Dover Reports Third Quarter 2026 Results

Dover Reports Third Quarter 2026 Results DOWNERS GROVE, Ill., Oct. 22, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

Three Months Ended September 30,

Nine Months Ended September 30,

($ in millions, except per share data)*

2026

2025

% Change*

2026

2025

% Change*

U.S. GAAP

Revenue

$ 2,234

$ 2,078

8 %

$ 6,477

$ 5,993

8 %

Earnings from continuing operations

337

303

11 %

888

823

8 %

Diluted EPS from continuing operations

2.50

2.20

14 %

6.56

5.96

10 %

Non-GAAP

Organic revenue change

7 %

6 %

Adjusted earnings from continuing operations 1

388

361

7 %

1,069

981

9 %

Adjusted diluted EPS from continuing operations

2.88

2.62

10 %

7.89

7.10

11 %

Q3 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.

Totals, change and per share data may be impacted by rounding.

For the quarter ended September 30, 2026, Dover generated revenue of $2.2 billion, an increase of 8% (+7% organic). GAAP earnings from continuing operations of $337 million increased by 11%, and GAAP diluted EPS from continuing operations of $2.50 was up 14%. On an adjusted basis, earnings from continuing operations of $388 million were up 7% and adjusted diluted EPS from continuing operations of $2.88 was up 10%.

For the nine months ended September 30, 2026, Dover generated revenue of $6.5 billion, an increase of 8% (+6% organic). GAAP earnings from continuing operations of $888 million increased by 8%, and GAAP diluted EPS from continuing operations of $6.56 was up 10%. On an adjusted basis, earnings from continuing operations of $1.1 billion were up 9% and adjusted diluted EPS from continuing operations of $7.89 was up 11%.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover delivered strong results in the third quarter. Top-line growth accelerated, led by our secular growth markets in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing, and space launch. This strength was complemented by broad-based performance across the portfolio, including improving line rates in food retail as we completed the footprint consolidation.

"Order performance was a highlight, consistent with the trend we have seen throughout the year. Bookings increased across all five segments and again outpaced shipments, reinforcing our confidence in the forecast. Notably, a significant portion of our backlog is scheduled for delivery in 2027, giving us a solid foundation heading into next year.

"We remained active in capital deployment. We continued to invest behind greenfield expansions in high-growth end markets, along with productivity and footprint optimization projects. During the quarter, we announced two bolt-on acquisitions that expand our capabilities in attractive markets and add manufacturing capacity in key strategic locations, and we opportunistically repurchased over $330 million of our shares. Our balance sheet and liquidity position provide significant flexibility to deploy additional capital.

"We are on track to deliver double-digit adjusted EPS growth in 2026, in line with our long-term algorithm. As we begin planning for 2027, the constructive demand backdrop and our order book, together with carryover benefits from actions taken this year, set the stage for continued value creation for our shareholders."

FULL YEAR 2026 GUIDANCE:

In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 22, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

INVESTOR SUPPLEMENT - THIRD QUARTER 2026

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenue

$ 2,233,839

$ 2,077,841

$ 6,477,483

$ 5,993,492

Cost of goods and services

1,330,413

1,244,247

3,895,316

3,596,136

Gross profit

903,426

833,594

2,582,167

2,397,356

Selling, general and administrative expenses

484,238

456,441

1,465,283

1,369,297

Operating earnings

419,188

377,153

1,116,884

1,028,059

Interest expense

28,870

27,239

87,450

81,638

Interest income

(16,520)

(17,804)

(45,102)

(55,993)

Gain on dispositions

—

(4,644)

Other income, net

(13,848)

(18,525)

(32,750)

(26,663)

Earnings before provision for income taxes

420,686

386,243

1,107,286

1,033,721

Provision for income taxes

83,866

82,951

219,172

211,058

Earnings from continuing operations

336,820

303,292

888,114

822,663

Loss from discontinued operations, net

(3,489)

(1,296)

(4,104)

(10,782)

Net earnings

$ 333,331

$ 301,996

$ 884,010

$ 811,881

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)

Earnings Per Share

2026

2025

Q3 YTD

FY 2025

Basic earnings (loss) per share:

