Revenue growth has fluctuated between -0.8% and 6.4% over the past ten quarters, while structural gross margins have remained resilient within the 33% to 36% range.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 3.81B | 3.69B | 3.59B | 3.43B | 3.31B | 2.85B | 2.58B | 2.84B | 2.73B | 2.37B | 2.22B | 2.37B | 2.47B | 2.44B | 2.49B | 2.29B | 1.88B | 1.87B | 2.23B | 1.92B | 1.69B | 1.6B | 1.41B | 1.22B | 1.13B | 1.14B | 1.09B | 944.1M | 940.4M | 833.3M | 758.6M |
| Revenue Growth % | 4.44% | 2.92% | 4.53% | 3.76% | 15.86% | 10.54% | -9.25% | 4.05% | 15.27% | 6.83% | -6.36% | -4.13% | 1.5% | -2.26% | 8.68% | 22.21% | 0.45% | -16.3% | 16.35% | 13.25% | 6.18% | 12.77% | 16.15% | 8.19% | -0.97% | 4.09% | 15.7% | 0.39% | 12.85% | 9.85% | 7.76% |
| Cost of Goods Sold | 2.51B | 2.4B | 2.31B | 2.27B | 2.24B | 1.88B | 1.71B | 1.9B | 1.8B | 1.55B | 1.47B | 1.56B | 1.6B | 1.59B | 1.62B | 1.48B | 1.22B | 1.28B | 1.51B | 1.31B | 1.14B | 1.09B | 964.54M | 827.1M | 776.51M | 795.28M | 730.45M | 640.8M | 651.8M | 561.6M | 514.1M |
| COGS % of Revenue | - | 65.15% | 64.46% | 66.17% | 67.72% | 65.95% | 66.24% | 66.67% | 65.79% | 65.3% | 66% | 65.9% | 64.51% | 65.24% | 64.95% | 64.53% | 64.91% | 68.44% | 67.49% | 68.48% | 67.15% | 68.32% | 68.17% | 67.89% | 68.96% | 69.94% | 66.87% | 67.87% | 69.31% | 67.39% | 67.77% |
| Gross Profit | 1.3B | 1.29B | 1.27B | 1.16B | 1.07B | 971.7M | 871.6M | 948.3M | 935.5M | 823.1M | 754.8M | 808.58M | 877.83M | 847.13M | 873.76M | 813.8M | 658.75M | 589.71M | 725.86M | 604.86M | 556.58M | 505.57M | 450.44M | 391.15M | 349.49M | 341.73M | 361.85M | 303.3M | 288.6M | 271.7M | 244.5M |
| Gross Margin % | 34.16% | 34.85% | 35.54% | 33.83% | 32.28% | 34.05% | 33.76% | 33.33% | 34.21% | 34.7% | 34% | 34.1% | 35.49% | 34.76% | 35.05% | 35.47% | 35.09% | 31.56% | 32.51% | 31.52% | 32.85% | 31.68% | 31.83% | 32.11% | 31.04% | 30.06% | 33.13% | 32.13% | 30.69% | 32.61% | 32.23% |
| Gross Profit Growth % | - | 0.93% | 9.81% | 8.73% | 9.85% | 11.48% | -8.09% | 1.37% | 13.66% | 9.05% | -6.65% | -7.89% | 3.62% | -3.05% | 7.37% | 23.54% | 11.71% | -18.76% | 20% | 8.68% | 10.09% | 12.24% | 15.16% | 11.92% | 2.27% | -5.56% | 19.3% | 5.09% | 6.22% | 11.12% | 11.9% |
| Operating Expenses | 731.2M | 728.8M | 730.3M | 680.4M | 623.9M | 587M | 531.5M | 560.1M | 555.5M | 494.5M | 480.6M | 520.27M | 522.09M | 503.8M | 510.75M | 498.51M | 420.5M | 419.75M | 480.05M | 393.76M | 363.79M | 349.08M | 308.85M | 259.39M | 225.64M | 229.63M | 256.25M | 215M | 201.8M | 189.1M | 168.9M |
| OpEx % of Revenue | - | 19.75% | 20.36% | 19.83% | 18.87% | 20.57% | 20.59% | 19.69% | 20.32% | 20.85% | 21.65% | 21.94% | 21.11% | 20.67% | 20.49% | 21.73% | 22.4% | 22.46% | 21.5% | 20.52% | 21.47% | 21.88% | 21.83% | 21.29% | 20.04% | 20.2% | 23.46% | 22.77% | 21.46% | 22.69% | 22.26% |
| Selling, General & Admin | 651.7M | 641M | 636.7M | 602.3M | 554.8M | 519.2M | 470.3M | 497.8M | 495.6M | 439.8M | 425.1M | 460.05M | 460.25M | 441.17M | 451.16M | 443.23M | 376.02M | 379.11M | 436.29M | 357.31M | 329.9M | 316.85M | 279.1M | 228.93M | 197.49M | 201.2M | 194.62M | 163.7M | 153M | 150.3M | 131.3M |
