Dover Corporation (NYSE: DOV) supplies engineered equipment and components, consumables, aftermarket parts, software and services across five industrial segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies.
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A snapshot of what DOVER Corp owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000029905-24-000008 | Feb 9, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000029905-25-000006 | Feb 14, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000029905-26-000009 | Feb 13, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Dover's operating performance has strengthened, but disposal gains, acquisitions and share repurchases complicate its earnings headlines. In 2025, operating earnings improved even as net earnings fell against 2024's unusually large disposal gains. Through September 2026, growth became more organic, led by refrigeration, cooling and fueling; European vehicle-service demand and polymer equipment remained weaker. Cash generation increased, although receivables and inventory absorbed substantial cash and Climate's production ramp restrained margins. The April refinancing extended revolving-credit maturities without increasing aggregate stated commitments. Dover retained substantial cash alongside approaching euro-note maturities, continued acquisitions and repurchases. The central uncertainties are converting orders into profitable deliveries, realizing restructuring benefits, completing pending transactions and resolving litigation associated with the sold Environmental Solutions Group (ESG) business, previously part of Dover's Engineered Products segment. October guidance improved at the adjusted-EPS low end but declined on a GAAP basis.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · 8-K · 2026-04-02
Dover combines critical components embedded in larger systems with equipment that generates subsequent parts, consumables, software and service demand. Approximately 40% of 2025 revenue represented recurring demand, but this is not a contracted-subscription measure; services alone represented approximately 5%. Reliability and replacement needs can support repeat purchases, while equipment demand remains exposed to customers' capital budgets. No customer exceeded 10% of consolidated 2025 revenue, although individual businesses can have concentrated customer groups. Customers outside the United States generated 46% of revenue.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, revenue reached $8.093 billion and GAAP operating earnings $1.373 billion, up 4.5% and 13.8%. Management attributed margin improvement to favorable price-cost dynamics, productivity, portfolio mix and restructuring. Yet continuing earnings fell to $1.097 billion and total net earnings to $1.094 billion because 2024 included large disposal gains. ESG is excluded from continuing operations throughout the recast comparisons; De-Sta-Co remained in continuing results until its March 2024 sale. Comparing unrecast 2023 revenue with current figures would therefore misstate operating change.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31 · 10-K · 2023-12-31
The September 30, 2026 quarterly report, filed October 22, shows nine-month revenue of $6.477 billion, up 8.1%, including 5.7% organic growth. Third-quarter organic growth reached 7.1%; pricing contributed 2.2% within that figure, not in addition to it. Refrigeration, cooling and fueling led growth. European vehicle-service weakness reduced Engineered Products revenue, while polymer customers continued absorbing earlier capacity investments. Climate's quarterly revenue rose 17.9%, but its segment margin fell to 16.7% from 18.6% because consolidation timing and production-ramp costs offset volume benefits. Continuing EPS also benefited from fewer shares and lower tax rates, not just operating growth.
Sources: 10-Q · 2026-09-30
Nine-month continuing operating cash flow increased to $865.931 million from $794.059 million. Dover-defined free cash flow—operating cash flow less capital expenditure—was $702.926 million after $163.005 million of capex. Receivables and inventory nevertheless absorbed $201.635 million and $193.658 million, respectively; payables, taxes and other accrual movements provided offsets. Management linked inventory investment to expected deliveries supported by orders. Free cash flow is neither profit nor cash remaining after acquisitions, dividends and repurchases. Third-quarter cash generation increased in absolute dollars, but conversion relative to adjusted earnings weakened.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22
At September 30, 2026, cash was $1.693 billion and debt carrying value $3.265 billion. The nearest principal maturity was €600 million on November 9, 2026; repayment is not established by these sources. On April 2, Dover replaced its $1 billion five-year revolver and expiring $500 million short-term revolver with a $1.5 billion facility maturing April 2, 2031. Aggregate stated commitments remained unchanged. The facility was undrawn at September 30, and Dover reported covenant compliance and 35.7-times interest coverage. These are company-reported conditions, not independently reconstructed borrowing headroom; commitments are not cash.
Sources: 10-Q · 2026-09-30 · 8-K · 2026-04-02
Orders exceeded third-quarter sales in aggregate, but only Climate booked more than its own revenue. Bookings exclude cancellations of prior-period orders, and management's statement that significant backlog is scheduled for 2027 does not establish a guaranteed revenue amount. October guidance called for 2026 GAAP continuing EPS of $8.93–$9.08 and adjusted EPS of $10.60–$10.75. Compared with July, the adjusted low end increased while both GAAP endpoints declined as expected exclusions widened. Separately, the original approximately $58.9 million ESG verdict was reduced by the trial court and both parties appealed. Dover recognized an immaterial quarterly expense; neither the reduced judgment nor its ultimate contractual burden is quantified.
Sources: EX-99.1 · 2026-10-22 · EX-99.1 · 2026-07-23 · 10-Q · 2026-09-30
USD 8.092571 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.092571 bn | 4.5% |
| 2024 | USD 7.745909 bn | — |
Consolidated continuing-operations revenue after intersegment eliminations; excludes ESG discontinued operations.
Sources: 10-K · 2025-12-31
USD 7.684476 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · presentation: recast_for_ESG_discontinued_operations
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 7.684476 bn | — |
Consolidated continuing-operations revenue after intersegment eliminations; excludes ESG discontinued operations.
Sources: 10-K · 2025-12-31
USD 1.093956 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.093956 bn | -59.4% |
| 2024 | USD 2.697126 bn | 155.2% |
| 2023 | USD 1.056828 bn | — |
Consolidated net earnings including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
USD 1.338005 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.338005 bn | 23.0% |
| 2024 | USD 1.087833 bn | — |
Operating cash flow of continuing operations; discontinued operating cash flows are reported separately.
Sources: 10-K · 2025-12-31
USD 1.219546 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · presentation: recast_for_ESG_discontinued_operations
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 1.219546 bn | — |
Operating cash flow of continuing operations; discontinued operating cash flows are reported separately.
Sources: 10-K · 2025-12-31
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