Dover (DOV) Q1 FY2026 earnings: revenue $2.1 billion, up 10.1% on the year

Dover Corp. (DOV) reported revenue of $2.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.1% on the same quarter a year earlier. Net income was $238 million, up 3.3% on the year, and diluted earnings per share $1.75. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.

Revenue

$2.1 billion

+10.1% on the year · -2.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

14.9%

15.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$238 million

+3.3% on the year · -15.5% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.75

+4.8% on the year · -12.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 lowered, 3 kept.

Revenue up 10%, organic up 5%: Revenue was $2.1 billion, up 10%. Organic growth was 5% for the quarter.
Adjusted EPS up 11%, GAAP EPS up 2%: Adjusted earnings from continuing operations were $309 million, up 9%. Adjusted diluted EPS was $2.28, against $2.05, excluding purchase accounting, restructuring and disposition items.
Climate and Clean Energy grew most: Organic growth was 15.2% in Climate & Sustainability Technologies and 11.1% in Clean Energy & Fueling. Imaging & Identification fell 3.3% and Pumps & Process Solutions fell 0.8% organically.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,054	2,099	1,866	-2.2%	+10.1%
Cost of revenue	1,255	1,278	1,121	-1.8%	+12.0%
Gross profit	798	821	746	-2.8%	+7.1%
Gross margin	38.9%	39.1%	40.0%
Selling, general and administrative	492	476	449	+3.5%	+9.6%
Operating income	306	345	296	-11.4%	+3.2%
Operating margin	14.9%	16.5%	15.9%
Interest expense	29.5	28.1	27.6	+4.9%	+6.9%
Income tax	60.2	65.8	56.1	-8.5%	+7.1%
Net income	238	282	231	-15.5%	+3.3%
Net margin	11.6%	13.4%	12.4%
Diluted EPS	$1.75	$2.01	$1.67	-12.9%	+4.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Capital expenditure	59.8	57.0	48.2	+4.9%	+24.1%
Cash from investing	-61.7	n/a	-74.2
Cash from financing	-161	-345	-122
Depreciation and amortisation	97.4	99.3	87.4	-1.9%	+11.4%
Share-based compensation	21.0	6.4	23.9	+228.7%	-12.2%
Buybacks	53.9	500	40.7	-89.2%	+32.5%
Dividends paid	70.4	69.8	71.4	+0.9%	-1.3%
Dividend per share	$0.52	n/a	$0.52		+1.0%
Diluted shares, weighted	136m	138m	138m	-1.4%	-1.7%
Shares outstanding at period end	135m	135m	137m	-0.2%	-1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,490	7,405	7,138	+1.1%	+4.9%
Short-term borrowings	693	n/a	400		+73.1%
Debt	3,290	3,346	2,972	-1.7%	+10.7%
Operating lease liabilities	n/a	194	n/a
Finance lease liabilities	n/a	5.1	n/a
Other liabilities	2,034	2,471	2,138	-17.7%	-4.9%
Total liabilities and equity	13,507	13,422	12,649	+0.6%	+6.8%
Fixed assets	1,114	1,120	1,016	-0.5%	+9.7%
Goodwill	5,401	5,430	4,960	-0.5%	+8.9%
Intangible assets	1,702	1,760	1,564	-3.3%	+8.9%
Cash and equivalents	1,642	1,677	1,805	-2.1%	-9.1%
Receivables	1,445	1,371	1,379	+5.3%	+4.7%
Inventory	1,371	1,273	1,209	+7.7%	+13.4%
Other assets	831	792	715	+4.9%	+16.3%
Total assets	13,507	13,422	12,649	+0.6%	+6.8%

Questions

What was Dover's revenue in Q1 FY2026?

Dover (DOV) reported revenue of $2.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.1% on the same quarter a year earlier.

How much did Dover earn in Q1 FY2026?

Net income for Q1 FY2026 was $238 million, up 3.3% on the year, and diluted earnings per share $1.75.

When did Dover report Q1 FY2026 results?

Dover filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 23 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,989	2,052	2,159	2,158	2,139	2,079	2,100	1,958	2,106	1,884	1,949	1,984	1,930	1,866	2,050	2,078	2,099	2,054	2,190	2,234
Cost of revenue	1,268	1,309	1,377	1,386	1,373	1,332	1,341	1,219	1,320	1,187	1,196	1,220	1,184	1,121	1,231	1,244	1,278	1,255	1,309	1,330
Gross profit	721	743	781	773	766	747	759	739	786	697	753	763	746	746	818	834	821	798	881	903
Gross margin	36%	36%	36%	36%	36%	36%	36%	38%	37%	37%	39%	38%	39%	40%	40%	40%	39%	39%	40%	40%
SG&A	439	444	424	402	414	432	434	403	431	443	429	430	451	449	464	456	476	492	489	484
Operating income	283	299	357	370	353	315	324	337	354	254	323	334	295	296	355	377	345	306	392	419
Operating margin	14%	15%	17%	17%	16%	15%	15%	17%	17%	13%	17%	17%	15%	16%	17%	18%	16%	15%	18%	19%
Interest expense	26.4	26.6	27.0	29.8	33.1	34.2	33.8	32.4	30.9	36.4	32.4	34.1	28.3	27.6	26.8	27.2	28.1	29.5	29.1	28.9
Pre-tax income	461	276	335	353	323	286	300	318	329	799	353	386	219	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	21%	18%	14%	19%	19%	20%	19%	18%	10%	20%	17%	19%	30%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	363	226	290	286	264	229	242	290	296	632	282	347	1,436	231	279	302	282	238	312	333
Net margin	18%	11%	13%	13%	12%	11%	12%	15%	14%	34%	14%	17%	74%	12%	14%	15%	13%	12%	14%	15%
Diluted EPS	$2.50	$1.56	$2.00	$2.00	$1.87	$1.63	$1.72	$2.06	$2.11	$4.52	$2.04	$2.51	$10.38	$1.67	$2.02	$2.19	$2.01	$1.75	$2.30	$2.47
Operating cash flow	327	23.7	179	265	339	241	195	383	516	167	204	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital expenditure	50.3	50.4	50.2	65.5	54.9	48.4	40.1	43.1	61.0	44.5	40.9	28.3	53.9	48.2	60.9	54.1	57.0	59.8	47.8	55.4
Free cash flow	277	-26.7	129	199	284	193	155	340	455	122	163	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	0.0	0.0	85.0	500	0.0	0.0	0.0	0.0	0.0	500	0.0	0.0	0.0	40.7	0.0	0.0	500	53.9	0.0	332
Dividends paid	72.1	72.2	71.9	72.6	70.9	70.8	70.7	71.4	71.4	71.4	70.2	70.7	70.8	71.4	70.6	71.2	69.8	70.4	70.0	70.3
Shares outstanding	144m	144m	144m	140m	140m	140m	140m	140m	140m	137m	137m	137m	137m	137m	137m	137m	135m	135m	135m	133m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 23 April 2026: the filing.