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Dover Corp

Dover Reports Fourth Quarter and Full Year 2025 Results

DOWNERS GROVE, Ill. , Jan. 29, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the fourth quarter ended December 31, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

Three Months Ended December 31,


Years Ended December 31,

($ in millions, except per share data)*


2025


2024


% Change*


2025


2024


% Change*

U.S. GAAP

Revenue


$       2,099


$       1,930


9 %


$       8,093


$       7,746


4 %

Earnings from continuing operations 


275


238


15 %


1,097


1,400


(22) %

Diluted EPS from continuing operations


2.01


1.72


17 %


7.97


10.09


(21) %














Non-GAAP

Organic revenue change






5 %






2 %

Adjusted earnings from continuing operations1


343


305


13 %


1,324


1,150


15 %

Adjusted diluted EPS from continuing operations


2.51


2.20


14 %


9.61


8.29


16 %

 

1

Q4 and full year 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and (gain) loss on dispositions.

*

Totals, change and per share data may be impacted by rounding.

For the quarter ended December 31, 2025, Dover generated revenue of $2.1 billion, an increase of 9% (+5% organic). GAAP earnings from continuing operations of $275 million increased 15%, and GAAP diluted EPS from continuing operations of $2.01 was up 17%. On an adjusted basis, earnings from continuing operations of $343 million were up 13% and adjusted diluted EPS from continuing operations of $2.51 was up 14%.

For the year ended December 31, 2025, Dover generated revenue of $8.1 billion, an increase of 4% (+2% organic). GAAP earnings from continuing operations of $1.1 billion decreased by 22%, and GAAP diluted EPS from continuing operations of $7.97 was down 21%, both principally due to the gain on the disposition of De-Sta-Co in the prior year. On an adjusted basis, earnings from continuing operations of $1.3 billion increased 15%, and adjusted diluted EPS from continuing operations of $9.61 was up 16%.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Our fourth quarter results reflect broad-based top line strength across the portfolio, with organic growth reaching its highest level of the year. Revenue performance was driven by robust trends in our secular-growth-exposed markets as well as improving conditions in retail fueling and refrigerated door cases and services. Our sustained strong bookings rates continue to support underlying momentum across the portfolio, providing confidence in the durability of demand as we enter the new year.

"Margins improved year-over-year on volume leverage and ongoing productivity initiatives. We are carrying a significant amount of restructuring benefit into next year from previously announced productivity and fixed cost optimization projects, which should support attractive margin conversion.

"Our solid operational results were complemented by our capital allocation strategy. The acquisitions we closed during the year are performing above their deal models. Additionally, we initiated an accelerated share repurchase in November, underscoring our disciplined approach to capital return to shareholders. With meaningful balance sheet flexibility, we remain well positioned to invest behind long-term shareholder value creation.

"We have a constructive outlook for 2026. Demand trends are solid and broad-based across the portfolio, and are supported by our order book, with no individual end market presenting a material headwind. Our balance sheet optionality enables us to dynamically respond to market conditions and opportunistically play offense. Our 2026 guidance is consistent with our long-term EPS growth trajectory and our commitment to driving sustainable value creation for our shareholders."

FULL YEAR 2026 GUIDANCE:

In 2026, Dover expects to generate GAAP EPS in the range of $8.95 to $9.15 (adjusted EPS of $10.45 to $10.65), based on full year revenue growth of 5% to 7% (organic growth of 3% to 5%).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its fourth quarter results at 12:00 P.M. Eastern Time (11:00 A.M. Central Time) on Thursday, January 29, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

INVESTOR SUPPLEMENT - FOURTH QUARTER AND FULL YEAR 2025


DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands)



Three Months Ended December 31,


Years Ended December 31,


2025


2024


2025


2024

Revenue

$            2,099,079


$            1,929,866


$            8,092,571


$            7,745,909

Cost of goods and services

1,278,266


1,184,142


4,874,402


4,787,288

Gross profit

820,813


745,724


3,218,169


2,958,621

Selling, general and administrative expenses

475,511


450,660


1,844,808


1,752,266

Operating earnings

345,302


295,064


1,373,361


1,206,355

Interest expense

28,134


28,304


109,772


131,171

Interest income

(17,039)


(23,145)


(73,032)


(37,158)

