DONALDSON COMPANY, INC. (NYSE: DCI): Corporate Profile & Financials
Source: DONALDSON COMPANY, INC. Form 10-K Financial Year Ended July 31, 2026
Quick Facts / Company Snapshot
| Metric / Attribute | Official Disclosed Detail |
|---|---|
| Official Name | DONALDSON COMPANY, INC. |
| Exchange / Ticker | New York Stock Exchange / DCI |
| Commission File Number | 1-7891 |
| IRS Employer Identification No. | 41-0222640 |
| Headquarters | 1400 West 94th Street, Minneapolis, Minnesota 55431, U.S. |
| Industry | Technology-led filtration products and solutions |
| Founded | 1915 |
| Employee Count | Approximately 15,500 full-time employees |
| Global Locations | More than 150 locations on six continents (79 manufacturing and/or distribution centers) |
| Patents Portfolio | Over 3,100 issued utility and design patents |
| Executive Chairman of the Board | Tod E. Carpenter |
| President and Chief Executive Officer | Richard B. Lewis |
| Chief Financial Officer | Bradley J. Pogalz |
| Chief Legal Officer and Corporate Secretary | Amy C. Becker |
| Chief Human Resources Officer | Darcy D. DeVincke |
| President, Mobile Solutions | Bart Driesen |
| State of Incorporation | Delaware |
| Outstanding Common Shares | 115,910,129 shares (as of September 11, 2026) |
| Common Stock Par Value | $5.00 per share |
| Registrant Telephone Number | (952) 887-3131 |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Donaldson Company, Inc. operates as a global leader in technology-led filtration products and solutions. Serving a broad range of industries and advanced markets, the enterprise partners with customers ranging from small business owners to the world’s largest original equipment manufacturer brands to solve complex filtration challenges. Customers choose Donaldson’s filtration solutions due to stringent technical and performance requirements, the need for operational reliability, and the value proposition of the company’s solutions and services.
The company maintains a vast operational footprint spanning more than 150 locations across six continents, with 79 functioning as manufacturing and/or distribution centers. Geographically, Donaldson categorizes its revenue generation across four primary operational regions. The U.S. and Canada contributed 42.5% of fiscal year 2026 revenue; Europe, Middle East and Africa (EMEA) contributed 29.2%; Asia Pacific (APAC) accounted for 17.7%; and Latin America (LATAM) represented 10.6%.
The Founders & Their Legacy
Founded in 1915, Donaldson Company, Inc. has spent over a century building a culture rooted in collaborative innovation, operational safety, and sustainability. The enterprise is guided by core values that include acting with integrity, engaging and empowering people through an inclusive culture, delivering for customers, cultivating innovation from continuous improvement to breakthrough solutions, operating safely and sustainably, and enriching communities.
The Journey: History & Evolution
Over its multi-decade operating history, Donaldson has evolved from a regional manufacturer into a diversified global filtration powerhouse. Strategic evolution has been anchored by three primary priorities: extending market access by growing addressable markets across adjacencies, expanding technologies and solutions by leveraging foundational filtration capabilities, and pursuing strategic acquisitions in high-margin areas to accelerate long-term growth. Key historical milestones include the establishment of joint ventures such as Advanced Filtration Systems Inc. (AFSI) with Caterpillar Inc. in 1986, and continuous expansions into specialized filtration sectors including disk drives, aerospace and defense, biotechnology, and advanced membrane systems.
The Corporate Umbrella
Donaldson Company, Inc. serves as the ultimate parent entity for a global network of operating subsidiaries, manufacturing units, and joint ventures spanning North America, Europe, Asia, and Latin America. The corporate structure coordinates regional manufacturing plants, distribution hubs, and specialized business units under unified governance, financial oversight, and compliance frameworks.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Donaldson operates through three formal reportable segments: Mobile Solutions, Industrial Solutions, and Life Sciences. Each segment serves distinct end markets with customized technological offerings.
Mobile Solutions Segment: Representing 62.3% of net sales in fiscal 2026, Mobile Solutions is organized based on a combination of customers and products. It consists of the Off-Road, On-Road, and Aftermarket business units. Products include replacement filters for air and liquid applications, filtration housings for new equipment production, and systems related to exhaust and emissions. Applications cover air filtration systems, fuel, lube, and hydraulic systems, emissions systems, sensors, indicators, and monitoring systems. Customers include OEMs in construction, mining, agriculture, and transportation, alongside independent distributors and OEM dealer networks.
Industrial Solutions Segment: Representing 29.1% of net sales in fiscal 2026, Industrial Solutions is organized by product type and consists of Industrial Air Filtration, Industrial Gases, Industrial Hydraulics, Power Generation, and Aerospace and Defense products. These are organized under the Industrial Filtration Solutions and Aerospace and Defense business units. Offerings include dust, fume, and mist collectors, compressed air and industrial gas purification systems, hydraulic and lubricated rotating filtration applications, gas and liquid filtration for industrial processes, air inlet systems for gas turbines and industrial compressors, and filtration for fixed-wing and rotorcraft aerospace platforms, missile systems, ground defense vehicles, and naval platforms.
Life Sciences Segment: Representing 8.6% of net sales in fiscal 2026, Life Sciences is organized by end market and consists of Food and Beverage, Disk Drive, Advanced Membrane Solutions, Microelectronics, and Upstream and Downstream Bioprocessing markets. Products include micro-environment gas and liquid filtration, bioprocessing equipment (bioreactors and fermenters), bioprocessing consumables (chromatography devices, reagents, and filters), polytetrafluoroethylene membrane-based products, and specialized air and gas filtration systems for hard disk drives, semiconductor manufacturing, sensors, battery systems, and powertrain components.
Key Segment Operating Metrics (Fiscal Year 2026):
- Mobile Solutions Net Sales: $2,419.7 million (62.3% of total net sales (Calculated by FirmsWorld)), with segment earnings before income taxes of $467.5 million (19.3% of segment net sales (Calculated by FirmsWorld)).
- Industrial Solutions Net Sales: $1,132.7 million (29.1% of total net sales (Calculated by FirmsWorld)), with segment earnings before income taxes of $155.6 million (13.7% of segment net sales (Calculated by FirmsWorld)).
- Life Sciences Net Sales: $333.2 million (8.6% of total net sales (Calculated by FirmsWorld)), with segment earnings before income taxes of $32.3 million (9.7% of segment net sales (Calculated by FirmsWorld)).
The Global Product Catalog
Donaldson maintains a highly diversified product portfolio across its segments. In Mobile Solutions, Air Filtration includes pleated cellulose filters, PowerCore®, Ultra-Web®, and Ultra-Web® HD media technologies designed to protect engines from abrasive dust. Fuel and Lube filtration features Synteq® XP and Synteq® DRY coalescing technologies. Hydraulics features Duramax® spin-on filters and Alpha-Web™ fine-fiber media. Emissions products encompass sound-reducing mufflers, diesel particulate filters, exhaust fluid mixers, and catalytic reduction substrates.
In Industrial Solutions, Industrial Air Filtration offers cartridge and bag house collectors equipped with iCue® Connected Filtration Technology. Power Generation supplies custom-engineered air intake systems and replacement filters for gas turbines and industrial compressors. Aerospace and Defense provides engine intake, cabin air, avionics air, fuel, lubrication, and water filtration. Industrial Gases delivers dryers, compressed air, gas, and steam purification systems. Industrial Hydraulics offers contamination control for steel mills, paper mills, refineries, oil and gas exploration, and plastic molding.
In Life Sciences, Food and Beverage provides sterile liquid, air, and steam filtration, compressed air dryers, and bioreactors. Disk Drive provides particle and chemical filters and humidity control for cloud computing. Advanced Membrane Solutions delivers battery, powertrain, headlight, hearing aid, and ostomy vents. Microelectronics provides gas-phase molecular contamination filtration for semiconductor manufacturing. Upstream Bioprocessing provides bioreactors, fermenters, and single-use cultivation technologies. Downstream Bioprocessing provides membrane chromatography and affinity-based purification consumables for biologics and advanced therapies.
The Names You Know
The company owns a robust portfolio of globally recognized trademarks and filtration technologies. Prominent brand names and proprietary technologies include Donaldson®, the turbo D logo, Ultra-Web®, PowerCore®, Synteq® XP, Tetratex®, Downflo®, Torit®, iCue®, Facet®, LifeTec®, IsoTag®, Purexa®, scale-x®, and NevoLine®. The company maintains a portfolio of over 3,100 issued utility and design patents protecting its innovations.
