01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
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 billiona, 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 billionb, 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.
02—Key points
Key Highlights
- Consolidated 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%.
- Gross 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.
- The 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.
- Clean Energy & Fueling segment revenue grew by 10.0%, bolstered by acquisitions and favorable demand in retail fueling and clean energy components.
- Free cash flow of $1.1 billion was generated, representing 13.8% of revenue, highlighting strong operational cash generation.
- The company deployed $665.3 million in acquisitions during 2025, focusing on complementary businesses in its core segments.
- Dover 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.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Dover Corp kept $0.14.
- Revenue$8.09B100.0%
- Cost of revenue−$4.87B60.2%
- Gross profit$3.22B39.8%
- Operating costs−$1.84B22.8%
- Operating income$1.37B17.0%
- Interest, other & tax−$279.4M3.5%
- Net income$1.09B13.5%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $8.09B$7.75B | +4.5% |
| Cost of Revenue | $4.87B$4.79B | +1.8% |
| Gross Profit | $3.22B$2.96B | +8.8% |
| R&D Expenses | $165.34M$149.60M | +10.5% |
| SG&A Expenses | $1.84B$1.75B | +5.3% |
| Operating Income | $1.37B$1.21B | +13.8% |
| Net Income | $1.09B$2.70B | −59.4% |
| EPS (Basic) | $7.99$19.58 | −59.2% |
| EPS (Diluted) | $7.94$19.45 | −59.2% |
| Shares Outstanding (Basic) | 136.94M137.74M | −0.6% |
| Shares Outstanding (Diluted) | 137.78M138.70M | −0.7% |
05—Questions
Frequently Asked Questions
What was Dover Corporation's overall financial performance in 2025?
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.
How did the different business segments perform in 2025?
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.
What is Dover's approach to capital allocation and shareholder returns?
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.
What are the key financial health indicators for Dover Corporation?
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.
06—Continue