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Donaldson cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$185M in Q4 FY26

Operating cash flow$200M
Capital spending−$14.9M
Free cash flow+$185M
Cash / net income1.5×
Cash conversion cycle87 days

Analysis

In Q4 FY26, Donaldson generated $200M of operating cash flow and spent $14.9M on capital projects, leaving free cash flow of $185M. That is $35.8M more than in Q4 FY25 ($149M).

Operating cash flow was $200M against net income of $129M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$33.0M, other non-cash +$6.5M, stock-based pay +$4.3M.

Its cash conversion cycle was 87 days (receivables 63 + inventory 73 − payables 50).

Free cash flow

Donaldson: free cash flow by quarterDonaldson: free cash flow by quarter$47.8MQ1 FY25$71.5MQ2 FY25$71.4MQ3 FY25$149MQ4 FY25$111MQ1 FY26$18.0MQ2 FY26$112MQ3 FY26$185MQ4 FY26
Operating cash flow less capital spending.
Donaldson: operating cash flow against capital spendingDonaldson: operating cash flow against capital spendingOperating cash flowCapital spending$72.9M$25.1MQ1 FY25$90.4M$18.9MQ2 FY25$87.7M$16.3MQ3 FY25$168M$18.6MQ4 FY25$125M$14.2MQ1 FY26$33.0M$15.0MQ2 FY26$135M$23.3MQ3 FY26$200M$14.9MQ4 FY26
Latest (Q4 FY26): Operating cash flow $200M, Capital spending $14.9M.

Capital allocation, year by year

Donaldson: where the cash came from (up) and went (down), by fiscal yearDonaldson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $253MFY22: Net borrowing $155MFY22: Shares issued $12.9MFY22: Asset sales $400KFY22: Capital spending −$85.5MFY22: Acquisitions −$68.9MFY22: Buybacks −$171MFY22: Dividends −$110M$422MFY22FY23: Operating cash flow $544MFY23: Shares issued $38.3MFY23: Asset sales $400KFY23: Capital spending −$118MFY23: Acquisitions −$209MFY23: Buybacks −$142MFY23: Dividends −$114M$583MFY23FY24: Operating cash flow $492MFY24: Net borrowing −$115MFY24: Shares issued $54.1MFY24: Asset sales $700KFY24: Capital spending −$85.6MFY24: Acquisitions −$2.0MFY24: Buybacks −$163MFY24: Dividends −$123M$547MFY24FY25: Operating cash flow $419MFY25: Net borrowing $124MFY25: Shares issued $28.6MFY25: Asset sales $2.1MFY25: Capital spending −$78.9MFY25: Acquisitions −$2.4MFY25: Buybacks −$332MFY25: Dividends −$132M$574MFY25FY26: Operating cash flow $494MFY26: Net borrowing $656MFY26: Shares issued $55.9MFY26: Asset sales $10.5MFY26: Capital spending −$67.4MFY26: Acquisitions −$823MFY26: Buybacks −$111MFY26: Dividends −$141M$1.2BFY26
Over these 5 years operating cash flow totalled $2.2B; the largest uses were acquisitions ($1.1B) and buybacks ($918M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$250M
Debt$1.3B
Net debt$1.1B
Due within a year$44.8M

Donaldson funds itself: free cash flow was — over the last twelve months, and $250M of cash and investments stands against $1.3B of debt ($44.8M due within a year, 5.6× covered by cash).

Donaldson: debt maturities by year (FY26)Donaldson: debt maturities by year (FY26)$206MYear 2$542MYear 3$435MYear 4$100MAfter year 5
Principal due in each year as disclosed in the annual report, against $250M of cash and investments now.

Where the cash came from and went

Donaldson: sources (+) and uses (−) of cash, Q4 FY26Donaldson: sources (+) and uses (−) of cash, Q4 FY26Other investing−$823MNet borrowing (+) / repaid (−)$718MOperating cash flow$200MCash drawn (+) / kept (−)−$46.3MDividends−$37.2MCapital spending−$14.9MShares issued$10.3MOther financing−$7.5MAsset & business sales$200KExchange rates−$200K

From profit to cash

Donaldson: net income to operating cash flow, Q4 FY26Donaldson: net income to operating cash flow, Q4 FY26Net income$129MDepreciation & amortization$33.0MStock-based pay$4.3MDeferred taxes$400KOther non-cash$6.5MOperating cash flow$200M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2663735087
Q3 FY2660734787
Q2 FY2667845695
Q1 FY2665795688
Q4 FY2562755285
Q3 FY2560775384
Q2 FY2565876190
Q1 FY2564796084

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$200M−$14.9M——−$37.2M$718M$10.3M−$46.3M$185M
Q3 FY26$135M−$23.3M——−$34.7M−$70.8M$5.5M−$9.7M$112M
Q2 FY26$33.0M−$15.0M—−$19.7M−$34.6M−$2.6M$18.5M$16.3M$18.0M
Q1 FY26$125M−$14.2M—−$91.5M−$34.7M$11.5M$21.6M−$30.3M$111M
Q4 FY25$168M−$18.6M−$2.4M−$59.3M−$35.0M−$54.8M$11.2M−$1.9M$149M
Q3 FY25$87.7M−$16.3M—−$191M−$32.3M$133M$3.6M$10.6M$71.4M
Q2 FY25$90.4M−$18.9M—−$7.2M−$32.2M−$59.4M$2.3M$32.1M$71.5M
Q1 FY25$72.9M−$25.1M—−$74.4M−$32.4M$105M$11.5M$11.5M$47.8M

Donaldson: income statement and cash flow

Donaldson, Q4 FY26: revenue $1.1B (+8% year over year), operating margin 16.7%. The chart follows the revenue to costs, profit and cash.

Donaldson: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.