10-KPeriod: FY2025

DOVER Corp Annual Report, Year Ended Dec 31, 2025

Filed February 13, 2026For Securities:DOV

Summary

Dover Corporation's (DOV) 2025 10-K filing indicates a year of solid revenue growth driven by strategic acquisitions and favorable pricing, alongside organic growth in key segments like Pumps & Process Solutions and Clean Energy & Fueling. The company reported consolidated revenue of $8.1 billion, a 4.5% increase year-over-year, with organic growth at 1.6%. This growth was supported by strategic pricing initiatives and strong performance in secular growth markets. Gross profit saw a significant increase of 8.8%, leading to an improved gross profit margin of 39.8%, attributed to favorable price-to-cost dynamics and productivity actions. Financially, Dover generated strong free cash flow of $1.1 billion, demonstrating effective cash management. The company continued its disciplined capital allocation strategy, including significant investments in acquisitions totaling $665.3 million in 2025, primarily within the Pumps & Process Solutions and Clean Energy & Fueling segments, alongside share repurchases. While the Engineered Products segment experienced a revenue decline, management anticipates improvements in 2026 driven by favorable demand in aerospace and defense and an improving vehicle service outlook. The company maintains a healthy financial position with a strong interest coverage ratio and an investment-grade credit rating.

Financial Highlights

54 data points
Beta

Revenue

$8.09B

39.8% Gross Margin

Net Income

$1.09B

13.5% Net Margin

EPS (Diluted)

$7.94

Total Assets

$13.42B

Cash & Equivalents

$1.68B

Free Cash Flow

$1.12B

Financial Statements
Beta
Revenue$8.09B
Cost of Revenue$4.87B
Gross Profit$3.22B
R&D Expenses$165.34M
SG&A Expenses$1.84B
Operating Income$1.37B
Net Income$1.09B
EPS (Basic)$7.99
EPS (Diluted)$7.94
Shares Outstanding (Basic)136.94M
Shares Outstanding (Diluted)137.78M

Key Highlights

  • 1Consolidated revenue increased by 4.5% to $8.1 billion in 2025, driven by acquisitions (2.6%) and organic growth (1.6%), with a favorable foreign currency impact of 1.0%.
  • 2Gross profit rose by 8.8% to $3.2 billion, improving the gross profit margin to 39.8% due to favorable pricing, volume growth, and productivity initiatives.
  • 3The Pumps & Process Solutions segment showed robust growth with revenue up 13.4% and earnings up 21.4%, driven by strong demand in biopharma and data center cooling applications.
  • 4Clean Energy & Fueling segment revenue grew by 10.0%, bolstered by acquisitions and favorable demand in retail fueling and clean energy components.
  • 5Free cash flow of $1.1 billion was generated, representing 13.8% of revenue, highlighting strong operational cash generation.
  • 6The company deployed $665.3 million in acquisitions during 2025, focusing on complementary businesses in its core segments.
  • 7Dover repurchased $500 million of its stock via an accelerated share repurchase program in late 2025, alongside other repurchases and dividend payments, indicating a commitment to returning capital to shareholders.

Frequently Asked Questions

In 2025, Dover Corporation reported consolidated revenue of $8.1 billion, a 4.5% increase from the previous year. This growth was driven by a combination of acquisition-related growth (2.6%) and organic revenue growth (1.6%), with a favorable impact from foreign currency translation (1.0%). The company also saw a significant increase in gross profit of 8.8%, leading to an improved gross profit margin of 39.8%, driven by favorable pricing, productivity initiatives, and a positive portfolio mix.

The Pumps & Process Solutions segment was a strong performer, with revenue up 13.4% and segment earnings up 21.4%, fueled by demand in biopharmaceutical applications and data center cooling. The Clean Energy & Fueling segment also showed solid growth, with revenue increasing by 10.0% due to acquisitions and strong demand in retail fueling and clean energy components. The Imaging & Identification segment experienced a 3.2% revenue increase. However, the Engineered Products segment saw a revenue decline of 9.7%, primarily due to lower volumes in its vehicle service business, although an improvement is expected in 2026. The Climate & Sustainability Technologies segment had a slight revenue decrease of 1.3%, but segment earnings increased by 5.9% with positive expectations for 2026, particularly in CO2 refrigerant systems and data center cooling.

Dover Corporation maintains a disciplined approach to capital allocation, prioritizing organic reinvestment, strategic acquisitions, and returning excess capital to shareholders. In 2025, the company invested $665.3 million in acquisitions, enhancing its portfolio in key segments. Additionally, Dover repurchased approximately $500 million of its common stock through an accelerated share repurchase program, demonstrating a commitment to shareholder returns. The company also continued its track record of dividend payments, increasing its dividend per share by 1% to $2.07 in 2025.

Dover Corporation generated strong free cash flow of $1.1 billion in 2025, representing 13.8% of revenue, which indicates robust operational cash generation. The company also maintains a strong balance sheet, with a net debt to net capitalization ratio of 18.2% at year-end 2025. Dover has a well-established credit rating (Baa1/BBB+ stable outlook) and ample liquidity, with $1.0 billion and $500.0 million in revolving credit facilities, ensuring its ability to meet financial obligations and pursue strategic opportunities.