# EDGAR Filing Document

**Accession Number:** 0000029644
**File Stem:** 0000029644-26-000052
**Filing Date:** 2026-6
**Character Count:** 168706
**Document Hash:** 737e30af4a4759714f725ddb97034acb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000029644-26-000052.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0000029644-26-000052

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07891
- **FILM NUMBER:** 261054292

**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-20260430

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________________________________

**FORM 10-Q** 

_____________________________________________________________

(Mark One)

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2026** 

**&nbsp;&nbsp;&nbsp;&nbsp;OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________________ TO _________________.**

Commission File Number **1-7891** 

**DONALDSON COMPANY, INC.** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **41-0222640** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |

---

**1400 West 94th Street** 

**Minneapolis, Minnesota 55431** 

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(952) 887-3131** 

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $5.00 par value | DCI | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 21, 2026, 115,911,056 shares of the registrant's common stock, par value $5.00 per share, were outstanding.

------

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**DONALDSON COMPANY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS**

**(In millions, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Net sales | $995.1 | $940.1 | $2826.8 | $2710.2 |
| Cost of sales | 661.7 | 618.2 | 1864.8 | 1762.8 |
| &nbsp;&nbsp;&nbsp;Gross profit | 333.4 | 321.9 | 962.0 | 947.4 |
| Selling, general and administrative | 158.9 | 152.3 | 491.0 | 477.6 |
| Loss on impairment of intangible assets |  | 62.0 |  | 62.0 |
| Gain on sale of fixed assets |  | (1.2) | (9.3) | (1.2) |
| Research and development | 19.2 | 21.4 | 57.0 | 65.3 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 178.1 | 234.5 | 538.7 | 603.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 155.3 | 87.4 | 423.3 | 343.7 |
| Interest expense | 6.5 | 5.7 | 21.3 | 17.1 |
| Other income, net | (6.0) | (5.3) | (16.9) | (15.9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings before income taxes | 154.8 | 87.0 | 418.9 | 342.5 |
| Income taxes | 36.7 | 29.2 | 94.4 | 89.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net earnings | $118.1 | $57.8 | $324.5 | $252.7 |
| Weighted average shares – basic | 115.9 | 118.8 | 115.8 | 119.4 |
| Weighted average shares – diluted | 118.1 | 120.3 | 117.9 | 121.2 |
| Net earnings per share – basic | $1.02 | $0.49 | $2.80 | $2.12 |
| Net earnings per share – diluted | $1.00 | $0.48 | $2.75 | $2.09 |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

**DONALDSON COMPANY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(In millions)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Net earnings | $118.1 | $57.8 | $324.5 | $252.7 |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation (loss) gain | (12.2) | 54.1 | 27.6 | 25.1 |
| &nbsp;&nbsp;&nbsp;Pension liability adjustment, net of deferred taxes of $(0.9), $0.4, $(0.9), and $(0.1), respectively | 3.3 | (0.9) | 3.1 | 0.6 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on hedging derivatives, net of deferred taxes of $(0.3), $1.4, $0.3, and $0.9, respectively | 0.8 | (4.5) | (1.4) | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification of hedging derivatives to net earnings, net of taxes of $(0.1), $0.5, $0.1, and $(0.2), respectively | 0.3 | (1.5) | (0.2) | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivatives | 1.1 | (6.0) | (1.6) | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net other comprehensive (loss) income | (7.8) | 47.2 | 29.1 | 23.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $110.3 | $105.0 | $353.6 | $275.8 |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

**DONALDSON COMPANY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In millions, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **April 30,<br>2026** | **July 31,<br>2025** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $204.1 | $180.4 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, less allowances of $3.4 and $2.9, respectively  | 702.1 | 662.2 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 535.9 | 513.6 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 130.7 | 105.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1572.8 | 1461.7 |
| Property, plant and equipment, net | 637.2 | 644.5 |
| Goodwill | 499.4 | 493.6 |
| Intangible assets, net | 92.3 | 97.4 |
| Other long-term assets | 285.8 | 280.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3087.5 | $2977.2 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $10.3 | $31.2 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 6.4 | 6.7 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 353.4 | 368.6 |
| &nbsp;&nbsp;&nbsp;Accrued employee compensation and related taxes | 139.5 | 144.3 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 14.0 | 43.9 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 144.9 | 162.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 668.5 | 757.2 |
| Long-term debt | 591.6 | 630.4 |
| Non-current income taxes payable | 20.3 | 19.0 |
| Deferred income taxes | 10.2 | 10.5 |
| Other long-term liabilities | 101.6 | 106.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1392.2 | 1523.7 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $5.00 par value, 240,000,000 shares authorized, 151,643,194 shares issued | 758.2 | 758.2 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 40.5 | 35.8 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2865.3 | 2610.1 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (151.6) | (180.7) |
| &nbsp;&nbsp;&nbsp;Treasury stock, 35,738,658 and 35,600,740 shares, respectively, at cost | (1817.1) | (1769.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1695.3 | 1453.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $3087.5 | $2977.2 |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

**DONALDSON COMPANY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** |
| **Operating Activities** |  |  |
| Net earnings | $324.5 | $252.7 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 73.0 | 75.1 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (0.7) | (19.2) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 20.4 | 20.1 |
| &nbsp;&nbsp;&nbsp;Loss on impairment of intangible assets |  | 62.0 |
| &nbsp;&nbsp;&nbsp;Gain on sale of fixed assets | (9.3) | (1.2) |
| &nbsp;&nbsp;&nbsp;Other, net | 3.3 | (9.4) |
| Changes in operating assets and liabilities | (117.4) | (129.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 293.8 | 251.0 |
| **Investing Activities** |  |  |
| Purchases of property, plant and equipment | (52.5) | (60.3) |
| Proceeds from sale of property, plant and equipment | 10.3 | 1.7 |
| Equity investment |  | (71.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (42.2) | (129.8) |
| **Financing Activities** |  |  |
| Proceeds from long-term debt | 38.9 | 190.0 |
| Repayments of long-term debt | (80.0) | (65.0) |
| Change in short-term borrowings | (20.8) | 54.1 |
| Purchase of treasury stock | (111.2) | (272.2) |
| Payment of contingent consideration | (0.8) | (2.8) |
| Dividends paid | (104.0) | (96.9) |
| Exercise of stock options and other | 45.6 | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (232.3) | (175.4) |
| Effect of exchange rate changes on cash | 4.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash and cash equivalents | 23.7 | (54.2) |
| Cash and cash equivalents, beginning of period | 180.4 | 232.7 |
| Cash and cash equivalents, end of period | $204.1 | $178.5 |
| **Supplemental Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $133.6 | $134.9 |
| &nbsp;&nbsp;&nbsp;Interest paid | $19.1 | $14.7 |
| **Supplemental Disclosure of Non-Cash Operating and Investing Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued property, plant and equipment additions | $9.3 | $13.0 |
| &nbsp;&nbsp;&nbsp;Leased assets obtained in exchange for new operating lease liabilities | $15.6 | $21.6 |

---

*See Notes to Condensed Consolidated Financial Statements.*

------

**DONALDSON COMPANY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(In millions, except per share amounts)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended April 30, 2026 and 2025** | **Three Months Ended April 30, 2026 and 2025** | **Three Months Ended April 30, 2026 and 2025** | **Three Months Ended April 30, 2026 and 2025** | **Three Months Ended April 30, 2026 and 2025** | **Three Months Ended April 30, 2026 and 2025** |
| | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Treasury<br>Stock** | **Total** |
| **Balance as of January 31, 2026** | $758.2 | $38.1 | $2747.2 | $(143.8) | $(1824.6) | $1575.1 |
| Net earnings |  |  | 118.1 |  |  | 118.1 |
| Other comprehensive loss |  |  |  | (7.8) |  | (7.8) |
| Treasury stock acquired |  |  |  |  | 0.1 | 0.1 |
| Dividends declared ($0.00 per share) |  |  |  |  |  |  |
| Stock compensation and other activity |  | 2.4 |  |  | 7.4 | 9.8 |
| **Balance as of April 30, 2026** | $758.2 | $40.5 | $2865.3 | $(151.6) | $(1817.1) | $1695.3 |
| **Balance as of January 31, 2025** | $758.2 | $33.3 | $2507.8 | $(223.0) | $(1531.9) | $1544.4 |
| Net earnings |  |  | 57.8 |  |  | 57.8 |
| Other comprehensive income |  |  |  | 47.2 |  | 47.2 |
| Treasury stock acquired |  |  |  |  | (192.4) | (192.4) |
| Dividends declared ($0.00 per share) |  |  | 0.1 |  |  | 0.1 |
| Stock compensation and other activity |  | 0.9 | (0.1) |  | 6.3 | 7.1 |
| **Balance as of April 30, 2025** | $758.2 | $34.2 | $2565.6 | $(175.8) | $(1718.0) | $1464.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended April 30, 2026 and 2025** | **Nine Months Ended April 30, 2026 and 2025** | **Nine Months Ended April 30, 2026 and 2025** | **Nine Months Ended April 30, 2026 and 2025** | **Nine Months Ended April 30, 2026 and 2025** | **Nine Months Ended April 30, 2026 and 2025** |
| | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Treasury<br>Stock** | **Total** |
| **Balance as of July 31, 2025** | $758.2 | $35.8 | $2610.1 | $(180.7) | $(1769.9) | $1453.5 |
| Net earnings |  |  | 324.5 |  |  | 324.5 |
| Other comprehensive income |  |  |  | 29.1 |  | 29.1 |
| Treasury stock acquired |  |  |  |  | (108.5) | (108.5) |
| Dividends declared ($0.60 per share) |  |  | (69.3) |  |  | (69.3) |
| Stock compensation and other activity |  | 4.7 |  |  | 61.3 | 66.0 |
| **Balance as of April 30, 2026** | $758.2 | $40.5 | $2865.3 | $(151.6) | $(1817.1) | $1695.3 |
| **Balance as of July 31, 2024** | $758.2 | $26.8 | $2377.5 | $(198.9) | $(1474.5) | $1489.1 |
| Net earnings |  |  | 252.7 |  |  | 252.7 |
| Other comprehensive income |  |  |  | 23.1 |  | 23.1 |
| Treasury stock acquired |  |  |  |  | (273.8) | (273.8) |
| Dividends declared ($0.54 per share) |  |  | (64.4) |  |  | (64.4) |
| Stock compensation and other activity |  | 7.4 | (0.2) |  | 30.3 | 37.5 |
| **Balance as of April 30, 2025** | $758.2 | $34.2 | $2565.6 | $(175.8) | $(1718.0) | $1464.2 |

---

*See Notes to Condensed Consolidated Financial Statements.*

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**DONALDSON COMPANY, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**Note 1. Summary of Significant Accounting Policies**

**Basis of Presentation** 

The accompanying unaudited Condensed Consolidated Financial Statements of Donaldson Company, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of earnings, comprehensive income, financial position, cash flows and changes in stockholders' equity have been included and are of a normal recurring nature. Operating results for the three and nine months ended April 30, 2026 are not necessarily indicative of the results that may be expected for future periods. The year-end Condensed Consolidated Balance Sheet information was derived from the Company's Audited Consolidated Financial Statements but does not include all disclosures required by GAAP. For further information, refer to the Audited Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025.

**Principles of Consolidation**

The Condensed Consolidated Financial Statements include the accounts of the Company and all its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

The Company's joint ventures are not majority-owned and are accounted for under the equity method. The Company is party to joint ventures in Advanced Filtration Systems Inc. (AFSI) with a 50% ownership and PT Panata Jaya Mandiri (PTPJM) with a 30% ownership and also holds a 49% stake in Medica S.p.A. (Medica), all of which are considered related parties. The financial impact from the joint ventures and non-controlling interest are not material.

**Use of Estimates**

The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amount of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**New Significant Accounting Standard Recently Adopted**

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), "*Improvements to Reportable Segment Disclosures*," which improves the segment disclosures to include reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU was applicable beginning with annual reporting for the Company's fiscal 2025 and interim reporting for the first quarter of the Company's fiscal 2026. The Company adopted ASU 2023-07 in the fourth quarter of fiscal 2025 for its fiscal year ended July 31, 2025 and all interim periods thereafter.

**New Significant Accounting Standards Not Yet Adopted**

The Company considers the applicability and impact of the FASB's ASUs issued but not yet adopted.

In November 2024, FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), *"Disaggregation of Income Statement Expenses,"* which improves disclosures about a company's expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. This ASU is applicable to annual reporting for the Company's fiscal 2028 and interim reporting for the first quarter of the Company's fiscal 2029. The Company will adopt ASU 2024-03 for the annual reporting period ending July 31, 2028 and for interim reporting periods thereafter. The Company is in the process of evaluating the impact of the ASU on its related disclosures.

In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740), *"Improvements to Income Tax Disclosures,"* which enhances the transparency and decision usefulness of income tax disclosures. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU is applicable to annual reporting for the Company's fiscal 2026 and interim reporting for the first quarter of the Company's fiscal 2027. The Company will adopt ASU 2023-09 for the annual reporting period ending July 31, 2026 and for interim reporting periods thereafter. The Company does not expect adoption of this standard will have a material impact on the Consolidated Financial Statements or Condensed Consolidated Financial Statements and is in the process of evaluating the effects of this guidance on its related disclosures.

------

In October 2023, FASB issued ASU No. 2023-06, *"Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative,"* which modifies the disclosure or presentation requirements of various FASB topics in the Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-K becomes effective, with early adoption prohibited. The Company is in the process of evaluating the impact of the ASU on its related disclosures.

**Note 2. Acquisitions and Equity Method Investments**

During the second quarter of fiscal 2026, the Company entered into a definitive agreement to acquire Filtration Group's Facet Filtration business (Facet), consisting of Facet (Oklahoma) LLC and Facet Netherlands B.V., in an all-cash transaction valued at approximately $820 million. The acquisition closed on May 4, 2026 for cash consideration of $828.7 million. See Note 20 for additional details. Facet offers fuel and fluid filtration solutions for mission-critical applications primarily in aerospace and defense, as well as power generation. Headquartered in Tulsa, Oklahoma, Facet has approximately 250 employees across the U.S. and Europe with key manufacturing locations in Oklahoma and Spain.

