ECL · 10-Q · 2026Q3 · Full report

FX / Currency Headwinds

ECOLAB INC. · 2026-10-29 · Importance 45 · Surprise 64

Foreign-currency translation adjustments were a $159.1 million gain for the first nine months of 2026, compared with a $100.6 million gain in the prior-year period, a change exceeding 10%. Ecolab uses foreign-currency forwards and cross-currency swaps to manage exchange-rate exposures, including net investments in foreign operations and forecast transactions. At September 30, 2026, cross-currency swap notionals totaled $4,885 million, and the company identified exposures involving the U.S. dollar versus the euro, offshore Chinese yuan (CNH), Canadian dollar and Swiss franc.

Key facts

• In October 2026, Ecolab settled ₣550 million of existing Swiss Franc cross-currency swap contracts designated as net investment hedges and executed replacement contracts for the same notional value, with no material income-statement impact. source
• Ecolab's cross-currency swap derivative notional value was $4,885 million at September 30, 2026, compared with $4,151 million at December 31, 2025. source
• In the quarter ended September 30, 2026, Ecolab entered cross-currency swap contracts with aggregate notional amounts of CNH 3,385 million, plus euro and Canadian-dollar amounts not specified in the text. source
• As of September 30, 2026, Ecolab had cross-currency swap contracts outstanding designated to hedge net investments in foreign operations, including €2,425 million ($2,748 million) and CNH 7,370 million ($1,099 million), as well as Swiss-franc and Canadian-dollar amounts not specified in the text. source
• Ecolab's foreign currency translation adjustments were a $39.5 million loss in Q3 2026 and a $159.1 million gain in the first nine months of 2026. source
• In October 2026, Ecolab settled existing Swiss-franc cross-currency swaps designated as net-investment hedges and simultaneously executed replacement swaps for the same notional value; the transactions had no material income-statement impact. source
• Argentina, Turkiye and Egypt represented approximately 1% of Ecolab's consolidated sales and approximately 1% of consolidated assets at the end of Q3 2026. source
• Ecolab's cross-currency swaps partially hedge its net investments in foreign operations against adverse exchange-rate movements involving the U.S. dollar and the Euro, Chinese Yuan (CNH), Canadian dollar, and Swiss Franc. source