DOVER (DOV) Company Report

Q4 organic revenue growth of 5%, bookings up 10% with a book-to-bill of 1.02, segment EBITDA margin improving 60 bps to 24.8%, and adjusted EPS of $9.61 (+14% in Q4; +16% for FY)
Q4 free cash flow of $487 million (23% of revenue); full-year FCF at 14% of revenue, up nearly $200 million YoY; 2026 FCF guidance of 14–16% of revenue
2026 adjusted EPS guidance of $10.45–$10.65, implying double-digit growth at the midpoint
2025 capital deployment included $700 million for four strategic acquisitions and a $500 million accelerated share repurchase, with balance-sheet flexibility retained for further M&A and buybacks

6 days ago

Transcript

Dover reports Q4 2025 results

DOV

Earnings

Guidance Update

Share Buyback

Dover delivered 5% organic revenue growth in Q4, 10% bookings growth for the quarter (6% for the full year), and a book-to-bill of 1.02.
All-in adjusted EPS was $9.61, up 14% year-over-year (16% for the full year), with 2026 EPS guidance of $10.45–$10.65.
Free cash flow in Q4 was $487 million (23% of revenue) and 14% of revenue for full-year 2025, with 2026 FCF conversion targeted at 14%–16% of revenue.
Capital deployment included $700 million in acquisitions, a $500 million accelerated share repurchase, and over $50 million of incremental organic CapEx in 2025.

6 days ago

Transcript

Dover reports Q4 and Full Year 2025 results

DOV

Earnings

Guidance Update

Dover reported Q4 2025 revenue of $2.1 B (+9% all-in, +5% organic) and FY 2025 revenue of $8.1 B (+4% all-in, +2% organic).
Q4 adjusted segment EBITDA margin rose 60 bps to 24.8%, while bookings increased 10% for a book-to-bill of 1.02.
Q4 free cash flow was $487 M (23% of revenue), contributing to FY 2025 free cash flow of $1,118 M (14% of revenue) .
FY 2026 guidance calls for 5–7% all-in revenue growth (3–5% organic), Adjusted EPS of $10.45–$10.65, and free cash flow at 14–16% of revenue.

6 days ago

Presentation

Dover reports Q4 2025 results and 2026 guidance

DOV

Earnings

Guidance Update

Share Buyback

Dover delivered 5% organic revenue growth in Q4, supported by broad-based demand, with bookings up 10% in the quarter (6% for FY 2025) and a book-to-bill ratio of 1.02 in Q4 2025.
Reported all-in adjusted EPS of $9.61, up 14% in Q4 and 16% for the full year, while segment EBITDA margin expanded 60 bps to 24.8% in the quarter.
Generated $487 million of free cash flow in Q4 (23% of revenue) and achieved 14% free cash flow conversion for FY 2025, up nearly $200 million year-over-year.
Issued 2026 guidance for adjusted EPS of $10.45–$10.65 (double-digit growth at midpoint) and free cash flow conversion of 14–16% of revenue.

6 days ago

Transcript

Dover reports Q4 and full year 2025 results

DOV

Earnings

Guidance Update

Share Buyback

Dover’s fourth-quarter revenue rose 9% to $2.1 billion (organic +5%), and GAAP diluted EPS from continuing operations was $2.01, up 17% year-over-year.
For full year 2025, revenue reached $8.1 billion (+4%/+2% organic); GAAP diluted EPS was $7.97, down 21% due to a prior-year disposition gain, while adjusted EPS was $9.61, up 16%.
Management issued 2026 guidance for GAAP EPS of $8.95–$9.15 and adjusted EPS of $10.45–$10.65, on revenue growth of 5–7% (organic 3–5%).
In Q4, Dover initiated a $500 million accelerated share repurchase and completed four acquisitions in FY 2025 totaling $665 million to bolster strategic segments.

6 days ago

8-K

Dover reports Q4 and full-year 2025 results

DOV

Earnings

Guidance Update

Share Buyback

Dover’s Q4 2025 revenue was $2.10 billion, up 9% year-over-year (5% organic), with GAAP earnings from continuing operations of $275 million (+15%) and GAAP diluted EPS of $2.01 (+17%); adjusted EPS was $2.51, up 14%.
For FY 2025, revenue reached $8.09 billion, up 4% (2% organic); GAAP earnings from continuing operations fell 22% to $1.10 billion and GAAP diluted EPS declined 21% to $7.97, while adjusted EPS rose 16% to $9.61.
Dover forecasts 2026 GAAP EPS of $8.95–$9.15 (adjusted EPS of $10.45–$10.65) on full-year revenue growth of 5–7% (3–5% organic).
The company initiated a $500 million accelerated share repurchase in Q4 2025 and noted that recent acquisitions are performing above deal models, supporting its capital allocation strategy.

6 days ago

Press Release

Dover provides 2025 guidance update and capital deployment plan

DOV

Guidance Update

Share Buyback

M&A

Dover is on track to meet 4–6% top-line growth and teens EPS growth for 2025, with Q4 poised to deliver the year's strongest organic growth after a 200 bp refrigeration headwind in Q3.
The refrigeration segment's orders improved in Q3, translating to a positive book-to-bill and a healthy Q4 backlog as previously deferred in-store maintenance CapEx materializes.
Dover announced a $500 million accelerated share repurchase and, with $6.5–7 billion of available capital, will remain patient on mid-market M&A versus capital return into 2026.
For 2026, management expects 4–6% organic growth at 35% incremental margins, a healthy balance of share repurchases and M&A optionality, and no businesses under cyclic pressure.
The $500 million acquisition of FW Murphy Production Controls has delivered ~30% year-over-year revenue growth, underscoring robust energy infrastructure demand.

Dec 2, 2025, 4:20 PM

Transcript

Dover expects Q4 organic growth inflection and balanced capital deployment

DOV

Guidance Update

Share Buyback

M&A

Dover is on track to meet its full-year guidance of 4%–6% organic top-line growth and teens adjusted EPS growth, with Q4 projected as its strongest organic growth quarter of 2025.
The company announced a $500 M accelerated share repurchase and retains $6.5 B–$7 B of deployment capacity, shifting its 2026 capital allocation bias to a 50/50 split between M&A and share buybacks amid elevated mid-market multiples.
Key growth platforms (~20% of portfolio) include turbine component supply and gas distribution infrastructure (with expected CapEx inflection in H2 2026), multi-year retail fueling network build-out, and critical data center thermal components with best-in-class lead times.
Margin expansion is supported by 35% incremental operating margins on new revenue through IT centralization, with AI-driven productivity initiatives targeting an additional $80 M in cost reductions beyond existing synergy capture.

Dec 2, 2025, 4:20 PM

Transcript

Dover outlines 2025 guidance and balanced capital deployment

DOV

Guidance Update

Share Buyback

M&A

Dover projects mid-single-digit organic growth (4–6%) and adjusted EPS up in the teens for full-year 2025, with Q4 expected to be its strongest organic growth quarter, in line with February guidance.
Retail refrigeration order recovery, which had carved off ~200 bps earlier in the year due to tariffs, turned positive exiting Q3, driving incremental Q4 organic revenue.
Dover holds $6.5–7.0 billion of acquisition firepower, recently completed a $500 million accelerated share repurchase, and plans a balanced mix of M&A and capital return amid elevated mid-market valuations.
Growth platforms include turbine infrastructure supply—forecasted to accelerate in H2 2026—multi-year retail fueling CapEx build-out, and fully in-place data-center thermal component capacity.
Margin expansion is underpinned by centralized IT and non-customer-facing functions, with AI initiatives targeting reductions in $80 million of running costs.

Dec 2, 2025, 4:20 PM

Transcript

Dover Corp completes offering of €550M 3.500% Notes due 2033

DOV

Debt Issuance

Dover Corporation completed an offering of €550,000,000 aggregate principal amount of 3.500% Notes due November 12, 2033 under its existing indenture framework.
The Notes were priced at 99.773% of par to the public and 99.373% to underwriters, carry a 3.500% annual interest rate and mature on November 12, 2033.
Securities will trade in book-entry form through Clearstream and Euroclear and the company intends to list the Notes on the New York Stock Exchange.

Nov 12, 2025, 9:06 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for DOVER.

Q4 2025

Jan 29, 2026

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Q3 2025

Oct 23, 2025

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Q2 2025

Jul 24, 2025

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View All Transcripts

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DOVER (DOV)

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