DONALDSON Co INC
Donaldson Company, Inc. designs and sells filtration products and systems that remove dust, fumes, mist, liquids and emissions from industrial equipment and manufacturing environments. Founded in 1915, it serves OEMs, distributors and end customers across mobile equipment, industrial processing and life sciences applications, with a large global manufacturing and distribution footprint.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueFiltration products for off-road, on-road and aftermarket vehicle and equipment applications.
Dust, fume, mist and industrial air filtration systems plus related service and aftermarket support.
Bioprocessing and membrane filtration products used in pharmaceutical and advanced life sciences applications.
Customers
Donaldson sells to OEMs, industrial end users, distributors and dealer networks that need highly reliable filtration for demanding applications. Its customer base spans construction, mining, agriculture, transportation, metals, chemicals, food and beverage, pharmaceuticals, recycling, alternative power and bioprocessing. Customers buy Donaldson products to protect equipment, meet emissions and air-quality requirements, reduce downtime and support process reliability.
Buy filtration housings, replacement filters and emissions systems for new equipment production and aftermarket support.
Buy dust, fume and mist collectors to improve air quality, protect workers and keep production running.
Buy replacement filters and service parts to support installed equipment and recurring maintenance demand.
Buy filtration and membrane solutions for cell and gene therapy, disease treatment and bioprocessing workflows.
Buy specialized filtration for EV manufacturing, recycling and alternative power systems.
Strategy
Donaldson is focused on extending market access, expanding technologies and solutions, and pursuing strategic acquisitions. The company is using its filtration base to grow in bioprocessing and alternative power, while also building connected service offerings that can deepen aftermarket relationships and improve customer retention. Acquisitions are intended to add capability, geographic reach and exposure to higher-margin adjacencies.
Broadens the addressable market beyond core filtration and supports growth in adjacent end markets.
Connected products and digital tools can increase aftermarket share and improve customer stickiness.
Acquisitions can accelerate growth and add capability in higher-margin areas.
Geography
Q2/2026Donaldson is globally diversified, with fiscal 2025 revenue split across the U.S. and Canada, EMEA, APAC and LATAM. The company operates at more than 150 locations on six continents, including 77 manufacturing and/or distribution centers, which supports local service, supply chain resilience and customer proximity. Its broad footprint also exposes it to currency, trade, regulatory and local demand differences across regions.
Share of the revenue the company reports by geography.
Risks
Donaldson faces cyclical demand tied to industrial production, construction, mining, agriculture and capital spending, which can affect OEM and aftermarket volumes. Its global footprint also creates exposure to tariffs, trade barriers, foreign exchange, local regulation and geopolitical disruption, while raw material inflation and supply chain volatility can pressure margins. In life sciences, slower bioprocessing spending and long drug-development timelines can delay demand, and the company also faces cybersecurity, IP and goodwill/intangible impairment risk.
- Cyclical industrial and mobile equipment demandImpact: HighLikelihood: Medium
Sales depend on construction, mining, agriculture, transportation and manufacturing activity.
Exposure: OEM and aftermarket volumes can weaken when capital spending slows.
- Global trade and geopolitical disruptionImpact: HighLikelihood: Medium
The company operates across many countries and is exposed to tariffs, trade barriers and local regulation.
Exposure - Raw material and supply chain cost inflationImpact: MediumLikelihood: Medium
Steel, filter media and petrochemical-based inputs are a large part of cost of sales.
Exposure: Purchased materials represent a large share of production cost.
- Cybersecurity and intellectual property riskImpact: MediumLikelihood: Low
A successful attack or IP infringement could disrupt operations and reduce demand.
Exposure - Life sciences demand softness and project timingImpact: Medium
Bioprocessing spending can slow and project timing can shift, affecting growth in this segment.
Exposure: Cell and gene therapy and membrane applications.
Accounting
Judgemental itemsEstimated rebates, discounts, returns and refunds reduce gross sales and can move revenue between periods.
Impact: Affects reported net sales and gross margin.
Acquisitions create goodwill and intangibles that must be tested for impairment when performance weakens.
Impact: Can create large non-cash charges, as seen in fiscal 2025.
A meaningful share of revenue is generated outside the U.S., so exchange rates affect reported results.
Impact: Impacts net sales and earnings comparability across periods.
Purchase accounting requires estimates for fair values, useful lives and contingencies.
Impact: Can affect goodwill, amortization and post-deal earnings.
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Last updated: 24/09/2026