DOWNERS GROVE, Ill., April 23, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended March 31, | ||||||
($ in millions, except per share data)* | 2026 | 2025 | % Change* | |||
U.S. GAAP | ||||||
Revenue | $ 2,054 | $ 1,866 | 10 % | |||
Earnings from continuing operations | 239 | 239 | — % | |||
Diluted EPS from continuing operations | 1.76 | 1.73 | 2 % | |||
Non-GAAP | ||||||
Organic revenue change | 5 % | |||||
Adjusted earnings from continuing operations 1 | 309 | 283 | 9 % | |||
Adjusted diluted EPS from continuing operations | 2.28 | 2.05 | 11 % | |||
1 | Q1 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 March 31, 2026, Dover generated revenue of $2.1 billion, an increase of 10% (+5% organic). GAAP earnings from continuing operations was $239 million, and GAAP diluted EPS from continuing operations of $1.76 was up 2%. On an adjusted basis, earnings from continuing operations of $309 million were up 9% and adjusted diluted EPS from continuing operations of $2.28 was up 11%.
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "We delivered a solid start to the year, with double-digit revenue growth driven by continued strength in our secular-growth-exposed end markets and improving conditions across the portfolio. Performance in the quarter was broad-based, reflecting solid execution by our teams and healthy underlying demand. Bookings rates were excellent in the quarter, with book-to-bill well above one in all five segments, underscoring the momentum across the portfolio and providing improved visibility and confidence to our forecast.
"Our balance sheet remains strong and continues to provide flexibility to deploy capital toward long-term value creation. During the quarter, we continued to return capital to shareholders through opportunistic share repurchases, while also investing behind high-ROI capacity expansions and productivity investments. Our acquisition pipeline remains active as industrial M&A activity begins to pick up. As always, we remain disciplined in our approach to capital deployment, maintaining our focus on strategic fit and accretive financial returns.
"Despite a complicated global macroeconomic environment, we are well positioned to drive value creation for our shareholders given the underlying strength of our order books, the flexibility of our business model, the operational execution of our teams, and our strong liquidity position. We remain committed to delivering double-digit adjusted EPS growth at the midpoint of our guidance range in 2026, consistent with Dover's long-term performance trajectory."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.92 to $9.12 (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 first quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, April 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 - FIRST QUARTER 2026 | |||
DOVER CORPORATION | |||
CONSOLIDATED STATEMENTS OF EARNINGS | |||
(unaudited)(in thousands) | |||
Three Months Ended March 31, | |||
2026 | 2025 | ||
Revenue | $ 2,053,623 | $ 1,866,059 | |
Cost of goods and services | 1,255,488 | 1,120,559 | |
Gross profit | 798,135 | 745,500 | |
Selling, general and administrative expenses | 492,226 | 449,191 | |
Operating earnings | 305,909 | 296,309 | |
Interest expense | 29,522 | 27,608 | |
Interest income | (14,060) | (20,254) | |
Gain on dispositions | — | (2,468) | |
Other income, net | (8,455) | (3,958) | |
Earnings before provision for income taxes | 298,902 | 295,381 | |
Provision for income taxes | 60,153 | 56,140 | |
Earnings from continuing operations | 238,749 | 239,241 | |
Loss from discontinued operations, net | (316) | (8,420) | |
Net earnings | $ 238,433 | $ 230,821 | |
DOVER CORPORATION | |||||||
QUARTERLY EARNINGS PER SHARE | |||||||
(unaudited)(in thousands, except per share data*) | |||||||
Earnings Per Share | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
Basic earnings (loss) per share: | |||||||
Continuing operations | $ 1.77 | $ 1.74 | $ 2.04 | $ 2.21 | $ 2.02 | $ 8.01 | |
Discontinued operations | $ — | $ (0.06) | $ (0.01) | $ (0.01) | $ 0.05 | $ (0.03) | |
Net earnings | $ 1.77 | $ 1.68 | $ 2.03 | $ 2.20 | $ 2.07 | $ 7.99 | |
Diluted earnings (loss) per share: | |||||||
Continuing operations | $ 1.76 | $ 1.73 | $ 2.03 | $ 2.20 | $ 2.01 | $ 7.97 | |
Discontinued operations | $ — | $ (0.06) | $ (0.01) | $ (0.01) | $ 0.05 | $ (0.03) | |
Net earnings | $ 1.75 | $ 1.67 | $ 2.02 | $ 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 | $ 239,241 | $ 280,130 | $ 303,292 | $ 274,766 | $ 1,097,429 | |
Discontinued operations | (316) | (8,420) | (1,066) | (1,296) | 7,309 | (3,473) | |
Net earnings | $ 238,433 | $ 230,821 | $ 279,064 | $ 301,996 | $ 282,075 | $ 1,093,956 | |
Weighted average shares outstanding: | |||||||
Basic | 134,977 | 137,267 | 137,226 | 137,236 | 135,993 | 136,935 | |
Diluted | 135,895 | 138,260 | 137,974 | 138,029 | 136,826 | 137,777 | |
Dividends paid per common share | $ 0.52 | $ 0.515 | $ 0.515 | $ 0.52 | $ 0.52 | $ 2.07 | |
* Per share data may be impacted by rounding. | |||||||
DOVER CORPORATION | |||||||
QUARTERLY SEGMENT INFORMATION | |||||||
(unaudited)(in thousands) | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
REVENUE | |||||||
Engineered Products | $ 266,639 | $ 254,646 | $ 275,944 | $ 279,705 | $ 275,549 | $ 1,085,844 | |
Clean Energy & Fueling | 554,809 | 491,148 | 546,097 | 541,368 | 551,894 | 2,130,507 | |
Imaging & Identification | 285,420 | 280,090 | 292,009 | 299,100 | 302,244 | 1,173,443 | |
Pumps & Process Solutions | 537,810 | 493,573 | 520,554 | 550,920 | 583,623 | 2,148,670 | |
Climate & Sustainability Technologies | 411,060 | 347,888 | 416,151 | 408,529 | 387,273 | 1,559,841 | |
Intersegment eliminations | (2,115) | (1,286) | (1,163) | (1,781) | (1,504) | (5,734) | |
Total consolidated revenue | $ 2,053,623 | $ 1,866,059 | $ 2,049,592 | $ 2,077,841 | $ 2,099,079 | $ 8,092,571 | |
EARNINGS FROM CONTINUING OPERATIONS | |||||||
Segment Earnings: | |||||||
Engineered Products | $ 44,991 | $ 44,114 | $ 53,511 | $ 57,483 | $ 62,158 | $ 217,266 | |
Clean Energy & Fueling | 99,041 | 85,644 | 107,771 | 118,665 | 105,990 | 418,070 | |
Imaging & Identification | 77,457 | 77,575 | 76,937 | 81,772 | 78,451 | 314,735 | |
Pumps & Process Solutions | 169,492 | 151,275 | 159,504 | 168,565 | 172,256 | 651,600 | |
Climate & Sustainability Technologies | 63,995 | 52,119 | 77,262 | 76,002 | 60,264 | 265,647 | |
Total segment earnings | 454,976 | 410,727 | 474,985 | 502,487 | 479,119 | 1,867,318 | |
Purchase accounting expenses 1 | 54,579 | 49,104 | 51,123 | 59,381 | 58,837 | 218,445 | |
Restructuring and other costs 2 | 36,795 | 9,397 | 23,210 | 15,913 | 29,466 | 77,986 | |
Gain on dispositions 3 | — | (2,468) | (2,176) | — | — | (4,644) | |
Corporate expense / other 4 | 49,238 | 51,959 | 41,875 | 31,515 | 39,190 | 164,539 | |
Interest expense | 29,522 | 27,608 | 26,791 | 27,239 | 28,134 | 109,772 | |
Interest income | (14,060) | (20,254) | (17,935) | (17,804) | (17,039) | (73,032) | |
Earnings before provision for income taxes | 298,902 | 295,381 | 352,097 | 386,243 | 340,531 | 1,374,252 | |
Provision for income taxes | 60,153 | 56,140 | 71,967 | 82,951 | 65,765 | 276,823 | |
Earnings from continuing operations | $ 238,749 | $ 239,241 | $ 280,130 | $ 303,292 | $ 274,766 | $ 1,097,429 | |
SEGMENT EARNINGS MARGIN | |||||||
Engineered Products | 16.9 % | 17.3 % | 19.4 % | 20.6 % | 22.6 % | 20.0 % | |
Clean Energy & Fueling | 17.9 % | 17.4 % | 19.7 % | 21.9 % | 19.2 % | 19.6 % | |
Imaging & Identification | 27.1 % | 27.7 % | 26.3 % | 27.3 % | 26.0 % | 26.8 % | |
Pumps & Process Solutions | 31.5 % | 30.6 % | 30.6 % | 30.6 % | 29.5 % | 30.3 % | |
Climate & Sustainability Technologies | 15.6 % | 15.0 % | 18.6 % | 18.6 % | 15.6 % | 17.0 % | |
Total segment earnings margin | 22.2 % | 22.0 % | 23.2 % | 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. | |||||||
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 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
Adjusted earnings from continuing operations: | |||||||
Earnings from continuing operations | $ 238,749 | $ 239,241 | $ 280,130 | $ 303,292 | $ 274,766 | $ 1,097,429 | |
Purchase accounting expenses, pre-tax 1 | 54,579 | 49,104 | 51,123 | 59,381 | 58,837 | 218,445 | |
Purchase accounting expenses, tax impact 2 | (12,692) | (10,919) | (11,367) | (14,067) | (14,134) | (50,487) | |
Restructuring and other costs, pre-tax 3 | 36,795 | 9,397 | 23,210 | 15,913 | 29,466 | 77,986 | |
Restructuring and other costs, tax impact 2 | (8,048) | (1,887) | (4,642) | (3,230) | (5,608) | (15,367) | |
Gain on dispositions, pre-tax 4 | — | (2,468) | (2,176) | — | — | (4,644) | |
Gain on dispositions, tax-impact 2 | — | 689 | 435 | — | — | 1,124 | |
Adjusted earnings from continuing operations | $ 309,383 | $ 283,157 | $ 336,713 | $ 361,289 | $ 343,327 | $ 1,324,486 | |
Adjusted diluted earnings per share from continuing operations: | |||||||
Diluted earnings per share from continuing operations | $ 1.76 | $ 1.73 | $ 2.03 | $ 2.20 | $ 2.01 | $ 7.97 | |
Purchase accounting expenses, pre-tax 1 | 0.40 | 0.36 | 0.37 | 0.43 | 0.43 | 1.59 | |
Purchase accounting expenses, tax impact 2 | (0.09) | (0.08) | (0.08) | (0.10) | (0.10) | (0.37) | |
Restructuring and other costs, pre-tax 3 | 0.27 | 0.07 | 0.17 | 0.12 | 0.22 | 0.57 | |
Restructuring and other costs, tax impact 2 | (0.06) | (0.01) | (0.03) | (0.02) | (0.04) | (0.11) | |
Gain on dispositions, pre-tax 4 | — | (0.02) | (0.02) | — | — | (0.03) | |
Gain on dispositions, tax-impact 2 | — | — | — | — | — | 0.01 | |
Adjusted diluted earnings per share from continuing operations | $ 2.28 | $ 2.05 | $ 2.44 | $ 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 includes other costs of $3.0 million associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. | |||||||
4 Gain on dispositions, including post-closing adjustments. | |||||||
* Per share data and totals may be impacted by rounding. | |||||||
DOVER CORPORATION | |||||||
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) | |||||||
(unaudited)(in thousands) | |||||||
Non-GAAP Reconciliations | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
ADJUSTED SEGMENT EBITDA | |||||||
Engineered Products: | |||||||
Segment earnings | $ 44,991 | $ 44,114 | $ 53,511 | $ 57,483 | $ 62,158 | $ 217,266 | |
Other depreciation and amortization 1 | 5,486 | 4,800 | 5,141 | 5,736 | 5,818 | 21,495 | |
Adjusted segment EBITDA 2 | 50,477 | 48,914 | 58,652 | 63,219 | 67,976 | 238,761 | |
Adjusted segment EBITDA margin 2 | 18.9 % | 19.2 % | 21.3 % | 22.6 % | 24.7 % | 22.0 % | |
Clean Energy & Fueling: | |||||||
Segment earnings | $ 99,041 | $ 85,644 | $ 107,771 | $ 118,665 | $ 105,990 | $ 418,070 | |
Other depreciation and amortization 1 | 8,552 | 8,578 | 8,961 | 8,582 | 8,685 | 34,806 | |
Adjusted segment EBITDA 2 | 107,593 | 94,222 | 116,732 | 127,247 | 114,675 | 452,876 | |
Adjusted segment EBITDA margin 2 | 19.4 % | 19.2 % | 21.4 % | 23.5 % | 20.8 % | 21.3 % | |
Imaging & Identification: | |||||||
Segment earnings | $ 77,457 | $ 77,575 | $ 76,937 | $ 81,772 | $ 78,451 | $ 314,735 | |
Other depreciation and amortization 1 | 4,208 | 4,093 | 4,229 | 4,091 | 5,155 | 17,568 | |
Adjusted segment EBITDA 2 | 81,665 | 81,668 | 81,166 | 85,863 | 83,606 | 332,303 | |
Adjusted segment EBITDA margin 2 | 28.6 % | 29.2 % | 27.8 % | 28.7 % | 27.7 % | 28.3 % | |
Pumps & Process Solutions: | |||||||
Segment earnings | $ 169,492 | $ 151,275 | $ 159,504 | $ 168,565 | $ 172,256 | $ 651,600 | |
Other depreciation and amortization 1 | 14,012 | 12,601 | 13,131 | 14,256 | 14,238 | 54,226 | |
Adjusted segment EBITDA 2 | 183,504 | 163,876 | 172,635 | 182,821 | 186,494 | 705,826 | |
Adjusted segment EBITDA margin 2 | 34.1 % | 33.2 % | 33.2 % | 33.2 % | 32.0 % | 32.8 % | |
Climate & Sustainability Technologies: | |||||||
Segment earnings | $ 63,995 | $ 52,119 | $ 77,262 | $ 76,002 | $ 60,264 | $ 265,647 | |
Other depreciation and amortization 1 | 8,069 | 7,325 | 7,605 | 7,558 | 7,856 | 30,344 | |
Adjusted segment EBITDA 2 | 72,064 | 59,444 | 84,867 | 83,560 | 68,120 | 295,991 | |
Adjusted segment EBITDA margin 2 | 17.5 % | 17.1 % | 20.4 % | 20.5 % | 17.6 % | 19.0 % | |
Total Segments: | |||||||
Total segment earnings 2, 3 | $ 454,976 | $ 410,727 | $ 474,985 | $ 502,487 | $ 479,119 | $ 1,867,318 | |
Other depreciation and amortization 1 | 40,327 | 37,397 | 39,067 | 40,223 | 41,752 | 158,439 | |
Total Adjusted segment EBITDA 2 | 495,303 | 448,124 | 514,052 | 542,710 | 520,871 | 2,025,757 | |
Total Adjusted segment EBITDA margin 2 | 24.1 % | 24.0 % | 25.1 % | 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. | |||||||
DOVER CORPORATION | |||||||
QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) | |||||||
(unaudited)(in thousands) | |||||||
Non-GAAP Reconciliations | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
Earnings from continuing operations | $ 238,749 | $ 239,241 | $ 280,130 | $ 303,292 | $ 274,766 | $ 1,097,429 | |
Provision for income taxes | 60,153 | 56,140 | 71,967 | 82,951 | 65,765 | 276,823 | |
Earnings before provision for income taxes | 298,902 | 295,381 | 352,097 | 386,243 | 340,531 | 1,374,252 | |
Interest income | (14,060) | (20,254) | (17,935) | (17,804) | (17,039) | (73,032) | |
Interest expense | 29,522 | 27,608 | 26,791 | 27,239 | 28,134 | 109,772 | |
Corporate expense / other 1 | 49,238 | 51,959 | 41,875 | 31,515 | 39,190 | 164,539 | |
Gain on dispositions 2 | — | (2,468) | (2,176) | — | — | (4,644) | |
Restructuring and other costs 3 | 36,795 | 9,397 | 23,210 | 15,913 | 29,466 | 77,986 | |
Purchase accounting expenses 4 | 54,579 | 49,104 | 51,123 | 59,381 | 58,837 | 218,445 | |
Total segment earnings 5 | 454,976 | 410,727 | 474,985 | 502,487 | 479,119 | 1,867,318 | |
Add: Other depreciation and amortization 6 | 40,327 | 37,397 | 39,067 | 40,223 | 41,752 | 158,439 | |
Total adjusted segment EBITDA 5 | $ 495,303 | $ 448,124 | $ 514,052 | $ 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. | |||||||
DOVER CORPORATION | |
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) | |
(unaudited) | |
Non-GAAP Reconciliations | |
Revenue Growth Factors | |
2026 | |
Q1 | |
Organic | |
Engineered Products | 2.1 % |
Clean Energy & Fueling | 11.1 % |
Imaging & Identification | (3.3) % |
Pumps & Process Solutions | (0.8) % |
Climate & Sustainability Technologies | 15.2 % |
Total Organic | 5.3 % |
Acquisitions | 1.9 % |
Currency translation | 2.9 % |
Total* | 10.1 % |
* Totals may be impacted by rounding. | |
2026 | |
Q1 | |
Organic | |
United States | 12.1 % |
Europe | (4.2) % |
Asia | (4.7) % |
Other Americas | 3.0 % |
Other | (3.3) % |
Total Organic | 5.3 % |
Acquisitions | 1.9 % |
Currency translation | 2.9 % |
Total* | 10.1 % |
* Totals may be impacted by rounding. | |
Adjusted EPS Guidance Reconciliation* | |||
Range | |||
2026 Guidance for Earnings per Share from Continuing Operations (GAAP) | $ 8.92 | $ 9.12 | |
Purchase accounting expenses, net | 1.21 | ||
Restructuring and other costs, net | 0.31 | ||
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) | $ 10.45 | $ 10.65 | |
* Per share data and totals may be impacted by rounding. | |||
DOVER CORPORATION | |||||||
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) | |||||||
(unaudited)(in thousands) | |||||||
Quarterly Cash Flow | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
Net Cash Flows Provided By (Used In): | |||||||
Operating activities | $ 190,997 | $ 157,474 | $ 212,340 | $ 424,245 | $ 543,946 | $ 1,338,005 | |
Investing activities | (61,660) | (74,186) | (681,584) | (58,857) | (71,967) | (886,594) | |
Financing activities | (161,451) | (122,234) | (84,235) | (73,878) | (344,523) | (624,870) | |
Quarterly Free Cash Flow (Non-GAAP) | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
Cash flow from operating activities | $ 190,997 | $ 157,474 | $ 212,340 | $ 424,245 | $ 543,946 | $ 1,338,005 | |
Less: Capital expenditures | (59,808) | (48,192) | (60,932) | (54,150) | (56,989) | (220,263) | |
Free cash flow | $ 131,189 | $ 109,282 | $ 151,408 | $ 370,095 | $ 486,957 | $ 1,117,742 | |
Cash flow from operating activities as a percentage of revenue | 9.3 % | 8.4 % | 10.4 % | 20.4 % | 25.9 % | 16.5 % | |
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations | 61.7 % | 55.6 % | 63.1 % | 117.4 % | 158.4 % | 101.0 % | |
Free cash flow as a percentage of revenue | 6.4 % | 5.9 % | 7.4 % | 17.8 % | 23.2 % | 13.8 % | |
Free cash flow as a percentage of adjusted earnings from continuing operations | 42.4 % | 38.6 % | 45.0 % | 102.4 % | 141.8 % | 84.4 % | |
DOVER CORPORATION | |||||||
PERFORMANCE MEASURES | |||||||
(unaudited)(in thousands) | |||||||
2026 | 2025 | ||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2025 | ||
BOOKINGS | |||||||
Engineered Products | $ 294,009 | $ 264,538 | $ 276,571 | $ 273,278 | $ 281,237 | $ 1,095,624 | |
Clean Energy & Fueling | 615,197 | 543,859 | 526,819 | 509,553 | 587,041 | 2,167,272 | |
Imaging & Identification | 312,646 | 288,169 | 292,092 | 292,229 | 302,047 | 1,174,537 | |
Pumps & Process Solutions | 597,578 | 499,287 | 530,158 | 510,960 | 500,779 | 2,041,184 | |
Climate & Sustainability Technologies | 646,960 | 395,623 | 384,246 | 415,099 | 470,081 | 1,665,049 | |
Intersegment eliminations | (2,714) | (1,892) | (1,295) | (1,380) | (1,472) | (6,039) | |
Total consolidated bookings | $ 2,463,676 | $ 1,989,584 | $ 2,008,591 | $ 1,999,739 | $ 2,139,713 | $ 8,137,627 | |
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
Investor Contact: | Media Contact: |
Jack Dickens | Adrian Sakowicz |
Vice President - Investor Relations | Vice President - Communications |
(630) 743-2566 | (630) 743-5039 |
SOURCE Dover
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