Dover Reports Third Quarter 2026 Results

Bookings increased across all five segments and exceeded shipments, with a significant portion of backlog scheduled for delivery in 2027.

Rhea-AI Summary

Dover (NYSE: DOV) reported third-quarter revenue of $2,234 million, up 8% from the comparable period of the prior year. Organic revenue growth, excluding acquisition and currency effects, was 7%. GAAP earnings from continuing operations rose 11% to $337 million, with diluted earnings per share up 14% to $2.50. Adjusted diluted earnings per share increased 10% to $2.88.

For the first nine months, revenue increased 8% to $6,477 million and GAAP diluted earnings per share from continuing operations rose 10% to $6.56. Dover expects full-year 2026 GAAP earnings per share of $8.93–$9.08, adjusted earnings per share of $10.60–$10.75, and revenue growth of 7%–8%. Third-quarter share repurchases exceeded $330 million. Four segments increased revenue, while Engineered Products declined; Climate & Sustainability Technologies' earnings margin fell to 16.7% from 18.6%.

30 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased 8% to $2,234 million year over year, including 7% organic growth.
• Moderate pointThird-quarter GAAP diluted continuing EPS increased 14% to $2.50 year over year.
• Moderate pointThird-quarter adjusted diluted continuing EPS increased 10% to $2.88 year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Dover expects 2026 EPS of $8.93–$9.08 GAAP and $10.60–$10.75 adjusted.
• Moderate pointThird-quarter share repurchases returned over $330 million to shareholders. 1.2% of market cap
• Moderate pointBookings increased across all five segments and again exceeded shipments.

24 minor points

• Minor pointThird-quarter GAAP continuing earnings rose 11% to $337 million year over year.
• Minor pointThird-quarter adjusted continuing earnings increased 7% to $388 million year over year.
• Minor pointNine-month revenue increased 8% to $6,477 million year over year, including 6% organic growth.
• Minor pointNine-month GAAP continuing earnings increased 8% to $888 million year over year.
• Minor pointNine-month GAAP diluted continuing EPS increased 10% to $6.56 year over year.
• Minor pointNine-month adjusted continuing earnings increased 9% to $1,069 million year over year.
• Minor pointNine-month adjusted diluted continuing EPS increased 11% to $7.89 year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.Dover expects 2026 revenue growth of 7%–8%, including organic growth of 5%–6%.
• Minor point. Forward-looking: it has not happened yet and may not happen.A significant portion of backlog is scheduled for delivery in 2027.
• Minor pointDover announced two bolt-on acquisitions during the quarter to expand capabilities and manufacturing capacity.
• Minor pointDover continued investing in greenfield expansions, productivity projects and footprint optimization.
• Minor pointFood retail footprint consolidation was completed, alongside improving production rates.
• Minor pointClean Energy & Fueling third-quarter revenue increased to $606.003 million from $541.368 million year over year.
• Minor pointClean Energy & Fueling third-quarter earnings increased to $132.881 million from $118.665 million year over year.
• Minor pointImaging & Identification third-quarter revenue increased to $304.667 million from $299.100 million year over year.
• Minor pointImaging & Identification third-quarter earnings increased to $95.171 million from $81.772 million year over year.
• Minor pointImaging & Identification third-quarter earnings margin increased to 31.2% from 27.3% year over year.
• Minor pointPumps & Process Solutions third-quarter revenue increased to $568.517 million from $550.920 million year over year.
• Minor pointPumps & Process Solutions third-quarter earnings increased to $177.878 million from $168.565 million year over year.
• Minor pointPumps & Process Solutions third-quarter earnings margin increased to 31.3% from 30.6% year over year.
• Minor pointClimate & Sustainability Technologies third-quarter revenue increased to $481.452 million from $408.529 million year over year.
• Minor pointClimate & Sustainability Technologies third-quarter earnings increased to $80.555 million from $76.002 million year over year.
• Minor pointThird-quarter purchase accounting expenses decreased to $45.850 million from $59.381 million year over year.
• Minor pointThird-quarter dividends paid per common share increased to $0.525 from $0.52 a year earlier.

Negative

• Minor pointEngineered Products third-quarter revenue declined to $274.903 million from $279.705 million year over year.
• Minor pointEngineered Products third-quarter earnings declined to $56.613 million from $57.483 million year over year.
• Minor pointClimate & Sustainability Technologies third-quarter earnings margin declined to 16.7% from 18.6% year over year.
• Minor pointRestructuring and other costs increased to $21.767 million in Q3 from $15.913 million a year earlier.
• Minor pointNine-month restructuring and other costs increased to $83.197 million from $48.520 million year over year.

4 minor points

• Minor pointThird-quarter corporate expense and other costs increased to $42.445 million from $31.515 million year over year.
• Minor pointThird-quarter interest expense increased to $28.870 million from $27.239 million year over year.
• Minor pointThird-quarter interest income decreased to $16.520 million from $17.804 million year over year.
• Minor pointThird-quarter discontinued-operations loss widened to $3.489 million from $1.296 million a year earlier.

Key Figures

Q3 revenue: $2.2 billion; +8% Organic revenue growth: +7% GAAP diluted EPS: $2.50; +14% +4 more

Q3 revenue

$2.2 billion; +8%

Third quarter 2026 year over year

Organic revenue growth

+7%

Third quarter 2026

GAAP diluted EPS

$2.50; +14%

Third quarter 2026 year over year

Adjusted diluted EPS

$2.88; +10%

Third quarter 2026 year over year

2026 GAAP EPS guidance

$8.93–$9.08

Full-year 2026

2026 adjusted EPS guidance

$10.60–$10.75

Full-year 2026

2026 revenue growth guidance

7%–8% total; 5%–6% organic

Full-year 2026

Previous Earnings Reports

2 past events · Latest: Jul 23

Same Type 2 events

1. Jul 23

   Q2 earnings report

   24h Move

   -7.8%

   Q2 revenue, GAAP and adjusted EPS increased; full-year guidance was raised.

2. Oct 23

   Q3 earnings report

   24h Move

   +8.1%

   Q3 revenue and adjusted EPS increased, and full-year adjusted EPS guidance was raised.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, diluted eps

3 terms

gaap financial

"GAAP earnings from continuing operations of $337 million increased by 11%"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"definitions of non-GAAP and other performance measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

diluted eps financial

"adjusted diluted EPS from continuing operations of $2.88"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

DOWNERS GROVE, Ill., Oct. 22, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

		Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions, except per share data)*		2026		2025		% Change*		2026		2025		% Change*
U.S. GAAP
Revenue		$     2,234		$     2,078		8 %		$     6,477		$     5,993		8 %
Earnings from continuing operations		337		303		11 %		888		823		8 %
Diluted EPS from continuing operations		2.50		2.20		14 %		6.56		5.96		10 %
Non-GAAP
Organic revenue change						7 %						6 %
Adjusted earnings from continuing operations 1		388		361		7 %		1,069		981		9 %
Adjusted diluted EPS from continuing operations		2.88		2.62		10 %		7.89		7.10		11 %

1	Q3 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.
*	Totals, change and per share data may be impacted by rounding.

For the quarter ended September 30, 2026, Dover generated revenue of $2.2 billion, an increase of 8% (+7% organic). GAAP earnings from continuing operations of $337 million increased by 11%, and GAAP diluted EPS from continuing operations of $2.50 was up 14%. On an adjusted basis, earnings from continuing operations of $388 million were up 7% and adjusted diluted EPS from continuing operations of $2.88 was up 10%.

For the nine months ended September 30, 2026, Dover generated revenue of $6.5 billion, an increase of 8% (+6% organic). GAAP earnings from continuing operations of $888 million increased by 8%, and GAAP diluted EPS from continuing operations of $6.56 was up 10%. On an adjusted basis, earnings from continuing operations of $1.1 billion were up 9% and adjusted diluted EPS from continuing operations of $7.89 was up 11%.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover delivered strong results in the third quarter. Top-line growth accelerated, led by our secular growth markets in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing, and space launch. This strength was complemented by broad-based performance across the portfolio, including improving line rates in food retail as we completed the footprint consolidation.

"Order performance was a highlight, consistent with the trend we have seen throughout the year. Bookings increased across all five segments and again outpaced shipments, reinforcing our confidence in the forecast. Notably, a significant portion of our backlog is scheduled for delivery in 2027, giving us a solid foundation heading into next year.

"We remained active in capital deployment. We continued to invest behind greenfield expansions in high-growth end markets, along with productivity and footprint optimization projects. During the quarter, we announced two bolt-on acquisitions that expand our capabilities in attractive markets and add manufacturing capacity in key strategic locations, and we opportunistically repurchased over $330 million of our shares. Our balance sheet and liquidity position provide significant flexibility to deploy additional capital.

"We are on track to deliver double-digit adjusted EPS growth in 2026, in line with our long-term algorithm. As we begin planning for 2027, the constructive demand backdrop and our order book, together with carryover benefits from actions taken this year, set the stage for continued value creation for our shareholders."

FULL YEAR 2026 GUIDANCE:

In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 22, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

INVESTOR SUPPLEMENT - THIRD QUARTER 2026
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue	$       2,233,839		$       2,077,841		$       6,477,483		$       5,993,492
Cost of goods and services	1,330,413		1,244,247		3,895,316		3,596,136
Gross profit	903,426		833,594		2,582,167		2,397,356
Selling, general and administrative expenses	484,238		456,441		1,465,283		1,369,297
Operating earnings	419,188		377,153		1,116,884		1,028,059
Interest expense	28,870		27,239		87,450		81,638
Interest income	(16,520)		(17,804)		(45,102)		(55,993)
Gain on dispositions	—		—		—		(4,644)
Other income, net	(13,848)		(18,525)		(32,750)		(26,663)
Earnings before provision for income taxes	420,686		386,243		1,107,286		1,033,721
Provision for income taxes	83,866		82,951		219,172		211,058
Earnings from continuing operations	336,820		303,292		888,114		822,663
Loss from discontinued operations, net	(3,489)		(1,296)		(4,104)		(10,782)
Net earnings	$          333,331		$          301,996		$          884,010		$          811,881

 

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
Basic earnings (loss) per share:
Continuing operations	$      1.77	$      2.32	$      2.51	$         6.60		$      1.74	$      2.04	$      2.21	$         5.99	$       2.02	$          8.01
Discontinued operations	$          —	$          —	$     (0.03)	$       (0.03)		$     (0.06)	$     (0.01)	$     (0.01)	$       (0.08)	$       0.05	$        (0.03)
Net earnings	$      1.77	$      2.32	$      2.48	$         6.57		$      1.68	$      2.03	$      2.20	$         5.92	$       2.07	$          7.99
Diluted earnings (loss) per share:
Continuing operations	$      1.76	$      2.31	$      2.50	$         6.56		$      1.73	$      2.03	$      2.20	$         5.96	$       2.01	$          7.97
Discontinued operations	$          —	$          —	$     (0.03)	$       (0.03)		$     (0.06)	$     (0.01)	$     (0.01)	$       (0.08)	$       0.05	$        (0.03)
Net earnings	$      1.75	$      2.30	$      2.47	$         6.53		$      1.67	$      2.02	$      2.19	$         5.88	$       2.06	$          7.94
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations	$ 238,749	$ 312,545	$ 336,820	$   888,114		$ 239,241	$ 280,130	$ 303,292	$   822,663	$ 274,766	$ 1,097,429
Discontinued operations	(316)	(299)	(3,489)	(4,104)		(8,420)	(1,066)	(1,296)	(10,782)	7,309	(3,473)
Net earnings	$ 238,433	$ 312,246	$ 333,331	$   884,010		$ 230,821	$ 279,064	$ 301,996	$   811,881	$ 282,075	$ 1,093,956
Weighted average shares outstanding:
Basic	134,977	134,759	134,200	134,644		137,267	137,226	137,236	137,254	135,993	136,935
Diluted	135,895	135,553	134,878	135,440		138,260	137,974	138,029	138,099	136,826	137,777
Dividends paid per common share	$      0.52	$      0.52	$    0.525	$       1.565		$    0.515	$    0.515	$      0.52	$         1.55	$       0.52	$          2.07
* Per share data may be impacted by rounding.

 

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
REVENUE
Engineered Products	$   266,639	$   283,481	$   274,903	$   825,023		$   254,646	$   275,944	$   279,705	$   810,295	$   275,549	$ 1,085,844
Clean Energy & Fueling	554,809	594,959	606,003	1,755,771		491,148	546,097	541,368	1,578,613	551,894	2,130,507
Imaging & Identification	285,420	305,101	304,667	895,188		280,090	292,009	299,100	871,199	302,244	1,173,443
Pumps & Process Solutions	537,810	552,709	568,517	1,659,036		493,573	520,554	550,920	1,565,047	583,623	2,148,670
Climate & Sustainability Technologies	411,060	455,097	481,452	1,347,609		347,888	416,151	408,529	1,172,568	387,273	1,559,841
Intersegment eliminations	(2,115)	(1,326)	(1,703)	(5,144)		(1,286)	(1,163)	(1,781)	(4,230)	(1,504)	(5,734)
Total consolidated revenue	$ 2,053,623	$ 2,190,021	$ 2,233,839	$ 6,477,483		$ 1,866,059	$ 2,049,592	$ 2,077,841	$ 5,993,492	$ 2,099,079	$ 8,092,571
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products	$     44,991	$     57,798	$     56,613	$   159,402		$     44,114	$     53,511	$     57,483	$   155,108	$     62,158	$   217,266
Clean Energy & Fueling	99,041	128,546	132,881	360,468		85,644	107,771	118,665	312,080	105,990	418,070
Imaging & Identification	77,457	84,976	95,171	257,604		77,575	76,937	81,772	236,284	78,451	314,735
Pumps & Process Solutions	169,492	178,848	177,878	526,218		151,275	159,504	168,565	479,344	172,256	651,600
Climate & Sustainability Technologies	63,995	75,826	80,555	220,376		52,119	77,262	76,002	205,383	60,264	265,647
Total segment earnings	454,976	525,994	543,098	1,524,068		410,727	474,985	502,487	1,388,199	479,119	1,867,318
Purchase accounting expenses 1	54,579	51,591	45,850	152,020		49,104	51,123	59,381	159,608	58,837	218,445
Restructuring and other costs 2	36,795	24,635	21,767	83,197		9,397	23,210	15,913	48,520	29,466	77,986
Gain on dispositions 3	—	—	—	—		(2,468)	(2,176)	—	(4,644)	—	(4,644)
Corporate expense / other 4	49,238	47,534	42,445	139,217		51,959	41,875	31,515	125,349	39,190	164,539
Interest expense	29,522	29,058	28,870	87,450		27,608	26,791	27,239	81,638	28,134	109,772
Interest income	(14,060)	(14,522)	(16,520)	(45,102)		(20,254)	(17,935)	(17,804)	(55,993)	(17,039)	(73,032)
Earnings before provision for income taxes	298,902	387,698	420,686	1,107,286		295,381	352,097	386,243	1,033,721	340,531	1,374,252
Provision for income taxes	60,153	75,153	83,866	219,172		56,140	71,967	82,951	211,058	65,765	276,823
Earnings from continuing operations	$   238,749	$   312,545	$   336,820	$   888,114		$   239,241	$   280,130	$   303,292	$   822,663	$   274,766	$ 1,097,429
SEGMENT EARNINGS MARGIN
Engineered Products	16.9 %	20.4 %	20.6 %	19.3 %		17.3 %	19.4 %	20.6 %	19.1 %	22.6 %	20.0 %
Clean Energy & Fueling	17.9 %	21.6 %	21.9 %	20.5 %		17.4 %	19.7 %	21.9 %	19.8 %	19.2 %	19.6 %
Imaging & Identification	27.1 %	27.9 %	31.2 %	28.8 %		27.7 %	26.3 %	27.3 %	27.1 %	26.0 %	26.8 %
Pumps & Process Solutions	31.5 %	32.4 %	31.3 %	31.7 %		30.6 %	30.6 %	30.6 %	30.6 %	29.5 %	30.3 %
Climate & Sustainability Technologies	15.6 %	16.7 %	16.7 %	16.4 %		15.0 %	18.6 %	18.6 %	17.5 %	15.6 %	17.0 %
Total segment earnings margin	22.2 %	24.0 %	24.3 %	23.5 %		22.0 %	23.2 %	24.2 %	23.2 %	22.8 %	23.1 %
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 Gain on dispositions, including post-closing adjustments.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.

 

DOVER CORPORATION
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
Adjusted earnings from continuing operations:
Earnings from continuing operations	$ 238,749	$ 312,545	$ 336,820	$ 888,114		$ 239,241	$ 280,130	$ 303,292	$ 822,663	$ 274,766	$            1,097,429
Purchase accounting expenses, pre-tax 1	54,579	51,591	45,850	152,020		49,104	51,123	59,381	159,608	58,837	218,445
Purchase accounting expenses, tax impact 2	(12,692)	(11,704)	(12,011)	(36,407)		(10,919)	(11,367)	(14,067)	(36,353)	(14,134)	(50,487)
Restructuring and other costs, pre-tax 3	36,795	24,635	21,767	83,197		9,397	23,210	15,913	48,520	29,466	77,986
Restructuring and other costs, tax impact 2	(8,048)	(5,375)	(4,551)	(17,974)		(1,887)	(4,642)	(3,230)	(9,759)	(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	$ 387,875	$            1,068,950		$ 283,157	$ 336,713	$ 361,289	$ 981,159	$ 343,327	$            1,324,486
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share from continuing operations	$     1.76	$     2.31	$     2.50	$      6.56		$     1.73	$     2.03	$     2.20	$     5.96	$     2.01	$      7.97
Purchase accounting expenses, pre-tax 1	0.40	0.38	0.34	1.12		0.36	0.37	0.43	1.16	0.43	1.59
Purchase accounting expenses, tax impact 2	(0.09)	(0.09)	(0.09)	(0.27)		(0.08)	(0.08)	(0.10)	(0.26)	(0.10)	(0.37)
Restructuring and other costs, pre-tax 3	0.27	0.18	0.16	0.61		0.07	0.17	0.12	0.35	0.22	0.57
Restructuring and other costs, tax impact 2	(0.06)	(0.04)	(0.03)	(0.13)		(0.01)	(0.03)	(0.02)	(0.07)	(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	$     2.88	$      7.89		$     2.05	$     2.44	$     2.62	$     7.10	$     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, Q3 2026 and YTD 2026 include other costs of $3.0 million, $4.3 million, $1.7 million, and $9.0 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.
4 Gain on dispositions, including post-closing adjustments.
* Per share data and totals may be impacted by rounding.

 

DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings	$ 44,991	$ 57,798	$ 56,613	$  159,402		$ 44,114	$ 53,511	$ 57,483	$ 155,108	$ 62,158	$ 217,266
Other depreciation and amortization 1	5,486	5,447	5,647	16,580		4,800	5,141	5,736	15,677	5,818	21,495
Adjusted segment EBITDA 2	50,477	63,245	62,260	175,982		48,914	58,652	63,219	170,785	67,976	238,761
Adjusted segment EBITDA margin 2	18.9 %	22.3 %	22.6 %	21.3 %		19.2 %	21.3 %	22.6 %	21.1 %	24.7 %	22.0 %
Clean Energy & Fueling:
Segment earnings	$ 99,041	$          128,546	$          132,881	$  360,468		$ 85,644	$          107,771	$          118,665	$ 312,080	$          105,990	$ 418,070
Other depreciation and amortization 1	8,552	9,111	8,714	26,377		8,578	8,961	8,582	26,121	8,685	34,806
Adjusted segment EBITDA 2	107,593	137,657	141,595	386,845		94,222	116,732	127,247	338,201	114,675	452,876
Adjusted segment EBITDA margin 2	19.4 %	23.1 %	23.4 %	22.0 %		19.2 %	21.4 %	23.5 %	21.4 %	20.8 %	21.3 %
Imaging & Identification:
Segment earnings	$ 77,457	$ 84,976	$ 95,171	$  257,604		$ 77,575	$ 76,937	$ 81,772	$ 236,284	$ 78,451	$ 314,735
Other depreciation and amortization 1	4,208	4,373	4,556	13,137		4,093	4,229	4,091	12,413	5,155	17,568
Adjusted segment EBITDA 2	81,665	89,349	99,727	270,741		81,668	81,166	85,863	248,697	83,606	332,303
Adjusted segment EBITDA margin 2	28.6 %	29.3 %	32.7 %	30.2 %		29.2 %	27.8 %	28.7 %	28.5 %	27.7 %	28.3 %
Pumps & Process Solutions:
Segment earnings	$          169,492	$          178,848	$          177,878	$  526,218		$          151,275	$          159,504	$          168,565	$ 479,344	$          172,256	$ 651,600
Other depreciation and amortization 1	14,012	14,004	15,059	43,075		12,601	13,131	14,256	39,988	14,238	54,226
Adjusted segment EBITDA 2	183,504	192,852	192,937	569,293		163,876	172,635	182,821	519,332	186,494	705,826
Adjusted segment EBITDA margin 2	34.1 %	34.9 %	33.9 %	34.3 %		33.2 %	33.2 %	33.2 %	33.2 %	32.0 %	32.8 %
Climate & Sustainability Technologies:
Segment earnings	$ 63,995	$ 75,826	$ 80,555	$  220,376		$ 52,119	$ 77,262	$ 76,002	$ 205,383	$ 60,264	$ 265,647
Other depreciation and amortization 1	8,069	8,001	7,966	24,036		7,325	7,605	7,558	22,488	7,856	30,344
Adjusted segment EBITDA 2	72,064	83,827	88,521	244,412		59,444	84,867	83,560	227,871	68,120	295,991
Adjusted segment EBITDA margin 2	17.5 %	18.4 %	18.4 %	18.1 %		17.1 %	20.4 %	20.5 %	19.4 %	17.6 %	19.0 %
Total Segments:
Total segment earnings 2, 3	$          454,976	$          525,994	$          543,098	$ 1,524,068		$          410,727	$          474,985	$          502,487	$            1,388,199	$          479,119	$            1,867,318
Other depreciation and amortization 1	40,327	40,936	41,942	123,205		37,397	39,067	40,223	116,687	41,752	158,439
Total Adjusted segment EBITDA 2	495,303	566,930	585,040	1,647,273		448,124	514,052	542,710	1,504,886	520,871	2,025,757
Total Adjusted segment EBITDA margin 2	24.1 %	25.9 %	26.2 %	25.4 %		24.0 %	25.1 %	26.1 %	25.1 %	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	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
Earnings from continuing operations	$ 238,749	$ 312,545	$ 336,820	$  888,114		$ 239,241	$ 280,130	$ 303,292	$  822,663	$ 274,766	$ 1,097,429
Provision for income taxes	60,153	75,153	83,866	219,172		56,140	71,967	82,951	211,058	65,765	276,823
Earnings before provision for income taxes	298,902	387,698	420,686	1,107,286		295,381	352,097	386,243	1,033,721	340,531	1,374,252
Interest income	(14,060)	(14,522)	(16,520)	(45,102)		(20,254)	(17,935)	(17,804)	(55,993)	(17,039)	(73,032)
Interest expense	29,522	29,058	28,870	87,450		27,608	26,791	27,239	81,638	28,134	109,772
Corporate expense / other 1	49,238	47,534	42,445	139,217		51,959	41,875	31,515	125,349	39,190	164,539
Gain on dispositions 2	—	—	—	—		(2,468)	(2,176)	—	(4,644)	—	(4,644)
Restructuring and other costs 3	36,795	24,635	21,767	83,197		9,397	23,210	15,913	48,520	29,466	77,986
Purchase accounting expenses 4	54,579	51,591	45,850	152,020		49,104	51,123	59,381	159,608	58,837	218,445
Total segment earnings 5	454,976	525,994	543,098	1,524,068		410,727	474,985	502,487	1,388,199	479,119	1,867,318
Add: Other depreciation and amortization 6	40,327	40,936	41,942	123,205		37,397	39,067	40,223	116,687	41,752	158,439
Total adjusted segment EBITDA 5	$ 495,303	$ 566,930	$ 585,040	$           1,647,273		$ 448,124	$ 514,052	$ 542,710	$           1,504,886	$ 520,871	$ 2,025,757
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
2 Gain on dispositions, including post-closing adjustments.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
5 Refer to Non-GAAP Measures Definitions section for definition.
6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

 

DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)
Non-GAAP Reconciliations
Revenue Growth Factors
	2026
	Q3		Q3 YTD
Organic
Engineered Products	(1.6) %		0.8 %
Clean Energy & Fueling	12.1 %		10.6 %
Imaging & Identification	2.2 %		0.7 %
Pumps & Process Solutions	1.2 %		0.3 %
Climate & Sustainability Technologies	17.9 %		13.7 %
Total Organic	7.1 %		5.7 %
Acquisitions	0.5 %		1.2 %
Currency translation	(0.1) %		1.2 %
Total*	7.5 %		8.1 %
* Totals may be impacted by rounding.
	2026
	Q3		Q3 YTD
Organic
United States	12.6 %		10.9 %
Europe	(3.0) %		(4.1) %
Asia	15.1 %		6.9 %
Other Americas	(7.0) %		1.8 %
Other	(1.1) %		(1.7) %
Total Organic	7.1 %		5.7 %
Acquisitions	0.5 %		1.2 %
Currency translation	(0.1) %		1.2 %
Total*	7.5 %		8.1 %
* Totals may be impacted by rounding.

 

Adjusted EPS Guidance Reconciliation*
	Range
2026 Guidance for Earnings per Share from Continuing Operations (GAAP)	$8.93		$9.08
Purchase accounting expenses, net		1.16
Restructuring and other costs, net		0.51
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)	$10.60		$10.75
* Per share data and totals may be impacted by rounding.

 

DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)
Quarterly Cash Flow
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
Net Cash Flows Provided By (Used In):
Operating activities	$          190,997	$          236,171	$          438,763	$          865,931		$          157,474	$          212,340	$          424,245	$          794,059	$          543,946	$            1,338,005
Investing activities	(61,660)	(44,181)	(96,767)	(202,608)		(74,186)	(681,584)	(58,857)	(814,627)	(71,967)	(886,594)
Financing activities	(161,451)	(73,586)	(406,325)	(641,362)		(122,234)	(84,235)	(73,878)	(280,347)	(344,523)	(624,870)

 

Quarterly Free Cash Flow (Non-GAAP)
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
Cash flow from operating activities	$          190,997	$          236,171	$          438,763	$          865,931		$          157,474	$          212,340	$          424,245	$          794,059	$          543,946	$            1,338,005
Less: Capital expenditures	(59,808)	(47,783)	(55,414)	(163,005)		(48,192)	(60,932)	(54,150)	(163,274)	(56,989)	(220,263)
Free cash flow	$          131,189	$          188,388	$          383,349	$          702,926		$          109,282	$          151,408	$          370,095	$          630,785	$          486,957	$            1,117,742
Cash flow from operating activities as a percentage of revenue	9.3 %	10.8 %	19.6 %	13.4 %		8.4 %	10.4 %	20.4 %	13.2 %	25.9 %	16.5 %
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations	61.7 %	63.5 %	113.1 %	81.0 %		55.6 %	63.1 %	117.4 %	80.9 %	158.4 %	101.0 %
Free cash flow as a percentage of revenue	6.4 %	8.6 %	17.2 %	10.9 %		5.9 %	7.4 %	17.8 %	10.5 %	23.2 %	13.8 %
Free cash flow as a percentage of adjusted earnings from continuing operations	42.4 %	50.7 %	98.8 %	65.8 %		38.6 %	45.0 %	102.4 %	64.3 %	141.8 %	84.4 %

 

DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
	2026					2025
	Q1	Q2	Q3	Q3 YTD		Q1	Q2	Q3	Q3 YTD	Q4	FY 2025
BOOKINGS
Engineered Products	$ 294,009	$ 277,148	$ 274,394	$ 845,551		$ 264,538	$ 276,571	$ 273,278	$ 814,387	$ 281,237	$            1,095,624
Clean Energy & Fueling	615,197	602,624	592,608	1,810,429		543,859	526,819	509,553	1,580,231	587,041	2,167,272
Imaging & Identification	312,646	302,771	292,907	908,324		288,169	292,092	292,229	872,490	302,047	1,174,537
Pumps & Process Solutions	597,578	590,020	557,177	1,744,775		499,287	530,158	510,960	1,540,405	500,779	2,041,184
Climate & Sustainability Technologies	646,960	560,272	594,051	1,801,283		395,623	384,246	415,099	1,194,968	470,081	1,665,049
Intersegment eliminations	(2,714)	(1,482)	(1,025)	(5,221)		(1,892)	(1,295)	(1,380)	(4,567)	(1,472)	(6,039)
Total consolidated bookings	$            2,463,676	$            2,331,353	$            2,310,112	$            7,105,141		$            1,989,584	$            2,008,591	$            1,999,739	$            5,997,914	$            2,139,713	$            8,137,627

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.

Investor Contact:	Media Contact:
Jack Dickens	Adrian Sakowicz
Vice President - Investor Relations	Vice President - Communications
(630) 743-2566	(630) 743-5039
jdickens@dovercorp.com	asakowicz@dovercorp.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/dover-reports-third-quarter-2026-results-302916126.html

SOURCE Dover

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Dover's third-quarter 2026 revenue and earnings per share?

Dover reported revenue of $2,234 million and GAAP diluted earnings per share from continuing operations of $2.50, up 8% and 14%, respectively, year over year. Adjusted diluted earnings per share from continuing operations rose 10% to $2.88.

What is Dover's full-year 2026 earnings guidance?

Dover expects 2026 GAAP earnings per share of $8.93 to $9.08 and adjusted earnings per share of $10.60 to $10.75. Its outlook assumes revenue growth of 7% to 8%, including organic growth of 5% to 6%.

What do Dover's restructuring and other costs cover?

Dover's restructuring and other costs cover headcount reductions, facility consolidations and site closures, along with product line exits and other asset charges. These costs totaled $21.767 million in the third quarter and $83.197 million for the first nine months of 2026.

What does Dover exclude from adjusted continuing earnings?

Dover's adjusted continuing earnings exclude after-tax purchase accounting expenses, restructuring and other costs, and gains on dispositions. Purchase accounting expenses primarily consist of amortization of intangible assets.