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Side-by-side financial comparison of Ecolab (ECL) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Ecolab is the larger business by last-quarter revenue ($4.1B vs $3.7B, roughly 1.1× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 10.6%, a 9.6% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 10.0%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 1.0%).
Ecolab Inc., headquartered in Saint Paul, Minnesota, provides products related to water treatment, sanitation, and hygiene, primarily to commercial and industrial customers.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
ECL vs SHOP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $3.7B |
| Net Profit | $432.6M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 15.3% | 17.2% |
| Net Margin | 10.6% | 20.2% |
| Revenue YoY | 10.0% | 30.6% |
| Net Profit YoY | 1.3% | -42.5% |
| EPS (diluted) | $1.52 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q2 26 | $4.1B | — | ||
| Q4 25 | $4.2B | $3.7B | ||
| Q3 25 | $4.2B | $2.8B | ||
| Q2 25 | $4.0B | $2.7B | ||
| Q1 25 | $3.7B | $2.4B | ||
| Q4 24 | $4.0B | $2.8B | ||
| Q3 24 | $4.0B | $2.2B | ||
| Q2 24 | $4.0B | $2.0B |
| Q2 26 | $432.6M | — | ||
| Q4 25 | $563.9M | $743.0M | ||
| Q3 25 | $585.0M | $264.0M | ||
| Q2 25 | $524.2M | $906.0M | ||
| Q1 25 | $402.5M | $-682.0M | ||
| Q4 24 | $472.9M | $1.3B | ||
| Q3 24 | $736.5M | $828.0M | ||
| Q2 24 | $490.9M | $171.0M |
| Q2 26 | — | — | ||
| Q4 25 | 44.0% | 46.1% | ||
| Q3 25 | 44.8% | 48.9% | ||
| Q2 25 | 44.8% | 48.6% | ||
| Q1 25 | 44.2% | 49.5% | ||
| Q4 24 | 43.3% | 48.1% | ||
| Q3 24 | 43.4% | 51.7% | ||
| Q2 24 | 43.8% | 51.1% |
| Q2 26 | 15.3% | — | ||
| Q4 25 | 17.0% | 17.2% | ||
| Q3 25 | 18.3% | 12.1% | ||
| Q2 25 | 17.6% | 10.9% | ||
| Q1 25 | 15.0% | 8.6% | ||
| Q4 24 | 14.6% | 16.5% | ||
| Q3 24 | 26.1% | 13.1% | ||
| Q2 24 | 16.5% | 11.8% |
| Q2 26 | 10.6% | — | ||
| Q4 25 | 13.4% | 20.2% | ||
| Q3 25 | 14.0% | 9.3% | ||
| Q2 25 | 13.0% | 33.8% | ||
| Q1 25 | 10.9% | -28.9% | ||
| Q4 24 | 11.8% | 46.0% | ||
| Q3 24 | 18.4% | 38.3% | ||
| Q2 24 | 12.3% | 8.4% |
| Q2 26 | $1.52 | — | ||
| Q4 25 | $1.98 | $0.58 | ||
| Q3 25 | $2.05 | $0.20 | ||
| Q2 25 | $1.84 | $0.69 | ||
| Q1 25 | $1.41 | $-0.53 | ||
| Q4 24 | $1.65 | $0.99 | ||
| Q3 24 | $2.58 | $0.64 | ||
| Q2 24 | $1.71 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $519.8K | $5.8B |
| Total DebtLower is stronger | $8.5M | — |
| Stockholders' EquityBook value | $10.0M | $13.5B |
| Total Assets | $25.0M | $15.2B |
| Debt / EquityLower = less leverage | 0.85× | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $519.8K | — | ||
| Q4 25 | $646.2M | $5.8B | ||
| Q3 25 | $2.0B | $6.3B | ||
| Q2 25 | $1.9B | $5.8B | ||
| Q1 25 | $1.2B | $5.5B | ||
| Q4 24 | $1.3B | $5.5B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $384.0M | — |
| Q2 26 | $8.5M | — | ||
| Q4 25 | $7.4B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $7.0B | — | ||
| Q4 24 | $6.9B | — | ||
| Q3 24 | $7.0B | — | ||
| Q2 24 | $7.5B | — |
| Q2 26 | $10.0M | — | ||
| Q4 25 | $9.8B | $13.5B | ||
| Q3 25 | $9.7B | $12.5B | ||
| Q2 25 | $9.3B | $12.1B | ||
| Q1 25 | $8.9B | $11.1B | ||
| Q4 24 | $8.8B | $11.6B | ||
| Q3 24 | $8.5B | $10.1B | ||
| Q2 24 | $8.3B | $9.2B |
| Q2 26 | $25.0M | — | ||
| Q4 25 | $24.7B | $15.2B | ||
| Q3 25 | $23.9B | $15.0B | ||
| Q2 25 | $23.7B | $14.6B | ||
| Q1 25 | $22.4B | $13.4B | ||
| Q4 24 | $22.4B | $13.9B | ||
| Q3 24 | $22.1B | — | ||
| Q2 24 | $21.5B | — |
| Q2 26 | 0.85× | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.79× | — | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | 0.91× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q4 25 | $1.1B | $725.0M | ||
| Q3 25 | $791.3M | $513.0M | ||
| Q2 25 | $701.8M | $428.0M | ||
| Q1 25 | $369.4M | $367.0M | ||
| Q4 24 | $766.7M | $615.0M | ||
| Q3 24 | $786.7M | $423.0M | ||
| Q2 24 | $611.1M | $340.0M |
| Q2 26 | — | — | ||
| Q4 25 | $758.0M | $715.0M | ||
| Q3 25 | $529.7M | $507.0M | ||
| Q2 25 | $485.1M | $422.0M | ||
| Q1 25 | $131.5M | $363.0M | ||
| Q4 24 | $407.0M | $611.0M | ||
| Q3 24 | $550.3M | $421.0M | ||
| Q2 24 | $414.2M | $333.0M |
| Q2 26 | — | — | ||
| Q4 25 | 18.1% | 19.5% | ||
| Q3 25 | 12.7% | 17.8% | ||
| Q2 25 | 12.1% | 15.7% | ||
| Q1 25 | 3.6% | 15.4% | ||
| Q4 24 | 10.2% | 21.7% | ||
| Q3 24 | 13.8% | 19.5% | ||
| Q2 24 | 10.4% | 16.3% |
| Q2 26 | — | — | ||
| Q4 25 | 7.9% | 0.3% | ||
| Q3 25 | 6.3% | 0.2% | ||
| Q2 25 | 5.4% | 0.2% | ||
| Q1 25 | 6.4% | 0.2% | ||
| Q4 24 | 9.0% | 0.1% | ||
| Q3 24 | 5.9% | 0.1% | ||
| Q2 24 | 4.9% | 0.3% |
| Q2 26 | — | — | ||
| Q4 25 | 1.93× | 0.98× | ||
| Q3 25 | 1.35× | 1.94× | ||
| Q2 25 | 1.34× | 0.47× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.62× | 0.48× | ||
| Q3 24 | 1.07× | 0.51× | ||
| Q2 24 | 1.24× | 1.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
