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2025 Annual Report
About Dover Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under DOV. Additional information is available at dovercorporation.com. Financial Highlights 2025 2024 2023 $ 8,092,571 $ 7,745,909 $ 7,684,476 (dollars in thousands, except per share figures) Revenue Earnings before taxes $ 1,374,252 $ 1,757,016 $ 1,123,000 Earnings from continuing operations $ 1,097,429 $ 1,399,968 943,864 Earnings per diluted share from continuing operations 6.71 Adjusted earnings from continuing operations(1) $ 1,324,486 7.97 10.09 $ 1,150,250 $ 1,118,051 Adjusted earnings per diluted share from continuing operations(1) $ 9.61 8.29 7.95 2.07 2.05 2.03 Dividends per common share Capital expenditures 220,263 167,533 183,406 Acquisitions (net assets acquired) 663,270 635,269 533,623 Cash flows from operations $ 1,338,005 $ 1,087,833 $ 1,219,546 15.3% 23.2% 20.1% 18.4% 19.1% 23.8% Return on average equity (2) Adjusted return on average equity Revenue & Adjusted Earnings(1) ($ in millions) (2) Adjusted EPS(1) Free Cash Flow (3) ($ in millions) Revenue (Left Axis) Adjusted Earnings (Right Axis) Free Cash Flow (Left Axis) Free Cash Flow as a % of Revenue (Right Axis) $8,000 $1,500 $10.00 $1,200 6,000 1,125 7.50 900 12 4,000 750 5.00 600 8 2,000 375 2.50 300 4 0 0 0 2023 2024 2025 16% 0 2023 2024 2025 0 2023 2024 2025 * The items herein, unless otherwise noted, relate solely to our continuing operations. Earnings from continuing operations are adjusted by the e ect of purchase accounting expenses, restructuring and other costs (benefits), disposition cost, and gain/loss on dispositions, to derive 1) adjusted earnings from continuing operations and 2) adjusted earnings per diluted share from continuing operations (both non-GAAP measures). (2) Return on average equity is calculated by dividing earnings from continuing operations by average stockholders equity (the sum of the stockholders equity at the beginning and end of the year, divided by 2). Adjusted return on average equity (a non-GAAP measure) is calculated by dividing adjusted earnings from continuing operations by average stockholders equity (the sum of the stockholders equity at the beginning and end of the year, divided by 2). (3) Free cash flow (a non-GAAP measure) represents net cash provided by operating activities minus capital expenditures. (1) Forward-Looking Statements and Non-GAAP Measures: This Annual Report contains forward-looking statements that are inherently subject to uncertainties and risks. We caution investors to be guided in their analysis of Dover by referring to the documents we file with the SEC, including our Form 10-K for 2025, for a list of factors that could cause our results to di er from those anticipated in any such forward-looking statements. This Annual Report contains non-GAAP financial information. Reconciliations of non-GAAP measures are included in this report or are available on the Investor Relations section of our website under Annual Reports.
A Message from the Chairman, President and Chief Executive Officer Dear Fellow Shareholders, In a year defined by shifting macroeconomic conditions, 2025 demonstrated meaningful progress for Dover, reflecting our entire team s focus on disciplined execution and the benefit of our resilient operating model. We delivered strong financial performance despite uneven demand function dynamics, while continuing to invest behind growth and productivity. Additionally, we continued to strengthen the portfolio by repositioning toward higher-growth, higher-return platforms, consistent with our long-term objectives. In 2025, Dover delivered $8.1 billion in revenue and $1.1 billion in earnings from continuing operations. We generated $1.1 billion in free cash flow, while investing $220 million in capital expenditures, $165 million in research and development, and approximately $665 million toward acquisitions in high-priority end markets. In addition to investing behind growth and productivity in the business, we continued our track record of returning capital to our shareholders through dividends our 70th consecutive year of doing so and share repurchases. In total, Dover undertook returning approximately $824 million to shareholders in 2025. We entered 2026 in a position of strength, with accelerating demand trends and carryforward benefits from cost structure initiatives undertaken in 2025. Segment Results Engineered Products delivered approximately $1.1 billion in revenue at a segment earnings margin of 20% for 2025. Through disciplined cost management and strong operational execution, we were able to deliver margin expansion in the segment despite challenging demand trends in our vehicle services business. We expect demand in this segment to improve in 2026 as our Aerospace & Defense components business experiences increased demand tied to electronic warfare and signal intelligence solutions, and our vehicle aftermarket business experiences a stabilization in order trends. Clean Energy & Fueling delivered $2.1 billion in revenue at a segment earnings margin of 19.6% for 2025. The outlook for fluid transport and clean energy components remains strong, with particularly robust demand expected in cryogenic and industrial gas applications. Customer