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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 SECOND QUARTER 2026 RESULTS


DOWNERS GROVE, Ill., July 23, 2026 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended June 30,Six Months Ended June 30,
($ in millions, except per share data)*
20262025
% Change*
20262025% Change*
U.S. GAAP
Revenue$2,190 $2,050 7 %$4,244 $3,916 8 %
Earnings from continuing operations
313 280 12 %551 519 6 %
Diluted EPS from continuing operations
2.31 2.03 14 %4.06 3.76 8 %
Non-GAAP
Organic revenue change5 %5 %
Adjusted earnings from continuing operations 1
372 337 10 %681 620 10 %
Adjusted diluted EPS from continuing operations
2.74 2.44 12 %5.02 4.49 12 %
1 Q2 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.
* Totals, change and per share data may be impacted by rounding.

For the quarter ended June 30, 2026, Dover generated revenue of $2.2 billion, an increase of 7% (+5% organic). GAAP earnings from continuing operations of $313 million increased by 12%, and GAAP diluted EPS from continuing operations of $2.31 was up 14%. On an adjusted basis, earnings from continuing operations of $372 million were up 10% and adjusted diluted EPS from continuing operations of $2.74 was up 12%.

For the six months ended June 30, 2026, Dover generated revenue of $4.2 billion, an increase of 8% (+5% organic). GAAP earnings from continuing operations of $551 million increased by 6%, and GAAP diluted EPS from continuing operations of $4.06 was up 8%. On an adjusted basis, earnings from continuing operations of $681 million were up 10% and adjusted diluted EPS from continuing operations of $5.02 was up 12%.

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, "Dover delivered another strong quarter of double-digit earnings per share growth. Top-line performance was led by our secular-growth-exposed markets — which now account for approximately 25% of the total portfolio — and was complemented by broad-based, constructive trading conditions across the portfolio. Notably, all five segments delivered positive organic growth in the quarter, underscoring the breadth and durability of demand. Margin performance was solid, as continued operational execution on incremental volumes more than offset input cost inflation.

"Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum our businesses have posted over the past several quarters. The strength and breadth of our order book provide improved visibility to our second half outlook.

"Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity-expansion projects to support growth and productivity investments to drive margins across the portfolio. Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets.

"As we look to the back half of the year, we are well positioned to drive continued value creation for our shareholders. The underlying strength of our order book, together with the flexibility of our business model and the optionality of our balance sheet, afford us the ability to respond dynamically to market conditions and quickly capitalize on opportunities as they arise. Accordingly, we are raising our full-year adjusted EPS guidance."

FULL YEAR 2026 GUIDANCE:

In 2026, Dover expects to generate GAAP EPS in the range of $8.94 to $9.14 (adjusted EPS of $10.55 to $10.75), based on full year revenue growth of 6% to 8% (organic growth of 4% to 6%).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 23, 2026. 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 $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."

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 or other future pandemics 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, 2025, 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 - SECOND QUARTER 2026

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$2,190,021 $2,049,592 $4,243,644 $3,915,651 
Cost of goods and services1,309,415 1,231,330 2,564,903 2,351,889 
Gross profit880,606 818,262 1,678,741 1,563,762 
Selling, general and administrative expenses488,819 463,665 981,045 912,856 
Operating earnings391,787 354,597 697,696 650,906 
Interest expense29,058 26,791 58,580 54,399 
Interest income(14,522)(17,935)(28,582)(38,189)
Gain on dispositions
— (2,176)— (4,644)
Other income, net(10,447)(4,180)(18,902)(8,138)
Earnings before provision for income taxes387,698 352,097 686,600 647,478 
Provision for income taxes75,153 71,967 135,306 128,107 
Earnings from continuing operations312,545 280,130 551,294 519,371 
Loss from discontinued operations, net
(299)(1,066)(615)(9,486)
Net earnings
$312,246 $279,064 $550,679 $509,885 
IS - 1

