Financial Data and Key Metrics Changes - Revenue increased by 5% in Q3 2025, driven by broad-based shipment growth and strong performance from recent acquisitions [3] - Adjusted EPS rose by 15% in the quarter and 17% year-to-date, with full-year adjusted EPS guidance increased from $9.35 to a range of $9.50 to $9.60 [4] - Consolidated EBITDA margin reached a record 26.1%, up 170 basis points year-over-year [3][4] Business Line Data and Key Metrics Changes - Engineered Products revenue declined due to lower volumes in vehicle services, but segment profit improved due to cost management and product mix [5] - Clean Energy & Fueling revenue grew 5% organically, supported by strong shipments in clean energy components and recent acquisition of SiteIQ [5] - Imaging & Identification revenue increased by 3% organically, with solid growth in marking and coding business [6] - Pumps & Process Solutions revenue rose by 6% organically, driven by growth in biopharma components and thermal connectors [6] - Climate & Sustainability Technologies experienced a 30% year-to-date decline, but showed signs of recovery with record volumes in CO2 refrigeration systems [7][8] Market Data and Key Metrics Changes - Shipments of door cases are at a 20-year low due to tariff uncertainties, but booking rates have accelerated, indicating potential volume improvement [8] - The company is benefiting from investments in power generation and electricity infrastructure, particularly in data center buildouts [10][11] Company Strategy and Development Direction - The company is focused on high ROI capital projects and targeted footprint optimization to drive productivity and capacity expansions [4] - Continued investment in high-growth markets, which now represent about 20% of the portfolio, is a priority for the company [13] - The company aims to leverage its balance sheet strength for value-creating acquisitions and capital return strategies [4][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for the remainder of 2025 and into 2026, despite macroeconomic uncertainties [4] - The company anticipates a recovery in certain capital goods end markets and expects strong performance in Clean Energy & Fueling and Imaging & Identification segments [16][17] - Management noted that no business within the portfolio is forecasting revenue declines for the next year, indicating a positive setup for 2026 [31][49] Other Important Information - Year-to-date free cash flow was $631 million, representing 11% of revenue, with expectations for further increases in Q4 [9] - The company is actively pursuing bolt-on acquisitions and has a healthy deal pipeline, with expectations to close on a couple of deals in the next 12 months [44] Q&A Session Summary Question: Improving bookings cadence and organic growth expectations for 2026 - Management acknowledged a year-over-year reduction in refrigeration impacting organic growth but noted that booking rates have accelerated, which should positively impact revenue in 2026 [23] Question: Thoughts on potential stock buyback - Management indicated that they believe their shares are undervalued and are likely to consider stock buybacks [26] Question: Update on Socora acquisition and deal pipeline - The Socora acquisition is outperforming expectations, and management has an interesting pipeline for potential acquisitions in the next 12 months [44] Question: Order to revenue conversion concerns - Management noted that while orders have been strong, conversion to revenue has been impacted by specific business challenges, but they expect better conversion moving forward [47][48] Question: Growth potential of specific segments - Management highlighted optimism for growth in fueling and clean energy components, with expectations for continued growth in refrigeration and biopharma segments [51]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Q3 2025 Performance - Revenue increased by 5% to $2.1 billion[5], driven by secular growth-exposed end markets and strategic acquisitions[5] - Bookings increased by 8% to $2.0 billion[5], indicating strong order trends[5] - Adjusted Segment EBITDA margin reached 26.1% of revenue, a year-over-year increase of 170 basis points[5] - Free Cash Flow was $370 million, representing 18% of revenue[5] - Adjusted EPS increased by 15% to $2.62[5] YTD 2025 Performance - Revenue increased by 3% to $6.0 billion[5] - Adjusted Segment EBITDA margin reached 25.1%, a year-over-year increase of 170 basis points[5] - Free Cash Flow was $631 million, representing 11% of revenue[5] - Adjusted EPS increased by 17% to $7.10[5] FY 2025 Guidance - Revenue growth is projected to be 4-6%[5] - Adjusted EPS guidance was raised by $0.10 to a range of $9.50 - $9.60[5]

Core Viewpoint - Industrial equipment maker Dover has raised its full-year adjusted profit forecast, indicating confidence in resilient demand for its industrial equipment despite ongoing tariff uncertainties, which resulted in a 2% increase in its shares [1] Group 1 - Dover's full-year adjusted profit forecast has been raised, reflecting positive market sentiment [1] - The company is betting on strong demand for its industrial equipment, suggesting robust market conditions [1] - The increase in shares by 2% indicates investor confidence in the company's outlook [1]

Core Insights - Dover Corporation reported quarterly earnings of $2.62 per share, exceeding the Zacks Consensus Estimate of $2.50 per share, and showing an increase from $2.27 per share a year ago, resulting in an earnings surprise of +4.80% [1] - The company posted revenues of $2.08 billion for the quarter ended September 2025, which was 0.6% below the Zacks Consensus Estimate, but an increase from $1.98 billion year-over-year [2] - Dover has surpassed consensus EPS estimates in all four of the last quarters, but has only topped revenue estimates once in the same period [2] Earnings Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.46 on revenues of $2.07 billion, and for the current fiscal year, it is $9.46 on revenues of $8.08 billion [7] Industry Context - The Manufacturing - General Industrial industry, to which Dover belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Dover (NYSE:DOV) experienced a 1.5% increase in premarket trading following the release of its third-quarter results, which exceeded Wall Street's profit expectations but slightly fell short on revenue [2] Financial Performance - The company reported adjusted earnings of $2.62 per share, surpassing analysts' forecasts of $2.51 per share [2] - Revenue showed an increase, although specific figures were not disclosed in the provided text [2]

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the unaudited interim condensed consolidated financial statements and management's discussion and analysis for the company [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited interim condensed consolidated financial statements for Dover Corporation, including statements of earnings, comprehensive earnings, balance sheets, stockholders' equity, and cash flows, along with detailed notes explaining the basis of presentation, revenue recognition, acquisitions, discontinued operations, and other financial details [Condensed Consolidated Statements of Earnings](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) This statement provides a summary of the company's revenues, expenses, and net earnings over specific interim periods | Metric | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | $2,077,841 | $1,983,542 | $5,993,492 | $5,816,043 | | Gross profit | $833,594 | $763,187 | $2,397,356 | $2,212,897 | | Operating earnings | $377,153 | $333,617 | $1,028,059 | $911,291 | | Net earnings | $301,996 | $347,100 | $811,881 | $1,261,143 | | Basic EPS from continuing operations | $2.21 | $2.28 | $5.99 | $8.42 | | Diluted EPS from continuing operations | $2.20 | $2.26 | $5.96 | $8.37 | | Basic Net EPS | $2.20 | $2.53 | $5.92 | $9.14 | | Diluted Net EPS | $2.19 | $2.51 | $5.88 | $9.08 | [Condensed Consolidated Statements of Comprehensive Earnings](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings) This statement details net earnings and other comprehensive income components, reflecting total changes in equity from non-owner sources | Metric | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net earnings | $301,996 | $347,100 | $811,881 | $1,261,143 | | Total foreign currency translation adjustments (net of tax) | $(15,298) | $55,121 | $126,672 | $27,107 | | Total pension and other post-retirement benefit plans (net of tax) | $(462) | $(523) | $(1,963) | $(1,571) | | Total cash flow hedges (net of tax) | $1,164 | $(1,068) | $(3,195) | $(911) | | Other comprehensive earnings (loss), net of tax | $(14,596) | $53,530 | $121,514 | $24,625 | | Comprehensive earnings | $287,400 | $400,630 | $933,395 | $1,285,768 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement presents the company's financial position, including assets, liabilities, and equity, at specific points in time | Asset/Liability | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents | $1,552,804 | $1,844,877 | | Total current assets | $4,502,857 | $4,484,497 | | Goodwill | $5,403,860 | $4,905,702 | | Total assets | $13,420,643 | $12,509,160 | | Total current liabilities | $2,205,568 | $2,196,527 | | Long-term debt | $2,670,362 | $2,529,346 | | Total stockholders' equity | $7,662,936 | $6,953,996 | | Total liabilities and stockholders' equity | $13,420,643 | $12,509,160 | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This statement outlines changes in equity accounts, including net earnings, dividends, and stock-based compensation, over interim periods | Item | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Net earnings | $301,996 | $347,100 | | Dividends paid | $(71,162) | $(70,723) | | Stock-based compensation expense | $6,728 | $8,290 | | Other comprehensive loss, net of tax | $(14,596) | $53,530 | | Balance at September 30 | $7,662,936 | $5,697,999 | | Item | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net earnings | $811,881 | $1,261,143 | | Dividends paid | $(213,181) | $(212,367) | | Stock-based compensation expense | $37,605 | $32,969 | | Common stock acquired (including ASR) | $(40,700) | $(504,250) | | Other comprehensive earnings, net of tax | $121,514 | $24,625 | | Balance at September 30 | $7,662,936 | $5,697,999 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities for interim periods | Activity | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net cash provided by operating activities | $794,059 | $648,881 | | Net cash (used in) provided by investing activities | $(814,627) | $63,119 | | Net cash used in financing activities | $(280,347) | $(818,445) | | Net cash (used in) provided by discontinued operations | $(11,347) | $93,925 | | Net decrease in cash and cash equivalents | $(292,073) | $(19,095) | | Cash and cash equivalents at end of period | $1,552,804 | $396,766 | [Note 1 — Basis of Presentation](index=10&type=section&id=Note%201%20%E2%80%94%20Basis%20of%20Presentation) This note explains the accounting principles and assumptions used in preparing the unaudited interim financial statements - The interim condensed consolidated financial statements are unaudited and prepared in accordance with U.S. GAAP, requiring estimates and assumptions[18](index=18&type=chunk)[19](index=19&type=chunk) - The Environmental Solutions Group (ESG) business was sold in Q4 2024 and is reported as discontinued operations, reflecting a strategic shift[20](index=20&type=chunk) [Note 2 — Revenue](index=10&type=section&id=Note%202%20%E2%80%94%20Revenue) This note details the company's revenue recognition policies and future revenue from unsatisfied performance obligations - Approximately **95% of the Company's revenue** is recognized at a point in time, typically upon shipment or completion of acceptance provisions[23](index=23&type=chunk) - As of September 30, 2025, **$333,272 thousand in revenue** is expected to be recognized in the future from unsatisfied performance obligations, with **60.5% expected through 2026**[25](index=25&type=chunk) | Contract Balance | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :-------------------------------- | :-------------------------------- | | Contract assets - current | $28,881 | $22,413 | | Contract liabilities - current | $183,440 | $198,629 | | Contract liabilities - non-current | $4,981 | $4,452 | [Note 3 — Acquisitions](index=11&type=section&id=Note%203%20%E2%80%94%20Acquisitions) This note provides details on business acquisitions, including purchase prices and allocation of intangible assets, for current and prior periods - During the nine months ended September 30, 2025, the Company acquired four businesses for **$665,194 thousand**, primarily in Pumps & Process Solutions and Clean Energy & Fueling segments[29](index=29&type=chunk) - Key 2025 acquisitions include Sikora AG (**$608,401k**), Cryogenic Machinery Corp. (**$28,909k**), ipp Pump Products GmbH (**$16,529k**), and Site IQ LLC (**$11,355k**)[30](index=30&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) | Intangible Asset Classification (2025 Acquisitions) | Amount Allocated (in thousands) | Weighted Average Useful Life (years) | | :------------------------------------------------- | :------------------------------ | :----------------------------------- | | Goodwill (tax-deductible) | $16,499 | na | | Goodwill (non-deductible) | $346,803 | na | | Customer intangibles | $245,612 | 15 | | Unpatented technologies | $80,836 | 11 | | Trademarks | $18,645 | 15 | | Total | $708,395 | | - During the nine months ended September 30, 2024, the Company acquired seven businesses for **$639,876 thousand**, primarily in Clean Energy & Fueling, Engineered Products, and Imaging & Identification segments[36](index=36&type=chunk) - Key 2024 acquisitions include Marshall Excelsior Company (**$395,810k**), Transchem Group (**$48,241k**), Bulloch Technologies, Inc. (**$121,917k**), Demaco Holland B.V. (**$42,556k**), Criteria Labs, Inc. (**$14,737k**), and SPS Cryogenics B.V. (**$10,918k**)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) | Intangible Asset Classification (2024 Acquisitions) | Amount Allocated (in thousands) | Weighted Average Useful Life (years) | | :------------------------------------------------- | :------------------------------ | :----------------------------------- | | Goodwill (non-deductible) | $327,740 | na | | Customer intangibles | $273,625 | 15 | | Unpatented technologies | $29,021 | 7 | | Trademarks | $17,812 | 15 | | Total | $648,198 | | [Note 4 — Discontinued and Disposed Operations](index=15&type=section&id=Note%204%20%E2%80%94%20Discontinued%20and%20Disposed%20Operations) This note outlines financial impacts and strategic decisions related to the sale of the ESG business and other disposed operations - The ESG business was sold on October 8, 2024, for **$2.0 billion** and is classified as discontinued operations due to its strategic impact[45](index=45&type=chunk) | Metric | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | $0 | $231,777 | $0 | $671,479 | | (Loss) earnings from discontinued operations, net | $(1,296) | $34,204 | $(10,782) | $99,558 | - A jury returned a verdict of approximately **$58.9 million** against the ESG business in June 2025 for litigation, but the Company does not believe a loss is probable[46](index=46&type=chunk) - The De-Sta-Co business was sold on March 31, 2024, for **$674,727 thousand**, resulting in a pre-tax gain of **$529,201 thousand**, not classified as discontinued operations[49](index=49&type=chunk) - A minority-owned equity method investment was sold on September 30, 2024, yielding **$92,962 thousand** and a pre-tax gain of **$68,712 thousand**[50](index=50&type=chunk)[51](index=51&type=chunk) [Note 5 — Inventories, net](index=16&type=section&id=Note%205%20%E2%80%94%20Inventories,%20net) This note provides a breakdown of inventory components, including raw materials, work in progress, and finished goods, net of reserves | Inventory Component | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------ | :-------------------------------- | :-------------------------------- | | Raw materials | $772,044 | $649,993 | | Work in progress | $246,991 | $233,544 | | Finished goods | $448,108 | $390,625 | | Subtotal | $1,467,143 | $1,274,162 | | Less reserves | $(145,392) | $(129,324) | | Total | $1,321,751 | $1,144,838 | [Note 6 — Property, Plant and Equipment, net](index=16&type=section&id=Note%206%20%E2%80%94%20Property,%20Plant%20and%20Equipment,%20net) This note details the company's property, plant, and equipment, including gross amounts, accumulated depreciation, and depreciation expense | PP&E Component | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Land | $68,312 | $62,270 | | Buildings and improvements | $700,030 | $626,075 | | Machinery, equipment and other | $2,116,015 | $1,945,479 | | Property, plant and equipment, gross | $2,884,357 | $2,633,824 | | Accumulated depreciation | $(1,785,287) | $(1,645,900) | | Property, plant and equipment, net | $1,099,070 | $987,924 | | Depreciation Expense | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Depreciation expense | $42,698 | $38,830 | $124,524 | $115,210 | [Note 7 — Credit Losses](index=16&type=section&id=Note%207%20%E2%80%94%20Credit%20Losses) This note explains the methodology for estimating credit losses on accounts receivable and presents the allowance for credit losses activity - The Company's credit loss estimate for accounts receivable is based on aging balances and historical/forward-looking customer financial condition[54](index=54&type=chunk) | Allowance for Credit Losses | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Balance at January 1 | $28,794 | $30,679 | | Provision for expected credit losses, net of recoveries | $6,386 | $4,039 | | Amounts written off charged against the allowance | $(6,585) | $(4,559) | | Other, including foreign currency translation | $6,749 | $(63) | | Balance at September 30 | $35,344 | $30,096 | [Note 8 — Goodwill and Other Intangible Assets](index=16&type=section&id=Note%208%20%E2%80%94%20Goodwill%20and%20Other%20Intangible%20Assets) This note provides a detailed breakdown of goodwill by segment and other intangible assets, including amortization expense | Segment | Balance at Jan 1, 2025 (in thousands) | Acquisitions (in thousands) | Measurement Period Adjustments (in thousands) | Foreign Currency Translation (in thousands) | Balance at Sep 30, 2025 (in thousands) | | :-------------------------------- | :------------------------------------ | :-------------------------- | :------------------------------------------ | :------------------------------------------ | :------------------------------------ | | Engineered Products | $415,264 | $0 | $0 | $13,886 | $429,150 | | Clean Energy & Fueling | $1,695,397 | $7,249 | $4,677 | $43,023 | $1,750,346 | | Imaging & Identification | $1,072,031 | $0 | $0 | $42,719 | $1,114,750 | | Pumps & Process Solutions | $1,212,042 | $356,053 | $(188) | $28,681 | $1,596,588 | | Climate & Sustainability Technologies | $510,968 | $0 | $0 | $2,058 | $513,026 | | Total | $4,905,702 | $363,302 | $4,489 | $130,367 | $5,403,860 | - Goodwill increased by **$363,302 thousand** from 2025 acquisitions and **$4,489 thousand** from measurement period adjustments, primarily related to the Marshall Excelsior Company acquisition[58](index=58&type=chunk) | Intangible Asset Class | Net Carrying Amount Sep 30, 2025 (in thousands) | Net Carrying Amount Dec 31, 2024 (in thousands) | | :-------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Customer intangibles | $1,330,100 | $1,169,628 | | Trademarks (amortized) | $135,104 | $126,471 | | Patents | $50,914 | $55,557 | | Unpatented technologies | $174,294 | $108,635 | | Distributor relationships | $11,034 | $13,386 | | Other | $12,066 | $10,700 | | Trademarks (unamortized) | $96,699 | $96,477 | | Total intangible assets, net | $1,810,211 | $1,580,854 | | Amortization Expense | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Amortization expense | $55,763 | $47,838 | $155,738 | $135,969 | [Note 9 — Restructuring Activities](index=18&type=section&id=Note%209%20%E2%80%94%20Restructuring%20Activities) This note details restructuring charges and accrual activities, primarily related to headcount reductions and exit costs by segment | Segment | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Engineered Products | $1,062 | $991 | $4,093 | $2,969 | | Clean Energy & Fueling | $2,842 | $8,544 | $7,286 | $15,434 | | Imaging & Identification | $355 | $1,804 | $843 | $4,645 | | Pumps & Process Solutions | $1,711 | $964 | $6,302 | $3,929 | | Climate & Sustainability Technologies | $4,500 | $1,238 | $13,310 | $14,261 | | Corporate | $133 | $296 | $608 | $391 | | Total Restructuring Charges | $10,603 | $13,837 | $32,442 | $41,629 | - Restructuring charges in 2025 were primarily for exit costs and headcount reductions in Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions segments[61](index=61&type=chunk) | Accrual Activity | Balance at Jan 1, 2025 (in thousands) | Restructuring Charges (in thousands) | Payments (in thousands) | Other (in thousands) | Balance at Sep 30, 2025 (in thousands) | | :----------------------- | :------------------------------------ | :----------------------------------- | :---------------------- | :------------------- | :------------------------------------ | | Severance | $13,544 | $15,696 | $(18,445) | $1,879 | $12,674 | | Exit | $5,891 | $16,746 | $(10,365) | $(8,532) | $3,740 | | Total | $19,435 | $32,442 | $(28,810) | $(6,653) | $16,414 | [Note 10 — Borrowings](index=19&type=section&id=Note%2010%20%E2%80%94%20Borrowings) This note outlines the company's debt structure, credit facilities, and compliance with debt covenants | Debt Type | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Short-term borrowings and current portion of long-term debt | $400,646 | $400,056 | | Long-term debt (net of current portion) | $2,670,362 | $2,529,346 | | Total long-term debt (gross) | $3,070,278 | $2,928,757 | - The Company has a **$1.0 billion** five-year unsecured revolving credit facility (expiring April 6, 2028) and a new **$500.0 million** 364-day unsecured revolving credit facility (expiring April 2, 2026)[64](index=64&type=chunk) - As of September 30, 2025, the Company was in compliance with all debt covenants, maintaining an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of **109.8 to 1**[65](index=65&type=chunk) - Outstanding letters of credit, surety bonds, and other guarantees totaled approximately **$235.0 million** as of September 30, 2025[66](index=66&type=chunk) [Note 11 — Financial Instruments](index=21&type=section&id=Note%2011%20%E2%80%94%20Financial%20Instruments) This note describes the company's use of derivative financial instruments for hedging and their fair value measurements - The Company uses currency forward contracts as cash flow hedges for forecasted sales and purchases in non-functional currencies, with total notional amounts of **$153,285 thousand** at Sep 30, 2025[67](index=67&type=chunk) - Euro-denominated notes (**€600,000k** and **€500,000k**) and a **€550,000k** currency forward contract are designated as net investment hedges for euro-denominated operations[71](index=71&type=chunk) | Net Investment Hedges | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Loss on euro-denominated debt | $(896) | $(45,956) | $(138,656) | $(13,201) | | Gain (loss) on currency forward contract | $3,475 | $0 | $(12,702) | $0 | | Net gain (loss) on net investment hedges, net of tax | $1,995 | $(35,488) | $(117,142) | $(10,193) | - Derivative contracts are measured at fair value using