Loss (gain) on dispositions

—


115


(4,644)


(597,798)

Other income, net

(6,324)


(13,860)


(32,987)


(46,876)

Earnings before provision for income taxes

340,531


303,650


1,374,252


1,757,016

Provision for income taxes

65,765


65,267


276,823


357,048

Earnings from continuing operations

274,766


238,383


1,097,429


1,399,968

Earnings (loss) from discontinued operations, net

7,309


1,197,600


(3,473)


1,297,158

Net earnings

$               282,075


$            1,435,983


$            1,093,956


$            2,697,126

 

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)


Earnings Per Share













2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

Basic earnings (loss) per share:

Continuing operations

$      1.74

$      2.04

$      2.21

$       2.02

$           8.01


$      4.33

$      1.79

$      2.28

$        1.74

$        10.16

Discontinued operations

$     (0.06)

$     (0.01)

$     (0.01)

$       0.05

$         (0.03)


$      0.22

$      0.26

$      0.25

$        8.73

$          9.42

Net earnings

$      1.68

$      2.03

$      2.20

$       2.07

$           7.99


$      4.55

$      2.05

$      2.53

$      10.47

$        19.58













Diluted earnings (loss) per share:










Continuing operations

$      1.73

$      2.03

$      2.20

$       2.01

$           7.97


$      4.30

$      1.78

$      2.26

$        1.72

$        10.09

Discontinued operations

$     (0.06)

$     (0.01)

$     (0.01)

$       0.05

$         (0.03)


$      0.22

$      0.25

$      0.25

$        8.66

$          9.35

Net earnings

$      1.67

$      2.02

$      2.19

$       2.06

$           7.94


$      4.52

$      2.04

$      2.51

$      10.38

$        19.45













Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:

Continuing operations

$  239,241

$  280,130

$  303,292

$ 274,766

$ 1,097,429


$  602,102

$  246,587

$  312,896

$  238,383

$  1,399,968

Discontinued operations

(8,420)

(1,066)

(1,296)

7,309

(3,473)


30,119

35,235

34,204

1,197,600

1,297,158

Net earnings

$  230,821

$  279,064

$  301,996

$ 282,075

$ 1,093,956


$  632,221

$  281,822

$  347,100

$  1,435,983

$  2,697,126













Weighted average shares outstanding:










Basic

137,267

137,226

137,236

135,993

136,935


139,051

137,443

137,251

137,205

137,735

Diluted

138,260

137,974

138,029

136,826

137,777


139,869

138,404

138,223

138,298

138,696













Dividends paid per common share

$    0.515

$    0.515

$      0.52

$       0.52

$           2.07


$      0.51

$      0.51

$    0.515

$      0.515

$          2.05













* Per share data may be impacted by rounding.



 

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)



2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

REVENUE












Engineered Products

$   254,646

$   275,944

$   279,705

$    275,549

$    1,085,844


$   332,820

$   285,297

$   296,117

$   288,223

$  1,202,457

Clean Energy & Fueling

491,148

546,097

541,368

551,894

2,130,507


445,053

463,014

500,685

528,032

1,936,784

Imaging & Identification

280,090

292,009

299,100

302,244

1,173,443


276,806

287,593

283,966

288,800

1,137,165

Pumps & Process Solutions

493,573

520,554

550,920

583,623

2,148,670


465,729

477,239

472,463

479,135

1,894,566

Climate & Sustainability Technologies

347,888

416,151

408,529

387,273

1,559,841


364,292

436,706

431,127

347,524

1,579,649

Intersegment eliminations

(1,286)

(1,163)

(1,781)

(1,504)

(5,734)


(981)

(1,067)

(816)

(1,848)

(4,712)

Total consolidated revenue

$  1,866,059

$  2,049,592

$  2,077,841

$ 2,099,079

$    8,092,571


$  1,883,719

$  1,948,782

$  1,983,542

$  1,929,866

$  7,745,909













EARNINGS FROM CONTINUING OPERATIONS









Segment Earnings:












