Exhibit 13

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

	2006			2005			2004			2003			2002
Operating Results
Net sales	$	1,694.3		$	1,595.7		$	1,415.0		$	1,218.3		$	1,126.0
Gross margin percentage		32.9	%		31.7	%		31.6	%		32.1	%		31.0	%
Operating income percentage		11.4	%		9.8	%		10.0	%		10.8	%		11.0	%
Effective income tax rate		30.1	%		28.6	%		25.0	%		27.0	%		27.0	%
Net earnings	$	132.3		$	110.6		$	106.3		$	95.3		$	86.9
Return on sales		7.8	%		6.9	%		7.5	%		7.8	%		7.7	%
Return on average shareholders’ equity		24.7	%		20.6	%		21.3	%		23.0	%		24.8	%
Return on investment		20.8	%		17.7	%		18.1	%		18.3	%		19.2	%
Financial Position
Total assets	$	1,124.1		$	1,111.8		$	1,001.6		$	882.0		$	850.1
Current debt	$	79.9		$	109.8		$	54.1		$	14.8		$	60.9
Long-term debt	$	100.5		$	103.3		$	70.9		$	105.2		$	104.6
Total debt	$	180.4		$	213.1		$	124.9		$	120.0		$	165.4
Shareholders’ equity	$	546.8		$	524.6		$	549.3		$	447.4		$	382.6
Long-term capitalization ratio	$	15.5	%		16.5	%		11.4	%		19.0	%		21.5	%
Property, plant and equipment, net	$	317.4		$	275.5		$	261.5		$	255.4		$	240.9
Net expenditures on property, plant and equipment	$	77.6		$	50.2		$	43.0		$	33.3		$	40.5
Depreciation and amortization	$	44.7		$	44.3		$	41.6		$	37.6		$	31.8
Shareholder Information
Net earnings per share – assuming dilution	$	1.55		$	1.27		$	1.18		$	1.05		$	0.95
Dividends paid per share	$	0.320		$	0.235		$	0.205		$	0.175		$	0.155
Shareholders’ equity per share	$	6.80		$	6.32		$	6.38		$	5.16		$	4.36
Shares outstanding (000s)		80,453			82,953			86,112			86,679			87,769
Common stock price range, per share
High	$	36.00		$	34.45			30.75			24.59			22.50
Low	$	28.60		$	25.11			23.55			14.96			13.47