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DONALDSON Co INC

DCI Clue Score53
United States Fiscal year ends July CIK 0000029644
$86.47 -0.53% Close, 12 Oct 2026
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Price $86.47 +52.72% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue2,371.9Operating income323.6Net income232.8EPS, diluted1.74Fiscal year 2018Revenue2,734.2 +15.3%Operating income377.0Net income180.3 −22.6%EPS, diluted1.36 −21.8%Fiscal year 2019Revenue2,844.9 +4.0%Operating income388.2Net income267.2 +48.2%EPS, diluted2.05 +50.7%Fiscal year 2020Revenue2,581.8 −9.2%Operating income340.1Net income257.0 −3.8%EPS, diluted2.00 −2.4%Fiscal year 2021Revenue2,853.9 +10.5%Operating income384.7Net income286.9 +11.6%EPS, diluted2.24 +12.0%Fiscal year 2022Revenue3,306.6 +15.9%Operating income443.5Net income332.8 +16.0%EPS, diluted2.66 +18.8%Fiscal year 2023Revenue3,430.8 +3.8%Operating income480.2Net income358.8 +7.8%EPS, diluted2.90 +9.0%Fiscal year 2024Revenue3,586.3 +4.5%Operating income544.1Net income414.0 +15.4%EPS, diluted3.38 +16.6%Fiscal year 2025Revenue3,690.9 +2.9%Operating income495.4Net income367.0 −11.4%EPS, diluted3.05 −9.8%Fiscal year 2026Revenue3,885.6 +5.3%Operating income599.9Net income453.8 +23.7%EPS, diluted3.85 +26.2%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 2,371.9 2,734.2 2,844.9 2,581.8 2,853.9 3,306.6 3,430.8 3,586.3 3,690.9 3,885.6
Growth +15.3% +4.0% −9.2% +10.5% +15.9% +3.8% +4.5% +2.9% +5.3%
Operating income 323.6 377.0 388.2 340.1 384.7 443.5 480.2 544.1 495.4 599.9
Net income 232.8 180.3 267.2 257.0 286.9 332.8 358.8 414.0 367.0 453.8
Growth −22.6% +48.2% −3.8% +11.6% +16.0% +7.8% +15.4% −11.4% +23.7%
EPS, diluted 1.74 1.36 2.05 2.00 2.24 2.66 2.90 3.38 3.05 3.85
Growth −21.8% +50.7% −2.4% +12.0% +18.8% +9.0% +16.6% −9.8% +26.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin34.6%Operating margin13.6%Net margin9.8%Free cash flow margin10.6%Fiscal year 2018Gross margin34.2%Operating margin13.8%Net margin6.6%Free cash flow margin6.0%Fiscal year 2019Gross margin33.3%Operating margin13.6%Net margin9.4%Free cash flow margin6.9%Fiscal year 2020Gross margin33.8%Operating margin13.2%Net margin10.0%Free cash flow margin10.2%Fiscal year 2021Gross margin34.0%Operating margin13.5%Net margin10.1%Free cash flow margin12.0%Fiscal year 2022Gross margin32.3%Operating margin13.4%Net margin10.1%Free cash flow margin5.1%Fiscal year 2023Gross margin33.8%Operating margin14.0%Net margin10.5%Free cash flow margin12.4%Fiscal year 2024Gross margin35.5%Operating margin15.2%Net margin11.5%Free cash flow margin11.3%Fiscal year 2025Gross margin34.8%Operating margin13.4%Net margin9.9%Free cash flow margin9.2%Fiscal year 2026Gross margin34.6%Operating margin15.4%Net margin11.7%Free cash flow margin11.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 34.6% 34.2% 33.3% 33.8% 34.0% 32.3% 33.8% 35.5% 34.8% 34.6%
Operating margin 13.6% 13.8% 13.6% 13.2% 13.5% 13.4% 14.0% 15.2% 13.4% 15.4%
Net margin 9.8% 6.6% 9.4% 10.0% 10.1% 10.1% 10.5% 11.5% 9.9% 11.7%
Free cash flow margin 10.6% 6.0% 6.9% 10.2% 12.0% 5.1% 12.4% 11.3% 9.2% 11.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow317.8Capital expenditure−65.9Free cash flow251.9Buybacks−140.4Dividends paid−92.4Fiscal year 2018Operating cash flow262.9Capital expenditure−97.5Free cash flow165.4 −34.3%Buybacks−122.0Dividends paid−94.7Fiscal year 2019Operating cash flow345.8Capital expenditure−150.7Free cash flow195.1 +18.0%Buybacks−129.2Dividends paid−99.7Fiscal year 2020Operating cash flow387.0Capital expenditure−124.4Free cash flow262.6 +34.6%Buybacks−94.3Dividends paid−106.4Fiscal year 2021Operating cash flow401.9Capital expenditure−59.0Free cash flow342.9 +30.6%Buybacks−142.2Dividends paid−107.2Fiscal year 2022Operating cash flow252.8Capital expenditure−85.5Free cash flow167.3 −51.2%Buybacks−170.6Dividends paid−110.1Fiscal year 2023Operating cash flow544.5Capital expenditure−118.5Free cash flow426.0 +154.6%Buybacks−141.8Dividends paid−114.4Fiscal year 2024Operating cash flow492.5Capital expenditure−85.6Free cash flow406.9 −4.5%Buybacks−162.7Dividends paid−122.8Fiscal year 2025Operating cash flow418.8Capital expenditure−78.9Free cash flow339.9 −16.5%Buybacks−331.5Dividends paid−131.9Fiscal year 2026Operating cash flow493.7Capital expenditure−67.4Free cash flow426.3 +25.4%Buybacks−111.2Dividends paid−141.2
