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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Dover
Dover (DOV) investor relations material
Dover Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved highest quarterly organic growth rate of 2025 in Q4, with broad-based top-line strength and strong bookings momentum across all segments.
Full-year 2025 revenue reached $8.1B, up 4% all-in and 2% organically year-over-year; Q4 revenue was $2.1B, up 9% all-in and 5% organically.
Adjusted EPS grew 16% for the year to $9.61, with Q4 adjusted EPS up 14% to $2.51, exceeding guidance.
Acquisitions in 2025 performed above expectations; $500M accelerated share repurchase initiated.
Entering 2026 with strong demand, robust order book, and no material headwinds in any end market.
Financial highlights
Q4 adjusted segment EBITDA margin was 24.8%, up 60 bps year-over-year; full-year margin was 25.1%.
Free cash flow for 2025 was $1.12B (13.8% of revenue), up $198M from 2024; Q4 FCF was $487M (23% of revenue).
Bookings for Q4 grew 10% year-over-year to $2.1B; full-year bookings rose 6% to $8.14B.
2025 capital spending increased to $220M, focused on growth and productivity investments.
Over $500M in share repurchases announced in 2025, including a $500M accelerated share repurchase in Q4.
Outlook and guidance
2026 adjusted EPS guidance: $10.45–$10.65, representing double-digit growth at midpoint.
2026 revenue growth expected at 5–7% all-in (3–5% organic); free cash flow expected at 14–16% of revenue.
Effective tax rate projected at 20–21%; capex for 2026 guided at $190M–$210M.
Seasonality expected to mirror prior years, with Q1 ramping into peak delivery in Q2/Q3.
Management expects continued margin improvement from restructuring and productivity initiatives.
What explains Engineered Products' organic decline?
How do restructuring costs translate to 2026 benefits?
Future capital allocation strategy given leverage?
Quantify data center liquid cooling revenue impact
M&A strategy: bolt-ons vs. transformative deals?
DCEF margin accretion drivers beyond volume?
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Next Dover earnings date
Q1 202623 Apr, 2026
Dover
Next Dover earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. Its Engineered Systems segment offers precision marking and coding, digital textile printing, fluid management, electronic assembly and test, automated guide vehicle systems, asset management solutions for the energy market, customized retail technology systems including price marking, identification security, and labeling equipment and software applications; and industrial automation components.
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