Donaldson
DCI · NYSEIndustrial & Commercial Fans & Blowers & Air Purifing Equip · Fiscal year ends Jul 31
Donaldson reported revenue of $3.9B in the fiscal year ended Jul 2026, up 5.3% from the year before. Operating income was $600M, an operating margin of 15.4%, and net income was $454M. Operating cash flow of $494M less capital expenditure of $67M left free cash flow of $426M. Net debt was $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | $3.3B | $3.4B | $3.6B | $3.7B | $3.9B |
| Cost of revenue | $2.2B | $2.3B | $2.3B | $2.4B | $2.5B |
| Gross profit | $1.1B | $1.2B | $1.3B | $1.3B | $1.3B |
| Research & development | $69M | $78M | $94M | $88M | $76M |
| Selling, general & admin | $555M | $602M | $637M | $642M | $679M |
| Operating income | $444M | $480M | $544M | $495M | $600M |
| Interest expense | $15M | $19M | $21M | $24M | $36M |
| Pre-tax income | $438M | $469M | $535M | $492M | $586M |
| Income tax | $106M | $110M | $121M | $125M | $132M |
| Net income | $333M | $359M | $414M | $367M | $454M |
| Diluted EPS | 2.66 | 2.90 | 3.38 | 3.05 | 3.85 |
| Diluted shares | 125M | 124M | 123M | 120M | 118M |
Balance sheet
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $193M | $187M | $233M | $180M | $250M |
| Receivables | $617M | $600M | $630M | $662M | $758M |
| Inventory | $502M | $418M | $477M | $514M | $539M |
| Current assets | $1.4B | $1.3B | $1.4B | $1.5B | $1.7B |
| Net PP&E | $594M | $653M | $646M | $645M | $633M |
| Goodwill | $346M | $481M | $478M | $494M | $1.1B |
| Total assets | $2.6B | $2.8B | $2.9B | $3B | $4B |
| Payables | $339M | $305M | $379M | $369M | $379M |
| Deferred revenue | $22M | $25M | $20M | $21M | $29M |
| Current liabilities | $630M | $756M | $783M | $757M | $804M |
| Short-term debt | $4M | $34M | $28M | $31M | $45M |
| Long-term debt | $647M | $623M | $510M | $640M | $1.3B |
| Total liabilities | $1.5B | $1.4B | $1.4B | $1.5B | $2.2B |
| Shareholders' equity | $1.1B | $1.3B | $1.5B | $1.5B | $1.8B |
Cash flow
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $253M | $545M | $493M | $419M | $494M |
| Capital expenditure | $86M | $119M | $86M | $79M | $67M |
| Free cash flow | $167M | $426M | $407M | $340M | $426M |
| Depreciation & amortisation | $94M | $92M | $98M | $100M | $106M |
| Stock-based compensation | $20M | $20M | $22M | $24M | $25M |
| Acquisitions | $69M | $209M | $2M | $2M | $823M |
| Share buybacks | $171M | $142M | $163M | $332M | $111M |
| Dividends paid | $110M | $114M | $123M | $132M | $141M |
| Dividend per share | 0.90 | 0.96 | 1.04 | 1.14 | 1.24 |
Key ratios
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.8% | 4.5% | 2.9% | 5.3% |
| Operating income growth (YoY) | – | 8.3% | 13.3% | −9.0% | 21.1% |
| EPS growth (YoY) | – | 9.0% | 16.6% | −9.8% | 26.2% |
| Gross margin | 32.3% | 33.8% | 35.5% | 34.8% | 34.6% |
| Operating margin | 13.4% | 14.0% | 15.2% | 13.4% | 15.4% |
| Net margin | 10.1% | 10.5% | 11.5% | 9.9% | 11.7% |
| Return on equityBlank when equity is negative | 29.4% | 27.2% | 27.8% | 25.2% | 25.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.5% | 23.8% | 25.5% | 22.3% | 18.8% |
| Free cash flow margin | 5.1% | 12.4% | 11.3% | 9.2% | 11.0% |
| Cash conversion (CFO ÷ net income) | 0.76x | 1.52x | 1.19x | 1.14x | 1.09x |
| Receivable days | 68 | 64 | 64 | 65 | 71 |
| Inventory days | 82 | 67 | 75 | 78 | 77 |
| Payable days | 55 | 49 | 60 | 56 | 54 |
| Interest cover | 29.8x | 25.0x | 25.4x | 20.5x | 16.7x |
| Debt ÷ equity | 0.57x | 0.50x | 0.36x | 0.46x | 0.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $457M | $470M | $306M | $491M | $1.1B |
| Current ratio | 2.23x | 1.70x | 1.84x | 1.93x | 2.08x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.