# EDGAR Filing Document

**Accession Number:** 0000029644
**File Stem:** 0000029644-26-000057
**Filing Date:** 2026-6
**Character Count:** 34547
**Document Hash:** c41f3416da3ab0f436907a78597ab047
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000029644-26-000057.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0000029644-26-000057

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DONALDSON Co INC
- **CENTRAL INDEX KEY:** 0000029644
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 410222640
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07891
- **FILM NUMBER:** 261101739

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 W. 94TH ST.
- **CITY:** BLOOMINGTON
- **STATE:** MN
- **ZIP:** 55431
- **BUSINESS PHONE:** 6128873131

**MAIL ADDRESS:**
- **STREET 1:** 1400 W 94TH STREET
- **CITY:** BLOOMINGTON
- **STATE:** MN
- **ZIP:** 55431

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DONALDSON CO INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? dci-20260618

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

_____________________________________________________________

**FORM 11-K**

_____________________________________________________________

(Mark One)

---

| | |
|:---|:---|
| 🗷 | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 |
| | OR |
| □ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _______________ |

---

**Commission file number** <u>1-7891</u>

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**DONALDSON COMPANY, INC.**

**RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN**

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**DONALDSON COMPANY, INC.**

**1400 WEST 94TH STREET**

**MINNEAPOLIS, MINNESOTA 55431**

------

**DONALDSON COMPANY, INC.**

**RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| | **Page(s)** |
| <u>[Report of Independent Registered Public Accounting Firm](#if9a508ddefa94e61a74a1bdb711a807f_7)[\[PCAOB Firm ID No. 243\]](#if9a508ddefa94e61a74a1bdb711a807f_7)</u> | <u>[1](#if9a508ddefa94e61a74a1bdb711a807f_7)</u> |
| **Financial Statements** |  |
| <u>[Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024](#if9a508ddefa94e61a74a1bdb711a807f_10)</u> | <u>[2](#if9a508ddefa94e61a74a1bdb711a807f_10)</u> |
| <u>[Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2025](#if9a508ddefa94e61a74a1bdb711a807f_13)</u> | <u>[3](#if9a508ddefa94e61a74a1bdb711a807f_13)</u> |
| <u>[Notes to Financial Statements](#if9a508ddefa94e61a74a1bdb711a807f_16)</u> | <u>[4-8](#if9a508ddefa94e61a74a1bdb711a807f_16)</u> |
| **Supplemental Schedule** |  |
| <u>[Schedule H, line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025](#if9a508ddefa94e61a74a1bdb711a807f_43)</u> | <u>[9](#if9a508ddefa94e61a74a1bdb711a807f_43)</u> |
| <u>[Signature](#if9a508ddefa94e61a74a1bdb711a807f_46)</u> | <u>[10](#if9a508ddefa94e61a74a1bdb711a807f_46)</u> |
| <u>[Exhibit: Consent of Independent Registered Public Accounting Firm](a231auditorconsent2025.htm)</u> |  |

---

Note: Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

------

**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and Investment Committee of

Donaldson Company, Inc. Retirement Savings and Employee Stock Ownership Plan

Minneapolis, Minnesota

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Donaldson Company, Inc. Retirement Savings and Employee Stock Ownership Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively, the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental information in the accompanying ERISA-required Supplemental Schedule H, line 4i- Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/BDO USA, P.C.

We have served as the Plan's auditor since 2024.

Grand Rapids, Michigan

June 18, 2026

------

**DONALDSON COMPANY, INC.**

**RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Investments, at fair value | $927731551 | $812396436 |
| Employer contributions receivable | 9929513 | 9851168 |
| Notes receivable from participants | 5033268 | 4753116 |
| &nbsp;&nbsp;&nbsp;Total assets | 942694332 | 827000720 |
| &nbsp;&nbsp;&nbsp;Net assets available for benefits | $942694332 | $827000720 |

---

*See Notes to Financial Statements.*

------

**DONALDSON COMPANY, INC.**

**RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN**

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

---

| | |
|:---|:---|
| | **Year Ended December 31, 2025** |
| **Additions** | |
| Net appreciation of the fair value of investments | $160748711 |
| Interest and dividend income | 7216600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 167965311 |
| Interest income on notes receivable from participants | 380452 |
| Contributions: |  |
| &nbsp;&nbsp;&nbsp;Employer | 22236415 |
| &nbsp;&nbsp;&nbsp;Participants | 29079168 |
| &nbsp;&nbsp;&nbsp;Rollovers | 3783598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 55099181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 223444944 |
| **Deductions** |  |
| Benefits paid to participants | 107247542 |
| Administrative expenses | 503790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 107751332 |
| Net increase in net assets available for benefits | 115693612 |
| Net assets available for benefits, beginning of year | 827000720 |
| Net assets available for benefits, end of year | $942694332 |

