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Dover — Jan 29, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000029905-26-000004
Open on SEC.gov ↗
Showing in the filing
Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
“$10.45 - $10.65”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 6
GAAP EPS for FY2026
“$8.95 to $9.15”
Adjusted EPS for FY2026
“$10.45 to $10.65”
Revenue growth for FY2026
“5% to 7%”
Organic growth for FY2026
“3% to 5%”
Earnings per Share from Continuing Operation… for FY2026
“$8.95 - $9.15”
Adjusted Earnings per Share from Continuing … for FY2026
“$10.45 - $10.65”
Exhibit 99.1 · full document
Exhibit 99.1 Investor Contact: Media Contact: Jack Dickens Adrian Sakowicz Vice President - Investor Relations Vice President - Communications (630) 743-2566 (630) 743-5039 jdickens@dovercorp.com asakowicz@dovercorp.com DOVER REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS DOWNERS GROVE, Ill., January 29, 2026 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the fourth quarter ended December 31, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted. Three Months Ended December 31, Years Ended December 31, ($ 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  IS - 1 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. IS - 2 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. IS - 3 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  IS - 4 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. IS - 5 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 operations $ 239,241  $ 280,130  $ 303,292  $ 274,766  $ 1,097,429   $ 602,102  $ 246,587  $ 312,896  $ 238,383  $ 1,399,968   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. IS - 6 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. IS - 7 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 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024 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   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. IS - 8 DOVER CORPORATION REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) (unaudited) Non-GAAP Reconciliations Revenue Growth Factors 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* 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. IS - 9 DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) 2025 2024 Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024 BOOKINGS 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   IS - 10 ADDITIONAL INFORMATION FOURTH QUARTER AND FULL YEA R 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. IS - 11 ADDITIONAL INFORMATION FOURTH QUARTER AND FULL YEA R 2025 (unaudited)(amounts in thousands except share data and where otherwise indicated) 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 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) 2025 2024 Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 Q4 FY 2024 Cash flow from operating activities 1 $ 157,474  $ 212,340  $ 424,245  $ 543,946  $ 1,338,005   $ 146,456  $ 149,181  $ 353,244  $ 438,952  $ 1,087,833   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. IS - 12 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 IS - 13 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. IS - 14
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.