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Investor Contact:Media Contact:
Jack DickensAdrian Sakowicz
Vice President - Investor Relations
Vice President - Communications
(630) 743-2566(630) 743-5039
jdickens@dovercorp.comasakowicz@dovercorp.com

DOVER REPORTS THIRD QUARTER 2025 RESULTS


DOWNERS GROVE, Ill., October 23, 2025 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions, except per share data)20252024
% Change*
20252024% Change*
U.S. GAAP
Revenue$2,078 $1,984 5 %$5,993 $5,816 3 %
Earnings from continuing operations
303 313 (3)%823 1,162 (29)%
Diluted EPS from continuing operations
2.20 2.26 (3)%5.96 8.37 (29)%
Non-GAAP
Organic revenue change1 %1 %
Adjusted earnings from continuing operations 1
361 314 15 %981 846 16 %
Adjusted diluted EPS from continuing operations
2.62 2.27 15 %7.10 6.09 17 %
1 Q3 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and (gain) loss on dispositions.
* Change may be impacted by rounding.

For the quarter ended September 30, 2025, Dover generated revenue of $2.1 billion, an increase of 5% (+1% organic). GAAP earnings from continuing operations of $303 million decreased 3%, and GAAP diluted EPS from continuing operations of $2.20 was down 3%. On an adjusted basis, earnings from continuing operations of $361 million were up 15% and adjusted diluted EPS from continuing operations of $2.62 was up 15%.

For the nine months ended September 30, 2025, Dover generated revenue of $6.0 billion, an increase of 3% (+1% organic). GAAP earnings from continuing operations of $823 million decreased by 29%, and GAAP diluted EPS from continuing operations of $5.96 was down 29%, both principally due to the gain on the disposition of De-Sta-Co in the comparable period of the prior year. On an adjusted basis, earnings from continuing operations of $981 million increased 16%, and adjusted diluted EPS from continuing operations of $7.10 was up 17%.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.







MANAGEMENT COMMENTARY:

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "We are pleased with Dover’s third quarter results. Top line performance in the quarter was driven by broad-based shipment growth in short cycle components, continued strength across our secular-growth end markets, and outperformance from recently-closed acquisitions. These gains more than offset near-term headwinds in two capital goods-exposed end markets, vehicle aftermarket and refrigerated door cases, each of which we expect to improve through the balance of the year.

"Order trends continued to post positive momentum, providing good visibility for the fourth quarter and into next year. Margin performance in the quarter was exemplary, with a record consolidated segment margin, a result of the positive mix impact from our growth platforms, solid execution, and our rigorous cost containment and productivity actions.

"Capital deployment remains a key driver of our double-digit earnings growth. This year we have increased our investments in high-ROI capital projects focused on productivity and capacity expansions as well as targeted footprint optimization. During the quarter we announced that our Anthony® glass door manufacturing operations will transition from Sylmar, CA to our existing Hillphoenix® refrigerated case manufacturing site in Richmond, VA, a move we expect to deliver meaningful cost savings and operational efficiencies over the next 18 months. Our balance sheet strength remains an advantage that provides flexibility and attractive optionality as we pursue value-creating bolt-on acquisitions and opportunistic capital return strategies.

"We have a constructive outlook for the remainder of 2025. Despite some macroeconomic uncertainty, underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth. As a result, we are increasing our full year adjusted EPS guidance from $9.35-$9.55 to $9.50-$9.60."

FULL YEAR 2025 GUIDANCE:

In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.06 to $8.16 (adjusted EPS from continuing operations of $9.50 to $9.60), based on full year revenue growth of 4% to 6%.

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 23, 2025. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 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."

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and





development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.