| SG&A % of Revenue | - | 17.37% | 17.75% | 17.56% | 16.78% | 18.19% | 18.22% | 17.5% | 18.13% | 18.54% | 19.15% | 19.4% | 18.61% | 18.1% | 18.1% | 19.32% | 20.03% | 20.29% | 19.54% | 18.62% | 19.47% | 19.86% | 19.72% | 18.79% | 17.54% | 17.7% | 17.82% | 17.34% | 16.27% | 18.04% | 17.31% |
| Research & Development | 79.5M | 87.8M | 93.6M | 78.1M | 69.1M | 67.8M | 61.2M | 62.3M | 59.9M | 54.7M | 55.5M | 60.23M | 61.84M | 62.63M | 59.59M | 55.29M | 44.49M | 40.64M | 43.76M | 36.46M | 33.89M | 32.23M | 35.37M | 30.46M | 28.15M | 28.43M | 27.3M | 23.6M | 23.5M | 17.3M | 15.9M |
| R&D % of Revenue | - | 2.38% | 2.61% | 2.28% | 2.09% | 2.38% | 2.37% | 2.19% | 2.19% | 2.31% | 2.5% | 2.54% | 2.5% | 2.57% | 2.39% | 2.41% | 2.37% | 2.17% | 1.96% | 1.9% | 2% | 2.02% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.08% | 2.1% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.9M | 0 | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.33M | 27.7M | 25.3M | 21.5M | 21.7M |
| Operating Income | 569.1M | 557.4M | 544.1M | 480.2M | 443.5M | 384.7M | 340.1M | 388.2M | 380M | 328.6M | 274.2M | 288.31M | 355.74M | 343.33M | 363.02M | 315.28M | 238.24M | 169.96M | 245.81M | 211.1M | 192.79M | 156.49M | 141.59M | 131.76M | 123.85M | 112.11M | 105.59M | 88.3M | 86.8M | 82.6M | 75.6M |
| Operating Margin % | 14.95% | 15.1% | 15.17% | 14% | 13.41% | 13.48% | 13.17% | 13.65% | 13.9% | 13.85% | 12.35% | 12.16% | 14.38% | 14.09% | 14.56% | 13.74% | 12.69% | 9.1% | 11.01% | 11% | 11.38% | 9.81% | 10.01% | 10.82% | 11% | 9.86% | 9.67% | 9.35% | 9.23% | 9.91% | 9.97% |
| Operating Income Growth % | - | 2.44% | 13.31% | 8.28% | 15.28% | 13.11% | -12.39% | 2.16% | 15.64% | 19.84% | -4.89% | -18.95% | 3.61% | -5.42% | 15.14% | 32.34% | 40.18% | -30.86% | 16.44% | 9.5% | 23.2% | 10.52% | 7.45% | 6.39% | 10.47% | 6.17% | 19.59% | 1.73% | 5.08% | 9.26% | 15.42% |
| EBITDA | 642.4M | 656.9M | 642.5M | 572.5M | 537.8M | 480M | 427.7M | 469.3M | 456.7M | 403.8M | 349.1M | 362.61M | 422.9M | 407.62M | 424.18M | 375.77M | 297.48M | 228.55M | 302.54M | 260.67M | 237.49M | 200.77M | 183.14M | 169.32M | 155.6M | 150.69M | 139.92M | 116M | 112.1M | 104.1M | 97.3M |
| EBITDA Margin % | 16.87% | 17.8% | 17.92% | 16.69% | 16.26% | 16.82% | 16.57% | 16.5% | 16.7% | 17.02% | 15.72% | 15.29% | 17.1% | 16.73% | 17.01% | 16.38% | 15.85% | 12.23% | 13.55% | 13.58% | 14.02% | 12.58% | 12.94% | 13.9% | 13.82% | 13.25% | 12.81% | 12.29% | 11.92% | 12.49% | 12.83% |
| EBITDA Growth % | 8.9% | 2.24% | 12.23% | 6.45% | 12.04% | 12.23% | -8.86% | 2.76% | 13.1% | 15.67% | -3.73% | -14.26% | 3.75% | -3.9% | 12.88% | 26.32% | 30.16% | -24.46% | 16.07% | 9.76% | 18.29% | 9.63% | 8.16% | 8.82% | 3.26% | 7.69% | 20.62% | 3.48% | 7.68% | 6.99% | 13.14% |
