DOWNERS GROVE, Ill., Jan. 29, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the fourth quarter ended December 31, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended December 31, Years Ended December 31,
($ in millions, except per share data)* 2025 2024 % Change* 2025 2024 % Change*
U.S. GAAP
Revenue $2,099 $1,930 9 % $8,093 $7,746 4 %
Earnings from continuing operations 275 238 15 % 1,097 1,400 (22) %
Diluted EPS from continuing operations 2.01 1.72 17 % 7.97 10.09 (21) %
Non-GAAP
Organic revenue change 5 % 2 %
Adjusted earnings from continuing operations(1) 343 305 13 % 1,324 1,150 15 %
Adjusted diluted EPS from continuing operations 2.51 2.20 14 % 9.61 8.29 16 %
(1) Q4 and full year 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses,
restructuring and other costs, and (gain) loss on dispositions.
*
Totals, change and per share data may be impacted by rounding.
For the quarter ended December 31, 2025, Dover generated revenue of $2.1 billion, an increase of 9% (+5% organic). GAAP earnings from continuing operations of $275 million increased 15%, and GAAP diluted EPS from continuing operations of $2.01 was up 17%. On an adjusted basis, earnings from continuing operations of $343 million were up 13% and adjusted diluted EPS from continuing operations of $2.51 was up 14%.
For the year ended December 31, 2025, Dover generated revenue of $8.1 billion, an increase of 4% (+2% organic). GAAP earnings from continuing operations of $1.1 billion decreased by 22%, and GAAP diluted EPS from continuing operations of $7.97 was down 21%, both principally due to the gain on the disposition of De-Sta-Co in the prior year. On an adjusted basis, earnings from continuing operations of $1.3 billion increased 15%, and adjusted diluted EPS from continuing operations of $9.61 was up 16%.
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Our fourth quarter results reflect broad-based top line strength across the portfolio, with organic growth reaching its highest level of the year. Revenue performance was driven by robust trends in our secular-growth-exposed markets as well as improving conditions in retail fueling and refrigerated door cases and services. Our sustained strong bookings rates continue to support underlying momentum across the portfolio, providing confidence in the durability of demand as we enter the new year.
"Margins improved year-over-year on volume leverage and ongoing productivity initiatives. We are carrying a significant amount of restructuring benefit into next year from previously announced productivity and fixed cost optimization projects, which should support attractive margin conversion.
"Our solid operational results were complemented by our capital allocation strategy. The acquisitions we closed during the year are performing above their deal models. Additionally, we initiated an accelerated share repurchase in November, underscoring our disciplined approach to capital return to shareholders. With meaningful balance sheet flexibility, we remain well positioned to invest behind long-term shareholder value creation.
"We have a constructive outlook for 2026. Demand trends are solid and broad-based across the portfolio, and are supported by our order book, with no individual end market presenting a material headwind. Our balance sheet optionality enables us to dynamically respond to market conditions and opportunistically play offense. Our 2026 guidance is consistent with our long-term EPS growth trajectory and our commitment to driving sustainable value creation for our shareholders."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.95 to $9.15 (adjusted EPS of $10.45 to $10.65), based on full year revenue growth of 5% to 7% (organic growth of 3% to 5%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its fourth quarter results at 12:00 P.M. Eastern Time (11:00 A.M. Central Time) on Thursday, January 29, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR SUPPLEMENT - FOURTH QUARTER AND FULL YEAR 2025