Mapping the Global Reach
Donaldson conducts extensive international operations, generating revenues across four major geographic theaters based on legal entity origination.
| Geographic Region (Origination) | Fiscal 2026 Net Sales (in $ millions) | % of Total Net Sales (Calculated by FirmsWorld) | Fiscal 2025 Net Sales (in $ millions) | Latest YoY (%) |
|---|---|---|---|---|
| U.S. and Canada | 1,652.0 | 42.5% | 1,632.3 | +1.21% |
| Europe, Middle East and Africa (EMEA) | 1,136.0 | 29.2% | 1,027.2 | +10.59% |
| Asia Pacific (APAC) | 689.5 | 17.7% | 635.7 | +8.46% |
| Latin America (LATAM) | 408.1 | 10.5% | 395.7 | +3.13% |
| Total Company Net Sales | 3,885.6 | 100.0% | 3,690.9 | +5.28% |
The Brick & Mortar Footprint
The company’s corporate headquarters and primary research facilities are located in Minneapolis, Minnesota. Additional administrative, engineering, and research facilities are maintained across EMEA, APAC, and LATAM. Globally, Donaldson operates more than 150 locations on six continents, with 79 serving as manufacturing and/or distribution centers. Notable manufacturing and technical centers include key facilities in Oklahoma and Spain supporting the recently acquired Facet filtration business, alongside extensive production plants worldwide.
📊 The Financial Health: The Global Numbers Simplified
Earnings, Expenses, & Take-Home Profits
The following table replicates the formal Consolidated Statements of Earnings as presented in the company’s SEC filing.
| Consolidated Statements of Earnings (in $ millions, except per share amounts) | 2026 | 2025 | 2024 | Latest YoY (%) |
|---|---|---|---|---|
| Net sales | 3,885.6 | 3,690.9 | 3,586.3 | +5.28% |
| Cost of sales | 2,539.7 | 2,404.7 | 2,311.9 | +5.61% |
| Gross profit | 1,345.9 | 1,286.2 | 1,274.4 | +4.64% |
| Selling, general and administrative | 679.2 | 642.2 | 636.7 | +5.76% |
| Loss on impairment of intangible assets | 0.0 | 62.0 | 0.0 | -100.00% |
| Gain on sale of fixed assets | (9.3) | (1.2) | 0.0 | +675.00% |
| Research and development | 76.1 | 87.8 | 93.6 | -13.33% |
| Operating expenses | 746.0 | 790.8 | 730.3 | -5.67% |
| Operating income | 599.9 | 495.4 | 544.1 | +21.09% |
| Interest expense | 36.0 | 24.2 | 21.4 | +48.76% |
| Other income, net | (21.9) | (21.0) | (12.6) | +4.29% |
| Earnings before income taxes | 585.8 | 492.2 | 535.3 | +19.02% |
| Income taxes | 132.0 | 125.2 | 121.3 | +5.43% |
| Net earnings | 453.8 | 367.0 | 414.0 | +23.65% |
| Net earnings per share – basic ($) | 3.92 | 3.09 | 3.43 | +26.86% |
| Net earnings per share – diluted ($) | 3.85 | 3.05 | 3.38 | +26.23% |
Assets, Debts, & Corporate Wealth
The following table replicates the formal Consolidated Balance Sheets as stated in the company’s SEC filing.
| Consolidated Balance Sheets (in $ millions) | As of July 31, 2026 | As of July 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| Cash and cash equivalents | 250.4 | 180.4 | +38.80% |
| Accounts receivable, net | 758.1 | 662.2 | +14.48% |
| Inventories, net | 538.7 | 513.6 | +4.89% |
| Prepaid expenses and other current assets | 122.5 | 105.5 | +16.11% |
| Total current assets | 1,669.7 | 1,461.7 | +14.23% |
| Property, plant and equipment, net | 633.3 | 644.5 | -1.74% |
| Goodwill | 1,086.8 | 493.6 | +120.18% |
| Intangible assets, net | 304.6 | 97.4 | +212.73% |
| Other long-term assets | 292.4 | 280.0 | +4.43% |
| Total assets | 3,986.8 | 2,977.2 | +33.91% |
| Short-term borrowings | 44.8 | 31.2 | +43.59% |
| Current maturities of long-term debt | 0.0 | 6.7 | -100.00% |
| Accounts payable | 378.6 | 368.6 | +2.71% |
| Accrued employee compensation and related taxes | 152.5 | 144.3 | +5.68% |
| Income taxes payable | 20.5 | 43.9 | -53.30% |
| Other current liabilities | 207.7 | 162.5 | +27.82% |
| Total current liabilities | 804.1 | 757.2 | +6.19% |
| Long-term debt | 1,280.0 | 630.4 | +103.05% |
| Non-current income taxes payable | 19.0 | 19.0 | 0.00% |
| Deferred income taxes | 28.3 | 10.5 | +169.52% |
| Other long-term liabilities | 91.0 | 106.6 | -14.63% |
| Total liabilities | 2,222.4 | 1,523.7 | +45.86% |
| Common stock | 758.2 | 758.2 | 0.00% |
| Additional paid-in capital | 44.6 | 35.8 | +24.58% |
| Retained earnings | 2,920.3 | 2,610.1 | +11.88% |
| Accumulated other comprehensive loss | (146.2) | (180.7) | -19.09% |
| Treasury stock | (1,812.5) | (1,769.9) | +2.41% |
| Total stockholders’ equity | 1,764.4 | 1,453.5 | +21.39% |
| Total liabilities and stockholders’ equity | 3,986.8 | 2,977.2 | +33.91% |
Cash Flow: Tracking the Money Movement
The following table replicates the formal Consolidated Statements of Cash Flows as presented in the company’s SEC filing.