| D&A (Non-Cash Add-back) | 73.3M | 99.5M | 98.4M | 92.3M | 94.3M | 95.3M | 87.6M | 81.1M | 76.7M | 75.2M | 74.9M | 74.3M | 67.16M | 64.29M | 61.16M | 60.49M | 59.23M | 58.6M | 56.73M | 49.57M | 44.7M | 44.28M | 41.55M | 37.56M | 31.75M | 38.58M | 34.33M | 27.7M | 25.3M | 21.5M | 21.7M |
| EBIT | 590.5M | 516.4M | 556.7M | 487.9M | 453.3M | 394M | 352.6M | 395.1M | 384.9M | 341.5M | 278.1M | 303.76M | 370.9M | 359.09M | 382.27M | 324.79M | 242.15M | 178.44M | 245.81M | 211.1M | 192.79M | 156.49M | 141.59M | 131.76M | 123.85M | 112.11M | 105.59M | 88.3M | 86.8M | 82.6M | 75.6M |
| Net Interest Income | -28.4M | -24.2M | -21.4M | -19.2M | -14.9M | -13M | -17.4M | -19.9M | -21.3M | -19.5M | -20.7M | -15.2M | -10.2M | -10.91M | -11.49M | -12.53M | -11.97M | -17.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 28.4M | 24.2M | 21.4M | 19.2M | 14.9M | 13M | 17.4M | 19.9M | 21.3M | 19.5M | 20.7M | 15.2M | 10.2M | 10.91M | 11.49M | 12.53M | 11.97M | 17.02M | 16.55B | 14.56B | 9.88M | 9.41M | 4.95M | 5.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -500K | -65.2M | -8.8M | -11.5M | -5.1M | -3.7M | -4.9M | -13M | -13.4M | -6.6M | -16.8M | 293K | 4.96M | 4.85M | 7.76M | -3.02M | -8.07M | -8.53M | -9.65M | -6.24M | -3.62M | -1.76M | 248K | -1.2M | -4.83M | -7.18M | -5.26M | 900K | -300K | -3.5M | -4.5M |
| Pretax Income | 568.6M | 492.2M | 535.3M | 468.7M | 438.4M | 381M | 335.2M | 375.2M | 363.6M | 322M | 257.4M | 288.6M | 360.7M | 348.18M | 370.78M | 312.26M | 230.18M | 161.43M | 236.16M | 204.86M | 189.17M | 154.73M | 141.84M | 130.57M | 119.02M | 104.93M | 100.33M | 89.2M | 86.5M | 79.1M | 71.1M |
| Pretax Margin % | 14.93% | 13.34% | 14.93% | 13.66% | 13.26% | 13.35% | 12.98% | 13.19% | 13.3% | 13.58% | 11.59% | 12.17% | 14.58% | 14.29% | 14.87% | 13.61% | 12.26% | 8.64% | 10.58% | 10.68% | 11.16% | 9.7% | 10.02% | 10.72% | 10.57% | 9.23% | 9.19% | 9.45% | 9.2% | 9.49% | 9.37% |
| Income Tax | 129.8M | 125.2M | 121.3M | 109.9M | 105.6M | 94.1M | 78.2M | 108M | 183.3M | 89.2M | 66.6M | 80.49M | 100.48M | 100.8M | 106.48M | 86.97M | 64.01M | 29.52M | 64.21M | 54.14M | 56.86M | 44.18M | 35.52M | 35.25M | 32.13M | 29.38M | 30.1M | 26.8M | 29.4M | 28.5M | 27.7M |
| Effective Tax Rate % | 22.83% | 25.44% | 22.66% | 23.45% | 24.09% | 24.7% | 23.33% | 28.78% | 50.41% | 27.7% | 25.87% | 27.89% | 27.86% | 28.95% | 28.72% | 27.85% | 27.81% | 18.29% | 27.19% | 26.43% | 30.06% | 28.55% | 25.04% | 27% | 27% | 28% | 30% | 30.04% | 33.99% | 36.03% | 38.96% |
| Net Income | 438.8M | 367M | 414M | 358.8M | 332.8M | 286.9M | 257M | 267.2M | 180.3M | 232.8M | 190.8M | 208.11M | 260.22M | 247.38M | 264.3M | 225.29M | 166.16M | 131.91M | 171.95M | 150.72M | 132.31M | 110.55M | 106.32M | 95.31M | 86.88M | 75.55M | 70.23M | 62.4M | 57.1M | 50.6M | 43.4M |
| Net Margin % | 11.52% | 9.94% | 11.54% | 10.46% | 10.06% | 10.05% | 9.95% | 9.39% | 6.59% | 9.81% | 8.59% | 8.78% | 10.52% | 10.15% | 10.6% | 9.82% | 8.85% | 7.06% | 7.7% | 7.85% | 7.81% | 6.93% | 7.51% | 7.82% | 7.72% | 6.64% | 6.43% | 6.61% | 6.07% | 6.07% | 5.72% |