Engineered Products

$     44,114

$     53,511

$     57,483

$      62,158

$       217,266


$     62,532

$     52,095

$     56,621

$     59,989

$   231,237

Clean Energy & Fueling

85,644

107,771

118,665

105,990

418,070


69,675

87,536

99,536

103,246

359,993

Imaging & Identification

77,575

76,937

81,772

78,451

314,735


69,959

75,786

77,247

78,715

301,707

Pumps & Process Solutions

151,275

159,504

168,565

172,256

651,600


118,737

137,217

138,277

142,375

536,606

Climate & Sustainability Technologies

52,119

77,262

76,002

60,264

265,647


50,759

79,127

76,015

44,974

250,875

Total segment earnings

410,727

474,985

502,487

479,119

1,867,318


371,662

431,761

447,696

429,299

1,680,418

Purchase accounting expenses 1

49,104

51,123

59,381

58,837

218,445


44,187

44,332

48,356

49,366

186,241

Restructuring and other costs 2

9,397

23,210

15,913

29,466

77,986


23,971

11,590

16,581

32,841

84,983

(Gain) loss on dispositions 3

(2,468)

(2,176)

—

—

(4,644)


(529,943)

663

(68,633)

115

(597,798)

Corporate expense / other 4

51,959

41,875

31,515

39,190

164,539


42,159

39,526

36,110

38,168

155,963

Interest expense

27,608

26,791

27,239

28,134

109,772


36,365

32,374

34,128

28,304

131,171

Interest income

(20,254)

(17,935)

(17,804)

(17,039)

(73,032)


(4,756)

(4,081)

(5,176)

(23,145)

(37,158)

Earnings before provision for income taxes

295,381

352,097

386,243

340,531

1,374,252


759,679

307,357

386,330

303,650

1,757,016

Provision for income taxes

56,140

71,967

82,951

65,765

276,823


157,577

60,770

73,434

65,267

357,048

Earnings from continuing operations

$   239,241

$   280,130

$   303,292

$    274,766

$    1,097,429


$   602,102

$   246,587

$   312,896

$   238,383

$  1,399,968













SEGMENT EARNINGS MARGIN










Engineered Products

17.3 %

19.4 %

20.6 %

22.6 %

20.0 %


18.8 %

18.3 %

19.1 %

20.8 %

19.2 %

Clean Energy & Fueling

17.4 %

19.7 %

21.9 %

19.2 %

19.6 %


15.7 %

18.9 %

19.9 %

19.6 %

18.6 %

Imaging & Identification

27.7 %

26.3 %

27.3 %

26.0 %

26.8 %


25.3 %

26.4 %

27.2 %

27.3 %

26.5 %

Pumps & Process Solutions

30.6 %

30.6 %

30.6 %

29.5 %

30.3 %


25.5 %

28.8 %

29.3 %

29.7 %

28.3 %

Climate & Sustainability Technologies

15.0 %

18.6 %

18.6 %

15.6 %

17.0 %


13.9 %

18.1 %

17.6 %

12.9 %

15.9 %

Total segment earnings margin

22.0 %

23.2 %

24.2 %

22.8 %

23.1 %


19.7 %

22.2 %

22.6 %

22.2 %

21.7 %













1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

3 (Gain) loss on dispositions, including post-closing adjustments.

4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

 

DOVER CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)(in thousands)



December 31, 2025


December 31, 2024

ASSETS




Current assets:




Cash and cash equivalents

$                    1,676,808


$                    1,844,877

Receivables, net

1,371,352


1,354,225

Inventories, net

1,272,784


1,144,838

Prepaid and other current assets

185,996


140,557

      Total current assets

4,506,940


4,484,497

Property, plant and equipment, net

1,119,623


987,924

Goodwill

5,430,038


4,905,702

Intangible assets, net

1,759,616


1,580,854

Other assets and deferred charges

606,206


550,183

Total assets

$                  13,422,423


$                  12,509,160





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Short-term borrowings and current portion of long-term debt

$                        706,677


$                        400,056

Payables, accrued expenses and other current liabilities

1,811,812


1,796,471

    Total current liabilities

2,518,489


2,196,527

Deferred taxes and other non-current liabilities

877,433


829,291

Long-term debt

2,621,295


2,529,346

Stockholders' equity:




Stockholders' equity

7,405,206


6,953,996

Total liabilities and stockholders' equity

$                  13,422,423


$                  12,509,160

 

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)(in thousands)



Years Ended December 31,


2025


2024

Operating Activities:




Net earnings

$                 1,093,956


$                2,697,126

Adjustments to reconcile net earnings to cash provided by operating activities:




Earnings from discontinued operations, net

3,473


(1,297,158)

Depreciation and amortization

379,577


337,842

Stock-based compensation expense

43,981


40,359

Employee benefit plan (benefit) expense

(7,623)


(9,946)

Gain on dispositions

(4,644)


(597,798)

Other, net

(35,354)


(57,073)

Net change in assets and liabilities

(135,361)


(25,519)

Net cash provided by operating activities

1,338,005


1,087,833





Investing Activities:




Additions to property, plant and equipment

(220,263)


(167,533)

Acquisitions, net of cash and cash equivalents acquired

(663,270)


(635,269)

Proceeds from dispositions, net of cash transferred

5,998


768,847

Other, net

(9,059)


6,972

Net cash used in investing activities

(886,594)


(26,983)





Financing Activities:




Change in commercial paper and other short-term borrowings, net

(639)


(467,637)

Repayment of long-term debt

(400,000)


—

Proceeds from long-term debt

631,186


—

Dividends paid to stockholders

(283,007)


(283,117)

Repurchase of common stock, including payment under accelerated share repurchase program

(540,700)


(500,000)

Payments to settle employee tax obligations on exercise of share-based awards

(14,887)


(16,603)

Other, net

(16,823)


(4,316)

Net cash used in financing activities

(624,870)


(1,271,673)





Cash Flows from Discontinued Operations:




Net cash used in operating activities of discontinued operations

(4,430)


(339,454)

Net cash (used in) provided by investing activities of discontinued operations

(9,796)


1,985,641

Net cash (used in) provided by discontinued operations

(14,226)


1,646,187





Effect of exchange rate changes on cash and cash equivalents

19,616


(6,348)





Net (decrease) increase in cash and cash equivalents, including cash held for sale

(168,069)


1,429,016

Cash and cash equivalents at beginning of year, including cash held for sale1

1,844,877


415,861

Cash and cash equivalents at the end of year, including cash held for sale

$                 1,676,808


$                1,844,877





1 Cash held for sale as of December 31, 2023 totaled $17,300. There was no cash held for sale as of December 31, 2025 and 2024.

 

DOVER CORPORATION

QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)


Non-GAAP Reconciliations


2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

Adjusted earnings from continuing operations:










Earnings from continuing
operations

$  239,241

$  280,130

$  303,292

$ 274,766

$  1,097,429


$  602,102

$  246,587

$  312,896

$  238,383

$  1,399,968

Purchase accounting expenses, pre-tax 1

49,104

51,123

59,381

58,837

218,445


44,187

44,332

48,356

49,366

186,241

Purchase accounting expenses, tax impact 2

(10,919)

(11,367)

(14,067)

(14,134)

(50,487)


(9,711)

(9,760)

(10,633)

(10,911)

(41,015)

Restructuring and other costs, pre-tax 3

9,397

23,210

15,913

29,466

77,986


23,971

11,590

16,581

32,841

84,983

Restructuring and other costs, tax impact 2

(1,887)

(4,642)

(3,230)

(5,608)

(15,367)


(4,734)

(2,479)

(3,465)

(6,864)

(17,542)

(Gain) loss on dispositions, pre-tax 4

(2,468)

(2,176)

—

—

(4,644)


(529,943)

663

(68,633)

115

(597,798)

(Gain) loss on dispositions, tax-impact 2

689

435

—

—

1,124


114,973

(144)

18,889

1,695

135,413

Adjusted earnings from continuing operations

$  283,157

$  336,713

$  361,289

$ 343,327

$  1,324,486


$  240,845

$  290,789

$  313,991

$  304,625

$  1,150,250













Adjusted diluted earnings per share from continuing operations:







Diluted earnings per share from continuing operations

$      1.73

$      2.03

$      2.20

$       2.01

$          7.97


$      4.30

$      1.78

$      2.26

$      1.72

$       10.09

Purchase accounting expenses, pre-tax 1

0.36

0.37

0.43

0.43

1.59


0.32

0.32

0.35

0.36

1.34

Purchase accounting expenses, tax impact 2

(0.08)

(0.08)

(0.10)

(0.10)

(0.37)


(0.07)

(0.07)

(0.08)

(0.08)

(0.30)