INVESTOR SUPPLEMENT - THIRD QUARTER 2025

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue$2,077,841 $1,983,542 $5,993,492 $5,816,043 
Cost of goods and services1,244,247 1,220,355 3,596,136 3,603,146 
Gross profit833,594 763,187 2,397,356 2,212,897 
Selling, general and administrative expenses456,441 429,570 1,369,297 1,301,606 
Operating earnings377,153 333,617 1,028,059 911,291 
Interest expense27,239 34,128 81,638 102,867 
Interest income(17,804)(5,176)(55,993)(14,013)
Gain on dispositions— (68,633)(4,644)(597,913)
Other income, net(18,525)(13,032)(26,663)(33,016)
Earnings before provision for income taxes386,243 386,330 1,033,721 1,453,366 
Provision for income taxes82,951 73,434 211,058 291,781 
Earnings from continuing operations303,292 312,896 822,663 1,161,585 
(Loss) earnings from discontinued operations, net
(1,296)34,204 (10,782)99,558 
Net earnings
$301,996 $347,100 $811,881 $1,261,143 
IS - 1

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
Basic (loss) earnings per share:
Continuing operations$1.74 $2.04 $2.21 $5.99 $4.33 $1.79 $2.28 $8.42 $1.74 $10.16 
Discontinued operations$(0.06)$(0.01)$(0.01)$(0.08)$0.22 $0.26 $0.25 $0.72 $8.73 $9.42 
Net earnings$1.68 $2.03 $2.20 $5.92 $4.55 $2.05 $2.53 $9.14 $10.47 $19.58 
Diluted (loss) earnings per share:
Continuing operations$1.73 $2.03 $2.20 $5.96 $4.30 $1.78 $2.26 $8.37 $1.72 $10.09 
Discontinued operations$(0.06)$(0.01)$(0.01)$(0.08)$0.22 $0.25 $0.25 $0.72 $8.66 $9.35 
Net earnings$1.67 $2.02 $2.19 $5.88 $4.52 $2.04 $2.51 $9.08 $10.38 $19.45 
Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows:
Continuing operations$239,241 $280,130 $303,292 $822,663 $602,102 $246,587 $312,896 $1,161,585 $238,383 $1,399,968 
Discontinued operations(8,420)(1,066)(1,296)(10,782)30,119 35,235 34,204 99,558 1,197,600 1,297,158 
Net earnings$230,821 $279,064 $301,996 $811,881 $632,221 $281,822 $347,100 $1,261,143 $1,435,983 $2,697,126 
Weighted average shares outstanding:
Basic137,267 137,226 137,236 137,254 139,051 137,443 137,251 137,913 137,205 137,735 
Diluted138,260 137,974 138,029 138,099 139,869 138,404 138,223 138,830 138,298 138,696 
Dividends paid per common share$0.515 $0.515 $0.52 $1.55 $0.51 $0.51 $0.515 $1.54 $0.515 $2.05 
* Per share data may be impacted by rounding.


IS - 2

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
REVENUE
Engineered Products$254,646 $275,944 $279,705 $810,295 $332,820 $285,297 $296,117 $914,234 $288,223 $1,202,457 
Clean Energy & Fueling491,148 546,097 541,368 1,578,613 445,053 463,014 500,685 1,408,752 528,032 1,936,784 
Imaging & Identification280,090 292,009 299,100 871,199 276,806 287,593 283,966 848,365 288,800 1,137,165 
Pumps & Process Solutions493,573 520,554 550,920 1,565,047 465,729 477,239 472,463 1,415,431 479,135 1,894,566 
Climate & Sustainability Technologies347,888 416,151 408,529 1,172,568 364,292 436,706 431,127 1,232,125 347,524 1,579,649 
Intersegment eliminations(1,286)(1,163)(1,781)(4,230)(981)(1,067)(816)(2,864)(1,848)(4,712)
Total consolidated revenue$1,866,059 $2,049,592 $2,077,841 $5,993,492 $1,883,719 $1,948,782 $1,983,542 $5,816,043 $1,929,866 $7,745,909 
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products $44,114 $53,511 $57,483 $155,108 $62,532 $52,095 $56,621 $171,248 $59,989 $231,237 
Clean Energy & Fueling85,644 107,771 118,665 312,080 69,675 87,536 99,536 256,747 103,246 359,993 
Imaging & Identification77,575 76,937 81,772 236,284 69,959 75,786 77,247 222,992 78,715 301,707 
Pumps & Process Solutions 151,275 159,504 168,565 479,344 118,737 137,217 138,277 394,231 142,375 536,606 
Climate & Sustainability Technologies52,119 77,262 76,002 205,383 50,759 79,127 76,015 205,901 44,974 250,875 
Total segment earnings410,727 474,985 502,487 1,388,199 371,662 431,761 447,696 1,251,119 429,299 1,680,418 
Purchase accounting expenses 1
49,104 51,123 59,381 159,608 44,187 44,332 48,356 136,875 49,366 186,241 
Restructuring and other costs 2
9,397 23,210 15,913 48,520 23,971 11,590 16,581 52,142 32,841 84,983 
(Gain) loss on dispositions 3
(2,468)(2,176)— (4,644)(529,943)663 (68,633)(597,913)115 (597,798)
Corporate expense / other 4
51,959 41,875 31,515 125,349 42,159 39,526 36,110 117,795 38,168 155,963 
Interest expense27,608 26,791 27,239 81,638 36,365 32,374 34,128 102,867 28,304 131,171 
Interest income(20,254)(17,935)(17,804)(55,993)(4,756)(4,081)(5,176)(14,013)(23,145)(37,158)
Earnings before provision for income taxes295,381 352,097 386,243 1,033,721 759,679 307,357 386,330 1,453,366 303,650 1,757,016 
Provision for income taxes56,140 71,967 82,951 211,058 157,577 60,770 73,434 291,781 65,267 357,048 
Earnings from continuing operations$239,241 $280,130 $303,292 $822,663 $602,102 $246,587 $312,896 $1,161,585 $238,383 $1,399,968 
SEGMENT EARNINGS MARGIN
Engineered Products17.3 %19.4 %20.6 %19.1 %18.8 %18.3 %19.1 %18.7 %20.8 %19.2 %
Clean Energy & Fueling17.4 %19.7 %21.9 %19.8 %15.7 %18.9 %19.9 %18.2 %19.6 %18.6 %
Imaging & Identification27.7 %26.3 %27.3 %27.1 %25.3 %26.4 %27.2 %26.3 %27.3 %26.5 %
Pumps & Process Solutions 30.6 %30.6 %30.6 %30.6 %25.5 %28.8 %29.3 %27.9 %29.7 %28.3 %
Climate & Sustainability Technologies 15.0 %18.6 %18.6 %17.5 %13.9 %18.1 %17.6 %16.7 %12.9 %15.9 %
Total segment earnings margin22.0 %23.2 %24.2 %23.2 %19.7 %22.2 %22.6 %21.5 %22.2 %21.7 %
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 (Gain) loss on dispositions, including post-closing adjustments.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

IS - 3

DOVER CORPORATION
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
Adjusted earnings from continuing operations:
Earnings from continuing operations
$239,241 $280,130 $303,292 $822,663 $602,102 $246,587 $312,896 $1,161,585 $238,383 $1,399,968 
Purchase accounting expenses, pre-tax 1
49,104 51,123 59,381 159,608 44,187 44,332 48,356 136,875 49,366 186,241 
Purchase accounting expenses, tax impact 2
(10,919)(11,367)(14,067)(36,353)(9,711)(9,760)(10,633)(30,104)(10,911)(41,015)
Restructuring and other costs, pre-tax 3
9,397 23,210 15,913 48,520 23,971 11,590 16,581 52,142 32,841 84,983 
Restructuring and other costs, tax impact 2
(1,887)(4,642)(3,230)(9,759)(4,734)(2,479)(3,465)(10,678)(6,864)(17,542)
(Gain) loss on dispositions, pre-tax 4
(2,468)(2,176)— (4,644)(529,943)663 (68,633)(597,913)115 (597,798)
(Gain) loss on dispositions, tax-impact 2
689 435 — 1,124 114,973 (144)18,889 133,718 1,695 135,413 
Adjusted earnings from continuing operations
$283,157 $336,713 $361,289 $981,159 $240,845 $290,789 $313,991 $845,625 $304,625 $1,150,250 
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share from continuing operations
$1.73 $2.03 $2.20 $5.96 $4.30 $1.78 $2.26 $8.37 $1.72 $10.09 
Purchase accounting expenses, pre-tax 1
0.36 0.37 0.43 1.16 0.32 0.32 0.35 0.99 0.36 1.34 
Purchase accounting expenses, tax impact 2
(0.08)(0.08)(0.10)(0.26)(0.07)(0.07)(0.08)(0.22)(0.08)(0.30)
Restructuring and other costs, pre-tax 3
0.07 0.17 0.12 0.35 0.17 0.08 0.12 0.38 0.24 0.61 
Restructuring and other costs, tax impact 2
(0.01)(0.03)(0.02)(0.07)(0.03)(0.02)(0.03)(0.08)(0.05)(0.13)
(Gain) loss on dispositions, pre-tax 4
(0.02)(0.02)— (0.03)(3.79)— (0.50)(4.31)— (4.31)
(Gain) loss on dispositions, tax-impact 2
— — — 0.01 0.82 — 0.14 0.96 0.01 0.98 
Adjusted diluted earnings per share from continuing operations
$2.05 $2.44 $2.62 $7.10 $1.72 $2.10 $2.27 $6.09 $2.20 $8.29 
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q3 2025 and YTD 2025 include other costs of $1.8 million and $3.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. YTD 2025 also includes other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. Q1 2024 and FY 2024 include $3.4 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment.
4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment.
* Per share data and totals may be impacted by rounding.

IS - 4

DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings$44,114 $53,511 $57,483 $155,108 $62,532 $52,095 $56,621 $171,248 $59,989 $231,237 
Other depreciation and amortization 1
4,800 5,141 5,736 15,677 4,785 4,778 4,829 14,392 4,867 19,259 
Adjusted segment EBITDA 2
48,914 58,652 63,219 170,785 67,317 56,873 61,450 185,640 64,856 250,496 
Adjusted segment EBITDA margin 2
19.2 %21.3 %22.6 %21.1 %20.2 %19.9 %20.8 %20.3 %22.5 %20.8 %
Clean Energy & Fueling:
Segment earnings$85,644 $107,771 $118,665 $312,080 $69,675 $87,536 $99,536 $256,747 $103,246 $359,993 
Other depreciation and amortization 1
8,578 8,961 8,582 26,121 7,921 7,627 8,310 23,858 8,118 31,976 
Adjusted segment EBITDA 2
94,222 116,732 127,247 338,201 77,596 95,163 107,846 280,605 111,364 391,969 
Adjusted segment EBITDA margin 2
19.2 %21.4 %23.5 %21.4 %17.4 %20.6 %21.5 %19.9 %21.1 %20.2 %
Imaging & Identification:
Segment earnings$77,575 $76,937 $81,772 $236,284 $69,959 $75,786 $77,247 $222,992 $78,715 $301,707 
Other depreciation and amortization 1
4,093 4,229 4,091 12,413 3,733 3,271 3,905 10,909 3,739 14,648 
Adjusted segment EBITDA 2
81,668 81,166 85,863 248,697 73,692 79,057 81,152 233,901 82,454 316,355 
Adjusted segment EBITDA margin 2
29.2 %27.8 %28.7 %28.5 %26.6 %27.5 %28.6 %27.6 %28.6 %27.8 %
Pumps & Process Solutions:
Segment earnings$151,275 $159,504 $168,565 $479,344 $118,737 $137,217 $138,277 $394,231 $142,375 $536,606 
Other depreciation and amortization 1
12,601 13,131 14,256 39,988 12,139 12,637 12,651 37,427 12,623 50,050 
Adjusted segment EBITDA 2
163,876 172,635 182,821 519,332 130,876 149,854 150,928 431,658 154,998 586,656 
Adjusted segment EBITDA margin 2
33.2 %33.2 %33.2 %33.2 %28.1 %31.4 %31.9 %30.5 %32.3 %31.0 %
Climate & Sustainability Technologies:
Segment earnings$52,119 $77,262 $76,002 $205,383 $50,759 $79,127 $76,015 $205,901 $44,974 $250,875 
Other depreciation and amortization 1
7,325 7,605 7,558 22,488 7,275 7,220 7,048 21,543 7,596 29,139 
Adjusted segment EBITDA 2
59,444 84,867 83,560 227,871 58,034 86,347 83,063 227,444 52,570 280,014 
Adjusted segment EBITDA margin 2
17.1 %20.4 %20.5 %19.4 %15.9 %19.8 %19.3 %18.5 %15.1 %17.7 %
Total Segments:
Total segment earnings 2, 3
$410,727 $474,985 $502,487 $1,388,199 $371,662 $431,761 $447,696 $1,251,119 $429,299 $1,680,418 
Other depreciation and amortization 1
37,397 39,067 40,223 116,687 35,853 35,533 36,743 108,129 36,943 145,072 
Total Adjusted segment EBITDA 2
448,124 514,052 542,710 1,504,886 407,515 467,294 484,439 1,359,248 466,242 1,825,490 
Total Adjusted segment EBITDA margin 2
24.0 %25.1 %26.1 %25.1 %21.6 %24.0 %24.4 %23.4 %24.2 %23.6 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Disclosures section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
IS - 5