---

*See Notes to Financial Statements.*

------

**DONALDSON COMPANY, INC.**

**RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2025 AND 2024 AND FOR THE YEAR ENDED DECEMBER 31, 2025**

**Note 1. Description of the Plan**

The Donaldson Company, Inc. Retirement Savings and Employee Stock Ownership Plan (the Plan) is a defined contribution plan sponsored and administered by Donaldson Company, Inc. (the Company). The Plan is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Fidelity Management Trust Company (the Trustee) is the Plan's trustee and record keeper.

The following description of the Plan is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions. The Board of Directors and Company management may amend or modify the Plan.

**Eligibility**

Full-time and part-time employees are eligible to participate in the Plan upon employment, as defined by the Plan. Employees covered by a labor agreement are not eligible for employer contributions unless their labor agreement and the Plan provide for it. As of January 1, 2024, all employees covered by labor agreements are eligible for employer contributions.

**Contributions**

Participants may contribute up to 50% of their annual compensation through pre-tax 401(k) contributions or after-tax Roth 401(k) contributions, as defined by the Plan. Participants may also contribute amounts representing rollover distributions from other qualified retirement plans. Participants over age 50 may contribute an additional catch-up contribution. Employees who are not covered by a collective bargaining agreement are automatically enrolled at a 3% pre-tax 401(k) employee contribution 45 days after they become eligible unless they proactively opt out of the Plan or choose a different percentage amount for their contribution. As of January 1, 2024, all employees covered by a collective bargaining agreement are automatically enrolled under the same terms.

Information about employer contributions made to eligible participants is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Participant Group** | **Employer <br>Contribution** | **Contribution <br>Paid** | **Investment <br>Allocation** | **Vesting** | **Employer Contributions For the Year Ended December 31, 2025** |
| All eligible participants as defined by the Plan  | 100% of the first 3% and 50% of the next 2% of compensation contributed by the participant | Each pay period | The match is invested 50% in the Company's Common Stock Fund and 50% in the participants directed investment elections. | Immediate | $12857573 |
| All eligible participants as defined by the Plan receive an additional annual retirement contribution | 3% of participant's compensation  | After Plan year-end | 100% in the participant's directed investment elections | 3 years of vesting service | 9378842 |
| Total employer contributions | Total employer contributions | Total employer contributions | Total employer contributions |  | $22236415 |

---

**Participant Accounts**

Participants direct the investment of their contributions into various investment options offered by the Plan. If a participant does not allocate their contributions, the contributions are placed in the age appropriate State Street Target Retirement Fund. The participant may directly invest up to 15% of their contributions in the Company's Common Stock Fund. Employer contributions invested directly in the Company's Common Stock Fund may be transferred by participants to one or more of the other investment options available under the Plan at any time. Each participant's account is credited with their contributions, including rollover contributions, employer contributions and investment earnings. Allocation of investment earnings is based on the value of the participant's account at the close of each day.

------

Participants may not transfer funds from their existing portfolio account balance into the Company's Common Stock Fund once their Company's Common Stock Fund reaches 15% of their total portfolio account. A participant may change the allocation of contributions to various investment options offered by the Plan daily.

**Vesting**

Participants are 100% vested in their accounts at all times.

**Forfeited Accounts**

Forfeited non-vested accounts may be used to restore accounts for rehired participants, reduce employer contributions or reduce Plan administrative expenses. Forfeited non-vested amounts are Plan assets and are classified as investments on the Statements of Net Assets Available for Benefits. As of December 31, 2025 and 2024, there was $321,198 and $234,843, respectively, available in forfeited non-vested accounts. For the year ended December 31, 2025, $318,992 in forfeitures were used to reduce employer contributions. For the year ended December 31, 2025, forfeitures were also used to reduce administrative expenses by $90,202.

**Payment of Benefits**

Upon termination of employment, disability or termination of the Plan, a participant or designated beneficiary may receive the participant's account balance in a lump-sum payment. If the participant's termination is considered a retirement, as defined in the Plan document, a participant or designated beneficiary can receive a partial distribution. Hardship withdrawals, as defined in the Plan document, are allowed at any time, subject to approval by the Company. Distributions are permitted while the participants are employed by the Company once the participant has reached age 59-1/2. Required minimum distributions start at ages 70-1/2, 72, 73 or 75 depending on birth year.