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
Basic earnings (loss) per share:
Continuing operations$1.77 $2.32 $4.09 $1.74 $2.04 $3.78 $2.21 $2.02 $8.01 
Discontinued operations$— $— $— $(0.06)$(0.01)$(0.07)$(0.01)$0.05 $(0.03)
Net earnings$1.77 $2.32 $4.08 $1.68 $2.03 $3.71 $2.20 $2.07 $7.99 
Diluted earnings (loss) per share:
Continuing operations$1.76 $2.31 $4.06 $1.73 $2.03 $3.76 $2.20 $2.01 $7.97 
Discontinued operations$— $— $— $(0.06)$(0.01)$(0.07)$(0.01)$0.05 $(0.03)
Net earnings$1.75 $2.30 $4.06 $1.67 $2.02 $3.69 $2.19 $2.06 $7.94 
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations$238,749 $312,545 $551,294 $239,241 $280,130 $519,371 $303,292 $274,766 $1,097,429 
Discontinued operations(316)(299)(615)(8,420)(1,066)(9,486)(1,296)7,309 (3,473)
Net earnings$238,433 $312,246 $550,679 $230,821 $279,064 $509,885 $301,996 $282,075 $1,093,956 
Weighted average shares outstanding:
Basic134,977 134,759 134,869 137,267 137,226 137,261 137,236 135,993 136,935 
Diluted135,895 135,553 135,725 138,260 137,974 138,132 138,029 136,826 137,777 
Dividends paid per common share$0.52 $0.52 $1.04 $0.515 $0.515 $1.03 $0.52 $0.52 $2.07 
* Per share data may be impacted by rounding.


