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Donaldson’s largest business supplies air and liquid filtration for construction, mining, agricultural and transportation equipment. Equipment manufacturers buy filtration products for new machines, including systems using its PowerCore technology; independent distributors and manufacturers’ dealer networks buy replacement filters for machines already in use. This mobile-equipment business generates most of Donaldson’s sales, with replacement filters contributing far more than products for new equipment.
Industrial filtration is its next-largest business. It sells equipment that collects dust, fumes and mist or purifies gases and liquids, then supplies replacement parts, monitoring and service. Customers include manufacturers, power generators and aerospace and defense businesses. Its smaller Life Sciences business sells specialized filtration, bioprocessing equipment and consumables to equipment manufacturers and end users in markets such as food and beverage, electronics and biological production.
Donaldson does not depend on a single dominant customer, but many customers work in cyclical industries. Demand rests on both new equipment production and the use of existing machines, which supports replacement-filter purchases.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Donaldson depends heavily on equipment use and replacement-filter demand, with MANN+HUMMEL and MAHLE important engine-filter rivals to watch beyond this list.
Atmus Filtration Technologies Inc. competes with Donaldson for engine and hydraulic-filter sales to equipment makers and commercial-vehicle and off-road replacement markets. Replacement and repair parts generated about 86% of Atmus’s 2025 net sales, making that business a useful gauge of the filter demand tied to vehicle and equipment use that also matters to Donaldson.
Parker-Hannifin competes with Donaldson for filtration sales to industrial and mobile-equipment makers and distributors supplying replacement parts. Parker’s business with those distributors is worth watching for clues to the replacement demand facing Donaldson, rather than treating all of Parker’s motion-and-control sales as comparable.
Caterpillar’s construction and mining machinery needs Donaldson’s filtration products, and their jointly owned AFSI makes fluid filters for Caterpillar equipment worldwide. Watch how much customers use and maintain that machinery: higher vehicle use helped lift Donaldson’s replacement-filter sales, so new-equipment sales alone do not tell the whole story.
Ceco Environmental Corp competes with Donaldson for manufacturing and power-generation customers buying industrial air-treatment, separation and filtration equipment. Watch CECO’s effort to earn more recurring revenue from replacement products and services for equipment already in use; that is another part of the industrial filtration market Donaldson serves.
PACCAR and Donaldson both depend on commercial-truck production and use: PACCAR sells trucks and replacement parts, while Donaldson sells truck filtration systems and replacement filters to equipment makers and parts channels. Watch PACCAR’s Truck and Parts businesses separately, since lower global truck production reduced Donaldson’s On-Road sales even as higher vehicle use helped its aftermarket business grow.
Ingersoll Rand and Donaldson share exposure to industrial compressed-air spending: Ingersoll Rand sells compressors and related replacement parts and services to industrial customers, while Donaldson sells systems that purify compressed air. Ingersoll Rand’s compressor and related aftermarket business offers clues to investment and maintenance demand in the industrial air operations Donaldson serves.
Ceco Environmental Corp earningsCECO
Ceco Environmental Corp’s report will show whether it is growing replacement-product and service revenue from installed equipment, and how it is competing with Donaldson for industrial filtration customers.
Watch whether Ceco grows revenue from replacement products and services for equipment already in use. Growth would suggest customers are maintaining industrial air-treatment equipment and that Ceco is pursuing more of the ongoing business in markets Donaldson also serves; weakness could mean less competitive pressure, but could also reflect softer demand across the market. The report will help show whether Donaldson faces stronger competition or weaker industrial replacement demand.
Paccar Inc earningsPCAR
PACCAR’s report will show how truck production and parts demand are changing, offering clues to demand for Donaldson’s filters on new trucks and in the truck aftermarket.
Read PACCAR’s Truck and Parts businesses separately. Stronger truck production would point to more demand for filters fitted to new vehicles; stronger parts demand would suggest support from truck use and maintenance. If both weaken, Donaldson’s original-equipment and replacement-filter sales could both face pressure; if only one weakens, the other sales path may provide support.
Durable Goods Orders MoM (Sep)
Donaldson’s orders from construction, mining, agriculture and transportation equipment makers can rise or fall with orders for long-lasting equipment, changing sales of its filtration housings and related products to those OEMs.
Expected0.2%Last release-0.1%
If it comes in above expectations
If the reading is above the 0.2% estimate, it is above the previous -0.1%. More orders than expected can mean equipment makers need more filtration housings and related products, supporting Donaldson’s sales to those OEMs.
If it comes in below expectations
Fewer orders than expected can mean equipment makers need fewer filtration housings and related products, weighing on Donaldson’s sales to those OEMs.
Fed Interest Rate Decision
The Federal Reserve’s policy rate affects the cost of borrowing across the economy, including interest Donaldson pays on its variable-rate term loans and revolving borrowings.
Expected4.0%Last release4.0%
If it comes in above expectations
A higher-than-expected rate can raise interest expense on Donaldson’s variable-rate loans and revolving borrowings, leaving less of its business earnings after interest.
If it comes in below expectations
A lower-than-expected rate can reduce interest expense on Donaldson’s variable-rate loans and revolving borrowings, leaving more of its business earnings after interest.
Caterpillar Inc. earningsCAT
Caterpillar’s report will show whether customers are using and maintaining construction and mining equipment, a clue to demand for Donaldson’s replacement filters.
Read Caterpillar’s equipment sales alongside demand for parts and services. Stronger parts and service demand would suggest customers are using and maintaining their machines, supporting Donaldson’s replacement-filter business; if equipment sales hold up but parts and service demand weakens, new-machine demand alone would not show that aftermarket filter demand is strong. The report will show whether equipment in use is supporting Donaldson’s replacement business.
Ingersoll Rand Inc. earningsIR
Ingersoll Rand’s report will show industrial customers’ investment in and maintenance of compressed-air equipment, offering clues to demand for Donaldson’s purification systems.
Read Ingersoll Rand’s compressor sales alongside its related aftermarket business. Stronger compressor sales would point to industrial customers adding compressed-air equipment; stronger aftermarket demand would indicate support for maintaining equipment already in use. If both are strong, demand for the compressed-air purification Donaldson sells has firmer support; if both weaken, industrial investment and maintenance offer less support for those sales.
Atmus Filtration Technologies Inc. earningsATMU
Atmus Filtration Technologies’ report will show how replacement and repair demand for engine and hydraulic filters is changing, and how it is competing with Donaldson for equipment and commercial-vehicle customers.
Watch Atmus’s replacement and repair business, especially its engine and hydraulic filters for equipment and commercial vehicles. Strength would show support for aftermarket filter demand, but also that a close competitor is pursuing the same kinds of customers; weakness could reflect softer market demand, weaker Atmus execution, or both. The report will help show whether Donaldson faces a resilient replacement market or stronger competitive pressure.
Industrial Production MoM (Oct)
Industrial production tracks activity at factories, mines and utilities; changes in that activity can alter demand from Donaldson’s industrial customers for filtration systems and replacement parts.
Rising factory, mine and utility activity points to stronger potential demand for Donaldson’s industrial filtration systems and replacement parts; falling activity points to weaker potential demand.
Donaldson Company, Inc. earningsThis company
Donaldson’s report will show whether replacement-filter demand and pricing can support sales and margins across its filtration businesses.
Read sales and margins across the businesses together, especially replacement filters in Mobile Solutions. Rising sales with stable or improving margins would show that demand and pricing are covering material and production costs; weaker sales or falling margins would show that demand, pricing, or cost control is not keeping up. The results will show whether Donaldson is turning demand for filtration into profitable sales.
