DONALDSON Co INCDCI
DONALDSON Co INC Segments Disclosure
Note 19. Segment Reporting
The Company’s reportable segments are: Mobile Solutions, Industrial Solutions and Life Sciences. The organizational structure also includes Corporate and Unallocated which includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as restructuring charges and business development expenses. The Company determines its operating segments consistent with the manner in which the chief operating decision maker (CODM) manages operations and evaluates performance for internal review and decision-making. The CODM evaluates trends in earnings (loss) before income taxes to assess performance of the segments. The CODM considers variances in reported results to budget and variances to prior periods to make decisions about allocating resources to each segment. The Company’s CODM is the Chief Executive Officer. In fiscal 2025 and 2024, Corporate and Unallocated included a charge of $16.8 million and $6.4 million, respectively, related to restructuring, see Note 20.
The Mobile Solutions segment is organized based on a combination of customers and products and consists of the Off-Road, On-Road and Aftermarket business units. Within these business units, products consist of replacement filters for both air and liquid filtration applications and filtration housings for new equipment production and systems related to exhaust and emissions. Applications include air filtration systems, fuel, lube and hydraulic systems, emissions systems and sensors, indicators and monitoring systems. Mobile Solutions sells to original equipment manufacturers (OEMs) in the construction, mining, agriculture and transportation end markets and to independent distributors and OEM dealer networks.
The Industrial Solutions segment is organized based on product type and consists of Industrial Air Filtration, Industrial Gases, Industrial Hydraulics, Power Generation and Aerospace and Defense products. These products are further organized by the Industrial Filtration Solutions and Aerospace and Defense business units. Within our industrial portfolio, the Company provides a wide product offering in the market to industrial customers consisting of equipment, ancillary components, replacement parts, performance monitoring and service globally, that cost-effectively enhances productivity and manufacturing efficiency. Industrial Air Filtration, Industrial Gases and Industrial Hydraulics products consist of dust, fume and mist collectors, compressed air and industrial gases purification systems, hydraulic and lubricated rotating filtration applications as well as gas and liquid filtration for industrial processes. Power Generation products consist of air inlet systems and filtration sold to gas compression, power generation and natural gas liquification industries. Aerospace and Defense products consist of air, fuel, lubrication and hydraulic filtration for fixed-wing and rotorcraft aerospace applications and ground defense vehicle and naval platforms. Industrial Solutions businesses sell through multiple channels which include OEMs, distributors and direct-to-consumer in some markets.
The Life Sciences segment is organized by end market and consists of the Food and Beverage, Disk Drive, Vehicle Electrification and Medical Device, Microelectronics and Bioprocessing Equipment and Consumables markets. Within these markets, products consist of 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, as well as 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.
The Company has manufacturing facilities that serve multiple reportable segments. As such, capital expenditure information by reportable segment has not been provided because the Company does not produce or utilize such information internally. In addition, although depreciation and amortization expense is a component of each reportable segment’s operating results, it is not discretely identifiable as a result of the shared manufacturing facilities.
The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and sharing of assets. Therefore, the Company does not represent these segments, if operated independently, would report earnings before income taxes and other financial information as stated below.
Segment details were as follows (in millions):
| Mobile Solutions Segment | Industrial Solutions Segment | Life Sciences Segment | Total Segment | Corporate and Unallocated (1) | Total Company | |||||||||||||||||||||||||||||||||
| Year ended July 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 2,291.0 | $ | 1,104.4 | $ | 295.5 | $ | 3,690.9 | $ | — | $ | 3,690.9 | ||||||||||||||||||||||||||
| Cost of sales | 1,544.0 | 654.9 | 177.9 | |||||||||||||||||||||||||||||||||||
Other segment items (2) | 329.4 | 251.8 | 113.2 | |||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 417.6 | $ | 197.7 | $ | 4.4 | $ | 619.7 | $ | (127.5) | $ | 492.2 | ||||||||||||||||||||||||||
| Equity earnings in unconsolidated affiliates | $ | 8.1 | $ | 0.2 | $ | — | $ | 8.3 | $ | — | $ | 8.3 | ||||||||||||||||||||||||||
| Assets | $ | 1,334.8 | $ | 883.7 | $ | 458.4 | $ | 2,676.9 | $ | 300.3 | $ | 2,977.2 | ||||||||||||||||||||||||||
| Equity investments in unconsolidated affiliates | $ | 33.5 | $ | 0.5 | $ | — | $ | 34.0 | $ | — | $ | 34.0 | ||||||||||||||||||||||||||
| Year ended July 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 2,250.8 | $ | 1,066.5 | $ | 269.0 | $ | 3,586.3 | $ | — | $ | 3,586.3 | ||||||||||||||||||||||||||
| Cost of sales | 1,524.6 | 624.0 | 156.5 | |||||||||||||||||||||||||||||||||||
Other segment items (2) | 321.7 | 243.7 | 122.9 | |||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 404.5 | $ | 198.8 | $ | (10.4) | $ | 592.9 | $ | (57.6) | $ | 535.3 | ||||||||||||||||||||||||||
| Equity earnings in unconsolidated affiliates | $ | 7.3 | $ | 0.1 | $ | — | $ | 7.4 | $ | — | $ | 7.4 | ||||||||||||||||||||||||||
| Assets | $ | 1,339.5 | $ | 821.7 | $ | 512.1 | $ | 2,673.3 | $ | 241.0 | $ | 2,914.3 | ||||||||||||||||||||||||||
| Equity investments in unconsolidated affiliates | $ | 26.8 | $ | 0.1 | $ | — | $ | 26.9 | $ | — | $ | 26.9 | ||||||||||||||||||||||||||
| Year ended July 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 2,174.8 | $ | 1,014.7 | $ | 241.3 | $ | 3,430.8 | $ | — | $ | 3,430.8 | ||||||||||||||||||||||||||
| Cost of sales | 1,535.4 | 594.3 | 136.8 | |||||||||||||||||||||||||||||||||||
Other segment items (2) | 309.0 | 234.2 | 94.6 | |||||||||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 330.4 | $ | 186.2 | $ | 9.9 | $ | 526.5 | $ | (57.8) | $ | 468.7 | ||||||||||||||||||||||||||
| Equity earnings in unconsolidated affiliates | $ | 3.6 | $ | — | $ | — | $ | 3.6 | $ | — | $ | 3.6 | ||||||||||||||||||||||||||
| Assets | $ | 1,243.8 | $ | 788.1 | $ | 513.8 | $ | 2,545.7 | $ | 224.8 | $ | 2,770.5 | ||||||||||||||||||||||||||
| Equity investments in unconsolidated affiliates | $ | 24.2 | $ | 0.2 | $ | — | $ | 24.4 | $ | — | $ | 24.4 | ||||||||||||||||||||||||||
(1) Corporate and unallocated includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as restructuring charges and portions of incentive compensation.
