DOV is a conglomerate that makes industrial products. The company’s fourth-quarter fiscal 2025 earnings report showed adjusted per-share earnings of $9.61 (a 16% annual gain), quarterly free cash flow of $487 million, and 2026 EPS guidance of up to $10.65. DOV shares are up 4% this year – and they could rise more. MoneyFlows data shows how Big Money investors are again betting heavily on the stock. Big Money Finds Dover Institutional volumes reveal plenty. In the last six months, DOV has enjoyed strong ...

Dover Corporation (NYSE:DOV) reported better-than-expected fourth-quarter results on Thursday.For the quarter, Dover generated revenue of $2.099 billion, an increase of 9%, beating the consensus of $2.082 billion. Adjusted diluted earnings per share from continuing operations was $2.51, up 14% year over year, beating the consensus of $2.48.Dover's President and CEO, Richard J. Tobin, said, "Fourth quarter results reflect broad-based top line strength across the portfolio, with organic growth reaching its hi ...

Dover Corporation (NYSE:DOV) reported better-than-expected fourth-quarter results on Thursday.For the quarter, Dover generated revenue of $2.099 billion, an increase of 9%, beating the consensus of $2.082 billion. Adjusted diluted earnings per share from continuing operations was $2.51, up 14% year over year, beating the consensus of $2.48.Dover's President and CEO, Richard J. Tobin, said, "Fourth quarter results reflect broad-based top line strength across the portfolio, with organic growth reaching its hi ...

Dover logo Key Points Strong Q4 finish: Dover reported Q4 organic revenue up 5%, consolidated bookings rose >10% in the quarter (6% for the year) with a book‑to‑bill of 1.02, segment EBITDA margins +60 bps to 24.8%, and adjusted EPS of $9.61 (up 14%). Segment momentum: Pumps & Process Solutions delivered 11% organic growth (with the SIKORA acquisition outperforming expectations) and Climate & Sustainability grew 9% with margins up 250 bps and record U.S. shipments of brazed plate heat exchangers, while ...

Key Takeaways Dover posted Q4 adjusted EPS of $2.51, beating estimates, as revenues climbed 8.8% y/y.DOV expanded margins in Q4, with adjusted EBITDA up 11.7% y/u and margin at 24.8%.Dover ended Q4 with $2.14B in bookings and expects 2026 adjusted EPS of $10.45-$10.65.Dover Corporation (DOV) has reported fourth-quarter 2025 adjusted earnings per share (EPS) from continuing operations of $2.51, beating the Zacks Consensus Estimate of $2.48. In the year-ago quarter, the company reported an adjusted EPS of $2. ...

Financial Data and Key Metrics Changes - The company reported a 14% increase in adjusted EPS to $9.61 for the fourth quarter, and a 16% increase for the full year, exceeding previous guidance [5][6] - Organic growth reached 5% in the fourth quarter, the highest level of the year, with bookings up 10% in the quarter and 6% for the full year [4][12] - Segment EBITDA margins improved by 60 basis points to 24.8% in the fourth quarter, driven by volume leverage and productivity initiatives [4] Business Line Data and Key Metrics Changes - Engineered Products revenue declined due to lower volumes in vehicle services, but margins improved by over 200 basis points due to cost management and product mix [7] - Clean Energy & Fueling segment saw a 4% organic growth, led by strong shipments in clean energy components and North American retail fueling software [7][8] - Imaging and ID segment grew 1% organically, maintaining a strong EBITDA margin of 28% despite some margin pressure from foreign currency translation [8] - Pumps & Process Solutions experienced an 11% organic growth, driven by demand in biopharma components and digital controls [9] Market Data and Key Metrics Changes - Climate and Sustainability Technologies posted a 9% organic growth, with significant demand for CO2 refrigeration systems and record shipments in the U.S. [9] - The company noted robust demand across all geographies for brazed plate heat exchangers, particularly in North America [17] Company Strategy and Development Direction - The company is focused on organic investment as the highest priority for capital spending, with a significant increase in capital spending in 2025 [12][14] - The outlook for 2026 is positive, with expectations of double-digit EPS growth and strong demand trends across the portfolio [6][19] - The company is exploring both organic growth and acquisitions, with a current acquisition pipeline focused on proprietary opportunities [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, with no significant headwinds expected in individual end markets [6][19] - The company anticipates solid volume leverage and carryover benefits from prior restructuring efforts, supporting its long-term growth trajectory [19] - Management highlighted the importance of monitoring input costs and potential pricing actions to maintain margins [30][42] Other Important Information - Free cash flow for the fourth quarter was $487 million, representing 23% of revenue, with a full-year free cash flow result of 14% of revenue [11] - The company initiated a $500 million accelerated share repurchase program, reflecting a disciplined approach to capital deployment [6] Q&A Session Summary Question: Price cost management for the year - Management expects to manage raw material costs with a price increase of 1.5-2% embedded in guidance [28] Question: Changes in positive outlook for the economy - Management confirmed no changes to their positive outlook, citing strong organic growth and good backlog performance [30] Question: Operating leverage expectations for segments - Management indicated that DCEF will benefit from prior restructuring, with margin enhancements expected to be back-end loaded [35] Question: Growth outlook for the year - Management acknowledged a conservative growth forecast of 4%, considering input costs and backlog visibility [41] Question: Retail fueling CapEx cycle details - Management noted that the retail fueling market is experiencing a CapEx cycle primarily in North America, with increased spending expected [61] Question: Portfolio management and potential divestitures - Management is currently comfortable with the portfolio but remains open to considering divestitures if beneficial [121] Question: Incremental margins and growth factors - Management indicated that incremental margins are expected to remain strong, with potential upside from various segments [72] Question: Capacity expansion and internal initiatives - Management confirmed that CapEx is decreasing as restructuring efforts are completed, with a new plant in North Carolina planned for future growth [90]

