Double-digit adjusted EPS growth highlights Dover (NYSE: DOV) Q1 2026
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Dover Corporation reported first quarter 2026 revenue of $2.05 billion, up about 10% from the prior year, including 5.3% organic growth. GAAP earnings from continuing operations were $238.7 million, and diluted EPS from continuing operations rose to $1.76 from $1.73.
On a non-GAAP basis, adjusted earnings from continuing operations were $309.4 million, up 9%, with adjusted diluted EPS increasing 11% to $2.28 from $2.05. Free cash flow was $131.2 million, compared with $109.3 million a year earlier. Bookings reached $2.46 billion, exceeding revenue and lifting book-to-bill above one across all five segments.
For full year 2026, Dover guides to GAAP EPS of $8.92–$9.12 and adjusted EPS of $10.45–$10.65, based on expected revenue growth of 5–7% and organic growth of 3–5%. Management highlights a strong balance sheet, ongoing share repurchases, and continued investment in capacity and productivity.
Positive
- Double-digit adjusted EPS growth and strong guidance: Q1 2026 adjusted diluted EPS rose 11% to $2.28, and 2026 adjusted EPS is guided to $10.45–$10.65 on 5–7% revenue growth with 3–5% organic growth.
Negative
- None.
Insights
Dover delivered double-digit adjusted EPS growth with strong bookings and reiterated ambitious 2026 targets.
Dover grew Q1 2026 revenue to $2.05 billion, up about 10%, with 5.3% organic growth. Adjusted EPS from continuing operations increased 11% to $2.28, while GAAP EPS ticked up to $1.76. All five segments contributed to total segment earnings of $455.0 million and an overall segment margin of 22.2%.
Bookings were a key highlight, reaching $2.46 billion versus revenue of $2.05 billion, implying book-to-bill above one in every segment, which management cites as supporting visibility into demand. Free cash flow of $131.2 million represented 6.4% of revenue, while operating cash flow was $191.0 million.
For full year 2026, Dover targets GAAP EPS of $8.92–$9.12 and adjusted EPS of $10.45–$10.65 on revenue growth of 5–7% and organic growth of 3–5%. Future company filings and updates around order trends, segment margins and cash generation will clarify how results track against these guidance ranges.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $2.05B
Q1 2026 GAAP diluted EPS: $1.76
Q1 2026 adjusted diluted EPS: $2.28
+5 more
8 metrics
Q1 2026 revenue
$2.05B
Three months ended March 31, 2026; up about 10% year over year
Q1 2026 GAAP diluted EPS
$1.76
From continuing operations; up from $1.73 in Q1 2025
Q1 2026 adjusted diluted EPS
$2.28
From continuing operations; 11% higher than $2.05 in Q1 2025
Q1 2026 organic revenue growth
5.3%
Total company organic revenue change versus prior-year quarter
Q1 2026 bookings
$2.46B
Total consolidated bookings exceeded quarterly revenue, supporting book-to-bill above one
Q1 2026 free cash flow
$131.2M
Free cash flow after $59.8M of capital expenditures in Q1 2026
2026 GAAP EPS guidance range
$8.92–$9.12
Full year 2026 EPS from continuing operations outlook
2026 adjusted EPS guidance range
$10.45–$10.65
Full year 2026 adjusted EPS from continuing operations
Key Terms
Adjusted diluted EPS from continuing operations, Adjusted segment EBITDA, Free cash flow, Organic revenue growth, +2 more
6 terms
Adjusted diluted EPS from continuing operations financial
"Adjusted diluted EPS from continuing operations of $2.28 was up 11%"
Adjusted segment EBITDA financial
"Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense"
Adjusted segment EBITDA measures a particular part of a business’s operating profit before interest, taxes, depreciation and amortization, but with one-time, non-cash or corporate allocations removed so the number reflects recurring performance of that segment. Investors use it like checking a car’s fuel efficiency after ignoring occasional detours — it helps compare profitability and cash-generation potential across units and periods without noise from irregular or accounting-driven items.
Free cash flow financial
"Free cash flow represents net cash provided by operating activities minus capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Organic revenue growth financial
"In 2026, Dover expects full year revenue growth of 5% to 7% (organic growth of 3% to 5%)"
Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.
Purchase accounting expenses financial
"Purchase accounting expenses are primarily comprised of amortization of intangible assets"
Restructuring and other costs financial
"Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures"
Earnings Snapshot
Revenue: $2.05B · Guidance included
Q1 2026
Revenue
$2.05B
+10% YoY
GAAP diluted EPS from continuing operations
$1.76
up from $1.73 in Q1 2025
Adjusted diluted EPS from continuing operations
$2.28
+11% YoY vs $2.05
Organic revenue growth
5.3%
company-wide organic increase
Bookings
$2.46B
above Q1 2026 revenue
Guidance
2026 GAAP EPS $8.92–$9.12 and adjusted EPS $10.45–$10.65 on 5–7% revenue growth and 3–5% organic growth.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 8-K
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2026
_______________________________
DOVER CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
(Registrant’s telephone number, including area code)
______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On April 23, 2026, Dover Corporation ("Dover") issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended March 31, 2026.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933, as amended.
Item 7.01 Regulation FD Disclosure.
As previously announced, on April 23, 2026, Dover will hold an investor conference call and webcast at 8:30 a.m. Central time (9:30 a.m. Eastern time) to discuss its results of operations for the quarter ended March 31, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished as part of this report:
99.1 Press Release dated April 23, 2026
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | April 23, 2026 | DOVER CORPORATION | ||||||||||||
| (Registrant) | ||||||||||||||
| By: | /s/ Ivonne M. Cabrera | |||||||||||||
| Ivonne M. Cabrera | ||||||||||||||
| Senior Vice President, General Counsel & Secretary | ||||||||||||||
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 FIRST QUARTER 2026 RESULTS
DOWNERS GROVE, Ill., April 23, 2026 — 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 | |||||||
IS - 1
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. | |||||||||||||||||||||||
IS - 2
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. | |||||||||||||||||||||||
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 | 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. | |||||||||||||||||||||||
IS - 4
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. | |||||||||||||||||||||||
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 | 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. | |||||||||||||||||||||||
IS - 6
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.
IS - 7
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 % | |||||||||||||||||
IS - 8
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 | |||||||||||
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
FAQ
How did Dover (DOV) perform financially in Q1 2026?
Dover reported revenue of $2.05 billion in Q1 2026, up about 10% year over year. GAAP diluted EPS from continuing operations was $1.76, while adjusted diluted EPS climbed 11% to $2.28, reflecting higher earnings and margin contributions across segments.
What were Dover (DOV) bookings and order trends in Q1 2026?
Dover’s total consolidated bookings were $2.46 billion in Q1 2026, significantly above revenue of $2.05 billion. Management noted book-to-bill was well above one in all five segments, supporting visibility into demand and the company’s outlook for the remainder of 2026.
What guidance did Dover (DOV) provide for full year 2026 earnings?
For 2026, Dover expects GAAP EPS from continuing operations of $8.92–$9.12 and adjusted EPS of $10.45–$10.65. This outlook is based on projected total revenue growth of 5–7% and organic revenue growth of 3–5% for the full year.
How did Dover’s (DOV) cash flow and free cash flow look in Q1 2026?
In Q1 2026, Dover generated $191.0 million of cash flow from operating activities and $131.2 million of free cash flow. Free cash flow represented 6.4% of revenue and 42.4% of adjusted earnings from continuing operations, supporting capital deployment plans.
Which Dover (DOV) segments drove revenue in Q1 2026?
Key Q1 2026 revenue contributions came from Pumps & Process Solutions at $537.8 million, Clean Energy & Fueling at $554.8 million, and Climate & Sustainability Technologies at $411.1 million. All segments together produced total consolidated revenue of $2.05 billion.
What is Dover’s (DOV) organic revenue growth by region in Q1 2026?
Overall organic revenue growth was 5.3% in Q1 2026. By region, the United States grew organically by 12.1%, while Europe and Asia saw declines of 4.2% and 4.7%, respectively. Other Americas and Other regions showed more modest organic changes.