Restructuring and other costs, pre-tax 3

0.07

0.17

0.12

0.22

0.57


0.17

0.08

0.12

0.24

0.61

Restructuring and other costs, tax impact 2

(0.01)

(0.03)

(0.02)

(0.04)

(0.11)


(0.03)

(0.02)

(0.03)

(0.05)

(0.13)

(Gain) loss on dispositions, pre-tax 4

(0.02)

(0.02)

—

—

(0.03)


(3.79)

—

(0.50)

—

(4.31)

(Gain) loss on dispositions, tax-impact 2

—

—

—

—

0.01


0.82

—

0.14

0.01

0.98

Adjusted diluted earnings per share from continuing operations

$      2.05

$      2.44

$      2.62

$       2.51

$          9.61


$      1.72

$      2.10

$      2.27

$      2.20

$         8.29













1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 includes other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. Q1 2024 and FY 2024 include $3.4 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment.

4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment.

* Per share data and totals may be impacted by rounding.

 

DOVER CORPORATION

QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)


Non-GAAP Reconciliations


2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

ADJUSTED SEGMENT EBITDA
























Engineered Products:












Segment earnings

$ 44,114

$ 53,511

$ 57,483

$   62,158

$  217,266


$ 62,532

$ 52,095

$ 56,621

$ 59,989

$  231,237

Other depreciation and amortization 1

4,800

5,141

5,736

5,818

21,495


4,785

4,778

4,829

4,867

19,259

Adjusted segment EBITDA 2

48,914

58,652

63,219

67,976

238,761


67,317

56,873

61,450

64,856

250,496

Adjusted segment EBITDA margin 2

19.2 %

21.3 %

22.6 %

24.7 %

22.0 %


20.2 %

19.9 %

20.8 %

22.5 %

20.8 %













Clean Energy & Fueling:












Segment earnings

$ 85,644

$  107,771

$  118,665

$ 105,990

$  418,070


$ 69,675

$ 87,536

$ 99,536

$  103,246

$  359,993

Other depreciation and amortization 1

8,578

8,961

8,582

8,685

34,806


7,921

7,627

8,310

8,118

31,976

Adjusted segment EBITDA 2

94,222

116,732

127,247

114,675

452,876


77,596

95,163

107,846

111,364

391,969

Adjusted segment EBITDA margin 2

19.2 %

21.4 %

23.5 %

20.8 %

21.3 %


17.4 %

20.6 %

21.5 %

21.1 %

20.2 %













Imaging & Identification:












Segment earnings

$ 77,575

$ 76,937

$ 81,772

$   78,451

$  314,735


$ 69,959

$ 75,786

$ 77,247

$ 78,715

$  301,707

Other depreciation and amortization 1

4,093

4,229

4,091

5,155

17,568


3,733

3,271

3,905

3,739

14,648

Adjusted segment EBITDA 2

81,668

81,166

85,863

83,606

332,303


73,692

79,057

81,152

82,454

316,355

Adjusted segment EBITDA margin 2

29.2 %

27.8 %

28.7 %

27.7 %

28.3 %


26.6 %

27.5 %

28.6 %

28.6 %

27.8 %













Pumps & Process Solutions:












Segment earnings

$  151,275

$  159,504

$  168,565

$ 172,256

$  651,600


$  118,737

$  137,217

$  138,277

$  142,375

$  536,606

Other depreciation and amortization 1

12,601

13,131

14,256

14,238

54,226


12,139

12,637

12,651

12,623

50,050

Adjusted segment EBITDA 2

163,876

172,635

182,821

186,494

705,826


130,876

149,854

150,928

154,998

586,656

Adjusted segment EBITDA margin 2

33.2 %

33.2 %

33.2 %

32.0 %

32.8 %


28.1 %

31.4 %

31.9 %

32.3 %

31.0 %













Climate & Sustainability Technologies:











Segment earnings

$ 52,119

$ 77,262

$ 76,002

$   60,264

$  265,647


$ 50,759

$ 79,127

$ 76,015

$ 44,974

$  250,875

Other depreciation and amortization 1

7,325

7,605

7,558

7,856

30,344


7,275

7,220

7,048

7,596

29,139

Adjusted segment EBITDA 2

59,444

84,867

83,560

68,120

295,991


58,034

86,347

83,063

52,570

280,014

Adjusted segment EBITDA margin 2

17.1 %

20.4 %

20.5 %

17.6 %

19.0 %


15.9 %

19.8 %

19.3 %

15.1 %

17.7 %













Total Segments:












Total segment earnings 2, 3

$  410,727

$  474,985

$  502,487

$ 479,119

$  1,867,318


$  371,662

$  431,761

$  447,696

$  429,299

$  1,680,418

Other depreciation and amortization 1

37,397

39,067

40,223

41,752

158,439


35,853

35,533

36,743

36,943

145,072

Total Adjusted segment EBITDA 2

448,124

514,052

542,710

520,871

2,025,757


407,515

467,294

484,439

466,242

1,825,490

Total Adjusted segment EBITDA margin 2

24.0 %

25.1 %

26.1 %

24.8 %

25.0 %


21.6 %

24.0 %

24.4 %

24.2 %

23.6 %













1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

2 Refer to Non-GAAP Disclosures section for definition.

3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.

 

DOVER CORPORATION

QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)

(unaudited)(in thousands)


Non-GAAP Reconciliations


2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

Earnings from continuing
operations

$  239,241

$  280,130

$  303,292

$  274,766

$  1,097,429


$  602,102

$  246,587

$  312,896

$  238,383

$  1,399,968

Provision for income taxes

56,140

71,967

82,951

65,765

276,823


157,577

60,770

73,434

65,267

357,048

Earnings before provision for income taxes

295,381

352,097

386,243

340,531

1,374,252


759,679

307,357

386,330

303,650

1,757,016

Interest income

(20,254)

(17,935)

(17,804)

(17,039)

(73,032)


(4,756)

(4,081)

(5,176)

(23,145)

(37,158)

Interest expense

27,608

26,791

27,239

28,134

109,772


36,365

32,374

34,128

28,304

131,171

Corporate expense / other 1

51,959

41,875

31,515

39,190

164,539


42,159

39,526

36,110

38,168

155,963

(Gain) loss on dispositions 2

(2,468)

(2,176)

—

—

(4,644)


(529,943)

663

(68,633)

115

(597,798)

Restructuring and other costs 3

9,397

23,210

15,913

29,466

77,986


23,971

11,590

16,581

32,841

84,983

Purchase accounting expenses 4

49,104

51,123

59,381

58,837

218,445


44,187

44,332

48,356

49,366

186,241

Total segment earnings 5

410,727

474,985

502,487

479,119

1,867,318


371,662

431,761

447,696

429,299

1,680,418

Add: Other depreciation and amortization 6

37,397

39,067

40,223

41,752

158,439


35,853

35,533

36,743

36,943

145,072

Total adjusted segment EBITDA 5

$  448,124

$  514,052

$  542,710

$  520,871

$  2,025,757


$  407,515

$  467,294

$  484,439

$  466,242

$  1,825,490













1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

2 (Gain) loss on dispositions, including post-closing adjustments.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

5 Refer to Non-GAAP Disclosures section for definition.

6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

 

DOVER CORPORATION

REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)

(unaudited)


Non-GAAP Reconciliations


Revenue Growth Factors


2025


Q1


Q2


Q3


Q4


FY 2025

Organic










Engineered Products

(8.0) %


(5.1) %


(7.0) %


(6.1) %


(6.6) %

Clean Energy & Fueling

1.8 %


8.0 %


4.8 %


3.6 %


4.6 %

Imaging & Identification

3.9 %


— %


3.0 %


0.8 %


1.9 %

Pumps & Process Solutions

6.5 %


3.9 %


5.6 %


10.7 %


6.7 %

Climate & Sustainability Technologies

(3.7) %


(5.6) %


(6.5) %


9.4 %


(2.1) %

Total Organic

0.5 %


0.9 %


0.5 %


4.6 %


1.6 %

Acquisitions

2.4 %


3.0 %


3.0 %


2.1 %


2.6 %

Dispositions

(2.7) %


— %


— %


— %


(0.7) %

Currency translation

(1.1) %


1.3 %


1.3 %


2.1 %


1.0 %

Total*

(0.9) %


5.2 %


4.8 %


8.8 %


4.5 %


 * Totals may be impacted by rounding.



