What is the market's earnings forecast for Dover next quarter?

What is Dover's gross profit margin?

Did Dover beat or miss consensus estimates last quarter?

What guidance did Dover's management provide for the next earnings period?

What factors drove the changes in Dover's revenue and profit?

What does Dover do and what are its main business segments?

What were the key takeaways from Dover's earnings call?

What is Dover's latest dividend and current dividend yield?

- **Revenue Growth**: Q4 organic +5%, 2026 guided for double-digit growth in key segments. 
- **EPS Beat**: Q4 EPS $9.61 (+14% Q/Q), 2026 EPS target $10.45-$10.65 (+10% midpoint). 
- **Margin Expansion**: Segment EBITDA +60bps, Climate & Sustainability margins +250bps. 
- **Strategic Moves**: $500M share buyback, 4 acquisitions in 2025, $40M productivity benefit in 2026. 
- **Cash Flow**: 2026 free cash flow 14-16% of revenue, capital allocation disciplined.

**【CEO Summary Section】**
- **Q4 2025 Results**: Organic revenue growth of 5%, driven by secular growth markets and improving retail fueling. Adjusted EPS of $9.61, up 14% Q/Q and 16% Y/Y, beating raised guidance. 
- **Bookings Momentum**: Consolidated bookings +10% Q/Q, +6% Y/Y. Q4 book-to-bill of 1.02, with all 5 segments posting growth. 
- **Margin Expansion**: Segment EBITDA margins +60bps to 24.8%, aided by volume leverage and productivity. Climate & Sustainability margins +250bps. 
- **2026 Outlook**: EPS guidance of $10.45-$10.65 (midpoint +10%), supported by double-digit organic growth in key segments. Free cash flow target 14-16% of revenue. 
- **Strategic Initiatives**: $500M accelerated share repurchase completed. 4 acquisitions in 2025 (3 in Pumps & Process) performing above underwriting. $40M productivity benefit expected in 2026. 

**【CFO Financial Commentary】**
- **Cash Flow Performance**: Q4 free cash flow $487M (23% of revenue), full year +$200M vs prior year. 2026 free cash flow target 14-16% of revenue. 
- **Capital Allocation**: 2025 capital spending +$50M, balanced between growth (e.g., Pumps & Process expansion) and productivity (e.g., rooftop consolidation). 
- **Balance Sheet**: Near identical net debt position vs 2025 start, with flexibility to pursue M&A and share buybacks. 

**【Q&A Highlights】**
- **Commodity Costs**: Embedding 1.5-2% steel cost increase in 2026 guide. Margins expected to hold through pricing and productivity. 
- **Climate & Sustainability**: CO2 refrigeration systems +20%+ growth, refrigerated door cases recovery on track. Q4 bookings for liquid cooling in data centers exceed Q1 shipments. 
- **M&A Strategy**: Focused on proprietary bolt-on deals in core segments. No need for transformative deals given portfolio strength. 
- **Incremental Margin**: 35%+ incremental margin expected, driven by volume leverage and restructuring benefits. 
- **Risk Management**: Tariff-related delays in Europe persist, but backlog visibility strong across secular growth segments.

Dover Corporation (DOV) Q4 2025 Earnings Call Transcript

- **Revenue & Margin Strength**: 5% revenue growth, 26.1% EBITDA margin, and 15% EPS growth highlight Q3 performance, driven by acquisitions and secular markets.
- **Acquisition Success**: SIKORA outperformed expectations, and 2-3 additional deals in 2026 could drive further growth.
- **2026 Outlook**: Improved booking rates in Refrigeration and vehicle services set the stage for high single-digit organic growth, with no cyclical declines forecasted.
- **Cash & Buybacks**: $631 million free cash flow and undervalued shares suggest potential buybacks to enhance shareholder returns.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue increased 5% year-over-year, driven by short-cycle components, secular growth markets, and recent acquisitions. Organic order growth was 4%, with bookings up 8% overall and 25% in Climate & Sustainability Technologies.
- **Margin Performance**: Consolidated EBITDA margin reached a record 26.1%, up 170 basis points, with all segments improving margins. Adjusted EPS rose 15% in Q3 and 17% year-to-date.
- **Acquisition Outperformance**: SIKORA, acquired in Q2, significantly outperformed expectations, and the company anticipates closing 2-3 additional deals in 2026.
- **2026 Outlook**: CEO expressed confidence in the portfolio, with no cyclical declines forecasted. Refrigeration segment headwinds (1.5-2% organic growth drag) are expected to reverse in 2026 due to improved booking rates.