IS - 2

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
REVENUE
Engineered Products$266,639 $283,481 $550,120 $254,646 $275,944 $530,590 $279,705 $275,549 $1,085,844 
Clean Energy & Fueling554,809 594,959 1,149,768 491,148 546,097 1,037,245 541,368 551,894 2,130,507 
Imaging & Identification285,420 305,101 590,521 280,090 292,009 572,099 299,100 302,244 1,173,443 
Pumps & Process Solutions537,810 552,709 1,090,519 493,573 520,554 1,014,127 550,920 583,623 2,148,670 
Climate & Sustainability Technologies411,060 455,097 866,157 347,888 416,151 764,039 408,529 387,273 1,559,841 
Intersegment eliminations(2,115)(1,326)(3,441)(1,286)(1,163)(2,449)(1,781)(1,504)(5,734)
Total consolidated revenue$2,053,623 $2,190,021 $4,243,644 $1,866,059 $2,049,592 $3,915,651 $2,077,841 $2,099,079 $8,092,571 
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products $44,991 $57,798 $102,789 $44,114 $53,511 $97,625 $57,483 $62,158 $217,266 
Clean Energy & Fueling99,041 128,546 227,587 85,644 107,771 193,415 118,665 105,990 418,070 
Imaging & Identification77,457 84,976 162,433 77,575 76,937 154,512 81,772 78,451 314,735 
Pumps & Process Solutions 169,492 178,848 348,340 151,275 159,504 310,779 168,565 172,256 651,600 
Climate & Sustainability Technologies63,995 75,826 139,821 52,119 77,262 129,381 76,002 60,264 265,647 
Total segment earnings454,976 525,994 980,970 410,727 474,985 885,712 502,487 479,119 1,867,318 
Purchase accounting expenses 1
54,579 51,591 106,170 49,104 51,123 100,227 59,381 58,837 218,445 
Restructuring and other costs 2
36,795 24,635 61,430 9,397 23,210 32,607 15,913 29,466 77,986 
Gain on dispositions 3
— — — (2,468)(2,176)(4,644)— — (4,644)
Corporate expense / other 4
49,238 47,534 96,772 51,959 41,875 93,834 31,515 39,190 164,539 
Interest expense29,522 29,058 58,580 27,608 26,791 54,399 27,239 28,134 109,772 
Interest income(14,060)(14,522)(28,582)(20,254)(17,935)(38,189)(17,804)(17,039)(73,032)
Earnings before provision for income taxes298,902 387,698 686,600 295,381 352,097 647,478 386,243 340,531 1,374,252 
Provision for income taxes60,153 75,153 135,306 56,140 71,967 128,107 82,951 65,765 276,823 
Earnings from continuing operations$238,749 $312,545 $551,294 $239,241 $280,130 $519,371 $303,292 $274,766 $1,097,429 
SEGMENT EARNINGS MARGIN
Engineered Products16.9 %20.4 %18.7 %17.3 %19.4 %18.4 %20.6 %22.6 %20.0 %
Clean Energy & Fueling17.9 %21.6 %19.8 %17.4 %19.7 %18.6 %21.9 %19.2 %19.6 %
Imaging & Identification27.1 %27.9 %27.5 %27.7 %26.3 %27.0 %27.3 %26.0 %26.8 %
Pumps & Process Solutions 31.5 %32.4 %31.9 %30.6 %30.6 %30.6 %30.6 %29.5 %30.3 %
Climate & Sustainability Technologies 15.6 %16.7 %16.1 %15.0 %18.6 %16.9 %18.6 %15.6 %17.0 %
Total segment earnings margin22.2 %24.0 %23.1 %22.0 %23.2 %22.6 %24.2 %22.8 %23.1 %
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 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
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
Adjusted earnings from continuing operations:
Earnings from continuing operations
$238,749 $312,545 $551,294 $239,241 $280,130 $519,371 $303,292 $274,766 $1,097,429 
Purchase accounting expenses, pre-tax 1
54,579 51,591 106,170 49,104 51,123 100,227 59,381 58,837 218,445 
Purchase accounting expenses, tax impact 2
(12,692)(11,704)(24,396)(10,919)(11,367)(22,286)(14,067)(14,134)(50,487)
Restructuring and other costs, pre-tax 3
36,795 24,635 61,430 9,397 23,210 32,607 15,913 29,466 77,986 
Restructuring and other costs, tax impact 2
(8,048)(5,375)(13,423)(1,887)(4,642)(6,529)(3,230)(5,608)(15,367)
Gain on dispositions, pre-tax 4
— — — (2,468)(2,176)(4,644)— — (4,644)
Gain on dispositions, tax-impact 2
— — — 689 435 1,124 — — 1,124 
Adjusted earnings from continuing operations
$309,383 $371,692 $681,075 $283,157 $336,713 $619,870 $361,289 $343,327 $1,324,486 
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share from continuing operations
$1.76 $2.31 $4.06 $1.73 $2.03 $3.76 $2.20 $2.01 $7.97 
Purchase accounting expenses, pre-tax 1
0.40 0.38 0.78 0.36 0.37 0.73 0.43 0.43 1.59 
Purchase accounting expenses, tax impact 2
(0.09)(0.09)(0.18)(0.08)(0.08)(0.16)(0.10)(0.10)(0.37)
Restructuring and other costs, pre-tax 3
0.27 0.18 0.45 0.07 0.17 0.24 0.12 0.22 0.57 
Restructuring and other costs, tax impact 2
(0.06)(0.04)(0.10)(0.01)(0.03)(0.05)(0.02)(0.04)(0.11)
Gain on dispositions, pre-tax 4
— — — (0.02)(0.02)(0.03)— — (0.03)
Gain on dispositions, tax-impact 2
— — — — — 0.01 — — 0.01 
Adjusted diluted earnings per share from continuing operations
$2.28 $2.74 $5.02 $2.05 $2.44 $4.49 $2.62 $2.51 $9.61 
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.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026 and YTD 2026 includes other costs of $3.0 million, $4.3 million and $7.3 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.
4 Gain on dispositions, including post-closing adjustments.
* 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
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings$44,991 $57,798 $102,789 $44,114 $53,511 $97,625 $57,483 $62,158 $217,266 
Other depreciation and amortization 1
5,486 5,447 10,933 4,800 5,141 9,941 5,736 5,818 21,495 
Adjusted segment EBITDA 2
50,477 63,245 113,722 48,914 58,652 107,566 63,219 67,976 238,761 
Adjusted segment EBITDA margin 2
18.9 %22.3 %20.7 %19.2 %21.3 %20.3 %22.6 %24.7 %22.0 %
Clean Energy & Fueling:
Segment earnings$99,041 $128,546 $227,587 $85,644 $107,771 $193,415 $118,665 $105,990 $418,070 
Other depreciation and amortization 1
8,552 9,111 17,663 8,578 8,961 17,539 8,582 8,685 34,806 
Adjusted segment EBITDA 2
107,593 137,657 245,250 94,222 116,732 210,954 127,247 114,675 452,876 
Adjusted segment EBITDA margin 2
19.4 %23.1 %21.3 %19.2 %21.4 %20.3 %23.5 %20.8 %21.3 %
Imaging & Identification:
Segment earnings$77,457 $84,976 $162,433 $77,575 $76,937 $154,512 $81,772 $78,451 $314,735 
Other depreciation and amortization 1
4,208 4,373 8,581 4,093 4,229 8,322 4,091 5,155 17,568 
Adjusted segment EBITDA 2
81,665 89,349 171,014 81,668 81,166 162,834 85,863 83,606 332,303 
Adjusted segment EBITDA margin 2
28.6 %29.3 %29.0 %29.2 %27.8 %28.5 %28.7 %27.7 %28.3 %
Pumps & Process Solutions:
Segment earnings$169,492 $178,848 $348,340 $151,275 $159,504 $310,779 $168,565 $172,256 $651,600 
Other depreciation and amortization 1
14,012 14,004 28,016 12,601 13,131 25,732 14,256 14,238 54,226 
Adjusted segment EBITDA 2
183,504 192,852 376,356 163,876 172,635 336,511 182,821 186,494 705,826 
Adjusted segment EBITDA margin 2
34.1 %34.9 %34.5 %33.2 %33.2 %33.2 %33.2 %32.0 %32.8 %
Climate & Sustainability Technologies:
Segment earnings$63,995 $75,826 $139,821 $52,119 $77,262 $129,381 $76,002 $60,264 $265,647 
Other depreciation and amortization 1
8,069 8,001 16,070 7,325 7,605 14,930 7,558 7,856 30,344 
Adjusted segment EBITDA 2
72,064 83,827 155,891 59,444 84,867 144,311 83,560 68,120 295,991 
Adjusted segment EBITDA margin 2
17.5 %18.4 %18.0 %17.1 %20.4 %18.9 %20.5 %17.6 %19.0 %
Total Segments:
Total segment earnings 2, 3
$454,976 $525,994 $980,970 $410,727 $474,985 $885,712 $502,487 $479,119 $1,867,318 
Other depreciation and amortization 1
40,327 40,936 81,263 37,397 39,067 76,464 40,223 41,752 158,439 
Total Adjusted segment EBITDA 2
495,303 566,930 1,062,233 448,124 514,052 962,176 542,710 520,871 2,025,757 
Total Adjusted segment EBITDA margin 2
24.1 %25.9 %25.0 %24.0 %25.1 %24.6 %26.1 %24.8 %25.0 %
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 Measures Definitions 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
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
Earnings from continuing operations
$238,749 $312,545 $551,294 $239,241 $280,130 $519,371 $303,292 $274,766 $1,097,429 
Provision for income taxes60,153 75,153 135,306 56,140 71,967 128,107 82,951 65,765 276,823 
Earnings before provision for income taxes298,902 387,698 686,600 295,381 352,097 647,478 386,243 340,531 1,374,252 
Interest income(14,060)(14,522)(28,582)(20,254)(17,935)(38,189)(17,804)(17,039)(73,032)
Interest expense29,522 29,058 58,580 27,608 26,791 54,399 27,239 28,134 109,772 
Corporate expense / other 1
49,238 47,534 96,772 51,959 41,875 93,834 31,515 39,190 164,539 
Gain on dispositions 2
— — — (2,468)(2,176)(4,644)— — (4,644)
Restructuring and other costs 3
36,795 24,635 61,430 9,397 23,210 32,607 15,913 29,466 77,986 
Purchase accounting expenses 4
54,579 51,591 106,170 49,104 51,123 100,227 59,381 58,837 218,445 
Total segment earnings 5
454,976 525,994 980,970 410,727 474,985 885,712 502,487 479,119 1,867,318 
Add: Other depreciation and amortization 6
40,327 40,936 81,263 37,397 39,067 76,464 40,223 41,752 158,439 
Total adjusted segment EBITDA 5
$495,303 $566,930 $1,062,233 $448,124 $514,052 $962,176 $542,710 $520,871 $2,025,757 
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 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 Measures Definitions 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.
IS - 6

DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)

Non-GAAP Reconciliations

Revenue Growth Factors
2026
Q2Q2 YTD
Organic
Engineered Products2.1 %2.1 %
Clean Energy & Fueling
8.6 %9.8 %
Imaging & Identification2.9 %(0.1)%
Pumps & Process Solutions0.4 %(0.2)%
Climate & Sustainability Technologies
8.3 %11.5 %
Total Organic4.8 %5.0 %
Acquisitions1.2 %1.5 %
Currency translation0.9 %1.9 %
Total*6.9 %8.4 %
* Totals may be impacted by rounding.
2026
Q2Q2 YTD
Organic
United States7.9 %9.9 %
Europe(5.0)%(4.6)%
Asia 8.5 %2.0 %
Other Americas8.8 %5.9 %
Other(0.9)%(2.0)%
Total Organic4.8 %5.0 %
Acquisitions1.2 %1.5 %
Currency translation0.9 %1.9 %
Total*6.9 %8.4 %
* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation*
Range
2026 Guidance for Earnings per Share from Continuing Operations (GAAP)
$8.94 $9.14 
Purchase accounting expenses, net
1.20 
Restructuring and other costs, net0.41 
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
$10.55 $10.75 

* 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
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
Net Cash Flows Provided By (Used In):
Operating activities$190,997 $236,171 $427,168 $157,474 $212,340 $369,814 $424,245 $543,946 $1,338,005 
Investing activities(61,660)(44,181)(105,841)(74,186)(681,584)(755,770)(58,857)(71,967)(886,594)
Financing activities(161,451)(73,586)(235,037)(122,234)(84,235)(206,469)(73,878)(344,523)(624,870)

Quarterly Free Cash Flow (Non-GAAP)
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
Cash flow from operating activities
$190,997 $236,171 $427,168 $157,474 $212,340 $369,814 $424,245 $543,946 $1,338,005 
Less: Capital expenditures(59,808)(47,783)(107,591)(48,192)(60,932)(109,124)(54,150)(56,989)(220,263)
Free cash flow$131,189 $188,388 $319,577 $109,282 $151,408 $260,690 $370,095 $486,957 $1,117,742 
Cash flow from operating activities as a percentage of revenue9.3 %10.8 %10.1 %8.4 %10.4 %9.4 %20.4 %25.9 %16.5 %
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations
61.7 %63.5 %62.7 %55.6 %63.1 %59.7 %117.4 %158.4 %101.0 %
Free cash flow as a percentage of revenue6.4 %8.6 %7.5 %5.9 %7.4 %6.7 %17.8 %23.2 %13.8 %
Free cash flow as a percentage of adjusted earnings from continuing operations
42.4 %50.7 %46.9 %38.6 %45.0 %42.1 %102.4 %141.8 %84.4 %

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DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
20262025
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2025
BOOKINGS
Engineered Products$294,009 $277,148 $571,157 $264,538 $276,571 $541,109 $273,278 $281,237 $1,095,624 
Clean Energy & Fueling
615,197 602,624 1,217,821 543,859 526,819 1,070,678 509,553 587,041 2,167,272 
Imaging & Identification312,646 302,771 615,417 288,169 292,092 580,261 292,229 302,047 1,174,537 
Pumps & Process Solutions597,578 590,020 1,187,598 499,287 530,158 1,029,445 510,960 500,779 2,041,184 
Climate & Sustainability Technologies
646,960 560,272 1,207,232 395,623 384,246 779,869 415,099 470,081 1,665,049 
Intersegment eliminations(2,714)(1,482)(4,196)(1,892)(1,295)(3,187)(1,380)(1,472)(6,039)
Total consolidated bookings$2,463,676 $2,331,353 $4,795,029 $1,989,584 $2,008,591 $3,998,175 $1,999,739 $2,139,713 $8,137,627 



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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 per share from continuing operations, 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. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

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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.
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