Continuing operations

$ 1.77

$ 2.32

$ 2.51

$ 6.60

$ 1.74

$ 2.04

$ 2.21

$ 5.99

$ 2.02

$ 8.01

Discontinued operations

$ —

$ (0.03)

$ (0.06)

$ (0.01)

$ (0.08)

$ 0.05

$ (0.03)

Net earnings

$ 1.77

$ 2.32

$ 2.48

$ 6.57

$ 1.68

$ 2.03

$ 2.20

$ 5.92

$ 2.07

$ 7.99

Diluted earnings (loss) per share:

Continuing operations

$ 1.76

$ 2.31

$ 2.50

$ 6.56

$ 1.73

$ 2.03

$ 2.20

$ 5.96

$ 2.01

$ 7.97

Discontinued operations

$ —

$ (0.03)

$ (0.06)

$ (0.01)

$ (0.08)

$ 0.05

$ (0.03)

Net earnings

$ 1.75

$ 2.30

$ 2.47

$ 6.53

$ 1.67

$ 2.02

$ 2.19

$ 5.88

$ 2.06

$ 7.94

Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:

Continuing operations

$ 238,749

$ 312,545

$ 336,820

$ 888,114

$ 239,241

$ 280,130

$ 303,292

$ 822,663

$ 274,766

$ 1,097,429

Discontinued operations

(316)

(299)

(3,489)

(4,104)

(8,420)

(1,066)

(1,296)

(10,782)

7,309

(3,473)

Net earnings

$ 238,433

$ 312,246

$ 333,331

$ 884,010

$ 230,821

$ 279,064

$ 301,996

$ 811,881

$ 282,075

$ 1,093,956

Weighted average shares outstanding:

Basic

134,977

134,759

134,200

134,644

137,267

137,226

137,236

137,254

135,993

136,935

Diluted

135,895

135,553

134,878

135,440

138,260

137,974

138,029

138,099

136,826

137,777

Dividends paid per

common share

$ 0.52

$ 0.525

$ 1.565

$ 0.515

$ 0.52

$ 1.55

$ 0.52

$ 2.07

* Per share data may be impacted by rounding.

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

2026

2025

Q3 YTD

FY 2025

REVENUE

Engineered Products

$ 266,639

$ 283,481

$ 274,903

$ 825,023

$ 254,646

$ 275,944

$ 279,705

$ 810,295

$ 275,549

$ 1,085,844

Clean Energy & Fueling

554,809

594,959

606,003

1,755,771

491,148

546,097

541,368

1,578,613

551,894

2,130,507

Imaging & Identification

285,420

305,101

304,667

895,188

280,090

292,009

299,100

871,199

302,244

1,173,443

Pumps & Process Solutions

537,810

552,709

568,517

1,659,036

493,573

520,554

550,920

1,565,047

583,623

2,148,670

Climate & Sustainability

Technologies

411,060

455,097

481,452

1,347,609

347,888

416,151

408,529

1,172,568

387,273

1,559,841

Intersegment eliminations

(2,115)

(1,326)

(1,703)

(5,144)

(1,286)

(1,163)

(1,781)

(4,230)

(1,504)

(5,734)

Total consolidated revenue

$ 2,053,623

$ 2,190,021

$ 2,233,839

$ 6,477,483

$ 1,866,059

$ 2,049,592

$ 2,077,841

$ 5,993,492

$ 2,099,079

$ 8,092,571

EARNINGS FROM CONTINUING OPERATIONS

Segment Earnings:

Engineered Products

$ 44,991

$ 57,798

$ 56,613

$ 159,402

$ 44,114

$ 53,511

$ 57,483

$ 155,108

$ 62,158

$ 217,266

Clean Energy & Fueling

99,041

128,546

132,881

360,468

85,644

107,771

118,665

312,080

105,990

418,070

Imaging & Identification

77,457

84,976

95,171

257,604

77,575

76,937

81,772

236,284

78,451

314,735

Pumps & Process Solutions

169,492

178,848

177,878

526,218

151,275

159,504

168,565

479,344

172,256

651,600

Climate & Sustainability

Technologies

63,995

75,826

80,555

220,376

52,119

77,262

76,002

205,383

60,264

265,647

Total segment earnings

454,976

525,994

543,098

1,524,068

410,727

474,985

502,487

1,388,199

479,119

1,867,318

Purchase accounting expenses 1

54,579

51,591

45,850

152,020

49,104

51,123

59,381

159,608

58,837

218,445

Restructuring and other costs 2

36,795

24,635

21,767

83,197

9,397

23,210

15,913

48,520

29,466

77,986

Gain on dispositions 3

—

(2,468)

