Summary
Dover Corporation (DOV) reported a solid first quarter for 2026, with revenue increasing 10.1% year-over-year to $2.05 billion. This growth was primarily driven by organic revenue increases of 5.3% across key segments like Climate & Sustainability Technologies and Clean Energy & Fueling, bolstered by favorable foreign currency translation and strategic acquisitions. Net earnings rose to $238.4 million, or $1.75 per diluted share, showing a slight increase from the prior year, although earnings from continuing operations remained flat. The company demonstrated effective cost management, with SG&A expenses as a percentage of revenue slightly decreasing, despite an increase in gross profit margin pressures due to unfavorable product mix. Dover also maintained a strong balance sheet with a healthy liquidity position and a manageable net debt to net capitalization ratio, further supported by a recently renewed credit facility. The company's performance highlights continued demand strength in secular growth areas and successful pricing strategies. Bookings saw a significant increase of 23.8%, indicating robust future demand across all segments, particularly Climate & Sustainability Technologies. While overall results were positive, investors should note the ongoing restructuring efforts and associated costs, which are part of the company's strategy to align costs with demand trends. The company also continues its share repurchase program, demonstrating a commitment to returning value to shareholders.
Financial Highlights
45 data points| Revenue | $2.05B |
| Cost of Revenue | $1.26B |
| Gross Profit | $798.13M |
| SG&A Expenses | $492.23M |
| Operating Income | $305.91M |
| Net Income | $238.43M |
| EPS (Basic) | $1.77 |
| EPS (Diluted) | $1.75 |
| Shares Outstanding (Basic) | 134.98M |
| Shares Outstanding (Diluted) | 135.90M |
Key Highlights
- 1Total revenue grew 10.1% to $2.05 billion in Q1 2026, driven by organic growth (5.3%), foreign currency translation (2.9%), and acquisitions (1.9%).
- 2Net earnings increased to $238.4 million, or $1.75 per diluted share, compared to $230.8 million in Q1 2025.
- 3Bookings surged by 23.8% to $2.5 billion, signaling strong future demand across all segments.
- 4Operating earnings increased 3.2% to $305.9 million, while gross profit margin slightly decreased to 38.9% due to unfavorable product mix.
- 5Restructuring and other costs increased significantly to $36.8 million from $9.4 million in the prior year, reflecting strategic cost alignment efforts.
- 6Free cash flow generation improved by $21.9 million to $131.2 million, indicating healthy operational cash generation.
- 7The company renewed its $1.5 billion five-year unsecured revolving credit facility in April 2026, reinforcing its strong liquidity position.