---
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
Three Months Ended December 31, Years Ended December 31,
2025 2024 2025 2024
Revenue $2,099,079 $1,929,866 $8,092,571 $7,745,909
Cost of goods and services 1,278,266 1,184,142 4,874,402 4,787,288
Gross profit 820,813 745,724 3,218,169 2,958,621
Selling, general and administrative expenses 475,511 450,660 1,844,808 1,752,266
Operating earnings 345,302 295,064 1,373,361 1,206,355
Interest expense 28,134 28,304 109,772 131,171
Interest income (17,039) (23,145) (73,032) (37,158)
Loss (gain) on dispositions - 115 (4,644) (597,798)
Other income, net (6,324) (13,860) (32,987) (46,876)
Earnings before provision for income taxes 340,531 303,650 1,374,252 1,757,016
Provision for income taxes 65,765 65,267 276,823 357,048
Earnings from continuing operations 274,766 238,383 1,097,429 1,399,968
Earnings (loss) from discontinued operations, net 7,309 1,197,600 (3,473) 1,297,158
Net earnings $282,075 $1,435,983 $1,093,956 $2,697,126
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
---
2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
Basic earnings (loss) per share:
Continuing operations $1.74 $2.04 $2.21 $2.02 $8.01 $4.33 $1.79 $2.28 $1.74 $10.16
Discontinued operations $(0.06) $(0.01) $(0.01) $0.05 $(0.03) $0.22 $0.26 $0.25 $8.73 $9.42
Net earnings $1.68 $2.03 $2.20 $2.07 $7.99 $4.55 $2.05 $2.53 $10.47 $19.58
Diluted earnings (loss) per share:
Continuing operations $1.73 $2.03 $2.20 $2.01 $7.97 $4.30 $1.78 $2.26 $1.72 $10.09
Discontinued operations $(0.06) $(0.01) $(0.01) $0.05 $(0.03) $0.22 $0.25 $0.25 $8.66 $9.35
Net earnings $1.67 $2.02 $2.19 $2.06 $7.94 $4.52 $2.04 $2.51 $10.38 $19.45
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations $239,241 $280,130 $303,292 $274,766 $1,097,429 $602,102 $246,587 $312,896 $238,383 $1,399,968
Discontinued operations (8,420) (1,066) (1,296) 7,309 (3,473) 30,119 35,235 34,204 1,197,600 1,297,158
Net earnings $230,821 $279,064 $301,996 $282,075 $1,093,956 $632,221 $281,822 $347,100 $1,435,983 $2,697,126
Weighted average shares outstanding:
Basic 137,267 137,226 137,236 135,993 136,935 139,051 137,443 137,251 137,205 137,735
Diluted 138,260 137,974 138,029 136,826 137,777 139,869 138,404 138,223 138,298 138,696
Dividends paid per common share $0.515 $0.515 $0.52 $0.52 $2.07 $0.51 $0.51 $0.515 $0.515 $2.05
* Per share data may be impacted by rounding.
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
REVENUE
---
Engineered Products $254,646 $275,944 $279,705 $275,549 $1,085,844 $332,820 $285,297 $296,117 $288,223 $1,202,457
Clean Energy & Fueling 491,148 546,097 541,368 551,894 2,130,507 445,053 463,014 500,685 528,032 1,936,784
Imaging & Identification 280,090 292,009 299,100 302,244 1,173,443 276,806 287,593 283,966 288,800 1,137,165
Pumps & Process Solutions 493,573 520,554 550,920 583,623 2,148,670 465,729 477,239 472,463 479,135 1,894,566
Climate & Sustainability Technologies 347,888 416,151 408,529 387,273 1,559,841 364,292 436,706 431,127 347,524 1,579,649
Intersegment eliminations (1,286) (1,163) (1,781) (1,504) (5,734) (981) (1,067) (816) (1,848) (4,712)
Total consolidated revenue $1,866,059 $2,049,592 $2,077,841 $2,099,079 $8,092,571 $1,883,719 $1,948,782 $1,983,542 $1,929,866 $7,745,909
EARNINGS FROM CONTINUING OPERATIONS
---
Segment Earnings:
Engineered Products $44,114 $53,511 $57,483 $62,158 $217,266 $62,532 $52,095 $56,621 $59,989 $231,237
Clean Energy & Fueling 85,644 107,771 118,665 105,990 418,070 69,675 87,536 99,536 103,246 359,993