On August 9, 2024, the Company acquired a 49% non-controlling stake in Medica, headquartered in Medolla, Italy, for cash consideration of approximately €62.1 million, or $67.9 million, and capitalized transaction costs of approximately €5.1 million, or $5.8 million. Medica is a leader in hollow fiber membrane filtration technology for medical applications and water purification. The Company has the option to acquire the remaining 51% stake in three years. The investment is accounted for under the equity method of accounting. The earnings from the investment were not material for the three and nine months ended April 30, 2026 or 2025.

**Note 3. Revenue**

The Company recognizes revenue on a wide range of filtration solutions sold to customers in many industries around the globe. Most of the Company's performance obligations within customer sales contracts are for manufactured filtration systems and replacement parts. The Company also performs limited services and installation. Customer contracts may include multiple performance obligations and the transaction price is allocated to each distinct performance obligation based on its relative standalone selling price.

**Revenue Disaggregation**

Net sales, generally disaggregated by location where the customer's order was placed, were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| U.S. and Canada | $427.1 | $420.9 | $1207.2 | $1221.7 |
| Europe, Middle East and Africa (EMEA) | 289.3 | 259.5 | 816.9 | 728.8 |
| Asia Pacific (APAC) | 172.8 | 158.3 | 503.3 | 465.3 |
| Latin America (LATAM) | 105.9 | 101.4 | 299.4 | 294.4 |
| &nbsp;&nbsp;&nbsp;Total net sales | $995.1 | $940.1 | $2826.8 | $2710.2 |

---

See Note 18 for net sales disaggregated by segment and business unit.

**Contract Assets and Liabilities**

The satisfaction of performance obligations and the resulting recognition of revenue typically correspond with billing of the customer. In limited circumstances, the customer may be billed at a time later than when revenue is recognized, resulting in contract assets, which are reported in other current assets on the Condensed Consolidated Balance Sheets. Contract assets were $24.4 million and $24.3 million as of April 30, 2026 and July 31, 2025, respectively. In other limited circumstances, the customer may make a payment at a time earlier than when revenue is recognized and prior to the satisfaction of performance obligations, resulting in contract liabilities, which are reported in deferred revenue on the Condensed Consolidated Balance Sheets. Contract liabilities were $26.9 million and $20.8 million as of April 30, 2026 and July 31, 2025, respectively.

The Company will recognize revenue in future periods related to remaining performance obligations for certain open contracts. Generally, these contracts have terms of one year or less. The amount of revenue related to unsatisfied performance obligations in which the original duration of the contract is greater than one year is not significant. None of the Company's contracts contained a significant financing component.

------

**Note 4. Inventories, Net**

The components of inventories, net were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **April 30,<br>2026** | **July 31,<br>2025** |
| Raw materials | $174.1 | $175.5 |
| Work in process | 67.4 | 69.6 |
| Finished products | 294.4 | 268.5 |
| &nbsp;&nbsp;&nbsp;Total inventories, net | $535.9 | $513.6 |

---

**Note 5. Property, Plant and Equipment, Net**

The components of property, plant and equipment, net were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **April 30,<br>2026** | **July 31,<br>2025** |
| Land | $30.0 | $29.5 |
| Buildings | 515.0 | 493.8 |
| Machinery and equipment | 1143.4 | 1118.6 |
| Computer software | 131.7 | 129.5 |
| Construction in progress | 40.2 | 31.5 |
| Less accumulated depreciation | (1223.1) | (1158.4) |
| &nbsp;&nbsp;&nbsp;Total property, plant and equipment, net | $637.2 | $644.5 |

---

**Note 6. Goodwill and Intangible Assets**

**Goodwill**

The Company allocates goodwill to reporting units within its Mobile Solutions, Industrial Solutions and Life Sciences segments. There were no dispositions or impairment charges recorded during the three and nine months ended April 30, 2026 and 2025. Goodwill is assessed for impairment annually during the third quarter of the fiscal year, or more frequently if events or changes in circumstances indicate the asset may be impaired. The Company performed its annual impairment assessment during the third quarter of fiscal 2026 and did not record any impairment as a result of this assessment.

Goodwill by reportable segment was as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mobile<br>Solutions Segment** | **Industrial<br>Solutions Segment** | **Life Sciences Segment** | **Total** |
| Balance as of July 31, 2025 | $25.4 | $298.2 | $170.0 | $493.6 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 0.2 | 2.8 | 2.8 | 5.8 |
| Balance as of April 30, 2026 | $25.6 | $301.0 | $172.8 | $499.4 |

---

**Intangible Assets**

Intangible asset classes were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **April 30, 2026** | **April 30, 2026** | **April 30, 2026** | **April 30, 2026** |
| | **Weighted Amortizable Life (in Years)** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net** |
| Customer relationships | 8.0 | $75.5 | $(45.6) | $29.9 |
| Trademarks | 6.0 | 4.1 | (2.5) | 1.6 |
| Technology and patents | 16.0 | 81.5 | (21.1) | 60.4 |
| Non-compete agreements | 3.3 | 1.2 | (0.8) | 0.4 |
| Total intangible assets |  | $162.3 | $(70.0) | $92.3 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| | **Weighted Amortizable Life (in Years)** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net** |
| Customer relationships | 8.5 | $74.7 | $(43.7) | $31.0 |
| Trademarks | 6.7 | 3.8 | (2.0) | 1.8 |
| Technology and patents | 16.6 | 82.9 | (19.1) | 63.8 |
| Non-compete agreements | 2.9 | 2.5 | (1.7) | 0.8 |
| Total intangible assets |  | $163.9 | $(66.5) | $97.4 |

---

In the third quarter of fiscal 2025, the Company identified a triggering event related to certain asset groups and performed a valuation of certain long-lived intangible assets in accordance with ASC 360, Impairment and Disposal of Long-Lived Assets. The Company used a discounted cash flow analysis to estimate the fair value of each long-lived asset group. As a result of the valuation, the Company recorded $62.0 million of impairment expense related to intangible assets in the Company's bioprocessing business within the Life Sciences segment. The impairment expense was included in Loss on impairment of intangible assets in the Condensed Consolidated Statements of Earnings. Of the impairment expense, $46.6 million was related to Univercells Technologies, reflecting lower-than-anticipated bioprocessing capital spending, particularly for early-stage assets, while drug development timelines are longer than previously anticipated. The remaining $15.4 million of impairment expense was related to Solaris as market demand for industrial bioreactors had significantly declined.

Intangible asset amortization expense was $2.5 million and $7.5 million for the three and nine months ended April 30, 2026, respectively, and was $3.4 million and $11.3 million for the three and nine months ended April 30, 2025, respectively. Amortization expense is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings.

There were foreign currency translation losses of $0.2 million and foreign currency translation gains of $0.8 million for the three and nine months ended April 30, 2026, respectively, and foreign currency translation gains of $6.3 million and $3.1 million for the three and nine months ended April 30, 2025, respectively.

**Note 7. Long-Term Debt**

As of April 30, 2026, there was $571.6 million available and $20.0 million outstanding on the Company's $600.0 million unsecured revolving credit facility that expires on June 12, 2030.

Certain debt agreements contain financial covenants related to interest coverage and leverage ratios, as well as other non-financial covenants. As of April 30, 2026, the Company was in compliance with all such covenants.

During the third quarter of fiscal 2026, the Company entered into a Term Loan Credit Agreement that created a new three-year committed, unsecured, delayed draw term loan credit facility in the amount of $400.0 million. The Term Loan Facility is available in U.S. Dollars. As of April 30, 2026, there was no outstanding balance under the Term Loan Facility.

**Note 8. Income Taxes** 

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into U.S. law, which primarily modified tax provisions from the 2017 Tax Cuts and Jobs Act. The provisions within the OBBBA have staggered effective dates to be phased in between fiscal years 2025 and 2027, and the Company continues to evaluate the impact of these provisions on our Consolidated Financial Statements and Condensed Consolidated Financial Statements.

The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The U.S. Internal Revenue Service has completed examinations of the Company's U.S. federal income tax returns through fiscal 2021. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before fiscal 2020.

As of April 30, 2026, gross unrecognized tax benefits were $22.7 million and accrued interest and penalties on these unrecognized tax benefits were $3.3 million. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income taxes in the Condensed Consolidated Statements of Earnings. The statutes of limitation periods for the Company's various tax jurisdictions range from two years to 10 years.

------

**Note 9. Earnings Per Share**

Basic net earnings per share (EPS) is computed by dividing net earnings by the weighted average number of outstanding common shares. Diluted net EPS is computed by dividing net earnings by the weighted average number of outstanding common shares and common share equivalents relating to stock options and other stock incentive plans.

Basic and diluted net EPS calculations were as follows (in millions, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Net earnings | $118.1 | $57.8 | $324.5 | $252.7 |
| Weighted average common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average common shares – basic | 115.9 | 118.8 | 115.8 | 119.4 |
| &nbsp;&nbsp;&nbsp;Dilutive impact of stock-based awards | 2.2 | 1.5 | 2.1 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares – diluted | 118.1 | 120.3 | 117.9 | 121.2 |
| Net EPS – basic | $1.02 | $0.49 | $2.80 | $2.12 |
| Net EPS – diluted | $1.00 | $0.48 | $2.75 | $2.09 |
| Stock options excluded from net EPS calculation | 0.0 | 0.8 | 0.0 | 0.8 |

---

**Note 10. Stockholders' Equity**

**Share Repurchases**

In November 2023, the Board of Directors authorized the repurchase of up to 12.0 million shares of common stock under the Company's stock repurchase plan. This repurchase authorization is effective until terminated by the Board of Directors. During the nine months ended April 30, 2026, the Company repurchased 1.4 million shares for $108.5 million. During the nine months ended April 30, 2025, the Company repurchased 4.0 million shares for $273.8 million. As of April 30, 2026, the Company had remaining authorization to repurchase 4.5 million shares under the November 2023 stock repurchase plan.

**Dividends**

Dividends paid were 30.0 cents and 90.0 cents per common share for the three and nine months ended April 30, 2026, respectively, and were 27.0 cents and 81.0 cents per common share for the three and nine months ended April 30, 2025.

On May 29, 2026, the Company's Board of Directors declared a cash dividend in the amount of 32.0 cents per common share, payable June 30, 2026, to stockholders of record as of June 15, 2026.

------

**Note 11. Accumulated Other Comprehensive Loss**

Changes in accumulated other comprehensive loss for the three months ended April 30, 2026 and 2025 were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Foreign<br>Currency<br>Translation<br>Adjustment** | **Pension<br>Benefits** | | **Derivative<br>Financial<br>Instruments** | | **Total** |
| Balance as of January 31, 2026, net of tax | $(64.4) | $(76.8) |  | $(2.6) |  | $(143.8) |
| &nbsp;&nbsp;&nbsp;Other comprehensive (loss) income before reclassifications and tax | (12.2) |  |  | 1.1 |  | (11.1) |
| &nbsp;&nbsp;&nbsp;Tax expense |  |  |  | (0.3) |  | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income before reclassifications, net of tax | (12.2) |  |  | 0.8 |  | (11.4) |
| &nbsp;&nbsp;&nbsp;Reclassifications, before tax |  | 4.2 | <sup>(1)</sup> | 0.4 |  | 4.6 |
| &nbsp;&nbsp;&nbsp;Tax expense |  | (0.9) |  | (0.1) |  | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassifications, net of tax |  | 3.3 |  | 0.3 | <sup>(2)</sup> | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income, net of tax | (12.2) | 3.3 |  | 1.1 |  | (7.8) |
| Balance as of April 30, 2026, net of tax | $(76.6) | $(73.5) |  | $(1.5) |  | $(151.6) |
| Balance as of January 31, 2025, net of tax | $(162.8) | $(67.6) |  | $7.4 |  | $(223.0) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications and tax | 54.1 |  |  | (5.9) |  | 48.2 |
| &nbsp;&nbsp;&nbsp;Tax benefit |  |  |  | 1.4 |  | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications, net of tax | 54.1 |  |  | (4.5) |  | 49.6 |
| &nbsp;&nbsp;&nbsp;Reclassifications, before tax |  | (1.3) | <sup>(1)</sup> | (2.0) |  | (3.3) |
| &nbsp;&nbsp;&nbsp;Tax benefit |  | 0.4 |  | 0.5 |  | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassifications, net of tax |  | (0.9) |  | (1.5) | <sup>(2)</sup> | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | 54.1 | (0.9) |  | (6.0) |  | 47.2 |
| Balance as of April 30, 2025, net of tax | $(108.7) | $(68.5) |  | $1.4 |  | $(175.8) |

---

<sup>(1)</sup> Amounts include foreign currency translation loss of $0.5 million and foreign currency translation gain of $1.9 million, net amortization of prior service costs and actuarial losses of $0.4 million and $0.6 million and reclassifications due to settlement charges of $3.3 million and $0.0 million in fiscal 2026 and 2025, respectively, included in other income, net in the Condensed Consolidated Statements of Earnings, see Note 13.

<sup>(2)</sup> Relates to designated foreign currency forward contracts that were reclassified from accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets to net sales, cost of sales and selling, general and administrative expenses or other income, net in the Condensed Consolidated Statements of Earnings, see Note 14.

