Donaldson Company (NYSE: DCI) is an industrial filtration company that designs and manufactures filtration systems, replacement parts, and related equipment for engine, industrial, and life sciences applications. Revenue is transactional, generated through equipment sales, replacement filter sales, and consumables across three segments: Mobile Solutions, Industrial Solutions, and Life Sciences. Mobile Solutions and Industrial Solutions are the primary revenue drivers, with Life Sciences representing 8.0% of net sales in FY2025 (fiscal year ended July 31, 2025). Customers span construction, agriculture, mining, oil and gas, transportation, power generation, aerospace and defense, semiconductor manufacturing, and bioprocessing end markets. No single customer accounted for 10% or more of net sales in FY2025, FY2024, or FY2023. Selling, general and administrative expenses were $641.0 million, or 17.4% of net sales, for the year ended July 31, 2025. The company carries a $600.0 million revolving credit facility maturing June 2030 and a $200.0 million term loan maturing June 2028, both entered into during Q4 FY2025.

Revenue model

Transactional sales of filtration equipment, ancillary components, replacement parts, consumables, and performance monitoring services. Products are sold through OEMs, distributors, and direct-to-customer channels across Mobile Solutions, Industrial Solutions, and Life Sciences segments.

Products and services

Mobile Solutions: engine air filtration systems protecting against dust and abrasive wear. Industrial Solutions: dust, fume and mist collectors; compressed air and industrial gas purification systems; hydraulic and lubricated rotating filtration; power generation air inlet systems; aerospace and defense air, fuel, lubrication and hydraulic filtration for fixed-wing aircraft, rotorcraft, ground defense vehicles and naval platforms. Life Sciences (8.0% of FY2025 net sales): micro-environment gas and liquid filtration for food and beverage and industrial processes; bioprocessing equipment including bioreactors and fermenters; bioprocessing consumables including chromatography devices, reagents and filters; polytetrafluoroethylene membrane-based products; specialized air and gas filtration for hard disk drives, semiconductor manufacturing, sensors, battery systems and powertrain components.

Customers and end markets

End markets include construction, agriculture, mining, oil and gas, transportation, power generation, disk drive, semiconductor manufacturing, aerospace and defense, food and beverage, bioprocessing, and medical devices. Customers include large OEMs, distributors, and direct end users. No customer accounted for 10% or more of net sales in FY2025, FY2024, or FY2023. Customer base is concentrated in cyclical industries.

Value-chain role

Component and system supplier, sitting between raw material suppliers (steel, filter media, petroleum-based products) and OEM or end-user customers. Sells through OEM relationships, distributor networks, and direct-to-customer channels. Replacement parts and consumables create recurring revenue alongside initial equipment sales.

Geographic exposure

Global operations with manufacturing facilities and distribution centers across multiple countries. Raw materials and components sourced from both domestic and international suppliers. Specific country-level revenue breakdown not detailed in the filing excerpts.

Source: SEC 10-K, filed 2025-09-26

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