Original source text
, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.Three Months Ended June 30,
Six Months Ended June 30,
($ in millions, except per share data)*
2026
2025
% Change*
2026
2025
% Change*
U.S. GAAP
Revenue
$ 2,190
$ 2,050
7 %
$ 4,244
$ 3,916
8 %
Earnings from continuing operations
313
280
12 %
551
519
6 %
Diluted EPS from continuing operations
2.31
2.03
14 %
4.06
3.76
8 %
Non-GAAP
Organic revenue change
5 %
5 %
Adjusted earnings from continuing operations 1
372
337
10 %
681
620
10 %
Adjusted diluted EPS from continuing operations
2.74
2.44
12 %
5.02
4.49
12 %
1
Q2 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.
*
Totals, change and per share data may be impacted by rounding.
For the quarter ended June 30, 2026, Dover generated revenue of $2.2 billion, an increase of 7% (+5% organic). GAAP earnings from continuing operations of $313 million increased by 12%, and GAAP diluted EPS from continuing operations of $2.31 was up 14%. On an adjusted basis, earnings from continuing operations of $372 million were up 10% and adjusted diluted EPS from continuing operations of $2.74 was up 12%.
For the six months ended June 30, 2026, Dover generated revenue of $4.2 billion, an increase of 8% (+5% organic). GAAP earnings from continuing operations of $551 million increased by 6%, and GAAP diluted EPS from continuing operations of $4.06 was up 8%. On an adjusted basis, earnings from continuing operations of $681 million were up 10% and adjusted diluted EPS from continuing operations of $5.02 was up 12%.
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, "Dover delivered another strong quarter of double-digit earnings per share growth. Top-line performance was led by our secular-growth-exposed markets — which now account for approximately 25% of the total portfolio — and was complemented by broad-based, constructive trading conditions across the portfolio. Notably, all five segments delivered positive organic growth in the quarter, underscoring the breadth and durability of demand. Margin performance was solid, as continued operational execution on incremental volumes more than offset input cost inflation.
"Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum our businesses have posted over the past several quarters. The strength and breadth of our order book provide improved visibility to our second half outlook.
"Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity-expansion projects to support growth and productivity investments to drive margins across the portfolio. Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets.
"As we look to the back half of the year, we are well positioned to drive continued value creation for our shareholders. The underlying strength of our order book, together with the flexibility of our business model and the optionality of our balance sheet, afford us the ability to respond dynamically to market conditions and quickly capitalize on opportunities as they arise. Accordingly, we are raising our full-year adjusted EPS guidance."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.94 to $9.14 (adjusted EPS of $10.55 to $10.75), based on full year revenue growth of 6% to 8% (organic growth of 4% to 6%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 23, 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, 2025, 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 - SECOND QUARTER 2026
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$ 2,190,021
$ 2,049,592
$ 4,243,644
$ 3,915,651
Cost of goods and services
1,309,415
1,231,330
2,564,903
2,351,889
Gross profit
880,606
818,262
1,678,741
1,563,762
Selling, general and administrative expenses
488,819
463,665
981,045
912,856
Operating earnings
391,787
354,597
697,696
650,906
Interest expense
29,058
26,791
58,580
54,399
Interest income
(14,522)
(17,935)
(28,582)
(38,189)
Gain on dispositions
—
(2,176)
—
(4,644)
Other income, net
(10,447)
(4,180)
(18,902)
(8,138)
Earnings before provision for income taxes
387,698
352,097
686,600
647,478
Provision for income taxes
75,153
71,967
135,306
128,107
Earnings from continuing operations
312,545
280,130
551,294
519,371
Loss from discontinued operations, net
(299)
(1,066)
(615)
(9,486)
Net earnings
$ 312,246
$ 279,064
$ 550,679
$ 509,885
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Basic earnings (loss) per share:
Continuing operations
$ 1.77
$ 2.32
$ 4.09
$ 1.74
$ 2.04
$ 3.78
$ 2.21
$ 2.02
$ 8.01
Discontinued operations
$ —
$ —
$ —
$ (0.06)
$ (0.01)
$ (0.07)
$ (0.01)
$ 0.05
$ (0.03)
Net earnings
$ 1.77
$ 2.32
$ 4.08
$ 1.68
$ 2.03
$ 3.71
$ 2.20
$ 2.07
$ 7.99
Diluted earnings (loss) per share:
Continuing operations
$ 1.76
$ 2.31
$ 4.06
$ 1.73
$ 2.03
$ 3.76
$ 2.20
$ 2.01
$ 7.97
Discontinued operations
$ —
$ —
$ —
$ (0.06)
$ (0.01)
$ (0.07)
$ (0.01)
$ 0.05
$ (0.03)
Net earnings
$ 1.75
$ 2.30
$ 4.06
$ 1.67
$ 2.02
$ 3.69
$ 2.19
$ 2.06
$ 7.94
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations
$238,749
$312,545
$551,294
$239,241
$280,130
$519,371
$303,292
$274,766
$1,097,429
Discontinued operations
(316)
(299)
(615)
(8,420)
(1,066)
(9,486)
(1,296)
7,309
(3,473)
Net earnings
$238,433
$312,246
$550,679
$230,821
$279,064
$509,885
$301,996
$282,075
$1,093,956
Weighted average shares outstanding:
Basic
134,977
134,759
134,869
137,267
137,226
137,261
137,236
135,993
136,935
Diluted
135,895
135,553
135,725
138,260
137,974
138,132
138,029
136,826
137,777
Dividends paid per common share
$ 0.52
$ 0.52
$ 1.04
$ 0.515
$ 0.515
$ 1.03
$ 0.52
$ 0.52
$ 2.07
* Per share data may be impacted by rounding.
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
REVENUE
Engineered Products
$ 266,639
$ 283,481
$ 550,120
$ 254,646
$ 275,944
$ 530,590
$ 279,705
$ 275,549
$1,085,844
Clean Energy & Fueling
554,809
594,959
1,149,768
491,148
546,097
1,037,245
541,368
551,894
2,130,507
Imaging & Identification
285,420
305,101
590,521
280,090
292,009
572,099
299,100
302,244
1,173,443
Pumps & Process Solutions
537,810
552,709
1,090,519
493,573
520,554
1,014,127
550,920
583,623
2,148,670
Climate & Sustainability
Technologies
411,060
455,097
866,157
347,888
416,151
764,039
408,529
387,273
1,559,841
Intersegment eliminations
(2,115)
(1,326)
(3,441)
(1,286)
(1,163)
(2,449)
(1,781)
(1,504)
(5,734)
Total consolidated revenue
$2,053,623
$2,190,021
$4,243,644
$1,866,059
$2,049,592
$3,915,651
$2,077,841
$2,099,079
$8,092,571
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products
$ 44,991
$ 57,798
$ 102,789
$ 44,114
$ 53,511
$ 97,625
$ 57,483
$ 62,158
$ 217,266
Clean Energy & Fueling
99,041
128,546
227,587
85,644
107,771
193,415
118,665
105,990
418,070
Imaging & Identification
77,457
84,976
162,433
77,575
76,937
154,512
81,772
78,451
314,735
Pumps & Process Solutions
169,492
178,848
348,340
151,275
159,504
310,779
168,565
172,256
651,600
Climate & Sustainability
Technologies
63,995
75,826
139,821
52,119
77,262
129,381
76,002
60,264
265,647
Total segment earnings
454,976
525,994
980,970
410,727
474,985
885,712
502,487
479,119
1,867,318
Purchase accounting
expenses 1
54,579
51,591
106,170
49,104
51,123
100,227
59,381
58,837
218,445
Restructuring and other costs 2
36,795
24,635
61,430
9,397
23,210
32,607
15,913
29,466
77,986
Gain on dispositions 3
—
—
—
(2,468)
(2,176)
(4,644)
—
—
(4,644)
Corporate expense / other 4
49,238
47,534
96,772
51,959
41,875
93,834
31,515
39,190
164,539
Interest expense
29,522
29,058
58,580
27,608
26,791
54,399
27,239
28,134
109,772
Interest income
(14,060)
(14,522)
(28,582)
(20,254)
(17,935)
(38,189)
(17,804)
(17,039)
(73,032)
Earnings before provision for
income taxes
298,902
387,698
686,600
295,381
352,097
647,478
386,243
340,531
1,374,252
Provision for income taxes
60,153
75,153
135,306
56,140
71,967
128,107
82,951
65,765
276,823
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 551,294
$ 239,241
$ 280,130
$ 519,371
$ 303,292
$ 274,766
$1,097,429
SEGMENT EARNINGS MARGIN
Engineered Products
16.9 %
20.4 %
18.7 %
17.3 %
19.4 %
18.4 %
20.6 %
22.6 %
20.0 %
Clean Energy & Fueling
17.9 %
21.6 %
19.8 %
17.4 %
19.7 %
18.6 %
21.9 %
19.2 %
19.6 %
Imaging & Identification
27.1 %
27.9 %
27.5 %
27.7 %
26.3 %
27.0 %
27.3 %
26.0 %
26.8 %
Pumps & Process Solutions
31.5 %
32.4 %
31.9 %
30.6 %
30.6 %
30.6 %
30.6 %
29.5 %
30.3 %
Climate & Sustainability
Technologies
15.6 %
16.7 %
16.1 %
15.0 %
18.6 %
16.9 %
18.6 %
15.6 %
17.0 %
Total segment earnings margin
22.2 %
24.0 %
23.1 %
22.0 %
23.2 %
22.6 %
24.2 %
22.8 %
23.1 %
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 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
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Adjusted earnings from continuing operations:
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 551,294
$ 239,241
$ 280,130
$ 519,371
$ 303,292
$ 274,766
$1,097,429
Purchase accounting
expenses, pre-tax 1
54,579
51,591
106,170
49,104
51,123
100,227
59,381
58,837
218,445
Purchase accounting
expenses, tax impact 2
(12,692)
(11,704)
(24,396)
(10,919)
(11,367)
(22,286)
(14,067)
(14,134)
(50,487)
Restructuring and other costs,
pre-tax 3
36,795
24,635
61,430
9,397
23,210
32,607
15,913
29,466
77,986
Restructuring and other costs,
tax impact 2
(8,048)
(5,375)
(13,423)
(1,887)
(4,642)
(6,529)
(3,230)
(5,608)
(15,367)
Gain on dispositions, pre-tax 4
—
—
—
(2,468)
(2,176)
(4,644)
—
—
(4,644)
Gain on dispositions, tax-
impact 2
—
—
—
689
435
1,124
—
—
1,124
Adjusted earnings from
continuing operations
$ 309,383
$ 371,692
$ 681,075
$ 283,157
$ 336,713
$ 619,870
$ 361,289
$ 343,327
$1,324,486
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share
from continuing operations
$ 1.76
$ 2.31
$ 4.06
$ 1.73
$ 2.03
$ 3.76
$ 2.20
$ 2.01
$ 7.97
Purchase accounting
expenses, pre-tax 1
0.40
0.38
0.78
0.36
0.37
0.73
0.43
0.43
1.59
Purchase accounting
expenses, tax impact 2
(0.09)
(0.09)
(0.18)
(0.08)
(0.08)
(0.16)
(0.10)
(0.10)
(0.37)
Restructuring and other costs,
pre-tax 3
0.27
0.18
0.45
0.07
0.17
0.24
0.12
0.22
0.57
Restructuring and other costs,
tax impact 2
(0.06)
(0.04)
(0.10)
(0.01)
(0.03)
(0.05)
(0.02)
(0.04)
(0.11)
Gain on dispositions, pre-tax 4
—
—
—
(0.02)
(0.02)
(0.03)
—
—
(0.03)
Gain on dispositions, tax-
impact 2
—
—
—
—
—
0.01
—
—
0.01
Adjusted diluted earnings per
share from continuing
operations
$ 2.28
$ 2.74
$ 5.02
$ 2.05
$ 2.44
$ 4.49
$ 2.62
$ 2.51
$ 9.61
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.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026 and YTD 2026 includes other costs of $3.0 million, $4.3 million and $7.3 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. 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 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.
4 Gain on dispositions, including post-closing adjustments.
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings
$ 44,991
$ 57,798
$ 102,789
$ 44,114
$ 53,511
$ 97,625
$ 57,483
$ 62,158
$ 217,266
Other depreciation and amortization 1
5,486
5,447
10,933
4,800
5,141
9,941
5,736
5,818
21,495
Adjusted segment EBITDA 2
50,477
63,245
113,722
48,914
58,652
107,566
63,219
67,976
238,761
Adjusted segment EBITDA margin 2
18.9 %
22.3 %
20.7 %
19.2 %
21.3 %
20.3 %
22.6 %
24.7 %
22.0 %
Clean Energy & Fueling:
Segment earnings
$ 99,041
$ 128,546
$ 227,587
$ 85,644
$ 107,771
$ 193,415
$ 118,665
$ 105,990
$ 418,070
Other depreciation and amortization 1
8,552
9,111
17,663
8,578
8,961
17,539
8,582
8,685
34,806
Adjusted segment EBITDA 2
107,593
137,657
245,250
94,222
116,732
210,954
127,247
114,675
452,876
Adjusted segment EBITDA margin 2
19.4 %
23.1 %
21.3 %
19.2 %
21.4 %
20.3 %
23.5 %
20.8 %
21.3 %
Imaging & Identification:
Segment earnings
$ 77,457
$ 84,976
$ 162,433
$ 77,575
$ 76,937
$ 154,512
$ 81,772
$ 78,451
$ 314,735
Other depreciation and amortization 1
4,208
4,373
8,581
4,093
4,229
8,322
4,091
5,155
17,568
Adjusted segment EBITDA 2
81,665
89,349
171,014
81,668
81,166
162,834
85,863
83,606
332,303
Adjusted segment EBITDA margin 2
28.6 %
29.3 %
29.0 %
29.2 %
27.8 %
28.5 %
28.7 %
27.7 %
28.3 %
Pumps & Process Solutions:
Segment earnings
$ 169,492
$ 178,848
$ 348,340
$ 151,275
$ 159,504
$ 310,779
$ 168,565
$ 172,256
$ 651,600
Other depreciation and amortization 1
14,012
14,004
28,016
12,601
13,131
25,732
14,256
14,238
54,226
Adjusted segment EBITDA 2
183,504
192,852
376,356
163,876
172,635
336,511
182,821
186,494
705,826
Adjusted segment EBITDA margin 2
34.1 %
34.9 %
34.5 %
33.2 %
33.2 %
33.2 %
33.2 %
32.0 %
32.8 %
Climate & Sustainability Technologies:
Segment earnings
$ 63,995
$ 75,826
$ 139,821
$ 52,119
$ 77,262
$ 129,381
$ 76,002
$ 60,264
$ 265,647
Other depreciation and amortization 1
8,069
8,001
16,070
7,325
7,605
14,930
7,558
7,856
30,344
Adjusted segment EBITDA 2
72,064
83,827
155,891
59,444
84,867
144,311
83,560
68,120
295,991
Adjusted segment EBITDA margin 2
17.5 %
18.4 %
18.0 %
17.1 %
20.4 %
18.9 %
20.5 %
17.6 %
19.0 %
Total Segments:
Total segment earnings 2, 3
$ 454,976
$ 525,994
$ 980,970
$ 410,727
$ 474,985
$ 885,712
$ 502,487
$ 479,119
$1,867,318
Other depreciation and amortization 1
40,327
40,936
81,263
37,397
39,067
76,464
40,223
41,752
158,439
Total Adjusted segment EBITDA 2
495,303
566,930
1,062,233
448,124
514,052
962,176
542,710
520,871
2,025,757
Total Adjusted segment EBITDA
margin 2
24.1 %
25.9 %
25.0 %
24.0 %
25.1 %
24.6 %
26.1 %
24.8 %
25.0 %
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 Measures Definitions 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
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 551,294
$ 239,241
$ 280,130
$ 519,371
$ 303,292
$ 274,766
$1,097,429
Provision for income taxes
60,153
75,153
135,306
56,140
71,967
128,107
82,951
65,765
276,823
Earnings before provision for
income taxes
298,902
387,698
686,600
295,381
352,097
647,478
386,243
340,531
1,374,252
Interest income
(14,060)
(14,522)
(28,582)
(20,254)
(17,935)
(38,189)
(17,804)
(17,039)
(73,032)
Interest expense
29,522
29,058
58,580
27,608
26,791
54,399
27,239
28,134
109,772
Corporate expense / other 1
49,238
47,534
96,772
51,959
41,875
93,834
31,515
39,190
164,539
Gain on dispositions 2
—
—
—
(2,468)
(2,176)
(4,644)
—
—
(4,644)
Restructuring and other costs 3
36,795
24,635
61,430
9,397
23,210
32,607
15,913
29,466
77,986
Purchase accounting expenses 4
54,579
51,591
106,170
49,104
51,123
100,227
59,381
58,837
218,445
Total segment earnings 5
454,976
525,994
980,970
410,727
474,985
885,712
502,487
479,119
1,867,318
Add: Other depreciation and
amortization 6
40,327
40,936
81,263
37,397
39,067
76,464
40,223
41,752
158,439
Total adjusted segment EBITDA 5
$ 495,303
$ 566,930
$1,062,233
$ 448,124
$ 514,052
$ 962,176
$ 542,710
$ 520,871
$2,025,757
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 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 Measures Definitions 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
2026
Q2
Q2 YTD
Organic
Engineered Products
2.1 %
2.1 %
Clean Energy & Fueling
8.6 %
9.8 %
Imaging & Identification
2.9 %
(0.1) %
Pumps & Process Solutions
0.4 %
(0.2) %
Climate & Sustainability Technologies
8.3 %
11.5 %
Total Organic
4.8 %
5.0 %
Acquisitions
1.2 %
1.5 %
Currency translation
0.9 %
1.9 %
Total*
6.9 %
8.4 %
* Totals may be impacted by rounding.