capital deployment in above and below-ground retail fueling is expected to be a catalyst for growth in 2026, and we expect margins to continue to expand, driven by volume leverage on growth and the realization of benefits from structural cost actions and acquisition integration activities. Imaging & Identification delivered $1.2 billion in revenue at a segment earnings margin of 26.8% for 2025. The segment remains one of Dover s most durable and consistently profitable platforms, and we expect it to maintain a steady growth trajectory in 2026, supported by a significant recurring revenue base and resilient underlying demand trends. We saw an improvement in marking and coding equipment shipments during 2025, expanding the segment s global installed base, positioning it for aftermarket revenue growth by capitalizing on recurring revenue attachment. Pumps & Process Solutions delivered $2.1 billion in revenue at a segment earnings margin of 30.3% for 2025. This performance underscored the strength of the platform and robust demand trends tied to broader artificial intelligence and energy infrastructure investments across the global economy. We are particularly pleased by the strong demand for thermal connectors for liquid cooling of data centers, precision components supporting the natural gas infrastructure, and SIKORA s inspection systems for high-voltage cable applications supporting investments in electrification. Singleuse biopharma demand remains healthy, driven by growth in biologics production and the continued shift toward single-use manufacturing. We expect sustained momentum for this business in 2026.
Climate & Sustainability Technologies delivered $1.6 billion in revenue at a segment earnings margin of 17.0% for 2025. The segment saw a favorable inflection in order rates in the second half of 2025, which we expect to drive a constructive demand outlook for 2026. CO refrigeration systems continue to grow at a double-digit pace, and we are seeing a recovery in demand for refrigerated door cases and engineering services as national retailers resume maintenance and capital spending to upgrade their retail footprint. Demand for brazed plate heat exchangers is growing across geographies, particularly in North America, where demand for liquid cooling applications in data centers has accelerated significantly. Capital Allocation and Portfolio Discipline Prudent capital allocation remains central to Dover s growth through strategic acquisitions. In 2025, we completed four strategic acquisitions in highly attractive growth markets across our Pumps & Process Solutions and Clean Energy & Fueling segments. These businesses provide scale in highpriority segments and strengthen our exposure to key end markets. Importantly, approximately 20% of our portfolio now participates directly in end markets experiencing notable secular growth trends, including data center liquid cooling, electrification, clean energy components, single-use biopharma, and CO refrigeration. These platforms carry higher structural margins, improving the overall quality of our portfolio. Our margin expansion in 2025 reflects several years of disciplined portfolio management and deliberate cost actions. We continued executing behind automation, fixed-cost reduction, and footprint optimization initiatives throughout our business. We are carrying a significant restructuring benefit into 2026 from projects already underway that have been carefully designed to permanently improve structural costs, which in turn improve incremental margin performance. Looking ahead, we are continuing to scale our enterprise capabilities, including digital infrastructure, back-o ce shared services, and operational excellence programs, reinforcing margin durability across cycles. Lead Independent Director Update Dover s Board of Directors appointed Keith Wandell as its Lead Independent Director in connection with our 2025 Annual Meeting of Shareholders in May. Keith is a valued member of Dover s Board and brings deep leadership experience and perspective to the role. Keith succeeds Michael Johnston, who retired from Dover s Board after 12 years of dedicated service I want to thank Michael for his contributions and commitment to Dover during his tenure. In Closing Dover has undergone a significant transformation over the past few years. We have delivered strong financial results, while upgrading our portfolio, investing behind our growth platforms, and strengthening our balance sheet. Demand trends are solid as we enter 2026, and we are well positioned to capture upside opportunities in an evolving market environment. On behalf of the Board of Directors, I want to recognize our employees for their strong execution and thank our shareholders for their ongoing support of Dover. We are confident that Dover will continue to create long term value. Sincerely, Richard J. Tobin Chairman, President and Chief Executive O cer March 24, 2026
 • shareholder letter icon 3/24/2026 Letter Continued (Full PDF)
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 • stockholder letter icon 3/21/2024 DOV Stockholder Letter
 • stockholder letter icon 3/20/2025 DOV Stockholder Letter
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 • Benford's Law Stocks icon DOV Benford's Law Stock Score = 100