**【CFO Financial Commentary】**
- **Free Cash Flow**: Year-to-date free cash flow was $631 million (11% of revenue), up $96 million year-over-year, with Q3 acceleration and Q4 expected to be the strongest cash-generating quarter.
- **Capital Deployment**: $40 million incremental restructuring benefits projected for 2026, with ongoing focus on high ROI projects and bolt-on acquisitions.
- **Balance Sheet Strength**: Flexible capital structure supports acquisitions and potential buybacks, with shares considered undervalued.

**【Q&A Highlights】**
- **Booking Conversion**: Q3 bookings up 8% (4% organic), with Q4 expected to show sequential improvement in Refrigeration and vehicle services. Management aims for book-to-bill >1x in Q4.
- **Share Buybacks**: CEO hinted at potential buybacks, noting Dover shares trade below portfolio value and cash generation capacity.
- **Data Center Exposure**: Thermal connectors and brazed plate heat exchangers are key components in liquid cooling, with 2025 revenue contributions exceeding $100 million.
- **Pipeline Visibility**: Fueling infrastructure, biopharma components, and CO2 refrigeration systems are high-growth areas, with secular trends supporting double-digit growth in targeted segments.
- **Risk Management**: Despite macroeconomic uncertainty, order trends in secular growth markets remain healthy, providing visibility into 2026.

Dover Corporation (DOV) Q3 2025 Earnings Call Transcript

- **Revenue Growth & Margin Expansion**: Q2 bookings up 7% YoY, with 25%+ segment EBITDA margins and 16% EPS growth.
- **Strategic Markets Thrive**: Clean energy, biopharma, and data center cooling solutions drive double-digit growth, accounting for 20% of portfolio.
- **Guidance Uptick**: Full-year EPS raised to $9.35-$9.55 (14% YoY), supported by secular growth and $30M+ restructuring savings.
- **M&A Pipeline**: $400M in potential deals under LOI, targeting high-margin, high-growth assets.
- **Cash Flow Strength**: Free cash flow at 14-16% of revenue, with H2 acceleration from seasonal working capital.

**【CEO Summary Section】**
- **Strong Q2 Results**: Revenue growth driven by production performance and positive margin mix, with adjusted segment EBITDA margins exceeding 25%. Adjusted EPS rose 16% YoY.
- **Order Momentum**: Q2 bookings up 7% YoY, with book-to-bill above 1 across all segments. July orders tracking strongly for Q3.
- **Segment Highlights**: 
  - **Clean Energy & Fueling**: +8% growth on shipments of clean energy components and below-ground fueling equipment.
  - **Imaging & ID**: Stable revenue with 28% EBITDA margin, driven by cost management.
  - **Pumps & Process Solutions**: +4% organic growth in biopharma components and data center cooling solutions.
  - **Climate Sustainability**: Margin improvement despite lower top-line due to CO2 system volume leverage.
- **Strategic Investments**: Completed two acquisitions in Pumps & Process Solutions, with $30M restructuring savings in 2025 and more in 2026.
- **Guidance Update**: Full-year EPS raised to $9.35-$9.55 (14% YoY midpoint), driven by secular growth markets (e.g., clean energy, biopharma, data center cooling).

**【CFO Financial Commentary】**
- **Cash Flow Performance**: YTD free cash flow of $261M (7% of revenue), up $41M YoY. H2 acceleration expected from seasonal working capital.
- **Capital Deployment**: 14-16% of revenue target for 2025 free cash flow, with focus on high ROI organic projects and restructuring.

**【Q&A Highlights】**
- **Tariff Impact**: Pushouts in Refrigeration and cryogenic projects, but data center cooling and biopharma growth offset headwinds.
- **M&A Activity**: $400M in potential deals under LOI, with focus on high-margin, secular growth platforms.
- **Margin Resilience**: 25%+ consolidated EBITDA margin despite macro noise, driven by cost containment and productivity actions.

Dover Corporation (DOV) Q2 2025 Earnings Call Transcript

- **Record Margins and Growth**: Q1 EBITDA margin 24%, up 240bps YoY, with 19% EPS growth. Sixth straight quarter of positive bookings, book-to-bill >1.
- **Tariff Mitigation**: 60% of tariff impact offset by pricing; volume risk managed via backlog. 2025 guidance trimmed 1% for demand uncertainty.
- **Segment Strength**: Clean Energy & Fueling margins +180bps; Pumps & Process Solutions up 7% with 35%+ margins. CO2 systems driving recovery in Climate segment.
- **Cash Flow Resilience**: Free cash flow $109M (6% of revenue), with 2025 guidance unchanged at 14-16% of revenue.
- **Growth Drivers**: Biopharma components, data center cooling connectors, and European heat pumps leading secular trends.