DOVER CORPORATION
QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
Earnings from continuing operations
$239,241 $280,130 $303,292 $822,663 $602,102 $246,587 $312,896 $1,161,585 $238,383 $1,399,968 
Provision for income taxes56,140 71,967 82,951 211,058 157,577 60,770 73,434 291,781 65,267 357,048 
Earnings before provision for income taxes295,381 352,097 386,243 1,033,721 759,679 307,357 386,330 1,453,366 303,650 1,757,016 
Interest income(20,254)(17,935)(17,804)(55,993)(4,756)(4,081)(5,176)(14,013)(23,145)(37,158)
Interest expense27,608 26,791 27,239 81,638 36,365 32,374 34,128 102,867 28,304 131,171 
Corporate expense / other 1
51,959 41,875 31,515 125,349 42,159 39,526 36,110 117,795 38,168 155,963 
(Gain) loss on dispositions 2
(2,468)(2,176)— (4,644)(529,943)663 (68,633)(597,913)115 (597,798)
Restructuring and other costs 3
9,397 23,210 15,913 48,520 23,971 11,590 16,581 52,142 32,841 84,983 
Purchase accounting expenses 4
49,104 51,123 59,381 159,608 44,187 44,332 48,356 136,875 49,366 186,241 
Total segment earnings 5
410,727 474,985 502,487 1,388,199 371,662 431,761 447,696 1,251,119 429,299 1,680,418 
Add: Other depreciation and amortization 6
37,397 39,067 40,223 116,687 35,853 35,533 36,743 108,129 36,943 145,072 
Total adjusted segment EBITDA 5
$448,124 $514,052 $542,710 $1,504,886 $407,515 $467,294 $484,439 $1,359,248 $466,242 $1,825,490 
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.
2 (Gain) loss on dispositions, including post-closing adjustments.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
5 Refer to Non-GAAP Disclosures section for definition.
6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
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DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)

