Dover (DOV) FY2024 results: revenue $7.7 billion, up 0.8% on the year

Dover Corp. (DOV) reported revenue of $7.7 billion for fiscal 2024, the year ended 31 December 2024, up 0.8% on the year before. Net income was $2.7 billion, up 155.2%, and diluted earnings per share $19.45. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$7.7 billion

+0.8% on the year

FY2017FY2024

Operating margin

15.6%

15.9% a year earlier

FY2017FY2024

Net income

$2.7 billion

+155.2% on the year

FY2017FY2024

Diluted EPS

$19.45

+158.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,746	7,684	7,844	+0.8%
Cost of revenue	4,787	4,817	4,939	-0.6%
Gross profit	2,959	2,868	2,905	+3.2%
Gross margin	38.2%	37.3%	37.0%
Research and development	150	139	151	+7.6%
Selling, general and administrative	1,752	1,648	1,625	+6.3%
Operating income	1,206	1,219	1,280	-1.1%
Operating margin	15.6%	15.9%	16.3%
Interest expense	131	131	116	-0.1%
Pre-tax income	1,757	1,123	1,190	+56.5%
Income tax	357	179	200	+99.3%
Effective tax rate	20.3%	16.0%	16.8%
Net income	2,697	1,057	1,065	+155.2%
Net margin	34.8%	13.8%	13.6%
Diluted EPS	$19.45	$7.52	$7.42	+158.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	748	1,336	806	-44.0%
Capital expenditure	168	183	211	-8.7%
Free cash flow	581	1,153	595	-49.6%
Free cash flow margin	7.5%	15.0%	7.6%
Cash from investing	n/a	-727	-541
Cash from financing	-1,272	-568	-260
Depreciation and amortisation	338	305	296	+10.8%
Share-based compensation	40.4	30.8	30.1	+31.2%
Buybacks	500	0.0	585
Dividends paid	283	284	288	-0.4%
Dividend per share	$2.05	$2.03	$2.01	+1.0%
Diluted shares, weighted	139m	141m	144m	-1.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	6,954	5,107	4,286	+36.2%
Debt	2,945	3,460	3,678	-14.9%
Operating lease liabilities	175	171	166	+2.4%
Finance lease liabilities	5.6	5.9	6.2	-5.0%
Other liabilities	2,430	2,605	2,760	-6.7%
Total liabilities and equity	12,509	11,349	10,897	+10.2%
Fixed assets	988	978	1,005	+1.0%
Goodwill	4,906	4,638	4,425	+5.8%
Intangible assets	1,581	1,445	1,334	+9.4%
Cash and equivalents	1,845	399	381	+362.9%
Receivables	1,354	1,321	1,517	+2.5%
Inventory	1,145	1,144	1,367	+0.1%
Other assets	691	1,424	868	-51.5%
Total assets	12,509	11,349	10,897	+10.2%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.