(2) Other segment items consist primarily of selling, general and administrative expenses, research and development expense and other income (expense).
Net sales by business unit were as follows (in millions):
| Year Ended July 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Mobile Solutions segment | ||||||||||||||||||||
| Off-Road | $ | 359.5 | $ | 380.8 | $ | 428.7 | ||||||||||||||
| On-Road | 110.6 | 139.8 | 145.8 | |||||||||||||||||
| Aftermarket | 1,820.9 | 1,730.2 | 1,600.3 | |||||||||||||||||
| Total Mobile Solutions segment | 2,291.0 | 2,250.8 | 2,174.8 | |||||||||||||||||
| Industrial Solutions segment | ||||||||||||||||||||
Industrial Filtration Solutions | 914.2 | 901.1 | 872.2 | |||||||||||||||||
| Aerospace and Defense | 190.2 | 165.4 | 142.5 | |||||||||||||||||
| Total Industrial Solutions segment | 1,104.4 | 1,066.5 | 1,014.7 | |||||||||||||||||
| Life Sciences segment | ||||||||||||||||||||
| Total Life Sciences segment | 295.5 | 269.0 | 241.3 | |||||||||||||||||
| Total Company | $ | 3,690.9 | $ | 3,586.3 | $ | 3,430.8 | ||||||||||||||
Net sales, generally disaggregated by location where the customer’s order was received, property, plant and equipment, net and right-of-use asset by geographic region were as follows (in millions):
| Net Sales | Property, Plant and Equipment, Net | Right-Of-Use Asset | ||||||||||||||||||
| Year ended July 31, 2025 | ||||||||||||||||||||
| U.S. and Canada | $ | 1,632.3 | $ | 225.7 | $ | 26.8 | ||||||||||||||
| EMEA | 1,027.2 | 195.2 | 16.5 | |||||||||||||||||
| APAC | 635.7 | 76.2 | 11.0 | |||||||||||||||||
| LATAM | 395.7 | 147.4 | 6.2 | |||||||||||||||||
| Total | $ | 3,690.9 | $ | 644.5 | $ | 60.5 | ||||||||||||||
| Year ended July 31, 2024 | ||||||||||||||||||||
| U.S. and Canada | $ | 1,583.1 | $ | 209.7 | $ | 23.3 | ||||||||||||||
| EMEA | 1,012.9 | 199.6 | 19.1 | |||||||||||||||||
| APAC | 601.5 | 75.5 | 10.6 | |||||||||||||||||
| LATAM | 388.8 | 160.7 | 6.7 | |||||||||||||||||
| Total | $ | 3,586.3 | $ | 645.5 | $ | 59.7 | ||||||||||||||
| Year ended July 31, 2023 | ||||||||||||||||||||
| U.S. and Canada | $ | 1,464.7 | $ | 219.7 | $ | 25.3 | ||||||||||||||
| EMEA | 1,007.8 | 202.4 | 15.5 | |||||||||||||||||
| APAC | 608.8 | 76.5 | 11.6 | |||||||||||||||||
| LATAM | 349.5 | 154.3 | 7.1 | |||||||||||||||||
| Total | $ | 3,430.8 | $ | 652.9 | $ | 59.5 | ||||||||||||||
Concentrations
There were no customers that accounted for over 10% of net sales for the years ended July 31, 2025, 2024 or 2023. There were no customers that accounted for over 10% of gross accounts receivable as of July 31, 2025 or 2024.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 26, 2025 | Showing above |
| 2024 | Sep 27, 2024 | |
| 2023 | Sep 22, 2023 | |
| 2022 | Sep 23, 2022 | |
| 2021 | Sep 24, 2021 | |
| 2020 | Sep 25, 2020 | |
| 2019 | Sep 27, 2019 | |
| 2016 | Sep 23, 2016 | |
| 2015 | Nov 10, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.