| Net Income Growth % | 21.08% | -11.35% | 15.38% | 7.81% | 16% | 11.63% | -3.82% | 48.2% | -22.55% | 22.01% | -8.32% | -20.03% | 5.19% | -6.4% | 17.32% | 35.58% | 25.97% | -23.29% | 14.09% | 13.91% | 19.68% | 3.99% | 11.54% | 9.7% | 15% | 7.57% | 12.55% | 9.28% | 12.85% | 16.59% | 12.73% |
| Net Income (Continuing) | 438.8M | 367M | 414M | 358.8M | 332.8M | 286.9M | 257M | 267.2M | 180.3M | 232.8M | 190.8M | 208.11M | 260.22M | 247.38M | 264.3M | 225.29M | 166.16M | 131.91M | 171.95M | 150.72M | 132.31M | 110.55M | 106.32M | 95.31M | 86.88M | 75.55M | 70.23M | 62.4M | 57.1M | 50.6M | 43.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 5.8M | 5.4M | 4.8M | 4.4M | 4M | 3.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.72 | 3.05 | 3.38 | 2.90 | 2.66 | 2.24 | 2.00 | 2.05 | 1.36 | 1.74 | 1.42 | 1.49 | 1.76 | 1.64 | 1.73 | 1.44 | 1.05 | 0.84 | 1.06 | 0.92 | 0.78 | 0.64 | 0.59 | 0.53 | 0.48 | 0.42 | 0.38 | 0.33 | 0.28 | 0.25 | 0.21 |
| EPS Growth % | 24.83% | -9.76% | 16.55% | 9.02% | 18.75% | 12% | -2.44% | 50.74% | -21.84% | 22.54% | -4.7% | -15.34% | 7.32% | -5.2% | 20.14% | 37.14% | 25% | -20.75% | 15.22% | 17.95% | 21.88% | 8.47% | 11.32% | 10.42% | 14.29% | 10.53% | 15.15% | 17.86% | 12% | 19.05% | 16.67% |
| EPS (Basic) | - | 3.09 | 3.43 | 2.95 | 2.69 | 2.27 | 2.03 | 2.08 | 1.38 | 1.76 | 1.43 | 1.51 | 1.79 | 1.67 | 1.76 | 1.46 | 1.07 | 0.85 | 1.09 | 0.94 | 0.80 | 0.65 | 0.61 | 0.55 | 0.49 | 0.43 | 0.39 | 0.33 | 0.29 | 0.25 | 0.21 |
| Diluted Shares Outstanding | 118.1M | 120.4M | 122.6M | 123.6M | 125.2M | 128.2M | 128.3M | 130.3M | 132.2M | 134.1M | 134.8M | 139.38M | 147.64M | 150.46M | 152.94M | 157.2M | 158.36M | 158.34M | 162.42M | 164.87M | 170.28M | 173.77M | 180.86M | 180.94M | 182.86M | 182.45M | 186.66M | 191.17M | 200.92M | 204.44M | 207.9M |
| Basic Shares Outstanding | 115.9M | 118.7M | 120.7M | 121.8M | 123.7M | 126.4M | 126.9M | 128.3M | 130.3M | 132.6M | 133.8M | 137.75M | 145.59M | 148.27M | 150.29M | 154.39M | 155.7M | 155.76M | 158.42M | 160.91M | 165.98M | 169.98M | 175.92M | 173.98M | 176.63M | 177.52M | 182.87M | 187.6M | 197.33M | 200.4M | 207.9M |
| Dividend Payout Ratio | - | 35.94% | 29.66% | 31.88% | 33.08% | 37.36% | 41.4% | 37.31% | 52.52% | 39.69% | 47.8% | 43.83% | 31.92% | 24.38% | 18.04% | 18.2% | 21.81% | 26.66% | 19.19% | 19.11% | 19.99% | 17.87% | 16.72% | 16.01% | 15.78% | 17.33% | 17.63% | 17.31% | 16.81% | 17.39% | 17.74% |
Cyclical OEM demand exposure
According to the latest quarterly filings, Donaldson's revenue growth has fluctuated between a low of -0.8% and a high of 6.4% over the past ten quarters, suggesting that top-line expansion remains sensitive to the underlying volatility of global industrial and heavy-duty equipment utilization cycles.
The inconsistent revenue trajectory reflects the company's reliance on both original equipment manufacturer demand and the more stable aftermarket replacement cycle. Investors should monitor whether the recent 5.9% growth in 2026Q3 represents a sustainable recovery or merely a temporary rebound from previous inventory destocking phases within the distribution channel.