(2,176)

—

(4,644)

—

(4,644)

Corporate expense / other 4

49,238

47,534

42,445

139,217

51,959

41,875

31,515

125,349

39,190

164,539

Interest expense

29,522

29,058

28,870

87,450

27,608

26,791

27,239

81,638

28,134

109,772

Interest income

(14,060)

(14,522)

(16,520)

(45,102)

(20,254)

(17,935)

(17,804)

(55,993)

(17,039)

(73,032)

Earnings before provision for

income taxes

298,902

387,698

420,686

1,107,286

295,381

352,097

386,243

1,033,721

340,531

1,374,252

Provision for income taxes

60,153

75,153

83,866

219,172

56,140

71,967

82,951

211,058

65,765

276,823

Earnings from continuing

operations

$ 238,749

$ 312,545

$ 336,820

$ 888,114

$ 239,241

$ 280,130

$ 303,292

$ 822,663

$ 274,766

$ 1,097,429

SEGMENT EARNINGS MARGIN

Engineered Products

16.9 %

20.4 %

20.6 %

19.3 %

17.3 %

19.4 %

20.6 %

19.1 %

22.6 %

20.0 %

Clean Energy & Fueling

17.9 %

21.6 %

21.9 %

20.5 %

17.4 %

19.7 %

21.9 %

19.8 %

19.2 %

19.6 %

Imaging & Identification

27.1 %

27.9 %

31.2 %

28.8 %

27.7 %

26.3 %

27.3 %

27.1 %

26.0 %

26.8 %

Pumps & Process Solutions

31.5 %

32.4 %

31.3 %

31.7 %

30.6 %

29.5 %

30.3 %

Climate & Sustainability

Technologies

15.6 %

16.7 %

16.4 %

15.0 %

18.6 %

17.5 %

15.6 %

17.0 %

Total segment earnings margin

22.2 %

24.0 %

24.3 %

23.5 %

22.0 %

23.2 %

24.2 %

23.2 %

22.8 %

23.1 %

1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

3 Gain on dispositions, including post-closing adjustments.

4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.

DOVER CORPORATION

QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

2026

2025

Q3 YTD

FY 2025

Adjusted earnings from continuing operations:

Earnings from continuing

operations

$ 238,749

$ 312,545

$ 336,820

$ 888,114

$ 239,241

$ 280,130

$ 303,292

$ 822,663

$ 274,766

$ 1,097,429

Purchase accounting

expenses, pre-tax 1

54,579

51,591

45,850

152,020

49,104

51,123

59,381

159,608

58,837

218,445

Purchase accounting

expenses, tax impact 2

(12,692)

(11,704)

(12,011)

(36,407)

(10,919)

(11,367)

(14,067)

(36,353)

(14,134)

(50,487)

Restructuring and other

costs, pre-tax 3

36,795

24,635

21,767

83,197

9,397

23,210

15,913

48,520

29,466

77,986

Restructuring and other

costs, tax impact 2

(8,048)

(5,375)

(4,551)

(17,974)

(1,887)

(4,642)

(3,230)

(9,759)

(5,608)

(15,367)

Gain on dispositions, pre-

tax 4

—

(2,468)

(2,176)

—

(4,644)

—

(4,644)

Gain on dispositions, tax-

impact 2

—

689

435

—

1,124

—

1,124

Adjusted earnings from

continuing operations

$ 309,383

$ 371,692

$ 387,875

$ 1,068,950

$ 283,157

$ 336,713

$ 361,289

$ 981,159

$ 343,327

$ 1,324,486

Adjusted diluted earnings per share from continuing operations:

