DONALDSON Co INC (NYSE: DCI)

Donaldson Company, Inc. is a global leader in technology-led filtration products and solutions. The company serves a broad range of industries and advanced markets by providing filtration systems and related services. Its core activities involve designing manufacturing and distributing filtration products that address complex contamination challenges across various sectors. Donaldson operates through more than 150 locations on six continents with 77 manufacturing and distribution centers. The company partners with customers ranging from small business owners to the world’s largest original equipment manufacturers to deliver reliable filtration solutions that meet stringent technical and performance requirements.

Donaldson generates revenue through the sale of filtration products and solutions across its three reportable segments. Primary products include replacement filters for air and liquid filtration applications filtration housings for new equipment production and systems related to exhaust and emissions. The company also offers industrial air filtration systems industrial gases purification systems hydraulic and lubrication filtration power generation aerospace and defense filtration and life sciences products such as bioprocessing equipment and consumables. Revenue is derived from original equipment manufacturers independent distributors OEM dealer networks and direct sales to end users in various industries. The company’s fiscal year 2025 revenue was distributed geographically with 44.2% from the U. S. and Canada 27.8% from Europe Middle East and Africa 17.2% from Asia Pacific and 10.8% from Latin America.

The company operates through the following segments: Mobile Solutions Industrial Solutions and Life Sciences.

• Mobile Solutions represents 62.1% of net sales in fiscal 2025 and is organized based on a combination of customers and products. It consists of the Off-Road On-Road and Aftermarket business units. Products include replacement filters for air and liquid filtration applications and filtration housings for new equipment production and systems related to exhaust and emissions. Applications cover air filtration systems fuel lube and hydraulic systems emissions systems and sensors indicators and monitoring systems. Mobile Solutions sells to original equipment manufacturers in the construction mining agriculture and transportation end markets and to independent distributors and OEM dealer networks.

• Industrial Solutions represents 29.9% of net sales in fiscal 2025 and is organized based on product type. It consists of Industrial Air Filtration Industrial Gases Industrial Hydraulics Power Generation and Aerospace and Defense products. These are further organized by the Industrial Filtration Solutions and Aerospace and Defense business units. Products include dust fume and mist collectors compressed air and industrial gases purification systems hydraulic and lubricated filtration applications gas and liquid filtration for industrial processes air inlet systems for gas compression power generation and natural gas liquification and air fuel lubrication and hydraulic filtration for aerospace and defense applications. Industrial Solutions businesses sell through OEMs distributors and direct-to-consumer channels in some markets.

• Life Sciences represents 8.0% of net sales in fiscal 2025 and is organized by end market. It consists of the Food and Beverage Disk Drive Vehicle Electrification and Medical Device Microelectronics and Bioprocessing Equipment and Consumables markets. Products include micro-environment gas and liquid filtration for food and beverage and industrial processes bioprocessing equipment such as bioreactors and fermenters bioprocessing consumables including chromatography devices reagents and filters polytetrafluoroethylene membrane-based products and specialized air and gas filtration systems for applications including hard disk drives semiconductor manufacturing sensors battery systems and powertrain components. Life Sciences primarily sells to large OEMs and directly to various end users requiring cell growth separation purification high purity filtration and device protection.

Donaldson believes it is a market leader within many of its product lines particularly within its Off-Road and On-Road product lines for OEMs and in the Aftermarket business for replacement filters. The company participates in highly competitive filtration markets across all segments. Principal methods of competition include technology innovation product performance service price and geographic coverage. The Mobile Solutions segment faces competition from several large global competitors and many regional competitors especially in the Aftermarket business. The Industrial Solutions segment competes against large global competitors and numerous smaller competitors that focus on specific geographical regions or limited product applications. The Life Sciences segment contends with several large global competitors as well as niche players in individual markets served by the segment.

Donaldson serves a diverse customer base including small business owners and the world’s largest original equipment manufacturer brands. The company sells to original equipment manufacturers in construction mining agriculture and transportation industries. It also distributes through independent distributors and OEM dealer networks. In the Life Sciences segment Donaldson sells to large OEMs and directly to end users requiring high purity filtration for applications such as cell growth separation and purification. Industrial Solutions customers include industrial manufacturers in metals mining transportation chemicals food and beverage pharmaceuticals construction materials and emerging markets such as electric vehicle manufacturing recycling and alternative power. The company does not disclose specific customer names in the filing.