models based on observable market inputs (Level 2 of the fair value hierarchy)[77](index=77&type=chunk) - The estimated fair value of long-term debt was **$2,693,479 thousand** at Sep 30, 2025, and **$2,492,535 thousand** at Dec 31, 2024, classified as Level 2[79](index=79&type=chunk) [Note 12 — Income Taxes](index=24&type=section&id=Note%2012%20%E2%80%94%20Income%20Taxes) This note provides details on the company's effective tax rates and potential changes in uncertain tax positions | Effective Tax Rate | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :----------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Effective tax rate | 21.5% | 19.0% | 20.4% | 20.1% | - The increase in effective tax rates for both periods was primarily due to internal reorganizations in 2024[81](index=81&type=chunk)[82](index=82&type=chunk) - Uncertain tax positions may decrease by **$0 to $3,699 thousand** within the next twelve months due to resolutions and statute expirations[83](index=83&type=chunk) [Note 13 — Equity Incentive Program](index=24&type=section&id=Note%2013%20%E2%80%94%20Equity%20Incentive%20Program) This note details the company's equity incentive awards, valuation assumptions, and stock-based compensation expense - During the nine months ended Sep 30, 2025, the Company issued **283,837 Stock-Settled Appreciation Rights (SARs)**, **34,458 Performance Share Awards (PSAs)**, and **60,544 Restricted Stock Units (RSUs)**[84](index=84&type=chunk) | SAR Valuation Assumption | 2025 | 2024 | | :----------------------- | :----- | :----- | | Risk-free interest rate | 4.35 % | 4.13 % | | Dividend yield | 1.02 % | 1.28 % | | Expected life (years) | 5.5 | 5.5 | | Volatility | 30.50 % | 31.32 % | | Grant price | $202.33 | $160.11 | | Fair value per share at grant date | $66.39 | $51.17 | | Stock-Based Compensation Expense | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Pre-tax stock-based compensation expense | $6,728 | $8,187 | $37,605 | $32,297 | | Total stock-based compensation expense, net of tax | $6,658 | $7,458 | $34,308 | $29,156 | [Note 14 — Commitments and Contingent Liabilities](index=25&type=section&id=Note%2014%20%E2%80%94%20Commitments%20and%20Contingent%20Liabilities) This note discusses legal proceedings, environmental liabilities, and warranty accruals, assessing their potential financial impact - The Company is involved in legal proceedings related to waste disposal site cleanups and ongoing remedial activities, with estimated liabilities deemed immaterial[90](index=90&type=chunk)[92](index=92&type=chunk) - Other legal proceedings, including product claims and patent infringement, are not expected to have a material effect on financial position[91](index=91&type=chunk)[92](index=92&type=chunk) | Warranty Accruals | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Balance at January 1 | $42,055 | $42,243 | | Provision for warranties | $37,971 | $42,686 | | Settlements made | $(38,667) | $(40,482) | | Other adjustments, including acquisitions and currency translation | $3,398 | $(1,260) | | Balance at September 30 | $44,757 | $43,187 | [Note 15 — Other Comprehensive Earnings](index=26&type=section&id=Note%2015%20%E2%80%94%20Other%20Comprehensive%20Earnings) This note details components of other comprehensive earnings, including reclassifications to net earnings, net of tax | Reclassification to Earnings (Net of Tax) | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Foreign currency translation losses | $0 | $0 | $1,858 | $13,931 | | Pension plans (amortization/settlement) | $(462) | $(523) | $(1,963) | $(1,571) | | Cash flow hedges (net loss/gain) | $1,515 | $39 | $2,079 | $(665) | [Note 16 — Segment Information](index=27&type=section&id=Note%2016%20%E2%80%94%20Segment%20Information) This note provides financial data by operating segment, including revenue, earnings, capital expenditures, assets, and geographic revenue - Dover operates through five reportable segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies[98](index=98&type=chunk)[100](index=100&type=chunk) | Segment Revenue | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Engineered Products | $279,705 | $296,117 | $810,295 | $914,234 | | Clean Energy & Fueling | $541,368 | $500,685 | $1,578,613 | $1,408,752 | | Imaging & Identification | $299,100 | $283,966 | $871,199 | $848,365 | | Pumps & Process Solutions | $550,920 | $472,463 | $1,565,047 | $1,415,431 | | Climate & Sustainability Technologies | $408,529 | $431,127 | $1,172,568 | $1,232,125 | | Total consolidated revenue | $2,077,841 | $1,983,542 | $5,993,492 | $5,816,043 | | Segment Earnings Margin | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Engineered Products | 20.6 % | 19.1 % | 19.1 % | 18.7 % | | Clean Energy & Fueling | 21.9 % | 19.9 % | 19.8 % | 18.2 % | | Imaging & Identification | 27.3 % | 27.2 % | 27.1 % | 26.3 % | | Pumps & Process Solutions | 30.6 % | 29.3 % | 30.6 % | 27.9 % | | Climate & Sustainability Technologies | 18.6 % | 17.6 % | 17.5 % | 16.7 % | | Total segments | 24.2 % | 22.6 % | 23.2 % | 21.5 % | | Capital Expenditures | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Engineered Products | $7,408 | $3,258 | $19,405 | $11,714 | | Clean Energy & Fueling | $6,658 | $9,871 | $29,438 | $27,005 | | Imaging & Identification | $11,607 | $2,483 | $31,049 | $6,565 | | Pumps & Process Solutions | $15,529 | $14,081 | $40,965 | $37,022 | | Climate & Sustainability Technologies | $12,849 | $6,817 | $37,486 | $27,975 | | Corporate | $99 | $1,244 | $4,931 | $3,345 | | Total capital expenditures | $54,150 | $37,754 | $163,274 | $113,626 | | Total Assets by Segment | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Engineered Products | $1,097,509 | $1,063,292 | | Clean Energy & Fueling | $3,672,554 | $3,601,573 | | Imaging & Identification | $1,841,993 | $1,749,028 | | Pumps & Process Solutions | $3,495,576 | $2,613,405 | | Climate & Sustainability Technologies | $1,449,799 | $1,293,132 | | Corporate | $1,863,212 | $2,188,730 | | Total assets | $13,420,643 | $12,509,160 | | Revenue by Geography | Three Months Ended Sep 30, 2025 (in thousands) | Three Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | United States | $1,126,019 | $1,099,830 | $3,295,872 | $3,185,188 | | Europe | $464,225 | $406,556 | $1,294,985 | $1,250,813 | | Asia | $222,097 | $206,548 | $644,375 | $609,848 | | Other Americas | $182,028 | $190,829 | $510,029 | $551,839 | | Other | $83,472 | $79,779 | $248,231 | $218,355 | | Total | $2,077,841 | $1,983,542 | $5,993,492 | $5,816,043 | [Note 17 — Stockholders' Equity](index=30&type=section&id=Note%2017%20%E2%80%94%20Stockholders'%20Equity) This note outlines share repurchase authorizations and activities, including the number of shares repurchased and remaining authorization - The Board approved a share repurchase authorization in August 2023 for up to **20 million shares** from January 1, 2024, through December 31, 2026[104](index=104&type=chunk) - In the nine months ended September 30, 2025, the Company repurchased **200,000 shares** for **$40,700 thousand**[107](index=107&type=chunk) - As of September 30, 2025, **16,930,718 shares** remained authorized for repurchase[108](index=108&type=chunk) [Note 18 — Earnings per Share](index=31&type=section&id=Note%2018%20%E2%80%94%20Earnings%20per%20Share) This note presents basic and diluted earnings per share from continuing operations and net earnings, along with weighted average shares outstanding | EPS Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Basic EPS from continuing operations | $2.21 | $2.28 | $5.99 | $8.42 | | Diluted EPS from continuing operations | $2.20 | $2.26 | $5.96 | $8.37 | | Basic Net EPS | $2.20 | $2.53 | $5.92 | $9.14 | | Diluted Net EPS | $2.19 | $2.51 | $5.88 | $9.08 | | Weighted Average Shares Outstanding | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Basic | 137,236,000 | 137,251,000 | 137,254,000 | 137,913,000 | | Diluted | 138,029,000 | 138,223,000 | 138,099,000 | 138,830,000 | [Note 19 — Recent Accounting Pronouncements](index=31&type=section&id=Note%2019%20%E2%80%94%20Recent%20Accounting%20Pronouncements) This note summarizes recently issued and adopted accounting standards updates and their expected or actual impact on the financial statements - Recently issued ASUs include improvements to income tax disclosures (ASU 2023-09), expense disaggregation (ASU 2024-03), credit losses for receivables (ASU 2025-05), and internal-use software accounting (ASU 2025-06)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - The Company adopted ASU 2022-04 (Supplier Finance Programs) and ASU 2023-07 (Segment Reporting) in fiscal years 2023 and 2024/2025, respectively, with no material impact on financial statements[115](index=115&type=chunk)[117](index=117&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Dover's financial performance, condition, and results of operations for the three and nine months ended September 30, 2025, compared to the prior year. It covers consolidated results, segment-specific performance, restructuring activities, financial condition, liquidity, and capital resources, including non-GAAP measures [Overview](index=33&type=section&id=Overview) This section provides a high-level summary of the company's business, recent financial performance, and key operational drivers - Dover is a diversified global manufacturer and solutions provider across five operating segments[120](index=120&type=chunk) - Q3 2025 revenue increased **4.8% YoY to $2.1 billion**, driven by acquisition-related growth (**3.0%**), favorable foreign currency (**1.3%**), and organic growth (**0.5%**)[121](index=121&type=chunk) - Organic revenue growth in Q3 2025 was led by Pumps & Process Solutions (**5.6%**), Clean Energy & Fueling (**4.8%**), and Imaging & Identification (**3.0%**), partially offset by declines in Engineered Products (**-7.0%**) and Climate & Sustainability Technologies (**-6.5%**)[122](index=122&type=chunk) - Bookings for Q3 2025 were **$2.0 billion**, up **7.9% YoY**, primarily due to strong bookings in Climate & Sustainability Technologies and Pumps & Process Solutions[125](index=125&type=chunk) [Consolidated Results of Operations](index=35&type=section&id=Consolidated%20Results%20of%20Operations) This section analyzes the company's overall financial performance, including revenue, gross profit, operating earnings, and net earnings trends | Metric | 3M Ended Sep 30, 2025 | 3M Ended Sep 30, 2024 | % Change | 9M Ended Sep 30, 2025 | 9M Ended Sep 30, 2024 | % Change | | :------------------------------------------ | :-------------------- | :-------------------- | :------- | :-------------------- | :-------------------- | :------- | | Revenue (in thousands) | $2,077,841 | $1,983,542 | 4.8 % | $5,993,492 | $5,816,043 | 3.1 % | | Gross profit (in thousands) | $833,594 | $763,187 | 9.2 % | $2,397,356 | $2,212,897 | 8.3 % | | Gross profit margin | 40.1 % | 38.5 % | 1.6 pts | 40.0 % | 38.0 % | 2.0 pts | | SG&A expenses (in thousands) | $456,441 | $429,570 | 6.3 % | $1,369,297 | $1,301,606 | 5.2 % | | Operating earnings (in thousands) | $377,153 | $333,617 | 13.0 % | $1,028,059 | $911,291 | 12.8 % | | Net earnings (in thousands) | $301,996 | $347,100 | (13.0)% | $811,881 | $1,261,143 | (35.6)% | | Diluted EPS from continuing operations | $2.20 | $2.26 | (2.7)% | $5.96 | $8.37 | (28.8)% | - Q3 2025 revenue growth was driven by acquisition-related growth (**3.0%**), foreign currency translation (**1.3%**), and organic growth (**0.5%**), with customer pricing favorably impacting revenue by **2.1%**[129](index=129&type=chunk) - Gross profit margin increased by **160 basis points** in Q3 2025 and **200 basis points** in 9M 2025, driven by productivity, favorable portfolio mix, positive price vs. cost, and restructuring benefits[132](index=132&type=chunk)[133](index=133&type=chunk) - Interest expense, net, decreased by **67.4%** in Q3 2025 and **71.1%** in 9M 2025, primarily due to higher interest income from investments and reduced commercial paper borrowings[137](index=137&type=chunk) - Earnings from continuing operations decreased by **3.1%** in Q3 2025 and **29.2%** in 9M 2025, mainly due to prior year's after-tax gains on dispositions (De-Sta-Co and minority equity investment)[144](index=144&type=chunk)[145](index=145&type=chunk) - Loss from discontinued operations, net, was **$1.3 million** in Q3 2025 and **$10.8 million** in 9M 2025, compared to earnings in the prior year due to the ESG sale[146](index=146&type=chunk) [Segment Results of Operations](index=39&type=section&id=Segment%20Results%20of%20Operations) This section provides a detailed analysis of the financial performance for each of the company's operating segments [Engineered Products](index=39&type=section&id=Engineered%20Products) This segment's performance is analyzed, focusing on revenue, earnings, and bookings, highlighting drivers of change | Metric | 3M Ended Sep 30, 2025 | 3M Ended Sep 30, 2024 | % Change | 9M Ended Sep 30, 2025 | 9M Ended Sep 30, 2024 | % Change | | :-------------------- | :-------------------- | :-------------------- | :------- | :-------------------- | :-------------------- | :------- | | Revenue (in thousands) | $279,705 | $296,117 | (5.5)% | $810,295 | $914,234 | (11.4)% | | Segment earnings (in thousands) | $57,483 | $56,621 | 1.5 % | $155,108 | $171,248 | (9.4)% | | Segment earnings margin | 20.6 % | 19.1 % | | 19.1 % | 18.7 % | | | Bookings (in thousands) | $273,278 | $284,823 | (4.1)% | $814,387 | $895,290 | (9.0)% | | Organic revenue decline | (7.0)% | | | (6.8)% | | | - Q3 2025 organic revenue decline was primarily due to lower volumes in vehicle service business, partially offset by aerospace and defense demand[152](index=152&type=chunk) - Segment earnings increased due to favorable price vs. cost, productivity, and restructuring benefits, despite lower volumes[153](index=153&type=chunk) [Clean Energy & Fueling](index=40&type=section&id=Clean%20Energy%20%26%20Fueling) This segment's performance is analyzed, focusing on revenue, earnings, and bookings, highlighting drivers of change | Metric | 3M Ended Sep 30, 2025 | 3M Ended Sep 30, 2024 | % Change | 9M Ended Sep 30, 2025 | 9M Ended Sep 30, 2024 | % Change | | :-------------------- | :-------------------- | :-------------------- | :------- | :-------------------- | :-------------------- | :------- | | Revenue (in thousands) | $541,368 | $500,685 | 8.1 % | $1,578,613 | $1,408,752 | 12.1 % | | Segment earnings (in thousands) | $118,665 | $99,536 | 19.2 % | $312,080 | $256,747 | 21.6 % | | Segment earnings margin | 21.9 % | 19.9 % | | 19.8 % | 18.2 % | | | Bookings (in thousands) | $509,553 | $507,329 | 0.4 % | $1,580,231 | $1,421,025 | 11.2 % | | Organic revenue growth | 4.8 % | | | 4.9 % | | | - Q3 2025 organic revenue growth was driven by pricing actions and favorable demand in retail fueling, fluid transport, and clean energy components[160](index=160&type=chunk) - Segment earnings increased due to higher volumes, favorable price vs. cost, acquisitions, and restructuring benefits[161](index=161&type=chunk) [Imaging & Identification](index=42&type=section&id=Imaging%20%26%20Identification) This segment's performance is analyzed, focusing on revenue, earnings, and bookings, highlighting drivers of change | Metric | 3M Ended Sep 30, 2025 | 3M Ended Sep 30, 2024 | % Change | 9M Ended Sep 30, 2025 | 9M Ended Sep 30, 2024 | % Change | | :-------------------- | :-------------------- | :-------------------- | :------- | :-------------------- | :-------------------- | :------- | | Revenue (in thousands) | $299,100 | $283,966 | 5.3 % | $871,199 | $848,365 | 2.7 % | | Segment earnings (in thousands) | $81,772 | $77,247 | 5.9 % | $236,284 | $222,992 | 6.0 % | | Segment earnings margin | 27.3 % | 27.2 % | | 27.1 % | 26.3 % | | | Bookings (in thousands) | $292,229 | $281,289 | 3.9 % | $872,490 | $848,363 | 2.8 % | | Organic revenue growth | 3.0 % | | | 2.2 % | | | - Q3 2025 organic revenue growth was driven by pricing and growth in core marking and coding equipment and serialization software[168](index=168&type=chunk) - Segment earnings increased due to favorable price vs. cost dynamics and productivity initiatives[169](index=169&type=chunk) [Pumps & Process Solutions](index=43&type=section&id=Pumps%20%26%20Process%20Solutions) This segment's performance is analyzed, focusing on revenue, earnings, and bookings, highlighting drivers of change | Metric | 3M Ended Sep 30, 2025 | 3M Ended Sep 30, 2024 | % Change | 9M Ended Sep 30, 2025 | 9M Ended Sep 30, 2024 | % Change | | :-------------------- | :-------------------- | :-------------------- | :------- | :-------------------- | :-------------------- | :------- | | Revenue (in thousands) | $550,920 | $472,463 | 16.6 % | $1,565,047 | $1,415,431 | 10.6 % | | Segment earnings (in thousands) | $168,565 | $138,277 | 21.9 % | $479,344 | $394,231 | 21.6 % | | Segment earnings margin | 30.6 % | 29.3 % | | 30.6 % | 27.9 % | | | Bookings (in thousands) | $510,960 | $448,074 | 14.0 % | $1,540,405 | $1,383,132 | 11.4 % | | Organic revenue growth | 5.6 % | | | 5.3 % | | | - Q3 2025 revenue growth was driven by acquisitions (**9.1%**), organic growth (**5.6%**), and foreign currency (**1.9%**)[174](index=174&type=chunk) - Organic revenue growth was primarily from biopharma components, thermal connectors for data centers, and precision components, partially offset by plastics and polymer processing declines[175](index=175&type=chunk) - Segment earnings increased due to higher volumes, productivity, favorable portfolio mix, and acquisitions[176](index=176&type=chunk) [Climate & Sustainability Technologies](index=44&type=section&id=Climate%20%26%20Sustainability%20Technologies) This segment's performance is analyzed, focusing on revenue, earnings, and bookings, highlighting drivers of change | Metric | 3M Ended Sep 30, 2025 | 3M Ended Sep 30, 2024 | % Change | 9M Ended Sep 30, 2025 | 9M Ended Sep 30, 2024 | % Change | | :-------------------- | :-------------------- | :-------------------- | :------- | :-------------------- | :-------------------- | :------- | | Revenue (in thousands) | $408,529 | $431,127 | (5.2)% | $1,172,568 | $1,232,125 | (4.8)% | | Segment earnings (in thousands) | $76,002 | $76,015 | — % | $205,383 | $205,901 | (0.3)% | | Segment earnings margin | 18.6 % | 17.6 % | | 17.5 % | 16.7 % | | | Bookings (in thousands) | $415,099 | $332,503 | 24.8 % | $1,194,968 | $1,191,858 | 0.3 % | | Organic revenue decline | (6.5)% | | | (5.4)% | | | - Q3 2025 organic revenue decline was due to project timing in retail refrigeration, partially offset by demand growth in low-GWP CO2 refrigerant systems and beverage can-making equipment[183](index=183&type=chunk) - Segment earnings were flat in Q3 2025, with lower volumes offset by productivity and favorable mix from CO2 refrigerant systems growth[184](index=184&type=chunk) - Bookings increased **24.8%** in Q3 2025 due to sequential improvement in retail refrigeration, favorable heat exchanger demand, and beverage can-making orders[184](index=184&type=chunk) [Reconciliation of Segment Earnings to Earnings from Continuing Operations](index=45&type=section&id=Reconciliation%20of%20Segment%20Earnings%20to%20Earnings%20from%20Continuing%20Operations) This section reconciles total segment earnings to consolidated earnings from continuing operations, detailing adjustments | Reconciliation Item | 3M Ended Sep 30, 2025 (in thousands) | 3M Ended Sep 30, 2024 (in thousands) | 9M Ended Sep 30, 2025 (in thousands) | 9M Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total segment earnings | $502,487 | $447,696 | $1,388,199 | $1,251,119 | | Purchase accounting expenses | $59,381 | $48,356 | $159,608 | $136,875 | | Restructuring and other costs | $15,913 | $16,581 | $48,520 | $52,142 | | Gain on dispositions | $0 | $(68,633) | $(4,644) | $(597,913) | | Corporate expense / other | $31,515 | $36,110 | $125,349 | $117,795 | | Interest expense | $27,239 | $34,128 | $81,638 | $102,867 | | Interest income | $(17,804) | $(5,176) | $(55,993) | $(14,013) | | Earnings before provision for income taxes | $386,243 | $386,330 | $1,033,721 | $1,453,366 | | Provision for income taxes | $82,951 | $73,434 | $211,058 | $291,781 | | Earnings from continuing operations | $303,292 | $312,896 | $822,663 | $1,161,585 | [Restructuring and Other Costs (Benefits)](index=46&type=section&id=Restructuring%20and%20Other%20Costs%20(Benefits)) This section details restructuring charges and other related costs or benefits impacting financial performance - Restructuring charges for Q3 and 9M 2025 were **$10.6 million** and **$32.4 million**, respectively, primarily for exit costs and headcount reductions in Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions[187](index=187&type=chunk)[188](index=188&type=chunk) - Other costs, net, for Q3 and 9M 2025 were **$5.3 million** and **$16.1 million**, respectively, including costs for footprint reduction and product line exit in Climate & Sustainability Technologies[187](index=187&type=chunk)[188](index=188&type=chunk) - Restructuring and other costs for Q3 and 9M 2024 were **$16.6 million** and **$52.1 million**, respectively, mainly from Clean Energy & Fueling and Climate & Sustainability Technologies[189](index=189&type=chunk)[190](index=190&type=chunk) [Purchase Accounting Expenses](index=47&type=section&id=Purchase%20Accounting%20Expenses) This section outlines expenses arising from purchase accounting adjustments related to business acquisitions | Segment | 3M Ended Sep 30, 2025 (in thousands) | 3M Ended Sep 30, 2024 (in thousands) | 9M Ended Sep 30, 2025 (in thousands) | 9M Ended Sep 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Engineered Products | $2,841 | $2,806 | $8,283 | $8,049 | | Clean Energy & Fueling | $25,281 | $24,928 | $75,985 | $67,231 | | Imaging & Identification | $5,951 | $5,914 | $17,405 | $17,320 | | Pumps & Process Solutions | $20,887 | $9,658 | $44,690 | $29,131 | | Climate & Sustainability Technologies | $4,421 | $5,050 | $13,245 | $15,144 | | Total | $59,381 | $48,356 | $159,608 | $136,875 | - The increase in purchase accounting expenses for Pumps & Process Solutions was primarily due to the acquisition of Sikora in Q2 2025[191](index=191&type=chunk) [Financial Condition](index=48&type=section&id=Financial%20Condition) This section assesses the company's financial health, including cash flows, working capital, and liquidity [Cash Flow Summary](index=48&type=section&id=Cash%20Flow%20Summary) This summary highlights cash flows from operating, investing, and financing activities and changes in working capital | Cash Flow Activity | Nine Months Ended Sep 30, 2025 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | | :------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net cash provided by operating activities | $794,059 | $648,881 | | Net cash (used in) provided by investing activities | $(814,627) | $63,119 | | Net cash used in financing activities | $(280,347) | $(818,445) | - Cash flow from operating activities increased by **$145.2 million** in 9M 2025, driven by higher operating earnings[194](index=194&type=chunk) | Adjusted Working Capital | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------- | :-------------------------------- | :-------------------------------- | | Receivables, net | $1,451,935 | $1,354,225 | | Inventories, net | $1,321,751 | $1,144,838 | | Less: Accounts payable | $861,570 | $848,006 | | Adjusted working capital | $1,912,116 | $1,651,057 | - Adjusted working capital increased by **$261.1 million (15.8%)** year-to-date, primarily due to increases in net receivables and inventory[195](index=195&type=chunk) [Investing Activities](index=48&type=section&id=Investing%20Activities) This section details cash flows related to acquisitions, capital expenditures, and proceeds from dispositions - In 9M 2025, **$663.2 million** was deployed for four business acquisitions, compared to **$602.7 million** for seven businesses in 9M 2024[200](index=200&type=chunk) - Capital expenditures increased by **$49.6 million** in 9M 2025, totaling **$163.3 million**, and are estimated to range from **$190.0 million to $210.0 million** for the full year 2025[197](index=197&type=chunk)[200](index=200&type=chunk) - Proceeds from dispositions in 9M 2025 were **$6.0 million**, compared to **$767.7 million** in 9M 2024 (primarily from the De-Sta-Co sale)[196](index=196&type=chunk) [Financing Activities](index=49&type=section&id=Financing%20Activities) This section outlines cash flows from debt, equity transactions, share repurchases, and dividend payments - The Company repurchased **200,000 shares** for **$40.7 million** in 9M 2025, significantly less than the **$500.0 million** used for share repurchases in 9M 2024[201](index=201&type=chunk) - No commercial paper borrowings occurred in 9M 2025, while **$89.0 million** was used to pay off commercial paper in 9M 2024[201](index=201&type=chunk) - Total dividend payments were **$213.2 million** in 9M 2025, with dividends paid per common share increasing **1.0% to $1.55**[201](index=201&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) This section evaluates the company's ability to meet short-term and long-term obligations and fund operations | Free Cash Flow Metric | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Cash flow provided by operating activities (in thousands) | $794,059 | $648,881 | | Capital expenditures (in thousands) | $(163,274) | $(113,626) | | Free cash flow (in thousands) | $630,785 | $535,255 | | Free cash flow as a percentage of revenue | 10.5 % | 9.2 % | | Free cash flow as a percentage of earnings from continuing operations | 76.7 % | 46.1 % | - Free cash flow increased by **$95.5 million** in 9M 2025, primarily due to higher operating earnings, despite increased capital expenditures[202](index=202&type=chunk) - The Company maintains **$1.0 billion** five-year and **$500.0 million** 364-day unsecured revolving credit facilities, with no outstanding borrowings as of Sep 30, 2025[203](index=203&type=chunk)[64](index=64&type=chunk) - Cash and cash equivalents totaled **$1.6 billion** at Sep 30, 2025, with **$567.9 million** held outside the U.S[206](index=206&type=chunk) | Net Debt to Net Capitalization | September 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :-------------------------------- | :-------------------------------- | | Total debt | $3,071,008 | $2,929,402 | | Less: Cash and cash equivalents | $(1,552,804) | $(1,844,877) | | Net debt | $1,518,204 | $1,084,525 | | Add: Stockholders' equity | $7,662,936 | $6,953,996 | | Net capitalization | $9,181,140 | $8,038,521 | | Net debt to net capitalization | 16.5 % | 13.5 % | - The net debt to net capitalization ratio increased to **16.5%** at Sep 30, 2025, from **13.5%** at Dec 31, 2024, due to increased euro-denominated debt value and decreased cash from acquisitions[208](index=208&type=chunk) [Critical Accounting Estimates](index=51&type=section&id=Critical%20Accounting%20Estimates) This section discusses key accounting estimates and judgments that significantly impact the financial statements - The financial statements rely on estimates, assumptions, and judgments in applying GAAP, which are consistently reviewed for reasonableness[210](index=210&type=chunk) [Recent Accounting Standards](index=51&type=section&id=Recent%20Accounting%20Standards) This section outlines the impact of recently adopted and issued accounting standards on the company's financial reporting - The adoption of recent accounting standards is not expected to have a significant impact on revenue, earnings, or liquidity[211](index=211&type=chunk) [Special Note Regarding Forward-Looking Statements](index=52&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This note cautions readers about forward-looking statements, highlighting inherent risks and uncertainties - The report contains forward-looking statements subject to risks, uncertainties, and assumptions, including economic conditions, supply chain, customer demand, and acquisitions[212](index=212&type=chunk) - The Company undertakes no obligation to publicly update any forward-looking statement[212](index=212&type=chunk) [Non-GAAP Disclosures](index=52&type=section&id=Non-GAAP%20Disclosures) This section explains the use of non-GAAP financial measures and their purpose in providing additional investor information - Non-GAAP measures like free cash flow, net debt, adjusted working capital, and organic revenue growth are used to provide additional useful information to investors[214](index=214&type=chunk)[215](index=215&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there has been no significant change in the Company's exposure to market risk during the nine months ended September 30, 2025 - No significant change in market risk exposure occurred during the nine months ended September 30, 2025[217](index=217&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective as of September 30, 2025, and there were no material changes to internal control over financial reporting during the third quarter of 2025 - Disclosure controls and procedures were effective as of September 30, 2025[218](index=218&type=chunk) - No material changes in internal control over financial reporting occurred during the third quarter of 2025[219](index=219&type=chunk) [PART II — OTHER INFORMATION](index=53&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal, risk, and equity matters [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 in the financial statements for details on legal proceedings, indicating that no new material information is presented here - Refer to Note 14 — Commitments and Contingent Liabilities for details on legal proceedings[220](index=220&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[221](index=221&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides an update on the Company's share repurchase authorization, noting no repurchases were made during the third quarter of 2025 and detailing the remaining authorized shares - No share repurchases were made under the August 2023 authorization during the three months ended September 30, 2025[226](index=226&type=chunk) - As of September 30, 2025, **16,930,718 shares** remained available for repurchase under the current authorization[226](index=226&type=chunk) [Item 3. Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is marked as not applicable, indicating no defaults upon senior securities - Not applicable[223](index=223&type=chunk) [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is marked as not applicable, indicating no mine safety disclosures - Not applicable[224](index=224&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) This section states that no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements during the nine months ended September 30, 2025 - No director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements during the nine months ended September 30, 2025[225](index=225&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q, including various certifications and XBRL formatted financial statements - Exhibits include certificates pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350, and financial statements formatted in iXBRL[228](index=228&type=chunk) [SIGNATURES](index=55&type=section&id=SIGNATURES) This section contains the official certifications and signatures of the company's authorized financial officers [Signatures](index=55&type=section&id=Signatures) This section contains the required signatures of the authorized officers, Christopher B. Woenker (Senior Vice President & Chief Financial Officer) and Ryan W. Paulson (Vice President, Controller), certifying the filing of the Form 10-Q - The report is signed by Christopher B. Woenker, Senior Vice President & Chief Financial Officer, and Ryan W. Paulson, Vice President, Controller, on October 23, 2025[231](index=231&type=chunk)

