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Dover — Jul 23, 2026 release

Fiscal 2026 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000029905-26-000026
Open on SEC.gov ↗
Showing in the filing
For Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
“$ 10.55 $ 10.75”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 6
GAAP EPS for FY2026
“$8.94 to $9.14”
Adjusted EPS for FY2026
“$10.55 to $10.75”
Revenue growth for FY2026
“6% to 8%”
Organic growth for FY2026
“4% to 6%”
For Earnings per Share from Continuing Opera… for FY2026
“$ 8.94 $ 9.14”
For Adjusted Earnings per Share from Continu… for FY2026
“$ 10.55 $ 10.75”
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 SECOND QUARTER 2026 RESULTS DOWNERS GROVE, Ill., July 23, 2026 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted. Three Months Ended June 30, Six Months Ended June 30, ($ in millions, except per share data)* 2026 2025 % Change* 2026 2025 % Change* U.S. GAAP Revenue $ 2,190  $ 2,050  7  % $ 4,244  $ 3,916  8  % Earnings from continuing operations 313  280  12  % 551  519  6  % Diluted EPS from continuing operations 2.31  2.03  14  % 4.06  3.76  8  % Non-GAAP Organic revenue change 5  % 5  % Adjusted earnings from continuing operations 1 372  337  10  % 681  620  10  % Adjusted diluted EPS from continuing operations 2.74  2.44  12  % 5.02  4.49  12  % 1 Q2 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions. * Totals, change and per share data may be impacted by rounding. For the quarter ended June 30, 2026, Dover generated revenue of $2.2 billion, an increase of 7% (+5% organic). GAAP earnings from continuing operations of $313 million increased by 12%, and GAAP diluted EPS from continuing operations of $2.31 was up 14%. On an adjusted basis, earnings from continuing operations of $372 million were up 10% and adjusted diluted EPS from continuing operations of $2.74 was up 12%. For the six months ended June 30, 2026, Dover generated revenue of $4.2 billion, an increase of 8% (+5% organic). GAAP earnings from continuing operations of $551 million increased by 6%, and GAAP diluted EPS from continuing operations of $4.06 was up 8%. On an adjusted basis, earnings from continuing operations of $681 million were up 10% and adjusted diluted EPS from continuing operations of $5.02 was up 12%. A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein. MANAGEMENT COMMENTARY: Dover’s President and Chief Executive Officer, Richard J. Tobin, said, "Dover delivered another strong quarter of double-digit earnings per share growth. Top-line performance was led by our secular-growth-exposed markets — which now account for approximately 25% of the total portfolio — and was complemented by broad-based, constructive trading conditions across the portfolio. Notably, all five segments delivered positive organic growth in the quarter, underscoring the breadth and durability of demand. Margin performance was solid, as continued operational execution on incremental volumes more than offset input cost inflation. "Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum our businesses have posted over the past several quarters. The strength and breadth of our order book provide improved visibility to our second half outlook. "Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity-expansion projects to support growth and productivity investments to drive margins across the portfolio. Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets. "As we look to the back half of the year, we are well positioned to drive continued value creation for our shareholders. The underlying strength of our order book, together with the flexibility of our business model and the optionality of our balance sheet, afford us the ability to respond dynamically to market conditions and quickly capitalize on opportunities as they arise. Accordingly, we are raising our full-year adjusted EPS guidance." FULL YEAR 2026 GUIDANCE: In 2026, Dover expects to generate GAAP EPS in the range of $8.94 to $9.14 (adjusted EPS of $10.55 to $10.75), based on full year revenue growth of 6% to 8% (organic growth of 4% to 6%). CONFERENCE CALL INFORMATION: Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 23, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website. ABOUT DOVER: Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. INVESTOR SUPPLEMENT - SECOND QUARTER 2026 DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 2,190,021  $ 2,049,592  $ 4,243,644  $ 3,915,651  Cost of goods and services 1,309,415  1,231,330  2,564,903  2,351,889  Gross profit 880,606  818,262  1,678,741  1,563,762  Selling, general and administrative expenses 488,819  463,665  981,045  912,856  Operating earnings 391,787  354,597  697,696  650,906  Interest expense 29,058  26,791  58,580  54,399  Interest income (14,522) (17,935) (28,582) (38,189) Gain on dispositions —  (2,176) —  (4,644) Other income, net (10,447) (4,180) (18,902) (8,138) Earnings before provision for income taxes 387,698  352,097  686,600  647,478  Provision for income taxes 75,153  71,967  135,306  128,107  Earnings from continuing operations 312,545  280,130  551,294  519,371  Loss from discontinued operations, net (299) (1,066) (615) (9,486) Net earnings $ 312,246  $ 279,064  $ 550,679  $ 509,885  IS - 1 DOVER CORPORATION QUARTERLY EARNINGS PER SHARE (unaudited)(in thousands, except per share data*) Earnings Per Share 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 Basic earnings (loss) per share: Continuing operations $ 1.77  $ 2.32  $ 4.09   $ 1.74  $ 2.04  $ 3.78   $ 2.21  $ 2.02  $ 8.01   Discontinued operations $ —  $ —  $ —   $ (0.06) $ (0.01) $ (0.07) $ (0.01) $ 0.05  $ (0.03) Net earnings $ 1.77  $ 2.32  $ 4.08   $ 1.68  $ 2.03  $ 3.71   $ 2.20  $ 2.07  $ 7.99   Diluted earnings (loss) per share: Continuing operations $ 1.76  $ 2.31  $ 4.06   $ 1.73  $ 2.03  $ 3.76   $ 2.20  $ 2.01  $ 7.97   Discontinued operations $ —  $ —  $ —   $ (0.06) $ (0.01) $ (0.07) $ (0.01) $ 0.05  $ (0.03) Net earnings $ 1.75  $ 2.30  $ 4.06   $ 1.67  $ 2.02  $ 3.69   $ 2.19  $ 2.06  $ 7.94   Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows: Continuing operations $ 238,749  $ 312,545  $ 551,294   $ 239,241  $ 280,130  $ 519,371   $ 303,292  $ 274,766  $ 1,097,429   Discontinued operations (316) (299) (615) (8,420) (1,066) (9,486) (1,296) 7,309  (3,473) Net earnings $ 238,433  $ 312,246  $ 550,679   $ 230,821  $ 279,064  $ 509,885   $ 301,996  $ 282,075  $ 1,093,956   Weighted average shares outstanding: Basic 134,977  134,759  134,869   137,267  137,226  137,261   137,236  135,993  136,935   Diluted 135,895  135,553  135,725   138,260  137,974  138,132   138,029  136,826  137,777   Dividends paid per common share $ 0.52  $ 0.52  $ 1.04   $ 0.515  $ 0.515  $ 1.03   $ 0.52  $ 0.52  $ 2.07   * Per share data may be impacted by rounding. IS - 2 DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 REVENUE Engineered Products $ 266,639  $ 283,481  $ 550,120   $ 254,646  $ 275,944  $ 530,590   $ 279,705  $ 275,549  $ 1,085,844   Clean