DOV Shareholder/Stockholder Letter Transcript:

2025 Annual Report

About Dover
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative
equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services
through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process
Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets
we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an
ownership mindset, collaborating with customers to redefine what   s possible. Headquartered in Downers Grove, Illinois, Dover
trades on the New York Stock Exchange under    DOV.    Additional information is available at dovercorporation.com.
Financial Highlights
2025
2024
2023
$ 8,092,571
$ 7,745,909
$ 7,684,476
(dollars in thousands, except per share figures)
Revenue
Earnings before taxes
$ 1,374,252
$ 1,757,016
$ 1,123,000
Earnings from continuing operations
$ 1,097,429
$ 1,399,968

943,864
Earnings per diluted share from continuing operations



6.71
Adjusted earnings from continuing operations(1)
$ 1,324,486
7.97
10.09
$ 1,150,250
$ 1,118,051
Adjusted earnings per diluted share from continuing operations(1) $
9.61

8.29

7.95

2.07

2.05

2.03
Dividends per common share
Capital expenditures

220,263

167,533

183,406
Acquisitions (net assets acquired)

663,270

635,269

533,623
Cash flows from operations
$ 1,338,005
$ 1,087,833
$ 1,219,546
15.3%
23.2%
20.1%
18.4%
19.1%
23.8%
Return on average equity (2)
Adjusted return on average equity
Revenue & Adjusted Earnings(1)
($ in millions)
(2)
Adjusted EPS(1)
Free Cash Flow (3)
($ in millions)
Revenue (Left Axis)
Adjusted Earnings (Right Axis)
Free Cash Flow (Left Axis)
Free Cash Flow as a % of
Revenue (Right Axis)
$8,000
$1,500
$10.00
$1,200
6,000
1,125
7.50
900
12
4,000
750
5.00
600
8
2,000
375
2.50
300
4
0
0
0
2023
2024
2025
16%
0
2023
2024
2025
0
2023
2024
2025
* The items herein, unless otherwise noted, relate solely to our continuing operations.
Earnings from continuing operations are adjusted by the e   ect of purchase accounting expenses, restructuring and other costs (benefits), disposition cost, and
gain/loss on dispositions, to derive 1) adjusted earnings from continuing operations and 2) adjusted earnings per diluted share from continuing operations (both
non-GAAP measures).
(2)
Return on average equity is calculated by dividing earnings from continuing operations by average stockholders    equity (the sum of the stockholders    equity
at the beginning and end of the year, divided by 2). Adjusted return on average equity (a non-GAAP measure) is calculated by dividing adjusted earnings from
continuing operations by average stockholders    equity (the sum of the stockholders    equity at the beginning and end of the year, divided by 2).
(3)
Free cash flow (a non-GAAP measure) represents net cash provided by operating activities minus capital expenditures.
(1)
Forward-Looking Statements and Non-GAAP Measures:
This Annual Report contains forward-looking statements that are inherently subject to uncertainties and risks. We caution investors to be guided in their analysis
of Dover by referring to the documents we file with the SEC, including our Form 10-K for 2025, for a list of factors that could cause our results to di   er from those
anticipated in any such forward-looking statements.
This Annual Report contains non-GAAP financial information. Reconciliations of non-GAAP measures are included in this report or are available on the Investor
Relations section of our website under Annual Reports.

A Message from the Chairman,
President and Chief Executive Officer
Dear Fellow Shareholders,
In a year defined by shifting macroeconomic
conditions, 2025 demonstrated meaningful progress
for Dover, reflecting our entire team   s focus on
disciplined execution and the benefit of our resilient
operating model. We delivered strong financial
performance despite uneven demand function
dynamics, while continuing to invest behind growth
and productivity. Additionally, we continued to
strengthen the portfolio by repositioning toward
higher-growth, higher-return platforms, consistent
with our long-term objectives.
In 2025, Dover delivered $8.1 billion in revenue and
$1.1 billion in earnings from continuing operations.
We generated $1.1 billion in free cash flow, while
investing $220 million in capital expenditures,
$165 million in research and development, and
approximately $665 million toward acquisitions in
high-priority end markets. In addition to investing
behind growth and productivity in the business,
we continued our track record of returning capital
to our shareholders through dividends     our
70th consecutive year of doing so     and share
repurchases. In total, Dover undertook returning
approximately $824 million to shareholders in
2025. We entered 2026 in a position of strength,
with accelerating demand trends and carryforward
benefits from cost structure initiatives undertaken
in 2025.
Segment Results
Engineered Products delivered approximately $1.1
billion in revenue at a segment earnings margin of
20% for 2025. Through disciplined cost management
and strong operational execution, we were able to
deliver margin expansion in the segment despite
challenging demand trends in our vehicle services
business. We expect demand in this segment
to improve in 2026 as our Aerospace & Defense
components business experiences increased
demand tied to electronic warfare and signal
intelligence solutions, and our vehicle aftermarket
business experiences a stabilization in order trends.
Clean Energy & Fueling delivered $2.1 billion in
revenue at a segment earnings margin of 19.6%
for 2025. The outlook for fluid transport and clean
energy components remains strong, with particularly
robust demand expected in cryogenic and industrial
gas applications. Customer capital deployment in
above and below-ground retail fueling is expected
to be a catalyst for growth in 2026, and we expect
margins to continue to expand, driven by volume
leverage on growth and the realization of benefits
from structural cost actions and acquisition
integration activities.
Imaging & Identification delivered $1.2 billion in
revenue at a segment earnings margin of 26.8% for
2025. The segment remains one of Dover   s most
durable and consistently profitable platforms, and
we expect it to maintain a steady growth trajectory
in 2026, supported by a significant recurring revenue
base and resilient underlying demand trends. We saw
an improvement in marking and coding equipment
shipments during 2025, expanding the segment   s
global installed base, positioning it for aftermarket
revenue growth by capitalizing on recurring revenue
attachment.
Pumps & Process Solutions delivered $2.1 billion
in revenue at a segment earnings margin of
30.3% for 2025. This performance underscored
the strength of the platform and robust demand
trends tied to broader artificial intelligence and
energy infrastructure investments across the global
economy. We are particularly pleased by the strong
demand for thermal connectors for liquid cooling of
data centers, precision components supporting the
natural gas infrastructure, and SIKORA   s inspection
systems for high-voltage cable applications
supporting investments in electrification. Singleuse biopharma demand remains healthy, driven by
growth in biologics production and the continued
shift toward single-use manufacturing. We expect
sustained momentum for this business in 2026.

Climate & Sustainability Technologies delivered
$1.6 billion in revenue at a segment earnings margin
of 17.0% for 2025. The segment saw a favorable
inflection in order rates in the second half of 2025,
which we expect to drive a constructive demand
outlook for 2026. CO    refrigeration systems continue
to grow at a double-digit pace, and we are seeing a
recovery in demand for refrigerated door cases and
engineering services as national retailers resume
maintenance and capital spending to upgrade
their retail footprint. Demand for brazed plate
heat exchangers is growing across geographies,
particularly in North America, where demand for
liquid cooling applications in data centers has
accelerated significantly.
Capital Allocation and Portfolio Discipline
Prudent capital allocation remains central to
Dover   s growth through strategic acquisitions. In
2025, we completed four strategic acquisitions in
highly attractive growth markets across our Pumps
& Process Solutions and Clean Energy & Fueling
segments. These businesses provide scale in highpriority segments and strengthen our exposure to
key end markets. Importantly, approximately 20%
of our portfolio now participates directly in end
markets experiencing notable secular growth trends,
including data center liquid cooling, electrification,
clean energy components, single-use biopharma,
and CO    refrigeration. These platforms carry higher
structural margins, improving the overall quality of
our portfolio.
Our margin expansion in 2025 reflects several years
of disciplined portfolio management and deliberate
cost actions. We continued executing behind
automation, fixed-cost reduction, and footprint
optimization initiatives throughout our business. We
are carrying a significant restructuring benefit into
2026 from projects already underway that have been
carefully designed to permanently improve structural
costs, which in turn improve incremental margin
performance. Looking ahead, we are continuing to
scale our enterprise capabilities, including digital
infrastructure, back-o   ce shared services, and
operational excellence programs, reinforcing margin
durability across cycles.
Lead Independent Director Update
Dover   s Board of Directors appointed Keith Wandell
as its Lead Independent Director in connection with
our 2025 Annual Meeting of Shareholders in May.
Keith is a valued member of Dover   s Board and
brings deep leadership experience and perspective
to the role. Keith succeeds Michael Johnston,
who retired from Dover   s Board after 12 years of
dedicated service     I want to thank Michael for his
contributions and commitment to Dover during his
tenure.
In Closing
Dover has undergone a significant transformation
over the past few years. We have delivered strong
financial results, while upgrading our portfolio,
investing behind our growth platforms, and
strengthening our balance sheet. Demand trends are
solid as we enter 2026, and we are well positioned to
capture upside opportunities in an evolving market
environment. On behalf of the Board of Directors,
I want to recognize our employees for their strong
execution and thank our shareholders for their
ongoing support of Dover. We are confident that
Dover will continue to create long term value.
Sincerely,
Richard J. Tobin
Chairman, President and Chief Executive O   cer
March 24, 2026


shareholder letter icon 3/24/2026 Letter Continued (Full PDF)
 

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