**Notes Receivable from Participants**

Participants may borrow up to 50% of their participant contribution account balance or $50,000, whichever is less. Employer contributions are not available for loans. Loans must be repaid by the participant within five years, unless the loan is used to acquire the participant's primary residence, in which case the term may not exceed 10 years. The loan interest is 1% over the prime lending rate on the first day of the Plan year (January 1) coinciding with the year in which the loan is granted. Interest rates on outstanding loans as of December 31, 2025 and 2024 ranged from 4.25% to 9.50%. Loans mature at various dates through August 2035 and are generally repaid through payroll deductions.

**Plan Termination**

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts.

**Note 2. Summary of Significant Accounting Policies**

**Basis of Accounting and Use of Estimates**

The financial statements have been prepared on the accrual basis of accounting. The preparation of the financial statements, in conformity with generally accepted accounting principles (GAAP) in the United States, requires the Plan's management to use estimates and assumptions that affect the financial statements and disclosures. Actual results could differ from these estimates. The following is a summary of significant policies which are consistently followed in the preparation of the Plan's financial statements.

**New Accounting Standards Not Yet Adopted**

The Company considers the applicability and impact of the Financial Accounting Standards Board's Accounting Standards Updates (ASUs) issued but not yet adopted. The Company assessed ASUs recently issued and determined they were either not applicable or were not expected to have a material impact on the Plan's financial reporting.

**Valuation of Investments**

The Plan's investments are stated at fair value or NAV as a practical expedient. Fair value is considered the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, as determined by the Trustee and the fund managers, and are based on published market quotations. See Note 6 for disclosure of the Plan's fair value measurements.

------

**Investment Earnings**

Investment income is recorded on an accrual basis. Realized gains and losses on the sale of investments and unrealized gains or losses in the fair value of investments are shown as net appreciation of the fair value of investments. Dividend income is recorded on the ex-dividend date.

**Notes Receivable from Participants**

Notes receivable from participants are measured at their unpaid principal balance and any accrued interest. Interest income on notes receivable from participants is recorded when it is earned. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan document. At December 31, 2025 and 2024, there were no allowances for credit losses recorded.

**Contributions**

Participant contributions and any related employer matching contributions are recognized in the period during which the Company makes the respective payroll deduction from the participant's compensation. Annual employer contributions are recorded in the Plan in the year in which compensation was earned.

**Benefits Paid to Participants**

Benefits paid to participants are recorded when paid.

**Plan Expenses**

Administrative fees charged by the Trustee are paid by the Plan. These fees are partially offset by revenue sharing credits received from the Trustee as well as forfeitures. Certain expenses, including legal, accounting and other services, are paid by the Company, and are excluded from these financial statements.

**Risks and Uncertainties**

The Plan provides for various options for investment in a variety of investment securities. Investment securities are exposed to various risks including, but not limited to, interest rates, market conditions and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits in future periods.

**Concentration of Market Risk**

As of December 31, 2025 and 2024, approximately 22% of the Plan's net assets available for benefits were invested in the Donaldson Company, Inc. Common Stock Fund. The underlying value of this fund is dependent upon the performance of the Company and the market's evaluation of such performance. It is at least reasonably possible that changes in the fair value of the Company's Common Stock Fund in the near term could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits in future periods.

**Note 3. Investments**

The investments that represent 10% or more of the Plan's net assets available for benefits were as follows:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Donaldson Company, Inc. Common Stock Fund<sup>(1)</sup> | $210973632 | $177822400 |
| Fidelity Contrafund Pool<sup>(1)</sup> | $159304101 | $145639354 |

---

(1) Indicates a party-in-interest investment.

**Note 4. Tax Status**

The Company has received a favorable determination letter from the Internal Revenue Service (IRS), dated October 3, 2017, stating the Plan is designed in accordance with the applicable sections of the Internal Revenue Code (the Code) and is therefore exempt from federal income taxes under provisions of Section 501(a). While the Plan has been amended since receiving the determination letter, the Company believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements.

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GAAP requires the Company to evaluate tax positions taken. The effects of an uncertain tax position are recognized in the financial statements when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

**Note 5. Related Party and Exempt Party-in-Interest Transactions**

Participants have the option to direct their contributions to be invested in certain mutual funds and common/collective trusts, which are sponsored by the Trustee, and a Company stock fund comprised of Donaldson Company, Inc. common stock. The Trustee is authorized, under contract provisions and by exemption under 29 CFR 408(b) of ERISA regulations, to invest in securities under its control and in the Company's Common Stock Fund.