2025


Q1


Q2


Q3


Q4


FY 2025

Organic










United States

(0.2) %


3.9 %


1.6 %


8.0 %


3.3 %

Europe

(3.5) %


0.2 %


1.1 %


(1.3) %


(0.9) %

Asia

8.0 %


(0.6) %


(1.5) %


7.1 %


3.4 %

Other Americas

0.6 %


(19.3) %


(6.5) %


10.1 %


(4.3) %

Other

12.1 %


20.8 %


2.9 %


(24.5) %


0.7 %

Total Organic

0.5 %


0.9 %


0.5 %


4.6 %


1.6 %

Acquisitions

2.4 %


3.0 %


3.0 %


2.1 %


2.6 %

Dispositions

(2.7) %


— %


— %


— %


(0.7) %

Currency translation

(1.1) %


1.3 %


1.3 %


2.1 %


1.0 %

Total*

(0.9) %


5.2 %


4.8 %


8.8 %


4.5 %


 * Totals may be impacted by rounding.

 

Adjusted EPS Guidance Reconciliation*


2025 Actual


2026 Guidance

Earnings per Share from Continuing Operations (GAAP)

$            7.97


$8.95 - $9.15

Purchase accounting expenses, net

1.22


1.20

Restructuring and other costs, net

0.46


0.30

Gain on dispositions, net

(0.03)


—

Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

$            9.61


$10.45 - $10.65


* Per share data and totals may be impacted by rounding.

 

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)



2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

BOOKINGS
























Engineered Products

$   264,538

$   276,571

$  273,278

$  281,237

$ 1,095,624


$  329,925

$  280,542

$  284,823

$  276,487

$  1,171,777

Clean Energy & Fueling

543,859

526,819

509,553

587,041

2,167,272


471,610

442,086

507,329

517,470

1,938,495

Imaging & Identification

288,169

292,092

292,229

302,047

1,174,537


278,433

288,641

281,289

295,784

1,144,147

Pumps & Process Solutions

499,287

530,158

510,960

500,779

2,041,184


473,632

461,426

448,074

473,548

1,856,680

Climate & Sustainability Technologies

395,623

384,246

415,099

470,081

1,665,049


453,086

406,269

332,503

378,774

1,570,632

Intersegment eliminations

(1,892)

(1,295)

(1,380)

(1,472)

(6,039)


(791)

(1,591)

(1,065)

(2,578)

(6,025)

Total consolidated bookings

$  1,989,584

$  2,008,591

$  1,999,739

$  2,139,713

$ 8,137,627


$  2,005,895

$  1,877,373

$  1,852,953

$  1,939,485

$  7,675,706

ADDITIONAL INFORMATION
FOURTH QUARTER AND FULL YEAR 2025
(unaudited)(amounts in thousands except share data and where otherwise indicated)

The discussion throughout this Investor Supplement, unless otherwise noted, relates solely to our continuing operations.

Acquisitions

The Company did not complete any acquisitions during the fourth quarter of 2025. For the full year 2025, the Company acquired four businesses in separate transactions for total consideration of $665.3 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration of $2.0 million. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions and Clean Energy & Fueling segments. The purchase price allocations for these acquisitions are preliminary and subject to change during the measurement period.

Restructuring and Other Costs

During the fourth quarter and year ended December 31, 2025, restructuring and other costs included restructuring charges of $24.3 million and $56.7 million, respectively, and other costs of $5.2 million and $21.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2025 were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and Clean Energy & Fueling segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends and additional programs, beyond the scope of the announced programs, may be implemented during 2026 with related restructuring charges. Other costs for the year ended December 31, 2025 include $4.0 million in costs associated with a product line exit and $6.3 million in costs associated with a footprint reduction, both in our Climate & Sustainability Technologies segment.

($ in millions)

2025


2024


Q4


FY


Q4


FY

Engineered Products

$                1.2


$                5.4


$                4.9


$                7.9

Clean Energy & Fueling

8.1


17.3


16.4


33.6

Imaging & Identification

4.1


6.5


7.4


14.9

Pumps & Process Solutions

3.6


9.8


1.0


5.0

Climate & Sustainability Technologies

10.7


33.9


1.6


20.1

Corporate

1.8


5.1


1.5


3.6

Total*

$              29.5


$              78.0


$              32.8


$              85.0

 * Totals may be impacted by rounding.

Tax Rate

The effective tax rate was 19.3% and 21.5% for the fourth quarters of 2025 and 2024, respectively. The decrease from 2024 to 2025 was primarily due to earnings mix. On a full year basis, the effective tax rate for 2025 and 2024 was 20.1% and 20.3%, respectively.

Share Repurchases

In the fourth quarter of 2025, the Company established a $500.0 million accelerated share repurchase program ("ASR Program"), initially receiving 2,334,010 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Program. The total number of shares ultimately repurchased will be based on the average of the daily volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount and subject to potential adjustments pursuant to the terms of the ASR Program. The ASR Program is scheduled to be completed in the second quarter of 2026, but is subject to early termination in certain circumstances. During the year ended December 31, 2025, exclusive of the ASR Program, the Company repurchased 200,000 shares of common stock at a total cost of $40.7 million or $203.50 per share.

Capitalization  

The following table provides a calculation of net debt to net capitalization from the most directly comparable GAAP measures:

Net Debt to Net Capitalization Ratio (Non-GAAP)


December 31, 2025


December 31, 2024

Short-term borrowings and current portion of long-term debt


$                    706,677


$                    400,056

Long-term debt


2,621,295


2,529,346

Total debt


3,327,972


2,929,402

Less: Cash and cash equivalents


(1,676,808)


(1,844,877)

Net debt


1,651,164


1,084,525

Add: Stockholders' equity


7,405,206


6,953,996

Net capitalization


$                 9,056,370


$                 8,038,521

Net debt to net capitalization


18.2 %


13.5 %

 

Quarterly Cash Flow


2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

Net Cash Flows Provided By (Used In):










Operating activities

$   157,474

$   212,340

$   424,245

$   543,946

$ 1,338,005


$   146,456

$   149,181

$   353,244

$   438,952

$ 1,087,833

Investing activities

(74,186)

(681,584)

(58,857)

(71,967)

(886,594)


432,416

33,215

(402,512)

(90,102)

(26,983)

Financing activities

(122,234)

(84,235)

(73,878)

(344,523)

(624,870)


(80,782)

(830,657)

92,994

(453,228)

(1,271,673)

 

Quarterly Free Cash Flow (Non-GAAP)


2025


2024


Q1

Q2

Q3

Q4

FY 2025


Q1

Q2

Q3

Q4

FY 2024

Cash flow from operating
activities 1

$  157,474

$  212,340

$  424,245

$ 543,946

$  1,338,005


$  146,456

$  149,181

$  353,244

$ 438,952

$  1,087,833

Less: Capital expenditures

(48,192)

(60,932)

(54,150)

(56,989)

(220,263)


(40,050)

(35,822)

(37,754)

(53,907)

(167,533)

Free cash flow

$  109,282

$  151,408

$  370,095

$ 486,957

$  1,117,742


$  106,406

$  113,359

$  315,490

$ 385,045

$ 920,300













Cash flow from operating activities as a percentage of revenue

8.4 %

10.4 %

20.4 %

25.9 %

16.5 %


7.8 %

7.7 %

17.8 %

22.7 %

14.0 %













Cash flow from operating activities as a percentage of adjusted earnings from continuing operations

55.6 %

63.1 %

117.4 %

158.4 %

101.0 %


60.8 %

51.3 %

112.5 %

144.1 %

94.6 %













Free cash flow as a percentage of revenue

5.9 %

7.4 %

17.8 %

23.2 %

13.8 %


5.6 %

5.8 %

15.9 %

20.0 %

11.9 %













Free cash flow as a percentage of adjusted earnings from continuing operations

38.6 %

45.0 %

102.4 %

141.8 %

84.4 %


44.2 %

39.0 %

100.5 %

126.4 %

80.0 %

1 Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment.

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, net debt, net capitalization, net debt to net capitalization ratio, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Net debt represents total debt minus cash and cash equivalents. Net capitalization represents net debt plus stockholders' equity. Net debt to net capitalization ratio is net debt divided by net capitalization. Net debt to net capitalization is helpful in evaluating our capital structure and the amount of leverage we employ.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Vice President - Investor Relations

Vice President - Communications

(630) 743-2566

(630) 743-5039

jdickens@dovercorp.com

asakowicz@dovercorp.com

 

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SOURCE Dover