Imaging & Identification 77,575 76,937 81,772 78,451 314,735 69,959 75,786 77,247 78,715 301,707
Pumps & Process Solutions 151,275 159,504 168,565 172,256 651,600 118,737 137,217 138,277 142,375 536,606
Climate & Sustainability Technologies 52,119 77,262 76,002 60,264 265,647 50,759 79,127 76,015 44,974 250,875
Total segment earnings 410,727 474,985 502,487 479,119 1,867,318 371,662 431,761 447,696 429,299 1,680,418
Purchase accounting expenses (1) 49,104 51,123 59,381 58,837 218,445 44,187 44,332 48,356 49,366 186,241
Restructuring and other costs (2) 9,397 23,210 15,913 29,466 77,986 23,971 11,590 16,581 32,841 84,983
(Gain) loss on dispositions (3) (2,468) (2,176) (4,644) (529,943) 663 (68,633) 115 (597,798)
Corporate expense / other 4 51,959 41,875 31,515 39,190 164,539 42,159 39,526 36,110 38,168 155,963
Interest expense 27,608 26,791 27,239 28,134 109,772 36,365 32,374 34,128 28,304 131,171
Interest income (20,254) (17,935) (17,804) (17,039) (73,032) (4,756) (4,081) (5,176) (23,145) (37,158)
Earnings before provision for income taxes 295,381 352,097 386,243 340,531 1,374,252 759,679 307,357 386,330 303,650 1,757,016
Provision for income taxes 56,140 71,967 82,951 65,765 276,823 157,577 60,770 73,434 65,267 357,048
Earnings from continuing operations $239,241 $280,130 $303,292 $274,766 $1,097,429 $602,102 $246,587 $312,896 $238,383 $1,399,968
SEGMENT EARNINGS MARGIN
---
Engineered Products 17.3 % 19.4 % 20.6 % 22.6 % 20.0 % 18.8 % 18.3 % 19.1 % 20.8 % 19.2 %
Clean Energy & Fueling 17.4 % 19.7 % 21.9 % 19.2 % 19.6 % 15.7 % 18.9 % 19.9 % 19.6 % 18.6 %
Imaging & Identification 27.7 % 26.3 % 27.3 % 26.0 % 26.8 % 25.3 % 26.4 % 27.2 % 27.3 % 26.5 %
Pumps & Process Solutions 30.6 % 30.6 % 30.6 % 29.5 % 30.3 % 25.5 % 28.8 % 29.3 % 29.7 % 28.3 %
Climate & Sustainability Technologies 15.0 % 18.6 % 18.6 % 15.6 % 17.0 % 13.9 % 18.1 % 17.6 % 12.9 % 15.9 %
Total segment earnings margin 22.0 % 23.2 % 24.2 % 22.8 % 23.1 % 19.7 % 22.2 % 22.6 % 22.2 % 21.7 %
(1) Purchase accounting expenses are primarily comprised of amortization of intangible assets.
(2) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
(3) (Gain) loss on dispositions, including post-closing adjustments.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate
headquarters.
DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)(in thousands)
December 31, 2025 December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents $1,676,808 $1,844,877
Receivables, net 1,371,352 1,354,225
Inventories, net 1,272,784 1,144,838
Prepaid and other current assets 185,996 140,557
Total current assets 4,506,940 4,484,497
Property, plant and equipment, net 1,119,623 987,924
Goodwill 5,430,038 4,905,702
Intangible assets, net 1,759,616 1,580,854
Other assets and deferred charges 606,206 550,183
Total assets $13,422,423 $12,509,160
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $706,677 $400,056
Payables, accrued expenses and other current liabilities 1,811,812 1,796,471
Total current liabilities 2,518,489 2,196,527
Deferred taxes and other non-current liabilities 877,433 829,291
Long-term debt 2,621,295 2,529,346
Stockholders' equity:
Stockholders' equity 7,405,206 6,953,996
Total liabilities and stockholders' equity $13,422,423 $12,509,160
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)(in thousands)
Years Ended December 31,
2025 2024
Operating Activities:
Net earnings $1,093,956 $2,697,126
Adjustments to reconcile net earnings to cash provided by operating activities:
Earnings from discontinued operations, net 3,473 (1,297,158)
Depreciation and amortization 379,577 337,842
Stock-based compensation expense 43,981 40,359
Employee benefit plan (benefit) expense (7,623) (9,946)
Gain on dispositions (4,644) (597,798)
Other, net (35,354) (57,073)
Net change in assets and liabilities (135,361) (25,519)