Diluted earnings per share

from continuing operations

$ 1.76

$ 2.31

$ 2.50

$ 6.56

$ 1.73

$ 2.03

$ 2.20

$ 5.96

$ 2.01

$ 7.97

Purchase accounting

expenses, pre-tax 1

0.40

0.38

0.34

1.12

0.36

0.37

0.43

1.16

0.43

1.59

Purchase accounting

expenses, tax impact 2

(0.09)

(0.27)

(0.08)

(0.10)

(0.26)

(0.10)

(0.37)

Restructuring and other

costs, pre-tax 3

0.27

0.18

0.16

0.61

0.07

0.17

0.12

0.35

0.22

0.57

Restructuring and other

costs, tax impact 2

(0.06)

(0.04)

(0.03)

(0.13)

(0.01)

(0.03)

(0.02)

(0.07)

(0.04)

(0.11)

Gain on dispositions, pre-

tax 4

—

(0.02)

—

(0.03)

—

(0.03)

Gain on dispositions, tax-

impact 2

—

0.01

—

0.01

Adjusted diluted earnings

per share from continuing

operations

$ 2.28

$ 2.74

$ 2.88

$ 7.89

$ 2.05

$ 2.44

$ 2.62

$ 7.10

$ 2.51

$ 9.61

1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026, Q3 2026 and YTD 2026 include other costs of $3.0 million, $4.3 million, $1.7 million, and $9.0 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.

4 Gain on dispositions, including post-closing adjustments.

* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

2026

2025

Q3 YTD

FY 2025

ADJUSTED SEGMENT EBITDA

Engineered Products:

Segment earnings

$ 44,991

$ 57,798

$ 56,613

$ 159,402

$ 44,114

$ 53,511

$ 57,483

$ 155,108

$ 62,158

$ 217,266

Other depreciation and amortization 1

5,486

5,447

5,647

16,580

4,800

5,141

5,736

15,677

5,818

21,495

Adjusted segment EBITDA 2

50,477

63,245

62,260

175,982

48,914

58,652

63,219

170,785

67,976

238,761

Adjusted segment EBITDA margin 2

18.9 %

22.3 %

22.6 %

21.3 %

19.2 %

21.3 %

22.6 %

21.1 %

24.7 %

22.0 %

Clean Energy & Fueling:

Segment earnings

$ 99,041

$ 128,546

$ 132,881

$ 360,468

$ 85,644

$ 107,771

$ 118,665

$ 312,080

$ 105,990

$ 418,070

Other depreciation and amortization 1

8,552

9,111

8,714

26,377

8,578

8,961

8,582

26,121

8,685

34,806

Adjusted segment EBITDA 2

107,593

137,657

141,595

386,845

94,222

116,732

127,247

338,201

114,675

452,876

Adjusted segment EBITDA margin 2

19.4 %

23.1 %

23.4 %

22.0 %

19.2 %

21.4 %

23.5 %

21.4 %

20.8 %

21.3 %

Imaging & Identification:

Segment earnings

$ 77,457

$ 84,976

$ 95,171

$ 257,604

$ 77,575

$ 76,937

$ 81,772

$ 236,284

$ 78,451

$ 314,735

Other depreciation and amortization 1

4,208

4,373

4,556

13,137

4,093

4,229

4,091

12,413

5,155

17,568

Adjusted segment EBITDA 2

81,665

89,349

99,727

270,741

81,668

81,166

85,863

248,697

83,606

332,303

Adjusted segment EBITDA margin 2

28.6 %

29.3 %

32.7 %

30.2 %

29.2 %

27.8 %

28.7 %

28.5 %

27.7 %

28.3 %

Pumps & Process Solutions:

Segment earnings

$ 169,492

$ 178,848

$ 177,878

$ 526,218

$ 151,275

$ 159,504

$ 168,565

$ 479,344

$ 172,256

$ 651,600

Other depreciation and amortization 1

14,012

14,004

15,059

43,075

12,601

13,131

14,256

39,988

14,238

54,226

Adjusted segment EBITDA 2

183,504

192,852

192,937

569,293

163,876

172,635

182,821

519,332

186,494

705,826

Adjusted segment EBITDA margin 2

34.1 %

34.9 %

33.9 %

34.3 %

33.2 %

32.0 %

32.8 %

Climate & Sustainability Technologies:

Segment earnings

$ 63,995

$ 75,826

$ 80,555

$ 220,376

$ 52,119

$ 77,262

$ 76,002

$ 205,383

$ 60,264

$ 265,647

Other depreciation and amortization 1

8,069

8,001

7,966

24,036

7,325

7,605

7,558

22,488

7,856

30,344

Adjusted segment EBITDA 2

72,064

83,827

88,521

244,412

59,444

84,867

83,560

227,871

68,120

295,991

Adjusted segment EBITDA margin 2

17.5 %

18.4 %

18.1 %

17.1 %

20.4 %

20.5 %

19.4 %

17.6 %

19.0 %

Total Segments:

Total segment earnings 2, 3

$ 454,976

$ 525,994

$ 543,098

$ 1,524,068

$ 410,727

$ 474,985

$ 502,487

$ 1,388,199

$ 479,119

$ 1,867,318

Other depreciation and amortization 1

40,327

40,936

41,942

123,205

37,397

39,067

40,223

116,687

41,752

158,439

Total Adjusted segment EBITDA 2

495,303

566,930

585,040

1,647,273

448,124

514,052

542,710

1,504,886

520,871

2,025,757

Total Adjusted segment EBITDA

margin 2

24.1 %

25.9 %

26.2 %

25.4 %

24.0 %

25.1 %

26.1 %

25.1 %

24.8 %

25.0 %

1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

2 Refer to Non-GAAP Measures Definitions section for definition.

3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.

DOVER CORPORATION

QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

2026

2025

Q3 YTD

FY 2025

Earnings from continuing

operations

$ 238,749

$ 312,545

$ 336,820

$ 888,114

$ 239,241

$ 280,130

$ 303,292

$ 822,663

$ 274,766

$ 1,097,429

Provision for income taxes

60,153

75,153

83,866

219,172

56,140

71,967

82,951

211,058

65,765

276,823

Earnings before provision for

income taxes

298,902

387,698

420,686

1,107,286

295,381

352,097

386,243

1,033,721

340,531

1,374,252

Interest income

(14,060)

(14,522)

(16,520)

(45,102)

(20,254)

(17,935)

(17,804)

(55,993)

(17,039)

(73,032)

Interest expense

29,522

29,058

28,870

87,450

27,608

26,791

27,239

81,638

28,134

109,772

Corporate expense / other 1

49,238

47,534

42,445

139,217

51,959

41,875

31,515

125,349

39,190

164,539

Gain on dispositions 2

—

(2,468)

(2,176)

—

(4,644)

—

(4,644)

Restructuring and other costs 3

36,795

24,635

21,767

83,197

9,397

23,210

15,913

48,520

29,466

77,986

Purchase accounting expenses 4

54,579

51,591

45,850

152,020

49,104

51,123

59,381

159,608

58,837

218,445

Total segment earnings 5

454,976

525,994

543,098

1,524,068

410,727

474,985

502,487

1,388,199

479,119

1,867,318

Add: Other depreciation and

amortization 6

40,327

40,936

41,942

123,205

37,397

39,067

40,223

116,687

41,752

158,439

Total adjusted segment EBITDA 5

$ 495,303

$ 566,930

$ 585,040

$ 1,647,273

$ 448,124

$ 514,052

$ 542,710

$ 1,504,886

$ 520,871

$ 2,025,757

1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.

2 Gain on dispositions, including post-closing adjustments.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

5 Refer to Non-GAAP Measures Definitions section for definition.

6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

DOVER CORPORATION

REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)

(unaudited)

Non-GAAP Reconciliations

Revenue Growth Factors

2026

Q3 YTD

Organic

Engineered Products

(1.6) %

0.8 %

Clean Energy & Fueling

12.1 %

10.6 %

Imaging & Identification

2.2 %

0.7 %

Pumps & Process Solutions

1.2 %

0.3 %

Climate & Sustainability Technologies

17.9 %

13.7 %

Total Organic

7.1 %

5.7 %

Acquisitions

0.5 %

1.2 %

Currency translation

(0.1) %

1.2 %

Total*

7.5 %

8.1 %

* Totals may be impacted by rounding.

