
Peer medians compare against the 13 similar-size Specialty Chemicals companies (of 66 listed).
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.
Valuation over time computed as of each quarter's filing date
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Water Services
$7,982,400,000
$7,775,900,000
$7,625,500,000
—
—
—
—
—
Global Institutional
$6,104,600,000
$6,103,400,000
$5,910,800,000
$4,432,100,000
$3,966,800,000
$3,553,200,000
$4,401,500,000
$4,302,000,000
Global Pest Elimination
$1,246,300,000
$1,162,800,000
$1,066,000,000
$959,000,000
—
—
—
—
Global Healthcare and Life Sciences
$747,900,000
$699,300,000
$675,400,000
$1,510,500,000
$1,181,600,000
$1,181,900,000
$972,800,000
$939,500,000
Global Industrial
—
$7,777,200,000
$7,626,500,000
$7,197,100,000
$6,237,900,000
$5,870,800,000
$5,980,200,000
$5,806,800,000
Other Reportable Segment
—
—
$1,444,200,000
$1,316,400,000
$1,207,700,000
$1,084,300,000
$1,207,500,000
$1,173,800,000
Corporate
—
—
$42,500,000
$89,100,000
$139,100,000
—
—
—
By Geography (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
United States
$8,480,200,000
$11,612,300,000
$12,165,300,000
$8,288,300,000
$6,586,700,000
$6,043,000,000
$8,414,600,000
$8,166,100,000
Europe
$3,275,300,000
$4,786,800,000
$5,023,200,000
$3,164,000,000
$2,819,200,000
$2,645,300,000
$3,013,900,000
$2,978,800,000
Asia Pacific
$1,364,500,000
$2,288,200,000
$2,350,700,000
$1,314,400,000
$1,146,800,000
$1,085,700,000
$1,354,900,000
$1,339,900,000
Latin America
$1,101,200,000
$1,910,400,000
$1,894,500,000
$963,600,000
$766,900,000
$676,400,000
$955,000,000
$946,800,000
China
$722,400,000
$1,097,600,000
$1,158,500,000
$765,200,000
$619,600,000
$514,900,000
$592,700,000
$591,000,000
India, Middle East and Africa
$638,200,000
$1,120,600,000
$1,107,700,000
$573,200,000
$429,000,000
$388,100,000
$403,700,000
$405,300,000
Canada
$499,400,000
$702,700,000
$691,000,000
$435,900,000
$364,900,000
$336,800,000
$674,900,000
$717,200,000
Middle East and Africa
—
—
—
—
—
—
$685,800,000
$709,500,000
By Product & Service (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Product and Equipment
$12,618,500,000
$12,473,600,000
$12,316,800,000
$11,446,200,000
$10,153,300,000
$9,466,600,000
$10,129,000,000
$9,903,600,000
Service and Lease
$3,462,700,000
$3,267,800,000
$3,003,400,000
$2,741,600,000
$2,579,800,000
$2,323,600,000
$2,433,000,000
$2,318,500,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
