Ecolab Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,665 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• ChampionX resolution. Ecolab split off its Upstream Energy business (Apergy Corporation, later renamed ChampionX Corporation after merging with Champion Technologies) in 2020. Both the Q2 2026 10-Q and the FY2025 10-K were searched for 'ChampionX', 'Apergy', 'equity method', 'unconsolidated', 'joint venture', 'minority interest' and 'affiliates'. Every ChampionX hit in both filings concerns indemnification and litigation-allocation obligations under the 2020 separation and distribution agreement; none describes a retained equity stake, and no ChampionX share count or ownership percentage appears anywhere in either filing. This is consistent with Ecolab having fully divested its retained ChampionX shares via a registered exchange offer completed shortly after the 2020 split-off. No ChampionX holding is recorded.
• Holdings are empty, and that is a sourced finding. The Q2 2026 10-Q's only 'equity method' hits describe a gain from 'the sale of an equity method investment' (unnamed) in Q2 2026 and a similar unnamed sale referenced in the FY2025 10-K's special-charges discussion; neither filing names the investee or gives a balance for it. The FY2025 10-K describes Ecolab's accounting policy for equity-method investees in companies, joint ventures and partnerships where it has significant influence but not control, and states that 'over time, we have entered into partnerships or joint ventures... During 2025, the impact on our consolidated net income of our joint ventures, in the aggregate, was approximately two percent,' but no individual joint venture or investee is named or separately sized anywhere in either filing. Per the brief and this project's rule against assigning a combined balance to one investee, no holding row is recorded for this unnamed, aggregate 2%-of-net-income joint venture exposure. Terms searched in both the Q2 2026 10-Q (https://www.sec.gov/Archives/edgar/data/31462/000162828026053886/ecl-20260630.htm) and the FY2025 10-K (https://www.sec.gov/Archives/edgar/data/31462/000110465926018357/ecl-20251231x10k.htm): 'equity method', 'unconsolidated', 'joint venture', 'equity investments', 'ChampionX', 'Apergy', 'minority interest', 'affiliates', 'non-marketable'.
• Cascade Investment (Bill Gates) is still on the register as a strategic holder, but its size is stale. Cascade last amended its Schedule 13D on Ecolab in August 2022 and does not currently file Form 13F on Ecolab (last 13F-HR by Cascade Investment LLC itself was 2009). Ecolab's own 20 March 2026 DEF 14A is the most current sourced figure: it states Cascade's 29,178,741-share position is drawn from the August 2022 13D as updated by a Form 4 filed 22 November 2024. No filing has updated this figure since. Separately, the Gates Foundation Trust files its own Form 13F and reported 5,218,044 Ecolab shares as of 30 June 2026, matching exactly the figure cited in the same proxy footnote, which increases confidence that the 29,178,741 Cascade figure, while dated, remains the best available sourced number.
• Register reconciliation on Vanguard and BlackRock. Ecolab's 2026 proxy, citing Schedule 13G/A filings from February 2024 (stale by SEC 13G/A annual-amendment cadence), reports The Vanguard Group at 23,181,648 shares (8.21%, per Amendment No. 11 to its 13G filed 13 Feb 2024, based on 31 Dec 2023 shares outstanding) and BlackRock, Inc. at 21,715,848 shares (7.69%, per Amendment No. 9 to its 13G filed 26 Jan 2024, based on 31 Dec 2023 data). The register instead uses each manager's Q2 2026 Form 13F-HR (30 June 2026 position dates): Vanguard's successor entities sum to 22,838,245 shares and BlackRock reports 23,051,363 shares, both higher than the 2024 13G figures, consistent with position increases and index rebalancing over the intervening two and a half years rather than a data error.
• Vanguard Group Inc (CIK 0000102909) filed 13F-NT (notice) rather than 13F-HR for the quarter ended 30 June 2026, per its EDGAR submissions feed, consistent with the January 2026 reorganisation of Vanguard's 13F filing structure referenced elsewhere in this project (e.g. pnc.json). Per the brief, Vanguard is represented here as a single substituted row (sum of Vanguard Capital Management LLC and Vanguard Portfolio Management LLC) rather than listed multiple times.
• Percentages are computed by this research against 280,328,603 common shares outstanding as of 30 June 2026 (Q2 2026 10-Q cover page / dei:EntityCommonStockSharesOutstanding), except the proxy-sourced insider rows and Cascade, which use the same 280,328,603 denominator for consistency even though the proxy's own >5%-holder table uses a slightly different (later, proxy-specific) share count for its own printed percentages; both figures are given in each row's method_note where they differ.
• Market capitalisation of $76.98 billion and the $274.60 share price are stockanalysis.com's figures as of 17 August 2026, intraday. Cross-check: 280,328,603 shares x $274.60 implies approximately $76.98 billion, matching the reported market cap closely.
• Self-gate check: summing the 10 non-aggregate, non-insider register rows (The Vanguard Group, BlackRock, State Street Corporation, FMR LLC, Norges Bank, Geode Capital Management, JPMorgan Chase & Co., Morgan Stanley, Cascade Investment, Gates Foundation Trust) gives 125,377,015 shares against 280,328,603 shares outstanding, or 44.73%, within the expected range for this register. It sits toward the upper end because of the unusually large combined Cascade Investment plus Gates Foundation Trust strategic position on top of the usual index and active manager float. Correction, 17 August 2026: this line first read "14 rows" totalling 134,485,275 shares and 47.97%, which was an arithmetic error in the check itself rather than in any row. The register has always held these 10 such rows and the figures in them are unchanged; only this summary was wrong.