01—Abstract
Summary
Summary of the 10-Q filed October 23, 2025. Cited figures are marked; the original filing is the authoritative source.
Dover Corporation (DOV) reported a solid third quarter for 2025, with total revenue increasing by 4.8% year-over-year to $2.08 billiona.
This growth was driven by a combination of acquisitions (3.0%b), favorable foreign currency translation (1.3%), and a modest organic revenue increase (0.5%). Profitability improved significantly, with gross profit rising by 9.2% and gross profit margin expanding by 160 basis points to 40.1%. Operating earnings saw a strong increase of 13.0%, indicating effective cost management and operational efficiencies.
While earnings from continuing operations saw a slight decrease of 3.1% to $303.3 millionc, this was primarily due to a significant gain on dispositions recognized in the prior year. Excluding discontinued operations, net earnings were $302.0 million. The company also generated robust operating cash flow of $794.1 million for the first nine months of 2025, an increase from the prior year, and maintained a healthy free cash flow of $630.8 million.
Strategic acquisitions in the Pumps & Process Solutions and Clean Energy & Fueling segments continue to be a key growth driver, alongside solid performance in Imaging & Identification. However, the Engineered Products and Climate & Sustainability Technologies segments experienced revenue declines, warranting close monitoring.
02—Key points
Key Highlights
- Total revenue increased 4.8% to $2.08 billion in Q3 2025, driven by acquisitions, foreign currency, and organic growth.
- Gross profit increased 9.2% to $833.6 million, with gross profit margin expanding 160 basis points to 40.1%.
- Operating earnings rose 13.0% to $377.2 million, showcasing improved operational efficiency.
- Net earnings for the quarter were $302.0 million, though earnings from continuing operations decreased 3.1% due to prior year gains on dispositions.
- Strong operating cash flow of $794.1 million generated in the first nine months of 2025, up significantly from the prior year.
- Strategic acquisitions continue to bolster growth, particularly in the Pumps & Process Solutions and Clean Energy & Fueling segments.
- While overall performance is positive, revenue declined in the Engineered Products and Climate & Sustainability Technologies segments.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Dover Corp kept $0.15.
- Revenue$2.08B100.0%
- Cost of revenue−$1.24B59.9%
- Gross profit$833.6M40.1%
- Operating costs−$456.4M22.0%
- Operating income$377.2M18.2%
- Interest, other & tax−$75.2M3.6%
- Net income$302.0M14.5%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 23, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $2.08B$1.98B | +4.8% |
| Cost of Revenue | $1.24B$1.22B | +2.0% |
| Gross Profit | $833.59M$763.19M | +9.2% |
| SG&A Expenses | $456.44M$429.57M | +6.3% |
| Operating Income | $377.15M$333.62M | +13.0% |
| Net Income | $302.00M$347.10M | −13.0% |
| EPS (Basic) | $2.20$2.53 | −13.0% |
| EPS (Diluted) | $2.19$2.51 | −12.7% |
| Shares Outstanding (Basic) | 137.24M137.25M | 0.0% |
| Shares Outstanding (Diluted) | 138.03M138.22M | −0.1% |
05—Questions
Frequently Asked Questions
What were the main drivers of revenue growth in Q3 2025?
Revenue growth in Q3 2025 was primarily driven by acquisition-related contributions (3.0%), a favorable impact from foreign currency translation (1.3%), and a 0.5% organic revenue increase. Key acquisitions were in the Pumps & Process Solutions and Clean Energy & Fueling segments.
How did Dover's profitability change compared to the prior year?
Dover's profitability showed improvement. Gross profit increased by 9.2% and gross profit margin expanded by 160 basis points to 40.1%. Operating earnings also saw a substantial increase of 13.0%. While net earnings were slightly down year-over-year due to a prior year gain on dispositions, the underlying operational performance was strong.
Which segments performed strongest and weakest in Q3 2025?
The strongest performing segments were Pumps & Process Solutions (revenue up 16.6%) and Clean Energy & Fueling (revenue up 8.1%), both benefiting from acquisitions and organic growth. The Imaging & Identification segment also showed positive growth. However, the Engineered Products segment (revenue down 5.5%) and Climate & Sustainability Technologies segment (revenue down 5.2%) experienced revenue declines.
What is the company's cash flow situation?
Dover generated strong operating cash flow of $794.1 million for the first nine months of 2025, an increase from the prior year. The company also reported a healthy free cash flow of $630.8 million for the same period. The net debt to net capitalization ratio increased to 16.5% primarily due to acquisitions and a decrease in cash balances.
06—Continue