DONALDSON Co INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DONALDSON Co INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	2,372	2,734	2,845	2,582	2,854	3,307	3,431	3,586	3,691	3,886
Cost of revenue	1,551	1,798	1,897	1,710	1,882	2,239	2,270	2,312	2,405	2,540
Gross profit	821	936	948	872	972	1,067	1,161	1,274	1,286	1,346
Research and development	54.7	59.9	62.3	61.2	67.8	69.1	78.1	93.6	87.8	76.1
Selling, general and administrative			498	470	519	555	602	637	642	679
Operating expenses			560	532	587	624	680	730	791	746
Operating income	324	377	388	340	385	444	480	544	495	600
Interest expense	19.5	21.3	19.9	17.4	13	14.9	19.2	21.4	24.2	36
Other non-operating income	17.9	7.9	6.9	12.5	9.3	9.8	7.7	12.6	21	21.9
Pre-tax income	322	364	375	335	381	438	469	535	492	586
Income tax	89.2	183	108	78.2	94.1	106	110	121	125	132
Net income	233	180	267	257	287	333	359	414	367	454
EBITDA	399	454	469	428	480	537	573	643	595	706
EPS, basic	1.76	1.38	2.08	2.03	2.27	2.69	2.95	3.43	3.09	3.92
EPS, diluted	1.74	1.36	2.05	2.00	2.24	2.66	2.90	3.38	3.05	3.85
Shares, basic (weighted)	133	130	128	127	126	124	122	121	119	116
Shares, diluted (weighted)	134	132	130	128	128	125	124	123	120	118
Dividend per share	0.71	0.74	0.80	0.84	0.86	0.90	0.96	1.04	1.14	1.24

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	308	205	178	237	223	193	187	233	180	250
Receivables	498	535	530	455	553	617	600	630	662	758
Inventory	294	334	333	323	385	502	418	477	514	539
Other current assets	51.4	52.3	82.5	82.1	84	94.2	81.1	99	106	123
Total current assets	1,151	1,126	1,123	1,097	1,244	1,407	1,286	1,438	1,462	1,670
Property, plant and equipment	485	509	589	632	618	594	653	646	645	633
Lease right-of-use assets			0	73.7	51.2	44.7	59.5	59.7	60.5	52.4
Goodwill	238	238	303	317	323	346	481	478	494	1,087
Intangible assets	40.6	35.6	70.9	67.3	61.6	99.8	188	172	97.4	305
Other non-current assets	35.1	48.4	42.9	132	154	154	162	180	280	292
Total assets	1,980	1,977	2,143	2,245	2,400	2,600	2,771	2,914	2,977	3,987
Accounts payable	194	201	238	188	294	339	305	379	369	379
Accrued liabilities	31.1	34.5	32.2	71.2	127	114	119	141	144	153
Deferred revenue						22.3	25.3	19.7
Short-term debt	50.6	15.3	50.2	5.7	0	0	125	25	6.7	0
Total current liabilities	484	469	483	407	607	630	756	783	757	804
Long-term debt	537	500	584	617	461	644	497	483	630	1,280
Lease liabilities			0	48.1	33.7	28.5	42.4	41.3	37.8	33.1
Other non-current liabilities	79.1	40.3	48.5	113	88.2	91.1	108	103	107	91
Total liabilities	1,125	1,119	1,240	1,241	1,263	1,467	1,450	1,425	1,524	2,222
Total debt	588	515	635	625	463	647	623	510	640	1,283
Paid-in capital	0			0	5.8	17	24.8	26.8	35.8	44.6
Retained earnings	1,041	1,122	1,282	1,430	1,608	1,846	2,088	2,378	2,610	2,920
Treasury stock	-808	-899	-981	-1,033	-1,130	-1,282	-1,378	-1,475	-1,770	-1,813
Other comprehensive income	-157	-150	-193	-184	-118	-206	-173	-199	-181	-146
Shareholders' equity	855	858	893	993	1,137	1,133	1,321	1,489	1,454	1,764
Minority interests			5.4	5.8
Total equity	855	858	893	993	1,137	1,133	1,321	1,489	1,454	1,764
Total liabilities and equity	1,980	1,977	2,143	2,245	2,400	2,600	2,771	2,914	2,977	3,987