Net cash provided by operating activities 1,338,005 1,087,833
Investing Activities:
Additions to property, plant and equipment (220,263) (167,533)
Acquisitions, net of cash and cash equivalents acquired (663,270) (635,269)
Proceeds from dispositions, net of cash transferred 5,998 768,847
Other, net (9,059) 6,972
Net cash used in investing activities (886,594) (26,983)
Financing Activities:
Change in commercial paper and other short-term borrowings, net (639) (467,637)
Repayment of long-term debt (400,000)
Proceeds from long-term debt 631,186
Dividends paid to stockholders (283,007) (283,117)
Repurchase of common stock, including payment under accelerated share repurchase program (540,700) (500,000)
Payments to settle employee tax obligations on exercise of share-based awards (14,887) (16,603)
Other, net (16,823) (4,316)
Net cash used in financing activities (624,870) (1,271,673)
Cash Flows from Discontinued Operations:
Net cash used in operating activities of discontinued operations (4,430) (339,454)
Net cash (used in) provided by investing activities of discontinued operations (9,796) 1,985,641
Net cash (used in) provided by discontinued operations (14,226) 1,646,187
Effect of exchange rate changes on cash and cash equivalents 19,616 (6,348)
Net (decrease) increase in cash and cash equivalents, including cash held for sale (168,069) 1,429,016
Cash and cash equivalents at beginning of year, including cash held for sale(1) 1,844,877 415,861
Cash and cash equivalents at the end of year, including cash held for sale $1,676,808 $1,844,877
(1) Cash held for sale as of December 31, 2023 totaled $17,300. There was no cash held for sale as of December 31, 2025 and 2024.
DOVER CORPORATION
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
---
2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
Adjusted earnings from continuing operations:
Earnings from continuing $239,241 $280,130 $303,292 $274,766 $1,097,429 $602,102 $246,587 $312,896 $238,383 $1,399,968
operations
Purchase accounting expenses, pre-tax
(1) 49,104 51,123 59,381 58,837 218,445 44,187 44,332 48,356 49,366 186,241
Purchase accounting expenses, tax impact
(2) (10,919) (11,367) (14,067) (14,134) (50,487) (9,711) (9,760) (10,633) (10,911) (41,015)
Restructuring and other costs, pre-tax
(3) 9,397 23,210 15,913 29,466 77,986 23,971 11,590 16,581 32,841 84,983
Restructuring and other costs, tax impact
(2) (1,887) (4,642) (3,230) (5,608) (15,367) (4,734) (2,479) (3,465) (6,864) (17,542)
(Gain) loss on dispositions, pre-tax 4 (2,468) (2,176) (4,644) (529,943) 663 (68,633) 115 (597,798)
(Gain) loss on dispositions, tax-impact
(2) 689 435 1,124 114,973 (144) 18,889 1,695 135,413
Adjusted earnings from continuing
operations $283,157 $336,713 $361,289 $343,327 $1,324,486 $240,845 $290,789 $313,991 $304,625 $1,150,250
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share from
continuing operations $1.73 $2.03 $2.20 $2.01 $7.97 $4.30 $1.78 $2.26 $1.72 $10.09
Purchase accounting expenses, pre-tax
(1) 0.36 0.37 0.43 0.43 1.59 0.32 0.32 0.35 0.36 1.34
Purchase accounting expenses, tax impact
(2) (0.08) (0.08) (0.10) (0.10) (0.37) (0.07) (0.07) (0.08) (0.08) (0.30)
Restructuring and other costs, pre-tax
(3) 0.07 0.17 0.12 0.22 0.57 0.17 0.08 0.12 0.24 0.61
Restructuring and other costs, tax impact
(2) (0.01) (0.03) (0.02) (0.04) (0.11) (0.03) (0.02) (0.03) (0.05) (0.13)
(Gain) loss on dispositions, pre-tax 4 (0.02) (0.02) (0.03) (3.79) (0.50) (4.31)
(Gain) loss on dispositions, tax-impact
(2) - 0.01 0.82 0.14 0.01 0.98
Adjusted diluted earnings per share from
continuing operations $2.05 $2.44 $2.62 $2.51 $9.61 $1.72 $2.10 $2.27 $2.20 $8.29
(1) Purchase accounting expenses are primarily comprised of amortization of intangible assets.
