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Dover Reports Third Quarter 2025 Results

PR Newswire


DOWNERS GROVE, Ill.
, Oct. 23, 2025 /PRNewswire/ — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2025. 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)


2025


2024


% Change*


2025


2024


% Change*


U.S. GAAP

Revenue

$       2,078

$       1,984

5 %

$       5,993

$       5,816

3 %

Earnings from continuing operations 

303

313

(3) %

823

1,162

(29) %

Diluted EPS from continuing operations

2.20

2.26

(3) %

5.96

8.37

(29) %


Non-GAAP

Organic revenue change

1 %

1 %

Adjusted earnings from continuing operations 1

361

314

15 %

981

846

16 %

Adjusted diluted EPS from continuing operations

2.62

2.27

15 %

7.10

6.09

17 %


1 Q3 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and (gain) loss on dispositions.

* Change may be impacted by rounding.

For the quarter ended September 30, 2025, Dover generated revenue of $2.1 billion, an increase of 5% (+1% organic). GAAP earnings from continuing operations of $303 million decreased 3%, and GAAP diluted EPS from continuing operations of $2.20 was down 3%. On an adjusted basis, earnings from continuing operations of $361 million were up 15% and adjusted diluted EPS from continuing operations of $2.62 was up 15%.

For the nine months ended September 30, 2025, Dover generated revenue of $6.0 billion, an increase of 3% (+1% organic). GAAP earnings from continuing operations of $823 million decreased by 29%, and GAAP diluted EPS from continuing operations of $5.96 was down 29%, both principally due to the gain on the disposition of De-Sta-Co in the comparable period of the prior year. On an adjusted basis, earnings from continuing operations of $981 million increased 16%, and adjusted diluted EPS from continuing operations of $7.10 was up 17%.

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 are pleased with Dover’s third quarter results. Top line performance in the quarter was driven by broad-based shipment growth in short cycle components, continued strength across our secular-growth end markets, and outperformance from recently-closed acquisitions. These gains more than offset near-term headwinds in two capital goods-exposed end markets, vehicle aftermarket and refrigerated door cases, each of which we expect to improve through the balance of the year.

“Order trends continued to post positive momentum, providing good visibility for the fourth quarter and into next year. Margin performance in the quarter was exemplary, with a record consolidated segment margin, a result of the positive mix impact from our growth platforms, solid execution, and our rigorous cost containment and productivity actions.

“Capital deployment remains a key driver of our double-digit earnings growth. This year we have increased our investments in high-ROI capital projects focused on productivity and capacity expansions as well as targeted footprint optimization. During the quarter we announced that our Anthony® glass door manufacturing operations will transition from Sylmar, CA to our existing Hillphoenix® refrigerated case manufacturing site in Richmond, VA, a move we expect to deliver meaningful cost savings and operational efficiencies over the next 18 months. Our balance sheet strength remains an advantage that provides flexibility and attractive optionality as we pursue value-creating bolt-on acquisitions and opportunistic capital return strategies.

“We have a constructive outlook for the remainder of 2025. Despite some macroeconomic uncertainty, underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth. As a result, we are increasing our full year adjusted EPS guidance from $9.35–$9.55 to $9.50–$9.60.”

FULL YEAR 2025 GUIDANCE:

In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.06 to $8.16 (adjusted EPS from continuing operations of $9.50 to $9.60), based on full year revenue growth of 4% 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 23, 2025. 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 $7 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 on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.



INVESTOR SUPPLEMENT – THIRD QUARTER 2025


DOVER CORPORATION


CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands)


Three Months Ended September 30,


Nine Months Ended September 30,


2025


2024


2025


2024


Revenue

$            2,077,841

$            1,983,542

$            5,993,492

$            5,816,043

Cost of goods and services

1,244,247

1,220,355

3,596,136

3,603,146


Gross profit

833,594

763,187

2,397,356

2,212,897

Selling, general and administrative expenses

456,441

429,570

1,369,297

1,301,606


Operating earnings

377,153

333,617

1,028,059

911,291

Interest expense

27,239

34,128

81,638

102,867

Interest income

(17,804)

(5,176)

(55,993)

(14,013)

Gain on dispositions

—

(68,633)

(4,644)

(597,913)

Other income, net

(18,525)

(13,032)

(26,663)

(33,016)


