Exhibit 13

Five-Year Comparison of Results
Donaldson Company, Inc. and Subsidiaries
(Millions of dollars, except per share amounts)

	2005			2004			2003			2002			2001
Operating Results
Net sales	$	1,595.7		$	1,415.0		$	1,218.3		$	1,126.0		$	1,137.0
Gross margin	$	505.6		$	447.7		$	391.2		$	349.5		$	341.7
Gross margin percentage		31.7	%		31.6	%		32.1	%		31.0	%		30.1	%
Operating income	$	156.5		$	141.6		$	131.8		$	123.8		$	112.1
Operating income percentage		9.8	%		10.0	%		10.8	%		11.0	%		9.9	%
Interest expense	$	9.4		$	5.0		$	5.9		$	6.5		$	11.6
Earnings before income taxes	$	154.7		$	141.8		$	130.6		$	119.0		$	104.9
Income taxes	$	44.2		$	35.5		$	35.3		$	32.1		$	29.4
Effective income tax rate		28.6	%		25.0	%		27.0	%		27.0	%		28.0	%
Net earnings	$	110.6		$	106.3		$	95.3		$	86.9		$	75.5
Return on sales		6.9	%		7.5	%		7.8	%		7.7	%		6.6	%
Return on average shareholders’ equity		20.6	%		21.3	%		23.0	%		24.8	%		25.2	%
Return on investment		17.7	%		18.1	%		18.3	%		19.2	%		19.1	%
Financial Position
Total assets	$	1,111.8		$	1,001.6		$	882.0		$	850.1		$	706.8
Current assets	$	618.8		$	557.4		$	454.7		$	456.5		$	407.2
Current liabilities	$	354.2		$	275.5		$	214.1		$	273.3		$	217.3
Working capital	$	264.6		$	281.9		$	240.6		$	183.2		$	189.9
Current ratio		1.7			2.0			2.1			1.7			1.9
Current debt	$	109.8		$	54.1		$	14.8		$	60.9		$	59.4
Long-term debt	$	103.3		$	70.9		$	105.2		$	104.6		$	99.3
Total debt	$	213.1		$	124.9		$	120.0		$	165.4		$	158.7
Shareholders’ equity	$	524.6		$	549.3		$	447.4		$	382.6		$	319.1
Long-term capitalization ratio		16.5	%		11.4	%		19.0	%		21.5	%		23.7	%
Property, plant and equipment, net	$	275.5		$	261.5		$	255.4		$	240.9		$	207.7
Net expenditures on property, plant and equipment	$	50.2		$	43.0		$	33.3		$	40.5		$	38.9
Depreciation and amortization	$	44.3		$	41.6		$	37.6		$	31.8		$	38.6
Shareholder Information
Net earnings per share – assuming dilution	$	1.27		$	1.18		$	1.05		$	0.95		$	0.83
Dividends paid per share	$	0.235		$	0.205		$	0.175		$	0.155		$	0.148
Shareholders’ equity per share	$	6.32		$	6.38		$	5.16		$	4.36		$	3.59
Shares outstanding (000s)		82,953			86,112			86,679			87,769			88,766
Common stock price range, per share
High	$	34.45			30.75			24.59			22.50			16.53
Low	$	25.11			23.55			14.96			13.47			9.57