(2) Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition.
(3) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively,
associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 includes other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. Q1 2024 and FY 2024 include $3.4 million of non-cash asset
impairment charges for our Climate & Sustainability Technologies segment.
4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6
million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment.
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
---
2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
ADJUSTED SEGMENT EBITDA
---
Engineered Products:
---
Segment earnings $44,114 $53,511 $57,483 $62,158 $217,266 $62,532 $52,095 $56,621 $59,989 $231,237
Other depreciation and amortization (1) 4,800 5,141 5,736 5,818 21,495 4,785 4,778 4,829 4,867 19,259
Adjusted segment EBITDA (2) 48,914 58,652 63,219 67,976 238,761 67,317 56,873 61,450 64,856 250,496
Adjusted segment EBITDA margin (2) 19.2 % 21.3 % 22.6 % 24.7 % 22.0 % 20.2 % 19.9 % 20.8 % 22.5 % 20.8 %
Clean Energy & Fueling:
---
Segment earnings $85,644 $107,771 $118,665 $105,990 $418,070 $69,675 $87,536 $99,536 $103,246 $359,993
Other depreciation and amortization (1) 8,578 8,961 8,582 8,685 34,806 7,921 7,627 8,310 8,118 31,976
Adjusted segment EBITDA (2) 94,222 116,732 127,247 114,675 452,876 77,596 95,163 107,846 111,364 391,969
Adjusted segment EBITDA margin (2) 19.2 % 21.4 % 23.5 % 20.8 % 21.3 % 17.4 % 20.6 % 21.5 % 21.1 % 20.2 %
Imaging & Identification:
---
Segment earnings $77,575 $76,937 $81,772 $78,451 $314,735 $69,959 $75,786 $77,247 $78,715 $301,707
Other depreciation and amortization (1) 4,093 4,229 4,091 5,155 17,568 3,733 3,271 3,905 3,739 14,648
Adjusted segment EBITDA (2) 81,668 81,166 85,863 83,606 332,303 73,692 79,057 81,152 82,454 316,355
Adjusted segment EBITDA margin (2) 29.2 % 27.8 % 28.7 % 27.7 % 28.3 % 26.6 % 27.5 % 28.6 % 28.6 % 27.8 %
Pumps & Process Solutions:
---
Segment earnings $151,275 $159,504 $168,565 $172,256 $651,600 $118,737 $137,217 $138,277 $142,375 $536,606
Other depreciation and amortization (1) 12,601 13,131 14,256 14,238 54,226 12,139 12,637 12,651 12,623 50,050
Adjusted segment EBITDA (2) 163,876 172,635 182,821 186,494 705,826 130,876 149,854 150,928 154,998 586,656
Adjusted segment EBITDA margin (2) 33.2 % 33.2 % 33.2 % 32.0 % 32.8 % 28.1 % 31.4 % 31.9 % 32.3 % 31.0 %
Climate & Sustainability Technologies:
---
Segment earnings $52,119 $77,262 $76,002 $60,264 $265,647 $50,759 $79,127 $76,015 $44,974 $250,875
Other depreciation and amortization (1) 7,325 7,605 7,558 7,856 30,344 7,275 7,220 7,048 7,596 29,139
Adjusted segment EBITDA (2) 59,444 84,867 83,560 68,120 295,991 58,034 86,347 83,063 52,570 280,014
Adjusted segment EBITDA margin (2) 17.1 % 20.4 % 20.5 % 17.6 % 19.0 % 15.9 % 19.8 % 19.3 % 15.1 % 17.7 %
Total Segments:
---
Total segment earnings 2, 3 $410,727 $474,985 $502,487 $479,119 $1,867,318 $371,662 $431,761 $447,696 $429,299 $1,680,418
Other depreciation and amortization (1) 37,397 39,067 40,223 41,752 158,439 35,853 35,533 36,743 36,943 145,072
Total Adjusted segment EBITDA (2) 448,124 514,052 542,710 520,871 2,025,757 407,515 467,294 484,439 466,242 1,825,490
Total Adjusted segment EBITDA margin (2) 24.0 % 25.1 % 26.1 % 24.8 % 25.0 % 21.6 % 24.0 % 24.4 % 24.2 % 23.6 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
(2) Refer to Non-GAAP Disclosures section for definition.