Financial Data and Key Metrics Changes - The company reported a 14% increase in adjusted EPS to $9.61 for the quarter and a 16% increase for the full year, exceeding the raised guidance from the third quarter [5][6] - Organic growth reached 5% in the fourth quarter, marking the highest level of the year, with bookings up 10% in the quarter and 6% for the full year [4][12] - Segment EBITDA margins improved by 60 basis points to 24.8% in the quarter, driven by volume leverage and productivity initiatives [4] Business Line Data and Key Metrics Changes - Engineered Products revenue declined due to lower volumes in vehicle services, but margins improved by over 200 basis points due to cost management and product mix [7] - Clean Energy & Fueling segment saw a 4% organic growth, led by strong shipments in clean energy components and North American retail fueling software [7][8] - Imaging and ID segment grew 1% organically, maintaining a strong EBITDA margin of 28% despite some margin pressure from foreign currency translation [8] - Pumps and Process Solutions experienced an 11% organic growth, driven by demand in biopharma components and digital controls for energy infrastructure [9] Market Data and Key Metrics Changes - Climate and Sustainability Technologies posted a 9% organic growth, with significant demand for CO2 refrigeration systems and record shipments in the U.S. [9] - The company reported a book-to-bill ratio of 1.21 in the Climate and Sustainability Technologies segment, indicating a strong outlook for 2026 [9] Company Strategy and Development Direction - The company is focused on organic investment as the highest priority for capital spending, with a significant increase in capital spending in 2025 [12][14] - The acquisition strategy remains strong, with $700 million deployed across four strategic acquisitions in high-growth markets [14] - The company aims for double-digit EPS growth in 2026, supported by solid demand trends and a strong order book [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for 2026, with no individual end market presenting a material headwind based on current visibility [6][19] - The company anticipates solid volume leverage and carryover benefits from prior restructuring efforts, contributing to a positive setup for 2026 [19] - Management noted that the demand for single-use biopharma components remains strong, driven by production growth and a shift to single-use manufacturing methods [17] Other Important Information - Free cash flow in the fourth quarter was $487 million, representing 23% of revenue, with a full-year free cash flow result of 14% of revenue, an increase of nearly $200 million over the prior year [11] - The company is in a strong position to deploy capital for growth opportunities while maintaining balance sheet flexibility [6][14] Q&A Session Summary Question: What are the expectations for price cost management this year? - Management expects to manage raw material costs with a price increase of 1.5-2% embedded in the guidance [27][28] Question: Has anything changed in the economic outlook recently? - Management remains positive, citing strong organic growth and good backlog performance [30] Question: What is the expected operating leverage for the Clean Energy & Fueling segment? - Management indicated that the segment will benefit from prior restructuring, with margin enhancements expected to be back-end loaded [35] Question: What is the growth outlook for the retail fueling CapEx cycle? - Management noted that the growth is primarily a North American phenomenon, with increasing CapEx in retail fueling expected to drive returns [61] Question: How does the company view potential divestitures? - Management is currently comfortable with the portfolio but remains open to considering divestitures if they align with shareholder interests [121] Question: What is the expected contribution of backlog to 2026 revenues? - Management indicated that the backlog is strong, particularly in refrigeration, and will be a key factor in revenue performance [134]