Energy & Fueling 554,809  594,959  1,149,768   491,148  546,097  1,037,245   541,368  551,894  2,130,507   Imaging & Identification 285,420  305,101  590,521   280,090  292,009  572,099   299,100  302,244  1,173,443   Pumps & Process Solutions 537,810  552,709  1,090,519   493,573  520,554  1,014,127   550,920  583,623  2,148,670   Climate & Sustainability Technologies 411,060  455,097  866,157   347,888  416,151  764,039   408,529  387,273  1,559,841   Intersegment eliminations (2,115) (1,326) (3,441) (1,286) (1,163) (2,449) (1,781) (1,504) (5,734) Total consolidated revenue $ 2,053,623  $ 2,190,021  $ 4,243,644   $ 1,866,059  $ 2,049,592  $ 3,915,651   $ 2,077,841  $ 2,099,079  $ 8,092,571   EARNINGS FROM CONTINUING OPERATIONS Segment Earnings: Engineered Products $ 44,991  $ 57,798  $ 102,789   $ 44,114  $ 53,511  $ 97,625   $ 57,483  $ 62,158  $ 217,266   Clean Energy & Fueling 99,041  128,546  227,587   85,644  107,771  193,415   118,665  105,990  418,070   Imaging & Identification 77,457  84,976  162,433   77,575  76,937  154,512   81,772  78,451  314,735   Pumps & Process Solutions 169,492  178,848  348,340   151,275  159,504  310,779   168,565  172,256  651,600   Climate & Sustainability Technologies 63,995  75,826  139,821   52,119  77,262  129,381   76,002  60,264  265,647   Total segment earnings 454,976  525,994  980,970   410,727  474,985  885,712   502,487  479,119  1,867,318   Purchase accounting expenses 1 54,579  51,591  106,170   49,104  51,123  100,227   59,381  58,837  218,445   Restructuring and other costs 2 36,795  24,635  61,430   9,397  23,210  32,607   15,913  29,466  77,986   Gain on dispositions 3 —  —  —   (2,468) (2,176) (4,644) —  —  (4,644) Corporate expense / other 4 49,238  47,534  96,772   51,959  41,875  93,834   31,515  39,190  164,539   Interest expense 29,522  29,058  58,580   27,608  26,791  54,399   27,239  28,134  109,772   Interest income (14,060) (14,522) (28,582) (20,254) (17,935) (38,189) (17,804) (17,039) (73,032) Earnings before provision for income taxes 298,902  387,698  686,600   295,381  352,097  647,478   386,243  340,531  1,374,252   Provision for income taxes 60,153  75,153  135,306   56,140  71,967  128,107   82,951  65,765  276,823   Earnings from continuing operations $ 238,749  $ 312,545  $ 551,294   $ 239,241  $ 280,130  $ 519,371   $ 303,292  $ 274,766  $ 1,097,429   SEGMENT EARNINGS MARGIN Engineered Products 16.9 % 20.4 % 18.7 % 17.3 % 19.4 % 18.4 % 20.6 % 22.6 % 20.0 % Clean Energy & Fueling 17.9 % 21.6 % 19.8 % 17.4 % 19.7 % 18.6 % 21.9 % 19.2 % 19.6 % Imaging & Identification 27.1 % 27.9 % 27.5 % 27.7 % 26.3 % 27.0 % 27.3 % 26.0 % 26.8 % Pumps & Process Solutions 31.5 % 32.4 % 31.9 % 30.6 % 30.6 % 30.6 % 30.6 % 29.5 % 30.3 % Climate & Sustainability Technologies 15.6 % 16.7 % 16.1 % 15.0 % 18.6 % 16.9 % 18.6 % 15.6 % 17.0 % Total segment earnings margin 22.2 % 24.0 % 23.1 % 22.0 % 23.2 % 22.6 % 24.2 % 22.8 % 23.1 % 1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 3 Gain on dispositions, including post-closing adjustments. 