| Consolidated Statements of Cash Flows (in $ millions) | 2026 | 2025 | 2024 | Latest YoY (%) |
|---|---|---|---|---|
| Net earnings | 453.8 | 367.0 | 414.0 | +23.65% |
| Depreciation and amortization | 106.0 | 99.5 | 98.4 | +6.53% |
| Equity in earnings of affiliates, net of distributions | (8.0) | (3.6) | (4.7) | +122.22% |
| Deferred income taxes | (0.3) | (24.0) | (24.3) | -98.75% |
| Stock-based compensation expense | 24.7 | 24.0 | 22.0 | +2.92% |
| Loss on impairment of intangible assets | 0.0 | 62.0 | 0.0 | -100.00% |
| Gain on sale of fixed assets | (9.3) | (1.2) | 0.0 | +675.00% |
| Other, net | 9.8 | (4.7) | 3.7 | N/M |
| Accounts receivable, net | (75.1) | (21.4) | (39.4) | +250.93% |
| Inventories, net | 0.8 | (32.2) | (65.6) | N/M |
| Prepaid expenses and other current assets | (12.5) | 6.3 | (28.3) | N/M |
| Accounts payable | (2.0) | (5.5) | 80.3 | -63.64% |
| Income taxes payable | (25.7) | (34.4) | 4.4 | -25.29% |
| Accrued employee compensation and related taxes and other current liabilities | 31.5 | (13.0) | 32.0 | N/M |
| Net cash provided by operating activities | 493.7 | 418.8 | 492.5 | +17.88% |
| Purchases of property, plant and equipment | (67.4) | (78.9) | (85.6) | -14.58% |
| Proceeds from sale of property, plant and equipment | 10.5 | 2.1 | 0.7 | +400.00% |
| Equity investment | 0.0 | (71.2) | 0.0 | -100.00% |
| Acquisitions, net of cash acquired | (822.6) | (2.4) | (2.0) | +34175.00% |
| Net cash used in investing activities | (879.5) | (150.4) | (86.9) | +484.77% |
| Proceeds from long-term debt | 858.9 | 388.1 | 119.7 | +121.31% |
| Repayments of long-term debt | (216.2) | (265.0) | (228.8) | -18.42% |
| Change in short-term borrowings | 13.7 | 1.2 | (5.7) | +1041.67% |
| Purchase of treasury stock | (111.2) | (331.5) | (162.7) | -66.46% |
| Payment of contingent consideration | (2.3) | (5.5) | (1.7) | -58.18% |
| Dividends paid | (141.2) | (131.9) | (122.8) | +7.05% |
| Tax withholding for stock compensation transactions | (6.0) | (5.7) | (8.0) | +5.26% |
| Exercise of stock options | 55.9 | 28.6 | 54.1 | +95.45% |
| Net cash provided by (used in) financing activities | 451.6 | (321.7) | (355.9) | N/M |
| Effect of exchange rate changes on cash | 4.2 | 1.0 | (4.1) | +320.00% |
| Increase (decrease) in cash and cash equivalents | 70.0 | (52.3) | 45.6 | N/M |
| Cash and cash equivalents, beginning of year | 180.4 | 232.7 | 187.1 | -22.48% |
| Cash and cash equivalents, end of year | 250.4 | 180.4 | 232.7 | +38.80% |
Funding the Future: R&D and Expansion Spending
Research and development expenditures were $76.1 million (2.0% of net sales), $87.8 million (2.4% of net sales), and $93.6 million (2.6% of net sales) for the years ended July 31, 2026, 2025, and 2024, respectively. For fiscal 2027, the company expects cash paid for capital expenditures to range between $70 million and $90 million, balancing investments in new technologies and products across all segments with ongoing maintenance and efficiency improvements.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Shared Ventures
Donaldson maintains a global network of operating subsidiaries and joint ventures supporting its manufacturing, distribution, and commercial operations across North America, Europe, Latin America, and Asia-Pacific. Key joint ventures include Advanced Filtration Systems Inc. (AFSI), established with Caterpillar Inc. in 1986, and PT Panata Jaya Mandiri (PTPJM). Additionally, the company completed the acquisition of Filtration Group’s Facet Filtration business (Facet), consisting of Facet (Oklahoma) LLC and Facet Netherlands B.V., during fiscal 2026.
Strategic Investments & Minority Stakes
In fiscal 2025, the company acquired a 49% non-controlling stake in Medica S.p.A., headquartered in Medolla, Italy, for cash consideration of approximately €62.1 million ($67.9 million) and capitalized transaction costs of €5.1 million ($5.8 million). Medica is a leader in hollow fiber membrane filtration technology for medical applications and water purification. Donaldson holds an option to acquire the remaining 51% stake in fiscal 2030. The investment is accounted for under the equity method.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Executive Leadership
- Amy C. Becker (Chief Legal Officer and Corporate Secretary): Joined the company in 1998, serving previously as Senior Counsel and Assistant Corporate Secretary; Assistant General Counsel; and Vice President, General Counsel and Secretary. Prior experience includes practicing law at Dorsey and Whitney, LLP and Harmon, Ltd.
- Tod E. Carpenter (Executive Chairman of the Board): Appointed Executive Chairman in March 2026, having served as Chairman, President and CEO from November 2017 to March 2026, and President and CEO from April 2015 to November 2017. Joined Donaldson in 1996, holding multiple senior operational and regional leadership roles.
- Darcy D. DeVincke (Chief Human Resources Officer): Appointed CHRO in October 2024. Resumed employment with Donaldson in 2016 after serving as an HR consultant from 2008 to 2016. Previously practiced law and held HR positions at United Defense Industries (BAE Systems).
- Bart Driesen (President, Mobile Solutions): Appointed President, Mobile Solutions in September 2025. Joined the company in 1997, holding leadership roles including President, Mobile Solutions Aftermarket, Vice President, Global OEM Sales, and Industrial Group Director Asia Pacific.
- Richard B. Lewis (President and Chief Executive Officer): Appointed President and CEO in March 2026. Joined Donaldson in 2002, holding successive leadership roles including Chief Operating Officer, President of Life Sciences, President of Mobile Solutions, and Senior Vice President of Global Operations.
- Bradley J. Pogalz (Chief Financial Officer): Appointed CFO in November 2024. Joined Donaldson in 2015, holding positions including Vice President Finance – Global FP&A, EMEA Finance, and Director of Investor Relations. Previously managed investor relations and FP&A at Target Corporation.
Who Owns the Stock?
As of September 11, 2026, there were 115,910,129 shares of common stock outstanding. Institutional ownership and insider holdings are governed by filings incorporated by reference into the proxy statement, with non-affiliates holding an aggregate market value of $11,736,158,004 as of January 30, 2026.
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Donaldson maintains market leadership positions across multiple product lines, anchored by proprietary technologies such as PowerCore®, Ultra-Web®, and Synteq® XP. The company’s economic moat stems from stringent technical specifications required by OEMs, strong aftermarket replacement channels, extensive global manufacturing and distribution infrastructure, and consistent R&D investment in advanced filtration materials.
What Could Go Wrong? Key Challenges & Business Risks
The company is exposed to several significant risks, including global macroeconomic and geopolitical volatility, trade barriers, protectionist policies, and potential cost increases associated with tariffs. Additional operational risks involve supply chain disruptions for raw materials (such as steel, filter media, and petrochemical products), labor shortages and wage inflation, intense market competition and pricing pressures, customer concentration in cyclical end markets (construction, agriculture, mining, and transportation), foreign currency exchange rate fluctuations, and cybersecurity threats to IT and OT infrastructure.
The Next Chapter: Growth & Expansion Initiatives
Management’s strategic roadmap focuses on extending market access into adjacencies, expanding best-in-class technologies and solution offerings (such as bioprocessing consumables and advanced membrane systems), and pursuing strategic acquisitions (exemplified by the recent integration of Facet) to accelerate long-term growth in high-margin areas.
The Verdict: Strategic Outlook & Conclusion
Donaldson enters future operating periods with a robust financial foundation, strong operating cash flows ($493.7 million in fiscal 2026), and a disciplined capital allocation strategy. While macroeconomic headwinds, trade policy shifts, and cyclical end-market exposures present ongoing challenges, the company’s technology leadership, global diversification, and disciplined cost management position it to sustain long-term profitable growth.
Official Site: https://ir.donaldson.com