Financial Data and Key Metrics Changes - The fourth quarter results showed organic growth of 5%, the highest level of the year, with revenue performance driven by strong trends in secular growth markets and improving retail conditions [3] - Adjusted EPS for the quarter was $9.61, up 14%, and 16% for the full year, indicating solid operational results [4] - Free cash flow in the fourth quarter was $487 million, or 23% of revenue, with full-year free cash flow at 14% of revenue, an increase of nearly $200 million over the prior year [10] Business Line Data and Key Metrics Changes - Engineered Products revenue declined due to lower volumes in vehicle services, but margins improved over 200 basis points due to cost management and product mix [5] - Clean Energy & Fueling saw a 4% organic growth driven by strong shipments and new orders, although margins were slightly down due to lower vehicle wash solutions [6] - Climate and Sustainability Technologies posted a 9% organic growth, with margins up 250 basis points, indicating strong demand for CO2 refrigeration systems [8] Market Data and Key Metrics Changes - Bookings were up 10% in the fourth quarter, with all five segments showing growth, indicating broad-based demand strength for 2026 [11] - The North American retail fueling market is expected to enter a new CapEx cycle, with strong demand for clean energy components [14] - Demand for brazed plate heat exchangers in North America is robust, particularly for liquid cooling applications in data centers [16] Company Strategy and Development Direction - The company is focused on organic investment as the highest priority for capital spending, with a significant increase in capital spending in 2025 [12] - The acquisition strategy remains strong, with $700 million deployed across four strategic acquisitions in high-growth markets [12] - The company aims for double-digit EPS growth in 2026, supported by solid demand trends and a strong order book [5][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for 2026, with no individual end market presenting a material headwind based on current visibility [4] - The company anticipates solid volume leverage on incremental revenue and carryover benefits from prior restructuring efforts [18] - Management remains optimistic about the overall economic environment, with strong bookings momentum and good production performance expected [25] Other Important Information - The company initiated a $500 million accelerated share repurchase program, highlighting its disciplined approach to capital deployment [4] - The balance sheet remains flexible, allowing the company to respond dynamically to market conditions [5] Q&A Session Summary Question: What are the expectations for price cost management this year? - Management expects to manage raw material costs with a price increase embedded in the guidance of 1.5-2% [22][24] Question: Has anything changed in the economic outlook recently? - Management has not seen any changes that would alter their positive view on the economy and business [25] Question: What is the expected operating leverage for DCEF and DCST segments? - Management indicated that DCEF will benefit from prior restructuring, while DCST saw a margin jump in Q4 and expects further improvements [30] Question: What is the growth outlook for 2026? - Management is guiding for 4% growth, which is considered conservative based on current visibility and backlog [36] Question: How is the retail fueling CapEx cycle developing? - The retail fueling market is experiencing a resurgence in North America, with expectations for accelerating demand [54] Question: What is the outlook for the natural gas power generation side? - The company supplies components for both large and small turbines, with significant follow-on CapEx expected in the back half of 2026 [87] Question: Are there any plans for divestitures? - Currently, the company is comfortable with its portfolio but remains open to considering divestitures if they align with shareholder interests [113]

Core Viewpoint - Dover Corporation is a global manufacturer with a diverse range of products and services, enhancing its market resilience and positioning it well for growth across various sectors [1][2][3]. Group 1: Company Overview - Dover operates through segments such as Engineered Products, Clean Energy & Fueling, and Climate & Sustainability Technologies, allowing it to serve various industries [1]. - The company faces competition from other industrial manufacturing firms like Emerson Electric and Parker Hannifin [1]. Group 2: Market Sentiment - The consensus price target for Dover's stock has increased from $207.29 to $223 over the past year, indicating growing analyst confidence in the company's future [2][6]. - Despite a lower price target set by Deutsche Bank at $176, the overall sentiment towards Dover remains positive due to its strong market presence [4][6]. Group 3: Innovation and Growth Potential - Dover's focus on innovation, particularly in digital and software services, strengthens its position in the industrial landscape and aligns with evolving industry needs [3][6]. - Strategic acquisitions and strong bookings contribute to a positive market outlook and potential for growth across various sectors [3][6]. Group 4: Earnings Expectations - As Dover prepares to announce its fourth-quarter earnings, expectations are high for growth in both revenue and profit, with analysts anticipating another earnings beat [4]. - The company's history of consistently exceeding earnings expectations highlights its strong operational performance and supports its potential for continued success [5].

January 29, 2026 – 11:00am CT Earnings Conference Call Fourth Quarter 2025 Forward-Looking Statements and Non-GAAP Measures We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks, including general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost ...