Financials

Dover Corporation financials

DOV Industrial Conglomerates

Dover Corporation, founded in 1955 and headquartered in Downers Grove, Illinois, is a diversified industrial manufacturer trading on the NYSE under DOV. It offers a broad range of engineered products including industrial pumps, compressors, and automation systems designed for sectors such as energy, transportation, and manufacturing. Under the leadership of CEO Richard J. Tobin since 2012, Dover leverages recurring revenue, strategic acquisitions, and continuous innovation to secure niche market shares of 10-15%. The company’s commitment to digital transformation and sustainable practices underpins its strategy for future growth.

Snapshot

Dover Corporation reported $8.09B in revenue in fiscal 2025, up 4.5% year over year, with an operating margin of 17.0%.

Revenue (FY2025): $8.09B
YoY growth: +4.5%
Operating margin: 17.0%
Direction: Expanding

Financial statements

In thousands, USD · annual

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	8,092,570	7,745,910	7,684,480	7,844,170
Cost of Sales	4,874,400	4,787,290	4,816,930	4,939,220
Gross Profit	3,218,170	2,958,620	2,867,540	2,904,950
Selling, General & Administrative Expenses	1,844,810	1,752,270	1,648,200	1,625,310
Operating Profit	1,373,360	1,206,360	1,219,340	1,279,640
Interest and Investment Income	73,032	37,158	13,496	4,429
Interest Expense	(109,772)	(131,171)	(131,304)	(116,456)
Non-Operating Income	37,631	644,674	21,468	22,589
Total Non-Operating Income	891	550,661	(96,340)	(89,438)
Income Before Provision for Income Taxes	1,374,250	1,757,020	1,123,000	1,190,200
Provision for Income Taxes	276,823	357,048	179,136	200,291
Consolidated Net Income	1,097,430	1,399,970	943,864	989,912
Net Income Attributable to Discontinued Operations	(3,473)	1,297,160	112,964	75,464
Net Income Attributable to Common Shareholders	1,093,960	2,697,130	1,056,830	1,065,380
Basic EPS	7.99	19.58	7.56	6.94
Diluted EPS	7.94	19.45	7.52	6.89
Basic Weighted Average Shares Outstanding	136,935	137,735	139,848	142,681
Diluted Weighted Average Shares Outstanding	137,777	138,696	140,599	143,595
Shares Outstanding	134,846	137,216	139,896	139,699

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	1,676,810	1,844,880	398,561	380,868
Total Cash and Cash Equivalents	1,676,810	1,844,880	398,561	380,868
Accounts Receivable	1,371,350	1,354,230	1,321,110	1,516,870
Total Trade Receivables	1,371,350	1,354,230	1,321,110	1,516,870
Inventories	1,272,780	1,144,840	1,144,090	1,366,610
Other Current Assets	185,996	140,557	526,478	159,118
Total Current Assets	4,506,940	4,484,500	3,390,240	3,423,470
Net Property, Plant & Equipment	1,119,620	987,924	978,472	1,004,830
Net Intangible Assets	1,759,620	1,580,850	1,445,200	1,333,740
Goodwill	5,430,040	4,905,700	4,637,560	4,669,490
Other Long-Term Assets	606,206	550,183	897,038	465,000
Total Assets	13,422,400	12,509,200	11,348,500	10,896,500
Accounts Payable	875,678	848,006	854,465	1,068,140
Accrued Expenses	720,386	715,649	641,766	680,998
Short-Term Debt	706,677	400,056	468,282	735,772
Current Portion of Long-Term Debt	706,677	400,056	468,282	735,772
Unearned Revenue	155,025	198,629	194,798	256,933
Other Current Liabilities	60,723	34,187	254,459	31,427
Total Current Liabilities	2,518,490	2,196,530	2,413,770	2,773,270
Long-Term Debt	2,621,300	2,529,350	2,991,760	2,942,510
Other Long-Term Liabilities	877,433	829,291	836,379	894,366
Total Long-Term Liabilities	3,498,730	3,358,640	3,828,140	3,836,880
Total Liabilities	6,017,220	5,555,160	6,241,910	6,610,150
Common Stock	—	260,031	259,842	259,644
Treasury Stock	—	(7,280,580)	(6,797,690)	(6,797,690)
Additional Paid-in Capital	—	892,686	886,690	867,560
Accumulated Other Comprehensive Income	—	(327,776)	(237,866)	(266,223)
Retained Earnings	—	13,409,600	10,995,600	10,223,100
Total Common Shareholders' Equity	—	6,954,000	5,106,610	4,286,370
Total Shareholders' Equity	7,405,210	6,954,000	5,106,610	4,286,370
Total Liabilities and Shareholders' Equity	13,422,400	12,509,200	11,348,500	10,896,500