2026

Q3 YTD

Organic

United States

12.6 %

10.9 %

Europe

(3.0) %

(4.1) %

Asia

15.1 %

6.9 %

Other Americas

(7.0) %

1.8 %

Other

(1.1) %

(1.7) %

Total Organic

7.1 %

5.7 %

Acquisitions

0.5 %

1.2 %

Currency translation

(0.1) %

1.2 %

Total*

7.5 %

8.1 %

* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation*

Range

2026 Guidance for Earnings per Share from Continuing Operations (GAAP)

$8.93

$9.08

Purchase accounting expenses, net

1.16

Restructuring and other costs, net

0.51

2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

$10.60

$10.75

* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)

Quarterly Cash Flow

2026

2025

Q3 YTD

FY 2025

Net Cash Flows Provided By (Used In):

Operating activities

$ 190,997

$ 236,171

$ 438,763

$ 865,931

$ 157,474

$ 212,340

$ 424,245

$ 794,059

$ 543,946

$ 1,338,005

Investing activities

(61,660)

(44,181)

(96,767)

(202,608)

(74,186)

(681,584)

(58,857)

(814,627)

(71,967)

(886,594)

Financing activities

(161,451)

(73,586)

(406,325)

(641,362)

(122,234)

(84,235)

(73,878)

(280,347)

(344,523)

(624,870)

Quarterly Free Cash Flow (Non-GAAP)

2026

2025

Q3 YTD

FY 2025

Cash flow from operating

activities

$ 190,997

$ 236,171

$ 438,763

$ 865,931

$ 157,474

$ 212,340

$ 424,245

$ 794,059

$ 543,946

$ 1,338,005

Less: Capital expenditures

(59,808)

(47,783)

(55,414)

(163,005)

(48,192)

(60,932)

(54,150)

(163,274)

(56,989)

(220,263)

Free cash flow

$ 131,189

$ 188,388

$ 383,349

$ 702,926

$ 109,282

$ 151,408

$ 370,095

$ 630,785

$ 486,957

$ 1,117,742

Cash flow from operating

activities as a percentage of

revenue

9.3 %

10.8 %

19.6 %

13.4 %

8.4 %

10.4 %

20.4 %

13.2 %

25.9 %

16.5 %

Cash flow from operating

activities as a percentage of

adjusted earnings from

continuing operations

61.7 %

63.5 %

113.1 %

81.0 %

55.6 %

63.1 %

117.4 %

80.9 %

158.4 %

101.0 %

Free cash flow as a percentage

of revenue

6.4 %

8.6 %

17.2 %

10.9 %

5.9 %

7.4 %

17.8 %

10.5 %

23.2 %

13.8 %

Free cash flow as a percentage

of adjusted earnings from

continuing operations

42.4 %

50.7 %

98.8 %

65.8 %

38.6 %

45.0 %

102.4 %

64.3 %

141.8 %

84.4 %

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

2026

2025

Q3 YTD

FY 2025

BOOKINGS

Engineered Products

$ 294,009

$ 277,148

$ 274,394

$ 845,551

$ 264,538

$ 276,571

$ 273,278

$ 814,387

$ 281,237

$ 1,095,624

Clean Energy &

Fueling

615,197

602,624

592,608

1,810,429

543,859

526,819

509,553

1,580,231

587,041

2,167,272

Imaging & Identification

312,646

302,771

292,907

908,324

288,169

292,092

292,229

872,490

302,047

1,174,537

Pumps & Process

Solutions

597,578

590,020

557,177

1,744,775

499,287

530,158

510,960

1,540,405

500,779

2,041,184

Climate &

Sustainability

Technologies

646,960

560,272

594,051

1,801,283

395,623

384,246

415,099

1,194,968

470,081

1,665,049

Intersegment

eliminations

(2,714)

(1,482)

(1,025)

(5,221)

(1,892)

(1,295)

(1,380)

(4,567)

(1,472)

(6,039)

Total consolidated

bookings

$ 2,463,676

$ 2,331,353

$ 2,310,112

$ 7,105,141

$ 1,989,584

$ 2,008,591

$ 1,999,739

$ 5,997,914

$ 2,139,713

$ 8,137,627

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Vice President - Investor Relations

Vice President - Communications

(630) 743-2566

(630) 743-5039

[email protected]

SOURCE Dover