------

Changes in accumulated other comprehensive loss for the nine months ended April 30, 2026 and 2025 were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Foreign<br>Currency<br>Translation<br>Adjustment** | **Pension<br>Benefits** | | **Derivative<br>Financial<br>Instruments** | | **Total** |
| Balance as of July 31, 2025, net of tax | $(104.2) | $(76.6) |  | $0.1 |  | $(180.7) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications and tax | 27.6 |  |  | (1.7) |  | 25.9 |
| &nbsp;&nbsp;&nbsp;Tax benefit |  |  |  | 0.3 |  | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications, net of tax | 27.6 |  |  | (1.4) |  | 26.2 |
| &nbsp;&nbsp;&nbsp;Reclassifications, before tax |  | 4.0 | <sup>(1)</sup> | (0.3) |  | 3.7 |
| &nbsp;&nbsp;&nbsp;Tax (expense) benefit |  | (0.9) |  | 0.1 |  | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassifications, net of tax |  | 3.1 |  | (0.2) | <sup>(2)</sup> | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | 27.6 | 3.1 |  | (1.6) |  | 29.1 |
| Balance at April 30, 2026, net of tax | $(76.6) | $(73.5) |  | $(1.5) |  | $(151.6) |
| Balance as of July 31, 2024, net of tax | $(133.8) | $(69.1) |  | $4.0 |  | $(198.9) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications and tax | 25.1 |  |  | (4.4) |  | 20.7 |
| &nbsp;&nbsp;&nbsp;Tax benefit |  |  |  | 0.9 |  | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications, net of tax | 25.1 |  |  | (3.5) |  | 21.6 |
| &nbsp;&nbsp;&nbsp;Reclassifications, before tax |  | 0.7 | <sup>(1)</sup> | 1.1 |  | 1.8 |
| &nbsp;&nbsp;&nbsp;Tax expense |  | (0.1) |  | (0.2) |  | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassifications, net of tax |  | 0.6 |  | 0.9 | <sup>(2)</sup> | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | 25.1 | 0.6 |  | (2.6) |  | 23.1 |
| Balance at April 30, 2025, net of tax | $(108.7) | $(68.5) |  | $1.4 |  | $(175.8) |

---

(1)Amounts include foreign currency translation gain of $0.6 million and gain of $1.1 million, net amortization of prior service costs and actuarial losses of $1.3 million and $1.8 million and reclassifications due to settlement charges of $3.3 million and $0.0 million in fiscal 2026 and 2025, respectively, included in other income, net in the Condensed Consolidated Statements of Earnings, see Note 13.

<sup>(2)</sup> Relates to designated foreign currency forward contracts that were reclassified from accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets to net sales, cost of sales and selling, general and administrative expenses or other income, net in the Condensed Consolidated Statements of Earnings, see Note 14.

**Note 12. Stock-Based Compensation**

The Company recognizes compensation expense for all stock-based awards based on the grant date fair value of the award. Stock-based awards consist primarily of non-qualified stock options, performance-based awards, restricted stock awards and restricted stock units. Grants related to restricted stock awards and restricted stock units are immaterial. The Company issues treasury shares for stock options and performance-based awards.

**Stock Options**

The exercise price of options granted is equal to the market price of the Company's common stock at the date of the grant. Options are generally exercisable for up to 10 years from the date of grant and vest in equal annual increments over three years.

Pretax stock-based compensation expense associated with options was $2.5 million and $15.8 million for the three and nine months ended April 30, 2026, respectively, and was $2.2 million and $14.2 million for the three and nine months ended April 30, 2025, respectively.

Fair value is calculated using the Black-Scholes option pricing model. The weighted average fair value for options granted was $25.86 and $21.67 per share during the nine months ended April 30, 2026 and 2025, respectively.

------

Option activity was as follows:

---

| | | |
|:---|:---|:---|
| | **Options** | **Weighted<br>Average<br>Exercise Price** |
| Balance outstanding as of July 31, 2025 | 6223080 | $54.24 |
| &nbsp;&nbsp;&nbsp;Granted | 683172 | 82.73 |
| &nbsp;&nbsp;&nbsp;Exercised | (1126499) | 45.95 |
| &nbsp;&nbsp;&nbsp;Expired/forfeited | (18602) | 68.86 |
| Balance outstanding as of April 30, 2026 | 5761151 | $59.19 |

---

**Performance-Based Awards**

Performance-based awards are payable in common stock and are based on a formula that measures Company performance over a three-year period. These awards are settled after three years with payouts ranging from 0% to 200% of the target award depending on achievement.

Pretax performance-based awards expense was $1.3 million and $3.3 million for the three and nine months ended April 30, 2026, respectively, and was $1.0 million and $4.2 million for the three and nine months ended April 30, 2025, respectively.

Performance-based awards for non-vested activity were as follows:

---

| | | |
|:---|:---|:---|
| | **Performance Shares** | **Weighted<br>Average Grant<br>Date Fair<br>Value** |
| Balance outstanding as of July 31, 2025 | 197684 | $66.19 |
| &nbsp;&nbsp;&nbsp;Granted | 107800 | 82.70 |
| &nbsp;&nbsp;&nbsp;Vested |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (16700) | 66.89 |
| Balance outstanding as of April 30, 2026 | 288784 | $72.31 |

---

**Note 13. Employee Benefit Plans**

The Company has defined benefit pension plans for certain hourly and salaried employees. They consist of plans in the U.S., Belgium, Germany, Mexico and the United Kingdom. These plans generally provide pension benefits based on years of service and compensation level. Components of net periodic pension costs other than the service cost component are included in other income, net in the Condensed Consolidated Statements of Earnings.

Net periodic pension costs for the Company's pension plans were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Service cost | $1.3 | $1.2 | $3.9 | $3.6 |
| Interest cost | 4.6 | 4.9 | 14.5 | 14.6 |
| Expected return on assets | (6.3) | (6.4) | (18.9) | (19.2) |
| Actuarial loss amortization | 0.4 | 0.6 | 1.3 | 1.8 |
| Settlement charge | 3.2 |  | 3.2 |  |
| &nbsp;&nbsp;&nbsp;Net periodic pension costs | $3.2 | $0.3 | $4.0 | $0.8 |

---

In the third quarter of fiscal 2026, the Company recorded a pension settlement charge of $3.2 million as a result of lump sum distributions exceeding the service and interest cost components of the annual net periodic pension cost. The corresponding remeasurement resulted in an increase in the Company's pension assets and a corresponding adjustment to other comprehensive loss in the Condensed Consolidated Statements of Comprehensive Income of $0.1 million. See Note 11.

------

The Company's general funding policy is to make at least the minimum required contributions under applicable regulations, plus any additional amounts it determines to be appropriate. Future required pension plan contributions may change significantly depending on the actual rate of return on plan assets, discount rates and regulatory requirements.

**Note 14. Derivative Instruments and Hedging**

**Derivative Fair Value Measurements** 

The Company enters into derivative instrument agreements, including foreign currency forward contracts and net investment hedges, to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit. There is risk the counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors.

Contract provisions may require the posting of collateral or settlement of the contracts for various reasons, including if the Company's credit ratings are downgraded below its investment grade credit rating by any of the major credit agencies, or for cross default contractual provisions, if there is a failure under other financing arrangements related to payment terms or covenants. As of April 30, 2026 and July 31, 2025, no collateral was posted.

The Company does not enter into derivative instrument agreements for trading or speculative purposes. For discussion on the fair value of the Company's derivatives, see Note 15.

***Foreign Currency Forward Contracts - Cash Flow Hedges and Derivatives Not Designated as Hedging Instruments***

The Company buys materials from foreign suppliers. Those transactions can be denominated in those suppliers' local currency. The Company also sells to customers in foreign countries. Those transactions can be denominated in those customers' local currency. Both of these transaction types can create volatility in the Company's financial statements. The Company uses foreign currency forward contracts to manage those exposures and fluctuations. These contracts generally mature in 15 months or less, which is consistent with the forecasts of the related purchases and sales. Certain contracts are designated as cash flow hedges, whereas the remaining contracts, most of which are related to certain intercompany transactions which offset balance sheet exposure, are not designated as hedging instruments. The total notional amount of the foreign currency forward contracts designated as hedges was $29.7 million and $35.7 million as of April 30, 2026 and July 31, 2025, respectively. The total notional amount of the foreign currency forward contracts not designated as hedges was $152.3 million and $189.6 million as of April 30, 2026 and July 31, 2025, respectively.

Changes in the fair value of the Company's designated hedges are reported in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets until the related transaction occurs, see Note 11. Designated hedges are recognized as a component of either net sales, cost of sales, selling, general and administrative expenses or other income, net in the Condensed Consolidated Statements of Earnings upon occurrence of the related hedged transaction.

Hedges and subsequent changes in the fair value of hedges that are not designated are recognized in other income, net in the Condensed Consolidated Statements of Earnings along with the related hedged transactions.

Amounts related to foreign currency forward contracts designated as hedges are expected to be reclassified into earnings during the next 15 months based upon the timing of inventory purchases and sales.

***Net Investment Hedges***

The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its operations in Europe. The Company has elected the spot method for designating these contracts as net investment hedges.

The total notional amount of net investment hedges as of April 30, 2026 and July 31, 2025 was €80 million, or $88.8 million. The maturity dates range from 2027 to 2029.

Gains and losses resulting from a change in fair value of the net investment hedge are offset by gains and losses on the underlying foreign currency exposure and are included in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets. Amounts related to excluded components associated with the net investment hedge are expected to be reclassified into earnings in interest expense in the Condensed Consolidated Statements of Earnings through their maturity.

***Cash Flows***

Cash flows from derivative transactions are recorded in operating activities in the Condensed Consolidated Statements of Cash Flows.

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**Note 15. 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.

**Short-Term Financial Instruments**

As of April 30, 2026 and July 31, 2025, the carrying values of cash and cash equivalents, accounts receivable, short-term borrowings and accounts payable approximate fair value because of the short-term nature of these instruments. Short-term financial instruments are classified as Level 1 in the fair value hierarchy.

**Long-Term Debt**

As of April 30, 2026, the estimated fair values of fixed interest rate long-term debt were $253.5 million compared to the carrying values of $275.0 million. As of July 31, 2025, the estimated fair values of fixed interest rate long-term debt were $247.5 million compared to the carrying values of $275.0 million. The fair values are estimated by discounting the projected cash flows using the interest rates at which similar amounts of debt could currently be borrowed. The carrying values of total variable interest rate long-term debt were $326.4 million and $364.9 million as of April 30, 2026 and July 31, 2025, respectively, and approximate their fair values. Long-term debt is classified as Level 2 in the fair value hierarchy.

**Investment in Joint Ventures and a Non-Controlling Interest**

The Company holds investments in joint ventures and a non-controlling interest, which are accounted for as equity method investments at fair value and are included in other long-term assets on the Consolidated Balance Sheets. The aggregate carrying amount of these investments was $109.2 million and $103.6 million as of April 30, 2026 and July 31, 2025, respectively. These equity method investments are measured at fair value on a non-recurring basis. The fair value of the Company's equity method investments has not been adjusted as there have been no triggering events or changes in circumstance that would have had an adverse impact on the value of these investments. In the event these investments are required to be measured, they would fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value, as the investments are in privately-held entities.

**Derivative Fair Value Measurements**

The fair values of the Company's foreign currency forward contracts, net investment hedges and interest rate swaps reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates. Industry standard data providers are the primary source for forward and spot rate information for foreign currency exchange rates. The fair values of the Company's foreign currency forward contracts, net investment hedges, and interest rate swaps are classified as Level 2 in the fair value hierarchy. For discussion of the Company's derivatives and hedging, see Note 14.

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***Fair Value of Derivatives Contracts***

The fair value of the Company's derivative contracts, recorded on the Condensed Consolidated Balance Sheets, was as follows (in millions):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| |<br>**Balance Sheet Location** | **April 30,<br>2026** | **July 31,<br>2025** | **April 30,<br>2026** | **July 31,<br>2025** |
| Designated as hedging instruments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | Other current assets, other current liabilities | $— | $0.4 | $0.2 | $0.3 |
| &nbsp;&nbsp;&nbsp;Net investment hedges | Other current assets, other current liabilities, other long-term liabilities | 1.1 | 1.6 | 3.9 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total designated |  | 1.1 | 2.0 | 4.1 | 3.2 |
| Not designated as hedging instruments | Not designated as hedging instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | Other current assets, other current liabilities | 0.5 | 0.9 | 1.0 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total not designated |  | 0.5 | 0.9 | 1.0 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1.6 | $2.9 | $5.1 | $3.6 |

---

Amounts related to excluded components, such as forward points, are excluded from the assessment of hedge effectiveness of net investment hedges and are expected to be reclassified into earnings throughout their maturity dates. See Note 11 for additional information on accumulated other comprehensive loss.

***Fair Value of Contingent Consideration***

The fair value of the contingent consideration liability is determined using a probability-weighted discounted cash flow method. This fair value measurement is based on unobservable inputs in the market and thus, represents a Level 3 measurement within the fair value hierarchy. This analysis reflects the contractual terms of the purchase agreement (e.g., potential payment amounts, length of measurement periods, manner of calculating any amounts due) and utilizes assumptions with regard to future financial and operational milestones, probabilities of achieving such milestones and a discount rate. Depending on the contractual terms of the purchase agreement, the probability of achieving such milestones generally represents the only significant unobservable input. The contingent consideration liability is measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings.

The fair value of the Company's contingent consideration liability that uses unobservable inputs was $10.5 million and $11.3 million as of April 30, 2026 and July 31, 2025, respectively. The maximum potential payout of the contingent consideration was $21.5 million and $22.5 million as of April 30, 2026 and July 31, 2025, see Note 17.

**Note 16. Guarantees**

**Letters of Credit**

The Company has letters of credit which guarantee payment to third parties in the event the Company is in breach of contract terms as detailed in each letter of credit. The outstanding contingent liability for standby letters of credit was as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **April 30,<br>2026** | **July 31,<br>2025** |
| Contingent liability for standby letters of credit issued under the Company's revolving credit facility | $8.4 | $7.9 |
| Amounts drawn for letters of credit under the Company's revolving credit facility | $— | $— |

---

**Advanced Filtration Systems Inc.** 

The Company has an unconsolidated joint venture, AFSI, established by the Company and Caterpillar Inc. (Caterpillar) in 1986. AFSI designs and manufactures high-efficiency fluid filters used in Caterpillar's machinery worldwide. The Company and Caterpillar equally own the shares of AFSI and both companies guarantee certain debt and banking services, including credit and debit cards, merchant processing and treasury management services, of the joint venture. The Company accounts for AFSI as an equity method investment.

------

The outstanding debt relating to AFSI, which the Company guarantees half, was $37.5 million and $43.9 million as of April 30, 2026 and July 31, 2025, respectively. AFSI has a $63.0 million revolving credit facility, which expires July 31, 2027 and $17.0 million in an additional multi-currency revolving credit facility which terminates upon notification of either party.

Earnings from AFSI, which are recorded in other income, net in the Condensed Consolidated Statements of Earnings, were $4.6 million and $10.1 million for the three and nine months ended April 30, 2026, respectively, and were $3.9 million and $10.2 million for the three and nine months ended April 30, 2025, respectively.

**Note 17. Commitments and Contingencies**

The Company records provisions when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and litigation are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the estimated liability in its Condensed Consolidated Financial Statements for claims or litigation is adequate and appropriate for the probable and estimable outcomes. Liabilities recorded were not material to the Company's financial position, results of operations or liquidity. The Company believes it is remote that the settlement of any of the currently identified claims or litigation will be materially in excess of what is accrued.

The Company is party to agreements that include deferred payment provisions representing potential milestone payments for former owners of acquired businesses. The provisions are made up of two general types of arrangements, contingent compensation and contingent consideration. A contingent compensation arrangement is contingent on the former owner's future employment with the Company and the related amounts are recognized over the required employment period. A contingent consideration agreement is contingent on the achievement of certain revenue and manufacturing milestones, regardless of the former owner's employment status. Contingent consideration was recorded as purchase consideration in both other current and other long-term liabilities on the Condensed Consolidated Balance Sheets at the time of the initial acquisition based on the fair value of the estimated liability. The Company primarily determines the contingent consideration liability based on the forecasted probability of achieving the certain milestones.

The arrangement liabilities, recorded on the Condensed Consolidated Balance Sheets, were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Arrangement Liability** | **Arrangement Liability** | **Maximum Payout** <sup>(1)</sup> | **Maximum Payout** <sup>(1)</sup> | |
| |<br>**Balance Sheet Location** | **April 30,<br>2026** | **July 31,<br>2025** | **April 30,<br>2026** | **July 31,<br>2025** |<br>**Expires in** |
| Contingent compensation arrangements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other <sup>(2)</sup> | Accrued employee compensation and related taxes | $0.2 | $0.2 | $0.2 | $0.2 | FY27 |
| Contingent consideration liability |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purilogics <sup>(3)</sup> | Other current and other <br>long-term liabilities | $9.0 | $9.8 | $20.0 | $21.0 | FY27 |
| &nbsp;&nbsp;&nbsp;Other | Other current liabilities | $1.5 | $1.5 | $1.5 | $1.5 | FY26 |

---

<sup>(1)</sup> The maximum payout values are inclusive of the respective arrangement liability balance.

<sup>(2)</sup> The total contingent compensation paid as of April 30, 2026 was $0.1 million, which was paid during fiscal 2026.

<sup>(3)</sup> The decrease in the Purilogics' contingent consideration liability in fiscal 2026 was primarily driven by a $1.0 million milestone payment, partially offset by a $0.2 million increase of the fair value based on the probability of achieving certain milestones. The total contingent consideration paid as of April 30, 2026 was $6.0 million, of which $1.0 million was paid during fiscal 2026 and $5.0 million was paid during fiscal 2025 and 2024.

For additional discussion regarding the fair value of the Company's contingent consideration liability, see Note 15.

------

**Note 18. 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 its 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. For the three months ended April 30, 2026, Corporate and Unallocated included charges of $9.8 million, primarily related to business development and restructuring and related charges. For the nine months ended April 30, 2026, Corporate and Unallocated included charges of $12.2 million, primarily related to business development and restructuring and related charges, partially offset by a gain on the sale of fixed assets.

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 does not report total assets by segment for internal or external reporting purposes as the Company's CODM does not assess performance, make strategic decisions, or allocate resources based on assets.

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 that 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**<br>**Unallocated** <sup>(1)</sup> | **Total<br>Company** |
| **Three Months Ended April 30, 2026** | | | | | | |
| Net sales | $629.9 | $281.7 | $83.5 | $995.1 | $— | $995.1 |
| Cost of sales | 422.6 | 179.2 | 49.2 |  |  |  |
| Other segment items <sup>(2)</sup> | 80.3 | 64.8 | 27.5 |  |  |  |
| &nbsp;&nbsp;Earnings (loss) before income taxes | $127.0 | $37.7 | $6.8 | $171.5 | $(16.7) | $154.8 |
| Equity earnings in unconsolidated affiliates | $3.5 | $— | $— | $3.5 |  |  |
| **Nine Months Ended April 30, 2026** |  |  |  |  |  |  |
| Net sales | $1784.8 | $799.2 | $242.8 | $2826.8 | $— | $2826.8 |
| Cost of sales | 1202.7 | 503.0 | 140.4 |  |  |  |
| Other segment items <sup>(2)</sup> | 250.1 | 195.3 | 80.9 |  |  |  |
| &nbsp;&nbsp;Earnings (loss) before income taxes | $332.0 | $100.9 | $21.5 | $454.4 | $(35.5) | $418.9 |
| Equity earnings in unconsolidated affiliates | $7.1 | $0.1 | $— | $7.2 |  |  |
| **April 30, 2026** |  |  |  |  |  |  |
| Equity investments in unconsolidated affiliates | $37.8 | $0.7 | $— | $38.5 |  |  |
| **Three Months Ended April 30, 2025** |  |  |  |  |  |  |
| Net sales | $582.6 | $283.3 | $74.2 | $940.1 | $— | $940.1 |
| Cost of sales | 396.3 | 169.6 | 45.6 |  |  |  |
| Other segment items <sup>(2)</sup> | 81.0 | 62.5 | 22.8 |  |  |  |
| &nbsp;&nbsp;Earnings (loss) before income taxes | $105.3 | $51.2 | $5.8 | $162.3 | $(75.3) | $87.0 |
| Equity earnings in unconsolidated affiliates | $2.5 | $— | $— | $2.5 |  |  |
| **Nine Months Ended April 30, 2025** |  |  |  |  |  |  |
| Net sales | $1702.6 | $794.6 | $213.0 | $2710.2 | $— | $2710.2 |
| Cost of sales | 1149.8 | 472.6 | 129.1 |  |  |  |
| Other segment items <sup>(2)</sup> | 247.3 | 188.9 | 83.9 |  |  |  |
| &nbsp;&nbsp;Earnings (loss) before income taxes | $305.5 | $133.1 | $— | $438.6 | $(96.1) | $342.5 |
| Equity earnings in unconsolidated affiliates | $6.5 | $0.1 | $— | $6.6 |  |  |
| **July 31, 2025** |  |  |  |  |  |  |
| Equity investments in unconsolidated affiliates | $33.5 | $0.5 | $— | $34.0 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Corporate and unallocated includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as gain on sale of fixed assets, business development charges, restructuring and related charges and portions of incentive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Mobile Solutions segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Off-Road | $104.0 | $95.6 | $285.1 | $264.9 |
| &nbsp;&nbsp;&nbsp;On-Road | 28.3 | 26.9 | 74.7 | 84.3 |
| &nbsp;&nbsp;&nbsp;Aftermarket | 497.6 | 460.1 | 1425.0 | 1353.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mobile Solutions segment | 629.9 | 582.6 | 1784.8 | 1702.6 |
| Industrial Solutions segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Filtration Solutions | 237.1 | 231.8 | 675.4 | 651.8 |
| &nbsp;&nbsp;&nbsp;Aerospace and Defense | 44.6 | 51.5 | 123.8 | 142.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrial Solutions segment | 281.7 | 283.3 | 799.2 | 794.6 |
| Life Sciences segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Life Sciences segment | 83.5 | 74.2 | 242.8 | 213.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company | $995.1 | $940.1 | $2826.8 | $2710.2 |

---

Net sales, generally disaggregated by location where the customer's order was received were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;U.S. and Canada | $427.1 | $420.9 | $1207.2 | $1221.7 |
| &nbsp;&nbsp;&nbsp;EMEA | 289.3 | 259.5 | 816.9 | 728.8 |
| &nbsp;&nbsp;&nbsp;APAC | 172.8 | 158.3 | 503.3 | 465.3 |
| &nbsp;&nbsp;&nbsp;LATAM | 105.9 | 101.4 | 299.4 | 294.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $995.1 | $940.1 | $2826.8 | $2710.2 |

---

Property, plant and equipment, net and right-of-use asset by geographic region were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Property, Plant and Equipment, Net** | **Property, Plant and Equipment, Net** | **Right-Of-Use Asset** | **Right-Of-Use Asset** |
| | **April 30, 2026** | **July 31, 2025** | **April 30, 2026** | **July 31, 2025** |
| &nbsp;&nbsp;&nbsp;U.S. and Canada | $231.4 | $225.7 | $18.0 | $26.8 |
| &nbsp;&nbsp;&nbsp;EMEA | 190.8 | 195.2 | 18.5 | 16.5 |
| &nbsp;&nbsp;&nbsp;APAC | 74.7 | 76.2 | 11.4 | 11.0 |
| &nbsp;&nbsp;&nbsp;LATAM | 140.3 | 147.4 | 5.3 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $637.2 | $644.5 | $53.2 | $60.5 |

---

**Concentrations**

There were no customers that accounted for over 10% of net sales for the three and nine months ended April 30, 2026 or 2025. There were no customers that accounted for over 10% of gross accounts receivable as of April 30, 2026 or July 31, 2025.

------

**Note 19. Restructuring and Other Charges**

During the first three quarters of fiscal 2026, the Company continued the global footprint and cost optimization actions to further improve the operating and manufacturing cost structure, which began in fiscal 2024. These activities resulted in restructuring and related expenses of $9.0 million and $7.5 million for the three and nine months ended April 30, 2026, respectively, and $3.0 million and $8.4 million for the three and nine months ended April 30, 2025, respectively. Charges of $9.1 million and $13.3 million were included in cost of sales, and benefits of $0.1 million and $5.8 million were included in operating expense in the Condensed Consolidated Statement of Earnings for the three and nine months ended April 30, 2026, respectively. Charges of $2.6 million and $4.3 million were included in cost of sales, and charges of $0.4 million and $4.1 million were included in operating expense in the Condensed Consolidated Statements of Earnings for the three and nine months ended April 30, 2025, respectively. The estimated range of future costs associated with actions related to this restructuring is $3.0 million to $5.0 million.

As of April 30, 2026 and July 31, 2025, $5.5 million and $7.1 million, respectively, of accrued expenses were included in accrued employee compensation and related taxes in the Condensed Consolidated Balance Sheets.

**Note 20. Subsequent Event**

On May 4, 2026, the Company acquired Filtration Group's Facet Filtration business (Facet), consisting of Facet (Oklahoma) LLC and Facet Netherlands B.V., in an all-cash transaction valued at approximately $820.0 million, for cash consideration of $828.7 million. As part of this transaction, the Company issued approximately $820.0 million of new debt, increasing total long-term debt outstanding for the Company to approximately $1.4 billion, and remained in compliance with all applicable financial covenants. The new debt incurred in the fourth quarter of fiscal 2026 was at a rate of 4.6%. The new debt bears interest at a variable rate based on Term SOFR plus a spread that is based on the Company's Leverage Ratio as defined by the agreements. Facet offers fuel and fluid filtration solutions for mission-critical applications primarily in aerospace and defense, as well as power generation. Headquartered in Tulsa, Oklahoma, Facet has approximately 250 employees across the U.S. and Europe with key manufacturing locations in Oklahoma and Spain. The Company has not yet obtained all the information required to finalize the valuations of the assets acquired and liabilities assumed, primarily because of the proximity of the acquisition to the balance sheet date of April 30, 2026.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Overview**

Founded in 1915, Donaldson Company, Inc. is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. Donaldson's diverse and skilled employees at more than 150 locations on six continents, 77 of which are manufacturing and/or distribution centers, partner with customers - from small business owners to the world's largest original equipment manufacturer (OEM) brands - to solve complex filtration challenges. Customers choose Donaldson's filtration solutions due to their stringent technical and performance requirements, the need for reliability and the value proposition of Donaldson's solutions and/or services.

The Company's operating segments are Mobile Solutions, Industrial Solutions and Life Sciences. 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 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's results of operations are affected by conditions in the global economic and geopolitical environment. Under most economic conditions, the Company's diversification between its diesel engine end markets, its global end markets, its diversification through technology and its OEM and replacement parts customers has helped to limit the impact of weakness in any one product line, market or geography on the consolidated operating results of the Company.

**Operating Environment**

***Tariffs***

The U.S. imposed tariffs on a wide range of imports, with the potential for further tariff actions, which resulted in retaliatory tariffs. These trade measures, along with updates to export controls and sanctions regimes, pose ongoing risks to global supply chains, potentially increasing the cost of goods, straining procurement cycles and impacting customer demand. On February 20, 2026, the United States Supreme Court issued a decision concluding that the IEEPA does not provide authority for the President to impose tariffs. Certain tariffs that affected us were imposed under this statute pursuant to presidential executive order. On March 4, 2026, the Court of International Trade (CIT) ordered U.S. Customs and Border Protection (CBP) to begin the refund process for all importers who were subject to IEEPA duties. The situation continues to evolve, and further legislative, regulatory, or judicial developments may affect the ultimate outcome and the availability or timing of any refunds. As of April 30, 2026, we did not record an asset related to the potential refund. We will continue to evaluate new developments and would record a potential refund under a loss recovery model pursuant to ASC 410-30 if the requirements are met. We are closely monitoring the evolving trade landscape, as well as our ability to mitigate the impact of tariffs and our analysis of the potential impact. We will continue to utilize our global manufacturing footprint and supply chain to mitigate the cost impact of tariffs.

Any additional tariffs in the U.S. or retaliatory tariffs imposed by other governments could exacerbate the impact. Any new, substantial tariff increases on imports to the U.S. from Mexico, China and the European Union (EU) should they be implemented and sustained for an extended period of time, could have a significant adverse effect on us and our supply chain.

For additional information regarding the impact and potential impact of trade policy and tariffs on the Company, refer to the "Risk Factors" section in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025 which outlines the risks and uncertainties the Company believes are the most material to its business.

***Conflict in Iran***

On February 28, 2026, the United States and Israel began a military operation targeting Iranian nuclear sites, military infrastructure, and top leadership. Iran has retaliated with attacks on infrastructure assets and United States and Israeli military bases in the Middle East, as well as a blockade of the Strait of Hormuz, a key shipping route for oil and liquified natural gas, among other commodities. As a result of the conflict, prices for these and other impacted commodities have increased sharply, causing volatility in the global economic markets. If the conflict or geopolitical tensions continue or worsen, it could have a significant adverse effect on our business, financial condition, or results of operations. We are monitoring the regional and global ramifications of the events unfolding.

------

**Consolidated Results of Operations**

***Three months ended April 30, 2026 compared with three months ended April 30, 2025***

*Operating Results*

Operating results were as follows (in millions, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** |
| | **2026** | **% of net sales** | **2025** | **% of net sales** |
| Net sales | $995.1 |  | $940.1 |  |
| Cost of sales | 661.7 | 66.5% | 618.2 | 65.8% |
| &nbsp;&nbsp;&nbsp;Gross profit | 333.4 | 33.5 | 321.9 | 34.2 |
| Selling, general and administrative | 158.9 | 16.0 | 152.3 | 16.2 |
| Loss on impairment of intangible assets |  |  | 62.0 | 6.6 |
| Gain on sale of fixed assets |  |  | (1.2) | (0.1) |
| Research and development | 19.2 | 2.0 | 21.4 | 2.3 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 178.1 | 17.9 | 234.5 | 24.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 155.3 | 15.6 | 87.4 | 9.3 |
| Interest expense | 6.5 | 0.7 | 5.7 | 0.6 |
| Other income, net | (6.0) | (0.6) | (5.3) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings before income taxes | 154.8 | 15.6 | 87.0 | 9.2 |
| Income taxes | 36.7 | 3.7 | 29.2 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $118.1 | 11.9% | $57.8 | 6.1% |
| Net earnings per share (EPS) - diluted | $1.00 |  | $0.48 |  |

---

*Geographic Net Sales by Origination*

Net sales, disaggregated by location where the customer's order was received, were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** |
| | **2026** | **% of net sales** | **2025** | **% of net sales** |
| U.S. and Canada | $427.1 | 42.9% | $420.9 | 44.8% |
| Europe, Middle East and Africa (EMEA) | 289.3 | 29.1 | 259.5 | 27.6 |
| Asia Pacific (APAC) | 172.8 | 17.4 | 158.3 | 16.8 |
| Latin America (LATAM) | 105.9 | 10.6 | 101.4 | 10.8 |
| &nbsp;&nbsp;&nbsp;Total Company | $995.1 | 100.0% | $940.1 | 100.0% |

---

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*Net Sales*

![311](dci-20260430_g1.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the third quarter of fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the third quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales by segment (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **April 30, 2025** | **Sales volume** | **Pricing** | **Currency translation** | **April 30, 2026** |
| Mobile Solutions segment | $582.6 | $19.8 | $11.3 | $16.2 | $629.9 |
| Industrial Solutions segment | 283.3 | (15.5) | 8.2 | 5.7 | 281.7 |
| Life Sciences segment | 74.2 | 6.2 | (0.4) | 3.5 | 83.5 |
| &nbsp;&nbsp;&nbsp;Total Company | $940.1 | $10.5 | $19.1 | $25.4 | $995.1 |

---

Net sales for the three months ended April 30, 2026 increased $55.0 million, or 5.8%, from the three months ended April 30, 2025, reflecting higher sales in the Mobile Solutions segment of $47.3 million, or 8.1% growth, and the Life Sciences segment of $9.3 million, or 12.7% growth, partially offset by lower sales in the Industrial Solutions segment of $1.6 million, or a 0.6% decline. Foreign currency translation increased net sales by $25.4 million compared to the three months ended April 30, 2025, reflecting an increase in the Mobile Solutions segment of $16.2 million, an increase in the Industrial Solutions segment of $5.7 million, and an increase in the Life Sciences segment of $3.5 million. During the three months ended April 30, 2026, the Company's net sales increase was driven by favorable foreign currency impacts, net pricing benefits and volume growth.

*Gross Margin*

Gross margin as a percentage of net sales for the three months ended April 30, 2026 was 33.5% compared with 34.2% for the three months ended April 30, 2025. The decrease in gross margin as a percentage of net sales was driven primarily by $9.1 million of costs associated with footprint optimization efforts and operational inefficiencies related to shifting Power Generation equipment production to a new point of manufacturing to support customer-specific requirements in Industrial Solutions, partially offset by net pricing increases and favorable mix.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses for the three months ended April 30, 2026 were $158.9 million, or 16.0% of net sales, compared with $152.3 million, or 16.2% of net sales, for the three months ended April 30, 2025, an increase of $6.6 million, or 4.3%. The decrease in selling, general and administrative expenses as a percentage of net sales was primarily due to leverage on higher sales and continued disciplined expense management. Additionally, the three months ended April 30, 2025 included a $6.2 million benefit from the reduction of the Purilogics' contingent consideration liability, which represents the fair value based on the probability of achieving certain milestones, which did not repeat in the three months ended April 30, 2026.

------

*Loss on Impairment of Intangible Assets*

The three months ended April 30, 2025 included a loss on impairment of intangible assets of $62.0 million, or 6.6% of net sales. There was no loss on impairment of intangible assets for the three months ended April 30, 2026. The fiscal 2025 impairment expense included $46.6 million related to Univercells Technologies, reflecting lower-than-anticipated bioprocessing capital spending, particularly for early-stage assets, while drug development timelines are longer than previously anticipated. The remaining $15.4 million of impairment expense was related to Solaris as market demand for industrial bioreactors had significantly declined.

*Gain on Sale of Fixed Assets*

The three months ended April 30, 2025 included a gain on sale of fixed assets of $1.2 million, or 0.1% of net sales. The gain on sale of fixed assets was driven by the sale of land and a building associated with footprint optimization initiatives in the prior year. There was no gain on the sale of fixed assets in the three months ended April 30, 2026.

*Research and Development Expenses*

Research and development expenses for the three months ended April 30, 2026 were $19.2 million, or 2.0% of net sales, compared with $21.4 million, or 2.3% of net sales, for the three months ended April 30, 2025, a decrease of $2.2 million, or 10.2%, driven by focused project prioritization.

*Non-Operating Items*

Interest expense for the three months ended April 30, 2026 was $6.5 million, compared with $5.7 million for the three months ended April 30, 2025, an increase of $0.8 million, or 13.3%. The increase reflected a higher average level of debt for the three months ended April 30, 2026 compared to the prior year.

Other income, net for the three months ended April 30, 2026 was $6.0 million, compared with other income, net of $5.3 million for the three months ended April 30, 2025, an increase of $0.7 million, driven by higher earnings from equity investments.

*Income Taxes*

The effective tax rate was 23.7% and 33.6% for the three months ended April 30, 2026 and 2025, respectively. The lower effective tax rate was primarily due to the tax impact resulting from the loss on impairment of intangible assets in the three months ended April 30, 2025. Excluding the prior year impact of the loss on impairment of intangible assets, the effective tax rate is higher due to a decrease in discrete tax benefits.

*Net Earnings*

Net earnings for the three months ended April 30, 2026 were $118.1 million, compared with $57.8 million for the three months ended April 30, 2025, an increase of $60.3 million, or 104.4%. Diluted EPS were $1.00 for the three months ended April 30, 2026, compared with $0.48 for the three months ended April 30, 2025, an increase of $0.52, or 108.2%.

------

***Nine months ended April 30, 2026 compared with nine months ended April 30, 2025***

*Operating Results*

Operating results were as follows (in millions, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** |
| | **2026** | **% of net sales** | **2025** | **% of net sales** |
| Net sales | $2826.8 |  | $2710.2 |  |
| Cost of sales | 1864.8 | 66.0% | 1762.8 | 65.0% |
| &nbsp;&nbsp;&nbsp;Gross profit | 962.0 | 34.0 | 947.4 | 35.0 |
| Selling, general and administrative | 491.0 | 17.4 | 477.6 | 17.6 |
| Loss on impairment of intangible assets |  |  | 62.0 | 2.3 |
| Gain on sale of fixed assets | (9.3) | (0.3) | (1.2) | (0.1) |
| Research and development | 57.0 | 2.0 | 65.3 | 2.4 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 538.7 | 19.1 | 603.7 | 22.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 423.3 | 15.0 | 343.7 | 12.7 |
| Interest expense | 21.3 | 0.8 | 17.1 | 0.6 |
| Other income, net | (16.9) | (0.6) | (15.9) | (0.6) |
| &nbsp;&nbsp;&nbsp;Earnings before income taxes | 418.9 | 14.8 | 342.5 | 12.6 |
| Income taxes | 94.4 | 3.3 | 89.8 | 3.3 |
| &nbsp;&nbsp;&nbsp;Net earnings | $324.5 | 11.5% | $252.7 | 9.3% |
| Net EPS - diluted | $2.75 |  | $2.09 |  |

---

*Geographic Net Sales by Origination*

Net sales, disaggregated by location where the customer's order was received, were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** |
| | **2026** | **% of net sales** | **2025** | **% of net sales** |
| U.S. and Canada | $1207.2 | 42.7% | $1221.7 | 45.1% |
| EMEA | 816.9 | 28.9 | 728.8 | 26.9 |
| APAC | 503.3 | 17.8 | 465.3 | 17.2 |
| LATAM | 299.4 | 10.6 | 294.4 | 10.8 |
| &nbsp;&nbsp;&nbsp;Total Company | $2826.8 | 100.0% | $2710.2 | 100.0% |

---

------

*Net Sales*

![276](dci-20260430_g2.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales by segment (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **April 30, 2025** | **Sales volume** | **Pricing** | **Currency translation** | **April 30, 2026** |
| Mobile Solutions segment | $1702.6 | $12.6 | $30.1 | $39.5 | $1784.8 |
| Industrial Solutions segment | 794.6 | (32.5) | 21.5 | 15.6 | 799.2 |
| Life Sciences segment | 213.0 | 20.5 | (0.8) | 10.1 | 242.8 |
| &nbsp;&nbsp;&nbsp;Total Company | $2710.2 | $0.6 | $50.8 | $65.2 | $2826.8 |

---

Net sales for the nine months ended April 30, 2026 increased $116.6 million, or 4.3%, from the nine months ended April 30, 2025, reflecting higher sales in the Mobile Solutions segment of $82.2 million, or 4.8% growth, the Life Sciences segment of $29.8 million, or 14.0% growth, and the Industrial Solutions segment of $4.6 million, or 0.6% growth. Foreign currency translation increased net sales by $65.2 million compared to the nine months ended April 30, 2025, reflecting an increase in the Mobile Solutions segment of $39.5 million, an increase in the Industrial Solutions segment of $15.6 million, and an increase in the Life Sciences segment of $10.1 million. During the nine months ended April 30, 2026, the Company's net sales primarily increased due to favorable foreign currency impacts and net pricing benefits.

*Gross Margin*

Gross margin as a percentage of net sales for the nine months ended April 30, 2026 was 34.0% compared with 35.0% for the nine months ended April 30, 2025. The decrease in gross margin as a percentage of net sales was driven primarily by operational inefficiencies related to shifting Power Generation equipment production to a new point of manufacturing to support customer-specific requirements in Industrial Solutions and costs associated with footprint optimization efforts, partially offset by favorable net pricing.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses for the nine months ended April 30, 2026 were $491.0 million, or 17.4% of net sales, compared with $477.6 million, or 17.6% of net sales, for the nine months ended April 30, 2025, an increase of $13.4 million, or 2.8%. The decrease in selling, general and administrative expenses as a percentage of net sales was primarily due to ongoing disciplined expense management and leverage on higher sales. Additionally, the nine months ended April 30, 2025 included a $6.2 million benefit from the reduction of the Purilogics' contingent consideration liability, which represents the fair value based on the probability of achieving certain milestones, which did not repeat in the nine months ended April 30, 2026.

------

*Loss on Impairment of Intangible Assets*

The nine months ended April 30, 2025 included a loss on impairment of intangible assets of $62.0 million, or 2.3% of net sales. There was no loss on impairment of intangible assets for the nine months ended April 30, 2026. The fiscal 2025 impairment expense included $46.6 million related to Univercells Technologies, reflecting lower-than-anticipated bioprocessing capital spending, particularly for early-stage assets, while drug development timelines are longer than previously anticipated. The remaining $15.4 million of impairment expense was related to Solaris as market demand for industrial bioreactors had significantly declined.

*Gain on Sale of Fixed Assets*

Gain on sale of fixed assets for the nine months ended April 30, 2026 was $9.3 million, or 0.3% of net sales, compared to $1.2 million, or 0.1% of net sales, for the nine months ended April 30, 2025. The increase in gain on sale of fixed assets was driven by the sale of land and a building associated with footprint optimization initiatives.

*Research and Development Expenses*

Research and development expenses for the nine months ended April 30, 2026 were $57.0 million, or 2.0% of net sales, compared with $65.3 million, or 2.4% of net sales, for the nine months ended April 30, 2025, a decrease of $8.3 million, or 12.6%, driven by focused project prioritization.

*Non-Operating Items*

Interest expense for the nine months ended April 30, 2026 was $21.3 million, compared with $17.1 million for the nine months ended April 30, 2025, an increase of $4.2 million, or 24.6%. The increase reflected a combination of a higher proportion of variable interest rate debt and a higher overall level of debt.

Other income, net for the nine months ended April 30, 2026 was $16.9 million, compared with other income, net of $15.9 million for the nine months ended April 30, 2025, an increase of $1.0 million, driven by higher earnings from equity investments.

*Income Taxes*

The effective tax rate was 22.5% and 26.2% for the nine months ended April 30, 2026 and 2025, respectively. The lower effective tax rate was primarily due to the tax impact resulting from the loss on impairment of intangible assets in the nine months ended April 30, 2025. Excluding the prior year impact of the loss on impairment of intangible assets, the effective tax rate is lower primarily due to an increase in excess tax benefits on stock-based compensation.

*Net Earnings*

Net earnings for the nine months ended April 30, 2026 were $324.5 million, compared with $252.7 million for the nine months ended April 30, 2025, an increase of $71.8 million, or 28.4%. Diluted EPS were $2.75 for the nine months ended April 30, 2026, compared with $2.09 for the nine months ended April 30, 2025, an increase of $0.66, or 31.9%.

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**Segment Results of Operations**

Net sales and earnings (loss) before income taxes were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Net sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mobile Solutions | $629.9 | $582.6 | $1784.8 | $1702.6 |
| &nbsp;&nbsp;&nbsp;Industrial Solutions | 281.7 | 283.3 | 799.2 | 794.6 |
| &nbsp;&nbsp;&nbsp;Life Sciences | 83.5 | 74.2 | 242.8 | 213.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company | $995.1 | $940.1 | $2826.8 | $2710.2 |
| Earnings before income taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mobile Solutions | $127.0 | $105.3 | $332.0 | $305.5 |
| &nbsp;&nbsp;&nbsp;Industrial Solutions | 37.7 | 51.2 | 100.9 | 133.1 |
| &nbsp;&nbsp;&nbsp;Life Sciences | 6.8 | 5.8 | 21.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment | 171.5 | 162.3 | 454.4 | 438.6 |
| &nbsp;&nbsp;&nbsp;Corporate and unallocated<sup>(1)</sup> | (16.7) | (75.3) | (35.5) | (96.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company | $154.8 | $87.0 | $418.9 | $342.5 |

---

<sup>(1)</sup> Corporate and unallocated includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as a gain on the sale of fixed assets, restructuring and related charges, business development charges and portions of incentive compensation.

***Mobile Solutions Segment***

Net sales and earnings before income taxes were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Off-Road | $104.0 | $95.6 | $285.1 | $264.9 |
| On-Road | 28.3 | 26.9 | 74.7 | 84.3 |
| Aftermarket | 497.6 | 460.1 | 1425.0 | 1353.4 |
| &nbsp;&nbsp;&nbsp;Total Mobile Solutions segment | $629.9 | $582.6 | $1784.8 | $1702.6 |
| Mobile Solutions segment earnings before income taxes | $127.0 | $105.3 | $332.0 | $305.5 |
| Mobile Solutions segment earnings before income taxes % of net sales | 20.2% | 18.1% | 18.6% | 17.9% |

---

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*Three months ended April 30, 2026 compared with three months ended April 30, 2025*

![125](dci-20260430_g3.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the third quarter of fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the third quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales for the Mobile Solutions segment for the three months ended April 30, 2026 were $629.9 million, compared with $582.6 million for the three months ended April 30, 2025, an increase of $47.3 million, or 8.1%. Foreign currency translation favorably impacted net sales for the Mobile Solutions segment by 2.8%. All business units were positively impacted by foreign currency translation.

Net sales of Aftermarket increased $37.5 million, primarily driven by higher vehicle utilization rates in all regions. Net sales of Off-Road increased $8.4 million reflecting improved market conditions, particularly in construction, following declines in the prior year. Net sales of On-Road increased $1.4 million from higher truck production, primarily in EMEA.

Earnings before income taxes for the Mobile Solutions segment for the three months ended April 30, 2026 were $127.0 million, or 20.2% of net sales, an increase from 18.1% of net sales for the three months ended April 30, 2025. The increase was driven primarily by leverage from higher volume and favorable mix.

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*Nine months ended April 30, 2026 compared with nine months ended April 30, 2025*

![25](dci-20260430_g4.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales for the Mobile Solutions segment for the nine months ended April 30, 2026 were $1,784.8 million, compared with $1,702.6 million for the nine months ended April 30, 2025, an increase of $82.2 million, or 4.8%. Foreign currency translation favorably impacted net sales for the Mobile Solutions segment by 2.3%. All business units were positively impacted by foreign currency translation.

Net sales of Aftermarket increased $71.6 million due to market share gains and higher vehicle utilization rates in all regions. Net sales of Off-Road increased $20.2 million, reflecting a modest rebound following declines in the prior year. Net sales of On-Road decreased $9.6 million primarily due to a continuing decline in global truck production.

Earnings before income taxes for the Mobile Solutions segment for the nine months ended April 30, 2026 were $332.0 million, or 18.6% of net sales, an increase from 17.9% of net sales for the nine months ended April 30, 2025. The increase was driven primarily by leverage from higher volume and favorable mix.

***Industrial Solutions Segment***

Net sales and earnings before income taxes were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Industrial Filtration Solutions (IFS) | $237.1 | $231.8 | $675.4 | $651.8 |
| Aerospace and Defense | 44.6 | 51.5 | 123.8 | 142.8 |
| &nbsp;&nbsp;&nbsp;Total Industrial Solutions segment | $281.7 | $283.3 | $799.2 | $794.6 |
| Industrial Solutions segment earnings before income taxes | $37.7 | $51.2 | $100.9 | $133.1 |
| Industrial Solutions segment earnings before income taxes % of net sales | 13.4% | 18.1% | 12.6% | 16.8% |

---

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*Three months ended April 30, 2026 compared with three months ended April 30, 2025*

![129](dci-20260430_g5.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the third quarter of fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the third quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales for the Industrial Solutions segment for the three months ended April 30, 2026 were $281.7 million, compared with $283.3 million for the three months ended April 30, 2025, a decrease of $1.6 million, or 0.6%. Foreign currency translation favorably impacted net sales for the Industrial Solutions segment by 2.0%. Both business units were positively impacted by foreign currency translation.

Net sales of IFS increased $5.3 million, driven by net pricing benefits and Power Generation new equipment sales, partially offset by volume declines in Industrial Gases and dust collection. Net sales of Aerospace and Defense decreased by $6.9 million primarily due to ongoing supply chain constraints and project timing.

Earnings before income taxes for the Industrial Solutions segment for the three months ended April 30, 2026 were $37.7 million, or 13.4% of net sales, a decrease from 18.1% of net sales for the three months ended April 30, 2025. The decrease was driven primarily by operational inefficiencies related to shifting Power Generation equipment production to a new point of manufacturing to support customer-specific requirements, as well as unfavorable mix in business unit sales.

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*Nine months ended April 30, 2026 compared with nine months ended April 30, 2025*

![25](dci-20260430_g6.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales for the Industrial Solutions segment for the nine months ended April 30, 2026 were $799.2 million, compared with $794.6 million for the nine months ended April 30, 2025, an increase of $4.6 million, or 0.6%. Foreign currency translation favorably impacted net sales for the Industrial Solutions segment by 2.0%. Both business units were positively impacted by foreign currency translation.

Net sales of IFS increased $23.6 million, driven by net pricing benefits, as well as First Fit project timing in Power Generation. Net sales of Aerospace and Defense decreased by $19.0 million primarily due to project timing.

Earnings before income taxes for the Industrial Solutions segment for the nine months ended April 30, 2026 were $100.9 million, or 12.6% of net sales, a decrease from 16.8% of net sales for the nine months ended April 30, 2025. The decrease was driven primarily by operational inefficiencies related to shifting Power Generation equipment production to a new point of manufacturing to support customer-specific requirements and unfavorable mix in business unit sales.

***Life Sciences Segment***

Net sales and earnings before income taxes were as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** |
| | **2026** | **2025** | **2026** | **2025** |
| Life Sciences segment net sales | $83.5 | $74.2 | $242.8 | $213.0 |
| Life Sciences segment earnings before income taxes | $6.8 | $5.8 | $21.5 | $— |
| Life Sciences segment earnings before income taxes % of net sales | 8.1% | 7.8% | 8.9% | —% |

---

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*Three months ended April 30, 2026 compared with three months ended April 30, 2025*

![131](dci-20260430_g7.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the third quarter of fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the third quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales for the Life Sciences segment for the three months ended April 30, 2026 were $83.5 million, compared with $74.2 million for the three months ended April 30, 2025, an increase of $9.3 million, or 12.7%. Foreign currency translation favorably impacted net sales for the Life Sciences segment by 4.8%. The increase in net sales was driven by strong global sales in Food and Beverage and Disk Drive.

Earnings before income taxes for the Life Sciences segment for the three months ended April 30, 2026 were $6.8 million, or 8.1% of net sales, an increase from earnings before income taxes of $5.8 million, or 7.8% of net sales, for the three months ended April 30, 2025. The improvement was driven by leverage from higher volume and favorable product mix. Additionally, the three months ended April 30, 2025 included a $6.2 million benefit, an impact of 8.3% on fiscal 2025 quarter-to-date profitability, from the reduction of the Purilogics' contingent consideration liability, which represents the fair value based on the probability of achieving certain milestones.

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*Nine months ended April 30, 2026 compared with nine months ended April 30, 2025*

![25](dci-20260430_g8.jpg)

<sup>(1)</sup> The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2026 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.

Net sales for the Life Sciences segment for the nine months ended April 30, 2026 were $242.8 million, compared with $213.0 million for the nine months ended April 30, 2025, an increase of $29.8 million, or 14.0%. Foreign currency translation favorably impacted net sales for the Life Sciences segment by 4.8%. The increase in net sales was driven by strong global sales in Food and Beverage and Disk Drive.

Earnings before income taxes for the Life Sciences segment for the nine months ended April 30, 2026 were $21.5 million, or 8.9% of net sales, an improvement from no earnings or losses before income taxes for the nine months ended April 30, 2025. The improvement was driven by leverage from higher volume and favorable product mix.

**Liquidity, Capital Resources and Financial Condition**

***Liquidity***

Liquidity is assessed in terms of the Company's ability to generate cash to fund its operating, investing and financing activities. Significant factors affecting liquidity are cash flows generated from operating activities, capital expenditures, acquisitions, dividends, repurchases of outstanding shares, adequacy of available credit facilities and the ability to attract long-term capital with satisfactory terms. The Company generates substantial cash from the operation of its businesses as its primary source of liquidity, with sufficient liquidity available to fund growth through reinvestment in existing businesses and strategic acquisitions.

***Cash Flow Summary***

Cash flows were as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended<br>April 30,** | **Nine Months Ended<br>April 30,** | |
| | **2026** | **2025** |<br>**$ Change** |
| Net cash provided by (used in): |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | $293.8 | $251.0 | $42.8 |
| &nbsp;&nbsp;&nbsp;Investing activities | (42.2) | (129.8) | 87.6 |
| &nbsp;&nbsp;&nbsp;Financing activities | (232.3) | (175.4) | (56.9) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | 4.4 |  | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash and cash equivalents | $23.7 | $(54.2) | $77.9 |

---

*Operating Activities*

Cash provided by operating activities for the nine months ended April 30, 2026 was $293.8 million, compared with $251.0 million for the nine months ended April 30, 2025, an increase of $42.8 million. The increase in cash provided by operating activities was primarily driven by higher earnings and working capital management improvement.

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*Investing Activities*

Cash used in investing activities for the nine months ended April 30, 2026 was $42.2 million, compared with $129.8 million for the nine months ended April 30, 2025, a decrease of $87.6 million. The decrease in cash used in investing activities was primarily due to the $71.2 million equity method investment in Medica during the nine months ended April 30, 2025.

*Financing Activities*

Cash used in financing activities generally relates to the use of cash for payment of dividends and repurchases of the Company's common stock, net of borrowing activity and proceeds from the exercise of stock options. Cash used in financing activities for the nine months ended April 30, 2026 was $232.3 million, compared with cash used in financing activities of $175.4 million for the nine months ended April 30, 2025, an increase of $56.9 million. The increase in cash used in financing activities was primarily driven by a net $61.9 million reduction of debt in the nine months ended April 30, 2026 compared to a $179.1 million net increase in debt in the nine months ended April 30, 2025. This was partially offset by lower repurchases of the Company's common stock of $161.0 million, as well as $28.5 million more proceeds from the exercise of stock options.

To determine the level of dividend and share repurchases, the Company considers recent and projected performance across key financial metrics, including earnings, cash flow from operations and total debt. Dividends paid for the nine months ended April 30, 2026 and 2025 were $104.0 million and $96.9 million, respectively. Share repurchases for the nine months ended April 30, 2026 and 2025 were $111.2 million and $272.2 million, respectively.

***Capital Resources***

Additional sources of liquidity are existing cash and available credit facilities. Cash and cash equivalents as of April 30, 2026 was $204.1 million, compared with $180.4 million as of July 31, 2025. The Company has capacity of $1,222.1 million available for further borrowing under existing credit facilities as of April 30, 2026.

The Company believes the liquidity available from the combination of expected cash generated by operating activities, existing cash and available credit under existing credit facilities will be sufficient to meet its cash requirements for the next 12 months and beyond, including working capital needs, debt service obligations, capital expenditures, payment of dividends, share repurchase activity and potential acquisitions, including the additional debt we expect to incur to fund the Facet acquisition.

***Financial Condition***

*Short-Term Borrowings and Long-Term Debt*

As of April 30, 2026, total debt, including short-term borrowings and long-term debt, represented 26.4% of total capitalization, defined as total debt plus total stockholders' equity, compared with 31.5% as of July 31, 2025. As of April 30, 2026, the Company was in compliance with its financial covenants.

Long-term debt outstanding was $598.0 million as of April 30, 2026, compared with $637.1 million as of July 31, 2025, a decrease of $39.1 million, primarily due to limited share repurchases in preparation for the funding of the acquisition of Facet during the nine months ended April 30, 2026. As of April 30, 2026, there was $571.6 million available and $20.0 million outstanding on the Company's $600.0 million unsecured revolving credit facility that expires on June 12, 2030.

The Company financed the Facet acquisition, which closed in the fourth quarter of fiscal 2026, with a combination of cash on hand and proceeds from approximately $820.0 million of new debt, including the $400.0 million Term Loan Facility the Company entered during the third quarter of fiscal 2026. The new debt incurred in the fourth quarter of fiscal 2026 was at a rate of 4.6%. The new debt bears interest at a variable rate based on Term SOFR plus a spread that is based on the Company's Leverage Ratio as defined by the agreements. The additional borrowings increased the long-term debt outstanding for the Company to approximately $1.4 billion. See Note 20 in the Notes to Condensed Consolidated Financial Statements included in Item 1 of this report for additional information on financing related to the Facet acquisition.

*Working Capital*

In order to help measure and analyze the impact of working capital management, the Company calculates days sales outstanding as the average accounts receivable, net for the quarter, divided by net sales for the quarter multiplied by the number of days in the quarter. The Company calculates days inventory outstanding as the average inventories, net for the quarter, divided by cost of sales for the quarter multiplied by the number of days in the quarter. The Company calculates days payable outstanding as the average accounts payable for the quarter, divided by cost of sales for the quarter multiplied by the number of days in the quarter. The Company calculates net cash cycle as the sum of days sales outstanding and days inventory outstanding, less days payables outstanding.

------

---

| | | | |
|:---|:---|:---|:---|
| | **April 30,<br>2026** | **July 31,<br>2025** | **Change** |
| Accounts receivable, net | $702.1 | $662.2 | $39.9 |
| Days sales outstanding | 60 | 62 | (2) |
| Inventories, net | $535.9 | $513.6 | $22.3 |
| Days inventory outstanding | 74 | 75 | (1) |
| Accounts payable | $353.4 | $368.6 | $(15.2) |
| Days payable outstanding | 48 | 52 | (4) |
| Net cash cycle | 86 | 85 | 1 |

---

*Off-Balance Sheet Arrangements*

The Company guarantees 50% of certain debts of its joint venture, AFSI, as discussed in Note 16 in the Notes to Condensed Consolidated Financial Statements included in Item 1 of this report.

**Critical Accounting Estimates**

There have been no material changes to the Company's critical accounting estimates as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025.

**New Accounting Standards Not Yet Adopted**

For new accounting standards not yet adopted, refer to Note 1 in the Notes to Condensed Consolidated Financial Statements included in Item 1 of this report.

**Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995**

The Company, through its management, may make forward-looking statements reflecting the Company's current views with respect to future events and expectations, such as forecasts, plans, trends and projections relating to the Company's business and financial performance. These forward-looking statements, which may be included in reports filed under the Securities Exchange Act of 1934, as amended (the Exchange Act), in press releases and in other documents and materials as well as in written or oral statements made by or on behalf of the Company, are subject to certain risks and uncertainties, including those discussed in Part I, Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025, which could cause actual results to differ materially from historical results or those anticipated. The words or phrases such as "will likely result," "are expected to," "will continue," "will allow," "estimate," "project," "believe," "expect," "anticipate," "forecast," "plan" and similar expressions are intended to identify forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended, as enacted by the Private Securities Litigation Reform Act of 1995 (PSLRA). In particular, the Company desires to take advantage of the protections of the PSLRA in connection with the forward-looking statements made in this Quarterly Report on Form 10-Q. All statements other than statements of historical fact are forward-looking statements. These statements do not guarantee future performance.

These forward-looking statements speak only as of the date such statements are made and are subject to risks and uncertainties that could affect the Company's performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed. These factors include, but are not limited to, challenges in global operations; changes in international trade policy; impacts of global economic, industrial and political conditions on product demand, impacts from unexpected events, effects of unavailable raw materials, significant demand fluctuations or material cost changes; inability to attract and retain qualified personnel; inability to meet customer demand; inability to maintain competitive advantages; threats from disruptive technologies; effects of highly competitive markets with pricing pressure; exposure to customer concentration in certain cyclical industries; inability to manage productivity improvements; inability to achieve commitments related to sustainability; results of execution of any acquisition, divestiture and other strategic transactions; vulnerabilities associated with information technology systems and security; inability to protect and enforce intellectual property rights; costs associated with governmental laws and regulations; impacts of foreign currency fluctuations; and effects of changes in capital and credit markets. These and other factors are described in Part I, Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

The Company's market risk includes the potential loss arising from adverse changes in foreign currency exchange rates, interest rates and commodity prices. To manage these risks, the Company employs certain strategies to mitigate the effect of these fluctuations. The Company does not enter into any of these strategies for trading or speculative purposes.

The Company maintains significant assets and operations outside the U.S., resulting in exposure to foreign currency gains and losses. A portion of the Company's foreign currency exposure is naturally hedged by incurring liabilities, including bank debt, denominated in the local currency in which the Company's foreign subsidiaries are located.

During the nine months ended April 30, 2026, the U.S. dollar was generally weaker than in the nine months ended April 30, 2025 compared with many of the currencies of the foreign countries in which the Company operates. The overall weaker U.S. dollar had a positive impact on the Company's international net sales and net earnings because the foreign denominated revenues translated into more U.S. dollars in many regions around the world. The estimated impact of foreign currency translation for the nine months ended April 30, 2026 resulted in an overall increase in reported net sales of $65.2 million and an increase in reported net earnings of $4.3 million.

**Derivative Fair Value Measurements**

The Company enters into derivative instrument agreements, including foreign currency forward contracts and net investment hedges, to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit. See Notes 11, 14 and 15 in the Notes to Condensed Consolidated Financial Statements included in Item 1 of this report.

***Foreign Currency Forward Contracts - Cash Flow Hedges and Derivatives Not Designated as Hedging Instruments***

The Company buys materials from foreign suppliers. Those transactions can be denominated in those suppliers' local currency. The Company also sells to customers in foreign countries. Those transactions can be denominated in those customers' local currency. Both of these transaction types can create volatility in the Company's financial statements. The Company uses foreign currency forward contracts to manage those exposures and fluctuations. These contracts generally mature in 15 months or less, which is consistent with the forecasts of the related purchases and sales. Certain contracts are designated as cash flow hedges, whereas the remaining contracts, most of which are related to certain intercompany transactions which offset balance sheet exposure, are not designated as hedging instruments. The total notional amount of the foreign currency forward contracts designated as hedges was $29.7 million and $35.7 million as of April 30, 2026 and July 31, 2025, respectively. The total notional amount of the foreign currency forward contracts not designated as hedges was $152.3 million and $189.6 million as of April 30, 2026 and July 31, 2025, respectively.

***Net Investment Hedges***

The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its operations in Europe. The Company has elected the spot method for designating these contracts as net investment hedges.

The total notional amount of net investment hedges as of April 30, 2026 and July 31, 2025 was €80 million, or $88.8 million. The maturity dates range from 2027 to 2029.

Based on the net investment hedges outstanding as of April 30, 2026, a 10% appreciation of the U.S. dollar compared to the Euro would result in a net gain of $8.8 million in the fair value of these contracts.

**Interest Rates**

The Company's exposure to market risk for changes in interest rates primarily relates to debt obligations that are at variable rates, as well as the potential increase in the fair value of long-term debt resulting from a potential decrease in interest rates. As of April 30, 2026, the Company's financial liabilities with exposure to changes in interest rates consisted mainly of $20.0 million outstanding on the Company's unsecured revolving credit facility, €80 million, or $93.6 million, of a variable rate term loan, $200.0 million of a variable rate term loan and ¥2 billion, or $12.8 million, of variable rate senior notes. As of April 30, 2026, variable short-term borrowings outstanding consisted of $10.0 million. Assuming a hypothetical 0.5 percentage point increase in short-term interest rates, with all other variables remaining constant, interest expense would have increased approximately $1.3 million in the nine months ended April 30, 2026. The Company has no interest rate hedging agreements. Interest rate changes would also affect the fair market value of fixed-rate debt. As of April 30, 2026, the estimated fair values of fixed interest rate long-term debt were $253.5 million compared to the carrying values of $275.0 million. The fair values are estimated by discounting the projected cash flows using the interest rates at which similar amounts of debt could currently be borrowed.

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The interest on cash and cash equivalents will vary as short-term yields change. Assuming a hypothetical 0.5 percentage point increase in yields, with all other variables remaining constant, interest income would have increased approximately $0.8 million in the nine months ended April 30, 2026.

**Commodity Prices**

The Company is exposed to market risk from fluctuating prices of purchased commodity raw materials, including steel, filter media and petrochemical-based products including plastics, rubber and adhesives. On an ongoing basis, the Company enters into selective supply arrangements that allow the Company to reduce volatility in its costs. The Company strives to recover or offset all material cost increases through price increases to its customers and the Company's cost reduction initiatives, which include material substitution, process improvement and product redesigns. However, an increase in commodity prices could result in lower gross profit.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Management of the Company, with the participation of its Chief Executive Officer and its Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period. Based on their evaluation, as of the end of the period covered, the Company's Chief Executive Officer and Chief Financial Officer concluded the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective. The Company's disclosure controls and procedures are designed so information required to be disclosed by the issuer in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's (SEC) rules and forms and such information is accumulated and communicated to management of the Company, with the participation of its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting** 

No change in the Company's internal control over financial reporting (as defined by Rule 13a-15(f) under the Exchange Act) occurred during the fiscal quarter ended April 30, 2026, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

The Company records provisions when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and litigation are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. The Company believes the estimated liability in its Condensed Consolidated Financial Statements for claims or litigation is adequate and appropriate for the probable and estimable outcomes. Liabilities recorded were not material to the Company's financial position, results of operations or liquidity. The Company believes it is remote that the settlement of any of the currently identified claims or litigation will be materially in excess of what is accrued.

**Item 1A. Risk Factors**

There are inherent risks and uncertainties associated with the Company's global operations that involve the manufacturing and sale of products for highly demanding customer applications throughout the world. These risks and uncertainties could adversely affect the Company's business, reputation, financial condition or results of operations. In addition to the risk factor below, the "Risk Factors" section in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025 outlines the risks and uncertainties the Company believes are the most material to its business.

***Facet Filtration Acquisition - we could be subject to new risks, known and unknown, relating to the Facet acquisition.***

We may experience risks, losses and damages associated with the Facet acquisition. The risks we could face include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Facet acquisition integration activities may involve complex operational, financial, and cultural alignment efforts. If management is unable to effectively balance integration activities with ongoing business needs, we may experience increased operating costs, reduced financial performance, or disruptions to our day-to-day operations. Any of these outcomes could materially and adversely affect our business, financial condition, or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Facet acquisition involves the inherent risk of liabilities, and these liabilities may prove more costly or produce more adverse effects than we anticipate, such as actual or potential litigation and regulatory matters. In addition, in the course of the due diligence review of Facet, we may not have discovered, or may have been unable to quantify, undisclosed liabilities of Facet, and we may not be indemnified or have insurance for any of these liabilities. Any such liabilities could have an adverse effect on our business, results of operations, financial condition and cash flows following the completion of the Facet acquisition.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Repurchases of Equity Securities**

Information in connection with purchases made by, or on behalf of, the Company or any affiliated purchaser of the Company, of shares of the Company's common stock during the three months ended April 30, 2026 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number<br>of Shares<br>Purchased** | **Average Price<br>Paid per Share** | **Total Number<br>of Shares<br>Purchased as<br>Part of Publicly<br>Announced Plans<br>or Programs** | **Maximum<br>Number<br>of Shares<br>that May Yet<br>Be Purchased<br>Under the Plans<br>or Programs** |
| February 1 - February 28, 2026 |  | $— |  | 4500831 |
| March 1 - March 31, 2026 |  |  |  | 4500831 |
| April 1 - April 30, 2026 |  |  |  | 4500831 |
| &nbsp;&nbsp;&nbsp;Total |  | $— |  | 4500831 |

---

In November 2023, the Board of Directors authorized the repurchase of up to 12.0 million shares of the Company's common stock under the Company's stock repurchase plan. This repurchase authorization is effective until terminated by the Board of Directors. The Company has remaining authorization to repurchase 4.5 million shares under this plan. There were no repurchases of common stock made outside of the Company's current repurchase authorization during the three months ended April 30, 2026. While not considered repurchases of shares, the Company does at times withhold shares that would otherwise be issued under stock-based awards to cover the withholding of taxes due as a result of exercising stock options or payment of stock-based awards.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

------

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

During the three months ended April 30, 2026, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**Item 6. Exhibits**

---

| | |
|:---|:---|
| [3-A](https://www.sec.gov/Archives/edgar/data/29644/000002964423000136/exhibit3-a20231031.htm)\* | [Restated Certificate of Incorporation of Registrant as currently in effect (Filed as Exhibit 3-A to Form 10-Q Report for the first quarter ended October 31, 2023)](https://www.sec.gov/Archives/edgar/data/29644/000002964423000136/exhibit3-a20231031.htm) |
| [3-B\*](https://www.sec.gov/Archives/edgar/data/29644/000002964423000071/exhibit3-brestatedbylaws.htm) | [Amended and Restated Bylaws of Registrant, dated as of July 28, 2023 (Filed as Exhibit 3-B to Form 8-K Report filed on July 28, 2023)](https://www.sec.gov/Archives/edgar/data/29644/000002964423000071/exhibit3-brestatedbylaws.htm) |
| 10-A\* | Term Loan Credit Agreement dated April 8, 2026, among the Company, certain lenders from time to time party to the Agreement (the "Lenders"), and Wells Fargo Bank, National Association, as administrative agent for the Lenders (Filed as Exhibit 10.1 to Form 8-K Report filed on April 10, 2026)\*\* |
| [10-B](exhibit10-b20260430.htm) | [Compensation Plan for Non-Employee Directors, as amended on March 27, 2026](exhibit10-b20260430.htm) |
| [31-A](exhibit31-a20260430.htm) | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit31-a20260430.htm) |
| [31-B](exhibit31-b20260430.htm) | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit31-b20260430.htm) |
| [32](exhibit3220260430.htm) | [Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit3220260430.htm) |
| 101 | The following financial information from the Donaldson Company, Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2026, formatted in inline eXtensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Changes in Stockholders' Equity and (vi) the Notes to Condensed Consolidated Financial Statements |
| 104 | The cover page from the Donaldson Company Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2026, formatted in iXBRL (included as Exhibit 101) |

---

\* Exhibit has previously been filed with the Securities and Exchange Commission and is incorporated herein by reference as an exhibit.

\*\* Certain schedules and attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish a copy of such schedules and attachments to the Securities Exchange Commission upon its request.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| |
|:---|
| DONALDSON COMPANY, INC. |
| (Registrant) |

---

---

| | | |
|:---|:---|:---|
| Date: June 2, 2026 | By: | /s/ Richard B. Lewis |
|  |  | Richard B. Lewis<br>President and Chief Executive Officer<br>(Principal Executive Officer) |
| Date: June 2, 2026 | By: | /s/ Bradley J. Pogalz |
|  |  | Bradley J. Pogalz<br>Chief Financial Officer<br>(Principal Financial Officer) |
| Date: June 2, 2026 | By: | /s/ Andrew J. Cebulla |
|  |  | Andrew J. Cebulla<br>Vice President and Corporate Controller<br>(Principal Accounting Officer) |

---

## Ex-10.-B

**Exhibit 10-B**

**DONALDSON COMPANY, INC.<br>COMPENSATION PLAN FOR<br>NON-EMPLOYEE DIRECTORS**

**Amended on March 27, 2026**

<br> **I. Introduction**

The Company has previously established and presently maintains an automatic equity grant program and a deferred compensation program for non-employee directors. Set forth in writing below are the provisions of both programs combined into one plan document entitled the Donaldson Company, Inc. Compensation Plan for Non-Employee Directors (hereinafter, the "Plan").

All equity awards granted hereunder, as well as any amounts deferred that are payable in shares of the Company's common stock, par value of US$5.00 per share ("Common Stock") are subject to the terms, conditions, and restrictions set forth in the Company's 2019 Master Stock Incentive Plan (the "Master Stock Plan"). In the event of any inconsistency between the terms contained in both plans, the Master Stock Plan shall govern. All capitalized terms that are not defined herein have the meanings set forth in the Master Stock Plan.

**II. Plan Year**

The Plan shall operate on a calendar year basis.

**III. Eligibility**

All members of the Board of Directors who are not employees of the Company ("Eligible Directors") are eligible for the Plan.

**IV. Automatic Equity Grant Program**

**1. Annual Award Grants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Stock Options**. On the first day following January 1 that the New York Stock Exchange is open for trading (the "First Trading Day"), each Eligible Director shall automatically be granted a Non-Qualified Stock Option with a fair market value (computed as of the date of grant in accordance with applicable financial accounting rules) equal to the dollar value approved by the Human Resources Committee of the Board of Directors ("Human Resources Committee") prior to the First Trading Date (the "Annual Option Grant"). The number of shares subject to the Annual Option Grant shall be determined using the closing price of the Common Stock on the grant date and rounding this number to the nearest integer multiple of one hundred (100) shares. With respect to an individual who becomes an Eligible Director during a calendar year after the First Trading Day, such Eligible Director's Annual Option Grant for that year shall have a fair market value obtained by multiplying the approved dollar value by a fraction, the numerator of which is the number of whole calendar months remaining in the calendar year and the denominator of which is twelve. Such prorated grant shall be made upon the first trading day of the calendar month, within the Company's open trading window, following the date such individual becomes an Eligible Director, with the number of shares determined using the closing price of the Common Stock on the grant date, and rounding this number to the nearest integer multiple of one hundred (100) shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Restricted Stock Unit**. On the First Trading Day, each Eligible Director shall automatically be granted a Restricted Stock Unit Award with a fair market value (computed as of the date of grant in accordance with applicable financial accounting rules) equal to the dollar value approved by the Human Resources Committee prior to the First Trading Date (the "Annual Restricted Stock Unit Grant"). The number of shares subject to the Annual Restricted Stock Unit Grant shall be determined using the closing price of the Common Stock on the grant date and rounding this number to the nearest integer multiple of one hundred (100) shares. With respect to an individual who becomes an Eligible Director during a calendar year after the First Trading Day, such Eligible Director's Annual Restricted Stock Unit Grant for that year shall have a fair market value obtained by multiplying the approved dollar value by a fraction, the numerator of which is the number of

------

whole calendar months remaining in the calendar year and the denominator of which is twelve. Such prorated grant shall be made upon the first trading day of the calendar month, within the Company's open trading window, following the date such individual becomes an Eligible Director, with the number of shares determined using the closing price of the Common Stock on the grant date, and rounding this number to the nearest integer multiple of one hundred (100) shares.

**2. Award Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Options**. All Non-Qualified Stock Options granted under the Plan shall have: (i) a per share exercise price equal to the closing price of the Common Stock on the day on which such options are granted; and (ii) vesting, expiration and such other terms as provided in the Company's form of Non-Employee Director Non-Qualified Stock Option Agreement approved by the Human Resources Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Restricted Stock Units**. All Restricted Stock Units granted under the Plan shall have vesting and such other terms as provided in the Company's form of Non-Employee Director Restricted Stock Unit Award Agreement approved by the Human Resources Committee.

**V. Director Deferred Compensation Program**

**1. Compensation Covered by the Plan**

Eligible Director compensation covered by this Plan includes annual retainers payable in quarterly installments at the beginning of each calendar quarter (hereinafter "Eligible Fees"). For avoidance of doubt, the term "retainer" includes any committee chair retainers. The first installment shall be made on the first day following January 1 that the New York Stock Exchange is open for trading, and the remaining installments shall be made on the first Friday in April, July and October (or if such Friday is a holiday, on the next business day). The Plan permits Eligible Directors to elect to receive this compensation in one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In cash on a current basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In cash on a deferred basis (a "Deferred Cash Election"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In Company stock on a deferred basis (a "Deferred Stock Election").

No other compensation or fees otherwise payable to an Eligible Director shall be eligible for an election under this Plan.

**2. Election to Defer**

An Eligible Director may elect to defer payment of Eligible Fees under Section V.3 or V.4 of this Plan by filing, no later than the last day of a Plan Year (or by such earlier date as the Plan administrator shall determine), an irrevocable election with the administrator on a form provided for that purpose. The Annual Deferral Election shall be effective with respect to the Eligible Fees payable during the following Plan Year. The Deferral Election Form shall specify an amount to be deferred expressed as a percentage of the Eligible Director's annual retainer, as provided in a form provided by the Company.

That portion of Eligible Fees for which a valid form has not been timely received by the Company will be paid in cash in accordance with the Company's customary practice of paying such Eligible Fees. Once a Plan Year has commenced, all Deferral Elections under this Plan for such Plan Year shall be irrevocable.

**3. Deferral Elections**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Deferred Cash Election**

For Eligible Directors who make an Annual Deferred Cash Election, the Company will establish a bookkeeping account for cash deferred for that Plan Year (an "Annual Deferred Cash Account") and will credit to the Annual Deferred Cash Account the amount of the Eligible Fees earned and deferred by him/her as of the date such fees would normally be payable by the Company (the "Credit Date"). Amounts credited to an Eligible Director's Annual Deferred Cash Account will be adjusted for gains and/or losses to the same

------

extent that equal amounts would have been adjusted if they had been invested in one or more notional investments designated by the Company. The use of notional investments herein is solely as a device for computing the amount of benefits to be paid under the Plan, and the Company shall not be required to purchase such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Deferred Stock Election**

Eligible Directors may elect to exchange part or all of their Eligible Fees for a Plan Year for the Company's commitment to issue to such Eligible Directors a fixed number of shares of common stock of the Company at a future date. The Company's commitment to issue shares shall be referred to as "Phantom Shares" held in an "Annual Deferred Stock Account".

As of the Credit Date, an Eligible Director shall receive a credit to his or her Annual Deferred Stock Account. The amount of the credit shall be the number of Phantom Shares (rounded to the nearest whole Share) determined by dividing (i) an amount equal to Eligible Fees payable to the Eligible Director on the Credit Date and specified for deferral, by (ii) the fair market value of one share of Common Stock on such date.

For purposes of this paragraph (b), the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**Fair Market Value**

The fair market value of each share of Common Stock shall be equal to the closing price of one share of the Company's common stock on the New York Stock Exchange-Composite Transactions on the Credit Date as of which Phantom Shares are credited to the Eligible Director's Deferred Stock Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**No Actual Shares Prior to Distribution**

No actual shares of Common Stock shall be issued until the distribution date described below. The Phantom Shares shall not be considered issued and outstanding shares for purposes of stockholder voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**Dividend Credit**

Each time a dividend is paid on Common Stock, an Eligible Director shall receive a credit to his or her Deferred Stock Account equal to that number of shares of common stock (rounded to the nearest whole share) having a fair market value on the dividend payment date equal to the amount of the dividend payable on the number of Phantom Shares credited to the Eligible Director's Deferred Stock Account on the dividend record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**Restrictions on Phantom Shares**

All Phantom Shares issued under and subject to the terms of this Plan will be issued under the Master Stock Plan (and/or its successor plans) and shall be deemed to be "other stock-based awards" for purposes of such plan; provided, that any Phantom Shares credited before November 22, 2019 are subject to the Donaldson Company, Inc. 2010 Master Stock Incentive Plan, and any Phantom Shares credited before November 19, 2010 are subject to the Donaldson Company, Inc. 2001 Master Stock Incentive Plan.

**4. Distributions of Annual Deferred Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Timing of Distributions**

At the time an Eligible Director's Annual Deferral Election is made for a Plan Year, each Eligible Director shall specify the time and manner in which his/her Annual Deferred Cash Account and/or Annual Deferred Stock Account shall be distributed. If an Eligible Director does not specify an election for the timing and manner of a distribution, the balance of an Eligible Director's Annual Deferred Accounts shall be distributed in a lump sum in accordance with option (i) below. The Eligible Director shall be entitled to receive, or to commence receiving, his/her Annual Deferred Accounts as soon as practicable after the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the first anniversary of his/her separation from service (as that term is defined under Section 409A of the Code) with the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a specified calendar year set by him/her (actual payment will occur within the first sixty (60) days of the specified year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Manner of Distribution**

Each Eligible Director shall be entitled to receive the balance in his/her Annual Deferred Accounts in any one of the following manners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in a lump sum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in annual installments over a period of years stipulated by him/her not to exceed ten (10). The amount of the installments will be determined by annually dividing the value of the benefits in the Account by the number of installments remaining to be paid.

Notwithstanding anything to the contrary above, the Company may make an immediate lump sum payment of the Eligible Director's Annual Deferral Accounts if the balance of such Accounts, combined with any other amounts required to be treated as deferred under a single plan pursuant to Section 409A of the Code, does not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided any other such aggregated amounts are also distributed in a lump sum at the same time.

Each Eligible Director's Annual Deferred Stock Account shall be distributed in Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Distribution in Event of Death**

In the event of the Eligible Director's death, either before or after commencement of payments, distribution of the Eligible Director's entire Account balance will be made in a single lump sum to the beneficiary named by the Eligible Director (on such form or forms prescribed by the Plan administrator) or to that person who would have a right to receive such distribution by will or by the applicable laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Distribution to Specified Employees**

Notwithstanding any other provision in this Plan, in the event that an Eligible Director in this Plan is determined to be a "specified employee" (as that term is defined under Section 409A of the Code), any distribution to the Eligible Director on account of the Eligible Director's separation from service shall be delayed as necessary to comply with the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Distribution in Event of Change of Control**

Notwithstanding any other provision of this Plan, in the event of a Change of Control (as defined below), each Eligible Director who separates from service with the Company for any reason during the two (2) year period following such Change of Control shall receive within ten (10) business days after the date of separation the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If a Eligible Director has a balance in an Annual Deferred Cash Account, a lump sum payment of the entire balance contained in his/her Annual Deferred Cash Account, together with applicable earnings adjustment, on the average daily balance in such Deferral Account for the period since the last earnings adjustment through the date of separation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If an Eligible Director has a balance in an Annual Deferred Stock Account, a distribution of the number of shares represented by the Phantom Shares issued pursuant to such election; and

Notwithstanding paragraph (e)(i) above, with respect to any Eligible Director who separated from service before the date of a Change of Control, the balance of the Annual Deferred Accounts shall be paid at the time and in the manner as elected by the Eligible Director (and shall not be commuted to a lump sum or otherwise accelerated by the Change of Control). For purposes of this section, a "Change of Control" shall have the meaning ascribed to that term in the Company's 401(k) Excess Plan, as may be amended from time to time.

------

**VI. General Provisions**

**1. Unsecured Obligation**

The amounts credited to each Eligible Director's Account shall not be held by the Company in a trust, escrow or similar fiduciary capacity, and neither the Eligible Director, nor any legal representative, shall have any right against the Company with respect to any portion of the Account except as a general unsecured creditor of the Company.

**2. Administration of the Plan**

The Plan shall be administered by the Human Resources Committee of the Board of Directors.

**3. Amendment, Termination and Governing Law**

This Plan may be amended or terminated at any time by the Board of Directors or the Human Resources Committee of the Board of Directors. This Plan shall be construed and enforced in accordance with the laws of the state of Delaware, except with respect to its rules relating to conflicts of law.

**4. Cautionary Statement**

Eligible Directors should be aware that their participation in the Plan involves the following risks, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Balances in the Annual Deferred Accounts represent unfunded, unsecured general obligations of the Company. If the Company is unable to pay its debts as they become due, Eligible Directors may not be able to collect the balances in their Annual Deferral Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The value of an Eligible Director's Non-Qualified Stock Options, Restricted Stock Unit and Phantom Shares will depend on the value of the Company's Common Stock. An investment in the Company's Common Stock involves risk. Eligible Directors are encouraged to review the Company's filings with the U.S. Securities and Exchange Commission for a description of some of the risk factors associated with an investment in the Company's Common Stock.

## Ex-31.-A

**Exhibit 31-A**

**Certification of Chief Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Richard B. Lewis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Donaldson Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 2, 2026 | /s/ Richard B. Lewis |
| | | Richard B. Lewis<br>President and Chief Executive Officer |

---

## Ex-31.-B

**Exhibit 31-B**

**Certification of Chief Financial Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Bradley J. Pogalz, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Donaldson Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 2, 2026 | /s/ Bradley J. Pogalz |
| | | Bradley J. Pogalz<br>Chief Financial Officer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, Richard B. Lewis, Chief Executive Officer of Donaldson Company, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form 10-Q of Donaldson Company, Inc. for the quarter ended April 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Donaldson Company, Inc.

---

| | | |
|:---|:---|:---|
| Date: | June 2, 2026 | /s/ Richard B. Lewis |
| | | Richard B. Lewis<br>President and Chief Executive Officer |

---

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Bradley J. Pogalz, Chief Financial Officer of Donaldson Company, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form 10-Q of Donaldson Company, Inc. for the quarter ended April 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Donaldson Company, Inc.

---

| | | |
|:---|:---|:---|
| Date: | June 2, 2026 | /s/ Bradley J. Pogalz |
| | | Bradley J. Pogalz<br>Chief Financial Officer |

---

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