As of December 31, 2025 and 2024, the Plan held 2,379,482 and 2,640,166 shares of Donaldson Company, Inc. common stock, valued at $210,973,632 and $177,822,400, respectively. Dividends received on Donaldson Company, Inc. common stock were $2,539,098 for the year ended December 31, 2025. For the year ended December 31, 2025, purchases and sales of Donaldson Company, Inc. common stock were $7,550,104 and $30,286,395, respectively.

The Plan also issues loans to participants which are secured by the vested balance of the participants' accounts.

**Note 6. Fair Value Measurements**

Fair value measurements of financial instruments are reported in one of three levels based on the lowest level of significant input used. For Level 1, inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. For Level 2, inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. For Level 3, inputs to the fair value measurement are unobservable inputs or are based on valuation techniques.

The following is a description of the valuation methodologies used for investments measured at fair value. There have been no changes in the methodologies used during the year ended December 31, 2025.

**Donaldson Company, Inc. Common Stock Fund** 

Investments in the Donaldson Company, Inc. Common Stock Fund are valued at the closing price reported on the active market on which the individual securities are traded.

**Mutual Funds and Participant-Directed Brokerage Accounts**

Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities Exchange Commission. Participant-directed brokerage accounts include investments in cash, common stock, open-ended mutual funds that are registered with the Securities Exchange Commission and ETFs that are registered with the Securities Exchange Commission. Investments in mutual funds and participant-directed brokerage accounts are stated at fair value based on quoted market prices.

**Common/collective Trust Fund Investments**

Common/collective trust funds are valued at the net asset value (NAV) of units held. The NAV, as provided by the trustee of the common/collective trust funds, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the common/collective trust funds less its liabilities. This practical expedient is not used when it is determined to be probable that the common/collective trust funds will sell for an amount different than the reported NAV.

The common/collective trust funds also include Fidelity Managed Income Portfolio II (MIP II). The objective of the MIP II is to seek the preservation of capital and to provide a competitive level of income over time that is consistent with the preservation of capital. Under the terms of the MIP II's Declaration of Trust, withdrawals directed by the Company must be preceded by a 12 month written notice to the MIP II. As of December 31, 2025, the Plan had not provided the MIP II with advance written notice to terminate the Plan's investment in the MIP II.

As of December 31, 2025 and 2024, the Plan had no unfunded commitments related to the common/collective trust funds. There are no participant redemption restrictions for these investments. Participant transactions (purchases and sales) may occur daily.

------

**Fair Value Classification**

The Company reviews the fair value hierarchy classification on an annual basis. Changes in the ability to observe valuation inputs may result in a transfer between levels for certain securities within the fair value hierarchy. The Plan's policy is to recognize transfers into and out of levels within the fair value hierarchy at the end of the year in which the actual event or change in circumstances that caused the transfer occurs. There were no transfers between Level 1, Level 2, or Level 3 resulting from changes in valuation inputs or methods during the years ended December 31, 2025 or 2024. The methods described above may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Plan's investments at fair value and the respective levels in the fair value hierarchy are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Donaldson Company, Inc. Common Stock Fund | $210973632 | $— | $— | $210973632 |
| Mutual funds and interest bearing cash | 79846264 |  |  | 79846264 |
| Participant-directed brokerage accounts | 11691478 |  |  | 11691478 |
| &nbsp;&nbsp;&nbsp;Total investments in the fair value hierarchy | $302511374 | $— | $— | 302511374 |
| &nbsp;&nbsp;&nbsp;Common/collective trust fund investments measured at NAV |  |  |  | 625220177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value |  |  |  | $927731551 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Donaldson Company, Inc. Common Stock Fund | $177822400 | $— | $— | $177822400 |
| Mutual funds and interest bearing cash | 71246045 |  |  | 71246045 |
| Participant-directed brokerage accounts | 11927355 |  |  | 11927355 |
| &nbsp;&nbsp;&nbsp;Total investments in the fair value hierarchy | $260995800 | $— | $— | 260995800 |
| &nbsp;&nbsp;&nbsp;Common/collective trust fund investments measured at NAV |  |  |  | 551400636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value |  |  |  | $812396436 |

---

**Note 7. Subsequent Events**

On May 4, 2026 the Company acquired Filtration Group's Facet Filtration business (Facet). The Company is in the process of evaluating the impact of the Facet group rollover to the Plan and does not expect the inclusion of Facet will have a material impact.