(3) Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
DOVER CORPORATION
QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
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2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
Earnings from continuing $239,241 $280,130 $303,292 $274,766 $1,097,429 $602,102 $246,587 $312,896 $238,383 $1,399,968
operations
Provision for income taxes 56,140 71,967 82,951 65,765 276,823 157,577 60,770 73,434 65,267 357,048
Earnings before provision for income
taxes 295,381 352,097 386,243 340,531 1,374,252 759,679 307,357 386,330 303,650 1,757,016
Interest income (20,254) (17,935) (17,804) (17,039) (73,032) (4,756) (4,081) (5,176) (23,145) (37,158)
Interest expense 27,608 26,791 27,239 28,134 109,772 36,365 32,374 34,128 28,304 131,171
Corporate expense / other (1) 51,959 41,875 31,515 39,190 164,539 42,159 39,526 36,110 38,168 155,963
(Gain) loss on dispositions (2) (2,468) (2,176) (4,644) (529,943) 663 (68,633) 115 (597,798)
Restructuring and other costs (3) 9,397 23,210 15,913 29,466 77,986 23,971 11,590 16,581 32,841 84,983
Purchase accounting expenses 4 49,104 51,123 59,381 58,837 218,445 44,187 44,332 48,356 49,366 186,241
Total segment earnings 5 410,727 474,985 502,487 479,119 1,867,318 371,662 431,761 447,696 429,299 1,680,418
Add: Other depreciation and amortization
6 37,397 39,067 40,223 41,752 158,439 35,853 35,533 36,743 36,943 145,072
Total adjusted segment EBITDA 5 $448,124 $514,052 $542,710 $520,871 $2,025,757 $407,515 $467,294 $484,439 $466,242 $1,825,490
(1) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and
various administrative expenses relating to the corporate headquarters.
(2) (Gain) loss on dispositions, including post-closing adjustments.
(3) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
5 Refer to Non-GAAP Disclosures section for definition.
6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)
Non-GAAP Reconciliations
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Revenue Growth Factors
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2025
Q1 Q2 Q3 Q4 FY 2025
Organic
Engineered Products (8.0) % (5.1) % (7.0) % (6.1) % (6.6) %
Clean Energy & Fueling 1.8 % 8.0 % 4.8 % 3.6 % 4.6 %
Imaging & Identification 3.9 % - % 3.0 % 0.8 % 1.9 %
Pumps & Process Solutions 6.5 % 3.9 % 5.6 % 10.7 % 6.7 %
Climate & Sustainability Technologies (3.7) % (5.6) % (6.5) % 9.4 % (2.1) %
Total Organic 0.5 % 0.9 % 0.5 % 4.6 % 1.6 %
Acquisitions 2.4 % 3.0 % 3.0 % 2.1 % 2.6 %
Dispositions (2.7) % - % - % - % (0.7) %
Currency translation (1.1) % 1.3 % 1.3 % 2.1 % 1.0 %
Total* (0.9) % 5.2 % 4.8 % 8.8 % 4.5 %
* Totals may be impacted by rounding.