4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. IS - 3 DOVER CORPORATION QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) (unaudited)(in thousands, except per share data*) Non-GAAP Reconciliations 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 Adjusted earnings from continuing operations: Earnings from continuing operations $ 238,749  $ 312,545  $ 551,294   $ 239,241  $ 280,130  $ 519,371   $ 303,292  $ 274,766  $ 1,097,429   Purchase accounting expenses, pre-tax 1 54,579  51,591  106,170   49,104  51,123  100,227   59,381  58,837  218,445   Purchase accounting expenses, tax impact 2 (12,692) (11,704) (24,396) (10,919) (11,367) (22,286) (14,067) (14,134) (50,487) Restructuring and other costs, pre-tax 3 36,795  24,635  61,430   9,397  23,210  32,607   15,913  29,466  77,986   Restructuring and other costs, tax impact 2 (8,048) (5,375) (13,423) (1,887) (4,642) (6,529) (3,230) (5,608) (15,367) Gain on dispositions, pre-tax 4 —  —  —   (2,468) (2,176) (4,644) —  —  (4,644) Gain on dispositions, tax-impact 2 —  —  —   689  435  1,124   —  —  1,124   Adjusted earnings from continuing operations $ 309,383  $ 371,692  $ 681,075   $ 283,157  $ 336,713  $ 619,870   $ 361,289  $ 343,327  $ 1,324,486   Adjusted diluted earnings per share from continuing operations: Diluted earnings per share from continuing operations $ 1.76  $ 2.31  $ 4.06   $ 1.73  $ 2.03  $ 3.76   $ 2.20  $ 2.01  $ 7.97   Purchase accounting expenses, pre-tax 1 0.40  0.38  0.78   0.36  0.37  0.73   0.43  0.43  1.59   Purchase accounting expenses, tax impact 2 (0.09) (0.09) (0.18) (0.08) (0.08) (0.16) (0.10) (0.10) (0.37) Restructuring and other costs, pre-tax 3 0.27  0.18  0.45   0.07  0.17  0.24   0.12  0.22  0.57   Restructuring and other costs, tax impact 2 (0.06) (0.04) (0.10) (0.01) (0.03) (0.05) (0.02) (0.04) (0.11) Gain on dispositions, pre-tax 4 —  —  —   (0.02) (0.02) (0.03) —  —  (0.03) Gain on dispositions, tax-impact 2 —  —  —   —  —  0.01   —  —  0.01   Adjusted diluted earnings per share from continuing operations $ 2.28  $ 2.74  $ 5.02   $ 2.05  $ 2.44  $ 4.49   $ 2.62  $ 2.51  $ 9.61   1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026 and YTD 2026 includes other costs of $3.0 million, $4.3 million and $7.3 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. 4 Gain on dispositions, including post-closing adjustments. * Per share data and totals may be impacted by rounding. IS - 4 DOVER CORPORATION QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 ADJUSTED SEGMENT EBITDA Engineered Products: Segment earnings $ 44,991  $ 57,798  $ 102,789   $ 44,114  $ 53,511  $ 97,625   $ 57,483  $ 62,158  $ 217,266   Other depreciation and amortization 1 5,486  5,447  10,933   4,800  5,141  9,941   5,736  5,818  21,495   Adjusted segment EBITDA 2 50,477  63,245  113,722   48,914  58,652  107,566   63,219  67,976  238,761   Adjusted segment EBITDA margin 2 18.9 % 22.3 % 20.7 % 19.2 % 21.3 % 20.3 % 22.6 % 24.7 % 22.0 % Clean Energy & Fueling: Segment earnings $ 99,041  $ 128,546  $ 227,587   $ 85,644  $ 107,771  $ 193,415   $ 118,665  $ 105,990  $ 418,070   Other depreciation and amortization 1 8,552  9,111  17,663   8,578  8,961  17,539   8,582  8,685  34,806   Adjusted segment EBITDA 2 107,593  137,657  245,250   94,222  116,732  210,954   127,247  114,675  452,876   Adjusted segment EBITDA margin 2 19.4 % 23.1 % 21.3 % 19.2 % 21.4 % 20.3 % 23.5 % 20.8 % 21.3 % Imaging & Identification: Segment earnings $ 77,457  $ 84,976  $ 162,433   $ 77,575  $ 76,937  $ 154,512   $ 81,772  $ 78,451  $ 314,735   Other depreciation and amortization 1 4,208  4,373  8,581   4,093  4,229  8,322   4,091  5,155  17,568   Adjusted segment EBITDA 2 81,665  89,349  171,014   81,668  81,166  162,834   85,863  83,606  332,303   Adjusted segment EBITDA margin 2 28.6 % 29.3 % 29.0 % 29.2 % 27.8 % 28.5 % 28.7 % 27.7 % 28.3 % Pumps & Process Solutions: Segment earnings $ 169,492  $ 178,848  $ 348,340   $ 151,275  $ 159,504  $ 310,779   $ 168,565  $ 172,256  $ 651,600   Other depreciation and amortization 1 14,012  14,004  28,016   12,601  13,131  25,732   14,256  14,238  54,226   Adjusted segment EBITDA 2 183,504  192,852  376,356   163,876  172,635  336,511   182,821  186,494  705,826   Adjusted segment EBITDA margin 2 34.1 % 34.9 % 34.5 % 33.2 % 33.2 % 33.2 % 33.2 % 32.0 % 32.8 % Climate & Sustainability Technologies: Segment earnings $ 63,995  $ 75,826  $ 139,821   $ 52,119  $ 77,262  $ 129,381   $ 76,002  $ 60,264  $ 265,647   Other depreciation and amortization 1 8,069  8,001  16,070   7,325  7,605  14,930   7,558  7,856  30,344   Adjusted segment EBITDA 2 72,064  83,827  155,891   59,444  84,867  144,311   83,560  68,120  295,991   Adjusted segment EBITDA margin 2 17.5 % 18.4 % 18.0 % 17.1 % 20.4 % 18.9 % 20.5 % 17.6 % 19.0 % Total Segments: Total segment earnings 2, 3 $ 454,976  $ 525,994  $ 980,970   $ 410,727  $ 474,985  $ 885,712   $ 502,487  $ 479,119  $ 1,867,318   Other depreciation and amortization 1 40,327  40,936  81,263   37,397  39,067  76,464   40,223  41,752  158,439   Total Adjusted segment EBITDA 2 495,303  566,930  1,062,233   448,124  514,052  962,176   542,710  520,871  2,025,757   Total Adjusted segment EBITDA margin 2 24.1 % 25.9 % 25.0 % 24.0 % 25.1 % 24.6 % 26.1 % 24.8 % 25.0 % 1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. 2 Refer to Non-GAAP Measures Definitions section for definition. 3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. IS - 5 DOVER CORPORATION QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 Earnings from continuing operations $ 238,749  $ 312,545  $ 551,294   $ 239,241  $ 280,130  $ 519,371   $ 303,292  $ 274,766  $ 1,097,429   Provision for income taxes 60,153  75,153  135,306   56,140  71,967  128,107   82,951  65,765  276,823   Earnings before provision for income taxes 298,902  387,698  686,600   295,381  352,097  647,478   386,243  340,531  1,374,252   Interest income (14,060) (14,522) (28,582) (20,254) (17,935) (38,189) (17,804) (17,039) (73,032) Interest expense 29,522  29,058  58,580   27,608  26,791  54,399   27,239  28,134  109,772   Corporate expense / other 1 49,238  47,534  96,772   51,959  41,875  93,834   31,515  39,190  164,539   Gain on dispositions 2 —  —  —   (2,468) (2,176) (4,644) —  —  (4,644) Restructuring and other costs 3 36,795  24,635  61,430   9,397  23,210  32,607   15,913  29,466  77,986   Purchase accounting expenses 4 54,579  51,591  106,170   49,104  51,123  100,227   59,381  58,837  218,445   Total segment earnings 5 454,976  525,994  980,970   410,727  474,985  885,712   502,487  479,119  1,867,318   Add: Other depreciation and amortization 6 40,327  40,936  81,263   37,397  39,067  76,464   40,223  41,752  158,439   Total adjusted segment EBITDA 5 $ 495,303  $ 566,930  $ 1,062,233   $ 448,124  $ 514,052  $ 962,176   $ 542,710  $ 520,871  $ 2,025,757   1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. 2 Gain on dispositions, including post-closing adjustments. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 4 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 5 Refer to Non-GAAP Measures Definitions section for definition. 6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. IS - 6 DOVER CORPORATION REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) (unaudited) Non-GAAP Reconciliations Revenue Growth Factors 2026 Q2 Q2 YTD Organic Engineered Products 2.1  % 2.1  % Clean Energy & Fueling 8.6  % 9.8  % Imaging & Identification 2.9  % (0.1) % Pumps & Process Solutions 0.4  % (0.2) % Climate & Sustainability Technologies 8.3  % 11.5  % Total Organic 4.8  % 5.0  % Acquisitions 1.2  % 1.5  % Currency translation 0.9  % 1.9  % Total* 6.9  % 8.4  % * Totals may be impacted by rounding. 