As reported in financial statements, Donaldson has maintained gross margins consistently within the 33% to 36% range, indicating that the company's proprietary filtration technology provides a durable buffer against the inflationary pressures and commodity price volatility that typically impact industrial manufacturing peers during periods of economic uncertainty.
This margin profile suggests that management possesses sufficient pricing power to pass through input cost increases, likely supported by the high-margin aftermarket replacement business. The stability of these margins warrants further investigation into whether the company can expand profitability further as it shifts focus toward higher-margin industrial filtration solutions.
Based on the provided income statement data, operating margins have experienced notable variance, dipping to 9.3% in 2025Q3 before recovering to 15.6% in 2026Q3, which suggests that the company's ability to scale operating income relative to gross profit is highly dependent on effective management of overhead costs.
The fluctuation in operating margins appears to stem from periodic spikes in SG&A expenses, which may indicate ongoing investments in the company's strategic reorganization. Analysts should monitor whether the recent improvement in operating efficiency can be sustained without sacrificing the R&D spending necessary to maintain its competitive technological moat.
Analysis of the reported figures reveals that net income has been subject to significant quarterly swings, highlighted by a sharp decline in 2025Q3, which suggests that non-operating items or tax anomalies may periodically distort the underlying quality of the company's bottom-line performance for short-term observers.
While stock-based compensation appears relatively contained, the variability in net margins suggests that investors should focus on normalized earnings rather than headline EPS. The absence of stock-based compensation in the most recent quarter warrants further investigation to determine if this represents a permanent change in compensation structure or a temporary reporting anomaly.
Quick answers to the most common questions about buying DCI stock.
For fiscal year 2025, Donaldson Company, Inc. (DCI) reported total revenue of $3.69B. This represents a 386.5% increase compared to $758.6M in 1996.
Donaldson Company, Inc. (DCI) is profitable, generating $367.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.9%.
Donaldson Company, Inc. (DCI) reported an operating income of $557.4M, resulting in an operating profit margin of 15.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Donaldson Company, Inc. (DCI) generated $1.29B in gross profit for the year, representing a gross profit margin of 34.8%. This demonstrates the company's core pricing power and production efficiency.