Tod Carpenter

Chairman, Chief Executive Officer & President, Donaldson

Search every verified Tod Carpenter interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. At the Gabelli 49th Annual Automotive Symposium on November 8, 2025, Tod Carpenter described Donaldson Company's strategy as a "balanced growth strategy along with M&A," with a strong entry into the life sciences segment that he said would be a significant driver for future expansion. He stated that the company's guidance for the fiscal year was to reach $3.8 billion in revenue with record operating margins of 16.4%. Carpenter noted that supply chain issues were behind them and that the company had lowered its late positions to pre-pandemic levels. He also said that Donaldson was moving manufacturing out of California to Illinois due to high costs and regulatory challenges, with a payback period of two and a half years. Carpenter characterized Donaldson as a 110-year-old filtration company with over 3,000 active patents, and said that between April 2019 and April 2023, the company was granted a patent every day. He described the company's model as "filter proprietary filtration to sell razor blades," noting that 68% of products are replacement parts, which he said drives high aftermarket retention and recurring revenue. Carpenter stated that 75% of products are manufactured regionally to reduce tariff exposure and increase agility. On market conditions, he said that off-road aftermarket was seeing broad-based improvement and that first-fit markets had bottomed, with an expectation of recovery in the next 12 to 18 months. He also said the M&A pipeline was full and strategic, targeting bolt-on acquisitions in industrial and mobile solutions, and that the company's strategy included consistent share repurchases and dividend increases, with over $400 million returned to shareholders through buybacks in the prior year.