01—Abstract
Summary
Summary of the 8-K filed April 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Dover Corporation (NYSE: DOV) reported first-quarter 2026 results that showed strong top-line momentum.
Revenue rose 10% year over year to $2.05 billiona, with organic growth of 5%, acquisitions contributing 1.9 points, and currency translation adding 2.9 points. GAAP earnings from continuing operations were flat at $239 million, and GAAP diluted EPS from continuing operations rose 2% to $1.76. The GAAP profit picture was held back by higher restructuring and other costs ($36.8 million versus $9.4 million a year ago) and higher purchase accounting expenses, which together offset the revenue gains.
On a non-GAAP basis, performance was considerably stronger. Adjusted earnings from continuing operations increased 9% to $309 millionb, and adjusted diluted EPS rose 11% to $2.28. Total adjusted segment EBITDA grew to $495 million, a margin of 24.1% versus 24.0% a year earlier.
Free cash flow was $131 millionc, up 20% from $109 million, and operating cash flow was $191 million. Bookings were $2.46 billion, up 24% year over year, with book-to-bill above one in all five segments according to management. Climate & Sustainability Technologies was the standout, with organic revenue up 15.2% and bookings up roughly 64%.
Management reaffirmed its 2026 outlook, guiding to GAAP EPS of $8.92 to $9.12d and adjusted EPS of $10.45 to $10.65, on revenue growth of 5% to 7% (3% to 5% organic). Management said it remains committed to double-digit adjusted EPS growth at the midpoint of the range. Investors should note that the company's capital deployment remains active, with share repurchases continuing and an acquisition pipeline described as picking up.
02—Key points
Key Highlights
- Revenue grew 10% to $2.05 billion, including 5% organic growth, 1.9 points from acquisitions and 2.9 points from currency.
- GAAP diluted EPS from continuing operations rose 2% to $1.76, while GAAP earnings from continuing operations were flat at $239 million.
- Adjusted diluted EPS rose 11% to $2.28 and adjusted earnings grew 9% to $309 million, excluding purchase accounting, restructuring and disposition items.
- Restructuring and other costs more than tripled to $36.8 million from $9.4 million, a key driver of the gap between GAAP and adjusted results.
- Bookings increased 24% to $2.46 billion, with book-to-bill above 1.0 in all five segments; Climate & Sustainability Technologies bookings rose sharply.
- Free cash flow increased about 20% to $131 million, and operating cash flow was $191 million.
- FY2026 guidance reaffirmed: GAAP EPS $8.92 to $9.12, adjusted EPS $10.45 to $10.65, revenue growth of 5% to 7%.
03—Questions
Frequently Asked Questions
Why did GAAP earnings stay flat while revenue grew 10%?
Higher restructuring and other costs ($36.8 million versus $9.4 million), higher purchase accounting amortization ($54.6 million versus $49.1 million), and a lower interest income balance offset much of the operating gain. Operating earnings rose about 3% to $306 million, and a $2.5 million gain on dispositions in the prior year did not recur.
What drove the strength in the quarter?
Climate & Sustainability Technologies delivered organic revenue growth of 15.2%, and Clean Energy & Fueling grew organically 11.1%. Pumps & Process Solutions reported the highest segment margin at 31.5%. Imaging & Identification and Pumps & Process Solutions were roughly flat to down organically, so growth was concentrated in a few segments. U.S. organic revenue grew 12.1%, while Europe and Asia declined.
Is the 2026 guidance credible given the Q1 results?
Q1 adjusted EPS of $2.28 is about 22% of the $10.45 to $10.65 full-year adjusted guidance midpoint, and the bookings momentum supports management's view of visibility. However, guidance implies a slowdown in organic growth relative to Q1's 5.3% if the 3% to 5% full-year organic range is to be met, and Q1 may have benefited from currency and acquisitions that are less likely to repeat.
How strong is Dover's cash generation and capital position?
Q1 operating cash flow was $191 million, up from $157 million, and free cash flow reached $131 million, a 6.4% margin on revenue. Management described the balance sheet as strong and continued share repurchases during the quarter, while keeping an active acquisition pipeline. Cash flow is seasonally weighted toward the second half of the year, as the FY2025 pattern shows.
04—Continue