Dover Corporation (NYSE: DOV), a U.S.-based industrial products maker listed on the New York Stock Exchange, on Friday reported fourth-quarter 2025 results showing higher revenue and earnings per share compared with the prior year and surpassing consensus forecasts. The company also provided full-year 2026 guidance. Shares were up in early trading following the results.
Financial results
For the quarter ended December 31, 2025, Dover reported revenue of about $2.10 billion, up roughly 9% from the same period a year earlier. On an organic basis, revenue rose by about 4.6%. Net income on a U.S. GAAP basis increased to approximately $275 million from around $238 million in the prior year. Adjusted earnings from continuing operations rose to about $343 million. Adjusted diluted earnings per share were $2.51, above the prior year and above the average analyst estimate. Reported diluted EPS from continuing operations was approximately $2.01, also higher year-over-year.
Gross profit increased year-over-year, with gross margin slightly higher as sales growth outpaced increases in cost of goods sold. Selling, general, and administrative expenses grew but at a lesser pace than revenue. Adjusted EBITDA margins expanded versus the year-ago quarter. Free cash flow for the quarter was robust, contributing to strong cash generation.
Business segments
Most of Dover’s operating segments reported year-over-year growth in the quarter. Pumps & Process Solutions and other end-market segments contributed to the top-line increase. The company reported a higher book-to-bill ratio compared with the prior year, indicating sustained demand across its diversified portfolio.
Margins and costs
Adjusted margins for the quarter widened as a result of volume leverage and cost efficiency measures. Gross margin expanded modestly, with revenue growth outpacing input cost increases. Productivity actions contributed to the margin improvements.
Management commentary
Dover management noted broad-based revenue strength across key business units. Bookings remained above year-ago levels, supporting demand durability. The company continued to focus on productivity initiatives and capacity investments while monitoring supply chain and input cost trends. The strong cash flow position was highlighted as supporting capital allocation flexibility.
Outlook and guidance
For fiscal 2026, the company issued guidance projecting higher adjusted earnings per share and revenue growth compared with 2025. Dover anticipates continued organic growth and margin expansion supported by demand trends and cost actions. Capital deployment plans include investments in core operations and shareholder returns.
Balance sheet and cash flow
Full-year 2025 free cash flow was substantial, aided by strong operating cash generation. The company maintained liquidity to support investments and capital allocation strategies, including potential acquisitions and share repurchases.
Market reaction
Dover’s stock price climbed in early trading as investors responded to the revenue and EPS beats and the outlook provided by management.