2025
Q1 Q2 Q3 Q4 FY 2025
Organic
United States (0.2) % 3.9 % 1.6 % 8.0 % 3.3 %
Europe (3.5) % 0.2 % 1.1 % (1.3) % (0.9) %
Asia 8.0 % (0.6) % (1.5) % 7.1 % 3.4 %
Other Americas 0.6 % (19.3) % (6.5) % 10.1 % (4.3) %
Other 12.1 % 20.8 % 2.9 % (24.5) % 0.7 %
Total Organic 0.5 % 0.9 % 0.5 % 4.6 % 1.6 %
Acquisitions 2.4 % 3.0 % 3.0 % 2.1 % 2.6 %
Dispositions (2.7) % - % - % - % (0.7) %
Currency translation (1.1) % 1.3 % 1.3 % 2.1 % 1.0 %
Total* (0.9) % 5.2 % 4.8 % 8.8 % 4.5 %
* Totals may be impacted by rounding.
Adjusted EPS Guidance Reconciliation*
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2025 Actual 2026 Guidance
Earnings per Share from Continuing Operations (GAAP) $7.97
$8.95 - $9.15
Purchase accounting expenses, net 1.22 1.20
Restructuring and other costs, net 0.46 0.30
Gain on dispositions, net (0.03)
Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $9.61
$10.45 - $10.65
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
BOOKINGS
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Engineered
Products $264,538 $276,571 $273,278 $281,237 $1,095,624 $329,925 $280,542 $284,823 $276,487 $1,171,777
Clean Energy &
Fueling 543,859 526,819 509,553 587,041 2,167,272 471,610 442,086 507,329 517,470 1,938,495
Imaging &
Identification 288,169 292,092 292,229 302,047 1,174,537 278,433 288,641 281,289 295,784 1,144,147
Pumps & Process
Solutions 499,287 530,158 510,960 500,779 2,041,184 473,632 461,426 448,074 473,548 1,856,680
Climate &
Sustainability
Technologies 395,623 384,246 415,099 470,081 1,665,049 453,086 406,269 332,503 378,774 1,570,632
Intersegment
eliminations (1,892) (1,295) (1,380) (1,472) (6,039) (791) (1,591) (1,065) (2,578) (6,025)
Total consolidated
bookings $1,989,584 $2,008,591 $1,999,739 $2,139,713 $8,137,627 $2,005,895 $1,877,373 $1,852,953 $1,939,485 $7,675,706
ADDITIONAL INFORMATION
FOURTH QUARTER AND FULL YEAR 2025
(unaudited)(amounts in thousands except share data and where otherwise indicated)
The discussion throughout this Investor Supplement, unless otherwise noted, relates solely to our continuing operations.
Acquisitions
The Company did not complete any acquisitions during the fourth quarter of 2025. For the full year 2025, the Company acquired four businesses in separate transactions for total consideration of $665.3 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration of $2.0 million. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions and Clean Energy & Fueling segments. The purchase price allocations for these acquisitions are preliminary and subject to change during the measurement period.
Restructuring and Other Costs
During the fourth quarter and year ended December 31, 2025, restructuring and other costs included restructuring charges of $24.3 million and $56.7 million, respectively, and other costs of $5.2 million and $21.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2025 were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and Clean Energy & Fueling segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends and additional programs, beyond the scope of the announced programs, may be implemented during 2026 with related restructuring charges. Other costs for the year ended December 31, 2025 include $4.0 million in costs associated with a product line exit and $6.3 million in costs associated with a footprint reduction, both in our Climate & Sustainability Technologies segment.
($ in millions) 2025 2024
Q4 FY Q4 FY
Engineered Products $1.2 $5.4 $4.9 $7.9
Clean Energy & Fueling 8.1 17.3 16.4 33.6
Imaging & Identification 4.1 6.5 7.4 14.9
Pumps & Process Solutions 3.6 9.8 1.0 5.0
Climate & Sustainability Technologies 10.7 33.9 1.6 20.1
Corporate 1.8 5.1 1.5 3.6
Total* $29.5 $78.0 $32.8 $85.0
* Totals may be impacted by rounding.
Tax Rate
The effective tax rate was 19.3% and 21.5% for the fourth quarters of 2025 and 2024, respectively. The decrease from 2024 to 2025 was primarily due to earnings mix. On a full year basis, the effective tax rate for 2025 and 2024 was 20.1% and 20.3%, respectively.
Share Repurchases
In the fourth quarter of 2025, the Company established a $500.0 million accelerated share repurchase program ("ASR Program"), initially receiving 2,334,010 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Program. The total number of shares ultimately repurchased will be based on the average of the daily volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount and subject to potential adjustments pursuant to the terms of the ASR Program. The ASR Program is scheduled to be completed in the second quarter of 2026, but is subject to early termination in certain circumstances. During the year ended December 31, 2025, exclusive of the ASR Program, the Company repurchased 200,000 shares of common stock at a total cost of $40.7 million or $203.50 per share.
Capitalization
The following table provides a calculation of net debt to net capitalization from the most directly comparable GAAP measures:
Net Debt to Net Capitalization Ratio (Non-GAAP) December 31, 2025 December 31, 2024
Short-term borrowings and current portion of long-term debt $706,677 $400,056
Long-term debt 2,621,295 2,529,346
Total debt 3,327,972 2,929,402
Less: Cash and cash equivalents (1,676,808) (1,844,877)
Net debt 1,651,164 1,084,525
Add: Stockholders' equity 7,405,206 6,953,996
Net capitalization $9,056,370 $8,038,521
Net debt to net capitalization 18.2 % 13.5 %
Quarterly Cash Flow
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2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
Net Cash Flows Provided By (Used In):
Operating activities $157,474 $212,340 $424,245 $543,946 $1,338,005 $146,456 $149,181 $353,244 $438,952 $1,087,833
Investing activities (74,186) (681,584) (58,857) (71,967) (886,594) 432,416 33,215 (402,512) (90,102) (26,983)
Financing activities (122,234) (84,235) (73,878) (344,523) (624,870) (80,782) (830,657) 92,994 (453,228) (1,271,673)
Quarterly Free Cash Flow (Non-GAAP)
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2025 2024
Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024
Cash flow from operating $157,474 $212,340 $424,245 $543,946 $1,338,005 $146,456 $149,181 $353,244 $438,952 $1,087,833
activities (1)
Less: Capital expenditures (48,192) (60,932) (54,150) (56,989) (220,263) (40,050) (35,822) (37,754) (53,907) (167,533)
Free cash flow $109,282 $151,408 $370,095 $486,957 $1,117,742 $106,406 $113,359 $315,490 $385,045 $920,300
Cash flow from operating activities
as a percentage of revenue 8.4 % 10.4 % 20.4 % 25.9 % 16.5 % 7.8 % 7.7 % 17.8 % 22.7 % 14.0 %
Cash flow from operating activities
as a percentage of adjusted earnings
from continuing operations 55.6 % 63.1 % 117.4 % 158.4 % 101.0 % 60.8 % 51.3 % 112.5 % 144.1 % 94.6 %
Free cash flow as a percentage of
revenue 5.9 % 7.4 % 17.8 % 23.2 % 13.8 % 5.6 % 5.8 % 15.9 % 20.0 % 11.9 %
Free cash flow as a percentage of
adjusted earnings from continuing
operations 38.6 % 45.0 % 102.4 % 141.8 % 84.4 % 44.2 % 39.0 % 100.5 % 126.4 % 80.0 %
(1) Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment.
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, net debt, net capitalization, net debt to net capitalization ratio, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Net debt represents total debt minus cash and cash equivalents. Net capitalization represents net debt plus stockholders' equity. Net debt to net capitalization ratio is net debt divided by net capitalization. Net debt to net capitalization is helpful in evaluating our capital structure and the amount of leverage we employ.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
Investor Contact: Media Contact:
Jack Dickens
Adrian Sakowicz
Vice President - Investor Relations Vice President -
Communications
(630) 743-2566
(630) 743-5039
jdickens@dovercorp.com asakowicz@dovercorp.com
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SOURCE Dover
