Donaldson Company Inc., founded in 1915 and headquartered in Bloomington, Minnesota, provides engineered filtration solutions for industrial, aerospace, and automotive markets. The company’s revenue is primarily driven by advanced air, liquid, and gas filtration products, backed by comprehensive aftermarket services. Under CEO Kirk Kennedy, Donaldson maintains a strong market position with an estimated 10-15% share in its niche, while actively pursuing digital initiatives and strategic acquisitions for future growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,690,900
3,586,300
3,430,800
3,306,600
Cost of Sales
2,404,700
2,311,900
2,270,200
2,239,200
Gross Profit
1,286,200
1,274,400
1,160,600
1,067,400
Selling, General & Administrative Expenses
641,000
636,700
602,300
554,800
Research & Development Expenses
87,800
93,600
78,100
69,100
Other Operating Expenses
62,000
—
—
—
Operating Profit
495,400
544,100
480,200
443,500
Interest Expense
(24,200)
(21,400)
(19,200)
(14,900)
Non-Operating Income
21,000
12,600
7,700
9,800
Total Non-Operating Income
(3,200)
(8,800)
(11,500)
(5,100)
Income Before Provision for Income Taxes
492,200
535,300
468,700
438,400
Provision for Income Taxes
125,200
121,300
109,900
105,600
Consolidated Net Income
367,000
414,000
358,800
332,800
Net Income Attributable to Common Shareholders
367,000
414,000
358,800
332,800
Basic EPS
3.09
3.43
2.95
2.69
Diluted EPS
3.05
3.38
2.90
2.66
Basic Weighted Average Shares Outstanding
118,700
120,700
121,800
123,700
Diluted Weighted Average Shares Outstanding
120,400
122,600
123,600
125,200
Shares Outstanding
116,042
120,110
121,114
122,554
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
180,400
232,700
187,100
193,300
Total Cash and Cash Equivalents
180,400
232,700
187,100
193,300
Accounts Receivable
662,200
629,700
599,700
616,600
Total Trade Receivables
662,200
629,700
599,700
616,600
Inventories
513,600
476,700
418,100
502,400
Other Current Assets
105,500
99,000
81,100
94,200
Total Current Assets
1,461,700
1,438,100
1,286,000
1,406,500
Net Property, Plant & Equipment
644,500
645,500
652,900
594,400
Net Intangible Assets
97,400
171,900
188,100
99,800
Goodwill
493,600
478,400
481,100
345,800
Other Long-Term Assets
280,000
180,400
162,400
153,800
Total Assets
2,977,200
2,914,300
2,770,500
2,600,300
Accounts Payable
368,600
379,400
304,900
338,500
Accrued Expenses
144,300
140,900
119,400
113,800
Short-Term Debt
31,200
28,300
34,100
3,700
Current Portion of Long-Term Debt
6,700
25,000
125,000
—
Unearned Revenue
—
—
25,300
22,300
Other Current Liabilities
206,400
208,900
147,700
151,300
Total Current Liabilities
757,200
782,500
756,400
629,600
Long-Term Debt
630,400
483,400
496,600
644,300
Other Long-Term Liabilities
136,100
159,300
196,800
193,200
Total Long-Term Liabilities
766,500
642,700
693,400
837,500
Total Liabilities
1,523,700
1,425,200
1,449,800
1,467,100
Common Stock
758,200
758,200
758,200
758,200
Treasury Stock
(1,769,900)
(1,474,500)
(1,377,600)
(1,282,100)
Additional Paid-in Capital
35,800
26,800
24,800
17,000
Accumulated Other Comprehensive Income
(180,700)
(198,900)
(172,500)
(205,600)
Retained Earnings
2,610,100
2,377,500
2,087,800
1,845,700
Total Common Shareholders' Equity
1,453,500
1,489,100
1,320,700
1,133,200
Total Shareholders' Equity
1,453,500
1,489,100
1,320,700
1,133,200
Total Liabilities and Shareholders' Equity
2,977,200
2,914,300
2,770,500
2,600,300
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
367,000
414,000
358,800
332,800
Depreciation & Amortization
99,500
98,400
92,300
93,800
Share-Based Compensation Expense
24,000
22,000
20,400
20,400
Other Adjustments
28,500
(25,300)
(9,000)
9,500
Changes in Trade Receivables
(21,400)
(39,400)
30,100
(100,800)
Changes in Inventories
(32,200)
(65,600)
99,800
(147,800)
Changes in Accounts Payable
(5,500)
80,300
(39,000)
51,100
Changes in Accrued Expenses
(13,000)
32,000
(14,200)
(8,900)
Changes in Income Taxes Payable
(34,400)
4,400
(11,500)
4,900
Changes in Unearned Revenue
—
—
—
8,300
Changes in Other Operating Activities
6,300
(28,300)
16,800
(10,500)
Cash from Operating Activities
418,800
492,500
544,500
252,800
Capital Expenditure
(78,900)
(85,600)
(118,500)
(85,500)
Proceeds from Sale of Property, Plant & Equipment
2,100
700
400
400
Payments for Business Acquisitions
(73,600)
(2,000)
(209,200)
(68,900)
Cash from Investing Activities
(150,400)
(86,900)
(327,300)
(154,000)
Issuance of Short-Term Debt
1,200
(5,700)
30,400
(43,900)
Net Issuance / (Repayments) of Short-Term Debt
1,200
(5,700)
30,400
(43,900)
Issuance of Long-Term Debt
388,100
119,700
189,200
289,300
Repayments of Long-Term Debt
(265,000)
(228,800)
(219,600)
(90,000)
Net Issuance / (Repayments) of Long-Term Debt
123,100
(109,100)
(30,400)
199,300
Issuance of Common Shares
28,600
54,100
38,300
12,900
Repurchases of Common Shares
(337,200)
(170,700)
(146,100)
(172,400)
Net Issuance / (Repurchases) of Common Shares
(308,600)
(116,600)
(107,800)
(159,500)
Common Share Dividends Paid
(131,900)
(122,800)
(114,400)
(110,100)
Other Financing Activities
(5,500)
(1,700)
—
—
Cash from Financing Activities
(321,700)
(355,900)
(222,200)
(114,200)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,000
(4,100)
(1,200)
(14,100)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash