Dover Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 23 October 2025: press release. Guidance figures: 2 raised, 3 kept. The quarter’s numbers.

Key takeaways

Revenue rose 5%, organic growth 1%: Revenue was $2.1 billion, up 5%. The release states +1% organic; the growth factor table shows total organic of 0.5%. Currency translation added 1.3 points. Source
Adjusted EPS up 15% to $2.62: Adjusted diluted EPS from continuing operations was $2.62, up 15%. GAAP diluted EPS was $2.20, down 3%, from $2.26 a year earlier. Source
Pumps & Process Solutions led growth: Revenue was $550.9 million against $472.5 million, with organic growth of 5.6% and segment margin of 30.6% against 29.3%. Source
Two end markets facing headwinds: Management named vehicle aftermarket and refrigerated door cases as the two capital goods-exposed end markets with near-term headwinds. Source
Record consolidated segment margin: Total segment earnings margin was 24.2% against 22.6%. Management called it a record and credited mix from growth platforms, cost containment and productivity actions. Source
Free cash flow rose to $370 million: Operating cash flow was $424.2 million against $353.2 million. Free cash flow was $370.1 million against $315.5 million; nine-month free cash flow was $630.8 million. Source
Anthony glass door transfer to Richmond: Management said Anthony glass door manufacturing will move from Sylmar, California to the existing Hillphoenix refrigerated case site in Richmond, Virginia. Source
Adjusted EPS range lifted: Full-year adjusted EPS guidance moved to $9.50-$9.60 from $9.35-$9.55. Management tied the change to healthy end market demand and sustained order growth. Source

“We are pleased with Dover’s third quarter results.”
Richard J. Tobin, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Adjusted EPS from continuing operations Source	full year 2025	$9.50-$9.60	Raised from $9.35-$9.55
GAAP EPS from continuing operations Source	full year 2025	$8.06 to $8.16
Revenue growth Source	full year 2025	4% to 6%	Kept
Restructuring and other costs, net (per share) Source	full year 2025	$0.28	Raised from $0.19
Purchase accounting expenses, net (per share) Source	full year 2025	$1.19	Kept
Gain on dispositions, net (per share) Source	full year 2025	(0.03)	Kept

What changed from last quarter

Guidance raised: Adjusted EPS guidance low end moved to $9.50 from $9.35 and high end to $9.60 from $9.55. Source
New: Anthony glass door manufacturing transfer from Sylmar, CA to Richmond, VA was announced in the quarter; the prior release does not mention it. Source

Third quarter results and drivers

Revenue rose 5%, organic growth 1%: Revenue was $2.1 billion, up 5%. The release states +1% organic; the growth factor table shows total organic of 0.5%. Currency translation added 1.3 points. Source
Adjusted EPS up 15% to $2.62: Adjusted diluted EPS from continuing operations was $2.62, up 15%. GAAP diluted EPS was $2.20, down 3%, from $2.26 a year earlier. Source
Nine-month GAAP EPS fell on prior gain: Nine-month GAAP diluted EPS was $5.96, down 29%, principally due to the 2024 De-Sta-Co disposition gain. Adjusted diluted EPS was $7.10, up 17%. Source
Short-cycle shipments and acquisitions drove growth: Management attributed top-line growth to broad shipment growth in short cycle components, secular-growth end markets and recently closed acquisitions. Source

Segments and regions

Pumps & Process Solutions led growth: Revenue was $550.9 million against $472.5 million, with organic growth of 5.6% and segment margin of 30.6% against 29.3%. Source
Clean Energy & Fueling grew 8%: Revenue was $541.4 million against $500.7 million, with organic growth of 4.8% and segment margin of 21.9% against 19.9%. Source
Engineered Products and Climate declined: Engineered Products revenue was $279.7 million against $296.1 million, organic down 7.0%. Climate & Sustainability Technologies was $408.5 million against $431.1 million, organic down 6.5%. Source
US and Europe organic growth positive: Organic growth was 1.6% in the United States and 1.1% in Europe, while Asia fell 1.5% and Other Americas fell 6.5%. Source

“Capital deployment remains a key driver of our double-digit earnings growth.”
Richard J. Tobin, President and Chief Executive Officer

Demand and the order book

Two segments posted higher bookings: Climate & Sustainability Technologies bookings were $415.1 million against $332.5 million. Pumps & Process Solutions bookings were $511.0 million against $448.1 million. Source
Order trends showed positive momentum: Management said order trends continued to post positive momentum, giving good visibility for the fourth quarter and into next year. Source
Two end markets facing headwinds: Management named vehicle aftermarket and refrigerated door cases as the two capital goods-exposed end markets with near-term headwinds. Source

Margins and costs

Record consolidated segment margin: Total segment earnings margin was 24.2% against 22.6%. Management called it a record and credited mix from growth platforms, cost containment and productivity actions. Source
Segment margins higher in all five: Engineered Products margin was 20.6% against 19.1%. The release shows each of the five segments with a higher margin than in the third quarter of 2024. Source
Purchase accounting costs rose: Purchase accounting expenses were $59.4 million against $48.4 million. Corporate expense was $31.5 million against $36.1 million. Source
Footprint costs within restructuring: Restructuring and other costs were $15.9 million against $16.6 million. The footprint reduction in Climate & Sustainability Technologies accounted for $1.8 million of the quarter. Source

“We have a constructive outlook for the remainder of 2025.”
Richard J. Tobin, President and Chief Executive Officer

Cash flow and capital returns

Free cash flow rose to $370 million: Operating cash flow was $424.2 million against $353.2 million. Free cash flow was $370.1 million against $315.5 million; nine-month free cash flow was $630.8 million. Source
Capital expenditures rose: Capital expenditures were $54.2 million against $37.8 million. Nine-month capital expenditures were $163.3 million. Source
Interest income rose, expense fell: Interest income was $17.8 million against $5.2 million. Interest expense was $27.2 million against $34.1 million. Source
Dividend paid rose slightly: Dividends paid per common share were $0.52 in the third quarter, against $0.515 a year earlier. Nine-month dividends were $1.55, against $1.54. Source

Strategy and investment

Anthony glass door transfer to Richmond: Management said Anthony glass door manufacturing will move from Sylmar, California to the existing Hillphoenix refrigerated case site in Richmond, Virginia. Source
Higher capital projects and footprint work: Management said it increased investment this year in high-ROI projects for productivity and capacity, plus targeted footprint optimization. Source
Balance sheet supports future deployment: Management said the balance sheet provides flexibility for bolt-on acquisitions and opportunistic capital returns. The release names no specific transaction. Source

Full-year 2025 guidance

Adjusted EPS range lifted: Full-year adjusted EPS guidance moved to $9.50-$9.60 from $9.35-$9.55. Management tied the change to healthy end market demand and sustained order growth. Source
GAAP EPS range narrowed: GAAP EPS guidance is $8.06 to $8.16, against $8.00 to $8.20 previously. The revenue growth range of 4% to 6% was unchanged. Source
Restructuring allowance rose: The reconciliation shows restructuring and other costs, net, at $0.28 per share against $0.19 previously; purchase accounting stays at $1.19. Source

Coming up, as management said on 23 October 2025

Glass door cost savings timing: Management expects the Anthony glass door transfer to deliver cost savings and operational efficiencies over the next 18 months. Source

Figures management reported

Figure	Reported
Total consolidated bookings, Q3 2025 Source	$1,999.7 million (Q3 2024: $1,853.0 million)

Risks management discussed

Demand: Management cited near-term headwinds in vehicle aftermarket and refrigerated door cases, both capital goods-exposed end markets. Source
External: Management acknowledged some macroeconomic uncertainty while describing end market demand across much of the portfolio as healthy. Source

Earlier plans management reported on

Not stated: Management said it expects both headwind end markets to improve through the balance of the year. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

DOVER REPORTS THIRD QUARTER 2025 RESULTS

DOWNERS GROVE, Ill., October 23, 2025 - 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	361		314		15%	981		846		16%
Adjusted diluted EPS from continuing operations	2.62		2.27		15%	7.10		6.09		17%

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:

Forward-looking statements notice

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

	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

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DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

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

	2025				2024
	Q1	Q2	Q3	Q3 YTD	Q1	Q2	Q3	Q3 YTD	Q4	FY 2024
Earnings Per Share
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.

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DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

	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	49,104		51,123		59,381		159,608		44,187		44,332		48,356		136,875		49,366		186,241
Restructuring and other costs	9,397		23,210		15,913		48,520		23,971		11,590		16,581		52,142		32,841		84,983
(Gain) loss on dispositions	(2,468)		(2,176)		-		(4,644)		(529,943)		663		(68,633)		(597,913)		115		(597,798)
Corporate expense / other	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 %
Purchase accounting expenses are primarily comprised of amortization of intangible assets.
Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
(Gain) loss on dispositions, including post-closing adjustments.
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.

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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	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	(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	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	(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	(2,468)	(2,176)	-	(4,644)	(529,943)	663	(68,633)	(597,913)	115	(597,798)
(Gain) loss on dispositions, tax-impact	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	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	(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	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	(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	(0.02)	(0.02)	-	(0.03)	(3.79)	-	(0.50)	(4.31)	-	(4.31)
(Gain) loss on dispositions, tax-impact	-	-	-	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
Purchase accounting expenses are primarily comprised of amortization of intangible assets.
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.
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.
(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.

IS - 4

DOVER CORPORATION

QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

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	4,800		5,141		5,736		15,677		4,785		4,778		4,829		14,392		4,867		19,259
Adjusted segment EBITDA	48,914		58,652		63,219		170,785		67,317		56,873		61,450		185,640		64,856		250,496
Adjusted segment EBITDA margin		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	8,578		8,961		8,582		26,121		7,921		7,627		8,310		23,858		8,118		31,976
Adjusted segment EBITDA	94,222		116,732		127,247		338,201		77,596		95,163		107,846		280,605		111,364		391,969
Adjusted segment EBITDA margin		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	4,093		4,229		4,091		12,413		3,733		3,271		3,905		10,909		3,739		14,648
Adjusted segment EBITDA	81,668		81,166		85,863		248,697		73,692		79,057		81,152		233,901		82,454		316,355
Adjusted segment EBITDA margin		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	12,601		13,131		14,256		39,988		12,139		12,637		12,651		37,427		12,623		50,050
Adjusted segment EBITDA	163,876		172,635		182,821		519,332		130,876		149,854		150,928		431,658		154,998		586,656
Adjusted segment EBITDA margin		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	7,325		7,605		7,558		22,488		7,275		7,220		7,048		21,543		7,596		29,139
Adjusted segment EBITDA	59,444		84,867		83,560		227,871		58,034		86,347		83,063		227,444		52,570		280,014
Adjusted segment EBITDA margin		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	37,397		39,067		40,223		116,687		35,853		35,533		36,743		108,129		36,943		145,072
Total Adjusted segment EBITDA	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		24.0 %		25.1 %		26.1 %		25.1 %		21.6 %		24.0 %		24.4 %		23.4 %		24.2 %		23.6 %
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.
Refer to Non-GAAP Disclosures section for definition.
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)

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	51,959	41,875	31,515	125,349	42,159	39,526	36,110	117,795	38,168	155,963
(Gain) loss on dispositions	(2,468)	(2,176)	-	(4,644)	(529,943)	663	(68,633)	(597,913)	115	(597,798)
Restructuring and other costs	9,397	23,210	15,913	48,520	23,971	11,590	16,581	52,142	32,841	84,983
Purchase accounting expenses	49,104	51,123	59,381	159,608	44,187	44,332	48,356	136,875	49,366	186,241
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
Add: Other depreciation and amortization	37,397	39,067	40,223	116,687	35,853	35,533	36,743	108,129	36,943	145,072
Total adjusted segment EBITDA	$448,124	$514,052	$542,710	$1,504,886	$407,515	$467,294	$484,439	$1,359,248	$466,242	$1,825,490
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.
(Gain) loss on dispositions, including post-closing adjustments.
Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
Purchase accounting expenses are primarily comprised of amortization of intangible assets.
Refer to Non-GAAP Disclosures section for definition.
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

	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.

	Range
Adjusted EPS Guidance Reconciliation
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.

IS - 7

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

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 activities	$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 %
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.

IS - 8

DOVER CORPORATION

PERFORMANCE MEASURES

	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

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 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.

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

Contacts
Jack Dickens · Vice President - Investor Relations · (630) 743-2566 · jdickens@dovercorp.com
Adrian Sakowicz · Vice President - Communications · (630) 743-5039 · asakowicz@dovercorp.com