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DOVER Corp 8-K Report, Financial Results (Jan 29, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed January 29, 2026
Period End
January 29, 2026
Security
DOV
In the record · 2016–202610-K1210-Q328-K140

DOV filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 140 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’16Sep ’16
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed January 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Dover Corporation (NYSE: DOV) reported fourth quarter 2025 results that showed broad top-line strength.

Q4 revenue rose 9% to $2.10 billiona (+5% organic), GAAP earnings from continuing operations increased 15% to $275 million, and GAAP diluted EPS from continuing operations rose 17% to $2.01. Adjusted diluted EPS from continuing operations was $2.51, up 14%. Management highlighted the strongest organic growth of the year, solid bookings (Q4 consolidated bookings of $2.14 billion, up about 10%), margin improvement from volume leverage and productivity, and restructuring savings expected to carry into 2026.

Full-year 2025 GAAP results declined, with GAAP diluted EPS from continuing operations down 21% to $7.97b, but this was driven by the prior-year gain on the De-Sta-Co disposition. On an adjusted basis, full-year EPS rose 16% to $9.61 and revenue grew 4% (+2% organic) to $8.09 billion. Free cash flow was $1.12 billion, up roughly 21%, and the company completed four acquisitions for $665 million while initiating a $500 million accelerated share repurchase program expected to finish in Q2 2026.

Net debt to net capitalization rose to 18.2% from 13.5%. For 2026, Dover guided to GAAP diluted EPS of $8.95 to $9.15c and adjusted EPS of $10.45 to $10.65, based on revenue growth of 5% to 7% (3% to 5% organic). Management described demand as solid and broad-based, supported by the order book, though investors should note that the guidance implies the adjusted EPS growth rate is more modest than the 2025 result and that the cash balance declined as the company funded acquisitions and buybacks.

02—Key points

Key Highlights

  1. Q4 2025 revenue of $2.10B grew 9% (+5% organic); organic growth was the strongest of 2025, led by Pumps & Process Solutions (+10.7% organic in Q4).
  2. Q4 adjusted diluted EPS of $2.51 rose 14%; GAAP diluted EPS of $2.01 rose 17%.
  3. Full-year 2025 GAAP diluted EPS fell 21% to $7.97, mainly because 2024 included the $530M De-Sta-Co gain; adjusted EPS rose 16% to $9.61.
  4. Q4 consolidated bookings of $2.14B (up about 10% year over year) and Clean Energy & Fueling bookings of $587M support the demand outlook.
  5. 2026 guidance: GAAP EPS of $8.95–$9.15 and adjusted EPS of $10.45–$10.65 on revenue growth of 5–7% (3–5% organic).
  6. Full-year free cash flow of $1.12B (up from $920M), but net debt to net capitalization rose to 18.2% from 13.5% after a $500M accelerated share repurchase and $665M of acquisitions.
  7. Restructuring costs of $78M in 2025 (versus $85M in 2024) with management citing carry-over savings into 2026; the company says additional restructuring programs may follow.

03—Questions

Frequently Asked Questions

  1. Why did GAAP earnings decline in 2025 even though adjusted earnings grew?

    The 2024 GAAP results included a $530M pre-tax gain on the sale of De-Sta-Co and a $69M gain on a minority equity investment sale. These gains inflated 2024 GAAP earnings from continuing operations to $1.40B, versus $1.10B in 2025. Adjusted earnings excluded these items, and on that basis they grew 15% to $1.32B.

  2. What drove the strong fourth-quarter revenue growth?

    Management attributed the 5% organic growth to secular-growth-exposed markets and improving conditions in retail fueling and refrigerated door cases and services. Pumps & Process Solutions led with 10.7% organic growth in Q4, while Clean Energy & Fueling grew 3.6% organically and Climate & Sustainability Technologies rose 9.4%.

  3. What does the 2026 guidance imply for investors?

    Dover guided to adjusted EPS of $10.45–$10.65, implying roughly 9–11% growth over the 2025 adjusted figure of $9.61. Revenue growth of 5–7% includes acquisitions, with organic growth expected at 3–5%. GAAP EPS guidance of $8.95–$9.15 is below 2025 GAAP EPS of $7.97 only in the sense of a higher base effect; it is above the 2025 GAAP figure, so the GAAP range also represents growth.

  4. How is Dover using its capital, and what does this mean for the balance sheet?

    In 2025 Dover spent $665M on four acquisitions, returned $540M to shareholders through share repurchases including a $500M accelerated share repurchase, and paid $283M in dividends. Cash fell to $1.68B from $1.84B, and long-term debt increased. Net debt rose to $1.65B, lifting the net debt to net capitalization ratio to 18.2%. Management says it retains balance sheet flexibility to pursue further acquisitions or buybacks.

  5. Are there any concerns investors should monitor?

    Key items include the pace of restructuring, which totaled $78M in 2025 and may continue in 2026; the Europe organic revenue decline (-0.9% for the year); the Climate & Sustainability Technologies segment, whose 2025 segment margin of 17.0% was below Pumps & Process Solutions (30.3%); and the reliance on acquisitions for part of the revenue growth. Inventory also increased by about 11% to $1.27B, which is worth tracking against demand.

04—Continue

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