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Dover — Oct 23, 2025 release

Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000029905-25-000032
Open on SEC.gov ↗
Showing in the filing
GAAP EPS from continuing operations
“$8.06 to $8.16”
Period
FY2025
Measure
GAAP-tied
Source
Prose
All guidance in this release · 5
GAAP EPS from continuing operations for FY2025
“$8.06 to $8.16”
Adjusted EPS from continuing operations for FY2025
“$9.50 to $9.60”
Revenue growth for FY2025
“4% to 6%”
For Earnings per Share from Continuing Opera… for FY2025
“$ 8.06 $ 8.16”
For Adjusted Earnings per Share from Continu… for FY2025
“$ 9.50 $ 9.60”
Exhibit 99.1 · full document
Exhibit 99.1 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 DOVER REPORTS THIRD QUARTER 2025 RESULTS DOWNERS GROVE, Ill., October 23, 2025 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2025. 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) 2025 2024 % Change* 2025 2024 % Change* U.S. GAAP Revenue $ 2,078  $ 1,984  5  % $ 5,993  $ 5,816  3  % Earnings from continuing operations 303  313  (3) % 823  1,162  (29) % Diluted EPS from continuing operations 2.20  2.26  (3) % 5.96  8.37  (29) % Non-GAAP Organic revenue change 1  % 1  % Adjusted earnings from continuing operations 1 361  314  15  % 981  846  16  % Adjusted diluted EPS from continuing operations 2.62  2.27  15  % 7.10  6.09  17  % 1 Q3 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and (gain) loss on dispositions. * Change may be impacted by rounding. For the quarter ended September 30, 2025, Dover generated revenue of $2.1 billion, an increase of 5% (+1% organic). GAAP earnings from continuing operations of $303 million decreased 3%, and GAAP diluted EPS from continuing operations of $2.20 was down 3%. On an adjusted basis, earnings from continuing operations of $361 million were up 15% and adjusted diluted EPS from continuing operations of $2.62 was up 15%. For the nine months ended September 30, 2025, Dover generated revenue of $6.0 billion, an increase of 3% (+1% organic). GAAP earnings from continuing operations of $823 million decreased by 29%, and GAAP diluted EPS from continuing operations of $5.96 was down 29%, both principally due to the gain on the disposition of De-Sta-Co in the comparable period of the prior year. On an adjusted basis, earnings from continuing operations of $981 million increased 16%, and adjusted diluted EPS from continuing operations of $7.10 was up 17%. 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, "We are pleased with Dover’s third quarter results. Top line performance in the quarter was driven by broad-based shipment growth in short cycle components, continued strength across our secular-growth end markets, and outperformance from recently-closed acquisitions. These gains more than offset near-term headwinds in two capital goods-exposed end markets, vehicle aftermarket and refrigerated door cases, each of which we expect to improve through the balance of the year. "Order trends continued to post positive momentum, providing good visibility for the fourth quarter and into next year. Margin performance in the quarter was exemplary, with a record consolidated segment margin, a result of the positive mix impact from our growth platforms, solid execution, and our rigorous cost containment and productivity actions. "Capital deployment remains a key driver of our double-digit earnings growth. This year we have increased our investments in high-ROI capital projects focused on productivity and capacity expansions as well as targeted footprint optimization. During the quarter we announced that our Anthony® glass door manufacturing operations will