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	233	180	267	257	287	333	359	414	367	454
Depreciation and amortization	75.2	76.7	81.1	87.6	95.3	93.8	92.3	98.4	99.5	106
Stock-based compensation	9.1	16.7	15	15.2	14.2	20.4	20.4	22	24	24.7
Deferred income tax	-10.6	7	10.2	2.7	-5.9	-1.4	-15.3	-24.3	-24	-0.3
Change in receivables	-31.8	-41.7	1.4	77.1	-92.7	-101	30.1	-39.4	-21.4	-75.1
Change in inventory	-42.4	-43.8	-5.5	11.9	-56.3	-148	99.8	-65.6	-32.2	0.8
Change in payables				-43.5	107	51.1	-39	80.3	-5.5	-2
Cash from operations	318	263	346	387	402	253	545	493	419	494
Capital expenditures	-65.9	-97.5	-151	-124	-59	-85.5	-119	-85.6	-78.9	-67.4
Acquisitions	-32.2	0.5	-96	-6.5	0	-68.9	-209	-2	-2.4	-823
Cash from investing	-95.7	-95.4	-246	-129	-58.3	-154	-327	-86.9	-150	-880
Debt issued	0	198	155	262	7.9	289	189	120	388	859
Debt repaid	-81.7	-272	-44.8	-281	-170	-90	-220	-229	-265	-216
Stock issued	22.7	19.2	25.9	25.2	35.8	12.9	38.3	54.1	28.6	55.9
Share buybacks	-140	-122	-129	-94.3	-142	-171	-142	-163	-332	-111
Dividends paid	-92.4	-94.7	-99.7	-106	-107	-110	-114	-123	-132	-141
Cash from financing	-165	-269	-123	-200	-363	-114	-222	-356	-322	452
Exchange rate effect	8.3	-2.4	-3	0.2	5.9	-14.1	-1.2	-4.1	1	4.2
Net change in cash	65.2	-104	-26.9	58.8	-13.8	-29.5	-6.2	45.6	-52.3	70
Free cash flow	252	165	195	263	343	167	426	407	340	426
Interest paid	19.9	21.9	19.1	17.1	10.9	12.2	20.9	23.4	22.2	33.1
Income taxes paid	88	82.6	99.3	90.7	106	102	141	148	176	161

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $87.41 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.6%	Gross profit / revenue.
Operating margin	15.4%	Operating income / revenue.
EBITDA margin	18.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.1%	Pre-tax income / revenue.
Net margin	11.7%	Net income / revenue.
FCF margin	11.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.7%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.0%	Net income / average total assets.
Return on invested capital (ROIC)	19.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.0%	Research and development expense / revenue.
SG&A / revenue	17.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	26.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	25.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	33.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.08x	Current assets / current liabilities.
Quick ratio	1.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.2%	Total debt / total assets.
Liabilities / assets	55.7%	Total liabilities / total assets.
Net debt	$1.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.7x	Operating income / interest expense.
Working capital	$865.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$373.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.12x	Revenue / average total assets.
Fixed asset turnover	6.08x	Revenue / average property, plant and equipment.
Inventory turnover	4.83x	Cost of revenue / average inventory.
Days inventory	76 days	365 x average inventory / cost of revenue.
Receivables turnover	5.47x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	89 days	Days inventory + days sales outstanding - days payables.
FCF conversion	93.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.85	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.92	Net income per basic share, as reported (split-adjusted).
Revenue per share	$32.96	Revenue / diluted weighted shares.
FCF per share	$3.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.19	Cash from operations / diluted weighted shares.
Book value per share	$14.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.16	Tangible book value / shares outstanding.
Cash per share	$2.12	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.24	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	31.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	26.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.13B	Share price x shares outstanding.
Enterprise value	$11.16B	Market cap + total debt - cash - short-term investments.
P/E	22.3x	Market cap / net income. Only when net income is positive.
P/S	2.61x	Market cap / revenue.
P/B	5.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	27.2x	Market cap / tangible book value, when positive.
P/FCF	23.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.5x	Market cap / cash from operations, when positive.
EV/Sales	2.87x	Enterprise value / revenue.
EV/EBIT	18.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.2%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DONALDSON Co INC's revenue in fiscal 2026?

DONALDSON Co INC reported revenue of $3.89B for fiscal 2026, 5.3% higher than the year before.

Was DONALDSON Co INC profitable in fiscal 2026?

Yes. Net income was $453.8M, a net margin of 11.7%.

How much free cash flow did DONALDSON Co INC generate in fiscal 2026?

Cash from operations of $493.7M minus capital expenditures of $67.4M left free cash flow of $426.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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