Revenue Performance - Dover reported Q3 2025 revenue of $2.1 billion, a 5% increase compared to Q3 2024, with organic growth of 1%[3] - For the nine months ended September 30, 2025, revenue reached $6.0 billion, a 3% increase, with adjusted earnings from continuing operations up 16% to $981 million[4] - Total consolidated revenue for Q3 2025 reached $2,077.8 million, an increase of 4.0% from $1,983.5 million in Q3 2024[19] - Total revenue growth for Q3 2025 was 4.8%, with organic growth at 0.5% and acquisitions contributing 3.0%[31] Earnings and Profitability - GAAP earnings from continuing operations for Q3 2025 were $303 million, down 3% year-over-year, while diluted EPS was $2.20, also down 3%[3] - Adjusted earnings from continuing operations increased by 15% to $361 million in Q3 2025, with adjusted diluted EPS rising 15% to $2.62[3] - Basic earnings per share from continuing operations for Q3 2025 is $2.21, compared to $2.28 in Q3 2024, reflecting a decrease of 3.1%[17] - The company reported net earnings of $2.20 per share for Q3 2025, compared to $2.53 per share in Q3 2024, indicating a decline of 13.0%[17] - Total earnings from continuing operations for Q3 2025 amounted to $303.3 million, compared to $312.9 million in Q3 2024, indicating a decrease of 3.1%[24] Segment Performance - Segment earnings for Clean Energy & Fueling in Q3 2025 was $118.7 million, up 19.1% from $99.5 million in Q3 2024[20] - The Engineered Products segment achieved a revenue of $279.7 million in Q3 2025, a decrease of 0.5% from $288.2 million in Q3 2024[19] - The total segment earnings for Q3 2025 was $502.5 million, an increase of 5.8% from $447.7 million in Q3 2024[20] - Clean Energy & Fueling segment earnings increased to $118.7 million in Q3 2025, up from $99.5 million in Q3 2024, marking a growth of 19.2%[28] - Imaging & Identification segment earnings for Q3 2025 were $81.8 million, slightly up from $77.2 million in Q3 2024, an increase of 6.0%[28] - Pumps & Process Solutions segment earnings reached $168.6 million in Q3 2025, compared to $138.3 million in Q3 2024, reflecting a growth of 21.9%[28] - Climate & Sustainability Technologies segment earnings were $76.0 million in Q3 2025, consistent with $76.0 million in Q3 2024, indicating stable performance[28] Guidance and Outlook - Dover's full-year adjusted EPS guidance for 2025 has been raised to a range of $9.50 to $9.60, reflecting a positive outlook despite macroeconomic uncertainties[9] - The company anticipates revenue growth of 4% to 6% for the full year 2025, with GAAP EPS from continuing operations projected between $8.06 and $8.16[9] - The company anticipates continued growth in revenue and earnings for the upcoming quarters, driven by strong demand in key segments[20] Cost Management and Investments - Capital deployment remains a key focus, with increased investments in high-ROI projects and a transition of manufacturing operations expected to yield cost savings[8] - The company anticipates continued focus on restructuring and cost management strategies to enhance operational efficiency moving forward[26] - Purchase accounting expenses for Q3 2025 were $59.4 million, an increase from $48.4 million in Q3 2024, marking a 22.5% rise[24] - Restructuring and other costs, pre-tax, for Q3 2025 totaled $15.9 million, down from $16.6 million in Q3 2024, showing a decrease of 4.2%[24] Cash Flow and Financial Health - Free cash flow for Q3 2025 reached $370.1 million, representing 17.8% of revenue[36] - Cash flow from operating activities as a percentage of adjusted earnings from continuing operations was 117.4% for Q3 2025[36] - The company maintains a strong balance sheet, providing flexibility for acquisitions and capital return strategies[8] - The company’s total cash flows from operating activities for Q3 2025 were $212.3 million[35] Shareholder Returns - The company declared dividends of $0.52 per share for Q3 2025, consistent with the previous quarter[17] Market Dynamics - Organic revenue growth in the United States was 1.6% for Q3 2025, while Europe saw a decline of 1.1%[32] - Currency translation positively impacted revenue growth by 1.3% in Q3 2025[31]

Core Insights - Dover Corporation reported a 5% increase in revenue for Q3 2025, reaching $2.1 billion, with a 3% decrease in GAAP earnings from continuing operations to $303 million [2][3][4] - The company adjusted its full-year EPS guidance upward to a range of $9.50 to $9.60, reflecting healthy underlying demand despite macroeconomic uncertainties [9] Financial Performance - **Q3 2025 Results**: - Revenue: $2,078 million, up 5% from $1,984 million in Q3 2024 - GAAP Earnings from Continuing Operations: $303 million, down 3% from $313 million - Adjusted Earnings from Continuing Operations: $361 million, up 15% from $314 million - Diluted EPS from Continuing Operations: $2.20, down 3% from $2.26; Adjusted Diluted EPS: $2.62, up 15% from $2.27 [2][3][4] - **Year-to-Date Results**: - Revenue: $5,993 million, up 3% from $5,816 million - GAAP Earnings from Continuing Operations: $823 million, down 29% from $1,162 million - Adjusted Earnings from Continuing Operations: $981 million, up 16% from $846 million - Diluted EPS from Continuing Operations: $5.96, down 29% from $8.37; Adjusted Diluted EPS: $7.10, up 17% from $6.09 [4][6] Management Commentary - The CEO highlighted broad-based shipment growth in short cycle components and strong performance in secular-growth end markets, which offset challenges in certain capital goods markets [6][7] - Positive order trends were noted, providing visibility for Q4 and into the next year, with record consolidated segment margins achieved [7][8] Strategic Initiatives - The company is focusing on capital deployment to drive double-digit earnings growth, with increased investments in high-ROI capital projects and operational efficiencies [8] - Dover announced the transition of its Anthony® glass door manufacturing operations to optimize costs and improve efficiency [8] Outlook - The company maintains a constructive outlook for the remainder of 2025, supported by healthy underlying demand and sustained order growth [9] - Full-year 2025 guidance includes GAAP EPS from continuing operations expected in the range of $8.06 to $8.16, with revenue growth projected at 4% to 6% [9]

Core Insights - Expert Systems Inc. continues to support Traws Pharma as it initiates Phase 2 clinical studies of Ratutrelvir (TRX01), an oral antiviral for newly diagnosed COVID-19 patients [1][5] Company Overview - Expert Systems Inc. is a life sciences accelerator focused on advancing precision therapeutics through an AI/ML-enabled platform that integrates drug design, predictive pharmacology, and regulatory strategy [6][7] Product Development - Ratutrelvir (TRX01) shows broad-spectrum in vitro activity against various SARS-CoV-2 strains and has a unique formulation that does not require ritonavir, thus avoiding drug-drug interactions that affect about 20% of COVID patients [3][4] - In Phase 1 studies, a daily oral dose of 600 mg maintained plasma concentrations approximately 13 times above the effective concentration (EC50) for the entire 10-day course, with trough levels above EC90, crucial for preventing viral rebound [4][5] - The Phase 2 program includes a non-inferiority trial against PAXLOVID® and a trial for populations ineligible for PAXLOVID®, addressing a significant unmet need [8] Strategic Collaboration - Expert Systems will provide ongoing strategic, scientific, and technological support as Ratutrelvir progresses through human efficacy studies, highlighting its capability to de-risk innovation and accelerate clinical translation [5]