transition from Sylmar, CA to our existing Hillphoenix® refrigerated case manufacturing site in Richmond, VA, a move we expect to deliver meaningful cost savings and operational efficiencies over the next 18 months. Our balance sheet strength remains an advantage that provides flexibility and attractive optionality as we pursue value-creating bolt-on acquisitions and opportunistic capital return strategies. "We have a constructive outlook for the remainder of 2025. Despite some macroeconomic uncertainty, underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth. As a result, we are increasing our full year adjusted EPS guidance from $9.35-$9.55 to $9.50-$9.60." FULL YEAR 2025 GUIDANCE: In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.06 to $8.16 (adjusted EPS from continuing operations of $9.50 to $9.60), based on full year revenue growth of 4% 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 23, 2025. 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 $7 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 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 - THIRD QUARTER 2025 DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 2,077,841  $ 1,983,542  $ 5,993,492  $ 5,816,043  Cost of goods and services 1,244,247  1,220,355  3,596,136  3,603,146  Gross profit 833,594  763,187  2,397,356  2,212,897  Selling, general and administrative expenses 456,441  429,570  1,369,297  1,301,606  Operating earnings 377,153  333,617  1,028,059  911,291  Interest expense 27,239  34,128  81,638  102,867  Interest income (17,804) (5,176) (55,993) (14,013) Gain on dispositions —  (68,633) (4,644) (597,913) Other income, net (18,525) (13,032) (26,663) (33,016) Earnings before provision for income taxes 386,243  386,330  1,033,721  1,453,366  Provision for income taxes 82,951  73,434  211,058  291,781  Earnings from continuing operations 303,292  312,896  822,663  1,161,585  (Loss) earnings from discontinued operations, net (1,296) 34,204  (10,782) 99,558  Net earnings $ 301,996  $ 347,100  $ 811,881  $ 1,261,143  IS - 1 DOVER CORPORATION QUARTERLY EARNINGS PER SHARE (unaudited)(in thousands, except per share data*) Earnings Per Share 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 Basic (loss) earnings per share: Continuing operations $ 1.74  $ 2.04  $ 2.21  $ 5.99   $ 4.33  $ 1.79  $ 2.28  $ 8.42   $ 1.74  $ 10.16   Discontinued operations $ (0.06) $ (0.01) $ (0.01) $ (0.08) $ 0.22  $ 0.26  $ 0.25  $ 0.72   $ 8.73  $ 9.42   Net earnings $ 1.68  $ 2.03  $ 2.20  $ 5.92   $ 4.55  $ 2.05  $ 2.53  $ 9.14   $ 10.47  $ 19.58   Diluted (loss) earnings per share: Continuing operations $ 1.73  $ 2.03  $ 2.20  $ 5.96   $ 4.30  $ 1.78  $ 2.26  $ 8.37   $ 1.72  $ 10.09   Discontinued operations $ (0.06) $ (0.01) $ (0.01) $ (0.08) $ 0.22  $ 0.25  $ 0.25  $ 0.72   $ 8.66  $ 9.35   Net earnings $ 1.67  $ 2.02  $ 2.19  $ 5.88   $ 4.52  $ 2.04  $ 2.51  $ 9.08   $ 10.38  $ 19.45   Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows: Continuing operations $ 239,241  $ 280,130  $ 303,292  $ 822,663   $ 602,102  $ 246,587  $ 312,896  $ 1,161,585   $ 238,383  $ 1,399,968   Discontinued operations (8,420) (1,066) (1,296) (10,782) 30,119  35,235  34,204  99,558   1,197,600  1,297,158   Net earnings $ 230,821  $ 279,064  $ 301,996  $ 811,881   $ 632,221  $ 281,822  $ 347,100  $ 1,261,143   $ 1,435,983  $ 2,697,126   Weighted average shares outstanding: Basic 137,267  137,226  137,236  137,254   139,051  137,443  137,251  137,913   137,205  137,735   Diluted 138,260  137,974  138,029  138,099   139,869  138,404  138,223  138,830   138,298  138,696   Dividends paid per common share $ 0.515  $ 0.515  $ 0.52  $ 1.55  $ 0.51  $ 0.51  $ 0.515  $ 1.54  $ 0.515  $ 2.05   * Per share data may be impacted by rounding. IS - 2 DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 REVENUE Engineered Products $ 254,646  $ 275,944  $ 279,705  $ 810,295   $ 332,820  $ 285,297  $ 296,117  $ 914,234   $ 288,223  $ 1,202,457   Clean Energy & Fueling 491,148  546,097  541,368  1,578,613   445,053  463,014  500,685  1,408,752   528,032  1,936,784   Imaging & Identification 280,090  292,009  299,100  871,199   276,806  287,593  283,966  848,365   288,800  1,137,165   Pumps & Process Solutions 493,573  520,554  550,920  1,565,047   465,729  477,239  472,463  1,415,431   479,135  1,894,566   Climate & Sustainability Technologies 347,888  416,151  408,529  1,172,568   364,292  436,706  431,127  1,232,125   347,524  1,579,649   Intersegment eliminations (1,286) (1,163) (1,781) (4,230) (981) (1,067) (816) (2,864) (1,848) (4,712) Total consolidated revenue $ 1,866,059  $ 2,049,592  $ 2,077,841  $ 5,993,492   $ 1,883,719  $ 1,948,782  $ 1,983,542  $ 5,816,043   $ 1,929,866  $ 7,745,909   EARNINGS FROM CONTINUING OPERATIONS Segment Earnings: Engineered Products $ 44,114  $ 53,511  $ 57,483  $ 155,108   $ 62,532  $ 52,095  $ 56,621  $ 171,248   $ 59,989  $ 231,237   Clean Energy & Fueling 85,644  107,771  118,665  312,080   69,675  87,536  99,536  256,747   103,246  359,993   Imaging & Identification 77,575  76,937  81,772  236,284   69,959  75,786  77,247  222,992   78,715  301,707   Pumps & Process Solutions 151,275  159,504  168,565  479,344   118,737  137,217  138,277  394,231   142,375  536,606   Climate & Sustainability Technologies 52,119  77,262  76,002  205,383   50,759  79,127  76,015  205,901   44,974  250,875   Total segment earnings 410,727  474,985  502,487  1,388,199   371,662  431,761  447,696  1,251,119   429,299  1,680,418   Purchase accounting expenses 1 49,104  51,123  59,381  159,608   44,187  44,332  48,356  136,875   49,366  186,241   Restructuring and other costs 2 9,397  23,210  15,913  48,520   23,971  11,590  16,581  52,142   32,841  84,983   (Gain) loss on dispositions 3 (2,468) (2,176) —  (4,644) (529,943) 663  (68,633) (597,913) 115  (597,798) Corporate expense / other 4 51,959  41,875  31,515  125,349   42,159  39,526  36,110  117,795   38,168  155,963   Interest expense 27,608  26,791  27,239  81,638   36,365  32,374  34,128  102,867   28,304  131,171   Interest income (20,254) (17,935) (17,804) (55,993) (4,756) (4,081) (5,176) (14,013) (23,145) (37,158) Earnings before provision for income taxes 295,381  352,097  386,243  1,033,721   759,679  307,357  386,330  1,453,366   303,650  1,757,016   Provision for income taxes 56,140  71,967  82,951  211,058   157,577  60,770  73,434  291,781   65,267  357,048   Earnings from continuing operations $ 239,241  $ 280,130  $ 303,292  $ 822,663   $ 602,102  $ 246,587  $ 312,896  $ 1,161,585   $ 238,383  $ 1,399,968   SEGMENT EARNINGS MARGIN Engineered Products 17.3 % 19.4 % 20.6 % 19.1 % 18.8 % 18.3 % 19.1 % 18.7 % 20.8 % 19.2 % Clean Energy & Fueling 17.4 % 19.7 % 21.9 % 19.8 % 15.7 % 18.9 % 19.9 % 18.2 % 19.6 % 18.6 % Imaging & Identification 27.7 % 26.3 % 27.3 % 27.1 % 25.3 % 26.4 % 27.2 % 26.3 % 27.3 % 26.5 % Pumps & Process Solutions 30.6 % 30.6 % 30.6 % 30.6 % 25.5 % 28.8 % 29.3 % 27.9 % 29.7 % 28.3 % Climate & Sustainability Technologies 15.0 % 18.6 % 18.6 % 17.5 % 13.9 % 18.1 % 17.6 % 16.7 % 12.9 % 15.9 % Total segment earnings margin 22.0 % 23.2 % 24.2 % 23.2 % 19.7 % 22.2 % 22.6 % 21.5 % 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. IS - 3 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 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 Adjusted earnings from continuing operations: Earnings from continuing operations $ 239,241  $ 280,130  $ 303,292  $ 822,663   $ 602,102  $ 246,587  $ 312,896  $ 1,161,585   $ 238,383  $ 1,399,968   Purchase accounting expenses, pre-tax 1 49,104  51,123  59,381  159,608   44,187  44,332  48,356  136,875   49,366  186,241   Purchase accounting expenses, tax impact 2 (10,919) (11,367) (14,067) (36,353) (9,711) (9,760) (10,633) (30,104) (10,911) (41,015) Restructuring and other costs, pre-tax 3 9,397  23,210  15,913  48,520   23,971  11,590  16,581  52,142   32,841  84,983   Restructuring and other costs, tax impact 2 (1,887) (4,642) (3,230) (9,759) (4,734) (2,479) (3,465) (10,678) (6,864) (17,542) (Gain) loss on dispositions, pre-tax 4 (2,468) (2,176) —  (4,644) (529,943) 663  (68,633) (597,913) 115  (597,798) (Gain) loss on dispositions, tax-impact 2 689  435  —  1,124   114,973  (144) 18,889  133,718   1,695  135,413   Adjusted earnings from continuing operations $ 283,157  $ 336,713  $ 361,289  $ 981,159   $ 240,845  $ 290,789  $ 313,991  $ 845,625   $ 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  $ 5.96   $ 4.30  $ 1.78  $ 2.26  $ 8.37   $ 1.72  $ 10.09   Purchase accounting expenses, pre-tax 1 0.36  0.37  0.43  1.16   0.32  0.32  0.35  0.99   0.36  1.34   Purchase accounting expenses, tax impact 2 (0.08) (0.08) (0.10) (0.26) (0.07) (0.07) (0.08) (0.22) (0.08) (0.30) Restructuring and other costs, pre-tax 3 0.07  0.17  0.12  0.35   0.17  0.08  0.12  0.38   0.24  0.61   Restructuring and other costs, tax impact 2 (0.01) (0.03) (0.02) (0.07) (0.03) (0.02) (0.03) (0.08) (0.05) (0.13) (Gain) loss on dispositions, pre-tax 4 (0.02) (0.02) —  (0.03) (3.79) —  (0.50) (4.31) —  (4.31) (Gain) loss on dispositions, tax-impact 2 —  —  —  0.01   0.82  —  0.14  0.96  0.01  0.98   Adjusted diluted earnings per share from continuing operations $ 2.05  $ 2.44  $ 2.62  $ 7.10   $ 1.72  $ 2.10  $ 2.27  $ 6.09   $ 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. Q3 2025 and YTD 2025 include other costs of $1.8 million and $3.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. YTD 2025 also 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. IS - 4 DOVER CORPORATION QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 ADJUSTED SEGMENT EBITDA Engineered Products: Segment earnings $ 44,114  $ 53,511  $ 57,483  $ 155,108   $ 62,532  $ 52,095  $ 56,621  $ 171,248   $ 59,989  $ 231,237   Other depreciation and amortization 1 4,800  5,141  5,736  15,677   4,785  4,778  4,829  14,392   4,867  19,259   Adjusted segment EBITDA 2 48,914  58,652  63,219  170,785   67,317  56,873  61,450  185,640   64,856  250,496   Adjusted segment EBITDA margin 2 19.2 % 21.3 % 22.6 % 21.1 % 20.2 % 19.9 % 20.8 % 20.3 % 22.5 % 20.8 % Clean Energy & Fueling: Segment earnings $ 85,644  $ 107,771  $ 118,665  $ 312,080   $ 69,675  $ 87,536  $ 99,536  $ 256,747   $ 103,246  $ 359,993   Other depreciation and amortization 1 8,578  8,961  8,582  26,121   7,921  7,627  8,310  23,858   8,118  31,976   Adjusted segment EBITDA 2 94,222  116,732  127,247  338,201   77,596  95,163  107,846  280,605   111,364  391,969   Adjusted segment EBITDA margin 2 19.2 % 21.4 % 23.5 % 21.4 % 17.4 % 20.6 % 21.5 % 19.9 % 21.1 % 20.2 % Imaging & Identification: Segment earnings $ 77,575  $ 76,937  $ 81,772  $ 236,284   $ 69,959  $ 75,786  $ 77,247  $ 222,992   $ 78,715  $ 301,707   Other depreciation and amortization 1 4,093  4,229  4,091  12,413   3,733  3,271  3,905  10,909   3,739  14,648   Adjusted segment EBITDA 2 81,668  81,166  85,863  248,697   73,692  79,057  81,152  233,901   82,454  316,355   Adjusted segment EBITDA margin 2 29.2 % 27.8 % 28.7 % 28.5 % 26.6 % 27.5 % 28.6 % 27.6 % 28.6 % 27.8 % Pumps & Process Solutions: Segment earnings $ 151,275  $ 159,504  $ 168,565  $ 479,344   $ 118,737  $ 137,217  $ 138,277  $ 394,231   $ 142,375  $ 536,606   Other depreciation and amortization 1 12,601  13,131  14,256  39,988   12,139  12,637  12,651  37,427   12,623  50,050   Adjusted segment EBITDA 2 163,876  172,635  182,821  519,332   130,876  149,854  150,928  431,658   154,998  586,656   Adjusted segment EBITDA margin 2 33.2 % 33.2 % 33.2 % 33.2 % 28.1 % 31.4 % 31.9 % 30.5 % 32.3 % 31.0 % Climate & Sustainability Technologies: Segment earnings $ 52,119  $ 77,262  $ 76,002  $ 205,383   $ 50,759  $ 79,127  $ 76,015  $ 205,901   $ 44,974  $ 250,875   Other depreciation and amortization 1 7,325  7,605  7,558  22,488   7,275  7,220  7,048  21,543   7,596  29,139   Adjusted segment EBITDA 2 59,444  84,867  83,560  227,871   58,034  86,347  83,063  227,444   52,570  280,014   Adjusted segment EBITDA margin 2 17.1 % 20.4 % 20.5 % 19.4 % 15.9 % 19.8 % 19.3 % 18.5 % 15.1 % 17.7 % Total Segments: Total segment earnings 2, 3 $ 410,727  $ 474,985  $ 502,487  $ 1,388,199   $ 371,662  $ 431,761  $ 447,696  $ 1,251,119   $ 429,299  $ 1,680,418   Other depreciation and amortization 1 37,397  39,067  40,223  116,687   35,853  35,533  36,743  108,129   36,943  145,072   Total Adjusted segment EBITDA 2 448,124  514,052  542,710  1,504,886   407,515  467,294  484,439  1,359,248   466,242  1,825,490   Total Adjusted segment EBITDA margin 2 24.0 % 25.1 % 26.1 % 25.1 % 21.6 % 24.0 % 24.4 % 23.4 % 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. IS - 5 DOVER CORPORATION QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 Earnings from continuing operations $ 239,241  $ 280,130  $ 303,292  $ 822,663   $ 602,102  $ 246,587  $ 312,896  $ 1,161,585   $ 238,383  $ 1,399,968   Provision for income taxes 56,140  71,967  82,951  211,058   157,577  60,770  73,434  291,781   65,267  357,048   Earnings before provision for income taxes 295,381  352,097  386,243  1,033,721   759,679  307,357  386,330  1,453,366   303,650  1,757,016   Interest income (20,254) (17,935) (17,804) (55,993) (4,756) (4,081) (5,176) (14,013) (23,145) (37,158) Interest expense 27,608  26,791  27,239  81,638   36,365  32,374  34,128  102,867   28,304  131,171   Corporate expense / other 1 51,959  41,875  31,515  125,349   42,159  39,526  36,110  117,795   38,168  155,963   (Gain) loss on dispositions 2 (2,468) (2,176) —  (4,644) (529,943) 663  (68,633) (597,913) 115  (597,798) Restructuring and other costs 3 9,397  23,210  15,913  48,520   23,971  11,590  16,581  52,142   32,841  84,983   Purchase accounting expenses 4 49,104  51,123  59,381  159,608   44,187  44,332  48,356  136,875   49,366  186,241   Total segment earnings 5 410,727  474,985  502,487  1,388,199   371,662  431,761  447,696  1,251,119   429,299  1,680,418   Add: Other depreciation and amortization 6 37,397  39,067  40,223  116,687   35,853  35,533  36,743  108,129   36,943  145,072   Total adjusted segment EBITDA 5 $ 448,124  $ 514,052  $ 542,710  $ 1,504,886   $ 407,515  $ 467,294  $ 484,439  $ 1,359,248   $ 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. IS - 6 DOVER CORPORATION REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) (unaudited) Non-GAAP Reconciliations Revenue Growth Factors 2025 Q3 Q3 YTD Organic Engineered Products (7.0) % (6.8) % Clean Energy & Fueling 4.8  % 4.9  % Imaging & Identification 3.0  % 2.2  % Pumps & Process Solutions 5.6  % 5.3  % Climate & Sustainability Technologies (6.5) % (5.4) % Total Organic 0.5  % 0.6  % Acquisitions 3.0  % 2.8  % Dispositions —  % (0.9) % Currency translation 1.3  % 0.6  % Total* 4.8  % 3.1  % * Totals may be impacted by rounding. 2025 Q3 Q3 YTD Organic United States 1.6  % 1.8  % Europe 1.1  % (0.8) % Asia (1.5) % 1.9  % Other Americas (6.5) % (9.0) % Other 2.9  % 10.8  % Total Organic 0.5  % 0.6  % Acquisitions 3.0  % 2.8  % Dispositions —  % (0.9) % Currency translation 1.3  % 0.6  % Total* 4.8  % 3.1  % * Totals may be impacted by rounding. Adjusted EPS Guidance Reconciliation Range 2025 Guidance for Earnings per Share from Continuing Operations (GAAP) $ 8.06   $ 8.16   Purchase accounting expenses, net 1.19 Restructuring and other costs, net 0.28 Gain on dispositions, net (0.03) 2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $ 9.50   $ 9.60   * Per share data and totals may be impacted by rounding. IS - 7 DOVER CORPORATION QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) (unaudited)(in thousands) Quarterly Cash Flow 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 Net Cash Flows Provided By (Used In): Operating activities $ 157,474  $ 212,340  $ 424,245  $ 794,059   $ 146,456  $ 149,181  $ 353,244  $ 648,881   $ 438,952  $ 1,087,833   Investing activities (74,186) (681,584) (58,857) (814,627) 432,416  33,215  (402,512) 63,119   (90,102) (26,983) Financing activities (122,234) (84,235) (73,878) (280,347) (80,782) (830,657) 92,994  (818,445) (453,228) (1,271,673) Quarterly Free Cash Flow (Non-GAAP) 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 Cash flow from operating activities 1 $ 157,474  $ 212,340  $ 424,245  $ 794,059   $ 146,456  $ 149,181  $ 353,244  $ 648,881   $ 438,952  $ 1,087,833   Less: Capital expenditures (48,192) (60,932) (54,150) (163,274) (40,050) (35,822) (37,754) (113,626) (53,907) (167,533) Free cash flow $ 109,282  $ 151,408  $ 370,095  $ 630,785   $ 106,406  $ 113,359  $ 315,490  $ 535,255   $ 385,045  $ 920,300   Cash flow from operating activities as a percentage of revenue 8.4 % 10.4 % 20.4 % 13.2 % 7.8 % 7.7 % 17.8 % 11.2 % 22.7 % 14.0 % Cash flow from operating activities as a percentage of adjusted earnings from continuing operations 55.6 % 63.1 % 117.4 % 80.9 % 60.8 % 51.3 % 112.5 % 76.7 % 144.1 % 94.6 % Free cash flow as a percentage of revenue 5.9 % 7.4 % 17.8 % 10.5 % 5.6 % 5.8 % 15.9 % 9.2 % 20.0 % 11.9 % Free cash flow as a percentage of adjusted earnings from continuing operations 38.6 % 45.0 % 102.4 % 64.3 % 44.2 % 39.0 % 100.5 % 63.3 % 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. IS - 8 DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) 2025 2024 Q1 Q2 Q3 Q3 YTD Q1 Q2 Q3 Q3 YTD Q4 FY 2024 BOOKINGS Engineered Products $ 264,538  $ 276,571  $ 273,278  $ 814,387   $ 329,925  $ 280,542  $ 284,823  $ 895,290   $ 276,487  $ 1,171,777   Clean Energy & Fueling 543,859  526,819  509,553  1,580,231   471,610  442,086  507,329  1,421,025   517,470  1,938,495   Imaging & Identification 288,169  292,092  292,229  872,490   278,433  288,641  281,289  848,363   295,784  1,144,147   Pumps & Process Solutions 499,287  530,158  510,960  1,540,405   473,632  461,426  448,074  1,383,132   473,548  1,856,680   Climate & Sustainability Technologies 395,623  384,246  415,099  1,194,968   453,086  406,269  332,503  1,191,858   378,774  1,570,632   Intersegment eliminations (1,892) (1,295) (1,380) (4,567) (791) (1,591) (1,065) (3,447) (2,578) (6,025) Total consolidated bookings $ 1,989,584  $ 2,008,591  $ 1,999,739  $ 5,997,914   $ 2,005,895  $ 1,877,373  $ 1,852,953  $ 5,736,221   $ 1,939,485  $ 7,675,706   IS - 9 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 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. 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. IS - 10 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. IS - 11
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.