2026
Q2
Q2 YTD
Organic
United States
7.9 %
9.9 %
Europe
(5.0) %
(4.6) %
Asia
8.5 %
2.0 %
Other Americas
8.8 %
5.9 %
Other
(0.9) %
(2.0) %
Total Organic
4.8 %
5.0 %
Acquisitions
1.2 %
1.5 %
Currency translation
0.9 %
1.9 %
Total*
6.9 %
8.4 %
* Totals may be impacted by rounding.
Adjusted EPS Guidance Reconciliation*
Range
2026 Guidance for Earnings per Share from Continuing Operations (GAAP)
$ 8.94
$ 9.14
Purchase accounting expenses, net
1.20
Restructuring and other costs, net
0.41
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
$ 10.55
$ 10.75
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)
Quarterly Cash Flow
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Net Cash Flows Provided By (Used In):
Operating activities
$ 190,997
$ 236,171
$ 427,168
$ 157,474
$ 212,340
$ 369,814
$ 424,245
$ 543,946
$1,338,005
Investing activities
(61,660)
(44,181)
(105,841)
(74,186)
(681,584)
(755,770)
(58,857)
(71,967)
(886,594)
Financing activities
(161,451)
(73,586)
(235,037)
(122,234)
(84,235)
(206,469)
(73,878)
(344,523)
(624,870)
Quarterly Free Cash Flow (Non-GAAP)
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Cash flow from operating activities
$ 190,997
$ 236,171
$ 427,168
$ 157,474
$ 212,340
$ 369,814
$ 424,245
$ 543,946
$1,338,005
Less: Capital expenditures
(59,808)
(47,783)
(107,591)
(48,192)
(60,932)
(109,124)
(54,150)
(56,989)
(220,263)
Free cash flow
$ 131,189
$ 188,388
$ 319,577
$ 109,282
$ 151,408
$ 260,690
$ 370,095
$ 486,957
$1,117,742
Cash flow from operating activities as a
percentage of revenue
9.3 %
10.8 %
10.1 %
8.4 %
10.4 %
9.4 %
20.4 %
25.9 %
16.5 %
Cash flow from operating activities as a
percentage of adjusted earnings from
continuing operations
61.7 %
63.5 %
62.7 %
55.6 %
63.1 %
59.7 %
117.4 %
158.4 %
101.0 %
Free cash flow as a percentage of
revenue
6.4 %
8.6 %
7.5 %
5.9 %
7.4 %
6.7 %
17.8 %
23.2 %
13.8 %
Free cash flow as a percentage of
adjusted earnings from continuing
operations
42.4 %
50.7 %
46.9 %
38.6 %
45.0 %
42.1 %
102.4 %
141.8 %
84.4 %
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
BOOKINGS
Engineered Products
$ 294,009
$ 277,148
$ 571,157
$ 264,538
$ 276,571
$ 541,109
$ 273,278
$ 281,237
$1,095,624
Clean Energy & Fueling
615,197
602,624
1,217,821
543,859
526,819
1,070,678
509,553
587,041
2,167,272
Imaging & Identification
312,646
302,771
615,417
288,169
292,092
580,261
292,229
302,047
1,174,537
Pumps & Process Solutions
597,578
590,020
1,187,598
499,287
530,158
1,029,445
510,960
500,779
2,041,184
Climate & Sustainability
Technologies
646,960
560,272
1,207,232
395,623
384,246
779,869
415,099
470,081
1,665,049
Intersegment eliminations
(2,714)
(1,482)
(4,196)
(1,892)
(1,295)
(3,187)
(1,380)
(1,472)
(6,039)
Total consolidated bookings
$2,463,676
$2,331,353
$4,795,029
$1,989,584
$2,008,591
$3,998,175
$1,999,739
$2,139,713
$8,137,627
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, 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 per share from continuing operations, 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.
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
[email protected]
[email protected]
SOURCE Dover