DOWNERS GROVE, Ill., Oct. 22, 2026 /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
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DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
Three Months Ended September Nine Months Ended September
30, 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 $0.52 $0.52 $0.525 $1.565 $0.515 $0.515 $0.52 $1.55 $0.52 $2.07
common share
* 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 411,060 455,097 481,452 1,347,609 347,888 416,151 408,529 1,172,568 387,273 1,559,841
Technologies
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 63,995 75,826 80,555 220,376 52,119 77,262 76,002 205,383 60,264 265,647
Technologies
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 298,902 387,698 420,686 1,107,286 295,381 352,097 386,243 1,033,721 340,531 1,374,252
income taxes
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 $238,749 $312,545 $336,820 $888,114 $239,241 $280,130 $303,292 $822,663 $274,766 $1,097,429
operations
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 15.6 % 16.7 % 16.7 % 16.4 % 15.0 % 18.6 % 18.6 % 17.5 % 15.6 % 17.0 %
Technologies
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 $238,749 $312,545 $336,820 $888,114 $239,241 $280,130 $303,292 $822,663 $274,766 $1,097,429
operations
Purchase accounting 54,579 51,591 45,850 152,020 49,104 51,123 59,381 159,608 58,837 218,445
expenses, pre-tax (1)
Purchase accounting (12,692) (11,704) (12,011) (36,407) (10,919) (11,367) (14,067) (36,353) (14,134) (50,487)
expenses, tax impact (2)
Restructuring and other 36,795 24,635 21,767 83,197 9,397 23,210 15,913 48,520 29,466 77,986
costs, pre-tax (3)
Restructuring and other (8,048) (5,375) (4,551) (17,974) (1,887) (4,642) (3,230) (9,759) (5,608) (15,367)
costs, tax impact (2)
Gain on dispositions, pre- - (2,468) (2,176) (4,644) (4,644)
tax 4
Gain on dispositions, tax- - 689 435 1,124 1,124
impact (2)
Adjusted earnings from $309,383 $371,692 $387,875 $1,068,950 $283,157 $336,713 $361,289 $981,159 $343,327 $1,324,486
continuing operations
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share $1.76 $2.31 $2.50 $6.56 $1.73 $2.03 $2.20 $5.96 $2.01 $7.97
from continuing operations
Purchase accounting 0.40 0.38 0.34 1.12 0.36 0.37 0.43 1.16 0.43 1.59
expenses, pre-tax (1)
Purchase accounting (0.09) (0.09) (0.09) (0.27) (0.08) (0.08) (0.10) (0.26) (0.10) (0.37)
expenses, tax impact (2)
Restructuring and other 0.27 0.18 0.16 0.61 0.07 0.17 0.12 0.35 0.22 0.57
costs, pre-tax (3)
Restructuring and other (0.06) (0.04) (0.03) (0.13) (0.01) (0.03) (0.02) (0.07) (0.04) (0.11)
costs, tax impact (2)
Gain on dispositions, pre- - (0.02) (0.02) (0.03) (0.03)
tax 4
Gain on dispositions, tax- - 0.01 0.01
impact (2)
Adjusted diluted earnings $2.28 $2.74 $2.88 $7.89 $2.05 $2.44 $2.62 $7.10 $2.51 $9.61
per share from continuing
operations
(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 24.1 % 25.9 % 26.2 % 25.4 % 24.0 % 25.1 % 26.1 % 25.1 % 24.8 % 25.0 %
margin (2)
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 $238,749 $312,545 $336,820 $888,114 $239,241 $280,130 $303,292 $822,663 $274,766 $1,097,429
operations
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 298,902 387,698 420,686 1,107,286 295,381 352,097 386,243 1,033,721 340,531 1,374,252
income taxes
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 40,327 40,936 41,942 123,205 37,397 39,067 40,223 116,687 41,752 158,439
amortization 6
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
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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
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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)
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2026 2025
Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2025
Cash flow from operating $190,997 $236,171 $438,763 $865,931 $157,474 $212,340 $424,245 $794,059 $543,946 $1,338,005
activities
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 9.3 % 10.8 % 19.6 % 13.4 % 8.4 % 10.4 % 20.4 % 13.2 % 25.9 % 16.5 %
activities as a percentage of
revenue
Cash flow from operating 61.7 % 63.5 % 113.1 % 81.0 % 55.6 % 63.1 % 117.4 % 80.9 % 158.4 % 101.0 %
activities as a percentage of
adjusted earnings from
continuing operations
Free cash flow as a percentage 6.4 % 8.6 % 17.2 % 10.9 % 5.9 % 7.4 % 17.8 % 10.5 % 23.2 % 13.8 %
of revenue
Free cash flow as a percentage 42.4 % 50.7 % 98.8 % 65.8 % 38.6 % 45.0 % 102.4 % 64.3 % 141.8 % 84.4 %
of adjusted earnings from
continuing operations
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
2026 2025
Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2025
BOOKINGS
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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 & 615,197 602,624 592,608 1,810,429 543,859 526,819 509,553 1,580,231 587,041 2,167,272
Fueling
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 597,578 590,020 557,177 1,744,775 499,287 530,158 510,960 1,540,405 500,779 2,041,184
Solutions
Climate & 646,960 560,272 594,051 1,801,283 395,623 384,246 415,099 1,194,968 470,081 1,665,049
Sustainability
Technologies
Intersegment (2,714) (1,482) (1,025) (5,221) (1,892) (1,295) (1,380) (4,567) (1,472) (6,039)
eliminations
Total consolidated $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
bookings
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
Investor Contact: Media Contact:
Jack Dickens
Adrian Sakowicz
Vice President - Investor Relations Vice President -
Communications
(630) 743-2566
(630) 743-5039
jdickens@dovercorp.com asakowicz@dovercorp.com
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SOURCE Dover