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,093,960	2,697,130	1,056,830	1,065,380
Depreciation & Amortization	379,577	337,842	305,046	295,660
Share-Based Compensation Expense	43,981	40,359	30,766	30,075
Other Adjustments	(44,148)	(1,961,980)	(202,125)	(113,215)
Changes in Trade Receivables	49,405	(43,894)	100,393	(184,562)
Changes in Inventories	(37,210)	4,418	141,747	(190,731)
Changes in Accounts Payable	(15,643)	9,076	(114,198)	17,268
Changes in Accrued Expenses	(91,039)	67,846	(76,730)	(92,446)
Changes in Income Taxes Payable	(11,972)	(23,245)	(16,821)	(62,433)
Changes in Other Operating Activities	(33,332)	(379,174)	111,439	40,733
Cash from Operating Activities	1,333,580	748,379	1,336,350	805,725
Capital Expenditure	(220,263)	(167,533)	(183,406)	(211,082)
Payments for Business Acquisitions	(663,270)	(635,269)	(533,623)	(312,855)
Proceeds from Business Divestments	5,998	768,847	—	—
Other Investing Activities	(18,855)	1,992,610	(9,601)	(16,986)
Cash from Investing Activities	(896,390)	1,958,660	(726,630)	(540,923)
Issuance of Long-Term Debt	631,186	—	—	—
Repayments of Long-Term Debt	(400,000)	—	—	—
Net Issuance / (Repayments) of Long-Term Debt	231,186	—	—	—
Repurchases of Common Shares	(540,700)	(500,000)	—	(585,000)
Net Issuance / (Repurchases) of Common Shares	(540,700)	(500,000)	—	(585,000)
Common Share Dividends Paid	(283,007)	(283,117)	(284,297)	(287,551)
Other Financing Activities	(32,349)	(488,556)	(283,759)	612,286
Cash from Financing Activities	(624,870)	(1,271,670)	(568,056)	(260,265)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	19,616	(6,348)	(6,666)	(9,173)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(168,069)	1,429,020	34,993	(4,636)

Quarterly trend

last 8 quarters

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$2.05B	+10.1%	14.9%	$306M
Q4 2025	$2.10B	+8.8%	16.5%	$345M
Q3 2025	$2.08B	+4.8%	18.2%	$377M
Q2 2025	$2.05B	+5.2%	17.3%	$355M
Q1 2025	$1.87B	—	15.9%	$296M
Q4 2024	$1.93B	—	15.3%	$295M
Q3 2024	$1.98B	—	16.8%	$334M
Q2 2024	$1.95B	—	16.6%	$323M

Revenue by quarter$M

$1.95B

Q2 '24

$1.98B

Q3 '24

$1.93B

Q4 '24

$1.87B

Q1 '25

$2.05B

Q2 '25

$2.08B

Q3 '25

$2.10B

Q4 '25

$2.05B

Q1 '26

39.8%

Gross margin

17.0%

Operating margin

13.6%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-08

Snapshot

Financial statements

Quarterly trend

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