2026 Q2 Q2 YTD Organic United States 7.9  % 9.9  % Europe (5.0) % (4.6) % Asia 8.5  % 2.0  % Other Americas 8.8  % 5.9  % Other (0.9) % (2.0) % Total Organic 4.8  % 5.0  % Acquisitions 1.2  % 1.5  % Currency translation 0.9  % 1.9  % Total* 6.9  % 8.4  % * Totals may be impacted by rounding. Adjusted EPS Guidance Reconciliation* Range 2026 Guidance for Earnings per Share from Continuing Operations (GAAP) $ 8.94   $ 9.14   Purchase accounting expenses, net 1.20  Restructuring and other costs, net 0.41  2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $ 10.55   $ 10.75   * Per share data and totals may be impacted by rounding. IS - 7 DOVER CORPORATION QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) (unaudited)(in thousands) Quarterly Cash Flow 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 Net Cash Flows Provided By (Used In): Operating activities $ 190,997  $ 236,171  $ 427,168   $ 157,474  $ 212,340  $ 369,814   $ 424,245  $ 543,946  $ 1,338,005   Investing activities (61,660) (44,181) (105,841) (74,186) (681,584) (755,770) (58,857) (71,967) (886,594) Financing activities (161,451) (73,586) (235,037) (122,234) (84,235) (206,469) (73,878) (344,523) (624,870) Quarterly Free Cash Flow (Non-GAAP) 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 Cash flow from operating activities $ 190,997  $ 236,171  $ 427,168   $ 157,474  $ 212,340  $ 369,814   $ 424,245  $ 543,946  $ 1,338,005   Less: Capital expenditures (59,808) (47,783) (107,591) (48,192) (60,932) (109,124) (54,150) (56,989) (220,263) Free cash flow $ 131,189  $ 188,388  $ 319,577   $ 109,282  $ 151,408  $ 260,690   $ 370,095  $ 486,957  $ 1,117,742   Cash flow from operating activities as a percentage of revenue 9.3 % 10.8 % 10.1 % 8.4 % 10.4 % 9.4 % 20.4 % 25.9 % 16.5 % Cash flow from operating activities as a percentage of adjusted earnings from continuing operations 61.7 % 63.5 % 62.7 % 55.6 % 63.1 % 59.7 % 117.4 % 158.4 % 101.0 % Free cash flow as a percentage of revenue 6.4 % 8.6 % 7.5 % 5.9 % 7.4 % 6.7 % 17.8 % 23.2 % 13.8 % Free cash flow as a percentage of adjusted earnings from continuing operations 42.4 % 50.7 % 46.9 % 38.6 % 45.0 % 42.1 % 102.4 % 141.8 % 84.4 % IS - 8 DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) 2026 2025 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2025 BOOKINGS Engineered Products $ 294,009  $ 277,148  $ 571,157   $ 264,538  $ 276,571  $ 541,109   $ 273,278  $ 281,237  $ 1,095,624   Clean Energy & Fueling 615,197  602,624  1,217,821   543,859  526,819  1,070,678   509,553  587,041  2,167,272   Imaging & Identification 312,646  302,771  615,417   288,169  292,092  580,261   292,229  302,047  1,174,537   Pumps & Process Solutions 597,578  590,020  1,187,598   499,287  530,158  1,029,445   510,960  500,779  2,041,184   Climate & Sustainability Technologies 646,960  560,272  1,207,232   395,623  384,246  779,869   415,099  470,081  1,665,049   Intersegment eliminations (2,714) (1,482) (4,196) (1,892) (1,295) (3,187) (1,380) (1,472) (6,039) Total consolidated bookings $ 2,463,676  $ 2,331,353  $ 4,795,029   $ 1,989,584  $ 2,008,591  $ 3,998,175   $ 1,999,739  $ 2,139,713  $ 8,137,627   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 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. 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.