DOWNERS GROVE, Ill., July 23, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
($ in millions, except per share data)* | 2026 | 2025 | % Change* | 2026 | 2025 | % Change* | ||||||
U.S. GAAP | ||||||||||||
Revenue | $ 2,190 | $ 2,050 | 7 % | $ 4,244 | $ 3,916 | 8 % | ||||||
Earnings from continuing operations | 313 | 280 | 12 % | 551 | 519 | 6 % | ||||||
Diluted EPS from continuing operations | 2.31 | 2.03 | 14 % | 4.06 | 3.76 | 8 % | ||||||
Non-GAAP | ||||||||||||
Organic revenue change | 5 % | 5 % | ||||||||||
Adjusted earnings from continuing operations 1 | 372 | 337 | 10 % | 681 | 620 | 10 % | ||||||
Adjusted diluted EPS from continuing operations | 2.74 | 2.44 | 12 % | 5.02 | 4.49 | 12 % |
1 | Q2 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions. |
* | Totals, change and per share data may be impacted by rounding. |
For the quarter ended June 30, 2026, Dover generated revenue of $2.2 billion, an increase of 7% (+5% organic). GAAP earnings from continuing operations of $313 million increased by 12%, and GAAP diluted EPS from continuing operations of $2.31 was up 14%. On an adjusted basis, earnings from continuing operations of $372 million were up 10% and adjusted diluted EPS from continuing operations of $2.74 was up 12%.
For the six months ended June 30, 2026, Dover generated revenue of $4.2 billion, an increase of 8% (+5% organic). GAAP earnings from continuing operations of $551 million increased by 6%, and GAAP diluted EPS from continuing operations of $4.06 was up 8%. On an adjusted basis, earnings from continuing operations of $681 million were up 10% and adjusted diluted EPS from continuing operations of $5.02 was up 12%.
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover delivered another strong quarter of double-digit earnings per share growth. Top-line performance was led by our secular-growth-exposed markets — which now account for approximately 25% of the total portfolio — and was complemented by broad-based, constructive trading conditions across the portfolio. Notably, all five segments delivered positive organic growth in the quarter, underscoring the breadth and durability of demand. Margin performance was solid, as continued operational execution on incremental volumes more than offset input cost inflation.
"Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum our businesses have posted over the past several quarters. The strength and breadth of our order book provide improved visibility to our second half outlook.
"Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity-expansion projects to support growth and productivity investments to drive margins across the portfolio. Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets.
"As we look to the back half of the year, we are well positioned to drive continued value creation for our shareholders. The underlying strength of our order book, together with the flexibility of our business model and the optionality of our balance sheet, afford us the ability to respond dynamically to market conditions and quickly capitalize on opportunities as they arise. Accordingly, we are raising our full-year adjusted EPS guidance."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.94 to $9.14 (adjusted EPS of $10.55 to $10.75), based on full year revenue growth of 6% to 8% (organic growth of 4% to 6%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 23, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR SUPPLEMENT - SECOND QUARTER 2026 | |||||||
DOVER CORPORATION | |||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||
(unaudited)(in thousands) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Revenue | $ 2,190,021 | $ 2,049,592 | $ 4,243,644 | $ 3,915,651 | |||
Cost of goods and services | 1,309,415 | 1,231,330 | 2,564,903 | 2,351,889 | |||
Gross profit | 880,606 | 818,262 | 1,678,741 | 1,563,762 | |||
Selling, general and administrative expenses | 488,819 | 463,665 | 981,045 | 912,856 | |||
Operating earnings | 391,787 | 354,597 | 697,696 | 650,906 | |||
Interest expense | 29,058 | 26,791 | 58,580 | 54,399 | |||
Interest income | (14,522) | (17,935) | (28,582) | (38,189) | |||
Gain on dispositions | — | (2,176) | — | (4,644) | |||
Other income, net | (10,447) | (4,180) | (18,902) | (8,138) | |||
Earnings before provision for income taxes | 387,698 | 352,097 | 686,600 | 647,478 | |||
Provision for income taxes | 75,153 | 71,967 | 135,306 | 128,107 | |||
Earnings from continuing operations | 312,545 | 280,130 | 551,294 | 519,371 | |||
Loss from discontinued operations, net | (299) | (1,066) | (615) | (9,486) | |||
Net earnings | $ 312,246 | $ 279,064 | $ 550,679 | $ 509,885 |
DOVER CORPORATION | ||||||||||
QUARTERLY EARNINGS PER SHARE | ||||||||||
(unaudited)(in thousands, except per share data*) | ||||||||||
Earnings Per Share | ||||||||||
2026 | 2025 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2025 | ||
Basic earnings (loss) per share: | ||||||||||
Continuing operations | $ 1.77 | $ 2.32 | $ 4.09 | $ 1.74 | $ 2.04 | $ 3.78 | $ 2.21 | $ 2.02 | $ 8.01 | |
Discontinued operations | $ — | $ — | $ — | $ (0.06) | $ (0.01) | $ (0.07) | $ (0.01) | $ 0.05 | $ (0.03) | |
Net earnings | $ 1.77 | $ 2.32 | $ 4.08 | $ 1.68 | $ 2.03 | $ 3.71 | $ 2.20 | $ 2.07 | $ 7.99 | |
Diluted earnings (loss) per share: | ||||||||||
Continuing operations | $ 1.76 | $ 2.31 | $ 4.06 | $ 1.73 | $ 2.03 | $ 3.76 | $ 2.20 | $ 2.01 | $ 7.97 | |
Discontinued operations | $ — | $ — | $ — | $ (0.06) | $ (0.01) | $ (0.07) | $ (0.01) | $ 0.05 | $ (0.03) | |
Net earnings | $ 1.75 | $ 2.30 | $ 4.06 | $ 1.67 | $ 2.02 | $ 3.69 | $ 2.19 | $ 2.06 | $ 7.94 | |
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows: | ||||||||||
Continuing operations | $238,749 | $312,545 | $551,294 | $239,241 | $280,130 | $519,371 | $303,292 | $274,766 | $1,097,429 | |
Discontinued operations | (316) | (299) | (615) | (8,420) | (1,066) | (9,486) | (1,296) | 7,309 | (3,473) | |
Net earnings | $238,433 | $312,246 | $550,679 | $230,821 | $279,064 | $509,885 | $301,996 | $282,075 | $1,093,956 | |
Weighted average shares outstanding: | ||||||||||
Basic | 134,977 | 134,759 | 134,869 | 137,267 | 137,226 | 137,261 | 137,236 | 135,993 | 136,935 | |
Diluted | 135,895 | 135,553 | 135,725 | 138,260 | 137,974 | 138,132 | 138,029 | 136,826 | 137,777 | |
Dividends paid per common share | $ 0.52 | $ 0.52 | $ 1.04 | $ 0.515 | $ 0.515 | $ 1.03 | $ 0.52 | $ 0.52 | $ 2.07 | |
* Per share data may be impacted by rounding. |
DOVER CORPORATION | ||||||||||
QUARTERLY SEGMENT INFORMATION | ||||||||||
(unaudited)(in thousands) | ||||||||||
2026 | 2025 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2025 | ||
REVENUE | ||||||||||
Engineered Products | $ 266,639 | $ 283,481 | $ 550,120 | $ 254,646 | $ 275,944 | $ 530,590 | $ 279,705 | $ 275,549 | $1,085,844 | |
Clean Energy & Fueling | 554,809 | 594,959 | 1,149,768 | 491,148 | 546,097 | 1,037,245 | 541,368 | 551,894 | 2,130,507 | |
Imaging & Identification | 285,420 | 305,101 | 590,521 | 280,090 | 292,009 | 572,099 | 299,100 | 302,244 | 1,173,443 | |
Pumps & Process Solutions | 537,810 | 552,709 | 1,090,519 | 493,573 | 520,554 | 1,014,127 | 550,920 | 583,623 | 2,148,670 | |
Climate & Sustainability | 411,060 | 455,097 | 866,157 | 347,888 | 416,151 | 764,039 | 408,529 | 387,273 | 1,559,841 | |
Intersegment eliminations | (2,115) | (1,326) | (3,441) | (1,286) | (1,163) | (2,449) | (1,781) | (1,504) | (5,734) | |
Total consolidated revenue | $2,053,623 | $2,190,021 | $4,243,644 | $1,866,059 | $2,049,592 | $3,915,651 | $2,077,841 | $2,099,079 | $8,092,571 | |
EARNINGS FROM CONTINUING OPERATIONS | ||||||||||
Segment Earnings: | ||||||||||
Engineered Products | $ 44,991 | $ 57,798 | $ 102,789 | $ 44,114 | $ 53,511 | $ 97,625 | $ 57,483 | $ 62,158 | $ 217,266 | |
Clean Energy & Fueling | 99,041 | 128,546 | 227,587 | 85,644 | 107,771 | 193,415 | 118,665 | 105,990 | 418,070 | |
Imaging & Identification | 77,457 | 84,976 | 162,433 | 77,575 | 76,937 | 154,512 | 81,772 | 78,451 | 314,735 | |
Pumps & Process Solutions | 169,492 | 178,848 | 348,340 | 151,275 | 159,504 | 310,779 | 168,565 | 172,256 | 651,600 | |
Climate & Sustainability | 63,995 | 75,826 | 139,821 | 52,119 | 77,262 | 129,381 | 76,002 | 60,264 | 265,647 | |
Total segment earnings | 454,976 | 525,994 | 980,970 | 410,727 | 474,985 | 885,712 | 502,487 | 479,119 | 1,867,318 | |
Purchase accounting | 54,579 | 51,591 | 106,170 | 49,104 | 51,123 | 100,227 | 59,381 | 58,837 | 218,445 | |
Restructuring and other costs 2 | 36,795 | 24,635 | 61,430 | 9,397 | 23,210 | 32,607 | 15,913 | 29,466 | 77,986 | |
Gain on dispositions 3 | — | — | — | (2,468) | (2,176) | (4,644) | — | — | (4,644) | |
Corporate expense / other 4 | 49,238 | 47,534 | 96,772 | 51,959 | 41,875 | 93,834 | 31,515 | 39,190 | 164,539 | |
Interest expense | 29,522 | 29,058 | 58,580 | 27,608 | 26,791 | 54,399 | 27,239 | 28,134 | 109,772 | |
Interest income | (14,060) | (14,522) | (28,582) | (20,254) | (17,935) | (38,189) | (17,804) | (17,039) | (73,032) | |
Earnings before provision for | 298,902 | 387,698 | 686,600 | 295,381 | 352,097 | 647,478 | 386,243 | 340,531 | 1,374,252 | |
Provision for income taxes | 60,153 | 75,153 | 135,306 | 56,140 | 71,967 | 128,107 | 82,951 | 65,765 | 276,823 | |
Earnings from continuing | $ 238,749 | $ 312,545 | $ 551,294 | $ 239,241 | $ 280,130 | $ 519,371 | $ 303,292 | $ 274,766 | $1,097,429 | |
SEGMENT EARNINGS MARGIN | ||||||||||
Engineered Products | 16.9 % | 20.4 % | 18.7 % | 17.3 % | 19.4 % | 18.4 % | 20.6 % | 22.6 % | 20.0 % | |
Clean Energy & Fueling | 17.9 % | 21.6 % | 19.8 % | 17.4 % | 19.7 % | 18.6 % | 21.9 % | 19.2 % | 19.6 % | |
Imaging & Identification | 27.1 % | 27.9 % | 27.5 % | 27.7 % | 26.3 % | 27.0 % | 27.3 % | 26.0 % | 26.8 % | |
Pumps & Process Solutions | 31.5 % | 32.4 % | 31.9 % | 30.6 % | 30.6 % | 30.6 % | 30.6 % | 29.5 % | 30.3 % | |
Climate & Sustainability | 15.6 % | 16.7 % | 16.1 % | 15.0 % | 18.6 % | 16.9 % | 18.6 % | 15.6 % | 17.0 % | |
Total segment earnings margin | 22.2 % | 24.0 % | 23.1 % | 22.0 % | 23.2 % | 22.6 % | 24.2 % | 22.8 % | 23.1 % | |
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. | ||||||||||
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. | ||||||||||
3 Gain on dispositions, including post-closing adjustments. | ||||||||||
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. |
DOVER CORPORATION | ||||||||||
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) | ||||||||||
(unaudited)(in thousands, except per share data*) | ||||||||||
Non-GAAP Reconciliations | ||||||||||
2026 | 2025 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2025 | ||
Adjusted earnings from continuing operations: | ||||||||||
Earnings from continuing | $ 238,749 | $ 312,545 | $ 551,294 | $ 239,241 | $ 280,130 | $ 519,371 | $ 303,292 | $ 274,766 | $1,097,429 | |
Purchase accounting | 54,579 | 51,591 | 106,170 | 49,104 | 51,123 | 100,227 | 59,381 | 58,837 | 218,445 | |
Purchase accounting | (12,692) | (11,704) | (24,396) | (10,919) | (11,367) | (22,286) | (14,067) | (14,134) | (50,487) | |
Restructuring and other costs, | 36,795 | 24,635 | 61,430 | 9,397 | 23,210 | 32,607 | 15,913 | 29,466 | 77,986 | |
Restructuring and other costs, | (8,048) | (5,375) | (13,423) | (1,887) | (4,642) | (6,529) | (3,230) | (5,608) | (15,367) | |
Gain on dispositions, pre-tax 4 | — | — | — | (2,468) | (2,176) | (4,644) | — | — | (4,644) | |
Gain on dispositions, tax- | — | — | — | 689 | 435 | 1,124 | — | — | 1,124 | |
Adjusted earnings from | $ 309,383 | $ 371,692 | $ 681,075 | $ 283,157 | $ 336,713 | $ 619,870 | $ 361,289 | $ 343,327 | $1,324,486 | |
Adjusted diluted earnings per share from continuing operations: | ||||||||||
Diluted earnings per share | $ 1.76 | $ 2.31 | $ 4.06 | $ 1.73 | $ 2.03 | $ 3.76 | $ 2.20 | $ 2.01 | $ 7.97 | |
Purchase accounting | 0.40 | 0.38 | 0.78 | 0.36 | 0.37 | 0.73 | 0.43 | 0.43 | 1.59 | |
Purchase accounting | (0.09) | (0.09) | (0.18) | (0.08) | (0.08) | (0.16) | (0.10) | (0.10) | (0.37) | |
Restructuring and other costs, | 0.27 | 0.18 | 0.45 | 0.07 | 0.17 | 0.24 | 0.12 | 0.22 | 0.57 | |
Restructuring and other costs, | (0.06) | (0.04) | (0.10) | (0.01) | (0.03) | (0.05) | (0.02) | (0.04) | (0.11) | |
Gain on dispositions, pre-tax 4 | — | — | — | (0.02) | (0.02) | (0.03) | — | — | (0.03) | |
Gain on dispositions, tax- | — | — | — | — | — | 0.01 | — | — | 0.01 | |
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