Donaldson Company, Inc. (DCI) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 8.0% in 2026Q4, driving a 19.9% year-over-year increase in operating income and expanding gross margin to a multi-year high of 36.3%, indicating strong pricing power and favorable mix.

Annual statement

DCI Income Statement

Donaldson Company, Inc. (DCI) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	3.89B	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 %	5.28%	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	2.54B	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	1.35B	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 %	34.64%	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	746M	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	679.2M	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	76.1M	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	-1000K	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	599.9M	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 %	15.44%	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	575.8M	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 %	14.82%	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 %	-3.21%	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)	-24.1M	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	615.3M	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	-36M	-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	36M	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	-14.1M	-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	585.8M	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 %	15.08%	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	132M	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 %	22.53%	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	453.8M	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 %	11.68%	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 %	23.65%	-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)	453.8M	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)	3.85	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 %	26.23%	-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	117.9M	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	115.8M	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%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Cyclical OEM demand softness

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Organic Growth Accelerates on Volume

Donaldson's revenue growth has accelerated from a low of 1.3% in 2025Q3 to 8.0% in 2026Q4, driven by strong organic volume gains that appear to be overcoming prior cyclical headwinds in key end markets.

The sequential acceleration in year-over-year revenue growth, from 3.0% in 2026Q2 to 8.0% in 2026Q4, suggests a meaningful inflection in underlying demand. This trend implies that the company's aftermarket resilience and recent strategic actions, such as the Facet acquisition, are successfully offsetting the reported softness in agricultural and construction equipment markets. The durability of this acceleration will be a key test of the business's cyclicality profile.

Gross Margin Expansion Signals Pricing Power

Gross margin expanded to 36.3% in 2026Q4, the highest level in the past ten quarters, indicating successful pass-through of input costs and a favorable mix shift toward higher-margin aftermarket sales.

The improvement in gross margin from a trough of 33.4% in 2026Q2 to 36.3% in 2026Q4 suggests management has effectively navigated commodity volatility through value-based pricing in its replacement channel. This margin resilience, especially in a period of accelerating revenue growth, reinforces the structural advantage of the 'first-fit' model that locks in recurring, high-margin revenue. Investors should monitor whether this level is sustainable as volume growth normalizes.

Operating Leverage Amplifies Profit Growth

Operating income grew 19.9% year-over-year in 2026Q4, significantly outpacing the 8.0% revenue growth, demonstrating strong operating leverage as SG&A expenses were held relatively flat.

The substantial operating leverage is evident in the 17.2% operating margin achieved in 2026Q4, up from 15.5% a year prior. This indicates that incremental revenue is flowing through to profit at a high rate, likely due to disciplined overhead management and the inherent scalability of the manufacturing platform. The trend suggests that the company's cost structure is well-optimized for the current volume environment.

EPS Growth Driven by Core Operations

Diluted EPS grew 13.4% year-over-year in 2026Q4, supported by strong operational performance and a minimal $0 stock-based compensation charge, indicating high-quality earnings from core business activities.

The quality of earnings appears robust, with net income growth closely tracking operating income growth. The negligible stock-based compensation in recent quarters, compared to earlier periods, removes a potential dilutive headwind and suggests the reported EPS growth is not being artificially inflated. The consistent net margin in the 11-12% range further supports the sustainability of the bottom-line performance.

Disciplined SG&A Management

SG&A expenses as a percentage of revenue declined to 17.5% in 2026Q4 from 18.5% in 2025Q4, demonstrating effective cost control and overhead efficiency as the business scales.

The reduction in SG&A intensity, despite revenue growth, points to successful operational discipline and likely benefits from the company's recent organizational restructuring. This trend is a positive indicator of management's ability to control fixed costs while investing in growth. The stability of R&D spending as a percentage of sales suggests a consistent commitment to innovation without overextending.

Sustainability of Margin Peak in Question

The current 36.3% gross margin represents a multi-year high and may be difficult to sustain if the recent revenue acceleration is driven by one-time factors or if commodity costs re-accelerate.

A short-seller would focus on whether the recent margin expansion is cyclical rather than structural. The peak margin coincides with record sales, which could reflect channel loading or favorable mix that may not persist. Furthermore, if the growth is heavily weighted toward lower-margin OEM 'first-fit' business to capture market share, it could pressure blended margins over time. The historical volatility in margins, such as the dip to 33.4% in 2026Q2, suggests the current level may represent a cyclical peak rather than a new baseline.

DCI — Frequently Asked Questions

Quick answers to the most common questions about buying DCI stock.

What was Donaldson Company, Inc.'s (DCI) revenue in 2025?

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.

Is Donaldson Company, Inc. (DCI) profitable?

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%.

What is Donaldson Company, Inc.'s operating profit margin?

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.

What is Donaldson Company, Inc.'s gross profit and gross margin?

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.