The Company has evaluated subsequent events through June 18, 2026, the date the financial statements were issued, for events requiring recording or disclosure in the Plan's financial statements. No other events have occurred subsequent to December 31, 2025 that would require recognition or disclosure.

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**DONALDSON COMPANY, INC.**

**RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN**

**SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)**

**AS OF DECEMBER 31, 2025** 

**EIN 41-0222640**

**Plan Number 007**

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| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Identity of Issue,**<br>**Borrower, Lessor**<br>**or Similar Party** | **Description of Investment**<br>**Including the Maturity Date,**<br>**Rate of Interest, Collateral,**<br>**Par or Maturity Value** |<br><br>**Cost** |<br>**Current**<br>**Value** |
| (1) | Donaldson Company, Inc. Common Stock Fund | Common Stock | (2) | $210973632 |
| (1) | Fidelity Contrafund Pool | Common/Collective Trust | (2) | 159304101 |
|  | Legal & General Russell 3000 Fund | Common/Collective Trust | (2) | 75466631 |
|  | Boston Partners Large Cap Value | Common/Collective Trust | (2) | 38126237 |
| (1) | Fidelity Managed Income Portfolio II Fund | Common/Collective Trust | (2) | 23793274 |
|  | Schroder U.S. Small Cap Equity Trust | Common/Collective Trust | (2) | 17978981 |
|  | BlackRock Total Return | Common/Collective Trust | (2) | 20209742 |
|  | Hood River Small Cap Growth Fund | Mutual Fund | (2) | 26808396 |
| (1) | Fidelity Diversified International K6 | Mutual Fund | (2) | 20992349 |
|  | Dodge & Cox International | Mutual Fund | (2) | 15342300 |
|  | American Beacon Small Cap Value | Mutual Fund | (2) | 8755621 |
| (1) | Fidelity Brokeragelink Fund | Participant-directed Brokerage Accounts | (2) | 11691478 |
|  | Vanguard Inflation Protected Fund | Mutual Fund | (2) | 7845778 |
|  | Legal & General MSCI EAFE Fund | Common/Collective Trust | (2) | 6932159 |
| (1) | Fidelity Government Money Market | Money Market | (2) | 101820 |
|  | State Street Target Retirement Income | Common/Collective Trust | (2) | 13122712 |
|  | State Street Target Retirement 2025 | Common/Collective Trust | (2) | 24256830 |
|  | State Street Target Retirement 2030 | Common/Collective Trust | (2) | 49281516 |
|  | State Street Target Retirement 2035 | Common/Collective Trust | (2) | 51782689 |
|  | State Street Target Retirement 2040 | Common/Collective Trust | (2) | 46849076 |
|  | State Street Target Retirement 2045 | Common/Collective Trust | (2) | 29313462 |
|  | State Street Target Retirement 2050 | Common/Collective Trust | (2) | 29452236 |
|  | State Street Target Retirement 2055 | Common/Collective Trust | (2) | 22499407 |
|  | State Street Target Retirement 2060 | Common/Collective Trust | (2) | 13725467 |
|  | State Street Target Retirement 2065 | Common/Collective Trust | (2) | 2782109 |
|  | State Street Target Retirement 2070 | Common/Collective Trust | (2) | 343548 |
|  |  |  |  | $927731551 |
| (1) | Participant Loans | Notes receivable from participants - interest rates from 4.25% to 9.5%, payable through August 2035 | $— | $5033268 |

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(1) Denotes party-in-interest.

(2) Historical cost information is omitted as it is not required by the Department of Labor under the instructions to the Form 5500 for participant-directed accounts.

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | DONALDSON COMPANY, INC.<br>RETIREMENT SAVINGS AND EMPLOYEE STOCK<br>OWNERSHIP PLAN<br>(Name of Plan) | DONALDSON COMPANY, INC.<br>RETIREMENT SAVINGS AND EMPLOYEE STOCK<br>OWNERSHIP PLAN<br>(Name of Plan) |
| Date | June 18, 2026 | By: | Donaldson Company, Inc., the Plan Administrator |
|  |  | By: | /s/ Bradley J. Pogalz |
|  |  |  | Bradley J. Pogalz<br>Chief Financial Officer |

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## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-238901) of Donaldson Company, Inc. of our report dated June 18, 2026, relating to the financial statements and supplemental schedule of Donaldson Company, Inc. Retirement Savings and Employee Stock Ownership Plan, which appear in this Form 11-K for the year ended December 31, 2025.

/s/ BDO USA, P.C.

BDO USA, P.C.

Grand Rapids, Michigan

June 18, 2026

<br>