Non-GAAP Reconciliations

Revenue Growth Factors
2025
Q3Q3 YTD
Organic
Engineered Products(7.0)%(6.8)%
Clean Energy & Fueling
4.8 %4.9 %
Imaging & Identification3.0 %2.2 %
Pumps & Process Solutions5.6 %5.3 %
Climate & Sustainability Technologies
(6.5)%(5.4)%
Total Organic0.5 %0.6 %
Acquisitions3.0 %2.8 %
Dispositions— %(0.9)%
Currency translation1.3 %0.6 %
Total*4.8 %3.1 %
* Totals may be impacted by rounding.
2025
Q3Q3 YTD
Organic
United States1.6 %1.8 %
Europe1.1 %(0.8)%
Asia (1.5)%1.9 %
Other Americas(6.5)%(9.0)%
Other2.9 %10.8 %
Total Organic0.5 %0.6 %
Acquisitions3.0 %2.8 %
Dispositions— %(0.9)%
Currency translation1.3 %0.6 %
Total*4.8 %3.1 %
* Totals may be impacted by rounding.


Adjusted EPS Guidance Reconciliation
Range
2025 Guidance for Earnings per Share from Continuing Operations (GAAP)$8.06 $8.16 
Purchase accounting expenses, net1.19
Restructuring and other costs, net0.28
Gain on dispositions, net
(0.03)
2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)$9.50 $9.60 

* Per share data and totals may be impacted by rounding.
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DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)

Quarterly Cash Flow
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
Net Cash Flows Provided By (Used In):
Operating activities$157,474 $212,340 $424,245 $794,059 $146,456 $149,181 $353,244 $648,881 $438,952 $1,087,833 
Investing activities(74,186)(681,584)(58,857)(814,627)432,416 33,215 (402,512)63,119 (90,102)(26,983)
Financing activities(122,234)(84,235)(73,878)(280,347)(80,782)(830,657)92,994 (818,445)(453,228)(1,271,673)

Quarterly Free Cash Flow (Non-GAAP)
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
Cash flow from operating activities1
$157,474 $212,340 $424,245 $794,059 $146,456 $149,181 $353,244 $648,881 $438,952 $1,087,833 
Less: Capital expenditures(48,192)(60,932)(54,150)(163,274)(40,050)(35,822)(37,754)(113,626)(53,907)(167,533)
Free cash flow$109,282 $151,408 $370,095 $630,785 $106,406 $113,359 $315,490 $535,255 $385,045 $920,300 
Cash flow from operating activities as a percentage of revenue8.4 %10.4 %20.4 %13.2 %7.8 %7.7 %17.8 %11.2 %22.7 %14.0 %
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations
55.6 %63.1 %117.4 %80.9 %60.8 %51.3 %112.5 %76.7 %144.1 %94.6 %
Free cash flow as a percentage of revenue5.9 %7.4 %17.8 %10.5 %5.6 %5.8 %15.9 %9.2 %20.0 %11.9 %
Free cash flow as a percentage of adjusted earnings from continuing operations
38.6 %45.0 %102.4 %64.3 %44.2 %39.0 %100.5 %63.3 %126.4 %80.0 %
1 Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment.

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DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
20252024
Q1Q2Q3Q3 YTDQ1Q2Q3Q3 YTDQ4FY 2024
BOOKINGS
Engineered Products$264,538 $276,571 $273,278 $814,387 $329,925 $280,542 $284,823 $895,290 $276,487 $1,171,777 
Clean Energy & Fueling
543,859 526,819 509,553 1,580,231 471,610 442,086 507,329 1,421,025 517,470 1,938,495 
Imaging & Identification288,169 292,092 292,229 872,490 278,433 288,641 281,289 848,363 295,784 1,144,147 
Pumps & Process Solutions499,287 530,158 510,960 1,540,405 473,632 461,426 448,074 1,383,132 473,548 1,856,680 
Climate & Sustainability Technologies
395,623 384,246 415,099 1,194,968 453,086 406,269 332,503 1,191,858 378,774 1,570,632 
Intersegment eliminations(1,892)(1,295)(1,380)(4,567)(791)(1,591)(1,065)(3,447)(2,578)(6,025)
Total consolidated bookings$1,989,584 $2,008,591 $1,999,739 $5,997,914 $2,005,895 $1,877,373 $1,852,953 $5,736,221 $1,939,485 $7,675,706 



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Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company’s ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods.

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Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
IS - 11