Earnings before provision for income taxes

386,243

386,330

1,033,721

1,453,366

Provision for income taxes

82,951

73,434

211,058

291,781


Earnings from continuing operations

303,292

312,896

822,663

1,161,585

(Loss) earnings from discontinued operations, net

(1,296)

34,204

(10,782)

99,558


Net earnings

$               301,996

$               347,100

$               811,881

$            1,261,143

 


DOVER CORPORATION


QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)



Earnings Per Share


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024


Basic (loss) earnings per share:

Continuing operations

$      1.74

$      2.04

$      2.21


$         5.99

$      4.33

$      1.79

$      2.28


$         8.42

$        1.74


$        10.16

Discontinued operations

$     (0.06)

$     (0.01)

$     (0.01)


$        (0.08)

$      0.22

$      0.26

$      0.25


$         0.72

$        8.73


$          9.42

Net earnings

$      1.68

$      2.03

$      2.20


$         5.92

$      4.55

$      2.05

$      2.53


$         9.14

$      10.47


$        19.58


Diluted (loss) earnings per share:

Continuing operations

$      1.73

$      2.03

$      2.20


$         5.96

$      4.30

$      1.78

$      2.26


$         8.37

$        1.72


$        10.09

Discontinued operations

$     (0.06)

$     (0.01)

$     (0.01)


$        (0.08)

$      0.22

$      0.25

$      0.25


$         0.72

$        8.66


$          9.35

Net earnings

$      1.67

$      2.02

$      2.19


$         5.88

$      4.52

$      2.04

$      2.51


$         9.08

$      10.38


$        19.45


Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows:

Continuing operations

$  239,241

$  280,130

$  303,292


$   822,663

$  602,102

$  246,587

$  312,896


$  1,161,585

$  238,383


$  1,399,968

Discontinued operations

(8,420)

(1,066)

(1,296)


(10,782)

30,119

35,235

34,204


99,558

1,197,600


1,297,158

Net earnings

$  230,821

$  279,064

$  301,996


$   811,881

$  632,221

$  281,822

$  347,100


$  1,261,143

$  1,435,983


$  2,697,126


Weighted average shares outstanding:

Basic

137,267

137,226

137,236


137,254

139,051

137,443

137,251


137,913

137,205


137,735

Diluted

138,260

137,974

138,029


138,099

139,869

138,404

138,223


138,830

138,298


138,696

Dividends paid per common share

$    0.515

$    0.515

$      0.52

$         1.55

$      0.51

$      0.51

$    0.515

$         1.54

$      0.515


$          2.05

* Per share data may be impacted by rounding.

 


DOVER CORPORATION


QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024



REVENUE

Engineered Products

$   254,646

$   275,944

$   279,705


$   810,295

$   332,820

$   285,297

$   296,117


$   914,234

$   288,223


$  1,202,457

Clean Energy & Fueling

491,148

546,097

541,368


1,578,613

445,053

463,014

500,685


1,408,752

528,032


1,936,784

Imaging & Identification

280,090

292,009

299,100


871,199

276,806

287,593

283,966


848,365

288,800


1,137,165

Pumps & Process Solutions

493,573

520,554

550,920


1,565,047

465,729

477,239

472,463


1,415,431

479,135


1,894,566

Climate & Sustainability Technologies

347,888

416,151

408,529


1,172,568

364,292

436,706

431,127


1,232,125

347,524


1,579,649

Intersegment eliminations

(1,286)

(1,163)

(1,781)


(4,230)

(981)

(1,067)

(816)


(2,864)

(1,848)


(4,712)

Total consolidated revenue

$  1,866,059

$  2,049,592

$  2,077,841


$  5,993,492

$  1,883,719

$  1,948,782

$  1,983,542


$  5,816,043

$  1,929,866


$  7,745,909



EARNINGS FROM CONTINUING OPERATIONS

Segment Earnings:

Engineered Products

$     44,114

$     53,511

$     57,483


$   155,108

$     62,532

$     52,095

$     56,621


$   171,248

$     59,989


$   231,237

Clean Energy & Fueling

85,644

107,771

118,665


312,080

69,675

87,536

99,536


256,747

103,246


359,993

Imaging & Identification

77,575

76,937

81,772


236,284

69,959

75,786

77,247


222,992

78,715


301,707

Pumps & Process Solutions

151,275

159,504

168,565


479,344

118,737

137,217

138,277


394,231

142,375


536,606

Climate & Sustainability Technologies

52,119

77,262

76,002


205,383

50,759

79,127

76,015


205,901

44,974


250,875

Total segment earnings

410,727

474,985

502,487


1,388,199

371,662

431,761

447,696


1,251,119

429,299


1,680,418

Purchase accounting expenses 1

49,104

51,123

59,381


159,608

44,187

44,332

48,356


136,875

49,366


186,241

Restructuring and other costs 2

9,397

23,210

15,913


48,520

23,971

11,590

16,581


52,142

32,841


84,983

(Gain) loss on dispositions 3

(2,468)

(2,176)

—


(4,644)

(529,943)

663

(68,633)

(597,913)

115


(597,798)

Corporate expense / other 4

51,959

41,875

31,515


125,349

42,159

39,526

36,110


117,795

38,168


155,963

Interest expense

27,608

26,791

27,239


81,638

36,365

32,374

34,128


102,867

28,304


131,171

Interest income

(20,254)

(17,935)

(17,804)


(55,993)

(4,756)

(4,081)

(5,176)


(14,013)

(23,145)


(37,158)

Earnings before provision for income taxes

295,381

352,097

386,243


1,033,721

759,679

307,357

386,330


1,453,366

303,650


1,757,016

Provision for income taxes

56,140

71,967

82,951


211,058

157,577

60,770

73,434


291,781

65,267


357,048

Earnings from continuing operations

$   239,241

$   280,130

$   303,292


$   822,663

$   602,102

$   246,587

$   312,896


$  1,161,585

$   238,383


$  1,399,968



SEGMENT EARNINGS MARGIN

Engineered Products

17.3 %

19.4 %

20.6 %


19.1 %

18.8 %

18.3 %

19.1 %


18.7 %

20.8 %


19.2 %

Clean Energy & Fueling

17.4 %

19.7 %

21.9 %


19.8 %

15.7 %

18.9 %

19.9 %


18.2 %

19.6 %


18.6 %

Imaging & Identification

27.7 %

26.3 %

27.3 %


27.1 %

25.3 %

26.4 %

27.2 %


26.3 %

27.3 %


26.5 %

Pumps & Process Solutions

30.6 %

30.6 %

30.6 %


30.6 %

25.5 %

28.8 %

29.3 %


27.9 %

29.7 %


28.3 %

Climate & Sustainability Technologies

15.0 %

18.6 %

18.6 %


17.5 %

13.9 %

18.1 %

17.6 %


16.7 %

12.9 %


15.9 %

Total segment earnings margin

22.0 %

23.2 %

24.2 %


23.2 %

19.7 %

22.2 %

22.6 %


21.5 %

22.2 %


21.7 %


1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.


2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.


3 (Gain) loss on dispositions, including post-closing adjustments.


4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

 


DOVER CORPORATION


QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)



Non-GAAP Reconciliations


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024


Adjusted earnings from continuing operations:

Earnings from continuing operations

$  239,241

$  280,130

$  303,292


$  822,663

$  602,102

$  246,587

$  312,896


$  1,161,585

$  238,383


$  1,399,968

Purchase accounting expenses, pre-tax 1

49,104

51,123

59,381


159,608

44,187

44,332

48,356


136,875

49,366


186,241

Purchase accounting expenses, tax impact 2

(10,919)

(11,367)

(14,067)


(36,353)

(9,711)

(9,760)

(10,633)


(30,104)

(10,911)


(41,015)

Restructuring and other costs, pre-tax 3

9,397

23,210

15,913


48,520

23,971

11,590

16,581


52,142

32,841


84,983

Restructuring and other costs, tax impact 2

(1,887)

(4,642)

(3,230)


(9,759)

(4,734)

(2,479)

(3,465)


(10,678)

(6,864)


(17,542)

(Gain) loss on dispositions, pre-tax 4

(2,468)

(2,176)

—


(4,644)

(529,943)

663

(68,633)


(597,913)

115


(597,798)

(Gain) loss on dispositions, tax-impact 2

689

435

—


1,124

114,973

(144)

18,889


133,718

1,695


135,413

Adjusted earnings from continuing operations

$  283,157

$  336,713

$  361,289


$  981,159

$  240,845

$  290,789

$  313,991


$  845,625

$  304,625


$  1,150,250


Adjusted diluted earnings per share from continuing operations:

Diluted earnings per share from continuing operations

$      1.73

$      2.03

$      2.20


$         5.96

$      4.30

$      1.78

$      2.26


$         8.37

$      1.72


$       10.09

Purchase accounting expenses, pre-tax 1

0.36

0.37

0.43


1.16

0.32

0.32

0.35


0.99

0.36


1.34

Purchase accounting expenses, tax impact 2

(0.08)

(0.08)

(0.10)


(0.26)

(0.07)

(0.07)

(0.08)


(0.22)

(0.08)


(0.30)

Restructuring and other costs, pre-tax 3

0.07

0.17

0.12


0.35

0.17

0.08

0.12


0.38

0.24


0.61

Restructuring and other costs, tax impact 2

(0.01)

(0.03)

(0.02)


(0.07)

(0.03)

(0.02)

(0.03)


(0.08)

(0.05)


(0.13)

(Gain) loss on dispositions, pre-tax 4

(0.02)

(0.02)

—


(0.03)

(3.79)

—

(0.50)

(4.31)

—


(4.31)

(Gain) loss on dispositions, tax-impact 2

—

—

—


0.01

0.82

—

0.14

0.96

0.01


0.98

Adjusted diluted earnings per share from continuing operations

$      2.05

$      2.44

$      2.62


$         7.10

$      1.72

$      2.10

$      2.27


$         6.09

$      2.20


$         8.29


1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.


2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition.


3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q3 2025 and YTD 2025 include other costs of $1.8 million and $3.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. YTD 2025 also includes other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. Q1 2024 and FY 2024 include $3.4 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment.


4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment.

* Per share data and totals may be impacted by rounding.

 


DOVER CORPORATION


QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)



Non-GAAP Reconciliations


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024



ADJUSTED SEGMENT EBITDA



Engineered Products:

Segment earnings

$ 44,114

$ 53,511

$ 57,483


$    155,108

$ 62,532

$ 52,095

$ 56,621


$   171,248

$ 59,989


$  231,237

Other depreciation and amortization 1

4,800

5,141

5,736


15,677

4,785

4,778

4,829


14,392

4,867


19,259

Adjusted segment EBITDA 2

48,914

58,652

63,219


170,785

67,317

56,873

61,450


185,640

64,856


250,496

Adjusted segment EBITDA margin 2

19.2 %

21.3 %

22.6 %


21.1 %

20.2 %

19.9 %

20.8 %


20.3 %

22.5 %


20.8 %



Clean Energy & Fueling:

Segment earnings

$ 85,644

$  107,771

$  118,665


$    312,080

$ 69,675

$ 87,536

$ 99,536


$   256,747

$  103,246


$  359,993

Other depreciation and amortization 1

8,578

8,961

8,582


26,121

7,921

7,627

8,310


23,858

8,118


31,976

Adjusted segment EBITDA 2

94,222

116,732

127,247


338,201

77,596

95,163

107,846


280,605

111,364


391,969

Adjusted segment EBITDA margin 2

19.2 %

21.4 %

23.5 %


21.4 %

17.4 %

20.6 %

21.5 %


19.9 %

21.1 %


20.2 %



Imaging & Identification:

Segment earnings

$ 77,575

$ 76,937

$ 81,772


$    236,284

$ 69,959

$ 75,786

$ 77,247


$   222,992

$ 78,715


$  301,707

Other depreciation and amortization 1

4,093

4,229

4,091


12,413

3,733

3,271

3,905


10,909

3,739


14,648

Adjusted segment EBITDA 2

81,668

81,166

85,863


248,697

73,692

79,057

81,152


233,901

82,454


316,355

Adjusted segment EBITDA margin 2

29.2 %

27.8 %

28.7 %


28.5 %

26.6 %

27.5 %

28.6 %


27.6 %

28.6 %


27.8 %



Pumps & Process Solutions:

Segment earnings

$  151,275

$  159,504

$  168,565


$    479,344

$  118,737

$  137,217

$  138,277


$   394,231

$  142,375


$  536,606

Other depreciation and amortization 1

12,601

13,131

14,256


39,988

12,139

12,637

12,651


37,427

12,623


50,050

Adjusted segment EBITDA 2

163,876

172,635

182,821


519,332

130,876

149,854

150,928


431,658

154,998


586,656

Adjusted segment EBITDA margin 2

33.2 %

33.2 %

33.2 %


33.2 %

28.1 %

31.4 %

31.9 %


30.5 %

32.3 %


31.0 %



Climate & Sustainability Technologies:

Segment earnings

$ 52,119

$ 77,262

$ 76,002


$    205,383

$ 50,759

$ 79,127

$ 76,015


$   205,901

$ 44,974


$  250,875

Other depreciation and amortization 1

7,325

7,605

7,558


22,488

7,275

7,220

7,048


21,543

7,596


29,139

Adjusted segment EBITDA 2

59,444

84,867

83,560


227,871

58,034

86,347

83,063


227,444

52,570


280,014

Adjusted segment EBITDA margin 2

17.1 %

20.4 %

20.5 %


19.4 %

15.9 %

19.8 %

19.3 %


18.5 %

15.1 %


17.7 %



Total Segments:

Total segment earnings 2, 3

$  410,727

$  474,985

$  502,487


$ 1,388,199

$  371,662

$  431,761

$  447,696


$  1,251,119

$  429,299


$  1,680,418

Other depreciation and amortization 1

37,397

39,067

40,223


116,687

35,853

35,533

36,743


108,129

36,943


145,072

Total Adjusted segment EBITDA 2

448,124

514,052

542,710


1,504,886

407,515

467,294

484,439


1,359,248

466,242


1,825,490

Total Adjusted segment EBITDA margin 2

24.0 %

25.1 %

26.1 %


25.1 %

21.6 %

24.0 %

24.4 %


23.4 %

24.2 %


23.6 %


1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.


2 Refer to Non-GAAP Disclosures section for definition.


3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.

 


DOVER CORPORATION


QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)

(unaudited)(in thousands)



Non-GAAP Reconciliations


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024

Earnings from continuing operations

$  239,241

$  280,130

$  303,292


$  822,663

$  602,102

$  246,587

$  312,896


$  1,161,585

$  238,383


$  1,399,968

Provision for income taxes

56,140

71,967

82,951


211,058

157,577

60,770

73,434


291,781

65,267


357,048

Earnings before provision for income taxes

295,381

352,097

386,243


1,033,721

759,679

307,357

386,330


1,453,366

303,650


1,757,016

Interest income

(20,254)

(17,935)

(17,804)


(55,993)

(4,756)

(4,081)

(5,176)


(14,013)

(23,145)


(37,158)

Interest expense

27,608

26,791

27,239


81,638

36,365

32,374

34,128


102,867

28,304


131,171

Corporate expense / other 1

51,959

41,875

31,515


125,349

42,159

39,526

36,110


117,795

38,168


155,963

(Gain) loss on dispositions 2

(2,468)

(2,176)

—


(4,644)

(529,943)

663

(68,633)


(597,913)

115


(597,798)

Restructuring and other costs 3

9,397

23,210

15,913


48,520

23,971

11,590

16,581


52,142

32,841


84,983

Purchase accounting expenses 4

49,104

51,123

59,381


159,608

44,187

44,332

48,356


136,875

49,366


186,241

Total segment earnings 5

410,727

474,985

502,487


1,388,199

371,662

431,761

447,696


1,251,119

429,299


1,680,418

Add: Other depreciation and amortization 6

37,397

39,067

40,223


116,687

35,853

35,533

36,743


108,129

36,943


145,072

Total adjusted segment EBITDA 5

$  448,124

$  514,052

$  542,710


$  1,504,886

$  407,515

$  467,294

$  484,439


$  1,359,248

$  466,242


$  1,825,490


1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.


2 (Gain) loss on dispositions, including post-closing adjustments.


3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.


4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.


5 Refer to Non-GAAP Disclosures section for definition.


6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

 


DOVER CORPORATION


REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)

(unaudited)



Non-GAAP Reconciliations



Revenue Growth Factors


2025


Q3


Q3 YTD

Organic

Engineered Products

(7.0) %

(6.8) %

Clean Energy & Fueling

4.8 %

4.9 %

Imaging & Identification

3.0 %

2.2 %

Pumps & Process Solutions

5.6 %

5.3 %

Climate & Sustainability Technologies

(6.5) %

(5.4) %

Total Organic

0.5 %

0.6 %

Acquisitions

3.0 %

2.8 %

Dispositions

— %

(0.9) %

Currency translation

1.3 %

0.6 %

Total*

4.8 %

3.1 %

 * Totals may be impacted by rounding.


2025


Q3


Q3 YTD

Organic

United States

1.6 %

1.8 %

Europe

1.1 %

(0.8) %

Asia

(1.5) %

1.9 %

Other Americas

(6.5) %

(9.0) %

Other

2.9 %

10.8 %

Total Organic

0.5 %

0.6 %

Acquisitions

3.0 %

2.8 %

Dispositions

— %

(0.9) %

Currency translation

1.3 %

0.6 %

Total*

4.8 %

3.1 %

 * Totals may be impacted by rounding.

 



Adjusted EPS Guidance Reconciliation


Range


2025 Guidance for Earnings per Share from Continuing Operations (GAAP)


$          8.06


$          8.16

Purchase accounting expenses, net

1.19

Restructuring and other costs, net

0.28

Gain on dispositions, net

(0.03)


2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)


$          9.50


$          9.60

* 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


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024

Net Cash Flows Provided By (Used In):

Operating activities

$  157,474

$  212,340

$  424,245


$ 794,059

$  146,456

$  149,181

$  353,244


$ 648,881

$  438,952


$  1,087,833

Investing activities

(74,186)

(681,584)

(58,857)


(814,627)

432,416

33,215

(402,512)


63,119

(90,102)


(26,983)

Financing activities

(122,234)

(84,235)

(73,878)


(280,347)

(80,782)

(830,657)

92,994


(818,445)

(453,228)


(1,271,673)



Quarterly Free Cash Flow (Non-GAAP)


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024

Cash flow from operating
activities1

$  157,474

$  212,340

$  424,245


$ 794,059

$  146,456

$  149,181

$  353,244


$ 648,881

$  438,952


$  1,087,833

Less: Capital expenditures

(48,192)

(60,932)

(54,150)


(163,274)

(40,050)

(35,822)

(37,754)


(113,626)

(53,907)


(167,533)

Free cash flow

$  109,282

$  151,408

$  370,095


$ 630,785

$  106,406

$  113,359

$  315,490


$ 535,255

$  385,045


$   920,300

Cash flow from operating
activities as a percentage of
revenue

8.4 %

10.4 %

20.4 %


13.2 %

7.8 %

7.7 %

17.8 %


11.2 %

22.7 %


14.0 %

Cash flow from operating
activities as a percentage of
adjusted earnings from
continuing operations

55.6 %

63.1 %

117.4 %


80.9 %

60.8 %

51.3 %

112.5 %


76.7 %

144.1 %


94.6 %

Free cash flow as a percentage
of revenue

5.9 %

7.4 %

17.8 %


10.5 %

5.6 %

5.8 %

15.9 %


9.2 %

20.0 %


11.9 %

Free cash flow as a percentage
of adjusted earnings from
continuing operations

38.6 %

45.0 %

102.4 %


64.3 %

44.2 %

39.0 %

100.5 %


63.3 %

126.4 %


80.0 %


1 Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment.

 


DOVER CORPORATION


PERFORMANCE MEASURES

(unaudited)(in thousands)


2025


2024


Q1


Q2


Q3


Q3 YTD


Q1


Q2


Q3


Q3 YTD


Q4


FY 2024



BOOKINGS

Engineered Products

$   264,538

$   276,571

$  273,278


$   814,387

$  329,925

$  280,542

$  284,823


$  895,290

$  276,487


$  1,171,777

Clean Energy & Fueling

543,859

526,819

509,553


1,580,231

471,610

442,086

507,329


1,421,025

517,470


1,938,495

Imaging & Identification

288,169

292,092

292,229


872,490

278,433

288,641

281,289


848,363

295,784


1,144,147

Pumps & Process Solutions

499,287

530,158

510,960


1,540,405

473,632

461,426

448,074


1,383,132

473,548


1,856,680

Climate & Sustainability Technologies

395,623

384,246

415,099


1,194,968

453,086

406,269

332,503


1,191,858

378,774


1,570,632

Intersegment eliminations

(1,892)

(1,295)

(1,380)


(4,567)

(791)

(1,591)

(1,065)


(3,447)

(2,578)


(6,025)

Total consolidated bookings

$  1,989,584

$  2,008,591

$  1,999,739


$  5,997,914

$  2,005,895

$  1,877,373

$  1,852,953


$  5,736,221

$  1,939,485


$  7,675,706


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 from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

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

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

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

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

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

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

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.


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


[email protected] 


[email protected] 

 

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SOURCE Dover