01—Abstract
Summary
Summary of the 8-K filed July 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Dover reported second-quarter 2026 results that beat its prior-year period on every headline measure.
Revenue rose 7% to $2.19 billiona, with 5% organic growth. GAAP diluted EPS from continuing operations was $2.31, up 14%, and adjusted diluted EPS was $2.74, up 12%. Bookings grew about 16% to $2.33 billion, and bookings exceeded shipments, which management cites as improved visibility into the second half.
Segment earnings margin expanded to 24.0% from 23.2%, and free cash flow rose about 24% to $188 millionb. Management raised full-year adjusted EPS guidance to $10.55 to $10.75, implying roughly 10% to 12% growth over 2025 adjusted EPS of $9.61. GAAP EPS guidance is $8.94 to $9.14, based on 6% to 8% revenue growth, including 4% to 6% organic.
The filing does not state the prior guidance range, so the size of the raise cannot be measured from this document alone. The quality of the quarter is mixed. Clean Energy & Fueling (+8.6%c organic) and Climate & Sustainability Technologies (+8.3% organic) drove growth, while Europe declined 5.0% organically in the quarter.
Purchase accounting and restructuring charges remain a meaningful drag on GAAP results, and the gap between GAAP and adjusted EPS was about $0.43d in the quarter. Investors will likely focus on whether the strong order book converts into second-half margin and revenue gains and on the ongoing European weakness.
02—Key points
Key Highlights
- Q2 2026 revenue of $2.19B, up 7% (5% organic); six-month revenue of $4.24B, up 8% (5% organic)
- GAAP diluted EPS from continuing operations of $2.31 (+14%); adjusted diluted EPS of $2.74 (+12%)
- Bookings of $2.33B in Q2, up about 16% year over year, with bookings exceeding shipments
- Total segment earnings margin improved to 24.0% from 23.2%, with all five segments reporting positive organic growth
- Full-year 2026 adjusted EPS guidance raised to $10.55–$10.75; GAAP EPS guidance $8.94–$9.14
- Free cash flow of $188M in Q2 (+24% year over year); year-to-date free cash flow of $320M (+23%)
- Europe organic revenue declined 5.0% in Q2, a notable regional weakness; purchase accounting and restructuring costs weighed on GAAP EPS
03—Questions
Frequently Asked Questions
How did Dover perform in the second quarter of 2026?
Revenue rose 7% to $2.19 billion, with 5% organic growth. GAAP diluted EPS from continuing operations was $2.31, up 14%, and adjusted diluted EPS was $2.74, up 12%. Segment margin expanded to 24.0% from 23.2%.
Did Dover change its full-year outlook?
Yes. Management said it is raising full-year adjusted EPS guidance, now $10.55 to $10.75. GAAP EPS guidance is $8.94 to $9.14, based on 6% to 8% revenue growth, including 4% to 6% organic. The filing does not disclose the prior range, so the size of the increase cannot be determined from this document.
What do the bookings figures suggest about future revenue?
Q2 bookings were $2.33 billion, up about 16% year over year and above shipments. Management cites this as improved visibility into second-half results. Bookings growth was strong across most segments, with Clean Energy & Fueling and Climate & Sustainability Technologies leading.
Which segments drove growth, and where was there weakness?
Clean Energy & Fueling (+8.6% organic) and Climate & Sustainability Technologies (+8.3% organic) were the strongest contributors. Imaging & Identification grew 2.9% organically and Engineered Products 2.1%. Pumps & Process Solutions was roughly flat at 0.4%. Europe was the weakest region, down 5.0% organically.
Why is there a large gap between GAAP and adjusted EPS?
Adjusted results exclude after-tax purchase accounting expenses, which are mainly amortization of acquired intangibles, and restructuring and other costs. In Q2 2026 these items totaled about $0.43 per diluted share after tax ($0.47 pre-tax-equivalent less tax effects), bringing GAAP EPS of $2.31 to adjusted EPS of $2.74.
04—Continue