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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Donaldson Company
Donaldson Company (DCI) investor relations material
Donaldson Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary26 Feb, 2026
Executive summary
Achieved record Q2 sales of $896 million, up 3% year-over-year, driven by favorable currency and pricing, with growth across all segments despite volume declines.
Announced the acquisition of Facet for $820 million, the largest in company history, expected to close in the second half of fiscal 2026 and expand the filtration portfolio in aerospace, defense, and power generation.
Leadership transition: COO Richard Lewis named as incoming President and CEO, with Tod Carpenter moving to Executive Chairman.
Returned $51 million to shareholders via dividends and share repurchases in Q2; paid $69.3 million in dividends and repurchased 1.2% of shares for $108.6 million year-to-date.
Net earnings for Q2 were $92.5 million, down 3.6% from the prior year; adjusted net earnings were $97.5 million, flat year-over-year.
Financial highlights
Q2 gross margin was 33.5%–33.7%, down 150–170 basis points year-over-year, due to operational inefficiencies, volume deleveraging, and footprint optimization costs.
Adjusted operating margin was 14.0%, down from 15.2% last year.
Adjusted EPS was $0.83, flat year-over-year; diluted EPS was $0.78, down from $0.79.
Free cash flow for Q2 was $18 million, down from $71.5 million a year ago, impacted by increased working capital.
Adjusted EBITDA for Q2 was $155.5 million.
Outlook and guidance
Fiscal 2026 sales expected to reach a record $3.8 billion, with 1%–5% growth reaffirmed.
Adjusted operating margin guidance revised to 16.0%–16.4%, still a record level.
Adjusted EPS forecasted at $3.93–$4.01, midpoint $3.97, representing 8% growth on 3% sales growth.
Free cash flow conversion projected at 85%–95%.
No additional share repurchases planned in the second half due to Facet acquisition.
Why halt H2 share repurchases?
What caused Q2 gross margin decline?
What drove Industrial sales outlook reduction?
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Next Donaldson Company earnings date
Q3 20262 Jun, 2026
Donaldson Company
Next Donaldson Company earnings date
Q3 20262 Jun, 2026
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Frequently asked questions
Donaldson Company, Inc., together with its subsidiaries, manufactures and sells filtration systems and replacement parts. The company operates through Engine Products and Industrial Products segments. Its products include air filters for compressed air, gas turbine air intake, dust collection, power generation, onboard and off-board engine and cabin air, as well as gas turbine inlet system applications; liquid filters to remove contaminants from fuel, lube oil, hydraulic fluid, and other fluids; exhaust and emissions systems that capture contaminants in the engine exhaust stream or combustion gases generated by diesel engines or stationary diesel, natural gas, and coal powered reciprocating engines; and other industrial filtration products comprising vacuum pumps or blowers.
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