Dover (DOV) FY2025 results: revenue $8.1 billion, up 4.5% on the year

Dover is a diversified global manufacturer supplying equipment and components, consumable supplies, aftermarket parts, software and support services through five operating segments. It was incorporated in Delaware in 1947, became a publicly traded company in 1955, is headquartered in Downers Grove, Illinois and employs approximately 24,000 people worldwide. The segments are grouped around businesses with similar models, routes to market, product categories and manufacturing practices. In October 2024 the company sold Environmental Solutions Group, an operating company inside Engineered Products, and reports its earlier results as discontinued operations.

Engineered Products

The segment supplies equipment, components, software and services across aftermarket vehicle service, aerospace and defence, industrial winch and hoist, precision soldering and fluid dispensing. The vehicle service business sells equipment, software and services for vehicle repair and maintenance, including light and heavy-duty lifts, wheel service equipment, diagnostics and collision repair. The winch and hoist business sells winches, hoists, bearings, drives and electric monitoring systems into infrastructure and industrial markets, and the aerospace and defence business supplies radio frequency and microwave filters and switches plus signals intelligence systems for secure communications. Bench top soldering and fluid dispensing for electronics and industrial product assembly sits here too.

Clean Energy and Fueling

The segment supplies components, equipment, software and services for the storage, transport, dispensing and remote monitoring of traditional and cleaner fuels, cryogenic gases and other hazardous substances, and for running convenience retail, fuelling and vehicle wash sites. Products include dispensing equipment and components for petrol, compressed natural gas, liquefied natural gas and hydrogen fuelling sites, electric vehicle charging stations, payment systems, underground containment systems, vehicle wash systems, and software for asset tracking and monitoring. Manufacturing sits mainly in North America, Europe, Asia and South America, with sales direct and through distributors.

Imaging and Identification

The segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, with the consumables, software and services that go with them. The marking and coding businesses make equipment and consumables for printing variable information such as bar codes, dates and serial numbers on fast-moving consumer goods, provide serialisation for pharmaceutical customers, and build traceability systems for food and product safety and brand protection. The digital printing businesses sell equipment, software, consumables and services into textile, apparel, soft signage and specialty materials markets, on a model of an initial equipment sale followed by aftermarket consumables, software and service.

Pumps and Process Solutions

The segment makes specialty pumps and flow meters, single-use pumps, fluid transfer connectors, plastics and polymers processing equipment, measurement and inspection technologies, precision components, and controls for rotating and reciprocating machinery. End markets include biopharma, thermal management such as liquid cooling of server racks and chips in data centres, plastics and polymers processing, wire and cable, chemicals, food, medical, transportation, petroleum refining, natural gas compression and power generation. The products are mostly components or parts of larger equipment and production systems, often specified by end customers or by regulation, sold into fragmented customer bases with heavy aftermarket demand.

Climate and Sustainability Technologies

The segment serves commercial refrigeration, heating and cooling, and aluminium can-making. The refrigeration business makes refrigeration systems including carbon dioxide systems, display cases and commercial glass refrigerator and freezer doors for food retail and industrial use. The heat exchanger business makes brazed plate heat exchangers for residential climate control including heat pumps and for industrial heating and cooling, with a growing market in data centres. The third business designs and makes machinery and spare parts for aluminium can-making and supplies turnkey can line systems. Customers are mainly supermarkets, big-box retail and convenience stores, the commercial and industrial refrigeration and air conditioning industry, food production and can-making.

Inputs and acquisitions

Raw materials are mostly metals and semi-processed or finished components, generally available from several sources, so losing any single supplier has not had a material effect on operating profits at group level. Commodity pricing can be volatile, particularly for steel, copper and aluminium, and the company manages that with index-based contracts with suppliers and customers. Acquisitions target add-on businesses that fit the existing platforms and extend their reach, product mix, end markets or technical capability; fourteen businesses were bought over the three years to 2025.

From Dover's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.