DONALDSON Co INC
For the period ended Jul 31, 2025. Filed Sep 26, 2025.
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FY2025 · Filed Sep 26, 2025
DCI$87.35-1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(In millions)
| Year Ended July 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities | |||
| Net earnings | $367.0 | $414.0 | $358.8 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 99.5 | 98.4 | 92.3 |
| Equity in earnings of affiliates, net of distributions | (3.6) | (4.7) | (1.0) |
| Deferred income taxes | (24.0) | (24.3) | (15.3) |
| Stock-based compensation expense | 24.0 | 22.0 | 20.4 |
| Loss on impairment of intangible assets | 62.0 | — | — |
| Other, net | (5.9) | 3.7 | 7.3 |
| Changes in operating assets and liabilities, excluding effect of acquired businesses: | |||
| Accounts receivable, net | (21.4) | (39.4) | 30.1 |
| Inventories, net | (32.2) | (65.6) | 99.8 |
| Prepaid expenses and other current assets | 6.3 | (28.3) | 16.8 |
| Accounts payable | (5.5) | 80.3 | (39.0) |
| Income taxes payable | (34.4) | 4.4 | (11.5) |
| Accrued employee compensation and related taxes and other current liabilities | (13.0) | 32.0 | (14.2) |
| Net cash provided by operating activities | 418.8 | 492.5 | 544.5 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (78.9) | (85.6) | (118.5) |
| Proceeds from sale of property, plant and equipment | 2.1 | 0.7 | 0.4 |
| Equity investment | (71.2) | — | — |
| Acquisitions, net of cash acquired | (2.4) | (2.0) | (209.2) |
| Net cash used in investing activities | (150.4) | (86.9) | (327.3) |
| Financing Activities | |||
| Proceeds from long-term debt | 388.1 | 119.7 | 189.2 |
| Repayments of long-term debt | (265.0) | (228.8) | (219.6) |
| Change in short-term borrowings | 1.2 | (5.7) | 30.4 |
| Purchase of treasury stock | (331.5) | (162.7) | (141.8) |
| Payment of contingent consideration | (5.5) | (1.7) | — |
| Dividends paid | (131.9) | (122.8) | (114.4) |
| Tax withholding for stock compensation transactions | (5.7) | (8.0) | (4.3) |
| Exercise of stock options | 28.6 | 54.1 | 38.3 |
| Net cash used in financing activities | (321.7) | (355.9) | (222.2) |
| Effect of exchange rate changes on cash | 1.0 | (4.1) | (1.2) |
| (Decrease) increase in cash and cash equivalents | (52.3) | 45.6 | (6.2) |
| Cash and cash equivalents, beginning of year | 232.7 | 187.1 | 193.3 |
| Cash and cash equivalents, end of year | $180.4 | $232.7 | $187.1 |
| Supplemental Cash Flow Information | |||
| Income taxes paid | $176.2 | $147.8 | $140.9 |
| Interest paid | $22.2 | $23.4 | $20.9 |
| Supplemental Disclosure of Non-Cash Operating and Investing Transactions | |||
| Accrued property, plant and equipment additions | $10.7 | $14.2 | $18.5 |
| Leased assets obtained in exchange for new operating lease liabilities | $24.0 | $22.7 | $32.3 |
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