, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions, except per share data)*
2026
2025
% Change*
2026
2025
% Change*
U.S. GAAP
Revenue
$ 2,234
$ 2,078
8 %
$ 6,477
$ 5,993
8 %
Earnings from continuing operations
337
303
11 %
888
823
8 %
Diluted EPS from continuing operations
2.50
2.20
14 %
6.56
5.96
10 %
Non-GAAP
Organic revenue change
7 %
6 %
Adjusted earnings from continuing operations 1
388
361
7 %
1,069
981
9 %
Adjusted diluted EPS from continuing operations
2.88
2.62
10 %
7.89
7.10
11 %
1
Q3 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 September 30, 2026, Dover generated revenue of $2.2 billion, an increase of 8% (+7% organic). GAAP earnings from continuing operations of $337 million increased by 11%, and GAAP diluted EPS from continuing operations of $2.50 was up 14%. On an adjusted basis, earnings from continuing operations of $388 million were up 7% and adjusted diluted EPS from continuing operations of $2.88 was up 10%.
For the nine months ended September 30, 2026, Dover generated revenue of $6.5 billion, an increase of 8% (+6% organic). GAAP earnings from continuing operations of $888 million increased by 8%, and GAAP diluted EPS from continuing operations of $6.56 was up 10%. On an adjusted basis, earnings from continuing operations of $1.1 billion were up 9% and adjusted diluted EPS from continuing operations of $7.89 was up 11%.
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 strong results in the third quarter. Top-line growth accelerated, led by our secular growth markets in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing, and space launch. This strength was complemented by broad-based performance across the portfolio, including improving line rates in food retail as we completed the footprint consolidation.
"Order performance was a highlight, consistent with the trend we have seen throughout the year. Bookings increased across all five segments and again outpaced shipments, reinforcing our confidence in the forecast. Notably, a significant portion of our backlog is scheduled for delivery in 2027, giving us a solid foundation heading into next year.
"We remained active in capital deployment. We continued to invest behind greenfield expansions in high-growth end markets, along with productivity and footprint optimization projects. During the quarter, we announced two bolt-on acquisitions that expand our capabilities in attractive markets and add manufacturing capacity in key strategic locations, and we opportunistically repurchased over $330 million of our shares. Our balance sheet and liquidity position provide significant flexibility to deploy additional capital.
"We are on track to deliver double-digit adjusted EPS growth in 2026, in line with our long-term algorithm. As we begin planning for 2027, the constructive demand backdrop and our order book, together with carryover benefits from actions taken this year, set the stage for continued value creation for our shareholders."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 22, 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 - THIRD QUARTER 2026
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue
$ 2,233,839
$ 2,077,841
$ 6,477,483
$ 5,993,492
Cost of goods and services
1,330,413
1,244,247
3,895,316
3,596,136
Gross profit
903,426
833,594
2,582,167
2,397,356
Selling, general and administrative expenses
484,238
456,441
1,465,283
1,369,297
Operating earnings
419,188
377,153
1,116,884
1,028,059
Interest expense
28,870
27,239
87,450
81,638
Interest income
(16,520)
(17,804)
(45,102)
(55,993)
Gain on dispositions
—
—
—
(4,644)
Other income, net
(13,848)
(18,525)
(32,750)
(26,663)
Earnings before provision for income taxes
420,686
386,243
1,107,286
1,033,721
Provision for income taxes
83,866
82,951
219,172
211,058
Earnings from continuing operations
336,820
303,292
888,114
822,663
Loss from discontinued operations, net
(3,489)
(1,296)
(4,104)
(10,782)
Net earnings
$ 333,331
$ 301,996
$ 884,010
$ 811,881
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Basic earnings (loss) per share:
Continuing operations
$ 1.77
$ 2.32
$ 2.51
$ 6.60
$ 1.74
$ 2.04
$ 2.21
$ 5.99
$ 2.02
$ 8.01
Discontinued operations
$ —
$ —
$ (0.03)
$ (0.03)
$ (0.06)
$ (0.01)
$ (0.01)
$ (0.08)
$ 0.05
$ (0.03)
Net earnings
$ 1.77
$ 2.32
$ 2.48
$ 6.57
$ 1.68
$ 2.03
$ 2.20
$ 5.92
$ 2.07
$ 7.99
Diluted earnings (loss) per share:
Continuing operations
$ 1.76
$ 2.31
$ 2.50
$ 6.56
$ 1.73
$ 2.03
$ 2.20
$ 5.96
$ 2.01
$ 7.97
Discontinued operations
$ —
$ —
$ (0.03)
$ (0.03)
$ (0.06)
$ (0.01)
$ (0.01)
$ (0.08)
$ 0.05
$ (0.03)
Net earnings
$ 1.75
$ 2.30
$ 2.47
$ 6.53
$ 1.67
$ 2.02
$ 2.19
$ 5.88
$ 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
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
Discontinued operations
(316)
(299)
(3,489)
(4,104)
(8,420)
(1,066)
(1,296)
(10,782)
7,309
(3,473)
Net earnings
$ 238,433
$ 312,246
$ 333,331
$ 884,010
$ 230,821
$ 279,064
$ 301,996
$ 811,881
$ 282,075
$ 1,093,956
Weighted average shares outstanding:
Basic
134,977
134,759
134,200
134,644
137,267
137,226
137,236
137,254
135,993
136,935
Diluted
135,895
135,553
134,878
135,440
138,260
137,974
138,029
138,099
136,826
137,777
Dividends paid per
common share
$ 0.52
$ 0.52
$ 0.525
$ 1.565
$ 0.515
$ 0.515
$ 0.52
$ 1.55
$ 0.52
$ 2.07
* Per share data may be impacted by rounding.
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
REVENUE
Engineered Products
$ 266,639
$ 283,481
$ 274,903
$ 825,023
$ 254,646
$ 275,944
$ 279,705
$ 810,295
$ 275,549
$ 1,085,844
Clean Energy & Fueling
554,809
594,959
606,003
1,755,771
491,148
546,097
541,368
1,578,613
551,894
2,130,507
Imaging & Identification
285,420
305,101
304,667
895,188
280,090
292,009
299,100
871,199
302,244
1,173,443
Pumps & Process Solutions
537,810
552,709
568,517
1,659,036
493,573
520,554
550,920
1,565,047
583,623
2,148,670
Climate & Sustainability
Technologies
411,060
455,097
481,452
1,347,609
347,888
416,151
408,529
1,172,568
387,273
1,559,841
Intersegment eliminations
(2,115)
(1,326)
(1,703)
(5,144)
(1,286)
(1,163)
(1,781)
(4,230)
(1,504)
(5,734)
Total consolidated revenue
$ 2,053,623
$ 2,190,021
$ 2,233,839
$ 6,477,483
$ 1,866,059
$ 2,049,592
$ 2,077,841
$ 5,993,492
$ 2,099,079
$ 8,092,571
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products
$ 44,991
$ 57,798
$ 56,613
$ 159,402
$ 44,114
$ 53,511
$ 57,483
$ 155,108
$ 62,158
$ 217,266
Clean Energy & Fueling
99,041
128,546
132,881
360,468
85,644
107,771
118,665
312,080
105,990
418,070
Imaging & Identification
77,457
84,976
95,171
257,604
77,575
76,937
81,772
236,284
78,451
314,735
Pumps & Process Solutions
169,492
178,848
177,878
526,218
151,275
159,504
168,565
479,344
172,256
651,600
Climate & Sustainability
Technologies
63,995
75,826
80,555
220,376
52,119
77,262
76,002
205,383
60,264
265,647
Total segment earnings
454,976
525,994
543,098
1,524,068
410,727
474,985
502,487
1,388,199
479,119
1,867,318
Purchase accounting expenses 1
54,579
51,591
45,850
152,020
49,104
51,123
59,381
159,608
58,837
218,445
Restructuring and other costs 2
36,795
24,635
21,767
83,197
9,397
23,210
15,913
48,520
29,466
77,986
Gain on dispositions 3
—
—
—
—
(2,468)
(2,176)
—
(4,644)
—
(4,644)
Corporate expense / other 4
49,238
47,534
42,445
139,217
51,959
41,875
31,515
125,349
39,190
164,539
Interest expense
29,522
29,058
28,870
87,450
27,608
26,791
27,239
81,638
28,134
109,772
Interest income
(14,060)
(14,522)
(16,520)
(45,102)
(20,254)
(17,935)
(17,804)
(55,993)
(17,039)
(73,032)
Earnings before provision for
income taxes
298,902
387,698
420,686
1,107,286
295,381
352,097
386,243
1,033,721
340,531
1,374,252
Provision for income taxes
60,153
75,153
83,866
219,172
56,140
71,967
82,951
211,058
65,765
276,823
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
SEGMENT EARNINGS MARGIN
Engineered Products
16.9 %
20.4 %
20.6 %
19.3 %
17.3 %
19.4 %
20.6 %
19.1 %
22.6 %
20.0 %
Clean Energy & Fueling
17.9 %
21.6 %
21.9 %
20.5 %
17.4 %
19.7 %
21.9 %
19.8 %
19.2 %
19.6 %
Imaging & Identification
27.1 %
27.9 %
31.2 %
28.8 %
27.7 %
26.3 %
27.3 %
27.1 %
26.0 %
26.8 %
Pumps & Process Solutions
31.5 %
32.4 %
31.3 %
31.7 %
30.6 %
30.6 %
30.6 %
30.6 %
29.5 %
30.3 %
Climate & Sustainability
Technologies
15.6 %
16.7 %
16.7 %
16.4 %
15.0 %
18.6 %
18.6 %
17.5 %
15.6 %
17.0 %
Total segment earnings margin
22.2 %
24.0 %
24.3 %
23.5 %
22.0 %
23.2 %
24.2 %
23.2 %
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
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Adjusted earnings from continuing operations:
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
Purchase accounting
expenses, pre-tax 1
54,579
51,591
45,850
152,020
49,104
51,123
59,381
159,608
58,837
218,445
Purchase accounting
expenses, tax impact 2
(12,692)
(11,704)
(12,011)
(36,407)
(10,919)
(11,367)
(14,067)
(36,353)
(14,134)
(50,487)
Restructuring and other
costs, pre-tax 3
36,795
24,635
21,767
83,197
9,397
23,210
15,913
48,520
29,466
77,986
Restructuring and other
costs, tax impact 2
(8,048)
(5,375)
(4,551)
(17,974)
(1,887)
(4,642)
(3,230)
(9,759)
(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
$ 387,875
$ 1,068,950
$ 283,157
$ 336,713
$ 361,289
$ 981,159
$ 343,327
$ 1,324,486
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share
from continuing operations
$ 1.76
$ 2.31
$ 2.50
$ 6.56
$ 1.73
$ 2.03
$ 2.20
$ 5.96
$ 2.01
$ 7.97
Purchase accounting
expenses, pre-tax 1
0.40
0.38
0.34
1.12
0.36
0.37
0.43
1.16
0.43
1.59
Purchase accounting
expenses, tax impact 2
(0.09)
(0.09)
(0.09)
(0.27)
(0.08)
(0.08)
(0.10)
(0.26)
(0.10)
(0.37)
Restructuring and other
costs, pre-tax 3
0.27
0.18
0.16
0.61
0.07
0.17
0.12
0.35
0.22
0.57
Restructuring and other
costs, tax impact 2
(0.06)
(0.04)
(0.03)
(0.13)
(0.01)
(0.03)
(0.02)
(0.07)
(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
$ 2.88
$ 7.89
$ 2.05
$ 2.44
$ 2.62
$ 7.10
$ 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, Q3 2026 and YTD 2026 include other costs of $3.0 million, $4.3 million, $1.7 million, and $9.0 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
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings
$ 44,991
$ 57,798
$ 56,613
$ 159,402
$ 44,114
$ 53,511
$ 57,483
$ 155,108
$ 62,158
$ 217,266
Other depreciation and amortization 1
5,486
5,447
5,647
16,580
4,800
5,141
5,736
15,677
5,818
21,495
Adjusted segment EBITDA 2
50,477
63,245
62,260
175,982
48,914
58,652
63,219
170,785
67,976
238,761
Adjusted segment EBITDA margin 2
18.9 %
22.3 %
22.6 %
21.3 %
19.2 %
21.3 %
22.6 %
21.1 %
24.7 %
22.0 %
Clean Energy & Fueling:
Segment earnings
$ 99,041
$ 128,546
$ 132,881
$ 360,468
$ 85,644
$ 107,771
$ 118,665
$ 312,080
$ 105,990
$ 418,070
Other depreciation and amortization 1
8,552
9,111
8,714
26,377
8,578
8,961
8,582
26,121
8,685
34,806
Adjusted segment EBITDA 2
107,593
137,657
141,595
386,845
94,222
116,732
127,247
338,201
114,675
452,876
Adjusted segment EBITDA margin 2
19.4 %
23.1 %
23.4 %
22.0 %
19.2 %
21.4 %
23.5 %
21.4 %
20.8 %
21.3 %
Imaging & Identification:
Segment earnings
$ 77,457
$ 84,976
$ 95,171
$ 257,604
$ 77,575
$ 76,937
$ 81,772
$ 236,284
$ 78,451
$ 314,735
Other depreciation and amortization 1
4,208
4,373
4,556
13,137
4,093
4,229
4,091
12,413
5,155
17,568
Adjusted segment EBITDA 2
81,665
89,349
99,727
270,741
81,668
81,166
85,863
248,697
83,606
332,303
Adjusted segment EBITDA margin 2
28.6 %
29.3 %
32.7 %
30.2 %
29.2 %
27.8 %
28.7 %
28.5 %
27.7 %
28.3 %
Pumps & Process Solutions:
Segment earnings
$ 169,492
$ 178,848
$ 177,878
$ 526,218
$ 151,275
$ 159,504
$ 168,565
$ 479,344
$ 172,256
$ 651,600
Other depreciation and amortization 1
14,012
14,004
15,059
43,075
12,601
13,131
14,256
39,988
14,238
54,226
Adjusted segment EBITDA 2
183,504
192,852
192,937
569,293
163,876
172,635
182,821
519,332
186,494
705,826
Adjusted segment EBITDA margin 2
34.1 %
34.9 %
33.9 %
34.3 %
33.2 %
33.2 %
33.2 %
33.2 %
32.0 %
32.8 %
Climate & Sustainability Technologies:
Segment earnings
$ 63,995
$ 75,826
$ 80,555
$ 220,376
$ 52,119
$ 77,262
$ 76,002
$ 205,383
$ 60,264
$ 265,647
Other depreciation and amortization 1
8,069
8,001
7,966
24,036
7,325
7,605
7,558
22,488
7,856
30,344
Adjusted segment EBITDA 2
72,064
83,827
88,521
244,412
59,444
84,867
83,560
227,871
68,120
295,991
Adjusted segment EBITDA margin 2
17.5 %
18.4 %
18.4 %
18.1 %
17.1 %
20.4 %
20.5 %
19.4 %
17.6 %
19.0 %
Total Segments:
Total segment earnings 2, 3
$ 454,976
$ 525,994
$ 543,098
$ 1,524,068
$ 410,727
$ 474,985
$ 502,487
$ 1,388,199
$ 479,119
$ 1,867,318
Other depreciation and amortization 1
40,327
40,936
41,942
123,205
37,397
39,067
40,223
116,687
41,752
158,439
Total Adjusted segment EBITDA 2
495,303
566,930
585,040
1,647,273
448,124
514,052
542,710
1,504,886
520,871
2,025,757
Total Adjusted segment EBITDA
margin 2
24.1 %
25.9 %
26.2 %
25.4 %
24.0 %
25.1 %
26.1 %
25.1 %
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
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
Provision for income taxes
60,153
75,153
83,866
219,172
56,140
71,967
82,951
211,058
65,765
276,823
Earnings before provision for
income taxes
298,902
387,698
420,686
1,107,286
295,381
352,097
386,243
1,033,721
340,531
1,374,252
Interest income
(14,060)
(14,522)
(16,520)
(45,102)
(20,254)
(17,935)
(17,804)
(55,993)
(17,039)
(73,032)
Interest expense
29,522
29,058
28,870
87,450
27,608
26,791
27,239
81,638
28,134
109,772
Corporate expense / other 1
49,238
47,534
42,445
139,217
51,959
41,875
31,515
125,349
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
21,767
83,197
9,397
23,210
15,913
48,520
29,466
77,986
Purchase accounting expenses 4
54,579
51,591
45,850
152,020
49,104
51,123
59,381
159,608
58,837
218,445
Total segment earnings 5
454,976
525,994
543,098
1,524,068
410,727
474,985
502,487
1,388,199
479,119
1,867,318
Add: Other depreciation and
amortization 6
40,327
40,936
41,942
123,205
37,397
39,067
40,223
116,687
41,752
158,439
Total adjusted segment EBITDA 5
$ 495,303
$ 566,930
$ 585,040
$ 1,647,273
$ 448,124
$ 514,052
$ 542,710
$ 1,504,886
$ 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
Q3
Q3 YTD
Organic
Engineered Products
(1.6) %
0.8 %
Clean Energy & Fueling
12.1 %
10.6 %
Imaging & Identification
2.2 %
0.7 %
Pumps & Process Solutions
1.2 %
0.3 %
Climate & Sustainability Technologies
17.9 %
13.7 %
Total Organic
7.1 %
5.7 %
Acquisitions
0.5 %
1.2 %
Currency translation
(0.1) %
1.2 %
Total*
7.5 %
8.1 %
* Totals may be impacted by rounding.
2026
Q3
Q3 YTD
Organic
United States
12.6 %
10.9 %
Europe
(3.0) %
(4.1) %
Asia
15.1 %
6.9 %
Other Americas
(7.0) %
1.8 %
Other
(1.1) %
(1.7) %
Total Organic
7.1 %
5.7 %
Acquisitions
0.5 %
1.2 %
Currency translation
(0.1) %
1.2 %
Total*
7.5 %
8.1 %
* Totals may be impacted by rounding.
Adjusted EPS Guidance Reconciliation*
Range
2026 Guidance for Earnings per Share from Continuing Operations (GAAP)
$8.93
$9.08
Purchase accounting expenses, net
1.16
Restructuring and other costs, net
0.51
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
$10.60
$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
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Net Cash Flows Provided By (Used In):
Operating activities
$ 190,997
$ 236,171
$ 438,763
$ 865,931
$ 157,474
$ 212,340
$ 424,245
$ 794,059
$ 543,946
$ 1,338,005
Investing activities
(61,660)
(44,181)
(96,767)
(202,608)
(74,186)
(681,584)
(58,857)
(814,627)
(71,967)
(886,594)
Financing activities
(161,451)
(73,586)
(406,325)
(641,362)
(122,234)
(84,235)
(73,878)
(280,347)
(344,523)
(624,870)
Quarterly Free Cash Flow (Non-GAAP)
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Cash flow from operating
activities
$ 190,997
$ 236,171
$ 438,763
$ 865,931
$ 157,474
$ 212,340
$ 424,245
$ 794,059
$ 543,946
$ 1,338,005
Less: Capital expenditures
(59,808)
(47,783)
(55,414)
(163,005)
(48,192)
(60,932)
(54,150)
(163,274)
(56,989)
(220,263)
Free cash flow
$ 131,189
$ 188,388
$ 383,349
$ 702,926
$ 109,282
$ 151,408
$ 370,095
$ 630,785
$ 486,957
$ 1,117,742
Cash flow from operating
activities as a percentage of
revenue
9.3 %
10.8 %
19.6 %
13.4 %
8.4 %
10.4 %
20.4 %
13.2 %
25.9 %
16.5 %
Cash flow from operating
activities as a percentage of
adjusted earnings from
continuing operations
61.7 %
63.5 %
113.1 %
81.0 %
55.6 %
63.1 %
117.4 %
80.9 %
158.4 %
101.0 %
Free cash flow as a percentage
of revenue
6.4 %
8.6 %
17.2 %
10.9 %
5.9 %
7.4 %
17.8 %
10.5 %
23.2 %
13.8 %
Free cash flow as a percentage
of adjusted earnings from
continuing operations
42.4 %
50.7 %
98.8 %
65.8 %
38.6 %
45.0 %
102.4 %
64.3 %
141.8 %
84.4 %
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
BOOKINGS
Engineered Products
$ 294,009
$ 277,148
$ 274,394
$ 845,551
$ 264,538
$ 276,571
$ 273,278
$ 814,387
$ 281,237
$ 1,095,624
Clean Energy &
Fueling
615,197
602,624
592,608
1,810,429
543,859
526,819
509,553
1,580,231
587,041
2,167,272
Imaging & Identification
312,646
302,771
292,907
908,324
288,169
292,092
292,229
872,490
302,047
1,174,537
Pumps & Process
Solutions
597,578
590,020
557,177
1,744,775
499,287
530,158
510,960
1,540,405
500,779
2,041,184
Climate &
Sustainability
Technologies
646,960
560,272
594,051
1,801,283
395,623
384,246
415,099
1,194,968
470,081
1,665,049
Intersegment
eliminations
(2,714)
(1,482)
(1,025)
(5,221)
(1,892)
(1,295)
(1,380)
(4,567)
(1,472)
(6,039)
Total consolidated
bookings
$ 2,463,676
$ 2,331,353
$ 2,310,112
$ 7,105,141
$ 1,989,584
$ 2,008,591
$ 1,999,739
$ 5,997,914
$ 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.
Analysts on Wall Street project that Dover Corporation (DOV - Free Report) will announce quarterly earnings of $2.84 per share in its forthcoming report, representing an increase of 8.4% year over year. Revenues are projected to reach $2.21 billion, increasing 6.2% from the same quarter last year.
Over the last 30 days, there has been a downward revision of 0.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Bearing this in mind, let's now explore the average estimates of specific Dover metrics that are commonly monitored and projected by Wall Street analysts.
The consensus among analysts is that 'Revenue- Engineered Products' will reach $290.31 million. The estimate indicates a change of +3.8% from the prior-year quarter.
Analysts forecast 'Revenue- Clean Energy & Fueling' to reach $578.72 million. The estimate indicates a year-over-year change of +6.9%.
Analysts' assessment points toward 'Revenue- Climate & Sustainability Technologies' reaching $458.78 million. The estimate suggests a change of +12.3% year over year.
The collective assessment of analysts points to an estimated 'Revenue- Pumps & Process Solutions' of $575.47 million. The estimate suggests a change of +4.5% year over year.
The combined assessment of analysts suggests that 'Revenue- Imaging & Identification' will likely reach $309.68 million. The estimate indicates a change of +3.5% from the prior-year quarter.
Based on the collective assessment of analysts, 'Adjusted EBITDA- Engineered Products' should arrive at $68.62 million. The estimate is in contrast to the year-ago figure of $63.22 million.
According to the collective judgment of analysts, 'Adjusted EBITDA- Clean Energy & Fueling' should come in at $137.58 million. The estimate compares to the year-ago value of $127.25 million.
The average prediction of analysts places 'Adjusted EBITDA- Climate & Sustainability Technologies' at $90.63 million. Compared to the present estimate, the company reported $83.56 million in the same quarter last year.
It is projected by analysts that the 'Adjusted EBITDA- Pumps & Process Solutions' will reach $200.82 million. Compared to the current estimate, the company reported $182.82 million in the same quarter of the previous year.
Analysts expect 'Adjusted EBITDA- Imaging & Identification' to come in at $91.49 million. Compared to the present estimate, the company reported $85.86 million in the same quarter last year.
View all Key Company Metrics for Dover here>>>
Shares of Dover have demonstrated returns of +5% over the past month compared to the Zacks S&P 500 composite's +0.7% change. With a Zacks Rank #3 (Hold), DOV is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Společnost Dover má za čtvrtletí končící v září 2026 vykázat zisk na akcii (EPS) ve výši 2,85 USD, což představuje meziroční nárůst o 8,8 %, a tržby ve výši 2,21 mld. USD.
Wall Street expects a year-over-year increase in earnings on higher revenues when Dover Corporation (DOV - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $2.85 per share in its upcoming report, which represents a year-over-year change of +8.8%.
Revenues are expected to be $2.21 billion, up 6.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.27% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Dover?For Dover, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.75%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Dover will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Dover would post earnings of $2.72 per share when it actually produced earnings of $2.74, delivering a surprise of +0.74%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Dover doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Manufacturing - General Industrial industry, Graco Inc. (GGG - Free Report) , is soon expected to post earnings of $0.82 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +12.3%. Revenues for the quarter are expected to be $589.82 million, up 8.6% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Graco has been revised 2% up to the current level. Nevertheless, the company now has an Earnings ESP of -2.68%, reflecting a lower Most Accurate Estimate.
When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that Graco will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
First Citizens Bank & Trust Co. boosted its stake in shares of Dover Corporation (NYSE:DOV – Free Report) by 1,677.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,049 shares of the industrial products company’s stock after acquiring an additional 33,077 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Dover were worth $6,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Reflection Asset Management bought a new stake in Dover in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new position in shares of Dover in the second quarter worth approximately $30,000. MV Capital Management Inc. bought a new position in shares of Dover in the fourth quarter worth approximately $29,000. Keating Financial Advisory Services Inc. bought a new position in shares of Dover in the second quarter worth approximately $34,000. Finally, Financial Life Planners purchased a new position in shares of Dover in the first quarter worth $31,000. 84.46% of the stock is currently owned by institutional investors.
Analyst Ratings Changes DOV has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Dover from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, September 2nd. BMO Capital Markets raised shares of Dover from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Wolfe Research reissued an “outperform” rating and issued a $262.00 price target on shares of Dover in a report on Thursday, July 9th. Robert W. Baird set a $270.00 price objective on shares of Dover in a research report on Friday, July 24th. Finally, Wells Fargo & Company assumed coverage on shares of Dover in a research note on Thursday, September 24th. They set an “overweight” rating and a $229.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Dover presently has an average rating of “Moderate Buy” and an average price target of $237.43.
Read Our Latest Analysis on Dover Dover Stock Performance NYSE:DOV opened at $193.41 on Thursday. The stock has a market cap of $26.05 billion, a P/E ratio of 23.30, a price-to-earnings-growth ratio of 1.68 and a beta of 1.13. The firm’s fifty day simple moving average is $195.10 and its 200 day simple moving average is $208.03. Dover Corporation has a twelve month low of $161.27 and a twelve month high of $237.54. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.33.
Dover (NYSE:DOV – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.02. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Dover had a return on equity of 18.32% and a net margin of 13.48%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 EPS. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, research analysts predict that Dover Corporation will post 10.67 EPS for the current year.
Dover Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.5250 per share. This is an increase from Dover’s previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Monday, August 31st. Dover’s payout ratio is 25.30%.
About Dover (Free Report)
Dover Corporation is a diversified global manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including industrial manufacturing, energy, transportation, food and beverage, refrigeration, and building services.
The company’s products include pumps, compressors, fluid-handling equipment, fueling and dispensing systems, refrigeration and heat-transfer technologies, printing and marking equipment, and engineered components.
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Ferguson Wellman Capital Management Inc. boosted its position in Dover Corporation (NYSE:DOV – Free Report) by 24,578.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 800,074 shares of the industrial products company’s stock after purchasing an additional 796,832 shares during the period. Dover comprises 1.6% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 17th biggest position. Ferguson Wellman Capital Management Inc. owned approximately 0.59% of Dover worth $139,708,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Dover during the second quarter valued at about $2,347,134,000. Bank of New York Mellon Corp raised its stake in Dover by 5.2% during the 1st quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company’s stock valued at $631,806,000 after acquiring an additional 150,319 shares in the last quarter. Bank of America Corp DE acquired a new stake in Dover in the second quarter worth approximately $625,375,000. Franklin Resources Inc. boosted its holdings in Dover by 5.8% during the fourth quarter. Franklin Resources Inc. now owns 1,760,151 shares of the industrial products company’s stock worth $343,652,000 after buying an additional 95,845 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Dover by 2.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company’s stock worth $217,433,000 after buying an additional 20,590 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.
Dover Trading Up 1.1% NYSE DOV traded up $2.05 during trading hours on Monday, hitting $191.74. 203,249 shares of the company’s stock were exchanged, compared to its average volume of 1,160,332. The stock has a 50-day simple moving average of $197.45 and a 200 day simple moving average of $209.25. Dover Corporation has a 1-year low of $158.97 and a 1-year high of $237.54. The firm has a market cap of $25.82 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 1.66 and a beta of 1.13. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.33.
Dover (NYSE:DOV – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.72 by $0.02. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.21 billion. Dover had a net margin of 13.48% and a return on equity of 18.32%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm earned $2.44 earnings per share. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. On average, equities analysts forecast that Dover Corporation will post 10.67 EPS for the current fiscal year. Dover Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.5250 per share. The ex-dividend date was Monday, August 31st. This is an increase from Dover’s previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a yield of 1.1%. Dover’s dividend payout ratio (DPR) is 25.30%.
Wall Street Analyst Weigh In Several equities analysts recently weighed in on DOV shares. Wolfe Research reaffirmed an “outperform” rating and set a $262.00 price objective on shares of Dover in a research report on Thursday, July 9th. Royal Bank Of Canada cut their target price on shares of Dover from $252.00 to $227.00 and set a “sector perform” rating for the company in a research note on Friday, July 24th. Wall Street Zen downgraded shares of Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. BMO Capital Markets upgraded Dover from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Finally, Robert W. Baird set a $270.00 price target on shares of Dover in a research report on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.21.
View Our Latest Analysis on Dover
Dover Company Profile (Free Report)
Dover Corporation is a diversified global manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including industrial manufacturing, energy, transportation, food and beverage, refrigeration, and building services.
The company’s products include pumps, compressors, fluid-handling equipment, fueling and dispensing systems, refrigeration and heat-transfer technologies, printing and marking equipment, and engineered components.
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Caisse de dépôt et placement du Québec ve 2. čtvrtletí nově koupila 2 606 akcií společnosti Dover za zhruba 584 000 USD. Dover zároveň oznámil vyšší čtvrtletní dividendu ve výši 0,525 USD na akcii.
Caisse de depot et placement du Quebec acquired a new position in shares of Dover Corporation (NYSE:DOV – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,606 shares of the industrial products company’s stock, valued at approximately $584,000.
Other large investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in shares of Dover by 234.2% during the 4th quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock worth $25,000 after buying an additional 89 shares during the period. Reflection Asset Management acquired a new position in Dover in the fourth quarter valued at approximately $26,000. MV Capital Management Inc. bought a new position in Dover in the fourth quarter valued at approximately $29,000. Clearstead Trust LLC bought a new position in Dover in the second quarter valued at approximately $30,000. Finally, Financial Life Planners acquired a new stake in Dover during the 1st quarter worth $31,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.
Dover Stock Down 0.1% NYSE:DOV opened at $198.54 on Monday. Dover Corporation has a 1 year low of $158.97 and a 1 year high of $237.54. The stock has a 50-day moving average price of $210.67 and a two-hundred day moving average price of $215.06. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 1.51 and a beta of 1.16. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.33.
Dover (NYSE:DOV – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The industrial products company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.72 by $0.02. Dover had a return on equity of 18.32% and a net margin of 13.48%.The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter last year, the firm posted $2.44 earnings per share. Dover’s revenue was up 6.8% compared to the same quarter last year. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, equities analysts expect that Dover Corporation will post 10.67 earnings per share for the current year. Dover Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.525 per share. This is an increase from Dover’s previous quarterly dividend of $0.52. The ex-dividend date is Monday, August 31st. This represents a $2.10 annualized dividend and a yield of 1.1%. Dover’s dividend payout ratio is 25.06%.
Analyst Upgrades and Downgrades Several analysts have commented on DOV shares. Morgan Stanley upped their target price on shares of Dover from $210.00 to $230.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. Wall Street Zen cut Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings upgraded Dover from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 4th. Wolfe Research reissued an “outperform” rating and issued a $262.00 target price on shares of Dover in a research note on Thursday, July 9th. Finally, BMO Capital Markets upgraded Dover from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Dover presently has an average rating of “Moderate Buy” and an average price target of $238.29.
Get Our Latest Report on Dover
Dover Profile (Free Report)
Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.
Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.
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Dover podepsal definitivní dohodu o koupi indické společnosti Leistung Engineering, výrobce kryogenních ventilů pro LNG a průmyslové plyny. Akvizice má rozšířit výrobu i nabídku kryogenních řešení.
, /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has signed a definitive agreement to acquire Leistung Engineering Pvt. Ltd. ("Leistung"), which will become part of OPW Fluid Transfer Solutions within Dover's Clean Energy & Fueling segment following the closing of the deal.
Headquartered in Ahmedabad, India, Leistung specializes in the design and manufacture of cryogenic valves, including globe, check and control valves engineered for liquefied natural gas, industrial gas, and other low-temperature applications, along with a complementary portfolio of diaphragm valves, filtration systems, and related products. Leistung has driven double-digit organic growth over the past three years through continuous research and development, new product introductions, and a talented engineering workforce.
Leistung's modern facility will serve as a highly strategic manufacturing hub for Dover in India and is well positioned to capitalize on robust investments in LNG terminals and natural gas pipeline infrastructure in the country, which are driving sustained demand for cryogenic flow control solutions. The facility has substantial capacity for future operational expansion opportunities.
"This acquisition strengthens our ability to serve the rapidly growing Indian market while expanding our global manufacturing footprint and advancing our capabilities in cryogenic solutions, positioning OPW to deliver greater value to customers worldwide," stated David Malinas, President of OPW.
The transaction is expected to close in the fourth quarter following satisfactory completion of customary closing conditions. The terms of the transaction were not disclosed.
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." Additional information is available at dovercorporation.com.
Forward-Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. 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, 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, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be 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 any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.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.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has completed the previously reported acquisition of Cloeren Incorporated, which will become part of the MAAG business unit within Dover's Pumps & Process Solutions segment.
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." Additional information is available at dovercorporation.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Board of Directors of Dover Corporation (NYSE: DOV) today increased its quarterly cash dividend to $0.525 (fifty-two and one-half cents) per share, from the previous $0.52 (fifty-two cents) per share, an increase of $0.005 (one-half cent). This is the 71st consecutive year in which the Company has increased its annual cash dividend, demonstrating Dover's longstanding commitment to returning capital to shareholders.
This increased dividend will be paid on September 15, 2026, to shareholders of record as of August 31, 2026.
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." Additional information is available at dovercorporation.com.
Dover uzavřel definitivní dohodu o koupi společnosti Cloeren, výrobce T-dies a feedblocks pro polymerní a plastové aplikace. Akvizice má být dokončena ve 3. čtvrtletí.
, /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has signed a definitive agreement to acquire Cloeren Incorporated ("Cloeren"). Cloeren will become part of the MAAG business unit within Dover's Pumps & Process Solutions segment following the closing of the deal.
As a global leader in the production of high-performance, custom-designed extrusion T-dies and feedblocks primarily for polymer and plastics applications, Cloeren is highly regarded for its technical capabilities and blue-chip customer base. The Company is based in Orange, TX, near North America's petrochemical and energy export hub, with additional manufacturing locations in Marshall, TX; Eau Claire, WI; and Micheldorf, Austria.
The acquisition adds complementary extrusion technologies to MAAG's portfolio and expands its ability to serve customers with a broader, more complete solution across polymer processing applications.
"Cloeren is a strong strategic fit for MAAG and will further enhance our capabilities in extrusion applications," said Ueli Thuerig, President of MAAG. "The addition of Cloeren's technologies and engineering expertise expands our solutions offering and strengthens our ability to support customers with highly engineered, mission-critical equipment."
The transaction is expected to close in the third quarter following satisfactory completion of customary closing conditions. The terms of the transaction were not disclosed.
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." Additional information is available at dovercorporation.com.
Forward-Looking Statements:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. 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, 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, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be 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 any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.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 Contact:
Jack Dickens
Vice President – Investor Relations
(630) 743-2566
[email protected]
Media Contact:
Adrian Sakowicz
Vice President – Communications
(630) 743-5039
[email protected]
Dover ve 2. čtvrtletí zvýšil tržby o 7 % na 2,19 miliardy USD a upravený zisk na akcii o 12 % na 2,74 USD. Zároveň zvýšil celoroční odhad upraveného EPS na 10,55 až 10,75 USD.
, /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.
Dover má 23. července vykázat za 2. čtvrtletí tržby 2,21 mld. USD a EPS 2,72 USD. Silné objednávky mohou částečně vyvážit slabší objemy ve vehicle services.
Key Takeaways Dover is expected to report Q2 revenues of $2.21 billion and EPS of $2.72 before the July 23 release.DOV saw strong bookings, but weaker vehicle-services volumes may offset gains in the quarter.Dover expects strength across multiple segments, supported by demand, shipments and margin performance. Dover Corporation (DOV - Free Report) is set to release second-quarter 2026 results on July 23, 2026, before the opening bell.
The Zacks Consensus Estimate for DOV’s revenues is pegged at $2.21 billion, indicating a 7.9% rise from the year-ago reported figure.
The consensus estimate for earnings is pegged at $2.72 per share, which implies year-over-year growth of 11.5%. The estimate has been unchanged in the past 60 days.
Image Source: Zacks Investment Research
Dover’s Solid Earnings Surprise HistoryDOV’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, as seen in the chart below. The company has an average earnings surprise of 2.1%.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for DOV StockOur model does not predict an earnings beat for DOV this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you can see below.
DOV’s Earnings ESP: Dover has an Earnings ESP of -0.01%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank of Dover: DOV currently carries a Zacks Rank of 2.
Factors to Note Regarding Dover’s Q2 PerformanceDOV has been witnessing robust bookings across most of its segments on strong demand and shipment levels, which are likely to have supported its second-quarter performance. However, the impacts of lower volumes in vehicle services are expected to have negated these gains.
Dover’s margins are likely to have benefited from an improved price-cost spread and tight cost controls for a while. However, the negative impacts of supply-chain constraints and input inflation have been acting as headwinds. These are likely to get reflected in DOV’s earnings results.
Q2 Segment Projections for DoverIn the Engineered Products segment, ongoing strong demand in aerospace and defense components is expected to have been offset by weak demand in the vehicle-service business. Our estimate for the segment’s revenues is pegged at $283.5 million, indicating a 2.7% increase from the prior-year quarter’s actual.
The estimate for the Engineered Products segment’s adjusted EBITDA is pegged at $63 million, indicating an 8.1% increase from the prior-year quarter’s actual.
The Clean Energy and Fueling Solutions segment is likely to have gained solid shipments and new orders in clean energy components, fluid transport and North America retail fueling. We expect the segment’s revenues to be $591 million, indicating growth of 8.2% from the year-earlier actual.
The estimate for the Clean Energy and Fueling Solutions segment’s adjusted EBITDA is pegged at $131.5 million, indicating a 12.7% increase from the year-ago quarter’s actual.
The Imaging and Identification segment's results are expected to reflect the benefits of growth in core marking and coding, and serialization software. Our prediction for the segment’s revenues is $307 million, indicating a 5.1% rise from the prior-year quarter’s actual.
We project the segment’s adjusted EBITDA to be $82 million, which indicates 1.3% growth from the second-quarter 2026 reported figure, aided by a solid margin performance.
Dover’s Pumps and Process Solutions segment’s results are likely to reflect growth in biopharma and platform cycles businesses. We anticipate the segment’s revenues to increase 7.2% year over year to $558 million. The consensus mark for the segment’s second-quarter adjusted EBITDA is pegged at $193 million, implying an 11.9% year-over-year rise.
In the Climate and Sustainability Technologies segment, results are expected to gain from shipment and order rates in refrigerated door cases and CO2 systems. We expect quarterly revenues to be $459 million, implying an 10.4% increase from the year-earlier reported figure. The estimate for the segment’s adjusted EBITDA is pegged at $102 million, whereas it reported $85 million in the second quarter of 2025.
DOV Stock’s Price PerformanceDover’s shares have gained 15.7% in the past year compared with the industry’s 6.8% growth.
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Stocks That Warrant a LookHere are some companies with the right combination of elements to post an earnings beat in their upcoming releases.
Hubbell Incorporated (HUBB - Free Report) , slated to release second-quarter 2026 results on July 28, has an Earnings ESP of +0.62% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Hubbell’s second-quarter 2026 earnings is pegged at $5.32 per share, suggesting a year-over-year rise of 7.9%. HUBB has a trailing four-quarter average surprise of 4.7%.
Deere & Company (DE - Free Report) , slated to release third-quarter fiscal 2026 results on Aug. 20, has an Earnings ESP of +6.74% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for Deere’s third-quarter fiscal 2026 earnings is pegged at $4.82 per share, indicating a year-over-year rise of 1.5%. DE has a trailing four-quarter average surprise of 10.2%.
Illinois Tool Works Inc. (ITW - Free Report) , slated to release second-quarter 2026 results on July 28, has an Earnings ESP of +0.31% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for Illinois Tool Works’ second-quarter 2026 earnings is pegged at $2.80 per share, implying a year-over-year rise of 8.5%. ITW has a trailing four-quarter average surprise of 2.8%.