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 317.8 262.9 345.8 387.0 401.9 252.8 544.5 492.5 418.8 493.7
Capital expenditure −65.9 −97.5 −150.7 −124.4 −59.0 −85.5 −118.5 −85.6 −78.9 −67.4
Free cash flow 251.9 165.4 195.1 262.6 342.9 167.3 426.0 406.9 339.9 426.3
Growth −34.3% +18.0% +34.6% +30.6% −51.2% +154.6% −4.5% −16.5% +25.4%
Buybacks −140.4 −122.0 −129.2 −94.3 −142.2 −170.6 −141.8 −162.7 −331.5 −111.2
Dividends paid −92.4 −94.7 −99.7 −106.4 −107.2 −110.1 −114.4 −122.8 −131.9 −141.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash308.4Total debt587.9Net cash (debt)−279.5Shareholders’ equity854.5Debt to equity0.69Fiscal year 2018Cash204.7Total debt514.9Net cash (debt)−310.2Shareholders’ equity857.8Debt to equity0.60Fiscal year 2019Cash177.8Total debt634.6Net cash (debt)−456.8Shareholders’ equity892.7Debt to equity0.71Fiscal year 2020Cash236.6Total debt625.0Net cash (debt)−388.4Shareholders’ equity992.9Debt to equity0.63Fiscal year 2021Cash222.8Total debt463.3Net cash (debt)−240.5Shareholders’ equity1,137.1Debt to equity0.41Fiscal year 2022Cash193.3Total debt646.7Net cash (debt)−453.4Shareholders’ equity1,133.2Debt to equity0.57Fiscal year 2023Cash187.1Total debt623.4Net cash (debt)−436.3Shareholders’ equity1,320.7Debt to equity0.47Fiscal year 2024Cash232.7Total debt510.0Net cash (debt)−277.3Shareholders’ equity1,489.1Debt to equity0.34Fiscal year 2025Cash180.4Total debt640.0Net cash (debt)−459.6Shareholders’ equity1,453.5Debt to equity0.44Fiscal year 2026Cash250.4Total debt1,283.1Net cash (debt)−1,032.7Shareholders’ equity1,764.4Debt to equity0.73
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 308.4 204.7 177.8 236.6 222.8 193.3 187.1 232.7 180.4 250.4
Total debt 587.9 514.9 634.6 625.0 463.3 646.7 623.4 510.0 640.0 1,283.1
Net cash (debt) −279.5 −310.2 −456.8 −388.4 −240.5 −453.4 −436.3 −277.3 −459.6 −1,032.7
Shareholders’ equity 854.5 857.8 892.7 992.9 1,137.1 1,133.2 1,320.7 1,489.1 1,453.5 1,764.4
Debt to equity 0.69 0.60 0.71 0.63 0.41 0.57 0.47 0.34 0.44 0.73

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending July, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Jul 2017 FY2018 31 Jul 2018 FY2019 31 Jul 2019 FY2020 31 Jul 2020 FY2021 31 Jul 2021 FY2022 31 Jul 2022 FY2023 31 Jul 2023 FY2024 31 Jul 2024 FY2025 31 Jul 2025 FY2026 31 Jul 2026
Revenue and profit
2,371.9 2,734.2 2,844.9 2,581.8 2,853.9 3,306.6 3,430.8 3,586.3 3,690.9 3,885.6
Growth +15.3% +4.0% −9.2% +10.5% +15.9% +3.8% +4.5% +2.9% +5.3%
1,551.0 1,798.4 1,896.6 1,710.2 1,882.2 2,239.2 2,270.2 2,311.9 2,404.7 2,539.7
820.9 935.8 948.3 871.6 971.7 1,067.4 1,160.6 1,274.4 1,286.2 1,345.9
Growth +14.0% +1.3% −8.1% +11.5% +9.8% +8.7% +9.8% +0.9% +4.6%
54.7 59.9 62.3 61.2 67.8 69.1 78.1 93.6 87.8 76.1
n/a n/a 497.8 470.3 519.2 554.8 602.3 636.7 642.2 679.2
323.6 377.0 388.2 340.1 384.7 443.5 480.2 544.1 495.4 599.9
Growth +16.5% +3.0% −12.4% +13.1% +15.3% +8.3% +13.3% −9.0% +21.1%
322.0 363.6 375.2 335.2 381.0 438.4 468.7 535.3 492.2 585.8
89.2 183.3 108.0 78.2 94.1 105.6 109.9 121.3 125.2 132.0
232.8 180.3 267.2 257.0 286.9 332.8 358.8 414.0 367.0 453.8
Growth −22.6% +48.2% −3.8% +11.6% +16.0% +7.8% +15.4% −11.4% +23.7%
Per share
1.76 1.38 2.08 2.03 2.27 2.69 2.95 3.43 3.09 3.92
1.74 1.36 2.05 2.00 2.24 2.66 2.90 3.38 3.05 3.85
Growth −21.8% +50.7% −2.4% +12.0% +18.8% +9.0% +16.6% −9.8% +26.2%
132.6 130.3 128.3 126.9 126.4 123.7 121.8 120.7 118.7 115.8
134.1 132.2 130.3 128.3 128.2 125.2 123.6 122.6 120.4 117.9
Growth −1.4% −1.4% −1.5% −0.1% −2.3% −1.3% −0.8% −1.8% −2.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.4% a year over five years, and earnings per share grew 11.4% a year.
  • The diluted share count fell 8.0% in five years, so buybacks did some of the work per share.
  • Operating margin is up 2.0 points on five years ago, at 15.4%.
  • Profitable in every one of the 10 years on file.