**【CEO Summary Section】**
- **Q1 Financial Highlights**: Adjusted EPS up 19% YoY, driven by strong incremental margin conversion. Adjusted EBITDA margin reached 24%, a record for Q1, with four segments improving by over 100 basis points.
- **Organic Growth Momentum**: Sixth consecutive quarter of positive organic bookings, with book-to-bill >1 across all segments. Q2 revenue is largely pre-committed due to backlog.
- **Segment Performance**:
  - **Engineered Products**: Down due to lower vehicle services volumes and aerospace timing. Margins supported by cost actions; segment now 15% of portfolio post-divestitures.
  - **Clean Energy & Fueling**: 2% organic growth, led by clean energy components and below-ground fueling. Margin up 180bps, with recovery in European heat pumps.
  - **Pumps & Process Solutions**: 7% organic growth, driven by biopharma and thermal connectors. Margins improved on volume leverage.
  - **Climate & Sustainability**: Revenue decline offset by CO2 systems growth. Margins up 120bps, with recovery in heat exchangers for data centers.
- **Tariff Mitigation**: Pricing actions in place for 60% of tariff exposure; volume risk managed through backlog. 2025 guidance trimmed 1% for demand uncertainty.

**【CFO Financial Commentary】**
- **Cash Flow**: Q1 free cash flow $109M (6% of revenue), up $3M YoY. Strong collections offset inventory builds. 2025 guidance remains 14-16% of revenue.
- **FX Impact**: Euro strength could reverse translation headwinds; no adjustments to forecasts yet.
- **Capital Deployment**: $100M+ inorganic investments in high-growth markets (e.g., biopharma, data center cooling). Productivity projects to reduce fixed costs in H2.

**【Q&A Highlights】**
- **Tariff Strategy**: Pricing covers 60% of tariffs; volume risk in vehicle services. Proximity manufacturing advantage in cost and supply chain.
- **Booking Sustainability**: Q2 book-to-bill expected >1, with momentum in secular growth markets (biopharma, data center cooling).
- **Margin Expansion**: Clean Energy & Fueling to lead with 20%+ EBITDA margin by 2026. Pumps & Process Solutions at 35%+ margins with cautious growth expectations.
- **M&A Outlook**: Valuations stable; focus on high-ROI organic investments.
- **FX Sensitivity**: No guidance adjustments yet; monitoring euro-dollar rate stability.


Dover (DOV)-24 Apr 25-2025 Q1 Earnings call transcript

- **Q4 Growth Momentum**: 7% organic bookings growth, 22.2% segment margin, and 14% EPS growth highlight strong execution.
- **2025 Vision**: Double-digit EPS growth driven by 40%+ incremental margin, CO2 refrigeration >100% growth, and $1.2B cash deployment.
- **Key Drivers**: Biopharma components, liquid cooling connectors, and cryogenic solutions lead margin expansion.
- **Risks**: U.S. dollar strength could reduce EPS by $0.15-0.20, but Dover maintains confidence in growth trajectory.

**【CEO Summary Section】**
- **Q4 Topline Performance**: 4 out of 4 segments reported positive organic growth, driven by robust demand across the portfolio. Bookings rose 7% organically, with strength in secular growth markets and improving end-market conditions.
- **Profitability**: Segment margin improved to 22.2% (up 60 bps YoY), driven by product mix, fixed cost restructuring, and operational efficiency. Adjusted EPS grew 14% QoQ and 8% YoY.
- **2025 Outlook**: Double-digit EPS growth expected through accretive top-line growth, margin expansion, and capital allocation. Key growth drivers include single-use biopharma components, liquid cooling solutions, and CO2 refrigeration systems.

**【CFO Financial Commentary】**
- **Cash Flow**: Q4 free cash flow was $429M (22% of revenue), with full-year adjusted free cash flow at 13.5% of revenue. 2025 guidance is 14-16% of revenue.
- **Capital Allocation**: $1.2B cash position supports M&A and organic growth. 2025 CapEx expected to rise slightly for growth investments.

**【Q&A Key Highlights】**
- **Margin Drivers**: 40%+ incremental margin expected in 2025, driven by mix (e.g., biopharma, below-ground fueling) and restructuring benefits. Price-cost spread will be neutral to slightly positive.
- **CO2 Refrigeration**: 2025 bookings expected to grow >100%, with record U.S. shipments and European heat pump recovery.
- **M&A Pipeline**: Robust pipeline with focus on high-growth, high-margin platforms. 2024 bolt-on acquisitions in Pumps & Process Solutions and Cryogenics.
- **FX Impact**: 2025 EPS guidance includes $0.15-0.20 headwind from U.S. dollar strength, but Dover remains confident in double-digit growth.


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